HomeMy WebLinkAbout2009 Financial Statement June 30TOWN OF MARANA, ARIZONA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2009
_____________________________
11555 W. Civic Center Dr., A3
Marana, Arizona 85653
TOWN OF MARANA
MARANA, ARIZONA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
JUNE 30, 2009
Issued by:
Finance Department
TOWN OF MARANA, ARIZONA
TABLE OF CONTENTS
INTRODUCTORY SECTION Page
Letter of Transmittal i
Certificate of Achievement for Excellence in Financial Reporting vi
Principal Officials vii
Senior Staff vii
Organizational Chart viii
FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT 1
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
(Required Supplementary Information) 5
BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements:
Statement of Net Assets 25
Statement of Activities 26
Fund Financial Statements:
Balance Sheet – Governmental Funds 30
Reconciliation of the Balance Sheet –
Governmental Funds to the Statement of Net Assets 33
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds 34
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances - Governmental Funds to the
Statement of Activities 37
TOWN OF MARANA, ARIZONA
TABLE OF CONTENTS (Cont’d)
FINANCIAL SECTION (Cont’d) Page
BASIC FINANCIAL STATEMENTS (Concl’d)
Statement of Net Assets – Proprietary Funds 38
Statement of Revenues, Expenses and Changes in Fund Net Assets –
Proprietary Funds 39
Statement of Cash Flows – Proprietary Funds 40
Notes to Financial Statements 41
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES – BUDGET AND ACTUAL
(Required Supplementary Information)
General Fund 69
Note to Required Supplementary Information 70
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND
SCHEDULES
Other Major Governmental Funds Schedules of Revenues, Expenditures and
Changes in Fund Balances – Budget and Actual:
Transportation Fund 75
PAG Capital 76
Other Capital Projects Fund 77
Tangerine Farms Road Improvement District Debt Fund 78
Non-Major Governmental Funds:
Combining Balance Sheet – All Non-Major Governmental Funds –
By Fund Type 80
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances – All Non-Major Governmental Funds – By Fund Type 82
TOWN OF MARANA, ARIZONA
TABLE OF CONTENTS (Concl’d)
FINANCIAL SECTION (Concl’d) Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND
SCHEDULES (Concl’d)
Non-Major Special Revenue Funds:
Combining Balance Sheet 86
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 88
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual 90
Non-Major Capital Projects Funds:
Combining Balance Sheet 100
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances 102
Combining Schedule of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual 104
Non-Major Debt Service Fund:
Combining Balance Sheet 114
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 116
Combining Schedule of Revenues, Expenditures and Changes in
Fund Balances – Budget and Actual 118
STATISTICAL SECTION
Statistical Section 125
INTRODUCTORY SECTION
January 29, 2010
The Honorable Mayor and Town Council, and Citizens of the Town of Marana, Arizona:
State statutes require that cities and towns publish a complete set of financial statements
presented in conformity with accounting principles generally accepted in the United States
of America and audited in accordance with auditing standards generally accepted in the
United States by a certified public accounting firm licensed in the State of Arizona.
Pursuant to that requirement, we hereby issue the annual financial report of the Town of
Marana, Arizona (Town) for the fiscal year ended June 30, 2009.
This report consists of senior management’s representations concerning the finances of the
Town. Consequently, senior management assumes full responsibility for the completeness
and reliability of all of the information presented in this report. To provide a reasonable
basis for making these representations, management of the Town has established a
comprehensive internal control framework that is designed to protect both the Town’s
assets from loss, theft, or misuse and to compile sufficient reliable information for the
preparation of the Town’s financial statements in conformity with accounting principles
generally accepted in the United States of America. Because the cost of internal controls
should not outweigh their benefits, the Town’s comprehensive framework of internal
controls has been designed to provide reasonable rather than absolute assurance that the
financial statements will be free from material misstatement. As management, we assert
that, to the best of our knowledge and belief, this financial report is complete and reliable
in all material respects.
The Town’s financial statements have been audited by Henry & Horne, LLP, a certified
public accounting firm. The goal of the independent audit was to provide reasonable
assurance that the financial statements of the Town for the fiscal year ended June 30,
2009, are free of material misstatement. The independent audit involved examining, on a
test basis, evidence supporting the amounts and disclosures in the financial statements;
assessing the accounting principles used and significant estimates made by management;
and evaluating the overall financial statement presentation. The independent auditor
concluded, based upon the audit, that there was a reasonable basis for rendering an
unqualified opinion that the Town’s financial statements for the fiscal year ended June 30,
2009, are fairly presented in conformity with accounting principles generally accepted in
the United States of America. The independent auditors’ report is presented as the first
component of the financial section of this report.
The independent audit of the financial statements of the Town was part of a broader,
federally mandated Single Audit as required by the provisions of the Single Audit Act
Amendments of 1996 and U.S. Office of Management and Budget Circular A-133,
designed to meet the special
needs of federal grantor agencies. The standards governing Single Audit engagements
require the independent auditor to report not only on the fair presentation of the financial
statements, but also on the audited Town’s internal controls and compliance with legal
requirements, with special emphasis on internal controls and legal requirements involving
the administration of federal awards. These reports are available in a separately issued
Single Audit Reporting Package.
Accounting principles generally accepted in the United States of America require that
management provide a narrative introduction, overview, and analysis to accompany the
basic financial statements in the form of Management’s Discussion and Analysis (MD&A).
This letter of transmittal is designed to complement the MD&A and should be read in
conjunction with it. The Town’s MD&A can be found immediately following the report of
the independent auditors.
Profile of the Town
The Town of Marana, incorporated in 1977, is located in northern Pima County and one of
the fastest growing communities in Arizona. Straddling Interstate 10, Marana is only 10
miles north of downtown Tucson and 90 miles south of downtown Phoenix. Marana’s
original incorporation covered approximately ten square miles. The Town’s planning area
currently occupies over 120 square miles and serves a population in excess of 35,000.
In its infancy, the Town was primarily a rural, agricultural community. However, through
annexations and planned growth, the Town is now home to several residential, commercial
and industrial developments, including Continental Ranch, Continental Reserve, Sunflower,
Heritage Highlands, Dove Mountain, Saguaro Ranch, Sky Ranch, Continental Ranch
Business Park and Arizona Pavilions Drive.
Legislative authority for the Town of Marana is vested in a seven-member Mayor and
Council. Voters of the Town directly elect the Mayor. Council-members serve four-year
staggered terms.
The Council fixes the duties and compensation of Town officials and employees, and
enacts ordinances and resolutions relating to Town services, taxes, appropriating and
borrowing monies, licensing and regulating businesses and trades and other municipal
purposes. The Town Council appoints the Town Manager who has full responsibility for
executing Council polices and administering Town operations. Town employees are hired
under personnel rules approved by the Council. A staff of approximately 360 employees is
responsible for the functions and operations of the Town government.
··
Economic Condition and Outlook
The national and local economies continued to slow significantly during the current fiscal
year. This was especially true in the second half of the fiscal year ended June 30, 2009.
The economic slowdown, and its effect on economically sensitive revenues, has resulted in
significant decreases in revenues from building permits, planning fees and construction
transaction privilege taxes. These factors were included in the Town’s multi-year revenue
forecasts which provided the basis of the fiscal year 2009-10 budget. The Town’s budget
is structurally balanced with ongoing revenues supporting ongoing expenditures. One-time
revenues like contracting transaction privilege taxes and building permits support one-time
expenditures. The Town does not anticipate any significant increase in economically
sensitive revenues until fiscal year 2011-12. As a result, the Town’s adopted fiscal year
2009-10 budget, which anticipates reduced transaction privilege tax (sales tax) revenues
and building related fees, incorporates an appropriation reduction of $2.5 million in
revenues and, as a result, focuses on the maintenance of essential services and programs.
Current Condition
The economy ground to a near stand still in the first quarter of fiscal year 2009. As the
recession deepened, it was apparant that revenues would fall significantly short of what
were believed to be conservative revenue budget projections. The Town began a series of
mid-year cost saving budget reductions. A combination of ongoing and one-time current
year reductions in the General Fund totaled $5.3 million. The focus of the mid-year
reductions were to reduce current year expenditures while, at the same time, striving to
maintain essential service levels and position the Town for a quick recovery when the
economy improves. The Town’s overall General Fund reserves at the end of fiscal year
2009 of $14.4 million comprises 45 percent of next year’s appropriations and exceeds the
Town’s reserve policy requirement of 25%. The financial performance of the Town as a
whole is reflected in its governmental funds. As of June 30, 2009, the Town’s
governmental funds reported a combined fund balance of $60.1 million, of which $52.6
million is unreserved and available for spending at the Town’s discretion.
The Town, like most municipalities, is significantly dependent upon transaction privilege tax
revenues which are subject to economic fluctuations. Transaction privilege tax revenues
comprised 60% of general fund revenues. Of those revenues, retail and construction
comprised 75% of total transaction privilege tax revenues. As described above, the
economic recession deepened and sales taxes and revenues related to the residential and
commercial construction industry slowed significantly during the current fiscal year.
Residential development and commercial development is expected to stabilize and remain
relatively slow through next fiscal year. In fiscal year 2009, the Town issued 353 single
family residential (SFR) permits, a decrease of 52.5 percent from the prior year.
iii
Future Economic Outlook
Despite the significant slowdown in development, the Town of Marana’s economic outlook
continues to be largely positive. In both current year budget reductions and in the
development of the 2009-10 budget, the Town has worked to maintain essential service
delivery and position the Town to take advantage of the eventual economic recovery.
Once the economy rebounds, Marana will have rapid commercial, industrial and residential
growth due to the abundance of developable land.
Cash Management
Cash is invested on a pooled basis with the Arizona State Treasurer’s Office in the Local
Government Investment pool. Investment income is allocated to the funds monthly on the
basis of the cash provided for investment. The average yield on investments held with the
State Treasurer was 1.17% for fiscal year 2009.
Expenditure Limitation
One June 30, 1980 Arizona voters approved general propositions amending the Arizona
Constitution to establish expenditure and revenue limitations for local governments. The
purpose of the expenditure limitation is to control expenditures and to limit future
increases in spending to adjustments for inflation, deflation and population growth of the
Town.
On May 17, 2005, the voters of the Town approved an alternative expenditure limitation,
the effect of which is that the total budgeted expenditures of each yearly budget becomes
the expenditure limitation for that year on a total budget basis. This alternative
expenditure limitation is effective for four years.
Single Audit
As a recipient of Federal, State and County financial assistance, the Town is responsible for
ensuring that adequate internal controls are in place to ensure compliance with applicable
laws, regulations, contracts and grants related to those programs. Internal control is
subject to periodic evaluation by management.
As part of the Town’s single audit described earlier, tests are made to determine the
adequacy of the internal controls, including that portion related to Federal financial
assistance programs, as well as to determine that the Town has complied with applicable
laws and regulations.
Pension Benefits
Employees of the Town of Marana participate in one of four pension plans. Most Town
employees participate in the Arizona State Retirement System which administers a cost-
sharing, multiple-employer defined benefit pension plan that covers general employees of
the Town. The Public Safety Retirement System administers an agent multiple-employer
defined benefit pension plan that covers public safety personnel. Dispatchers participate in
the Correctional Officers Retirement Plan which is an agent multiple-employer defined
benefit pension plan. The Elected Officials’ Retirement Plan administers a cost-sharing
multiple-employer defined benefit pension plan for elected officials.
iv
Risk Management
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TOWN OF MARANA, ARIZONA
PRINCIPAL OFFICIALS OF THE TOWN OF MARANA
FISCAL YEAR 2009
MAYOR AND COUNCIL
Ed Honea, Mayor
Herb Kai, Vice Mayor Roxanne Ziegler, Councilmember
Russell Clanagan, Councilmember Patti Comerford, Councilmember
Carol McGorray, Councilmember Jon Post, Councilmember
MANAGEMENT STAFF
Gilbert Davidson, Town Manager
Deb Thalasitis, Assistant Town Manager
DEPARTMENT HEADS
Kevin Kish, Development Services General Barbara Johnson, Public Services General
ManagerManager
Jocelyn Bronson, Town Clerk Frank Cassidy, Town Attorney
Keith Brann, Town Engineer Dorothy O’Brien, Utilities Director
Orville Saling, Interim Public Works Director Vacant, Airport Manager
Kevin Kish, Planning Director Charles Davies, Town Magistrate
Vacant, Building Official Terry Tometich, Police Chief
Tom Ellis, Parks and Recreation Director Gary Hudman, Technology Services Director
Erik Montague, Finance Director Suzanne Machain, Human Resources Director
T. VanHook, Community Development Director
ª··
ÆÓÓÓ
FINANCIAL SECTION
Independent Auditors' Report
The Honorable Mayor and Council
Town of Marana, Arizona
We have audited the accompanying financial statements of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining
fund information of Town of Marana (the Town), Arizona, as of and for the year
ended June 30, 2009, which collectively comprise the Town’s basic financial
statements as listed in the table of contents. These financial statements are the
responsibility of the Town’s management. Our responsibility is to express opinions
on these financial statements based on our audit.
We conducted our audit 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 of America. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the
business-type activities, each major fund, and the aggregate remaining fund
information of the Town of Marana, Arizona, as of June 30, 2009, and the respective
changes in financial position and cash flows, where applicable, thereof for the year
then ended in conformity with accounting principles generally accepted in the United
States of America.
In connection with our audit, nothing came to our attention that caused us to believe
that the Town of Marana failed to use highway user revenue fund monies received
by the Town of Marana pursuant to Arizona Revised Statutes Title 28, Chapter 18,
Article 2 and any other dedicated state transportation revenues received by the Town
of Marana solely for the authorized transportation purposes. However, our audit was
not directed primarily toward obtaining knowledge of such noncompliance.
The Honorable Mayor and Council
Town of Marana, Arizona
In accordance with Government Auditing Standards, we have also issued our report
dated January 27, 2010 on our consideration of the Town’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 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 internal control over financial reporting or on compliance. That report
is an integral part of an audit performed in accordance with Government Auditing
Standardsand should be considered in assessing the results of our audit.
The management’s discussion and analysis is not a required part of the basic
financial statements but is supplementary information required by accounting
principles generally accepted in the United States of America. We have applied
certain limited procedures, which consisted principally of inquiries of management
regarding the methods of measurement and presentation of the supplementary
information. However, we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming an opinion on the financial
statements that collectively comprise the Town of Marana, Arizona basic financial
statements. The introductory section, the accompanying financial information listed
as supplementary information in the financial section, and the statistical section, are
presented for purposes of additional analysis and are not a required part of the basic
financial statements. The financial information listed as supplementary information in
the financial section have been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a whole. The
introductory section and the statistical section have not been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
accordingly, we express no opinion on them.
Casa Grande, Arizona
January 27, 2010
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
(Required Supplementary Information)
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
As management of the Town of Marana, Arizona, (Town) we offer readers of the Town’s
financial statements this narrative overview and analysis of the financial activities of the
Town for the fiscal year ended June 30, 2009. We encourage readers to consider the
information presented here in conjunction with additional information that we have
furnished in our letter of transmittal, which can be found in the introductory section of this
report.
FINANCIAL HIGHLIGHTS
The Town’s total net assets of governmental activities increased $27.7 million which
represents a 12.0 percent increase from fiscal year 2007-08.
General revenues from governmental activities accounted for $32.4 million in
revenue, or 40.7 percent of all revenues from governmental activities. Program
specific revenues in the form of charges for services and grants and contributions
accounted for $47.2 million, or 59.3 percent of total governmental activities. The
Town had $8.2 million of program revenues related to business-type activities.
The Town had approximately $51.9million in expenses related to governmental
activities; of which $47.2 million of these expenses were offset by program specific
charges for services or grants and contributions. General revenues of $32.4 million
were adequate to provide for the remaining costs of these programs.
Among major funds, the General Fund had $29.6 million in fiscal year 2008-09
revenues, which primarily consisted of sales taxes, intergovernmental revenue and
licenses, fees and permits. The General fund had $32.1 million of expenditures
during the year. The $5.7 million fund balance decrease was attributable to one-
time programs, projects and capital outlay expenditures.
The Transportation Fund had $6.2 million in fiscal year 2008-09 revenues, primarily
consisting of contracting sales taxes. The Transportation Fund’s fund balance
decreased from $10.1 million as of June 30, 2008 to $5.0 million as of June 30,
2009 due to increased capital activity in 2008-09.
Fund balance in the Other Capital Projects Fund increased by $21.7 million in fiscal
year 2008-09, primarily due to the issuance of bond to complete major capital
projects.
Tangerine Farms Road Improvement District Debt Service Fund, which accounts for
special assessments, had a $591,791 fund balance attributable to the July 2009
debt service payment.
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
OVERVIEW OF FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the Town’s basic
financial statements. The Town’s basic financial statements comprise three components:
1) government-wide financial statements, 2) fund financial statements, and 3) notes to the
financial statements. This report also contains other supplementary information in addition
to the basic financial statements themselves.
Government-wide financial statements. The government-wide financial statements
are designed to provide readers with a broad overview of the Town’s finances, in a manner
similar to a private-sector business. All of the activities of the Town, except those of a
fiduciary nature, are included in these statements.
The Town’s activities are presented in two columns on these statements; governmental
activities and business-type activities. A total column for these activities is also provided.
The governmental activities include basic services of the Town including general
government (administration), public safety (police and building safety), highways and
streets, health and community welfare, economic and community development, culture
and recreation, and transportation. These activities are primarily supported by general
taxes and revenues.
The business-type activities include the private sector-type activities such as water
utility and airport operations. These activities are supported primarily through user
charges and fees.
The statement of net assets presents information on all of the Town’s assets and liabilities,
both current and long-term, with the difference between the two reported as net assets
The focus on net assets is important because increases and decreases in net assets may
serve as a useful indicator of how the financial position of the Town may be changing.
Increases by indicate an improved financial position. However, decreases in net assets
may not necessarily indicate the Town’s financial position is deteriorating. Instead, it may
reflect a situation where the Town may have used previously accumulated funds (i.e., cash
collected over time to fund capital projects). As a result, other financial and non-financial
indicators must also be considered to effectively assess the Town’s overall financial health.
The statement of activities presents information showing how the Town’s net assets
changed during the most recent fiscal year. Since economic resources measurement focus
and accrual basis of accounting are used for the government-wide financial statements, all
changes in net assets are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flowsThus, revenues and
expenses are reported in this statement for some items that will only result in cash flows in
future fiscal periods (e.g., uncollected taxes and long-term debt that has not matured).
This statement also focuses on both the gross and net costs of various Town functions,
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
based only on direct functional revenues and expenses. This is designed to show the
extent to which the various functions are dependent on general taxes and revenues for
support.
In addition to the Town itself (primary government), the government-wide financial
statements also include the Marana Municipal Property Corporation, a legally separate
entity, for which the Town is financially accountable. The Corporation also has
substantially the same governing board as the Town and provides services entirely to the
Town. Financial information for this component unit is blended into the Town’s financial
statements. In addition, the Gladden Farms Community Facilities District and the
Vanderbilt Farms Community Facilities District are component units.
The government-wide financial statements can be found on pages 25-27 of this report.
Fund financial statements. Also presented are the financial statements for
governmental funds and proprietary funds. A fund is a grouping of related accounts that is
used to maintain control over resources that have been segregated for specific activities or
objectives. The Town uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements. All of the funds of the Town can be divided into two
categories: governmental funds and proprietary funds.
Governmental funds. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources, as well as on
balances of spendable resources available at the end of the fiscal year. Such information
may be useful in evaluating the Town’s near-term financing requirements and determining
what financial resources are available in the near future to fund Town programs.
Because the focus of governmental funds is narrower than that of the government-wide
financial statements, it may be useful to compare the information presented for
governmental funds with similar information presented for governmental activities in the
government-wide financial statements. By doing so, readers may better understand the
long-term impact of the Town’s near-term financing decision. To facilitate this comparison,
reconciliations of the differences between the governmental fund balance sheet and
statement of revenues, expenditures and changes in fund balances and government-wide
statement of net assets and statement of activities are provided immediately following the
respective governmental fund statements.
Information is presented separately in the governmental fund balance sheet and in the
governmental fund statement of revenues, expenditures and changes in fund balances for
the General, Transportation, PAG Capital, Other Capital Projects and Tangerine Farms Road
Improvement District Debt Service all of which are considered to be major funds. Data
from the other governmental funds are combined into a single, aggregated presentation.
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
Individual fund data for each of these non-major governmental funds is provided in the
form of combining statements and schedules. These statements are included as
supplementary information after the basic financial statements starting on page 80.
The Town adopts an annual budget and legally allocates (or appropriates) available monies
for the General Fund , Transportation Fund, PAG Capital Fund, Other Capital Projects Fund
and Tangerine Farms Road Improvement District Debt Service Fund, and other non-major
governmental funds. Budgetary comparison schedules have been presented for the
Town’s major funds (pages 69-78), and budgetary comparison schedules have been
presented for the Town’s non-major funds to demonstrate compliance with the annual
budget.
The basic governmental fund financial statements can be found on pages 30-40 and 80-
123 of this report.
Proprietary funds. Proprietary funds are used to account for services primarily
supported by user charges and fees. The Town maintains one type of proprietary fund.
Enterprise funds are used to report the same functions presented as business-type
activities in the government-wide financial statements. The Town uses enterprise funds to
account for its water and airport services. Proprietary funds provide the same type of
information as the government-wide financial statements, only in more detail.
Notes to the financial statements. The notes provide additional information that is
essential to a full understanding of the data provided in the government-wide and fund
financial statements. The notes to the financial statements can be found immediately
following the basic financial statements.
Required supplementary information other than MD&A. In addition to the basic
financial statements and accompanying notes, this report also presents certain required
supplementary information concerning the Town’s budget process. Governments have an
option of including budgetary comparison statement of the General Fund and major special
revenue funds as either part of the fund financial statements within the basic financial
statements, or required supplementary information after the notes to the financial
statements. The Town has elected to present these budgetary comparison schedules as
required supplemental information immediately following the notes to the financial
statements. Additionally, governments are required to disclose certain information about
employee pension funds. These disclosures are included within Note 10 Employee
Retirement Systems on page 60 rather than separately presenting the information as
required supplementary information.
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net assets may serve over time as a useful indicator of a government’s financial position.
In the case of the Town, assets exceeded liabilities by $296.9 million as of June 30, 2009.
