HomeMy WebLinkAbout1996 Financial Statement June 30TABLE OF CONTENTS
INTRODUCTORY SECTION
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Letter of Transmittal ...................................................................................... I
Town of Marana Organizational Chart ......................................................... VIII
Townof Marana Officials .............................................................................. IX
FINANCIAL SECTION
Opinion of the Certified Public Accountant ............................................
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Combined Balance Sheet - All Fund Types and
Account Groups ............................................................ 1
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund
Types............................................................................. 2
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual - All
Governmental Fund Types ............................................ 3
Combined Statement of Revenues, Expenses and
Changes in Deficit - All Proprietary Fund Types ......... 4
Combined Statement of Cash Flows - All Proprietary
Fund Types .................................................................... 5
Notes to Combined Financial Statements ........................ -
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General Fund
Compazative Balance Sheet ..........................................A-1
Statement of Revenues, Expenditures and Changes
in Unreserved Fund Balance - Budget and Actual......A-2
Special Revenue Funds
Combining Balance Sheet .............................................B-1
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances ..........................................B-2
1992 Community Development Block Grant - Statement
of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual ......................................B-3
1993 Community Development Block Grant - Statement
of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual ......................................B-4
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TABLE OF CONTENTS
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Special Revenue Funds (Continued)
1994 Community Development Block Grant - Sta.tement
of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual ......................................B-5
1995 Community Development Block C�rant - Statement
of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual ......................................B-6
Community Development Block Crrant - Revolving Loan
Program - Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual..........B-7
COPS Grant - Statement of Revenues, Expenditures
and Changes in Fund Balance - Budget and Actual....B-8
RICO - Sta.tement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual..........B-9
Census Grant - Statement of Revenues, Expenditures
and Changes in Fund Balance - Budget and Actual....B-10
GITEM - Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual..........B-11
HIDTA - Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual..........B-12
MANTIS - Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual ..........B-13
Highway Safety 402 Grant - Statement of Revenues,
Expenditures and Changes in Fund Balance -
Budget and Actual .......................................................B-14
LTAF - Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual..........B-15
Drug and Gang Prevention - Sta.tement of Revenues,
Expenditures and Changes in Fund Balance -
Budget and Actual .......................................................B-16
Highway User Revenue - Statement of Revenues,
Expenditures and Changes in Fund Balance -
Budget and Actual .......................................................B-17
Enterprise Fund
Comparative Balance Sheets .........................................C-1
Statement of Revenues, Expenses and Changes in
Deficit - Budget and Actual ........................................C-2
Agency Fund
Statement of Changes in Assets and Liabilities............D-1
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TABLE OF CONTENTS
Combining� Individ 1 F nd nd Acco �nt rroun
St?tements �nd Sched �le (Continued) Ezhil2i�
General Fixed Assets Account Group
Comparative Schedule of General Fixed Assets by
Source .........................................................................E-1
Schedule of General Fixed Assets - By Function
and Activity .................................................................E-2
Schedule of Changes in General Fixed Assets -
By Function and Activity ............................................E-3
STATISTICAL SECTION (Unaudited) Table
General Government Expenditures by Function -
Last Ten Fiscal Years ...........................................................I
General Revenues by Source - Last Ten Fiscal Yeazs ...........II
Assessed and Estimated Value of Taxable Property -
Last Ten Fiscal Years ...........................................................III
Property T� Rates - Direct and Overlapping Governments -
(Per $100 of Assessed Value) - Last Ten Fiscal Years........IV
Computation of Legal Debt Margin General Obligation
Bonds ...................................................................................V
Computa.tion of Direct and Overlapping Debt .......................VI
Lease Revenue Bond Coverage - Last Ten Fiscal Yeazs .......VII
Demographics ........................................................................VIII
Property Va1ue, Construction, and Bank Deposits -
Last Ten Fiscal Years ...........................................................IX
Miscellaneous Sta.tistical Data.. ..............................................X
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MARANA
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January 27, 1997
The Honorable Mayor and Council
Town of Marana, Arizona
The Comprehensive Annual Financial Report (CAFR) of the Town of Marana for the year ended
June 30, 1996 is hereby submitted. The CAFR has been prepared by the Town's Finance
Deparhnent in conjunction with the Town's auditors, Clifton Gunderson L.L.C. and special
consultant, Mr. Ron Kovar. Responsibility far the accuracy of the data, and the completeness
and fairness of the presentation, including all disclosures, rests with the Town. To the best of
our knowledge and belief, the data contained in the CAFR is accurate in all material respects,
and is reported in a manner designed to present fairly the financial position and results of
operations of the various funds and account groups of the Town. All disclosures necessary to
enable the reader to gain an understanding of the Town's financial activities have been included.
The CAFR is presented in three sections: Introductory, Financial and Statistical. The
Introductory Section includes this transmittal letter, the Town's organizational chart, and a list of
principal Town officials. The Financial section includes the auditor's opinion on the financial
statements and schedules, the general purpose financial statements and footnotes, and the
combining statements and schedules by fund and account group, which provides additional
detailed information. The Statistical Section includes selected financial and demographic
information, generally presented on a multi-year basis to demonstrate trends.
THE REPORTING ENTITY AND ITS SERVICES
Historical Background
Incorporated in 1977, the Town of Marana is located along Interstate 10 between Phoenix and
Tucson. While retaining its rural appeal and agricultural economic base, Marana is now home to
several housing, commercial and industrial developments. Currently, the Town's boundaries
encompass approximately seventy square miles with a population base in excess of five
thousand.
Organization
The governmental and administrative affairs of the Town are carried out by a seven-member
Town Council. The Mayor is selected by the Council from among its members. The Council is
responsible for establishing the policies of the Town, such policies providing guidance to the
various Town departments. The Council appoints a Town Manager who is responsible for the
general, administrative and overall operations of the Town.
' 13251 N. LON ADAMS ROAD � MARANA, ARIZONA 85653 � PHONE: (520) 682-3401 � FAX: 682-2654
Entity Defined
In accordance with standards set forth by the Governmental Accounting Standards Board, the
Town of Marana includes in its financial statements all funds, account groups, agencies, boards,
commissions, and authorities that are controlled by, or dependent on, the Town Council. The
basic criterion for considering an organization to be part of the reporting entity is the exercise of
oversight responsibility by the Council. Manifestations of oversight include financial
interdependency, selection of governing authority, designation of management, ability to
significantly influence operations, and accountability for fiscal matters.
This report includes all funds and account groups of the Town. The Town provides a full range
of services including police and fire protection, construction and maintenance of streets and
roads and other infrastructure, flood control, low income housing, recreational activities and
cultural events. In addition to general government activities, the Town Council exercises
oversight authority over the Town of Marana Municipal Property Corporation. Therefore, these
activities are included in the reporting entity
ECONOMIC CONDITION AND OUTLOOK
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Current Condition
Economic conditions in the Town of Marana have improved dramatically over the past several
years. Sales tax revenues, the Town's primary source of income, have increased over 125%
from fiscal 93-94 to fisca195-96. During the same period, the Town's unreserved fund balance
has increased from $2.2 million to over $6.6 million. This distinct improvement can be traced to
several key factors.
♦ An aggressive, well-planned annexation policy resulted in the Town annexing approximately
1.5 square miles of prime, commercial real estate. The business community in the annexed
area generates over 70% of the Town's sales tax revenues.
♦ The home-building industry continues to play a significant role in the Town's economic
viability. Fueling the strong construction activity is the abundance of undeveloped land, a
strong local and national economy, and a staff dedicated to customer service. The
significance of the home-building industry to the Town's economy is evidenced by the fact
that three of the ten largest taxpayers in fisca195-96 were home-builders.
♦ The attitude and philosophy of the Town Council creates a pro-business environment that
encourages and promotes economic development. This intangible asset has fostered the
fiscal prosperity of the Town over the past several years and will continue to play a
significant role in the future growth of the Town.
♦ The diversity of the Town's economy further contributes and provides stability to the fiscal
condition of the Town. The business community consists of several national and/or regional
retailers (K-Mart Corp., Price-Costco, Target Stores) and many local eating establishments,
automotive repair and accessories shops, and grocery market stores. This diversity insulates
the Town from adverse impacts caused by inflationary or recessionary conditions.
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Future Economic Outlook
The Town of Marana is presently 5% developed and is expected to have very rapid commercial,
industrial and residential growth in the next ten years. The recent opening of three motels,
combined with planned commercial development along Cortaro Road, the imminent
improvements to the Cortaro/I-10 interchange and commencement of bank protection
improvements along the Santa Cruz River, give credence to the future prosperity of the Town.
Further, with the aforementioned bank improvements, the Town's largely undeveloped northwest
quadrant is well-positioned to benefit from recent increases in economic activity. Planned
commercial and residential development in the Town's northeast quadrant provides additional
evidence of continued economic growth. This activity includes a major resort and a residential
community that may eventually encompass 10,000 homes. The Town's comprehensive master
plan and design standards assure that the growth will be of high quality and fit into the overall
plan for the Town.
MAJOR INITIATIVES
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Current Year Projects
The Town's 1995-96 budget of $10.7 million represented a 15.7% increase from the previous
fiscal year. Major components of the budget included $2.2 million for the construction and
maintenance of streets and roads, $210k for maintaining a competitive salary scale for Town
employees, $SOOk for the acquisition of land, computers, vehicles and machinery & equipment,
most of which were necessitated by the growth of the Town. An additional $800k was budgeted
for the acquisition of water entities within the Town limits. The budget also reflected moderate
service level increases in police, public works and building services.
Future Year Projects
The Town is committed to improving and increasing service levels to its residents, planning for
the proper and orderly growth of the community and rewarding its most valuable asset, its
employees. To that end, the following activities are in process and/or in the planning stages.
♦ A continuation of fire protection service to all residents of the Town, a service that began in
the last quarter of the fiscal year;
♦ Implementing a pay for performance plan that rewards employees for meritorious service at
competitive salaries;
♦ Implementing a state of the art, automated permitting and geographical information system
(GIS) that provides information immediately and hastens the permitting process;
♦ Finalizing the Town's comprehensive general plan that will guide development of the Town
well into the next century;
♦ Installing automated police equipment that facilitates and expedites the processing of
criminal data;
♦ Construction and maintenance of public streets and roads to accelerate transportation within
the Town;
♦ Expanding and improving park facilities to accommodate the public;
♦ Acquiring additional water entities to allow for critical management and control of the
Town's growth;
♦ Construction of a municipal complex which allows for the consolidation of services and
facilities to better serve its residents;
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All internal control evaluations occur within the above framework. We believe the Town's
internal accounting controls adequately safeguards assets and provide reasonable assurance of
proper recording of financial transactions.
� Management of the Town is responsible for establishing and maintaining an internal control
structure designed to ensure that the assets of the Town are protected from loss, theft, or misuse
and to ensure that adequate accounting data is compiled to allow for the preparation of financial
, statements in conformity with generally accepted accounting principles. The internal control
structure is designed to provide reasonable, but not absolute, assurance that these objectives are
met. The concept of reasonable assurance recogmzes that: (1) the cost of control should not
1 exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires
estimates and judgments by management.
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' The policy of the Town of Marana provides that the Town Council shall adopt the annual budget
prepared by the Town Manager and senior staff. This budget is reviewed by the Town Council
and is formally adopted by the passage of a budget resolution. The Town Manager is authorized
, to transfer budgeted amounts between departments within any fund; however, any revisions that
alter the total expenditures of any fund must be approved by the Town Council.
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Revenue and expenditure reports that compare budget versus actual results are produced monthly
and are distributed to senior staff and others upon request.
, General Fund
The General Fund is used to account for expenditures of traditional governmental services as
well as financial resources other than those required to be accounted for in other funds.
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General fund revenues totaled $7,865,619 in fiscal 1995-96, an increase of 18% from FY 94-95.
General fund increases (decreases) over the last year are shown in the following tabulation:
Revenue Source
Taxes
Other Agencies
Licenses, Fees and Permits
Fines, Forfeitures and Penalties
Interest Income
Other
Total
FINANCIAL INFORMATION
Amount
$5,832,390
$487,320
$1,088,258
$108,129
$277,750
$71,772
$7,865,619
Percent
of
Total
74.15%
6.20%
13.84%
137%
3.53%
0.91%
100.00%
Increase
(Decrease)
from
1995
$512,157
$87,718
$455,811
$12,515
$116,994
$18,244
$1,203,439
Percent
Increase
(Decrease)
from
1995
9.63%
21.95%
72.07%
13.09%
72.78%
34.08%
The increase in tax revenues was the result of a strong home-building industry and the opening
of several new business establishments (Denny's, Michael's, etc.).
Other agencies revenue grew primarily because of increases in state shared revenues.
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Income from licenses, fees and permits increased substantially due to the rapid growth mode of
the Town and the accompanying building and development activity.
Fines, forfeitures and penalties also increased to the growth mode of the Town as well as
improved collection efforts.
The increase in interest income reflects a continuing accumulation of surplus reserves combined
with sound cash management.
The growth in other revenues is attributed to the receipt of non-recurring income generated from
prior period activity.
