HomeMy WebLinkAbout1977 Financial Statement June 30TOWN OF MARANA, ARIZONA
REPORT ON EXAMINATION OF ACCOUNTS
FOR THE PERIOD
MARCH 21, 1977 TO JUNE 30, 1977
RIORDON, CROUSE S� SCHIEVER R.
j " ` � CERTIFIED PUBLIC ACCOUNTANTS
VALLEY NATIONAL BUILDING
TUCSON� ARIZONA
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TOWN OF MARANA, ARIZONA
TABLE OF CONTENTS
Auditors' Report
Exhibit A- Combined Balance Sheet
Exhibit B- Combined Statement Of Changes In Fund Balances
Exhibit C- Statement Of Revenue - Estimated And Actual
Exhibit D- Statement of Expenditures Compared With Authorizations
Notes To Financial Statements
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RIORDON� CR�USE & SCH(EVER
CERTiFiED PUBLIC ACCOUNTANTS
705 VALLEY NATIONAL BUILDING � (602) 622
TUCSON� ARI20NA 85701
Honorable Mayor And City Council
Town Of Marana, Arizona
ROBERT B. RIORDON� C.P.A.
CASPER A. CROUSE� C.P.A.
LAWRENCE SCHIEVER�C.P.A.
We have examined the financial statements of the funds of
the Town Of Marana, Arizona, for the period ended June 30, 1977, :
listed in the foregoing table of contents. Our examination
was made in accordance with generally accepted auditing standards
and, accordirigly, included such tests of the accounting records
and such�other auditing procedures as we considered necessary
in the circumstances. -
In our opinion, the financial statements listed in the
aforemen�tioned table of contents present fairly the f inancial
position•of the f unds of the Town Of Marana, Arizona, at June 30,
1977, and the results of operations of such funds for the
period then ended in conformity with generally accepted accounting
principles.
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September 5, 1978
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TOWN OF MAr�ANA , AR.I ZONA
COMBINED BALANCE SHEET
JUNE 30, 1977
ASSETS
'as h
rasoline Tax Receivable
Total assets
LIABILITIES AND FUND BALANCES-
fote Pa,yable - Bank
lccounts Pa,yable
?a.yroll Taxes Payable
Total liabilities
'und Balance (Deficit)
Total liabilities and
fund balance
I �ee Notes To Financial Statements
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Exhibit A '
Hiway User ��
General Revenue
Fund Fund
� $ 5, 876 � '��
� $ � 4,504 `�
$ 5,876 $ 4,504 '
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$10,000 �
519 � I
76 '�
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$10, 595 � � ',
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$(4,719 4,504 � �
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$ 5, 876 $ 4, 504 � - �
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TOW��T OF MARANA, ARIZONA
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE PERIOD MARCH 21, 1977 TO JUNE 30, 1977 Exhibit B ,
und Balance At March 21, 1977*
aa:
Excess of Revenue over Expenditures:
Revenues (Exhibit C)
Expenditures (Exhibit D)
Excess (def ic it )
und Balance (Def icit) At
June 30, 1977 .(Exhibit A)
r
�ate Of Incorporation
�e Notes To Financial Statements
Hiway User i
General Revenue
Fund Fund
Zero Zero
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$ 2,034 $ 4,504 �
6,753 - k :
$ (4, 719 4, 504 E
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TOWN OF MARANA, ARIZONA
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
FOR THE PERIOD MARCH 21, 1977 TO JUNE 30, 197? Exhibit C '
Fun And Source
� neral Fund
Sales tax
' Auto lieu tax
Urban sharing
Fines
" Total revenue
'ighway User Revenue Fund:
Gasoline tax "
Total revenue
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�ee Notes To Financial State�ents
Actual
Estimated Actual Over (Under)
Revenue Revenue Estimated
$ 16,864 $ - $ (16,864):'
2,516 2,034 (482)':
4, 507 � (4, 507) k : <
2,851 - (2,851) �; ;
$ 26,738 $ 2,034 $ <24,704)'
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$ 5,705 $ 4,504 $ (1,201
$. 5,705 $ 4,504 $ "(1,201
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TOWN OF MARANA, ARIZONA
STATEl1�NT OF EXPENDITURE
FOR THE PERIOD M.9RCHS21oM1gR7DT0IJDNEU30�R1977IONS
Exhibit D
Fund/Function
�eneral Fund
Administration
Magistrate court and police
Elections
Legal
Contingencies
Total general fund
;ighway User Revenue Fund
Expenditures
Total highway revenue
fund .
I e Notes To Financial Statements
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Over
(Under)
Appropriations Expenditures Appropriations
� 4,700 $ 4,693 $ �7� '
19,300 - (19,300)'
600 11 (589),
800 $00
1,300 1,249 (51)�
$ 26, 700 $ 6 753 $ (19, 947)
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$ 5, 705 $ - $ (5, 705) �
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� 5,705 $ _ !
' $ (5, 705) '
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TOWN OF MAR�NA, ARIZONA
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1977
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Method Of Accounting
� 2)
The Town of Marana, Arizona, maintains its records on the
modified accrual basis of accounting. The modified accrual
basis of accounting recognizes expenditures on an accrual basis,
but revenues are recognized when received, except for mater,ial
revenues determined to be both measurable and available.
6.
INITIAL FISCAL YEAR
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The community of Marana in Pima County, Arizona, was
incorporated as The Town of Marana on March 21, �1977. The
financial statements present activity from March 21, 1977 to
June 30, 1977, ftevenue was received from state shared sources
and local magistrate court fines. The Town of Marana did not
levy a general property tax. No expenditures were made for any
municipa.l utility undertaking or acquisition of fixed assets.
� 3 ) NOTE PAYABLE
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Note payable, $10,000, is a temporary loan from Valley
National Bank and was repaid in the subsequent year.
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