Net Assets. The majority of the Town’s net assets reflect its investment in capital assets
(land, building and improvements, vehicles and equipment and construction in progress)
net of accumulated depreciation and any related outstanding debt used to acquire or
construct those assets. The Town uses these capital assets to provide services to its
citizens; consequently, these assets are not available for future spending. Although the
Town’s investment in its capital assets is reported net of related debt, it should be noted
that the resources needed to repay this debt must be provided from other sources, since
the capital assets themselves cannot be used to liquidate these liabilities. In addition, a
portion of the Town’s net assets are restricted for grants, highways and streets, capital
outlay and debt service repayment.
The Town’s financial position is the product of several financial transactions including the
net results of activities, the acquisition and payment of debt, the acquisition and disposal
of capital assets, and the depreciation of capital assets.
The following table presents a summary of the Town’s net assets for the fiscal years ended
June 30, 2009 and June 30, 2008.
Governmental Activities Business-te Activities otal
ypT
2009 2008 2009 2008 2009 2008
Current and other assets 96057321 6169758533515451923319 92705776 63620904
$,,$,,$(,,)$,,$,,$,,
ital assets net 276394130 24967802941642741 32341455 318036871 282019484
Ca
p,,,,,,,,,,,,,
net 451451 311375614291196 34264774 742647 345640388
Total assets37238410
,,,,,,,,,,,,,
Current liabilities 12815182 168235721357182 1855565 14172364 18679137
,,,,,,,,,,,,
Noncurrent liabilities 99707016 623708654922 12839 99711938 62383704
,,,,,,,,,,
522198 194437362104 868404 884302 062841
Total liabilities 112791111381
,,,,,,,,,,,,
Net assets:
Invested in capital assets, net of
related debt 197,275,020 184,395,917 41,642,741 32,341,455 238,917,761 216,737,372
Restricted 45726680 25465039-1297127 45726680 26762166
,,,,,,,,,,
927553 32022147136491242212213904 078009
Unrestricted 16221221
,,,,(,,)(,,),,,,
Total net assets
$259,929,253 $232,181,177 $36,929,092 $32,396,370 $296,858,345 $264,577,547
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d)
The Town’s net assets increased by $32.3 million or 12.2 percent in fiscal year 2009.
Investment in capital assets of $238.9 million or 80.5 percent represents the largest
portion of net assets. This reflects the Town’s investment in capital assets, net of
accumulated depreciation and related outstanding debt used to acquire those assets.
These capital assets are used to provide services to the Town’s citizens. Consequently, the
Town does not intend to sell these assets and, therefore, they are not available for future
spending. Although the capital assets are reported net of related debt, it should be noted
that the resources needed to repay this debt must be provided from other sources since
the capital assets themselves are not intended to be used to liquidate these liabilities. This
portion of net assets increase of $22.2 million or 10.2 percent is primarily as a result of the
acquisition and construction of infrastructure assets and related improvements.
The second largest portion of net assets of $45.7 million or 15.4 percent represents
resources that are subject to external restrictions on how they may be utilized. The
increase of $20.3 million or 80.0 percent is due primarily to the accumulation of resources
to required to pay special assessment debt. Of the $45.7 million in restricted net assets,
$35.4 million is restricted by enabling legislation.
The third portion consists of unrestricted net assets of $12.2 million or 4.1 percent. The
unreserved net assets balance consists of net assets remaining after calculating the other
two categories discussed above. The net assets may be used to meet the Town’s ongoing
obligations to its citizens and creditors.
Government-wide Net Assets at June 30, 2009
Invested in
capital assets,
net of related
Restricted
debt
15.4%
80.5%
Unrestricted
4.1%
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
Changes in net assets. The Town’s total revenues for the fiscal year ended June 30,
2009, were $87.9 million. The total cost of all programs and services was $55.7 million.
The following table presents a summary of the changes in net assets for the fiscal years
ended June 30, 2009 and June 30, 2008.
Governmental Activities Business-type Activities otal
T
2009200820092008 20092008
Revenues:
Proram revenues:
g
ges for services $2,972,923$3,478,454$2,945,945$3,189,159$5,918,868$6,667,613
Char
Operatinrants and
gg
contributions 3,537,031 4,699,681 --3,537,031 4,699,681
Capital rants and
g
contributions 40,725,249 14,589,920 5,269,028 6,884,770 45,994,277 21,474,690
General revenues:
Sales taxes 2240442227172921--2240442227172921
,,,,,,,,
Proert taxes 691089460001--691089460001
py,,,,
Franchise taxes 314843308617--314843308617
,,,,
State shared revenues 72210817396678--72210817396678
,,,,,,,,
Investment income 59529530239657658 1098346029533133799
,,,,,,,,
Miscellaneous revenues 122710945899526418370931253527496088
,,,,,,,,
Total revenues 79689042615892328249049102208568793809171810088
,,,,,,,,,,,,
Exenses:
p
General overnment 1273150112925376--1273150112925376
g,,,,,,,,
Public safet1225510111215325--1225510111215325
y,,,,,,,,
Hihwas and streets 673410810268874--673410810268874
gy,,,,,,,,
Health and welfare 112
949129757--112949129757
,,,,
Economic and community
develo
pment12,751,383 8,642,906 12,751,383 8,642,906
Culture and recreation 48178073977850--48178073977850
,,,,,,,,
Interest on lon-term debt 25297162499797--25297162499797
g,,,,,,,,
Water--2
546414327588825464143275888
,,,,,,,,
Airort--1178314119619611783141196196
p,,,,,,,,
enses 5193256549659885372472844720845565729354131969
Total ex
p,,,,,,,,,,,,
Increase in net assets
before transfers 27,756,477 11,929,347 4,524,321 5,748,772 32,280,798 17,678,119
Transfers
84011599988401159998--
(,)(,),,
Increase in net assets
$27,748,076 $11,769,349 $4,532,722 $ 5,908,770 $32,280,798 $17,678,119
Governmental Activities
Governmental activities increased net assets by $27.7 million for fiscal year ended June 30,
2009, and accounted for 86.0 percent of the Town’s overall increase in net assets. The
overall increase in net assets during the year is attributable, in part, to the degree to which
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Cont’d)
increases in ongoing revenues (sales taxes, State shared revenues, etc.) have kept pace
with increases in expenses.
General revenues of governmental activities of $32.4 million decreased by $6.4 million or
16.4 percent from the previous year. This decrease is primarily attributable to reduced
sales tax revenue collections in fiscal year 2009 from the year earlier as a result of the
slowing economy.
Program revenues of $47.2 million increased by $24.5 million from the previous year. This
increase is largely due to the recognition of $24.3 million special assessment revenues
associated with the Tangerine Farms Road Improvement District. This increase was offset
by decreases in other capital contributions due to the continued economic slowdown.
The following table presents the cost of the nine major Town functional activities. The
table also shows each function’s net cost (total cost less charges for services generated by
the activities and intergovernmental aid provided for specific programs). The net cost
shows the financial burden that was placed on the State and Town’s taxpayers by each of
these functions.
Year Ended June 30 2009 Year Ended June 30 2008
,,
otalNet Exense/otalNetExense/
T(p)T(p)
ExensesRevenueExensesRevenue
pp
Governmental Activities
General
overnment 12731501109215371292537610498554
g$,,$(,,)$,,$(,,)
Public safet12255101117831751121532510713699
y,,(,,),,(,,)
Hi
hwas and streets 673410819593411102688744444547
gy,,,,,,(,,)
Health and welfare 1129498750612975787575
,(,),(,)
Economic and community
development12,751,3834,941,1208,642,906$4,024,865
Culture and recreation 4817807390995939778502672523
,,(,,),,(,,)
Interest on lon-term debt 2529716252971624997972499797
g,,(,,),,(,,)
Total$51,932,565$(4,697,362)$49,659,885$(26,891,830)
Business-Te Activities
yp
Water2546414388791732758882474994
,,,,,,,,
Air
ort117831460232811961963126581
p,,,,,,,
Total$3,724,728$4,490,245 $ 4,472,084$5,601,575
The cost of all governmental activities this year was $51.9 million and the cost of all
business-type activities this year was $3.7 million. The increases are primarily due
to a higher level of community services delivered.
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
Federal and State governments, contributions and charges for services subsidized
certain programs with grants, contributions and other local revenues of $47.2
million.
Net cost of governmental activities ($4.7 million) was financed by general revenues,
which are made up of primarily sales taxes totaling $22.4 million.
The following graph shows the functional revenues and expenses of the governmental
activities in order to demonstrate the extent to which the governmental functions produce
direct revenues to offset related program costs. It should be noted that this graph is not
intended to represent a full allocation to these functions. As described above, expenses
not covered by direct program revenues are covered by the Town’s general revenues
which consist primarily of taxes and unrestricted State shared revenues. In governmental
activities, the functional revenues of $47.2 million are 91.0 percent of expenses for fiscal
year 2009, up from 45.8 percent a year earlier. As described earlier, this increase is
primarily attributable to the recognition of $24.3 million in special assessments revenue.
Governmental Activities Expenses and Program Revenues
$0.9
Culture and recreation
$4.8
Economic and community
$17.7
development
$12.8
$-
Health and welfare
$0.1
Revenues
Expenses
$26.3
Highways and streets
$6.7
$0.5
Public safety
$12.3
$1.8
General government
$12.7
$-$5.0 $10.0 $15.0 $20.0 $25.0 $30.0
As seen on the following graphs, the largest revenue source for the Town’s governmental
activities is capital grants and contributions at 51.1 percent followed by sales taxes at 28.1
percent and State shared revenues at 9.1 percent. The Town’s largest expense category is
economic and community development at 24.6 percent, followed by general government
at 24.5 percent and public safety at 23.6 percent.
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
Governmental Activities Revenues by Type
Charges for
Operating
Miscellaneous
services
grants and
revenues
3.7%
contributions
Investment
1.5%
4.4%
Income
0.0%
Capital grants
State shared
and
revenues
contributions
9.2%
51.5%
Franchise
taxes
0.4%
Sales taxes
Property taxes
28.3%
0.9%
Governmental Activities Expenses by Function
Culture and
recreation
Interest on long-
9.3%
term debt
Economic and
4.9%
community
development
24.6%
General government
24.5%
Health and welfare
0.2%
Highways and
Public safety
streets
23.6%
13.0%
Business-type Activities
Business-type activities increase the Town’s net assets by $4.5 million for fiscal year ended
June 30, 2009, accounting for 14.0 percent of the Town’s growth in net assets. The
overall increase in net assets during the year is primarily attributable to capital grants and
contributions.
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
Charges for services decreased by 7.6 percent due primarily to the slow down in the
economy and reduced number of new water connections. Capital grants and contributions
decreased by $1.6 million or 23.5 percent from a year earlier due to reduced development
impact fees and reduced capital grant revenues due to the timing of capital projects at the
Airport.
Business-type Activities Expenses and Program Revenues
$1.8
Airport
$1.2
Revenues
Expenses
$6.4
Water
$2.5
$-$1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0
The Town’s largest overall business-type activity is the Water Utility with $2.5 million in
expenses and $6.4 million in program revenues during the year, followed by the Airport
with $1.2 million in expenses and $1.7 million in program revenues.
Business-type Activities Revenues by Type
Miscellaneous
Charges for
revenues
services
0.3%
35.7%
Investment
income
0.1%
Capital grants
and contributions
63.9%
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
FINANCIAL ANALYSIS OF THE TOWN’S FUNDS
As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements.
Governmental Funds. The focus of the Town’s governmental funds is to provide
information on near-term inflows, outflows, and balances of spendable resources. Such
information is useful in assessing the Town’s financing requirements. In particular,
unreserved fund balance may serve as a useful measure of the Town’s net resources
available for spending at the end of the fiscal year.
The financial performance of the Town as a whole is reflected in its governmental funds.
As of June 30, 2009, the Town’s governmental funds reported a combined fund balance of
$60.0 million, of which $52.5 million is unreserved and undesignated and therefore
available for spending at the Town’s discretion.
The General Fund, which is the principal operating fund of the Town, had a fund balance
of $14.5 million. Revenues decreased by $3.6 million or 10.8 percent from the previous
fiscal year. The decrease in revenues is primarily attributable to a $2.0 million or 10.2
percent decrease in sales tax revenues which comprise approximately 60 percent of
General Fund revenues. The remaining portion of the decrease is attributable to decreases
in State shared revenues, licenses and permits, and investment income. All of these
decreases are attributable to the economic slow down.
The Transportation Fund had a fund balance of $5.0 million which reflected a decrease of
$5.1 million from a year earlier. This decrease is primarily due to increased capital project
expenditures combined with decreased contracting sales tax revenues which are the
primary funding source for future road infrastructure in this fund. Contracting sales tax
revenues in this fund were down $2.8 million or 37.3 percent from the prior year due to
the slowdown in residential and commercial building activity.
Other Capital Projects Fund had a fund balance at the year of the year of $20.1 million and
reflects a $21.8 million increase due to the issuance of the Marana Municipal Property
Corporation Revenue Bonds, Series 2008A and 2008B, for the purpose of completing major
projects.
Proprietary funds. The proprietary funds in the financial statements are prepared on the
same measurement focus and accounting basis as the government-wide financial
statements, but they provide more detail since each major enterprise fund is presented
discretely. Of the total proprietary funds net assets of $36.8 million, $41.6 million
comprised the funds’ investment in capital assets, $1.3 million was restricted for capital
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
projects and unrestricted net assets of $(6.1) million. The factors concerning the finances
of these funds, as well as the changes in net assets, have been addressed previously in the
discussion of the Town’s business-type activities.
BUDGETARY HIGHLIGHTS
The Town’s annual adopted budget established the legal level of expenditure control.
Budgetary comparison statements are required for the General Fund and all major special
revenue funds. These statements compare the original budget, the budget as amended
throughout the year, and the actual revenues and expenditures. Budgetary schedules for
other governmental funds are also presented in this report as other supplementary
information.
In August and September 2008, the national and local economy came to a halt. Revenues
were projected to fall significantly short of budgets due to the severity of the deepening
recession. As a result, the Town began a series of cost saving measures early in the fiscal
year to mitigate the impacts of the revenue shortfall. Through these measures, the Town
reduced departmental expenditure budgets by approximately $5.3 million.
Amendments to the adopted budget may occur throughout the year between departments
within the General Fund and between funds in all other funds in a legally permissible
manner (see Note 3 – Budgetary Control). Budget adjustments between departments in
the General Fund did occur. However, none of the amendments were significant.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets. As of June 30, 2009, the Town had invested $318.0 million in
governmental and business-type capital assets (net of accumulated depreciation). Total
depreciation expense for the year was $12.7 million, with $11.5 million attributed to
governmental activities and $1.2 million to business-type activities.
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
CAPITAL ASSETS AND DEBT ADMINISTRATION (Concl’d)
The following schedule presents capital asset balances for the fiscal years ended June 30,
2009 and June 30, 2008. Additional information on the Town’s capital assets can be found
in Note 6.
Governmental Activities Business-te Activities otal
ypT
As of As of As of As of As of As of
June 30, 2009 June 30, 2008 June 30, 2009 June 30, 2008 June 30, 2009 June 30, 2008
Land $3,491,030 $3,491,030 $ 1,614,924 $1,614,924 $5,105,954 $5,105,954
Water rihts --1,861,318 543,696 1,861,318 543,696
g
Construction in roress 55,187,228 81,688,306 2,579,871 3,598,748 57,767,099 85,287,054
pg
Buildins and imrovements 43,862,377 42,012,605 40,781,175 30,755,565 84,643,552 72,768,170
gp
Machiner and euiment 17,685,519 17,134,558 566,683 404,059 18,252,202 17,538,617
yqp
Infrastructure 220,651,017 159,017,599 39,388 39,388 220,690,405 159,056,987
Less: Accumulated dereciation 64,483,04153,666,0695,800,6184,614,92570,283,65958,280,994
p()()()()()()
Total
$276,394,130 $249,678,029 $41,642,741 $32,341,455 $318,036,871 $282,019,484
Debt Administration. At year-end, the Town had $102.5 million in long-term obligations
outstanding with $4.0 million due within one year. During the year, the Marana Municipal
Property Corporation issued $39.8 million in revenue bonds to complete roadway and other
infrastructure projects which are secured solely by excise taxes collected by the Town.
The following table presents a summary of the Town’s outstanding bonded debt for the
fiscal years ended June 30, 2009 and June 30, 2008. Additional information on the Town’s
long-term obligations can be found in Note 7.
Governmental Activities Business-te Activities otal
ypT
200920082009200820092008
General obliation bonds $8,335,000$8,385,000$ -$ -$8,335,000 $ 8,385,000
g
Revenue bonds 67,475,00029,240,000 --67,475,000 29,240,000
ecial assessment bonds 24,823,000 25,774,000 --24,823,000 25,774,000
S
p
ensated absences 846,524 926,342 49,224 64,196 895,748 990,538
Com
p
aable 900,0001,900,000 --900,000 1,900,000
Notes
py
Caital Lease 75,063115,578 --75,063 115,578
p
otal 102,454,58766,340,920$49,224 $64,196 $102,503,811 $66,405,116
T
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES
The slowdown in the national economy and, in particular, the slowdown in the housing and
commercial markets in Arizona, is having a direct impact on the Town. Revenues from
sales taxes, State shared revenues, building permits and planning fees have slowed
significantly. As a result, the Town adopted a fiscal year 2008-09 budget which anticipates
reduced revenues. The Town’s multi-year revenue forecasts project flat revenue growth
through at least fiscal year 2011. These revenue projections will require a focus on the
maintenance if essential services and programs in the development of future budgets.
TOWN OF MARANA, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
YEAR ENDED JUNE 30, 2009
CONTACTING THE TOWN’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, and investors and
creditors with a general overview of the Town’s finances and to demonstrate the Town’s
accountability for the resources it receives. If you have questions about this report or
need additional information, contact the Finance Department, Town of Marana, Arizona at
11555 West Civic Center Drive, Marana, Arizona 85653, or visit www.marana.com.
BASIC FINANCIAL STATEMENTS
GOVERNMENT-WIDE FINANCIAL STATEMENTS
TOWN OF MARANA, ARIZONA
STATEMENT OF NET ASSETS
JUNE 30, 2009
GovernmentalBusiness-type
ActivitiesActivitiesTotal
SSETS
A
Current assets:
Cash and cash equivalents
$47,938,720$470,239$48,408,959
Taxes receivable
4,860-4,860
Accounts receivable
25,007,353431,73225,439,085
Interest receivable
32,43497333,407
Due from other governments
7,421,139952,2108,373,349
Internal balances
5,626,276(5,626,276)-
Prepaid items
186,823419,577606,400
Total current assets
86,217,605(3,351,545)82,866,060
Noncurrent assets:
Restricted cash and investments
7,159,282-7,159,282
Deferred bond charges
2,680,43-2,680,43
44
Capital assets not depreciated
58,678,2586,056,11364,734,371
Capital assets (net of depreciation)
217,715,87235,586,628253,302,500
Total noncurrent assets
286,233,8441,642,741327,876,587
6
Total assets
372,451,45138,291,196410,742,647
LIABILITIES
Current liabilities:
Accounts payable
4,859,855693,4915,553,346
Accrued payroll and employee benefits
627,96072,044700,004
Unearned revenue
746,338-746,338
Deposits held for others
84,070388,605472,675
Due to other government
-158,740158,740
Accrued interest payable
2,443,658-2,443,658
Compensated absences
761,07444,302805,376
Judgments payable
250,000-250,000
Capital leases
42,227-42,227
Notes payable
900,000-900,000
General obligation bonds - CFD
180,000-180,000
Special assessment bonds - TRFID
995,000-995,000
Revenue bonds
1,075,000-1,075,000
Total current liabilities
12,965,1821,357,18214,322,36
4
Noncurrent liabilities:
Compensated absences
85,4504,92290,372
Judgments payable
375,000-375,000
Capital leases
32,836-32,836
Deferred loss on refunding
(315,052)-(315,052)
Deferred bond premium
584,468-584,468
Deferred bond discount
(88,686)-(88,686)
General obligation bonds - CFD
8,155,000-8,155,000
Special assessment bonds - TRFID
23,828,000-23,828,000
Revenue bonds
66,900,000-66,900,000
Total non-current liabilities
99,557,0164,92299,561,938
Total liabilitie
112,522,1981,362,10113,884,302
s4
NET ASSETS
Invested in capital assets, net of related deb
197,275,02041,642,741238,917,761
t
Restricted for:
Grants
2,561,298-2,561,298
Highways and streets
1,115,717-1,115,717
Capital projects
34,829,806-34,829,806
Debt service
7,219,859-7,219,859
Unrestricted
16,927,553(4,713,649)12,213,90
4
Tota net assets
$ 259,929,253 $ 36,929,092 $ 296,858,345
l
The notes to the financial statements are an integral part of this statement.
TOWN OF MARANA, ARIZONA
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2009
Program Revenues
OperatingCapital Grants
Charges for Grants and and
Functions/ProgramsExpensesServicesContributionsContributions
Primary Government
Governmental activities:
General government
$12,731,501$918,084$737,111$154,769
Public safety
12,255,101-471,926-
Highways and streets
6,734,108-2,130,936 24,196,583
Health and welfare
112,949-25,443-
Economic and community
development
12,751,3831,739,748 125,319 15,827,436
Culture and recreation
4,817,807315,091 46,296 546,461
Interest on long-term debt
2,529,716---
Total governmental activities
51,932,5652,972,923 3,537,031 40,725,249
Business-type activities:
Water
2,546,4142,718,514-3,715,817
irport
1,178,314227,431-1,553,211
A
Total business-type activities
3,724,7282,945,945-5,269,028
Tota prmary government
$55,657,293$ 5,918,868 $ 3,537,031 $ 45,994,277
li
General revenues:
Taxes:
Sales taxes
Property taxes
Franchise taxes
State shared revenues, unrestricted
Investment income
Miscellaneous
ransfers
T
Total general revenues and transfers
Changes in net assets
Net assets, beginning of year
Net assets, end of year
The notes to the financial statements are an integral part of this statement.
