|Public Release Date: April 28, 1995||No. 95-19|
The Metropolitan Sports Facilities Commission is a component unit of the Metropolitan Council. As required by Minn. Stat. Section 473.595, Subd. 5, we have conducted an audit of the commission's financial statements for the year ended December 31, 1994. Based on our examination, we have concluded that the commission's financial statements are fairly stated in compliance with generally accepted accounting principles.
The financial statements show total commission assets of over $95 million as of December 31, 1994. The commission expensed $5 million when it disposed of the Met Center building in 1994, as explained in footnote 4 to the financial statements. Nearly $65 million of property and equipment comprises the largest portion of commission assets; cash and investments accounted for most of its other assets. The commission owed total liabilities of about $41.5 million at December 31, 1994, with about $40 million representing principal and accrued interest on its long-term debt. The financial statements show that the commission has equity of $53.6 million: $17 million in contributed capital, $16.9 million reserved according to its bond covenants, and $19.7 million of unreserved retained earnings.
We issued an unqualified opinion of the commission's financial statements.
We found one area where the internal control structure needed improvement:
We found one issue that affected compliance with finance-related legal provisions: