Mountain Rec Receives Highest Mark in Annual Financial Audit
Mountain Rec is pleased to share that the District has received the highest level of assurance in its annual financial audit for 2022, completed in July. This not only reflects the District’s commitment to sound financial practices but also showcases its dedication to serving the community with integrity and fiscal prudence for the 43rd straight year.
The report, performed by independent auditor Maggard & Hood, showed that the District continues to have no debt and its overall net position increased by 2.5%, compared to 2021. Total revenues reported were $6.65 million, which came from programs, property taxes, and investments. Expenditures totaled $6.23 million, and the remaining funds were placed into reserves for future capital and operating needs.
“I am very happy that the District has continued to receive a clean audit. We can rest assured our internal control system is operating effectively, and the community can trust we are following sound financial practices year after year,” shared Sanjok Timilsina, Finance Manager at Mountain Recreation.
Compared to 2021, program and facility revenues increased by $543,885, sponsorship and private grants revenues increased by $67,177, and property tax revenues increased by $327,388 – the District’s mill levy has stayed at 3.65 mills since 2003.
The District’s total assets increased by $443,772 compared to 2021, including $317,000 of capital additions. The three largest capital investments included $167,000 to fund the relocation and improved equipment of the seasonal Edwards Outdoor Ice Rink, $83,000 for new dugouts and fencing at Freedom Park and the Eagle Sports Complex, and lastly, $20,000 for new facility maintenance equipment.
Balancing Sustainability and Accessibility
Every year, from January to December, Mountain Rec provides high-quality facilities, programs, and more, for our community, and doing so must be done strategically; by balancing equitable access and cost recovery. That means keeping program, membership, and service fees low enough to reduce barriers to entry, while high enough to operate the District sustainably for years to come.
The District is happy to report that its cost recovery for programs and facilities sat between 75-85% for 2022, thanks to District policy where programs that serve the community are not expected to recover costs fully, whereas those programs benefiting individuals are priced higher to generate appropriate revenue.