Net (Expense) Revenue and Changes in Net Assets
Governmental Business-type
Activities Activities Totals
$(10,921,537)$-$(10,921,537)
(11,783,175)-(11,783,175)
19,593,411-19,593,411
(87,506)-(87,506)
4,941,120-4,941,120
(3,909,959)-(3,909,959)
(2,529,716)-(2,529,716)
(4,697,362)-(4,697,362)
-3,887,9173,887,917
-602,328602,328
-4,490,2454,490,245
(4,697,362)4,490,245(207,117)
22,404,422-22,404,422
691,089-691,089
314,843-314,843
7,221,081-7,221,081
595,2957,658602,953
1,227,10926,4181,253,527
(8,401)8,401-
32,445,43842,47732,487,915
27,748,0764,532,72232,280,798
232,181,17732,396,370264,577,547
$259,929,253$36,929,092$296,858,345
FUND FINANCIAL STATEMENTS
TOWN OF MARANA, ARIZONA
BALANCE SHEET - GOVERNMENTAL FUNDS
JUNE 30, 2009
General Fund TransportationPAG Capital
SSETS
A
$4,651,00$5,866,330
Cash and cash equivalents
4
$ -
---
Taxes receivable
182,064--
ccounts receivable
A
---
Special assessments receivable
22,6534,141-
Interest receivable
3,236,082526,76871,030
Due from other governments
7,847,162--
Due from other funds
185,3491,200-
Prepaid items
---
Restricted cash and investments
$16,124,31$6,398,439$71,030
Total assets
4
LIABILITIES AND FUND BALANCE
S
Liabilities:
$725,684$1,443,543$109,382
Accounts payable
615,672--
Accrued payroll and employee benefits
--1,774,340
Due to other fund
s
84,070--
Deposits held for others
214,476--
Deferred revenue
1,639,9021,443,5431,883,722
Total liabilities
Fund balances (deficits):
Reserved for:
185,3491,200-
Prepaid items
---
Debt service
Unreserved reported in:
14,299,063--
General fund
---
Special revenue funds
-4,953,696(1,812,692)
Capital projects funds
14,484,4124,954,896(1,812,692)
Total fund balances (deficits)
$16,124,31$6,398,439$71,030
Total liabilities and fund balances
4
The notes to the financial statements are an interal part of this statement
g.
Tan
gerine Farms
ImprovementNon-MajorTotal
District Debt GovernmentalGovernmental
Other Capital
ProjectsServiceFundsFunds
22,040,79
$$20,857$15,359,735$47,938,720
4
--4,8604,860
--2,289184,353
-24,823,000-24,823,000
107-5,53332,434
2,338,331-1,248,9287,421,139
---7,847,162
--274186,823
-570,9346,588,3487,159,282
$24,379,232$25,414,791$23,209,967$95,597,773
$2,011,589$-$581,945$4,872,143
---615,672
--446,5462,220,886
---84,070
2,338,33124,823,000531,86227,907,669
4,349,92024,823,0001,560,35335,700,440
--274186,823
-591,7917,219,8597,811,650
---14,299,063
--2,561,2982,561,298
20,029,312-11,868,18335,038,499
20,029,31221,649,61
591,79159,897,333
4
$24,379,232$25,414,791$23,209,967$95,597,773
TOWN OF MARANA, ARIZONA
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETS
YEAR ENDED JUNE 30, 2009
Totalovernmental fund balances $59,897,333
g
mounts reported for overnmental activities in the Statement of Net
Ag
Assets are different because:
Capital assets used in
overnmental activities are not financial resources
g
and, therefore, are not reported in the overnmental funds:
g
Governmental capital assets $ 340,877,171
Less accumulated depreciation (64,483,041276,394,13
)0
Lon-term liabilities, includin bonds payable, are not due and payable in the
gg
current period and, therefore, are not reported in the overnmental funds:
g
Compensated absences (846,524)
(625,000)
Judments payable
g
Capital lease (75,063)
Notes payable (900,000)
Revenue bonds payable (67,975,000
)
General obliation bonds payable (8,335,000
g)
Special assessment bonds (24,823,000
)
ccrued interest payable (2,443,658(106,023,245
A))
Deferred items related to the issuance of bonds are amortized over the life
of the associated issue in the
overnment-wide statements
g
Bond premium (584,468)
Bond discoun88,686
t
Bond issue costs 2,680,43
4
Deferred loss on refundin315,0522,499,70
g4
Certain revenues earned, but not received within 60 days of year-end, are
deferred on the
overnmental financial statement, but are reconized
gg
overnment-wide statements
as revenue on the
g
Interovernmental revenue 2,338,331
g
27,161,331
Special assessments revenue 24,823,00
0
Net assets of overnmental activities $259,929,253
g
The notes to the financial statements are an interal part of this statement.
g
TOWN OF MARANA, ARIZONA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2009
General Fund TransportationPAG Captial
Revenues:
Sales taxes
$17,674,072$4,730,350$-
Property taxes
---
Interovernmental
7,401,2351,000,0007,092,032
g
Licenses, fees & permits
1,932,797--
Fines, forfeitures & penalties
692,514--
Chares for services
705,758--
g
Lease income
543,298--
Special assessments
---
Contributions
38,474352,85651,024
Investment income
289,18065,321-
Miscellaneous
283,337--
Total revenues
29,560,6656,148,5277,143,056
Expenditures:
Current -
Generalovernment
8,465,1542,250,271-
g
Public safety
10,849,085--
Hihways and streets
2,354,147100,704-
g
Health and welfare
112,949--
Economic and community development
4,318,03611,994-
Culture and recreation
3,664,641--
Capital outlay
2,362,3178,324,21214,798,938
Debt service -
Principal retirement
-40,515-
Interest and fiscal chares
-4,180-
g
Bond issuance costs
---
Total expenditures
32,126,32910,731,87614,798,938
Excess (deficiency) of revenues over
expenditures
(2,565,664)(4,583,349)(7,655,882)
Other financin sources (uses):
g
Face value of bonds issued
---
Premium on bond debt
---
ransfers in
-1,409,3438,888,325
T
ransfers out
(3,133,764)(1,949,784)(121,153)
T
Total other financin sources (uses)
(3,133,764)(540,441)8,767,172
g
Chanes in fund balances
(5,699,428)(5,123,790)1,111,290
g
Fund balances (deficits), beinnin of year
20,183,84010,078,686(2,923,982)
gg
Funaancesects, en o year
$14,484,412$4,954,896$(1,812,692)
dbl(dfii)df
The notes to the financial statements are an inte
ral part of this statement.
g
Tangerine Farms
ImprovementNon-MajorTotal
Other Capital District Debt GovernmentalGovernmental
ProjectsServiceFundsFunds
$ -$ -$ -$ 22,404,422
--692,531692,531
1,296,323-4,817,422 21,607,012
4,000-584,731 2,521,528
--176,214868,728
---705,758
---543,298
-2,135,592-2,135,592
1,340-214,376658,070
105,024-135,772595,297
--2,315285,652
1,406,687 2,135,592 6,623,361 53,017,888
--464,785 11,180,210
--355,066 11,204,151
14,155-1,224,290 3,693,296
---112,949
--74,989 4,405,019
---3,664,641
5,089,381 35,888,399
5,313,551-
-951,000 1,543,000 2,534,515
-592,801 1,716,408 2,313,389
628,047--628,047
5,955,753 1,543,801 10,467,919 75,624,616
(4,549,066) 591,791 (3,844,558) (22,606,728)
36,396,700-3,393,300 39,790,000
442,675--442,675
128,407-5,552,106 15,978,181
(10,690,302)-(91,581) (15,986,584)
26,277,480-8,853,825 40,224,272
21,728,414 591,791 5,009,267 17,617,544
(1,699,102)-16,640,347 42,279,789
$ 20,029,312 $ 591,791 $ 21,649,614 $ 59,897,333
TOWN OF MARANA, ARIZONA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2009
Net chanes in fund balances - total overnmental funds $17,617,54
gg4
mounts reported for overnmental activities in the Statement of Activities
Ag
are different because
Governmental funds report the portion of capital outlay for capitalized assets
as expenditures. However, in the Statement of Activities, the costs of those
assets are allocated over their estimated useful lives depreciation
expense.
Expenditures for capitalized assets$ 35,150,047
Less current year depreciation(11,540,778)23,609,269
Some items of the
overnment funds are sources and uses of current
g
financial resources and therefore are not reported as revenues or expenses
in the Statement of Activities.
Proceeds from bonds issued(39,790,000)
Bond premium(442,675)
Bond issuance costs628,047(39,604,628)
Repayment of debt principal are expenditures in the
overnmental funds,
g
but the repayment reduces lon
-term liabilities in the Statement of
g
Net Assets.
Capital lease principal retirement40,515
Special assessment bond retirement951,000
Revenue bond principal retirement1,530,0002,521,515
Contributions of infrastructure assets are not recorded as revenues
in the
overnmental funds.3,114,435
g
Some revenues and expenses reported in the Statement of Activities do not
require the use of current financial resources and therefore are not reported
as revenues or expenditures in overnmental funds.
g
ccrued interest(2,443,658)
A
Loss on disposal of asset
(7,603)
Inter
overnmental revenue(1,261,684)
g
Special assessments
24,823,000
Property Taxes
(1,442)
Compensated absences
79,818
Judments payable
(625,000)
g
mortization of deferred chares
(73,490)20,489,941
Ag
Chane in net assets in overnmental activities $27,748,07
gg6
The notes to the financial statements are an interal part of this statement.
g
TOWN OF MARANA, ARIZONA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
JUNE 30, 2009
Enterprise Funds
WaterAirportTotal
SSETS
A
Current assets:
Cash and cash equivalents
$470,239$-$470,239
Accounts receivable
386,71945,013431,732
Interest receivable
973-973
Due from government
-952,210952,210
s
Prepaid items
419,577-419,577
Total current asset
1,277,508997,2232,274,731
s
Noncurrent assets:
Capital assets not depreciated
3,907,0312,149,0826,056,113
Capital assets (net of depreciation)
14,521,9221,064,7035,586,628
44
Total noncurrent asset
41,642,741
18,428,95523,213,78
s6
Total assets
19,706,46343,917,472
24,211,009
LIABILITIES
Current liabilities:
Accounts payable
466,938693,491
226,553
Accrued payroll and employee benefits
63,7588,28672,044
Compensated absences
39,4964,80644,302
Due to other fund
1,642,9593,983,3175,626,276
s
Deposits held for others
388,605-388,605
Due to other government
158,740-158,740
s
Total current liabilities
2,520,1114,463,3476,983,458
Noncurrent liabilities:
Compensated absences
4,3885344,922
Total non-current liabilities
4,3885344,922
Total liabilities
2,524,4994,463,8816,988,380
NET ASSETS
Invested in capital assets, net of related debt
18,428,955
23,213,78641,642,741
Unrestricted
(1,246,991)
(3,466,658)(4,713,649)
Total net assets
17,181,9619,747,128$36,929,092
$$
4
The notes to the financial statements are an interal part of this statement
g.
TOWN OF MARANA, ARIZONA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2009
Enterprise Funds
WaterAirportTotal
Operatin revenues:
g
Chares for services
$2,718,514$227,431$2,945,945
g
Miscellaneous
25,82559326,418
Total operatin revenues
2,744,339228,0242,972,363
g
Operatin expenses:
g
Personnel costs
1,109,523195,6641,305,187
Contractual service
321,18935,412356,601
s
Commodities
444,72336,755481,478
Other
272,486123,283395,769
Depreciation expense
398,493787,2001,185,693
Total operatin expenses
2,546,4141,178,3143,724,728
g
Operatin income (loss)
197,925(950,290)(752,365)
g
Nonoperatin revenues:
g
Investment income
7,658-7,658
Developer impact fees
296,924-296,924
Total nonoperatin revenues
g
(expenses)
304,582-304,582
Income (loss) before capital
contributions and transfers
502,507(950,290)(447,783)
Capital contributions
3,418,8931,553,2114,972,104
Transfers in
-243,816243,816
Transfers out
(235,415)-(235,415)
Chanes in net assets
3,685,985846,7374,532,722
g
Total net assets, beinnin of year
13,495,97918,900,39132,396,370
gg
Tota net assets, en o year
$17,181,964$19,747,128$36,929,092
ldf
The notes to the financial statements are an integral part of this statement.
TOWN OF MARANA, ARIZONA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
EAR ENDED JUNE 30, 2009
Y
Business-type Activities Enterprise Funds
Water Airporotal
tT
Cash flows from operating activities:
Received from customers $2,823,056 230,856$$3,053,912
Payments to suppliers (1,297,615) (574,923) (1,872,538)
Payments to employees (1,072,648) (198,476) (1,271,124)
Miscellaneous revenues 25,825593 26,418
Net cash provided (used) by
operating activites 478,618 (541,950) (63,332)
Cash flows from noncapital financing activities
Interfund borrowing 1,642,9591,838,4793,481,438
ransfers in -243,816243,816
T
ransfers out (235,415)-(235,415)
T
Net cash provided (used) for noncpaital
and related financing activities 1,407,5442,082,2953,489,839
Cash flows from capital and related financing activites
Capital grants received -2,424,0462,424,046
Development fees received 296,924-296,924
Principal paid on long-term deb---
t
Acquisition and construction (2,488,306)(4,579,781)(7,068,087)
Net cash provided (used) for capital
and related financing activities (2,191,382)(2,155,735)(4,347,117)
Cash flows from investing activities
Investment income 8,162-8,162
Net cash provided by investing activities 8,162-8,162
Net change in cash and cash equivalents (297,058)(615,390)(912,448)
Cash and cash equivalents, beginning of year 767,297615,3901,382,687
Cash and cash equivalents, end of year $470,239$-$470,239
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities
Operating income (loss) $197,925$(950,290)$(752,365)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities
Depreciation398,493787,2001,185,693
Change in assets and liabilities:
(Increase) decrease in accounts receivable, net (6,063)3,425(2,638)
(Increase) decrease in prepaid assets 11,88739012,277
Increase (decrease) in accounts payable (271,104)(379,863)(650,967)
Increase (decrease) in accrued wages and benefits 44,6224,41349,035
Increase (decrease) in due to other governments 99,165-99,165
Increase (decrease) in compensated absences (7,747)(7,225)(14,972)
Increase (decrease) in deposits held for others 11,440-11,440
Net cash provided (used) by
operating activities $478,618$(541,950)$(63,332)
The notes to the financial statements are an integral part of this statement.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Town have been prepared in conformity with accounting
principles generally accepted in the United States of America as applied to governments.
The Governmental Accounting Standards Board (GASB) is the accepted standard-setting
body for establishing government accounting and financial reporting principles.
A.Reporting Entity
The Town of Marana, Arizona (the Town) was incorporated on March 21, 1977, under the
provisions of the Constitution of Arizona and the Arizona Revised Statutes. The Town
operates under a council-mayor form of government. All funds and entities related to the
Town that are controlled by the Mayor and Council are included in the annual financial
report. Control is determined on the basis of budget adoption, taxing authority, and the
ability to significantly influence operations and accountability for fiscal matters. The Town
provides a full range of services including general government, development and planning
services, legal, public safety, public works, and parks and recreation services.
In accordance with generally accepted accounting principles, these financial statements
present the Town and its component units, the Town of Marana Municipal Property
Corporation (MMPC), the Gladden Farms Community Facilities District (GFCFD), the
Vanderbilt Farms Community Facilities District (VFCFD) and the Tangerine Farms Road
Improvement District (TFRID). The MMPC, GFCFD, VFCFD and TFRID are blended with the
Town in these financial statements as all four were established by the Town in order to fund
the debt incurred to finance the purchase of the Town hall, various capital projects, and
capital assets used by the water fund. In addition, the MMPC only provides services to the
Town. The MMPC, GFCFD, VFCFD and TFRID component units each have a June 30 year-
end and are included in the 1997 Bond, 2003 Bond, 2004 Bond Debt Service Funds, and
2008 Bond Debt Service Funds, the Gladden Farms Capital Projects and Debt Service Funds,
the Vanderbilt Farms Capital Projects and Debt Service Funds, the Tangerine Farms
Improvement District Debt Service Fund, and the Other Capital Projects Funds, respectively.
Separate financial statements of the MMPC, the GFCFD, the VFCFD and the TFRID are not
prepared on a stand-alone basis.
B.Basis of Presentation
The basic financial statements include both the government-wide statements and fund-
based financial statements. The government-wide statements focus on the Town as a
whole, while the fund-based statements focus on major funds. Each presentation provides
valuable information that can be analyzed and compared between years and between
governments to enhance the usefulness of the information.
Government-wide Financial Statements
The government-wide financial statements (i.e. the statement of net assets and the
statement of activities) present financial information about the Town as a whole. The
reported information includes all of the activities of the Town and its component units. For
the most part, the effect of internal activity has been removed from these statements.
and business-type activities
These statements are to distinguish between the governmental
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
of the Town. Governmental activities normally are supported by taxes and
intergovernmental revenues, and are reported separately from business-type activities,
which are financed in whole or part by fees charged to external parties.
The statement of activities demonstrates the degree to which the direct expenses of a given
function of the Town’s governmental activities or segment of its business-type activities are
offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. The Town does not currently have an indirect cost allocation
system. However, the General Fund does allocate administrative charges to the Enterprise
funds to support general services used by those funds (line purchasing, accounting,
administration, etc.) These fees are included in the expense column on the Statement of
include 1) charges to customers or applicants who purchase,
Activities. Program revenues
use, or directly benefit from goods, services, or privileges provided by a given function or
segment and 2) grants and contributions that are restricted to meeting the operational or
capital requirements of a particular function or segment. Taxes, investment income, and
other items not included among program revenues are reported instead as general
revenues.
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses result from providing services and producing and
delivering goods in connection with a proprietary fund’s principal ongoing operations. The
principal operating revenues of the Water Utility and Airport funds are charges to customers
for sales and services. Operating expenses for enterprise funds include the cost of sales
and services, administrative expenses, and depreciation of capital assets. All revenues and
expenses not meeting this definition are reported as non-operating revenues and expenses.
Generally, the effect of interfund activity has been eliminated from the government-wide
financial statements to minimize the double counting of internal activities. However,
charges for interfund services provided and used are not eliminated if doing so would distort
the direct costs and program revenues reported by the departments concerned.
Fund Financial Statements
Fund statements provide information about the Town’s funds, including blended component
units. Separate statements are presented for the governmental and proprietary fund
categories. The emphasis of fund financial statements is on major governmental and
enterprise funds, each displayed in a separate column. All remaining governmental funds
are aggregated and reported as non-major funds.
The Town reports the following major governmental funds:
– This fund is the general operating fund of the Town. It is used to
General Fund
account for all financial resources, except those required to be accounted for in another
fund.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Transportation – This fund accounts for the financing and construction of transportation
capacity improvement projects.
– This fund accounts for proceeds from Pima Association of
PAG Capital Fund
Governments which is used for the Thornydale Road and Silverbell Road Improvements
Projects.
Other Capital Projects Fund – This fund accounts for the financing and construction of
roads and other infrastructure associated with other capital improvements as well as the
Tangerine Farms Road Improvement District.
– This fund accounts for the
Tangerine Farms Improvement District Debt Service Fund
accumulation of resources and payment of principal and interest on the Tangerine Farms
Road Improvement District Special Assessment Bonds.
The Town reports the following major proprietary funds:
– This fund is used to account for the financing and operation of the Water
Water Fund
Utility.
– This fund is used to account for the financing and operation of the
Airport Fund
Marana Airport.
C.Measurement Focus and Basis of Accounting
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund
financial statements. Revenues are recorded when earned, including unbilled water services
which are accrued, and expenses are recorded when a liability is incurred, regardless of the
timing of related cash flows. Grants and similar items are recognized as revenue as soon all
eligibility requirements imposed by the grantor or provider have been met.
Governmental fund financial statements are reported using the current financial resources
and the modified accrual basis of accounting. Revenues are recognized
measurement focus
as soon as they are both measurable and available. Revenues are considered to be
availablewhen they are collectible within the current period or soon enough thereafter to
pay liabilities of the current period. For this purpose, the Town considers revenues to be
available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service resources are provided during the current year for
payment of long-term debt principal and interest due early in the following year (not to
exceed one month) and, therefore, the expenditures and related liabilities have been
recognized. Compensated absences are recorded only when payment is due.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Sales taxes, licenses and permits, charges for services, and investment income associated
with the current fiscal period are all considered to be susceptible to accrual and so have
been recognized as revenues of the current fiscal period. Grants and similar awards are
recognized as revenue as soon as all eligibility requirements imposed by the grantor or
provider have been met. Miscellaneous revenue is not susceptible to accrual because
generally they are not measurable until received in cash.
Property taxes are levied by the Town and collected by the Pima County Treasurer and
special assessment property taxes are levied and collected by the Town. All property taxes
are levied no later than the third Monday in August and are payable in two installments due
October 1 of the current year and March 1 of the subsequent year. Taxes become
delinquent after the first business day of November and May, respectively. Interest attaches
on installments after the delinquent date. Pursuant to ARS, a lien against assessed real and
personal property attaches on the first day of January preceding assessment and levy;
however according to case law, an enforceable legal claim to the asset does not arise.
The Town reports deferred revenue on its governmental funds balance sheet. Deferred
revenues arise when potential revenue does not meet the “measurable” and “available”
criteria for recognition in the current period. Receivables that will not be collected within
the available period have also been reported as deferred revenue on the governmental fund
financial statements. In subsequent periods, when both the revenue recognition criteria are
met, or when the Town has the legal claim to the resources, the liability for deferred
revenue is removed from the governmental funds balance sheet and revenue is recognized.
Proceeds of long-term debt and acquisitions under capital lease agreements are reported as
other financing sources.
When both restricted and unrestricted resources are available for use, it is the Town's policy
to use restricted resources first, then unrestricted resources as they are needed.
Additionally, the Town funds certain programs by a combination of grants and general
revenues. The Town applies grant resources to such programs before using general
revenues.
The Town has adopted GASB Statement No. 20, “Accounting and Financial Reporting for
Proprietary Fund and Other Governmental Entities That Use Proprietary Accounting” for its
business-type activities and enterprise funds. The Town has elected to apply all applicable
GASB pronouncements as well as Financial Accounting Standards Board (“FASB”)
Statements and Interpretations, Accounting Principles Board Opinions, and Accounting
Research Bulletins issued prior to December 1, 1989, to the extent that those standards do
of
not conflict with or contradict guidance of the GASB. Governments also have the option
following subsequent private-sector guidance for their business-type activities and
enterprise funds, subject to this same limitation. The Town has elected not to follow
subsequent private-sector guidance.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
D.Cash and Cash Equivalents
For the purposes of the statement of cash flows, the Town considers all highly liquid
investments (including the funds' participation in the investment pool account, and
appropriate restricted assets) to be cash equivalents. Individual fund investments with a
maturity of three months or less when purchased are considered as cash equivalents.
E.Investments
Arizona Revised Statutes authorize the Town to invest public monies in the State Treasurer’s
Local Government Investment Pool, interest-bearing savings accounts, certificates of
deposit, and repurchase agreements in eligible depositories; bonds or other obligations of
the U.S. government that are guaranteed as to principal and interest by the U.S.
government; and bonds of the State of Arizona counties, cities, towns, school districts, and
special districts as specified by statue.
