|Public Release Date: April 30, 1999
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 over $74 million as of December 31, 1998. Nearly $56 million of property and equipment comprises the largest portion of the commission's assets; cash and investments accounted for most of its other assets. The financial statements show that the commission had equity have over $74 million: $17 million in contributed capital, and $57 million of unreserved retained earnings. The commission owed total liabilities of about $695,000 at December 31, 1998. The Commission sold the Met Center property in January 1999 and used the proceeds to defease its outstanding Sports Facilities Revenue Refunding Bonds.
As required by Minn. Stat. Section 473.595, Subd. 5, we conducted an audit of the commission's financial statements for the year ended December 31, 1998. 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 audit, we concluded that the commission's financial statements were fairly presented. We issued an unqualified opinion on the statements for the year ended December 31, 1998. We noted no matters involving the internal control over financial reporting that we consider to be reportable conditions. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards issued by the Comptroller General of the United States.