|Public Release Date: April 30, 1996||No. 96-19|
The Metropolitan Sports Facilities Commission is a component unit of the Metropolitan Council. Its primary responsibility is the operation of the Hubert H. Humphrey Metrodome sports facility (the Metrodome).
The financial statements show total commission assets of nearly $95 million as of December 31, 1995. Nearly $69 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 $40 million at December 31, 1995, with about $38.5 million representing principal and accrued interest on its long-term debt. The financial statements show that the commission has equity of $54.4 million: $17 million in contributed capital, $13 million reserved according to its bond covenants, and $24.3 million of unreserved retained earnings.
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, 1995. We also reviewed the internal control structure of the commission and tested the commission's compliance with significant finance-related legal provisions.
Based on our examination, we concluded that the commission's financial statements are fairly presented in conformity with generally accepted accounting principles. We issued an unqualified opinion on the statements for the year ended December 31, 1995.
We found three areas where the internal control structure needed improvement:
We found no instances of noncompliance with finance-related legal provisions.