The State Board of Investment provides oversight for the State Treasurer’s pools. The fair
value of a participant’s position in the pool approximates the value of that participant’s pool
shares
Nonparticipating interest-earning investment contracts are stated at cost. Money market
investments and participating interest contracts with a remaining maturity of one year or
less at time of purchase are stated at amortized cost. All investments are stated at fair
value.
F.Restricted Assets
The trust indentures executed for the entire bond series issued require all cash and
investments for each bond series to be held on deposit by the trustee/fiscal agents. These
assets are restricted for payment of interest and trustee fees associated with the bond
issues, retirement of principal balances, and to finance various capital projects.
In addition, the State of Arizona required that assets obtained at the completion of criminal
proceedings by the Town's police department be given to Pima County for custodial
purposes. These assets are restricted for expenses that will enhance the Town's ability to
conduct police investigations.
G.Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items in both the government-wide and fund financial statements.
Prepaid items are recorded as expenses when consumed in the government-wide financial
statements. Prepaid items are recorded as expenditures when purchased in the fund
financial statements and are offset by a reserve of fund balance.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
H.Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as either “due to/from other funds”
(i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the
non-current portion of interfund loans). All trade and other receivables are shown net of an
allowance for uncollectible amounts.
I.Interfund Activity
Flows of cash from one fund to another without a requirement for repayment are reported
as interfund transfers. Interfund transfers between governmental funds are eliminated in
the Statement of Activities. Interfund transfers in the fund statements are reported as
other financing sources/uses in governmental funds and after non-operating
revenues/expenses in proprietary funds.
J.Capital Assets
Capital assets, including public domain infrastructure such as roads, bridges, curbs and
sidewalks, lighting system, water distribution system and other assets that are immovable
and of value to the Town, are defined as assets with an initial individual cost of $5,000 or
more and an estimated useful life of more than one year. Such assets are recorded at
historical cost or estimated historical cost if purchased or constructed. Donated capital
assets are valued at estimated fair value on the date donated. Capital assets are reported
in the applicable governmental or business-type activities columns in the government-wide
financial statements. No long-term assets or depreciation are shown in the governmental
funds financial statements.
The Town has chosen not to apply the modified approach to any network, system, or
subsystem of infrastructure assets.
The cost of normal maintenance and repairs that do not significantly add to the value of the
asset or materially extend the life of the asset are not capitalized. Major improvements are
capitalized and depreciated over the remaining useful life of the related capital assets.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets is included as
part of the capitalized value of the assets constructed.
In a prior period, the Town has retroactively reported the Town’s general infrastructure
assets as by GASB 34,
GASB 34 required the Town to report
infrastructure assets acquired prior to July 1, 2002 within five years of that date. The effect
of this change was to report and depreciate general infrastructure assets (e.g. roads,
bridges, sidewalks, and similar items) acquired by the Town from July 1, 1980 to June 30,
2002.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Depreciation is provided over the estimated useful lives of such assets using the straight-
line method. These estimated useful lives are as follows.
Years
Buildings 40
Building improvements 10-15
Pump stations, distribution systems,
equipment and improvements 45-75
Public domain infrastructure 20-50
Machinery, equipment, and assets
under capital lease 4-10
K.Long-term Obligations
In the government-wide financial statements and proprietary fund types in the fund
financial statements, long-term debt and other long-term obligations are reported as
liabilities in the applicable business-type activities and proprietary fund type statement of
net assets. Bond related charges and credits, such as premium discounts and issuance
costs, are deferred and amortized over the life of the bonds using the straight-line method.
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of
debt issued is reported as other financing sources. Premiums received on debt issuances
are reported as other financing sources while discounts on debt issuances are reported as
other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds
received, are reported as debt service expenditures.
L.Compensated Absences
The Town's employee vacation and sick leave policies generally provide for granting
vacation and sick leave with pay. Vacation leave vests with the employee as it is earned.
The current and long-term liabilities for accumulated vacation, including related benefits,
are reported on the government-wide financial statements. A liability for these amounts is
reported in governmental funds only if they have matured, for example, as a result of
employee leave, resignations, and retirements. Sick leave benefits provided for ordinary
sick pay are not vested with the employees. Generally, resources from the General Fund are
used to pay for compensated absences.
M.Transactions Between Funds
Transactions that would be treated as revenue or expenses if they involved organizations
external to the governmental unit are accounted for as revenue or expenses in the funds
involved. Transactions which constitute reimbursements of a fund for expenses initially
made from that fund which are properly applicable to another fund are recorded as
expenses in the reimbursing fund and as reductions of the expense in the fund that is
reimbursed.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Interfund transfers between governmental funds are eliminated in the Statement of
Activities. Interfund transfers in the fund statements are reported as other financing
sources/uses in governmental funds and after non-operating revenues/expenses in
proprietary funds.
N.Fund Equity
In the fund financial statements, governmental funds report reservations of fund balance for
amounts that are not available for expenditures or are legally restricted by outside parties
for use for a specific purpose. Designations of fund balance represent tentative
management plans that are subject to change.
O.Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles accepted in the United States of America requires management to make estimates
and assumptions. This will affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ
from these estimates.
P.Seized Property
The Town Police have in their custody certain assets seized in criminal proceedings. Until
formal procedures have been finalized, the ownership of this property is not determinable.
In addition, legal requirements dictate that such assets not be reflected on the Town's
financial records in an agency capacity until Town ownership has been determined.
Consequently, no such assets are recorded on these financial statements.
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
– At June 30, 2009, the PAG Capital Projects Fund had
Individual Deficit Fund Balances
a deficit fund balance of $1,812,692, and the Pima County Bond Capital Fund, a non-major
governmental fund, reported a deficit of $271,230 in fund balance.
All funds with deficit fund balances account for the activity of cost/reimbursement
programs. The deficits are as a result of the timing difference between the expenditures
and the receipt of reimbursement. The Town expects reimbursement for these
expenditures early in fiscal year 2009-10 which are expected to eliminate the deficits.
NOTE 3 - BUDGETARY CONTROL
Excess Expenditures Over Budget – At June 30, 2009, the Town had expenditures in
funds that exceeded the budget; however, this does not constitute a violation of any legal
provisions.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 3 - BUDGETARY CONTROL (Cont’d)
The voters of the State of Arizona, on June 3, 1980, approved an expenditure limitation that
is applicable to all local governments. This limitation, based on expenditures of the 1979-80
fiscal year, restricts the growth of expenditures based on a factor of increases in population
and inflation. Certain expenditures are held to be excludable. The limitation is set by the
State Economic Estimates Commission prior to April 1 of each year for the following fiscal
year. As allowed, the voters of the Town of Marana, on May 17, 2005, approved an
alternative expenditure limitation - home rule option to be applicable to the Town. This
alternative expenditure limitation is free from any ties to the state imposed limitations and is
in effect for four consecutive years beginning with the fiscal year ended June 30, 2006.
This limitation provides for the Town to allow the Mayor and Council to adopt an annual
expenditure limitation each year with no expenditures held to be excludable. Therefore, the
annual expenditure limitation equals the adopted budget.
The Town establishes its fiscal year as the twelve-month period beginning July 1. The
departments submit to the Town manager a budget of estimated expenditures for the
ensuing fiscal year. The Town manager and each department head meet to discuss
mutually acceptable changes for the estimated expenditures for that department after which
the Town manager subsequently submits a budget of estimated expenditures and revenues
to the Town Council.
Upon receipt of the budget estimates, the Town Council will hold a public meeting to obtain
taxpayer comments. Concurrently, a copy of the budget estimates is published in a local
newspaper. The Town Council is prevented from legally enacting the budget through
passage of a resolution until 15 days have passed after the date of the public meeting.
Prior to July 1, the budget is legally enacted.
The Town Council formally adopts the budget and legally allocates the available monies for
the General Fund, the Highway User Revenue Fund, the Local Transportation Assistance
Fund, the Community Development Block Grant Fund, the Affordable Housing Revolving
Fund, the Local JCEF Fund, the Local Technology Enhancement Fund, the Fill the Gap Fund,
the Other Special Revenue Fund, the Other Debt Service Fund, the Transportation Fund, the
½ Cent Sales Tax Fund, the Impact Fee Funds, the Other Capital Projects Funds and the
Tangerine Farms Improvement District Fund. The enterprise funds, Water Department and
Airport Authority, are subject to flexible budgets.
The Town manager is authorized to transfer budgeted amounts within any department or
any fund; however, any revisions that reallocate budgeted amounts from the budget line
items labeled "contingency" must be approved by the Town Council.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 4 - CASH AND INVESTMENTS
A.R.S. authorize the Town to invest public monies in the State Treasurer’s local government
investment pools, the County Treasurer’s investment pool, interest-bearing savings
accounts, certificates of deposit, and repurchase agreements in eligible depositories; bonds
or other obligations of the U.S. government that are guaranteed as to principal and interest
by the U.S. government; and bonds of the State of Arizona counties, cities, towns, school
districts, and special districts as specified by statute. The statutes do not include any
requirements for credit risk, custodial credit risk, concentration of credit risk, interest rate
risk, or foreign currency risk for the Town’s investments. The State Board of Investment
provides oversight for the State Treasurer’s pools.
At June 30, 2009, the carrying amount of the Town’s deposits was $2,342,269, and the
bank balance was $2,361,759. The differences between the book and bank balances are
due to timing of certain transactions like deposits in transit and outstanding checks. Of the
bank balance, $371,129 was covered by Federal depository insurance, $929,922 was
covered by collateral, and $1,060,708 was covered under the transaction account guarantee
component of the Temporary Liquidity Guarantee Program; no portion of the balance was
uninsured and uncollateralized.
At June 30, 2009, the Town’s investments consisted of the following.
Investment Maturities
(in Years)
Investment Type Fair Value Less than 1 1-5
Money Market Investments $ 24,588,651$ 24,588,651$ -
Repurchase Agreement 3,613,6813,613,681
Federal Home Loan Bank 792,160792,160
Federal Home Loan Mortgage Corp.2,999,1452,999,145
Certificates of Deposit 500,000500,000
$ 28,202,332$ 4,291,305
State Treasurer’s investment pool 518,43840 days average maturities
State Treasurer’s investment pool 720,713,33711 days average maturities
$ 53,225,412
. The Town does not have a formal investment policy that limits
investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest rates.
. The Town has no investment policy that would further limit its investment
choices. As of June 30, 2009, the Town’s investment in the State Treasurer’s investment
pool 5 was rated AAA by Moody’s Investors Service and AAA by Standard & Poor’s.
However, the Town’s investment in the State Treasurer’s investment pool 7 did not receive
a credit quality rating from a national rating agency. The Town’s investments in U.S.
Agencies were rated Aaa by Moody’s Investors Service and AAA by Standard & Poor’s.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 4 - CASH AND INVESTMENTS (cont’d)
The Town’s investment in the State Treasurer’s investment pool
represents a proportionate interest in the pool’s portfolio; however, the Town’s portion is
not identified with specific investments and is not subject to custodial credit risk.
. The Town places no limit on the amount it may invest in any
one issuer. More than 5 percent of the Town’s investments are in U.S. Agencies. These
investments are 40% of the Town’s total investments.
NOTE 5 - RECEIVABLES
Other receivables, net of allowance for uncollectibles, as of year end for the Town’s individual
major funds and non-major governmental funds in the aggregate, are as follows.
angerne
Ti
Farms
Improvement Non-Major
District Debt Governmental Total
Transportation PAGOther Capital
General FundFundCapitalProjectsServiceFundsReceivables
Taxes receivable$ -$ -$ -$ 4,860$ 4,860
$ -$ -
- -
Accounts receivable 182,064 - - 2,289 184,353
24,823,000
Special assessments receivable 24,823,000
- -
Interest receivable22,653 4,141 107 5,533 32,434
-
Due from other governments3,236,082 526,768 71,030 2,338,331 1,248,928 7,421,139
-
Due from other funds 7,847,162 - - 7,847,162
- -
Net total receivables$ 11,287,961$ 530,909$71,030$2,338,438$ 24,823,000$1,261,610$ 40,312,948
Governmental funds report deferred revenue in connection with receivables for revenues that
are not considered to be available to liquidate liabilities of the current period. Governmental
funds also defer revenue recognition in connection with resources that have been received, but
not yet earned. At the end of the current fiscal year, the various components of deferred
revenuereported in the governmental funds were as follows.
Deferred revenue Unavailable
Program revenues – General Fund $ 20,890
Developer deposits held by Town – General Fund 96,428
Developer contribution – General Fund 97,158
Funds due from Federal Government – Other
Capital Projects Fund 2,338,331
Special assessment revenue – Tangerine Farms
Improvement District Debt Service Fund 24,823,000
Developer deposits held by Town - Non-Major
531,862
governmental funds
Total deferred revenue $ 27,907,669
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 6 - CAPITAL ASSETS
The following is a summary of the changes in capital assets for fiscal year ended June 30,
2009.
Beginning
Governmental ActivitiesBalanceAdditionsDeletionsEnding Balance
Capital assets, not being depreciated:
Land$3,491,030$ -$ -$ 3,491,030
Construction in progress 81,688,306 59,776,20833,275,130 55,187,228
otal capital assets, not being depreciated85,179,336 33,275,130 59,776,208 58,678,258
T
Capital assets, being depreciated:
Buildings and improvements 42,046,5371,815,840 43,862,377
-
Machinery, equipment, and other assets17,100,626 1,316,302 731,409 17,685,519
Infrastructure 61,633,418159,017,599 - 220,651,017
otal capital assets being depreciated
64,765,560218,164,762 731,409 282,198,913
T
Less accumulated depreciation for:
Buildings and improvements(5,061,013)(1,248,536) (6,309,549)-
Machinery, equipment, and other assets(11,182,196) (2,726,956)(723,806) (13,185,346)
Infrastructure (7,565,286)(37,422,860) (44,988,146)-
otal accumulated depreciation
(11,540,778)(723,806)(53,666,069) (64,483,041)
T
Total capital assets, being depreciated, net164,498,693 53,224,782 217,715,8727,603
Governmental activities capital assets, net
$249,678,029$86,499,912$59,783,811$276,394,130
Governmental activities depreciation expense was charged to function/programs as follows.
Governmental Activities:
$ 1,784,103
General government
48,860
Economic and community development
1,150,852
Public safety
7,878,625
Highways and streets
26,167
Health and welfare
652,171
Culture and recreation
$11,540,778
Total depreciation expense – governmental activities
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 6 – CAPITAL ASSETS (Cont’d)
A summary of changes in capital assets for business-type activities is as follows.
Beginning
Business-type ActivitiesBalanceAdditionsDeletionsEnding Balance
Capital assets, not being depreciated:
Land1,614,924$ $ -$ -$ 1,614,924
Water rights 543,6961,317,622 - 1,861,318
Construction in progress 3,498,7485,904,1496,823,026 2,579,871
otal capital assets, not being depreciated5,657,368 7,221,771 6,823,026 6,056,113
T
Capital assets, being depreciated:
Buildings and improvements30,755,56510,025,610 40,781,175
-
Machinery, equipment, and other assets 404,059 162,624 - 566,683
Infrastructure 39,388 - 39,388
-
otal capital assets being depreciated
31,199,012 -10,188,234 41,387,246
T
Less accumulated depreciation for:
Buildings and improvements (4,291,206) (965,753) (5,256,959)-
Machinery, equipment, and other assets(305,992) (218,955) - (524,947)
Infrastructure (17,727) (985) - (18,712)
otal accumulated depreciation
(1,185,693)(4,614,925) - (5,800,618)
T
otal capital assets, being depreciated, net26,584,087 9,002,541 35,586,628-
T
Business-type activities capital assets, net
$32,241,455$16,224,312$6,823,026$ 41,642,741
Business-type depreciation expense was charged to functions/programs as follows.
Business-type Activities:
Water$398,493
Airport787,200
Total depreciation expense – business-type activities $ 1,185,693
NOTE 7 – LONG-TERM DEBT
A.Notes Payable
In September 2005, the Town received a $7,000,000 loan from the Arizona Department of
Transportation (ADOT) through the Highway Expansion and Extension Loan Program (HELP)
to help fund costs related to the Thornydale Road reconstruction.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 7 – LONG-TERM DEBT (Cont’d)
The following is a schedule by years of the debt service requirements for the loan as of
June 30, 2009.
Year ending
June 30
PrincipalInterestTotal
2010$900,000$22,617$ 922,617
otals$900,000$22,617$ 922,617
T
B.Community Facilities District (CFD) General Obligation Bonds
Gladden Farms Community Facilities District (a component unit) issued general obligation
bonds for infrastructure improvements. The CFD general obligation bonds outstanding as
reported in governmental activities as of June 30, 2009, were as follows.
Outstanding
June 30, 2009
$2,105,000 CFD General Obligation Bonds, 2004 Series,
due in annual installments of $45,000 to $165,000;
through July 15, 2029; at a 5.0% to 6.5% interest rate.
$ 2,010,000
$3,250,000 CFD General Obligation Bonds, 2006 Series,
due in annual installments of $70,000 to $395,000;
through July 15, 2031; at a 4.9% to 5.5% interest rate.
3,250,000
$3,075,000 CFD General Obligation Bonds, 2007 Series,
due in annual installments of $60,000 to $605,000;
through July 15, 2032; at a 4.4% to 5.45% interest
rate. 3,075,000
Total $ 8,335,000
Annual debt service requirements to maturity on the CFD general obligation bonds at June
30, 2009, are summarized as follows.
Year ending
June 30
PrincipalInterestTotal
2010$180,000$455,015$ 635,015
2011190,000446,194 636,194
2012200,000436,860 636,860
2013205,000427,108 632,108
2014215,000416,577 631,577
2015 - 20191,270,0001,894,1313,164,131
2020 - 20241,655,0001,494,8003,149,800
2025 - 20292,180,000950,0783,130,078
2030 - 20322,240,000254,0242,494,024
otals8,335,000$$6,774,785$15,109,785
T
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 7 – LONG-TERM DEBT (cont’d)
C.Tangerine Farms Road Improvement District Improvement Bonds
Tangerine Farms Road Improvement District (a component unit) issued special assessment
bonds for infrastructure improvements. The Town is required to cover delinquencies with
other resources until foreclosure proceeds are received. The TFRID special assessment
bonds outstanding as reported in governmental activities as of June 30, 2009, were as
follows.
Outstanding
June 30, 2009
$25,774,000 TFRID Special AssessmentBonds, due in
annual installments of $951,000 to $2,043,000;
through January 1, 2026; at an interest rate of 4.6%.
$ 24,823,000
Total $ 24,823,000
Annual debt service requirements to maturity on the TFRID special assessment bonds at
June 30, 2009, are summarized as follows.
Year ending
June 30
PrincipalInterestTotal
2010$995,000$1,141,858$ 2,136,858
20111,040,0001,096,0882,136,088
20121,088,0001,048,2482,136,248
20131,138,000998,2002,136,200
20141,191,000945,8522,136,852
2015 - 20196,827,0003,855,49010,682,490
2020 - 20248,548,0002,134,12410,682,124
2025 - 20293,996,000277,7944,273,794
otals24,823,000$$ 36,320,65411,497,654$
T
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 7 – LONG-TERM DEBT (cont’d)
D.Revenue Bonds
The Town has issued revenue bonds for acquiring water systems, infrastructure upgrades,
the design and construction of the new municipal complex and to refund prior issuances.
These bonds are payable solely from the excise taxes collected by the Town. The revenue
bonds outstanding as reported in governmental activities as of June 30, 2009 were as
follows.
Outstanding
June 30, 2009
$8,175,000 Revenue Bonds, 1997 Series, due in bi-annual
installments of $100,000 to $300,000; through July 1,
2022; at a 4.6% to 5.25% interest rate. $ 3,405,000
$19,700,000 Revenue Bonds, 2003 Series, due in bi-
annual installments of $260,000 to $665,000; through
July 1, 2028; at a 2.0% to 5.0% interest rate.
17,290,000
$8,675,000 Revenue and Refunding Bonds, 2004 Series,
due in bi-annual installments of $130,000 to $320,000;
through July 1, 2028; at a 3.0% to 5.25% interest rate. 7,490,000
$31,090,000 Revenue Bonds, 2008 Series A, due in bi-
annual installments of $570,000 to $2,490,000; through
July 1, 2029; at a 4.0% to 5.13% interest rate. 31,090,000
$8,700,000 Revenue Bonds, 2008 Series B, due in bi-
annual installments of $150,000 to $360,000; through
July 1, 2029; at a 4.0% to 5.13% interest rate. 8,700,000
Total $ 67,975,000
Annual debt service requirements to maturity on revenue bonds at June 30, 2009, are
summarized as follows.
Year ending
June 30
PrincipalInterestTotal
2010$1,075,000$3,276,894$ 4,351,894
20111,930,0003,235,1065,165,106
20122,750,0003,138,1885,888,188
20132,760,0003,024,5065,784,506
20142,855,0002,907,4135,762,413
2015 - 201916,370,00012,455,44328,825,443
2020 - 202420,320,0007,957,09728,277,097
2025 - 202919,915,0002,511,47622,426,476
otals67,975,000$$ 106,481,12238,506,122$
T
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 7 – LONG-TERM DEBT (cont’d)
E.Revenue Bonds
In prior years, the Town defeased certain bonds by placing the proceeds of new bonds in an
irrevocable trust to provide for all future debt service payments on the old bonds.
Accordingly, the trust account assets and the liability for the defeased bonds are not
included in the Town’s governmental activities column of the statement of net assets. At
June 30, 2009, $4,550,000 of bonds outstanding is considered defeased.
F.Capital Leases
In February 2006, the Town entered into a 5-year lease agreement with National Bank of
Arizona to acquire a road grader. Quarterly payments of $11,174 began effective June 1,
2006 and will continue through March 31, 2011, with an annual interest of 4.1% for the
term of the agreement. Over the length of the loan, $23,028 will be applied to interest,
$200,446 to principal.
The road grader has been capitalized at the present value of the future minimum lease
payment as of the date of its inception.
The present value of this capital lease is calculated as such:
Lease Purchase Price $200,446
Less: Accumulated Depreciation ($80,178)
Present Value of Capital Lease $120,268
Annual debt service requirements for this capital lease as of June 30, 2009 are summarized
below:
Year ending
June 30
PrincipalInterestTotal
2010$42,227$2,468$ 44,695
201132,836685 33,521
otals$75,063$3,153$ 78,216
T
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 7 – LONG-TERM DEBT (Cont’d)
The following is a summary of changes in long-term debt activity for fiscal year ended
June 30, 2009.
