2024 FINAL Audit PresentationSt. Michael -
Albertville Ice Arena
2024 Financial Statement Audit
Introduction
•Audit Results
•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
2024 Audit Findings
•Segregation of Duties with Billings and
Collections
•Internal Control Finding
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General Fund Budget to Actual
Actual Variance with
Original Final Amounts Final Budget
Revenues
Charges for services
Ice rental 737,195$ 737,195$ 764,949$ 27,754$
Concessions 80,000 80,000 77,672 (2,328)
Vending machines 2,300 2,300 1,602 (698)
Total Charges for Services 819,495 819,495 844,223 24,728
Interest on investments - - 15,354 15,354
Miscellaneous
Other 22,500 22,500 30,194 7,694
Total Revenues 841,995 841,995 889,771 47,776
Expenditures
Current
Culture and recreation
Supplies 45,500 45,500 36,523 8,977
Contracted services 487,814 487,814 473,598 14,216
Utilities 272,850 272,850 221,188 51,662
Other services and charges 29,050 29,050 31,777 (2,727)
Total current expenditures 835,214 835,214 763,086 72,128
Capital outlay
Culture and recreation - - 87,790 (87,790)
Total Expenditures 835,214 835,214 850,876 (15,662)
Net Change in Fund Balances 6,781 6,781 38,895 32,114
Fund Balances, January 1 365,218 365,218 365,218 -
Fund Balances, December 31 371,999$ 371,999$ 404,113$ 32,114$
Budgeted Amounts
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Capital
Project
Fund
Balances
Fund Balance - Assigned for future capital acquisitions:
•$354,059
•Increase of $76,377
Activity
•Revenues $77,707
•Expenses $1,330
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Summary
of Net
Position
Increase
2024 2023 (Decrease)
Current and Other Assets 787,048$ 682,859$ 104,189$
Capital Assets 1,110,545 1,109,783 762
Total Assets 1,897,593 1,792,642 104,951
Other Liabilities 28,876 39,959 (11,083)
Net Position
Investment in capital assets 1,110,545 1,109,783 762
Unrestricted 758,172 642,900 115,272
Total Net Position 1,868,717$ 1,752,683$ 116,034$
Governmental Activities
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Summary
of Changes
in Net
Position
Increase
2024 2023 (Decrease)
Revenues
Program Revenues
Charges for services 874,417$ 859,773$ 14,644$
Capital grants and contributions 66,175 95,071 (28,896)
General Revenues
Unrestricted investment earnings (loss)26,886 25,966 920
Total Revenues 967,478 980,810 (13,332)
Expenses
Culture and recreation 851,444 838,952 12,492
Change in Net Position 116,034 141,858 (25,824)
Net Position, January 1 1,752,683 1,610,825 141,858
Net Position, December 31 1,868,717$ 1,752,683$ 116,034$
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
Katie Hoffmann
Intern
katie.hoffmann@abdosolutions.com