HomeMy WebLinkAbout1982 Financial Statement June 30;,� ., � ,�
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TOWN OF MARANA, ARIZONA
GENERAL PURPOSE FINANCIAL STATEMENT
June 30, 1982
RICHARD C. DENEI`�, LTD.
OCT 2 6 1982 Certified Public Accountan#s � Phoenix, Arizona
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TOWN OF MARANA. ARIZONA
TABLE OF CONTENTS
-Auditors' Report
General Purpose Financial Statements
Page
1
Exhibit A— Combined Balance Sheet —
All Fund Types and Account Group 2
Exhibit B— Combined Statement of Revenues,
Expenditures and Changes in
Fund Balances — AIl Governmental Fund Types 3
Exhibit C— Combined Statement of Reuenues,
Expenditures and Changes in
Fund Balances — Budget and Actuai —
6eneral and Special Revenue Funds 4
Noies To Financial Statements
5-7
� _,_
�ard �. Der�en, L�,d.
Certified Public Accountants
m Building, 401 East Indian Schooi Road
Arizona 85012 Telephone 602-264-1134
�. Denen, C.P.A.
Harmon, C.P.A.
wanson, Principal
d L. Conner
Arizona Society o(
lied Public Accountants
.��merican Institute of
fied Public Accountants
. Municipa� p�nance
�(ficers Association
���P���ate Companies
��;, Practice Section
vision of C.p;q. Firms
c
The Honorable Mayor and
Town Council
Town of Marana
Marana, Arizona
I have examined the combined financial statements of the Town of
Marana, Arizona, as of a�d for the year ended June 30, 1982, as
listed in the Table of Contents. My examination was made in
accordance with generally accepted auditing standards and,
accordingly, included sucn tests of the accounting records and
such other audi ting procedures as � considered necessary +n the
circumstanees. The financial statements of the Town of M�rana,
Arizona for the year ended June 30, 1981, were examined by other
auditors whose report expressed an unqualified opinion on those
statements.
In my opinion, the combined financial statements referred to
above present fairly the financial position of the Town of
Marana, Arizona, at June 30, 1982, and the resui-ts of its
operations for the year then ended, in conformity wi`h generaliy
accepted accounting principles applied on a basis consistent with
that of the preceding year.
• �� � .
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July 27, 1982
Phoenix, Arizona
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N
TOWN OF MARANA, ARIZONA
NOTES TO FINA.NCIAL STA?EMENTS
June 30, 1982
; 1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Town of Marana was incorporated on March 21, 1977, under the provisions
of the State of Arizona. The Town operates under a Council—Manager form of
Government and provides the following services: Public safety, highway and
streets, public improvements and general administrative services.
Accounting policies for the Town of Marana conform to generally accepted
accounting principles as applicable to governments. The following is a
summary of the more significant accounting policies:
A.
B.
�— _
Fund Accounting
The accounts of the Town are organized on the basis of funds and
account groups, each of which are considered a separafe accounting
entity. Each fund is comprised of assets, liabilities, fund equity,
revenues and expenditures or expenses as appropriate. 6overnment
resources are allocated to and accounted for in the individual fund
based on the purposes for which they are to be spent and the means by
which spending-activities are controlled. There are two types o# funds
in these financial statements:
General Fund
The general fund is the general operating fund of the Town. It is used
to account for all financial resources except those required to be
accounied for in another fund.
Special Revenue Funds
Special revenue funds are used to account for proceeds of specific
revenue sources that are legally restricted to expenditures for
specified purposes.
Fixed Assets and Lonq—Term Liabilities
Fixed assets used in governmental fund type operations are accounted
for in the generai fixed asset group rather than in governmental -
funds. Public domain (infra—structure) general fixed assets consisting
of certain improvements other than buildings, including roads,
bridges, curves and gutters, streets and sidewalks, drainage systems
and lighting systems, are capitalized along with other general fixed
assets. No depreciation is provided on general fixed assets.
— 5 —
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� _,� .�. �._�. . _ _ _ �
?OWN OF MARA.NA, ARIZONA
NOTES TO �INANCIAL STATEMENTS
June 30, 1982
if actual historical cost is not available, all fixed assets are
valued at estimated historical costs. Donated fixed assets are valued
at their estimated fair value on the date donated.
Long—term liabilities expected to be financed from governmental funds
are accounted for in the generai long—term debt account group not in
the governmental fund.
The two account groups are not funds. They are concerned only with
measurement of financiat position and are not involved in the
measurement of result of operations.
C. - Basis of Accounting
` AIl governmental funds are accounted for using the modified accrual
basis of accounting. The revenues are recognized when they become
measurable and available as net current assets. Expenditures are
generally recognized when the fund liability is incurred.
D. Inventory
The Town no longer carries any inventory. Supplies needed for
operation are now being purchased on an as—needed basis.
E. Restatements
The foilowing fund balances were restated:
General Fund
The general fund balance was restated
fo set up the federal revenue
sharing fund:
Fund Balance $ 5,467
Speciai Revenue Funds
Public works fund balance was restated
to recognize prior period expense
reduction:
Fund Balance $ �8,2g2�
Highway users fund balance was adjusted to
recognize prior period revenue:
Fund Balance $ (2,443)
Federal revenue sharing fund balance was
transferred from the general fund:
Fund Balance $ (5,457)
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�_�� ..:.� _�,.
TOWN OF MARANA, ARIZCNA
NO7ES TO FINANCIA.L STATEMENTS
June 30, 1982
F. Long—Term Debt
In 1979, the Town of Marana entered into an agreement with the State
of Arizona to purchase a 2.5 acre parcel of land where the ?own Hall
of Marana now sits. The total purchase price of the land w.as $7,134
with a 7% interest being charged on all unpaid principal; with yearly
payments of $1,069 being made.
G. Total Columns on Combined Statements — Overview
?otal columns on the combined' statements — overview are captioned
"Memorandum Only" to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not present
financiai position, results of operations or changes in financial
position in conformity with generally accepted accounting principles.
Neither is such data comparabie to a consolidation. Inter—fund
eliminations have not been made in the oggregation of this data.
— 7 —