BeinninDue Within
gg
BalanceAdditionsReductionsEnding BalanceOne Year
Governmental activities:
General obliation bonds
$8,385,000$ -$50,000$8,335,000$180,000
g
Revenue bonds
29,240,00039,790,0001,075,000
1,055,00067,975,000
Compensated absences
926,3421,162,847 846,5241,242,665 761,872
Notes payable
1,900,000 1,000,000- 900,000 900,000
Special assessment bonds
25,774,000 -951,00024,823,000995,000
Judments payable
625,000- - 625,000 250,000
g
Capital lease
115,578 -40,515 75,06342,227
Total
$ 41,577,84766,340,920$$4,339,180$ 4,204,099103,579,587$
Business-type activities:
Compensated absences
$64,196$ 54,150$69,122$ 49,224$44,302
Total
$64,196$ 54,150$69,122$ 49,224$44,302
NOTE 8 – JUDGMENTS PAYABLE
On October 22, 2009, the Town of Marana agreed to pay $625,000 in a settlement
agreement with United Fire & Casualty. During fiscal year 2008-09 United Fire & Casualty
filed a lawsuit in Pima County Superior Court against Pima County in connection to a sewer
project administered by Pima County for the benefit of the Town. The Town agreed to pay
certain construction costs related to the project and agreed to indemnify Pima County for
claims related to the project. United Fire & Casualty sought to recover damages in the
amount of $1,390,000. The Town’s portion of the settlement totaled $625,000; a payment
of $250,000 due upon the settlement and the remaining $375,000 to be paid by July 31,
2010. All parties have agreed that the lawsuit will be dismissed upon final payment by the
Town.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 9 – INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS
Due to/from other funds:
At June 30, 2009, several funds were involved in interfund borrowing arrangements with the
General Fund and Transportation Fund due to insufficient resources available in the funds to
cover expenditures. Through the fiscal year 2008-2009, these interfund borrowing will be
eliminated as sufficient resources become available. Listed below is a summary of the
intefund borrowing transactions.
Due From
Non-Major
GovernmentalBusiness-Type
Due To PAG CapitalFundsActivities Total
$ 1,774,340
0$ 446,5460$ 5,626,2760$ 7,847,162
General Fund
$ 1,774,340$ 446,546$ 5,626,276 $ 7,847,162
Total
Interfund transfers:
Interfund transfers were made by the Town during the fiscal year to ensure that sufficient
resources were available to cover expenditures in the applicable funds. These were direct
transfers between funds and will not be eliminated as sufficient resources become available
in the receiving funds. Listed below is a summary of transfers between funds.
Transfers In
Other Non-Major Business-
CapitalGovernmental Type
Transfer Out Transportation PAG Capital Projects FundsActivities Total
General Fund $ - $ - $ - $ 2,889,948 $ 243,816 $ 3,133,764
Transportation - - - 1,949,784 - 1,949,784
PAG Capital - - 121,153 - - 121,153
Other Capital
Projects Fund 1,409,343 8,888,325 - 392,634 - 10,690,302
Non-Major
Governmental - - 7,254 84,325 - 91,579
Water Fund - - - 235,415 - 235,415
Total $ 1,409,343 $ 8,888,325 $ 128,407 $ 5,552,106 $ 243,816 $ 16,221,997
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 10 - EMPLOYEE RETIREMENT SYSTEMS
All full-time and permanent part-time employees participate in one of four different
retirement plans. With the exception of public safety personnel, police dispatchers and
elected officials, all other employees participate in the Arizona State Retirement System
(ASRS). Certified public safety personnel participate in the Public Safety Retirement
Systems (PSPRS). Police dispatch and communication staff participate in the Corrections
Officer Retirement Plan (CORP). The Town’s Mayor and Council Members participate in the
Elected Officials’ Retirement Plan (EORP).
A. Public Safety Personnel Retirement System
All of the Town's full-time police officers are covered by the Arizona Public Safety Personnel
Retirement System (PSPRS), which is an agent multiple-employer defined benefit plan.
PSPRS was established by Title 38, Chapter 5, Article 4 of the Arizona Revised Statutes to
provide pension benefits for public safety employees of certain state and local governments.
The PSPRS is jointly administered by the fund manager and participating local boards. The
fund manager is a five-member board appointed by the Governor and the State Legislature.
The fund manager is responsible for establishing contribution rates in accordance with an
actuarial study. The PSPRS provides retirement benefits, as well as death and disability and
health insurance premium benefits. PSPRS issues a publicly available financial report that
includes financial statements and required supplemental information. This report may be
obtained by writing to the PSPRS 3010 E Camelback Rd, Ste 200, Phoenix, AZ 85016 or by
calling (602) 255-5575.
For the fiscal year ending June 30, 2009, the required employee contribution rate was
7.65%; the Town’s contribution rate was 15.73%.
The Town’s pension cost for the year ending June 30, 2009, the date of the most recent
actuarial valuation and related information are summarized as follows:
Contribution rates:
Town 15.73%
Plan member 7.65%
Annual pension cost $809,941
Contributions made $718,625
Actuarial valuation date 6/30/2008
Actuarial cost method Projected unit credit
Actuarial assumptions
Investment rate of return 8.5%
Projected salary increases 5.5% to 8.5%
Post-retirement benefit increase Based on Investment Income
Amortization method Level percent-of-pay closed
Remaining amortization period 27 years for underfunded actuarial accrued
liability, 20 years for excess
Asset valuation method Smoothed market value
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 10 - EMPLOYEE RETIREMENT SYSTEMS (Cont’d)
Trend Information
Annual Pension PercentNet Pension
Fiscal Year Ended June 30,
Cost (APC) Contributed Obligation
2009
Pension $ 777,543 88.7 -0-
Health $ 32,398 88.7 -0-
2008 $ 483,724 100.0 - 0 -
2007 $ 386,239 100.0 - 0 -
SCHEDULE OF FUNDING PROGRESS
(6)
Unfunded
(2)AAL as a
(1)(5)Percentage
Entry Age (3)
Actuarial Actuarial Percent(4)Annualof Covered
Valuation
Value of Accrued FundedUnfunded CoveredPayroll
Date June 30(4)/(5)
AssetsLiability (AAL)(1)/(2)AAL (2)-(1)Payroll
$2,614,488
2009 $10,195,941 $12,810,429 79.6 $4,625,605 56.5%
$2,416,049
2008 $9,429,944 $11,845,993 79.6 $4,822,869 50.1%
$3,758,919
2007 $8,392,338 $12,151,257 69.1 $4,104,462 91.6%
B. Arizona State Retirement System
All full-time and permanent part-time employees not in the Public Safety Retirement
System, Corrections Officers Retirement System or Elected Officials Retirement System are
eligible to participate in the Arizona State Retirement System (ASRS) a cost sharing
multiple-employer defined benefit plan. The ASRS was established by the State of Arizona
to provide pension benefits for employees of the State and employees of participating
political subdivisions and school districts. The ASRS is administered in accordance with the
provisions of A.R.S. Title 38, Chapter 5, Article 2. The ASRS provides for retirement, death,
long-term disability, survivor, and health insurance premium benefits. ASRS issues a
publicly available financial report that includes financial statements and required
supplementary information. The report may be obtained by writing to ASRS, 3300 N.
Central Avenue, P.O. Box 33910, Phoenix, Arizona 85067-3910 or by calling 602-240-2000
or 1-800-621-3778.
Arizona Revised Statutes provide statutory authority for determining the employees’ and
employers’ contribution amounts. The ASRS funding policy providesfor actuarially
determined employer contributions at rates which will provide assets sufficient to pay
benefits when due. For the fiscal year ending June 30, 2009, the required contribution rate
of members was 9.45% (8.95% retirement and 0.50% long-term disability). The Town’s
contributions to ASRS for the year’s ended June 30, 2009, 2008, and 2007 were $1,074,653,
$1,031,477, and $846,334, respectively, equal to the required contributions for each year.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 10 - EMPLOYEE RETIREMENT SYSTEMS (Cont’d)
C. Corrections Officers Retirement Plan
All full-time and permanent part-time employees employed as police dispatchers or
communications operators are eligible to participate in the Corrections Officers Retirement
Plan (CORP), a multiple-employer cost-sharing defined benefit plan. The CORP is governed
by the Corrections Officers Retirement System Board according to the provisions of A.R.S.
Title 38, Chapter 5, Article 6. Benefits are established by state statute and generally
provide retirement, death, long-term disability, survivor, and health insurance premium
benefits. CORP issues a publicly available report that includes financial statements and
required supplementary information. The report may be obtained by writing to CORP, 3010
E Camelback Rd, Ste 200, Phoenix, AZ 85016 or by calling (602) 255-5575.
The contribution requirements of plan members are established and may be amended by
Arizona State statute. The CORP funding policy provides
for actuarially determined
employer contributions at rates which will provide assets sufficient to pay benefits when
due. For the fiscal year ending June 30, 2009, the required contribution rate of members
was 7.96%; the Town’s contribution rate was 7.10%. The Town’s contributions to CORP for
the fiscal years ended June 30, 2009, 2008 and 2007 were $28,665, $28,495, and $23,580,
respectively, which were equal to the required contributions for those years.
D. Elected Officials’ Retirement Plan
The Town’s Mayor and Council Members are eligible to participate in the Elected Officials’
Retirement Plan (EORP), a multiple employer cost-sharing defined benefit plan. The EORP
is governed by the Public Safety Retirement System Board according to the provisions of
A.R.S. Title 38, Chapter 5, Article 3. Benefits are established by the State statute and
generally provide retirement, death, long-term disability, survivor, and health insurance
premium benefits. EORP issues a publicly available financial report that includes financial
statements and required supplementary information. The report may be obtained by
writing to EORP, 3010 E Camelback Rd, Ste 200, Phoenix, AZ 85016 or by calling (602) 255-
5575.
Incorporated city or town employers are required to contribute an amount sufficient to meet
both the normal cost of a level-cost method attributable to the EORP, plus the amount
required to amortize the unfunded accrued liability for the employer. Such amount is to be
determined each year by actuarial valuation and paid as a level percent of compensation.
The contribution requirements for plan members are established and may be amended by
the fund manager, a five-member board. For the fiscal year ending June 30, 2009, the
required contribution rate of members was 7.0%; the Town’s contribution rate was 18.46%.
The Town’s contributions to EORP for the fiscal years ended June 30, 2009, 2008 and 2007
were $17,496, $19,971, and $16,101, respectively, which were equal to the required
contributions for those years.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 11 - RISK MANAGEMENT
The Town is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions; and natural disasters.
The Town's insurance protection is provided by the Arizona Municipal Risk Retention Pool, of
which the Town is a participating member. The limit for basis coverage is for $2,000,000
per occurrence on a claims made purpose. Excess coverage is for an additional
$13,000,000 per occurrence on a follow form, claims made basis.The Arizona Municipal
Risk Retention Pool is structured such that member premiums are based on an actuarial
review that will provide adequate reserves to allow the pool to meet its expected financial
obligations. The pool has the authority to assess its members additional premiums should
reserves and annual premiums be insufficient to meet the pool's obligations.
The Town continues to carry commercial insurance for all other risks of loss, including
workers’ compensation and employee health and accident insurance. Settled claims
resulting from these risks have not exceeded commercial insurance coverage in any of the
past three fiscal years.
NOTE 12 - COMMITMENTS AND CONTINGENCIES
The Town is subject to a number of lawsuits, investigations, and other claims (some of
which involve substantial amounts) that are incidental to the ordinary course of its
operations, including those related to wrongful death and personal injury matters. Although
the Town Attorney does not currently possess sufficient information to reasonably estimate
the amounts of the liabilities to be recorded upon the settlement of such claims and
lawsuits, some claims could be significant to the Town’s operations. While the ultimate
resolution of such lawsuits, investigations, and claims cannot be determined at this time, in
the opinion of Town management, based on the advice of the Town Attorney, the resolution
of these matters will not have a material adverse effect on the Town’s financial position.
Town of Marana v. Pima County
The Town has filed suit against Pima County in Superior Court seeking declaratory and
injunctive relief on the issue of whether the Town owns the sewer facilities within the Town
boundaries pursuant to an Intergovernmental Agreement the Town entered into with Pima
County in 1979. As of June 30, 2009, the case was still pending and the issues of
ownership of a treatment plant and affected sewer lines were still unresolved. Neither party
seeks monetary damages from the other; however, there may be entitlement of attorneys’
fees by the prevailing party.
Significant Contractual Commitments
At the end of fiscal year 2009, the Town was obligated to $71.9 million in significant
contractual commitments for transportation and park related construction projects.
Silverbell Road Improvements, Twin Peaks Interchange, and Tangerine Farms Road
Improvements accounted for $70.8 million in commitments. Other transportation and park
related projects accounted for $1.1 million.
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 13 - LEASING ARRANGEMENTS
Airport
The Airport Authority, an Enterprise Fund, leases part of the airport to local Marana
businesses under non-cancelable operating leases requiring fixed and contingent rentals
based on aviation fuel dispensed on the premises. The following is a schedule of future
minimum rentals receivable under these leases at June 30, 2009, not including any year
beyond the minimum of twenty years in the lease for the general fund and not including
renewal options for the leases for the Airport Authority.
Year Ending
June 30: Airport
2010 173,628
2011 173,711
2012 174,342
2013 174,428
2014 – 18 882,704
2019 – 23 1,057,896
2024 – 28 1,068,280
2029 – 33 1,143,416
2034 – 38 1,447,190
2039 – 43 1,847,019
2044 – 48 2,357,317
Total $10,499,931
TOWN OF MARANA, ARIZONA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
NOTE 13 - LEASING ARRANGEMENTS (Cont’d)
Land – State of Arizona
The Town has assigned and assumed a non-cancelable long-term operating lease for 2,400
acres of land with the State of Arizona with an expiration of October 2099. This lease had
an initial annual rent of $432,000 that requires 10% increases in the annual rent payments
for each succeeding five year period. In conjunction with the Town assuming the long-term
operating lease, a developer has signed a non-cancelable agreement to reimburse the Town
the annual rental payment for a minimum of twenty years. This non-cancelable twenty year
term begins after the first twelve consecutive months generate more than $1,000,000 in
resort sales tax to the Town from the development project known as "Dove Mountain". It is
unknown when this event will occur, resulting in the start of the twenty year term.
These leases provide for payments of minimum annual rentals as follows, excluding real
estate taxes, common area charges, management fees, and sales taxes.
Years Ending
June 30,
2010 475,200
2011 522,720
2012 522,720
2013 522,720
2014 522,720
2015 – 19 2,822,688
2020 – 24 3,104,956
2025 – 29 3,415,451
2030 – 34 3,756,996
2035 – 39 4,132,694
2040 – 44 4,545,965
2045 – 49 5,000,562
2050 – 54 5,500,617
2055 – 59 6,050,680
2060 – 64 6,655,750
2065 – 69 7,321,325
2070 – 74 8,053,457
2075 – 79 8,858,803
2080 – 84 9,744,683
2085 – 89 10,719,152
2090 – 94 11,791,067
2095 - 99 12,970,176
Total $117,011,102
Minimum annual rentals above excludes annual rental under the remaining renewal options
as of June 30, 2009. Rent expense under the above leases for fiscal 2008-09 aggregated
$475,200.
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES – BUDGET AND ACTUAL
(REQUIRED SUPPLEMENTARY INFORMATION)
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - GENERAL FUND
YEAR ENDED JUNE 30, 2009
Bud
eted Amounts
g
Variance -
Positive
(Negative)
OriginalFinalActual
Revenues:
Sales taxes
$20,465,605$20,465,605$ (2,791,533)17,674,072$
Inter
overnmental
7,708,9057,708,9057,401,235(307,670)
g
Licenses, fees & permits
2,615,5002,615,5001,932,797(682,703)
Fines, forfeitures & penalties
725,145725,145692,514 (32,631)
Chares for services
1,147,4131,147,413705,758 (441,655)
g
Lease income
493,300493,300543,298 49,998
Contributions
38,47438,474
- -
Investment income
443,000443,000289,533 (153,467)
Miscellaneous
716,150716,150283,337 (432,813)
Total revenues
34,315,01834,315,018 29,561,018(4,754,000)
Expenditures:
Current -
Generalovernmen
10,250,21210,411,4718,465,154 1,946,317
gt
Public safety
11,301,78810,847,80410,849,085(1,281)
Hihways and streets
2,504,1542,451,6042,354,147 97,457
g
Health and welfare
64,02364,023112,949 (48,926)
Economic and community
development
5,098,4975,817,4724,318,036 1,499,436
Cuture and recreation
4,344,8384,524,8383,664,641860,197
Capital outla
3,999,1753,445,4752,362,317 1,083,158
y
Total expenditures
37,562,68737,562,687 32,126,3295,436,358
Excess (deficiency) of revenues
over expenditures
(3,247,669)(3,247,669)(2,565,311) 682,358
sources (uses):
Other financin
g
ransfers out
(3,130,357)(3,130,357)(3,133,764)(3,407)
T
Total other financin sources
g
(uses)
(3,130,357)(3,130,357)(3,133,764) (3,407)
es in fund balances
Chan
(6,378,026)(6,378,026) (5,699,075) 678,951
g
Fund balances, be
innin of yea
22,212,63622,212,636 20,183,487(2,029,149)
ggr
Fund balances, end of yea
$15,834,61015,834,610$$ (1,350,198)14,484,412$
r
See accompanying notes to this schedule.
TOWN OF MARANA, ARIZONA
NOTE TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2009
NOTE 1 - BUDGETARY BASIS OF ACCOUNTING
The adopted budget of the Town is prepared on a basis of accounting consistent with
accounting principles generally accepted in the United States of America.
COMBINING AND INDIVIDUAL
FUND FINANCIAL STATEMENTS
AND SCHEDULES
OTHER MAJOR GOVERNMENTAL FUNDS
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – BUDGET AND ACTUAL
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - TRANSPORTATION
YEAR ENDED JUNE 30, 2009
Bud
eted Amounts
g
Variance -
Positive
(Negative)
OriginalFinalActual
Revenues:
Sales taxes
$ 8,210,0678,210,067$ 4,730,350$$(3,479,717)
Inter
overnmental
1,000,000
g
- -1,000,000
Contributions
352,856
- - 352,856
Investment income
342,780342,780 (277,459)
65,321
Total revenues
8,552,8478,552,847 (2,404,320)6,148,527
Expenditures:
Current -
Generalovernmen
1,750,0001,750,000 (500,271)2,250,271
gt
Hihways and streets
107,500107,5006,796
g
100,704
Economic and community
development
60,000 60,000 48,006
1 1,994
Capital outla
14,615,69114,615,6918,324,212 6,291,479
y
Debt service -
Principal retiremen
44,69544,6954,180
t
40,515
Interest and fiscal chares
(4,180)
g
- - 4,180
Total expenditures
16,577,88616,577,88610,731,8765,846,010
Excess (deficiency) of revenues
over expenditures
(8,025,039)(8,025,039)(4,583,349)3,441,690
Other financin sources (uses):
g
ransfers in
1,409,343
T
- -1,409,343
ransfers out
(2,881,699)(2,881,699)(1,949,784)931,915
T
Total other financin sources
g
(uses)
(2,881,699)(2,881,699)(540,441)2,341,258
Chanes in fund balances
(10,906,738)(10,906,738)(5,123,790)5,782,948
g
Fund balances, beinnin of yea
16,896,93816,896,93810,078,686(6,818,252)
ggr
Fund balances, end of yea
$ 5,990,2005,990,200$ 4,954,896$(1,035,304)$
r
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - PAG CAPITAL
YEAR ENDED JUNE 30, 2009
Bud
eted Amounts
g
Variance -
Positive
(Negative)
OriginalFinalActual
Revenues:
Inter
overnmental
$24,570,73624,570,736$7,092,032$ (17,478,704)$
g
Contributions
51,02451,024
- -
Total revenues
24,570,73624,570,736 7,143,056(17,427,680)
Expenditures:
Capital outla
24,570,73624,570,736 14,798,9389,771,798
y
Total expenditures
24,570,73624,570,736 14,798,9389,771,798
Excess (deficiency) of revenues
over expenditures
(7,655,882)
- - (7,655,882)
Other financin sources (uses):
g
ransfers in
(8,888,325)
T
- -8,888,325
ransfers out
(121,153)(121,153)
T
- -
Total other financin sources
g
(uses)
(9,009,478)
- - 8,767,172
Chanes in fund balances
1,111,290
g
- -1,111,290
Fund balances, beinnin of yea
(2,923,982)
ggr
- -(2,923,982)
Fund balances, end of yea
$$(1,812,692)
r
$ -$ -(1,812,692)
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - OTHER CAPITAL PROJECTS
YEAR ENDED JUNE 30, 2009
Bud
eted Amounts
g
Variance -
Positive
(Negative)
OriginalFinalActual
Revenues:
Inter
overnmental
$10,784,40010,784,400$1,296,323$$(9,488,077)
g
Licenses, fees & permits
12,00012,000 4,000(8,000)
Contributions
1,3401,340
- -
Investment income
190,568190,568105,024(85,544)
Total revenues
10,986,96810,986,968 1,406,687(9,580,281)
Expenditures:
Current -
Hihways and streets
136,685136,68514,155122,530
g
Capital outla
19,447,05519,447,055 5,313,55114,133,504
y
Debt service -
Interest and fiscal char
es
g
- - - -
Bond issuance costs
628,047(628,047)
- -
Total expenditures
19,583,74019,583,740 5,327,70614,256,034
Excess (deficiency) of revenues
over expenditures
(8,596,772)(8,596,772)(3,921,019) 4,675,753
Other financin sources (uses):
g
Face value of bonds issued
11,850,00011,850,000 36,396,700 (24,546,700)
Premium on bond deb
442,675(442,675)
t
- -
ransfers in
128,407(128,407)
T
- -
ransfers out
T
- -(10,690,302)10,690,302
Total other financin sources
g
(uses)
11,850,00011,850,00026,277,480(14,427,480)
es in fund balances
Chan
3,253,2283,253,228 19,103,23322,356,461
g
Fund balances, beinnin of yea
4,964,3154,964,315 (6,663,417)(1,699,102)
ggr
unaancesects, en o
Fdbl(dfii)df
year
$8,217,543$8,217,543$ 12,439,81620,657,359$
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - TANGERINE FARMS
IMPROVEMENT DISTRICT DEBT SERVICE
YEAR ENDED JUNE 30, 2009
Bud
eted Amounts
g
Variance -
Positive
(Negative)
OriginalFinalActual
Revenues:
Special assessments
$2,136,858$2,136,858$2,135,592$(1,266)
Total revenues
2,136,8582,136,8582,135,592(1,266)
Expenditures:
Debt service -
Principal retiremen
995,000995,000951,000951,000
t
es
Interest and fiscal char
1,141,8581,141,858592,801 592,801
g
Total expenditures
2,136,8582,136,8581,543,8011,543,801
Excess (deficiency) of revenues
over expenditures
591,791 591,791
- -
Fund balances, beinnin of year
gg
- - - -
Fund balances, end of yea
$591,791$591,791
r
$ -$ -
NON-MAJOR GOVERNMENTAL FUNDS
TOWN OF MARANA, ARIZONA
COMBINING BALANCE SHEET - ALL NON-MAJOR GOVERNMENTAL FUNDS -
BY FUND TYPE
JUNE 30, 2009
Special
RevenueCapital ProjectsDebt Service
SSETS
A
Cash and cash equivalents
$ 12,526,442,473,531$$359,760
4
Taxes receivable
4,860
- -
ccounts receivable
5831,706
A
-
Interest receivable
5,496 37
-
Due from governments
248,9281,000,000
-
Prepaid items
274
- -
6,588,348
Restricted cash and investments
- -
$ 12,532,5232,724,165$ 7,953,279$
Total assets
LIABILITIES AND FUND BALANCE
S
Liabilities:
$ 393,154162,867$ 25,924$
Accounts payable
271,186 175,360
Due to other fund
s
-
531,862
Deposits held for others
- -
Bonds payable
- - -
Bond interest payable
- - -
162,867664,340 733,146
Total liabilities
Fund balances:
Reserved for:
274
Prepaid items
- -
7,219,859
Debt service
- -
11,868,1832,561,298
Unreserved
-
2,561,29811,868,1837,220,133
Total fund balances
$ 12,532,5232,724,165$ 7,953,279$
Total liabilities and fund balances
Total
Non-Major
Governmental
Funds
$15,359,735
4,860
2,289
5,533
1,248,928
274
6,588,348
$23,209,967
$581,945
446,546
531,862
-
-
1,560,353
274
7,219,859
14,429,481
21,649,61
4
$23,209,967
TOWN OF MARANA, ARIZONA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
ALL NON-MAJOR GOVERNMENTAL FUNDS - BY FUND TYPE
YEAR ENDED JUNE 30, 2009
Special
RevenueCapital ProjectsDebt Service
Revenues:
Sales tax
$-$ -$-
Property tax76,643615,888
-
Intergovernmental
420,7862,496,636 1,900,000
Licenses, fees & permits584,731-
-
Fines, forfeitures & penalties176,214-
-
Contributions 95,231119,145-
Investment income
119,6492,104 14,017
Miscellaneous
2,315-
-
Total revenues
1,297,0402,796,414 2,529,905
Expenditures:
Current -
General government
95,994368,791-
Public safety355,066-
-
Highways and streets
1,224,290-
-
Community development74,989-
-
Capital outlay
4,941,806147,575 -
Debt service -
Principal retirement
13,000 1,530,000
-
Interest and fiscal charges1,716,408
- -
Total expenditures
5,323,5971,897,914 3,246,408
Excess (deficiency) of revenues over
expenditures 898,500(4,026,557) (716,503)
Other financing sources (uses):
Face value of bonds issued
3,393,300
- -
Transfers in 1,141,562112,976 4,297,568
Transfers out
(91,579)-
-
Total other financing sources (uses) 1,141,56221,3977,690,868
Change in fund balances
(2,884,995)919,897 6,974,365
Fund balances, beginning of year 14,753,1781,641,401 245,768
Fund balances, end of year
$2,561,298$11,868,183$ 7,220,133
otal
T
Non-Major
Governmental
Funds
$ -
692,531
4,817,422
584,731
176,214
214,376
135,770
2,315
6,623,359
464,785
355,066
1,224,290
74,989
5,089,381
1,543,000
1,716,408
10,467,919
(3,844,560)
3,393,300
5,552,106
(91,579)
8,853,827
5,009,267
16,640,347
$ 21,649,614
NON-MAJOR SPECIAL REVENUE FUNDS
Highway User Revenue Fund – this fund accounts for excise fuel taxes which are distributed
to cities and towns based on a formula. A constitutional restriction requires that these funds be
used solely for street and highway purposes.
