2021 STMA Ice Arena Financial Statement Audit i
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Lighting the path forward
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St. Michael -
Albertville Ice Arena
2021 Financial Statement Audit
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Introduction - y
Audit Opinion and Responsibility
General Fund Results P
Other Governmental Funds" +
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Audit Results
Auditor's Opinion Minnesota Legal
Compliance
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Unmodified Opinion No Compliance Issues
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Audit Results
2021 Audit Findings
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Segregation of Duties with Billings and �ar�mse
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Collections ---
• Internal Control Finding
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General Fund Budget to Actual
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Revenues
Charges for services
Ice rental $ 679,085 $ 679,085 $ 697,628 $ 18,543
Concessions 35,000 35,000 30,329 (4,671)
Vending machines 1,500 1,500 1,332 (168)
Skate sharpening 100 100 130 30
Total Charges for Services 715,685 715,685 729,419 13,734
Interest on investments(loss) 1,000 1,000 (129) (1,129)
Miscellaneous
Other 20,000 20,000 22,906 2,906
Total Revenues 736,685 736,685 752,196 15,511
Expenditures
Current
Culture and recreation
Supplies 30,700 30,700 16,485 14,215
Contracted services 429,876 429,876 392,554 37,322
Utilities 199,500 199,500 209,886 (10,386)
Other services and charges 25,661 25,661 20,722 4,939
Capital outlay
Culture and recreation 17,800 17,800 7,905 9,895
Total Expenditures 703,537 703,537 647,552 55,985
Net Change in Fund Balances 33,148 33,148 104,644 71,496
Fund Balances,January 1 124,077 124,077 124,077 -
Fund Balances,December 31 $ 157,225 $ 157,225 $ 228,721 $ 71,496
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Fund Balance - Assigned for future capital acquisitions: Capital
' $145521 Pro � ect
• Increase of $44929
Activity Fund
• Revenues $44929 Balances
• No Expenses
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Governmental Activities
Increase
2021 2020 (Decrease)
Current and Other Assets $ 413,519 $ 245,300 $ 168,219 Summary
Capital Assets 1,220,550 1,296,291 (75,741)
Total Assets 1,634,069 1,541,591 92,478
Other Liabilities 39,277 20,631 18,646 of Net
Net Position 0 0
Investment in capital assets 1,220,550 1,296,291 (75,741) Position
Unrestricted 374,242 224,669 149,573
Total Net Position $ 1,594,792 $ 1,520,960 $ 73,832
Governmental Activities
Increase
2021 2020 (Decrease)
Revenues
Program Revenues Summary
Charges for services $ 752,325 $ 533,022 $ 219,303
Capital grants and contributions 45,134 45,043 91
General Revenues g ( ) (4 ) o f Changes
Unrestricted investment earnings 334 4,415 ,749
Total Revenues 797,125 582,480 214,645
Expenses in N e t
Culture and recreation 723,293 656,339 66,954
Change in Net Position 73,832 (73,859) 147,691 Position
Net Position,January 1 1,520,960 1,594,819 (73,859)
Net Position,December 31 $ 1,594,792 $ 1,520,960 $ 73,832
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Your Abdo Team
Andy Berg,CPA Tyler See,CPA Erik Wagner Alex Trippel Jason Fagan
Partner Manager Senior Associate Associate Intern
Andrew.berg@abdosolutions.com tyler.see@abdosolutions.com erik.wagner@abdosolutions.com alex.trippel@abdosolutions.com jason.fagan@abdosolutions.com
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