2022 STMA Ice Arena Audit PresentationSt. Michael -
Albertville Ice Arena
2022 Financial Statement Audit
Introduction
Audit Opinion and Responsibility
General Fund Results
Other Governmental Funds
2
Unmodified Opinion
3
Audit Results
Minnesota Legal
ComplianceAuditor’s Opinion
No Compliance Issues
Audit Results
2022 Audit Findings
Segregation of Duties with Billings and
Collections
Internal Control Finding
4
5
General Fund Budget to Actual
Actual Variance with
Original Final Amounts Final Budget
Revenues
Charges for services
Ice rental 710,400$ 710,400$ 672,010$ (38,390)$
Concessions 65,000 65,000 79,311 14,311
Vending machines 1,500 1,500 2,370 870
Skate sharpening 100 100 20 (80)
Total Charges for Services 777,000 777,000 753,711 (23,289)
Interest on investments (loss)1,000 1,000 (6,048) (7,048)
Miscellaneous
Other 20,000 20,000 29,641 9,641
Total Revenues 798,000 798,000 777,304 (20,696)
Expenditures
Current
Culture and recreation
Supplies 30,700 30,700 38,284 (7,584)
Contracted services 450,784 450,784 404,542 46,242
Utilities 236,600 236,600 262,063 (25,463)
Other services and charges 28,435 28,435 25,280 3,155
Total current expenditures 746,519 746,519 730,169 16,350
Capital outlay
Culture and recreation 18,200 18,200 11,736 6,464
Total Expenditures 764,719 764,719 741,905 22,814
Net Change in Fund Balances 33,281 33,281 35,399 2,118
Fund Balances, January 1 228,721 228,721 228,721 -
Fund Balances, December 31 262,002$ 262,002$ 264,120$ 2,118$
Budgeted Amounts
6
Capital
Project
Fund
Balances
Fund Balance -Assigned for future capital acquisitions:
185,444
Increase of $39,923
Activity
Revenues $39,923
No Expenses
7
Summary
of Net
Position
Increase
2022 2021 (Decrease)
Current and Other Assets 500,348$ 413,519$ 86,829$
Capital Assets 1,161,261 1,220,550 (59,289)
Total Assets 1,661,609 1,634,069 27,540
Other Liabilities 50,784 39,277 11,507
Net Position
Investment in capital assets 1,161,261 1,220,550 (59,289)
Unrestricted 449,564 374,242 75,322
Total Net Position 1,610,825$ 1,594,792$ 16,033$
Governmental Activities
8
Summary
of Changes
in Net
Position
Increase
2022 2021 (Decrease)
Revenues
Program Revenues
Charges for services 783,352$ 752,325$ 31,027$
Capital grants and contributions 45,073 45,134 (61)
General Revenues
Unrestricted investment earnings (11,198) (334) (10,864)
Total Revenues 817,227 797,125 20,102
Expenses
Culture and recreation 801,194 723,293 77,901
Change in Net Position 16,033 73,832 (57,799)
Net Position, January 1 1,594,792 1,520,960 73,832
Net Position, December 31 1,610,825$ 1,594,792$ 16,033$
Governmental Activities
9
Your Abdo Team
Andy Berg, CPA
Partner
andrew.berg@abdosolutions.com
Tyler See, CPA
Manager
tyler.see@abdosolutions.com
Alex Trippel
Associate
alex.trippel@abdosolutions.com
Jason Fagan
Intern
jason.fagan@abdosolutions.com