Community Development Grant Fund (CDBG) – this fund accounts for the CDBG program
which provides resources to address community development needs
– this revolving fund accounts for resources utilized on affordable
Affordable Housing Fund
housing projects and programs.
Judicial Collection Enhancement Fund – this fundaccounts for resources required to
improve, maintain and enhance the ability to collect and manage monies assessed or received
by the courts including restitution, child support, fines and civil penalties; and to improve court
automation projects likely to improve case processing or the administration of justice.
Local Transportation Assistance Fund – this fund accounts for special distributions of state
lottery monies which are restricted for transportation and/or transit related projects and
programs.
Fill The Gap Fund – this fund accounts for local Fill The Gap resources which shall be used to
improve, maintain and enhance the ability to collect and manage monies assessed or received
by the courts, to improve court automation and to improve case processing or the
administration of justice.
– this fundaccounts for resources required to fund local or
Local Technology Fund
collaborative technology improvement projects and programs.
– includes all other grant related programs and projects.
Other Special Revenue Fund
TOWN OF MARANA, ARIZONA
COMBINING BALANCE SHEET - NON-MAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2009
Community
Highway User DevelopmentAffordable
RevenueBlock GrantHousingJCEF Court
SSETS
A
$ 35,351998,689$ 36,369$ 44,704$
Cash and cash equivalents
ccounts receivable
A
- - - -
162,17718,708
Due from governments
- -
Restricted cash and investments
- - - -
$ 54,0591,160,866$$36,369$44,704
Total assets
LIABILITIES AND FUND BALANCE
S
Liabilities:
45,149
Accounts payable
$ 3,789$ - $ -
Due to other fund
s
- - - -
45,1493,789
Total liabilities
- -
Fund balances:
1,115,71750,270 36,36944,704
Unreserved
1,115,71750,270 36,36944,704
Total fund balances
$ 54,0591,160,866$$36,369$44,704
Total liabilities and fund balances
LocalLocalOther Special
TransportationFill-the-GapTechnologyRevenue FundTotals
$ 32,475374,112$$280,638$671,193$2,473,531
-1,706- 1,706
-
--68,043248,928
-
--
- - -
$374,112$34,181$280,638$739,236$2,724,165
$39,200$ -$3,55171,178162,867$
--
- - -
39,2003,55171,178162,867
-
334,91234,181277,087668,0582,561,298
334,91234,181277,087668,0582,561,298
$374,112$34,181$280,638$739,236$2,724,165
TOWN OF MARANA, ARIZONA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
NON-MAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2009
Community
Highway User DevelopmentAffordable
RevenueBlock GrantHousingJCEF Court
Revenues:
Interovernmental
$ 58,9061,936,369
g
$ $ - $ -
Fines, forfeitures & enaltie
14,159
ps
- - -
Contribution
s
- - - -
Investment incom
e
- - - -
Miscellaneou
2,315
s
- - -
Total revenues
58,9061,936,369 2,31514,159
Exenditures:
p
Current -
overnmen
General
gt
- - - -
Public safet
y
- - - -
Hihwas and street
1,121,966
gys
- - -
Communit develomen
50,117 24,824
ypt
- -
Caital outla
147,575
py
- - -
Total exenditures
50,1171,269,541 24,824
p
-
Excess (deficiency) of revenues over
8,789666,828 (22,509) 14,159
expenditures
Other financin sources (uses):
g
Transfers in
- - -
Transfers ou
t
- - -
Total other financin sources (uses)
g
- - - -
Chane in fund balances
8,789666,828 (22,509) 14,159
g
Fund balances deficits, beinnin of ear
41,481448,889 58,878 30,545
()ggy
unaancesecs, en oear
$ 50,2701,115,717$ 36,369$ 44,704$
Fdbl(dfiit)dfy
LocalLocalOther Special
TransportationFill-the-GapTechnologyRevenue FundTotals
$ 194,567$ -$306,794$2,496,636
$ -
- 5,933108,11448,008176,214
- -119,145119,145
-
- -2,1062,106
-
- -2,315
- -
194,567 5,933108,114476,0532,796,416
- -16,06779,92795,994
- -355,066355,066
-
96,943 -5,3811,224,290
-
- -4874,989
-
- -147,575
- -
96,943 -16,067440,4221,897,914
97,624 5,933 92,047 35,631 898,502
14,523 -98,453112,976
-
- -(91,581)(91,581)
-
14,523 -6,87221,395
-
919,897
112,147 5,93392,04742,503
222,765 28,248185,040625,5551,641,401
$ 334,912$ 34,181$277,087$668,058$2,561,298
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR SPECIAL REVENUE FUNDS
HIGHWAY USER REVENUE FUND
YEAR ENDED JUNE 30, 2009
Highway User Revenue Fund
Variance -
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
$ 2,311,5332,311,533$ 1,936,369$ (375,164)$
Intergovernmental
2,311,5332,311,533 1,936,369 (375,164)
Total revenues
Expenditures:
Current -
2,685,5752,685,575 1,121,966 1,563,609
Highways and streets
150,000150,000 147,575 2,425
Capital outlay
2,835,5752,835,575 1,269,541 #NAME?
Total expenditures
Excess (deficiency) of revenues over
expenditures(524,042)(524,042)666,828 1,190,870
(524,042)(524,042) 666,828 1,190,870
Change in fund balance
524,042524,042 448,889 (75,153)
Fund balance, July 1, 2008
$$ 1,115,717
Fund balance, July 1, 2009
$ -$ -1,115,717
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR SPECIAL REVENUE FUNDS
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
YEAR ENDED JUNE 30, 2009
Community Development Block Grant Fund
Variance -
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
$300,000$300,000$58,906$ (241,094)
Intergovernmental
(241,094)
Total revenues
300,000 300,000 58,906
Expenditures:
Current -
249,883
Community development
300,000 300,000 50,117
249,883
Total expenditures
300,000 300,000 50,117
Excess (deficiency) of revenues over
expenditures 8,789
- - 8,789
8,789
Change in fund balance
- - 8,789
41,481
Fund balance, July 1, 2008
- - 41,481
$50,270$ 50,270
Fund balance, July 1, 2009
$ -$ -
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR SPECIAL REVENUE FUNDS
AFFORDABLE HOUSING REVOLVING FUND
YEAR ENDED JUNE 30, 2009
Affordable Housing Revolving Fund
Variance -
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Intergovernmental
$ -$ -$ -$ -
Fines, forfeitures & penalties
- - - -
Contributions
- - - -
Investment income
- - - -
(7,685)
Miscellaneous
10,000 10,000 2,315
(7,685)
Total revenues
10,000 10,000 2,315
Expenditures:
Current -
General government
193,176
Community development
218,000 218,000 24,824
193,176
Total expenditures
218,000 218,000 24,824
Excess (deficiency) of revenues over
expenditures (218,000)(218,000) (24,824) 193,176
(208,000)(208,000) (22,509) 185,491
Change in fund balance
(149,122)
Fund balance (deficits), July 1, 2008
208,000 208,000 58,878
$36,369$ 36,369
Fund balance (deficits), July 1, 2009
$ -$ -
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR SPECIAL REVENUE FUNDS
JUDICIAL COLLECTION ENHANCEMENT FUND
YEAR ENDED JUNE 30, 2009
Judicial Collection Enhancement Fund
Variance -
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
$13,950$13,950$14,159$ 209
Fines, forfeitures & penalties
209
Total revenues
13,950 13,950 14,159
Expenditures:
Current -
13,950
General government
13,950 13,950 -
13,950
Total expenditures
13,950 13,950 -
Excess (deficiency) of revenues over
expenditures (13,950)(13,950) 13,950
-
14,159
Change in fund balance
- - 14,159
30,545
Fund balance (deficits), July 1, 2008
- - 30,545
$44,704$ 44,704
Fund balance (deficits), July 1, 2009
$ -$ -
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR SPECIAL REVENUE FUNDS
LOCAL TRANSPORTATION ASSISTANCE FUND
YEAR ENDED JUNE 30, 2009
Local Transportation Assistance Fund
Variance -
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
$188,460$188,460$194,567$ 6,107
Intergovernmental
1,6401,640 (1,640)
Investment income
-
4,467
Total revenues
190,100 190,100 194,567
Expenditures:
Current -
General government
- - - -
37,807
Public safety
134,750 134,750 96,943
37,807
Total expenditures
134,750 134,750 96,943
Excess (deficiency) of revenues over
expenditures42,274
55,350 55,350 97,624
Other financing sources (uses):
14,523
Transfers in
- - 14,523
14,523
Total other financing sources (uses)
- - 14,523
56,797
Change in fund balance
55,350 55,350 112,147
(58,751)
Fund balance (deficits), July 1, 2008
281,516 281,516 222,765
$336,866$336,866$334,912$ (1,954)
Fund balance (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR SPECIAL REVENUE FUNDS
FILL-THE-GAP FUND
YEAR ENDED JUNE 30, 2009
Fill-the-Gap
Variance -
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Intergovernmental
$ 5,0005,000$$5,933$ 933
Fines, forfeitures & penalties
Contributions
- - - -
Investment income
- - - -
Miscellaneous
- - - -
933
Total revenues
5,000 5,000 5,933
Expenditures:
Current -
5,000
General government
5,000 5,000 -
Public safety
- - - -
5,000
Total expenditures
5,000 5,000 -
Excess (deficiency) of revenues over
expenditures 5,933
- - 5,933
Other financing sources (uses):
Transfers in
- - - -
Total other financing sources (uses)
- - - -
5,933
Change in fund balance
- - 5,933
28,248
Fund balance (deficits), July 1, 2008
- - 28,248
$34,181$ 34,181
Fund balance (deficits), July 1, 2009
$ -$ -
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR SPECIAL REVENUE FUNDS
LOCAL TECHNOLOGY
YEAR ENDED JUNE 30, 2009
Local Technology Fund
Variance -
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
$65,750$65,750$108,114$ 42,364
Intergovernmental
Fines, forfeitures & penalties-- --
Contributions-- --
Investment income-- --
Miscellaneous-- --
42,364
Total revenues
65,750 65,750 108,114
Expenditures:
Current -
49,683
General government
65,750 65,750 16,067
Public safety-- --
Highways and streets-- --
Community development-- --
Capital outlay-- --
49,683
Total expenditures
65,750 65,750 16,067
Excess (deficiency) of revenues over
expenditures
- - - -
92,047
Change in fund balance
- - 92,047
185,040
Fund balance (deficits), July 1, 2008
- - 185,040
$$ 277,087
Fund balance (deficits), July 1, 2009
$ -$ -277,087
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR SPECIAL REVENUE FUNDS
OTHER SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2009
Other Special Revenue Fund
Variance -
Positive
Original BudgetFinal BudgetActual(Negative)
Revenues:
$ 195,950195,950$ 110,844
Intergovernmental
$ $ 306,794
48,008
Fines, forfeitures & penalties
- - 48,008
500,000500,000 (380,855)
Contributions
119,145
2,104
Investment income
- - 2,104
Miscellaneous
- - - -
695,950695,950 (219,899)
Total revenues
476,051
Expenditures:
Current -
725,950725,950 646,023
General government
79,927
94,37394,373 (260,693)
Public safety
355,066
(5,381)
Highways and streets
- - 5,381
20,00020,000 20,000
Community development
-
7,500,0007,500,000
Capital outlay
487,499,952
8,340,3238,340,323 7,899,901
Total expenditures
440,422
Excess (deficiency) of revenues over
expenditures (7,644,373)(7,644,373) 7,680,002
35,629
Other financing sources (uses):
Transfers in
- -98,45398,453
Transfers out
- -(91,581)(91,581)
6,872
Total other financing sources (uses)
- - 6,872
(7,644,373)(7,644,373)7,686,874
Change in fund balance
42,501
100,000100,000 525,555
Fund balance (deficits), July 1, 2008
625,555
$ (7,544,373)(7,544,373)$$ 8,212,429
Fund balance (deficits), July 1, 2009
$ 668,056
TOWN OF MARANA, ARIZONA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR SPECIAL REVENUE FUNDS
OTHER SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2009
Other Special Revenue Fund
Variance -
Positive
Original BudgetFinal BudgetActual(Negative)
Revenues:
$ 195,950195,950$ 110,844
Intergovernmental
$ $ 306,794
48,008
Fines, forfeitures & penalties
- - 48,008
500,000500,000 (380,855)
Contributions
119,145
2,106
Investment income
- - 2,106
Miscellaneous
- - - -
695,950695,950 (219,897)
Total revenues
476,053
Expenditures:
Current -
725,950725,950 646,023
General government
79,927
94,37394,373 (260,693)
Public safety
355,066
(5,381)
Highways and streets
- - 5,381
20,00020,000 20,000
Community development
-
7,500,0007,500,000
Capital outlay
487,499,952
8,340,3238,340,323 7,899,901
Total expenditures
440,422
Excess (deficiency) of revenues over
expenditures (7,644,373)(7,644,373) 7,680,004
35,631
Other financing sources (uses):
Transfers in
- -98,45398,453
Transfers out
- -(91,581)(91,581)
6,872
Total other financing sources (uses)
- - 6,872
(7,644,373)(7,644,373)7,686,876
Change in fund balance
42,503
100,000100,000 525,555
Fund balance (deficits), July 1, 2008
625,555
$ (7,544,373)(7,544,373)$$ 8,212,431
Fund balance (deficits), July 1, 2009
$ 668,058
NON-MAJOR CAPITAL PROJECTS FUND
Capital Projects Funds are created to account for the purchase or construction of major capital
facilities which are not financed by the general, enterprise, or special revenue funds.
Northwest Benefit Area Impact Fees – this fund accounts for the financing and
construction of transportation projects that are defined within the northwest benefit area.
Northeast Benefit Area Impact Fees – this fund accounts for the financing and construction
of transportation projects that are defined within the northeast benefit area.
South Benefit Area Impact Fees – This fund accounts for the financing and construction of
the Twin Peaks Interchange Project.
Park Impact Fees Fund – this fund accounts for park impact fees collected by the Town and
utilized for authorized capital improvements.
Pima County Bond Fund – this fund accounts for the financing and construction of projects
funded through Pima County Bond program.
Sales Tax Capital Fund – this fund accounts for sales tax proceeds which are used for
authorized capital improvements.
– this fund accounts for the proceeds from the sale of general
Gladden Farms Capital Fund
obligation bonds which are used for authorized capital improvements.
– this fund accounts for the proceeds from property tax
Vanderbilt Farms Capital Fund
revenues to be used for authorized capital improvements.
