STMA Ice Arena 2020 Audit Presentation lirr - Do St. Michael -
Albertville
Ice Arena
RS
2020 Financial LLP
Statement Audit
Ortifwd Public Accountants i Consultants
Introduction Audit Opinion an •
L Responsibility
General Fund Results
ABDa
EICK Other Governmental Funds
ME 1 Ll W LLP
( rtifwd PnLdic Accountants& Cornhants
2
Audit Results
Auditor's Opinion
M innesota L
Compliance�Da
EICK &
i i 1 W LLP
C.ertifwd Nbc Accountants& Cornhants
3
Audit Results
•
Findings
Segregation
4d of Duties with
• Internal Control Finding
Billings •
Collections
ABDO
EICK &
i i 1 W LLP
C.ertifwd Nbc Accountants& Cornhants
4
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
General Fund Revenues
Charges for services
Ice rental $ 679,770 $ 679,770 $ 456,079 $ (223,691)
Budget to Concessions 65,000 65,000 40,379 (24,621)
Vending machines 1,500 1,500 535 (965)
Actual Skate sharpening 500 500 185 (315)
Total Charges for Services 746,770 746,770 497,178 (249,592)
Interest on investments 1,600 1,600 2,465 865
Miscellaneous
Other 20,400 20,400 35,844 15,444
Total Revenues 768,770 768,770 535,487 (233,283)
Expenditures
Current
Culture and recreation
Supplies 31,850 31,850 14,550 17,300
Contracted services 389,325 389,325 365,193 24,132
Utilities 237,700 237,700 164,662 73,038
Other services and charges 24,637 24,637 21,222 3,415
Capital outlay
�
T Culture and recreation 28,000 28,000 14,712 13,288
Ji
�' Total Expenditures 711,512 711,512 580,339 131,173
EIC (�T Net Change in Fund Balances 57,258 57,258 (44,852) (102,110)
MEUEICK �C Fund Balances, January 1 168,929 168,929 168,929
1 W LLl' -
( rri�iral Ribliu:lrrx,urclnrrrs & CoosrAa,c!.; Fund Balances, December 31 $ 226,187 $ 226,187 $ 124,077 $ (102,110)
5
Capital Project
Fund
Fund Balance - Assigned for future capital acquisitions:
•
$1001592
•
Increase of $46,993
Activity
• Revenues $46,993
ABDO • No Expenses
EICK &
i i 1 W LLP
( rtificd Public Accounwn.m& Coa�aulumm
6
Summary of Net
Position
Governmental Activities
Increase
2020 2019 (Decrease)
Current and Other Assets $ 245,300 $ 250,315 $ (5,015)
Capital Assets 1,296,291 1,372,291 (76,000)
Total Assets 1,541,591 1,622,606 (81,015)
Other Liabilities 20,631 27,787 (7,156)
Net Position
Investment in capital assets 1,296,291 1,372,291 (76,000)
Unrestricted 224,669 222,528 2,141
Total Net Position $ 1,520,960 $ 1,594,819 $ (73,859)
APDOfA"
EICK &
ME 1 1 1 W LLP
(.i'rlijirra ��rth�k _jrrquufrirl� � 1.uirsrliurr.
7
Summary of
Changes in Net Governmental Activities
Increase
PositionRevenues 2020 2019 (Decrease)
Program Revenues
Charges for services $ 533,022 $ 648,107 $ (115,085)
Operating grants and contributions - 250,000 (250,000)
Capital grants and contributions 45,043 45,262 (219)
General Revenues
Unrestricted investment earnings 4,415 5,255 (840)
Total Revenues 582,480 948,624 (366,144)
Expenses
Culture and recreation 656,339 997,854 (341,515)
Change in Net Position (73,859) (49,230) (24,629)
ABDONet Position, January 1 1,594,819 1,644,049 (49,230)
EIC & Net Position, December 31 $ 1,520,960 $ 1,594,819 $ (73,859)
lYLE1 Ll S LLY
Certifwd PnLdic Accnuntan.ts 4 l:uos,i ur,r.
8
Audit Team
Contacts
Andy Berg, CPA Tyler See, CPA
Partner Senior Associate
andrew.berg@aemcpas.com tyler.see@aemcpas.com
Aaron Gilbert Erik Wagner
Senior Associate Associate
aaron.gilbert@aemfs.com erik.wagner@aemcpas.com
9