Office of the Legislative Auditor - Financial Audit Division

Key Conclusions:

• We issued an unqualified opinion on the Metropolitan Sports Facilities Commission’s (Commission) financial statements as of and for the year ended December 31, 2004.
• We identified and reported two findings in our Report on Internal Control Over Financial Reporting and on Compliance and Other Matters.

Findings:

• The Commission and the Minnesota Twins continue to operate under an expired 1998 baseball use agreement.
• The Commission did not formalize team financial commitments to pay for advertising displays intended to enhance team revenue.

Audit Scope:

Audit Period:
Fiscal year ended December 31, 2004

• Cash and Cash Equivalents
• Capital Assets
• Revenues
• Concessions
• Payroll and Operating Expenses

The Metropolitan Sports Facilities Commission is comprised of six commissioners appointed by the Minneapolis City Council and a chair appointed by the Governor. The Commission operates the Hubert H. Humphrey Metrodome sports stadium, which was originally constructed in 1982.