TOWN OF MARANA, ARIZONA
COMBINING BALANCE SHEET - NON-MAJOR CAPITAL PROJECTS FUNDS
JUNE 30, 2009
NorthwestNortheastSouth
TransportationTransportationTransportation
Impact FeesImpact FeesImpact Fees
SSETS
A
Cash and cash equivalents
$1,236,05$212,782$4,853,421
4
Accounts receivable
-
- -
Interest receivable
5,490
- -
Total assets
1,236,05212,782 4,858,911
4
LIABILITIES AND FUND BALANCE
S
Liabilities:
Accounts payable
$ -6,223$$ 8,729
Due to other funds
-
- -
Total liabilities
6,223 8,729
-
Fund balances:
212,7821,229,831 4,850,182
Unreserved
Total fund balances
212,7821,229,831 4,850,182
Total liabilities and fund
balances
$1,236,054$212,782$4,858,911
Gladdenanderbilt
V
Farms
Park Impact Pima County Sales Tax Farms
FeesBond CapitalCapitalCapitalCapitalTotals
$ -3,660,345$ 2,333,449$ 203,68612,526,44
$
4
$ $ 26,707
583
- - - 583 -
6 5,496
- - - -
3,660,345 2,333,455-204,26912,532,523
26,707
77,319$ 44$297,747$393,154
$ 3,046$ 46
271,186- 271,186
- - -
77,319271,230 297,747 664,340
3,046 46
3,583,026(271,230)2,035,708201,22311,868,183
26,661
3,583,026(271,230)2,035,708201,22311,868,183
26,661
$3,660,345$ 2,333,455-$$12,532,523
$ 2 04,269$ 2 6,707
TOWN OF MARANA, ARIZONA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
NON-MAJOR CAPITAL PROJECTS FUNDS
YEAR ENDED JUNE 30, 2009
NorthwestNortheastSouth
TransportationTransportationTransportation
Impact FeesImpact FeesImpact Fees
Revenues:
Property tax
$-$-$-
Intergovernmental
--
-
Licenses, fees & permits
212,78228,953 62,552
Contributions
--
-
Investment income
-62,447
-
Total revenues
212,78228,953 124,999
Expenditures:
Current -
General government
--
-
Capital outlay
-66,392 1,236,318
Debt service
Total expenditures
-66,392 1,236,318
Excess (deficiency) of revenues over
expenditures
(37,439) 212,782(1,111,319)
Other financing sources (uses):
Transfers in
-570,000
-
Total other financing sources (uses)
- - 570,000
Change in fund balances
(37,439)212,782 (541,319)
Fund balances (deficits), beginning of year
-1,267,270 5,391,501
Fund balances (deficits), end of year
$1,229,831$212,782$4,850,182
Gladdenanderbilt
V
Farms
Park Impact Pima County Sales Tax Farms
FeesBond CapitalCapitalCapitalCapitalTotals
$-$-$76,643
$ -$ 76,407$ 236
420,786- 420,786
- - -
280,444 584,731
- - - -
95,231 95,231
- - - -
22,01132,060 119,649
- 2,892 239
302,455516,01732,0601,297,040
79,299 475
263,895 104,279 368,791
- 571 46
225,943476,0512,937,102-4,941,806
-
13,000 13,000
489,838476,0513,041,38113,5715,323,597
46
(187,383) 39,966(3,009,321)65,728 (4,026,557)429
58,874512,6881,141,562
- - -
58,874512,688 -1,141,562
- -
(128,509)552,654(3,009,321)65,728(2,884,995)
429
3,711,535(823,884)5,045,02926,23214,753,178
1 35,495
$3,583,026
$(271,230)$2,035,708$201,223$11,868,183
$ 26,661
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR CAPITAL PROJECTS FUNDS
NORTHWEST TRANSPORTATION IMPACT FEES
YEAR ENDED JUNE 30, 2009
Northwest Transportation Impact Fee
s
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Sales tax
$ -$ -$ -$ -
Property tax
- - - -
Intergovernmental
- - - -
(331,047)
Licenses, fees & permits
360,000 360,000 28,953
Contributions
- - - -
28,742
Investment income
28,742 - (28,742)
(359,789)
Total revenues
388,742 388,742 28,953
Expenditures:
Current -
General government
- - - -
Culture and recreation
- - - -
580,650580,65066,392 514,258
Capital outlay
Debt service -
Bond issuance costs
- - - -
514,258
Total expenditures
580,650 580,650 66,392
Excess (deficiency) of revenues over
expenditures(191,908)(191,908)(37,439) 154,469
Other financing sources (uses):
Transfers in
- - - -
Total other financing sources (uses)
- - - -
(191,908) (37,439)(191,908) 154,469
Change in fund balance
s
308,5581,267,270
Fund balances (deficits), July 1, 2008
958,712 958,712
$ 766,804766,804$ 1,229,831$ 463,027$
Fund balances (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR CAPITAL PROJECTS FUNDS
NORTHEAST TRANSPORTATION IMPACT FEES
YEAR ENDED JUNE 30, 2009
Northeast Transportation Impact Fee
s
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Sales tax
$ -$ -$ - $ -
Property tax
- - - -
Intergovernmental
- - - -
212,782 212,782
Licenses, fees & permits
- -
Contributions
- - - -
Investment income
- - - -
212,782
Total revenues
- - 212,782
Expenditures:
Current -
General government
- - - -
Culture and recreation
- - - -
Capital outlay
- - - -
Debt service -
Bond issuance costs
- - - -
Total expenditures
- - - -
Excess (deficiency) of revenues over
expenditures 212,782
- - 212,782
Other financing sources (uses):
Transfers in
- - - -
Total other financing sources (uses)
- - - -
212,782
Change in fund balance
s
- - 212,782
Fund balances (deficits), July 1, 2008
- - - -
$$ 212,782
Fund balances (deficits), July 1, 2009
$ -$ -212,782
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR CAPITAL PROJECTS FUNDS
SOUTH TRANSPORTATION IMPACT FEES
YEAR ENDED JUNE 30, 2009
South Transportation Impact Fee
s
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Sales tax
$ -$ -$ - $ -
Property tax
- - - -
Intergovernmental
- - - -
380,408380,40862,552 (317,856)
Licenses, fees & permits
Contributions
- - - -
(175,553)
Investment income
238,000 238,000 62,447
(493,409)
Total revenues
618,408 618,408 124,999
Expenditures:
Current -
General government
- - - -
Culture and recreation
- - - -
8,500,0008,500,0001,236,318 7,263,682
Capital outlay
Debt service -
Bond issuance costs
- - - -
8,500,0008,500,0001,236,318 7,263,682
Total expenditures
Excess (deficiency) of revenues over
expenditures (7,881,592)(7,881,592) (1,111,319) 6,770,273
Other financing sources (uses):
570,000570,000
Transfers in
- -
570,000
Total other financing sources (uses)
- - 570,000
(7,881,592)(7,881,592) (541,319) 7,340,273
Change in fund balance
s
8,744,7818,744,7815,391,501 (3,353,280)
Fund balances (deficits), July 1, 2008
$ 863,189863,189$ 4,850,182$ 3,986,993$
Fund balances (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR CAPITAL PROJECTS FUNDS
PARK IMPACT FEES
YEAR ENDED JUNE 30, 2009
Park Impact Fee
s
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Sales tax
$ -$ -$ - $ -
Property tax
- - - -
Intergovernmental
- - - -
571,000571,000280,444 (290,556)
Licenses, fees & permits
Contributions
- - - -
(85,314)
Investment income
107,325 107,325 22,011
(375,870)
Total revenues
678,325 678,325 302,455
Expenditures:
Current -
General government
- - - -
290,000263,895 26,105
Culture and recreation
290,000
4,111,8354,111,835 3,885,892
Capital outlay
225,943
Debt service -
Bond issuance costs
- - - -
4,401,8354,401,835 3,911,997
Total expenditures
489,838
Excess (deficiency) of revenues over
expenditures (3,723,510)(3,723,510) (187,383) 3,536,127
Other financing sources (uses):
58,87458,874
Transfers in
- -
58,874
Total other financing sources (uses)
- - 58,874
(3,723,510)(3,723,510) (128,509) 3,595,001
Change in fund balance
s
3,727,9773,727,9773,711,535 (16,442)
Fund balances (deficits), July 1, 2008
$4,467$ 3,583,0264,467$ 3,578,559$
Fund balances (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR CAPITAL PROJECTS FUNDS
PIMA COUNTY BOND CAPITAL
YEAR ENDED JUNE 30, 2009
Pima County Bond Capital
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Sales tax
$ -$ -$ -$ -
Property tax
- - - -
3,470,0003,470,000 (3,049,214)
Intergovernmental
420,786
Licenses, fees & permits
- - - -
95,231 95,231
Contributions
- -
Investment income
- - - -
3,470,0003,470,000 (2,953,983)
Total revenues
516,017
Expenditures:
Current -
General government
- - - -
Culture and recreation
- - - -
3,470,0003,470,000 2,993,949
Capital outlay
476,051
Debt service -
Bond issuance costs
- - - -
3,470,0003,470,000 2,993,949
Total expenditures
476,051
Excess (deficiency) of revenues over
expenditures 39,966
- - 39,966
Other financing sources (uses):
512,688512,688
Transfers in
- -
512,688
Total other financing sources (uses)
- - 512,688
552,654
Change in fund balance
s
- - 552,654
(823,884)
Fund balances (deficits), July 1, 2008
- -(823,884)
$$ (271,230)
Fund balances (deficits), July 1, 2009
$ -$ -(271,230)
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR CAPITAL PROJECTS FUNDS
SALES TAX CAPITAL
YEAR ENDED JUNE 30, 2009
Sales Tax Capital
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Sales tax
$ -$ -$ -$ -
Property tax
- - - -
Intergovernmental
- - - -
Licenses, fees & permits
- - - -
Contributions
- - - -
(3,310)
Investment income
35,370 35,370 32,060
(3,310)
Total revenues
35,370 35,370 32,060
Expenditures:
Current -
104,279 (104,279)
General government
- -
Culture and recreation
- - - -
5,000,0005,000,0002,937,102 2,062,898
Capital outlay
Debt service -
Bond issuance costs
- - - -
5,000,0005,000,0003,041,381 1,958,619
Total expenditures
Excess (deficiency) of revenues over
expenditures (4,964,630)(4,964,630) (3,009,321) 1,955,309
Other financing sources (uses):
Transfers in
- - - -
Total other financing sources (uses)
- - - -
(4,964,630)(4,964,630) (3,009,321) 1,955,309
Change in fund balance
s
4,964,6304,964,6305,045,029 (80,399)
Fund balances (deficits), July 1, 2008
$ 1,874,910$
Fund balances (deficits), July 1, 2009
$ -$ -2,035,708
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR CAPITAL PROJECTS FUNDS
GLADDEN FARMS COMMUNITY FACILITIES DISTRICT CAPITAL
YEAR ENDED JUNE 30, 2009
Gladden Farms Community Facilities District Capita
l
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Sales tax
$ -$ -$ -$ -
73,72973,729 76,407 2,678
Property tax
Intergovernmental
- - - -
Licenses, fees & permits
- - - -
Contributions
- - - -
2,8922,892
Investment income
- -
5,570
Total revenues
73,729 73,729 79,299
Expenditures:
Current -
378,925378,925 378,354571
General government
Culture and recreation
- - - -
3,000,0003,000,000
Capital outlay
- 3,000,000
Debt service -
(13,000)
Bond issuance costs
- - 13,000
3,378,9253,378,925 3,365,354
Total expenditures
13,571
Excess (deficiency) of revenues over
expenditures (3,305,196)(3,305,196) 65,728 3,370,924
Other financing sources (uses):
3,100,0003,100,000
Bond proceeds
- (3,100,000)
3,100,0003,100,000
Total other financing sources (uses)
- (3,100,000)
(205,196)(205,196) 270,924
Change in fund balance
s
65,728
135,495
Fund balances (deficits), July 1, 2008
- - 135,495
$(205,196)$(205,196)$201,223$ 406,419
Fund balances (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR CAPITAL PROJECTS FUNDS
VANDERBILT FARMS COMMUNITY FACILITIES DISTRICT CAPITAL
YEAR ENDED JUNE 30, 2009
anderbilt Farms Capital
V
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Sales tax
$ -$ -$ -$ -
3,9803,980 236 (3,744)
Property tax
Intergovernmental
- - - -
Licenses, fees & permits
- - - -
1,000,0001,000,000
Contributions
- (1,000,000)
239239
Investment income
- -
1,003,9801,003,980 (1,003,505)475
Total revenues
Expenditures:
Current -
524,000524,000 523,95446
General government
Culture and recreation
- - - -
2,765,0002,765,000
Capital outlay
- 2,765,000
Debt service -
Bond issuance costs
- - - -
3,289,0003,289,000
Total expenditures
4 63,288,954
Excess (deficiency) of revenues over
expenditures (2,285,020)(2,285,020) 429 2,285,449
Other financing sources (uses):
3,000,0003,000,000
Transfers in
-(3,000,000)
3,000,0003,000,000
Total other financing sources (uses)
- (3,000,000)
(714,551)429
Change in fund balance
s
714,980 714,980
26,232
Fund balances (deficits), July 1, 2008
- - 26,232
$ 714,980714,980$ 26,661$ (688,319)$
Fund balances (deficits), July 1, 2009
NON-MAJOR DEBT SERVICE FUNDS
Debt Service Funds are created to account for the accumulation of resources for, and the
payment of, general long-term debt principal and interest.
1997 Bond Debt Service Fund – this fund accounts for the accumulation of resources and
payment of principal and interest on the series 1997 revenue bonds. The Town has pledged
Town sales tax revenue, state shared revenues licenses, fees and permits revenue, and fines,
forfeitures and penalties revenue to make the required payments for this series.
2003 Bond Debt Service Fund – this fund accounts for the accumulation of resources and
payment of principal and interest on the Series 2003 Revenue Bonds. The Town has pledged
Town sales tax revenue, state shared revenues, licenses, fees and permits revenue, and fines,
forfeitures and penalties revenue to make the required payments for this series.
2004 Bond Debt Service Fund – this fund accounts for the accumulation of resources and
payment of principal and interest on the series 2004 revenue bonds. The Town has pledged
Town sales tax revenue, state shared revenues, licenses, fees and permits revenue, and fines,
forfeitures and penalties revenue to make the required payments for this series.
2008 Bond Debt Service Fund – this fund accounts for the accumulation of resources and
payment of principal and interest on the series 2008 revenue bonds. The Town has pledged
Town sales tax revenue, state shared revenues, licenses, fees and permits revenue, and fines,
forfeitures and penalties revenue to make the required payments for this series.
Gladden Farms Debt Service Fund – this fund accounts for the accumulation of resources
and payment of principal and interest on the Gladden Farms general obligation bonds.
TOWN OF MARANA, ARIZONA
COMBINING BALANCE SHEET - NON-MAJOR DEBT SERVICE FUNDS
JUNE 30, 2009
1997 Bond 2003 Bond 2004 Bond 2008 Bond Debt
Debt ServiceDebt ServiceDebt ServiceService
SSETS
A
Cash and cash equivalents
$1,893$62,445
$ -$ -
Taxes receivable
-
- - -
Interest receviable
130
- -
Due from other governments
1,000,000
- - -
Prepaid items
274
- - -
Restricted cash and investments
692,315198,184 317,8504,422,973
Total assets
$ 692,316198,184$ 319,743$ 5,485,722$
LIABILITIES AND FUND BALANCE
S
Liabilities:
Accounts payable
$24,488
$ -$ -$ -
Due to other fund
91,041-
s
- -
Deposits held for others
-
- - -
Total liabilities
91,04124,488
- -
Fund balances:
Reserved for:
274
Prepaid items
- - -
692,316107,143 319,7435,460,960
Debt service
Total fund balances
692,316107,143 319,7435,461,23
4
Total liabilities and fund
balances
$ 692,316198,184$ 319,743$ 5,485,722$
Other Debt Gladden Farms
ServiceDebt ServiceTotals
$72,382$223,040$359,760
4,8604,860
-
637
-
-1,000,000
-
-274
-
957,0266,588,348
-
$72,382$1,184,932$7,953,279
$1,436$ -$25,924
84,319175,360
-
531,862531,862
-
1,436 616,181733,146
-274
-
70,946 568,7517,219,859
70,946 568,7517,220,133
$72,382$1,184,932$7,953,279
TOWN OF MARANA, ARIZONA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
NON-MAJOR DEBT SERVICE FUNDS
YEAR ENDED JUNE 30, 2009
1997 Bond 2003 Bond 2004 Bond
Debt ServiceDebt ServiceDebt Service
Revenues:
Property Taxes
$ -$ - $ -
Intergovernmental
- - -
Contributions
- -
Investment income
1
- -
Total revenues
1
- -
Expenditures:
Debt service -
Principal retiremen
110,000280,000 140,000
t
Interest and fiscal charge
92,426409,363 180,286
s
Total expenditures
202,426689,363 320,286
Excess (deficiency) of revenues over
expenditures
(689,362)(202,426) (320,286)
Other financing sources (uses):
Face value of bonds issued
- - -
Transfers in
308,1841,310,801 637,975
Total other financing sources (uses)
308,1841,310,801 637,975
Change in fund balances
105,758621,439 317,689
Fund balances, beginning of year
70,8771,3852,054
Fund balances, end of yea
$ 692,316107,143$$319,743
r
2008 Bond Debt Other Debt Gladden Farms
ServiceServiceDebt ServiceTotals
-$615,888$615,888
$ $ -
1,000,000900,000-1,900,000
- -0
-
9,105 -4,91114,017
1,009,105 900,000620,7992,529,905
-1,000,000-1,530,000
754,020 47,663232,6501,716,408
754,0201,047,663232,6503,246,408
255,085 (147,663) 388,149 (716,503)
3,393,300 --3,393,300
1,812,849227,759 -4,297,568
5,206,149 227,759-7,690,868
5,461,23
80,096388,1496,974,365
4
- (9,150)180,602245,768
$5,461,23$70,946$568,751$7,220,133
4
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR DEBT SERVICE FUNDS
1997 BOND DEBT SERVICE
YEAR ENDED JUNE 30, 2009
1997 Bond Debt Service
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Property Taxes
$ -$ -$ - $ -
Intergovernmental
- - - -
Contributions
- - - -
Investment income
- - - -
Total revenues
- - - -
Expenditures:
Debt service -
220,000 110,000
Principal retirement
220,000 110,000
179,010 86,584
Interest and fiscal charges
179,010 92,426
196,584
Total expenditures
399,010 399,010 202,426
Excess (deficiency) of revenues over
expenditures(399,010)(399,010)(202,426) 196,584
Other financing sources (uses):
-- --
Face value of bonds issued
-- 308,184
Transfers in
308,184
-- 308,184
Total other financing sources (uses)
308,184
(399,010)(399,010) 504,768
Change in fund balance
s
105,758
1,9851,9851,385(600)
Fund balances (deficits), July 1, 2008
$(397,025)$(397,025)$107,143$ 504,168
Fund balances (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR DEBT SERVICE FUNDS
2003 BOND DEBT SERVICE
YEAR ENDED JUNE 30, 2009
2003 Bond Debt Service
ariance -
V
Positive
(Negative)
Original BudgetFinal BudgetActual
Revenues:
$-$-
Property Taxes
$ -$ -
Intergovernmental
- - - -
Contributions
- - - -
(1)
Investment income
- - 1
(1)
Total revenues
- - 1
Expenditures:
Debt service -
570,000570,000290,000
Principal retirement
2 80,000
808,830808,830399,467
Interest and fiscal charges
4 09,363
1,378,8301,378,830689,467
Total expenditures
6 89,363
Excess (deficiency) of revenues over
expenditures(1,378,830)(1,378,830)(689,362)689,468
Other financing sources (uses):
-- --
Face value of bonds issued
- 1,310,801- (1,310,801)
Transfers in
- 1,310,801- (1,310,801)
Total other financing sources (uses)
(1,378,830)(1,378,830)2,000,269
Change in fund balance
s
6 21,439
1,5081,50869,369
Fund balances (deficits), July 1, 2008
7 0,877
$(1,377,322)$(1,377,322)$ 692,316$2,069,638
Fund balances (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR DEBT SERVICE FUNDS
2004 BOND DEBT SERVICE
YEAR ENDED JUNE 30, 2009
2004 Bond Debt Service
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
Property Taxes
$ -$ -$ - $ -
Intergovernmental
- - - -
Contributions
- - - -
Investment income
- - - -
Total revenues
- - - -
Expenditures:
Debt service -
280,000 140,000
Principal retirement
280,000 140,000
357,975 177,689
Interest and fiscal charges
357,975 180,286
317,689
Total expenditures
637,975 637,975 320,286
Excess (deficiency) of revenues over
expenditures(637,975)(637,975)(320,286) 317,689
Other financing sources (uses):
Face value of bonds issued
- - - -
(637,975)
Transfers in
- - 637,975
(637,975)
Total other financing sources (uses)
- - 637,975
(637,975)(637,975) 955,664
Change in fund balance
s
317,689
2,9502,9502,054(896)
Fund balances (deficits), July 1, 2008
$(635,025)$(635,025)$319,743 (954,768)
Fund balances (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR DEBT SERVICE FUNDS
2008 BOND DEBT SERVICE
YEAR ENDED JUNE 30, 2009
2008 Bond Debt Service
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
$-
Property Taxes
$ -$ -$ -
1,000,000
Intergovernmental
- -1,000,000
-
Contributions
- - -
9,1059,105
Investment income
- -
1,009,105
Total revenues
- -1,009,105
Expenditures:
Debt service -
-
Principal retirement
- - -
754,020(754,020)
Interest and fiscal charges
- -
754,020(754,020)
Total expenditures
- -
Excess (deficiency) of revenues over
expenditures255,085255,085
- -
Other financing sources (uses):
3,393,300
Face value of bonds issued
- -3,393,300
1,812,849
Transfers in
- -1,812,849
5,206,149
Total other financing sources (uses)
- -5,206,149
5,461,234
Change in fund balance
s
- -5,461,234
-
Fund balances (deficits), July 1, 2008
- - -
$ --$ 5,461,234$$5,461,234
Fund balances (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR DEBT SERVICE FUNDS
OTHER DEBT SERVICE
YEAR ENDED JUNE 30, 2009
Other Debt Service
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
$-
Property Taxes
$ -$ -$ -
3,014,7313,014,731900,000 (2,114,731)
Intergovernmental
-
Contributions
- - -
-
Investment income
- - -
3,014,7313,014,731900,000 (2,114,731)
Total revenues
Expenditures:
Debt service -
1,047,7471,047,7471,000,00047,747
Principal retirement
47,663(47,663)
Interest and fiscal charges
- -
1,047,7471,047,7471,047,66384
Total expenditures
Excess (deficiency) of revenues over
expenditures1,966,9841,966,984(147,663) (2,114,647)
Other financing sources (uses):
-
Face value of bonds issued
- - -
227,759227,759
Transfers in
- -
227,759227,759
Total other financing sources (uses)
- -
1,966,9841,966,98480,096 (1,886,888)
Change in fund balance
s
(9,150)(9,150) (9,150)-
Fund balances (deficits), July 1, 2008
$ 1,957,8341,957,834$$70,946$ (1,886,888)
Fund balances (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - NON-MAJOR DEBT SERVICE FUNDS
YEAR ENDED JUNE 30, 2009
(Continued)
Gladden Farms Debt Service
ariance -
V
OriginalPositive
BudgetFinal BudgetActual(Negative)
Revenues:
$614,407$614,407$615,888$1,481
Property Taxes
Intergovernmental
- - - -
Contributions
- - - -
4,9114,911
Investment income
- -
614,407614,407620,7996,392
Total revenues
Expenditures:
Debt service -
510,551510,551
Principal retirement
- 510,551
4,5004,500232,650 (228,150)
Interest and fiscal charges
515,051515,051232,650282,401
Total expenditures
Excess (deficiency) of revenues over
expenditures 99,35699,356 388,149 288,793
Other financing sources (uses):
Face value of bonds issued
- - - -
Transfers in
- - - -
Total other financing sources (uses)
- - - -
99,35699,356388,149288,793
Change in fund balance
s
120,000120,000180,60260,602
Fund balances (deficits), July 1, 2008
$219,356$219,356$568,751$349,395
Fund balances (deficits), July 1, 2009
TOWN OF MARANA, ARIZONA
STATISTICAL SECTION
JUNE 30, 2009
Statistical Section
Financial presentations included in the Statistical Section provide data and information on the financial, physical, a
and economic characteristics of the Town of Marana. The following schedules cover multiple fiscal years and
provide users with a broader and more complete understanding of the Town and its financial affairs and economic
condition. They also present detailed information as a context for understanding this year's financial statements,
note disclosures, and required supplementary information.
SchedulePage
Financial Trends
hese schedules contain trend information to help users understand and assess how the Town'
Ts
financial position has changed over time.
Net Assets by Component - Last Five Fiscal Years1127
Changes in Net Assets - Last Five Fiscal Years2128
Governmental Activities Tax Revenues by Source - Last Five Years3130
Fund Balances of Governmental Funds - Last Five Fiscal Years4131
Changes in Fund Balances of Governmental Funds - Last Eight Fiscal Years5132
Revenue Capacity
hese schedules contain information to help users understand and assess the Town's local revenue
T
source, the property tax.
Assessed Value, Estimated Actual Value and Assessment Ratios of Taxable Property - 6133
Last Six Years
Property Tax Rates - Direct and Overlapping Governments - Last Ten Years7134
Principal Property Taxpayers - Current Year and Two Years Ago8135
Property Tax Levies and Collections - Last Ten Fiscal Years9136
Debt Capacity
hese schedules present information to help users understand and assess the Town's debt burden
T
and its ability to service current debt and to issue additional debt in the future.
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years10137
Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years11138
Direct and Overlapping Governmental Activities Debt12139
Pledged-Revenue Coverage - Last Ten Fiscal Years13140
Demographic and Economic Information
hese schedules present economic and demographic indicators to help users understand the
T
environment within which the Town's financial activities take place.
Demographic and Economic Statistics - Last Ten Fiscal Years14141
Principal Employers - Current Year and Nine Years Ago15142
Operating Information
hese schedules present information to help users understand the Town's operations and resource
Ts
as well as to provide a context for understanding and assessing the Town's economic condition.
