INDUSTRIAL DEVELOPMENT AUTHORITY (IDA) INVESTMENT …

INDUSTRIAL DEVELOPMENT AUTHORITY (IDA) INVESTMENT REVENUE BONDS - BALLSTON SKATING FACILITY

(A Private-Purpose Trust Fund of Arlington County, Virginia)

FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2019 AND JUNE 30, 2018

(WITH REPORT OF INDEPENDENT AUDITORS THEREON)

Report of Independent Auditor

Trustees of the Industrial Development Authority of Arlington County Arlington County, Virginia

Report on the Financial Statements

We have audited the accompanying financial statements of the Industrial Development Authority Investment Revenue Bond Fund - Ballston Skating Facility Project (the "Skating Facility"), a private-purpose trust fund of Arlington County, Virginia, which comprise the Statements of Fiduciary Net Position, Statements of Changes in Fiduciary Net Position, and Statements of Cash Flows as of and for the years ended June 30, 2019 and 2018, and the related notes to the financial statements, which collectively comprise the Skating Facility's basic financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Skating Facility, as of June 30, 2019 and 2018, and the changes in its financial position and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter

As discussed in Note 1, the financial statements present only the Industrial Development Authority Investment Revenue Bond Fund - Ballston Skating Facility Project, a private-purpose trust fund of Arlington County, Virginia, and do not purport to, and do not, present fairly the financial position of the Arlington County, Virginia as of June 30, 2019 and 2018, the changes in its financial position and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.

Other Matters Required Supplementary Information

Management has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by the missing information.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated October 25, 2019, on our consideration of the Skating Facility's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Skating Facility's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Authority's internal control over financial reporting and compliance.

Tysons Corner, Virginia October 25, 2019

INDUSTRIAL DEVELOPMENT AUTHORITY - INVESTMENT REVENUE BONDS BALLSTON SKATING FACILITY

(A Priv ate Purpose Trust Fund of Arlington County , Virginia)

STATEMENT OF FIDUCIARY NET POSITION June 30, 2019 and 2018

ASSETS: CURRENT ASSETS:

Unrestricted Cash and cash equiv alents Accounts receiv able Total current assets

2019

$3,330,130 -

3,330,130

CAPITAL ASSETS: Building and improv ements Less-accumulated depreciation Net capital assets

28,837,666 (7,994,307) 20,843,359

Total assets

24,173,489

DEFERRED OUTFLOWS OF RESOURCES: Loss on ref unding bonds, net of accumulated amortization of $152,640 and $137,376

172,344

Total def erred outf lows of resources

172,344

LIABILITIES: SHORT-TERM LIABILITIES:

Interest pay able Vouchers pay able Unearned rev enues Rev enue bonds pay able

Total short-term liabilities

499,976 5,000

695,809 1,205,000 2,405,785

LONG-TERM LIABILITIES: Rev enue bonds pay able Total long-term liabilities

20,740,000 20,740,000

Total liabilities

23,145,785

NET POSITION: Restricted f or other purpose Total net position

1,200,048 $1,200,048

2018

$2,095,913 520,661

2,616,574

28,837,666 (7,353,470) 21,484,196 24,100,770

187,608 187,608

520,661 5,000

1,150,000 1,675,661

21,945,000 21,945,000 23,620,661

667,717 $667,717

The notes to the financial statements are an integral part of this statement

INDUSTRIAL DEVELOPMENT AUTHORITY - INVESTMENT REVENUE BONDS BALLSTON SKATING FACILITY

(A Private Purpose Trust Fund of Arlington County, Virginia)

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

For the Years Ended June 30, 2019 and 2018

REVENUES: Rental income

OPERATING EXPENSES: De p re ci a ti o n Total operating expenses

Operating income

2019

2018

$2,369,148

$2,368,911

640,837 640,837

1,728,311

640,837 640,837

1,728,074

NON-OPERATING REVENUES (EXPENSES): Interest income Interest expense Amortization on loss of refunding Finance charges Total non-operating expenses, net

43,432 (1,219,148)

(15,264) (5,000)

(1,195,980)

Net income

532,331

22,906 (1,268,911)

(15,264) (5,000)

(1,266,269)

461,805

Net position, beginning of year Net position, end of year

667,717 $1,200,048

205,912 $667,717

The notes to the financial statements are an integral part of this statement

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