2023 STMA Ice Arena Audit PresentationSt. Michael -
Albertville Ice Arena
2023 Financial Statement Audit
Introduction
•Audit Opinion and Responsibility
•General Fund Results
•Other Governmental Funds
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Unmodified Opinion
3
Audit Results
Minnesota Legal
ComplianceAuditor’s Opinion
No Compliance Issues
Audit Results
2023 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 720,350$ 720,350$ 738,449$ 18,099$
Concessions 75,000 75,000 86,017 11,017
Vending machines 2,000 2,000 2,632 632
Total Charges for Services 797,350 797,350 827,098 29,748
Interest on investments 500 500 13,799 13,299
Miscellaneous
Other 25,000 25,000 32,675 7,675
Total Revenues 822,850 822,850 873,572 50,722
Expenditures
Current
Culture and recreation
Supplies 39,200 39,200 38,787 413
Contracted services 428,587 428,587 451,609 (23,022)
Utilities 288,930 288,930 244,703 44,227
Other services and charges 27,734 27,734 26,795 939
Total current expenditures 784,451 784,451 761,894 22,557
Capital outlay
Culture and recreation - - 10,580 (10,580)
Total Expenditures 784,451 784,451 772,474 11,977
Net Change in Fund Balances 38,399 38,399 101,098 62,699
Fund Balances, January 1 264,120 264,120 264,120 -
Fund Balances, December 31 302,519$ 302,519$ 365,218$ 62,699$
Budgeted Amounts
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Capital
Project
Fund
Balances
Fund Balance - Assigned for future capital acquisitions:
•$277,682
•Increase of $92,238
Activity
•Revenues $107,238
•Expenses $15,000
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Summary
of Net
Position
Increase
2023 2022 (Decrease)
Current and Other Assets 682,859$ 500,348$ 182,511$
Capital Assets 1,109,783 1,161,261 (51,478)
Total Assets 1,792,642 1,661,609 131,033
Other Liabilities 39,959 50,784 (10,825)
Net Position
Investment in capital assets 1,109,783 1,161,261 (51,478)
Unrestricted 642,900 449,564 193,336
Total Net Position 1,752,683$ 1,610,825$ 141,858$
Governmental Activities
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Summary
of Changes
in Net
Position
Increase
2023 2022 (Decrease)
Revenues
Program Revenues
Charges for services 859,773$ 783,352$ 76,421$
Capital grants and contributions 95,071 45,073 49,998
General Revenues
Unrestricted investment earnings (loss)25,966 (11,198) 37,164
Total Revenues 980,810 817,227 163,583
Expenses
Culture and recreation 838,952 801,194 37,758
Change in Net Position 141,858 16,033 125,825
Net Position, January 1 1,610,825 1,594,792 16,033
Net Position, December 31 1,752,683$ 1,610,825$ 141,858$
Governmental Activities
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Your Abdo Team
Andy Berg, CPA
Partner
andrew.berg@abdosolutions.com
Tyler See, CPA
Manager
tyler.see@abdosolutions.com
Alex Trippel, CPA
Senior Associate
alex.trippel@abdosolutions.com
Jason Fagan
Associate
jason.fagan@abdosolutions.com
Phien Doan
Intern
phien.doan@abdosolutions.com