Full-time Equivalent City Government Employees by Function - Last Five Fiscal Years16143
Other Information
hese schedules present information to help users understand potential for growth and
T
economic opportunities within the town.
Sales Tax by Industry - Last Five Years17144
Principal Retail and Contracting Sales Taxpayer18145
s
Single Family Residential Permits Issued - Last Nine Years19146
OWN OF MARANA
T
Schedule 1
NET ASSETS BY COMPONENT
LAST FIVE FISCAL YEARS
(Accrual basis of accounting)
(Amounts expressed in thousands)
Fiscal Year *
20052006200720082009
(as restated)
Governmental activities
$184,396$197,275
Invested in capital assets, net of related debt $ 28,450$ 73,954$ 159,963
Restricted -25,46545,727
11,939 59,313
Unrestricted 31,04422,32016,927
33,018 (279)
otal governmental activities net assets 232,181259,929
T
59,495 118,912 218,998
Business-type activities
32,34141,643
Invested in capital assets, net of related debt 11,657 14,990 25,522
Restricted -
- - 1,297 -
Unrestricted (236)(1,242)(4,714)
131 966
otal business-type activities net assets 32,39636,929
T
11,421 15,122 26,488
Primary government
216,737238,918
Invested in capital assets, net of related debt 40,107 88,944 185,485
Restricted -26,76245,727
11,939 59,313
Unrestricted 30,80821,07812,213
33,149 687
otal primary government net assets $264,577$296,858
T
$ 70,915$ 134,033$ 245,485
*The Town implemented Government Accounting Standards Board Statement #34 effective fiscal year 2003. Therefore
,
any presentation based on the accrual basis of accounting will reflect five years of historical data; in contrast to any
presentation based on the modified accrual basis of accounting which reflect ten years of historical data.
OWN OF MARANA
T
CHANGES IN NET ASSETS
LAST FIVE FISCAL YEARS
(Accrual basis of accounting)
(Amounts expressed in thousands)
Fiscal Year*
20052006200720082009
Expenses
Government activities:
General government$12,925$9,565
$ 6,175$ 8,740$ 10,134
Development & planning services1,304
4,803 6,438 3,442 -
own Attorney917
T
401 489 - -
Public safety12,255
6,309 8,948 9,187 11,215
Magistrate court946
741 807 - -
Highways and streets6,734
4,086 5,510 15,898 10,269
Health & Welfare ***112
- - - 1 30
Culture & recreation4,818
2,642 3,307 3,557 3,978
Economic & community development****12,751
238 256 375 8,643
Interest on long-term debt2,530
1,709 1,816 2,297 2,500
otal government activities expenses 51,932
T
27,105 36,311 44,891 49,660
Business-type activities:
Airport2,546
564 837 1,028 1,196
Water1,178
1,974 2,629 3,227 3,276
otal business-type activities expenses3,724
T
2,538 3,466 4,255 4,472
otal primary government expenses $54,132$55,656
T
$ 29,643$ 39,777$ 49,146
Program Revenues
Governmental activities:
Charges for services:
General government $918
$ 696$ 472$ 1,108$ 899
Development & planning services
3,153 5,969 4,718 -
own attorney
T
26 13 - -
Public safety
338 192 19 -
Magistrate court
521 648 - -
Highways and streets-
3,933 590 5 -
Health & Welfare-
- - - -
Culture and recreation315
722 191 208 2 00
Economic & community development 1,740
77 51 2,380
Operating grants and contributions 3,537
785 450 1,404 4,700
Capital grants and contributions 40,725
3,135 26,036 5,904 14,590
47,235
T
otal government activities program revenues 13,385 34,614 13,365 22,768
Business-type activities:
Changes for services:
Airport2,718
134 144 185 2 21
Water227
2,375 3,216 2,905 2,968
Capital grants and contributions5,269
595 3,531 9,073 6,885
8,214
T
otal business-type activity program revenues 3,103 6,891 12,163 10,074
55,449
T
otal primary government program revenues 16,488 41,506 25,528 32,842
Net (expense)/revenue
Governmental activities (1,697)(13,720) (26,892)(31,525) (4,697)
Business-type activities4,490
565 3,426 7,908 5,602
otal primary government net expense$ 1,729(13,155)$ (23,618)$ (21,290)$$(207)
T
Schedule 2
20052006200720082009
General Revenues and Other Changes in
Net Assets
Governmental activities:
General revenues
$27,173$22,404
City sales taxes$ 25,126$ 34,167$ 30,900
Property taxes691
- - - 4 60
Franchise fees315
- - - 3 09
Highway Users/Local Transit Assistance Fund 1,285 1,253 2,068 -
State shared revenues7,221
1,803 3,634 6,894 7,397
Pima Association of Governments Funding - - - -
Intergovernmental -
- 4,810 -
System development fees
115 3,588 231 -
Investment income (loss)595
757 1,835 4,463 3,024
Miscellaneous1,227
- - 221 4 59
ransfers(160)(8)
T
- - 470
otal governmental activities32,445
T
29,088 44,476 50,057 38,661
Business-type activities:
General revenues
Investment income8
- - - 1 10
Miscellaneous26
- - - 37
ransfers8
T
- - (470) 1 60
otal business-type activities42
T
- - (470) 3 07
otal primary government32,487
T
29,088 44,476 49,586 38,968
Change in Net Assets
Governmental activities27,748
15,368 42,779 18,531 11,769
Business-type activities4,532
565 3,426 7,437 5,909
otal primary government$17,678$32,280
T
$ 15,933$ 46,204$ 25,968
*The Town implemented Government Accounting Standards Board Statement #34 effective fiscal year 2003. Therefor
e
any presentation based on the accrual basis of accounting will reflect five years of historical data; in contrast to any
presentation based on the modified accrual basis of accounting which reflect ten years of historical data.
** In prior fiscal years, 2003 through 2006, the functions of Town Attorney and Magistrate Court were reported
separately. However, both functions have been consolidated as par of the General Government function, as per General
Accounting and Financial Reporting standards.
***In prior fiscal years, 2003 through 2008, programs and services offered by the Senior Center were included in
the function of Culture and Recreation. Effective fiscal year 2008, these programs and services are reported
under the function of Health and Welfare.
****In prior fiscal years, 2003 through 2007, the functions of Development and Planning Services and Economic
Development were reported separately. Effective fiscal year 2008, the functions were consolidated under
one function, Economic and Community Development.
In prior fiscal years, Highway Users Revenues and Local Transportation Assistance Funds were reported as general
revenues. Effective fiscal year 2008, these revenues are being reported as program revenues.
OWN OF MARAN
TA
Schedule 3
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
LAST FIVE FISCAL YEARS
(Accrual basis of accountin
)
g
(Amounts expressed in thousands)
FiscalHighway User
Year Sales TaxRevenue taxesTotal
2009$ 22,718$1,936$24,654
2008 27,1732,03629,209
2007 30,9002,06832,969
2006 34,1671,25335,420
2005 25,1261,28526,411
*The Town implemented Government Accountin Standards Board Statement #34 effective fiscal year 2003.
g
herefore, any presentation based on the accrual basis of accountin will reflect five years of historical data;
Tg
in contrast to any presentation based on the modified accrual basis of accountin which reflect ten years of
g
historical data.
TOWN OF MARANA
Schedule 5
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST EIGHT FISCAL YEARS
(Modified accrual basis of accountin
)
g
(Amounts expressed in thousands)
Fiscal Yea
r
20022003200420052006200720082009
Revenues
Sales taxes$15,258$17,33620,059$$27,173$22,404
$ $ 25,126$ 34,16730,900
Property taxes
- - - - - - 460 692
Interovernmental revenue 14,69011,227
gs
11,737 6,620 7,189 4,160 1 9,280 21,607
Licenses, fees and permits
5,380 6,065 6,264 7,914 6,201 10,109 3,341 2,521
Fines, forfeitures and penaltie
s
3 62 313 365 481 628 767 808 869
Chares for services
g
- 148 116 113 220 380 980 706
Lease Income
- 456 442 438 498 2 0 987 543
Special assessments
- - - - - - - 2,136
Contributions
- - - - - 379 1,457 658
System development fees
- - - 1,721 3,588 355 - -
Investment earnins
g
9 59 (213) 602 757 1,835 4,445 3,025 595
Miscellaneous 913
199 719 518 511 1,054 484 286
Total revenues 35,758
34,609 30,924 41,230 58,87463,096 5 7,995 53,017
Expenditures
Generalovernment 3,521
g
3,960 5,307 5,626 6,533 8,485 9,999 8,947
Public safety
4,070 4,254 4,865 5,325 7,125 7,910 1 0,500 11,204
Hihways and streets
g
2,987 3,102 2,365 2,833 3,152 5,868 3,897 3,693
Health and welfare
- - - - - 130 113
Economic and community development
4,519 2,578 3,101 4,050 5,615 3,345 4,910 4,405
Culture and recreation
1,399 1,673 1,705 2,045 2,574 2,894 3,267 3,665
Town attorney
3 71 354 208 365 427 - - 917
Ma
istrate Court
g
3 86 441 480 557 704 - - 946
Community development
3 06 316 275 202 217 343 - 370
Capital outlay 18,808
14,100 16,414 29,084 13,06232,710 5 7,213 35,888
Debt service
Principal 1,441
1,533 1,569 1,489 3,450 3,477 2,129 2,535
Interest 807
758 689 1,611 1,785 2,453 3,121 2,313
Other char
es 4
g
4 505 465 - 1,184 - 628
Total expenditures 39,876
33,909 35,384 53,651 44,64468,670 9 5,165 75,624
Excess of revenues
over (under) expenditure (5,574)(22,607)
s
7 01 (4,461) (4,119)(12,421)14,230 (37,171)
Other financin sources (uses)
g
39,76612,211 4,698
Transfers in 8,680 16,498 2,826 4,195 15,978
Transfers out (8,680)
(17,601)(12,211)(39,766) (4,698) (2,355) (4,355)(15,987)
Bonds issued 10,780 -
- -19,700 29,024 3,075 39,790
Note Proceeds
- - - 7,000 - - -
Lease purchase proceeds
5 91 - - - - - -
Premium on bonds issued
- - - 307 - - - 443
Discount on bonds issued
- - (111) - - - -
Payments to refunded bond escrow a
ent -
g
- - (6,644) - - -
Residual equity transfer ou(1,845)
t
- - - - - -
Total other financin sources (uses) (1,254) 11,44319,589 -
g
(1,103) 29,494 2,915 40,224
e in fund balance $(553)$(5,564)$ (978)15,470$ 14,230$ 23,920$$17,617
Net chan
g
$ ( 34,256)
Debt service as a percentae of
g
noncapital expenditure
12.8%13.8%15.1%17.0%19.9%24.7%16.1%16.0%
s
Schedule 6
OWN OF MARAN
TA
SSESSED VALUE AND ESTIMATED ACTUAL OF TAXABLE PROPERTY
A
LAST SIX FISCAL YEARS
(Amounts expressed in thousands)
Assessed
FiscalTotalEstimatedValue as a
ActualPercentage
YearLess: Tax TaxableTotal
EndedResidentialCommercialExempt Real AssessedDirect Tax Taxableof Actual
RateValueValue
June 30PropertyPropertyPropertyValue
2009292,250$ $260,749$19,543$533,455$3.1000$4,332,04212.3%
2008296,761 218,94217,2284,344,72411.5%
498,475 3.1000
2007225,022 204,381 16,038413,3653.10003,321,03012.4%
2006164,013 161,00814,6942,456,87312.6%
310,328 3.1000
2005126,136 136,27014,1491,933,91112.8%
248,257 2.8000
2004104,736 122,38013,6961,650,69412.9%
213,420 2.8000
SOURCE: Pima County Assessor's Office
NOTES:
1) The Town of Marana does not impose a property tax; principal property taxpayers represented above
reflect those properties within the boundaries of the Gladden Farms Community Facilities District,
which does impose a property tax.
OWN OF MARAN
TA
Schedule 8
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND TWO YEARS AGO
(Amounts expressed in thousands)
20092007
PercentaePercentae
gg
of Total of Total
TaxabletaxableTaxabletaxable
AssessedAssessedAssessedAssessed
Value Rank ValueValue Rank Value
Taxpayer
Fidelity National Title TR 30212$ 1,583143.9%$ 2,659173.7%
Fidelity National Title TR 603609.7%
3502
Smith Food & Dru Centers Inc9.0%
g
32439.0% 3244
Gladden 25 LLC7.8%
28247.8% 2825
Fidelity National Title TR 603389.8%
23756.6% 3522
Weinarten Newquist LLC6.2%
g
22566.2% 2247
Freedber Barry & Freedbr Bella5.6%
g
2017
Miramonte Gladden Farms LLC5.3%
1908
OS Realty LLC3.7%
1349
Wells Faro Bank National Assn.2.3%
g
83102.3% 839
Bank of America9.4%
3393
itle Security Aency TR 8916.5%
Tg
2346
Fidelity National Title TR 601834.0%
1448
First Anerican Title TR 9170
79102.2%
otals 3,609
T
$ $ 4,720
Notes:
1) The Town of Marana does not impose a property tax; principal property taxpayers represented above
reflect those properties within the boundaries of the Gladden Farms Community Facilities District,
which does impose a property tax.
Source: Pima County Assessor's Office - IS Dep
t
(Information System's Coordinator)
OWN OF MARAN
TA
Schedule 9
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
(Amounts expressed in thousands)
Collected within the Fiscal Year
of the LevyTotal Collections to Date
Fiscal Year
Ended June Total Tax Levy for PercentagePercentage of
30Fiscal YearAmountof LevyAmountLevy
2009$ 688$68198.98%$ 68198.98%
2008 54453297.79% 54399.82%
2007 28728699.70% 28699.70%
2006 646297.54% 100.00%64
2005 8 99.96%8 100.00%8
2004 -- -
- -
2003 -- -
- -
2002 -- -
- -
2001 -- -
- -
2000 -- -
- -
Notes:
he Town does not impose a property tax; levies and collections presented above reflect assessments
T
directly related to the Gladden Farms Community Facilities District. Prior to fiscal year 2005, the CFD did
not exist; therefore, no levies or collections are presented in fiscal years 2004 and prior.
Source: Pima County Treasurer's Office
OWN OF MARAN
TA
Schedule 10
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
(Amounts expressed in thousands, except per capita amount)
Governmental Activities
GeneralSpecialTotalPercentage
FiscalRevenueObligationAssessmentCapitalPrimaryof Personal
YearBondsBonds*Bonds**LeasesGovernmentIncome ***Per Capita
2009$ 6 7,975$ 8 ,335$ 24,823$ 75$ 101,208313.3%$ 3,039
2008 2 9,225 8,385 - 115 37,725151.6% 1,258
2007 3 0,460 5,355 - 154 35,969134.7% 1,199
2006 3 1,835 2,105 - - 33,940118.2% 1,131
2005 3 3,395 2,105 - - 35,500132.9% 1,328
2004 3 2,100 - - 154 32,254129.6% 1,396
2003 1 3,780 - - 199 13,97961.3% 685
2002 1 5,080 - - 544 15,62471.3% 863
2001 1 6,330 - - - 16,33076.4% 1,040
2000 1 7,515 - - 50 17,56585.6% 1,236
Notes:
* Bonds issued for Gladden Farms Facilities District FY 05, a component unit of the Town. Principal
debt payoff does not be
in until fiscal year 2008.
g
** Bonds issued for Tan
erine Farms Road Improvement District FY 2008, a component unit of the Town.
g
** Individual statistics not available for Marana, included in fi
ures for Pima County and Tucson
g
Metropolitan area.
Source: US Census Bureau, Bureau of Economic Analysis
OWN OF MARAN
TA
Schedule 11
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
(Amounts expressed in thousands, except per capita amount)
Less:
AmountsPercentage of
GeneralAvailable in Estimated Actual
ObligationDebt Service Taxable Value of Per
Fiscal Year BondsFundTotal propertyCapita
20098,335$ 2,165$ 6,170$0.15%18.5%
2008 8,3852,1806,2050.19%18.6%
2007 5,3552,2573,0980.13%10.3%
2006 2,1052,031740.00%0.3%
2005 2,1052,1050.13%9.1%
-
2004
- - -0.00% -
2003
- - -0.00% -
2002
- - -0.00% -
2001
- - -0.00% -
2000
- - -0.00% -
Notes:
he Town of Marana does not impose a property tax; any property taxes presented in this report are
T
directly related to the Gladden Farms Community Facilities District, formed in fiscal year 2005.
Consequently, no
eneral obliation bonds were issued by the District until fiscal year 2005.
gg
OWN OF MARAN
TA
Schedule 12
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
S OF JUNE 30,2009
A
(Amounts expressed in thousands)
Estimated
DebtPercentageEstimated Share of
ApplicableOverlapping Debt
Outstanding
Governmental Unit
State of ArizonaNone0.58%None
Pima County$ 5.03%38,108,370757,621,667$
Pima County Community Colle
e District40,105,0005.03%2,017,282
g
Pima County Flood Control Distric
725,0005.58%40,455
t
-
Northwest Fire Distric
41.48%10,623,02825,610,000
t
Gladden Farms Community Facilities Distric
8,335,000100.00%8,335,000
t
Red Hawk Community Facilities District No. 1None100.00%None
Red Hawk Community Facilities District No. 2None100.00%None
Flowin
Wells Unified School District No. 826,920,000100.00%26,920,000
g
Marana Unified School District No. 645,050,00055.08%24,813,540
own of Marana *None100.00%None
T
otal direct and overlappin deb$ 110,857,674
Tgt
Notes:
* Does not include the Municipal Property Corporation municipal facilities revenue bonds outstandin
in the
g
a
reate principal amount of $29,240,000. In addition, the above schedule does not inlcude include th
ggge
Tanerine Farms Road Impovement Special Assessment bonds outstandin in the amount of $24,
gg
Sources: The various entities
OWN OF MARAN
TA
Schedule 15
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
20092000
Percenta
ge of Percentage of
Total City Total City
EmploymentEmployment
EmployeesEmployees
Employer
Marana Unified School District18.1%
1,77524.1% 1,212
Army Reserve/National Guard Trainin
Center2.4%
g
6358.6% 161
Everreen Air Center, Inc.9.6%
g
6058.2% 643
Wal-Mart0.0%(2)
4506.1% -
own of Marana2.2%
T
3655.0% 145
Costco0.0%(1)
2753.7% -
Sarent Controls & Aerospace3.2%
g
2503.4% 216
are0.0%(1)
Tgt
2253.1% -
Comcast of Arizona2.2%
2002.7% 145
Fry's Food & Dru
2.7%
g
200
Coca-Cola Bottlin3.2%
g
213
Notes:
(1) New business opened FY 2003
OWN OF MARAN
TA
Schedule 16
FULL-TIME EUIVALENT TOWN GOVERNMENT EMPLOYEES BY FUNCTION
Q
LAST FIVE FISCAL YEARS
20052006200720082009
Function
General Government 90.4
41.5 54.5 58.064.0
Development & plannin services
g
50.5 51.5 51.5-45.1
Public Safety
Police
--- - -
Officers 81.0
71.0 82.0 84.084.0
Civilians 21.0 30.0
27.0 29.029.5
Buildin Safet---19.0 -
gy
Hihways and streets
g
32.0 35.0 36.0-24.0
Enineerin 18.5 -
gg
20.5 22.040.8
Maintenance ---35.0-
Culture and recreation 50.0
35.5 41.0 49.349.8
Community Developmen
t
1.0 1.0 3.0 - 3 .0
Economic & community developmen -
t
- - -18.0
Water Utilities 17.4
14.0 18.5 18.019.0
Municipal Airpor
t
2.0 2.0 2.0 3 .0 2 .0
otal 287.0333.0352.8362.0 342.9
T
Source: Town of Marana, Human Resources Department
OWN OF MARAN
TA
Schedule 18
PRINCIPAL RETAIL AND CONTRACTING SALES TAXPAYERS
S OF JUNE 30, 2009
A
Fiscal Year 2009Fiscal Year 2005
PercentaPercenta
ge of ge of
Sales Tax Total Sales Sales Tax Total Sales
PaymentsRankTax PaymentsPaymentsRankTax Payments
RETAIL
axpayerA$1,598,05515.9%1,733,396$ 16.9%
T
axpayerB 1,142,30324.7%
T
24.2% 1,192,851
axpayerC 603,56432.2%840,01533.3%
T
axpayerD 539,72842.0%591,45752.4%
T
axpayerE 446,53351.6%685,47642.7%
T
axpayerF 440,56461.6%
T
axpayerG 435,42571.6%538,59062.1%
T
axpayerH 302,15881.1%
T
axpayerI 278,69191.0%359,53871.4%
T
axpayerJ 202,402100.7%
T
axpayerK81.3%
T
338,849
axpayerL90.8%
T
201,110
axpayerM100.6%
T
158,555
$5,989,42121.9%6,639,837$ 26.2%
CONTRACTING
axpayerA$1,115,11714.1%$647,80132.6%
T
axpayerB 798,978111.3%
T
22.9% 2,848,947
axpayerC 611,21332.2%
T
axpayerD 362,37441.3%
T
axpayerE 345,23451.3%
T
axpayerF 335,74661.2%505,61942.0%
T
axpayerG 237,22870.9%
T
axpayerH 130,96280.5%
T
axpayerI 129,80190.5%
T
axpayerJ 127,030100.5%
T
axpayerK24.0%
T
1,008,932
axpayerL51.6%
T
398,134
axpayerM61.6%
T
393,308
axpayerN71.4%
T
361,226
axpayerO81.0%
T
250,964
axpayerP90.9%
T
229,312
axpayerQ100.9%
T
225,784
$4,193,68315.4%6,870,027$ 27.3%
Source: Town of Marana Finance Department, Arizona Department of Revenue
OWN OF MARANA
T
Schedule 19
SINGLE FAMILY RESIDENTIAL PERMITS
LAST NINE FISCAL YEARS
Month200120022003200420052006200720082009
January 5383101811305235113
February 506299711294483279
March658710510518013453122
April68701295220368555011
May8110513813622261811813
June66479910812375652820
Jul811229914016892512131
y
us738712313414399507646
Au
gt
September90709617514927302727
October6572861411393435714
November505555119796113512
December46102761361065928512
Calendar Total 788 9621,2061,3981,771 806 579 287 200
Fiscal Total 712 8591,1791,0881,8321,218 744 353 199
Source: Town of Marana Finance Department, Town of Marana Buildin Services
g