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ConsolidatedFinancial Statements
June 30, 2024
C O N T E N T S
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Independent Auditors’ Report
Management’s Discussion and Analysis (Required Supplementary Information) Consolidated Financial Statements
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Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards
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Table A-1
Condensed Consolidated Statements of Net Position
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Mechanics Bank Arena, Theater, Convention Center,
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Management’s Discussion and Analysis
Dollar Percentage
2024 2023 Change Change
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Condensed Consolidated Statements of Revenues, Expenses and Changes in Net Position 7KHFXUUHQWILVFDO\HDURSHUDWLRQVUHVXOWHGLQWKHIDFLOLWLHVUHFRJQL]LQJ0LQRSHUDWLQJLQFRPHIRU WKHFXUUHQW\HDU5HYHQXHVLQFUHDVHG0IRUVXLWHVSDUNLQJDQGLFHFHQWHUUHYHQXHV0RVWQRWDEOH DUHIDFLOLW\UHQWVUHLPEXUVDEOHVFRQFHVVLRQVFRPPLVVLRQVDQGIDFLOLW\IHHV7KHUHZDVDFRUUHODWLQJ LQFUHDVHIRUGLUHFWHYHQWH[SHQVHVDVLQFUHDVHGQXPEHURIHYHQWVDQGDWWHQGDQFHUHTXLUHGJUHDWHUFRVWV 2SHUDWLQJH[SHQVHVLQFUHDVHGE\NLQWKHFXUUHQW\HDUGXHWRRYHUDOOLQFUHDVHVLQXWLOLW\FRVW VDODULHVDQGZDJHV
Mechanics Bank Arena, Theater, Convention Center,
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Management’s Discussion and Analysis
Over (Under) Percentage
Actual Budget Budget of Budget
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Year Ended June 30, 2024
Table A-3
Change in Net Position, Actual to Budget
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LIABILITIES AND NET POSITION
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Net Position
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See Notes to Consolidated Financial Statements.
Mechanics Bank Arena, Theater, Convention Center,
June 30, 2024
Consolidated Statement of Net Position
and Dignity Health Amphitheatre
Valley Children's Ice Center of Bakersfield
Mechanics Bank Arena, Theater, Convention Center,
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Consolidated Statement of Revenues, Expenses and Change in Net Position For the Year Ended June 30, 2024
Net revenues:
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Consolidated Statement of Cash Flows
For the Year Ended June 30, 2024
Cash flows from operating activities:
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Notes to Consolidated Financial Statements
Note 1. Nature of Business and Significant Accounting Policies Nature of business:
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Revenue recognition:
Suite contracts
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Ticket sales
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Net position:
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Use of estimates:
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Cash and cash equivalents:
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Notes to Consolidated Financial Statements
Custodial credit risk:
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Accounts receivable:
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Capital assets:
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Notes to Consolidated Financial Statements
Note 2. Cash and Cash Equivalents
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Note 3. Advance from City of Bakersfield
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Note 4. Deferred Revenue
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Note 5. Administrative Services Agreements
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Notes to Consolidated Financial Statements
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Naming rights:
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Ticket sales:
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Notes to Consolidated Financial Statements
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ARAMARK
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Notes to Consolidated Financial Statements
Concession and catering services:
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Note 8. Subsequent Events
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Mechanics Bank Arena, Theater, Convention Center,
Valley Children's Ice Center of Bakersfield
and Dignity Health Amphitheatre
Consolidated Schedule of Operating Expenses
For the Year Ended June 30, 2024
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