General Fund expenditures for general government purposes totaled $5,637,631 in fiscal 1995-
96, an increase of 18% from FY 94-95. Increase (decrease) in levels of expenditures for major
functions of the Town over the preceding year are shown in the following tabulation:
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' General government
Development and planning services
Town attorney
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Police
Fire
Amount
$786,595
$484,862
$235,238
$1,791,490
$109,231
$213,493
$0
$1,881,501
$135,221
$5,637,631
Percent
of
Total
13.95%
8.60%
4.17%
31.78%
1.94%
3.79%
0.00%
33.37%
2.40%
100.00%
I ncrease
(Decrease)
from
1995
$73,875
$94,693
-$69,740
$146,871
$109,231
$52,952
-$7,270
$441, 013
$20,046
$861,671
Percent
Increase
(Decrease)
from
1995
10.37%
24.27%
-22.87%
8.93%
100.00%
32.98%
100.00%
30.62%
17.40%
Magistrate court
' Community development
Public works
Parks and recreation
Total
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In general, the increase in expenditures is attributable to the growth mode of the Town, which is
fueled by the strong commercial and residential activity. Hence, to respond to the growth, and to
the public demand for effective and efficient service, the majority of expenditure growth relates
to personnel costs and related furniture, fixtures and equipment. Construction and maintenance
of major streets and roads in the public works deparhnent also contributed to the increased
expenditure level.
The reduction in Town expenditures can be traced to reduced litigation.
FINANCIAL MANAGEMENT
Debt Administration
At June 30, 1996, the Town of Marana Municipal Property Corporation had two revenue bond
issues outstanding. The issues are from May, 1990 and June, 1992. At the end of FY 95-96, the
outstanding bond indebtedness totaled $575,000, of which $270,000 is attributable to the 1990
Series Bonds and $305,000 is attributable to the 1992 Series Bonds.
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The proceeds of the 1990 Series Bond issue was for the purchase of a water company. The
proceeds of the 1992 Series Bond issue was for the purchase of a town hall complex.
Through the years, the Town has entered into numerous capital lease agreements allowing the
Town to acquire assets without a major, immediate impact on fund balances. During fisca195-
96, several leases were terminated. In the future, the Town will carefully evaluate the options
available when acquiring assets, and will choose the option which provides the most long-term
benefit to the Town.
Cash Management
The Town of Marana uses a system of consolidated cash management where cash from all funds
is pooled. Cash to be used for the payment of current expenditures is kept in a money market
savings account. Excess and idle cash is kept on deposit with the State of Arizona Treasurer's
Local Government Investment Pool (LGIP). Cash in the LGIP is available upon 24 hour notice
and earns a return comparable to U.S. government securities. Interest earned on cash and
investments from all funds totaled $277,750 in FY 95-96, net of bank analysis fees and
investment expenses.
Risk Management
� The Town of Marana participates in the Arizona Municipal Risk Retention Pool. Under the
Town's general insurance liability, the Town is required to pay the first $10,000 per loss per
claim or judgment, with the Pool covering the balance up to $2,000,000. The Town also
j maintains an excess umbrella coverage of $3,000,000. The Town's total general liability
insurance is thus $5,000,000.
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The State Compensation Fund is the Town's insurance carrier for worker's compensation.
Various risk control techniques, including employee accident prevention training, are utilized to
control the Town's risk exposure.
Fiduciarv Operations
� The Town operates an Agency Fund to account for assets held as an agent for individuals. The
Deferred Compensation Fund is the Agency Fund. The Deferred Compensation Fund accounts
for voluntary contributions made by Town employees. Contributions from the fund are invested
� in various fixed income and equity funds that are administered by the ICMA Retirement
Corporation through a contract with the Town.
OT�IER INFORMATION
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Independent Audit
The State of Arizona requires a bi-annual audit of the books of account, financial records and
transactions of all departments of the Town by independent auditors. The Town has elected to
have its audit conducted on an annual basis. The firm of Clifton Gunderson L.L.C. has been
retained to perform the June 30, 1996 audit. The auditor's report is included in the Financial
Section of the report.
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r Acknowledgments
The preparation of the CAFR was made possible by dedication of the entire staff of the Finance .
� Department and the Town's special consultant, Mr. Ron Kovar, CPA. Our sincere appreciation
is extended to all members of the Finance Department and to Mr. Ron Kovar.
' We also extend our appreciation to the Mayor and Council for their interest and support in
planning and conducting the financial operation of the Town in a responsible and progressive
manner.
� Res t submitted,
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Hurvie E. Davis
, Town Manager
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' Roy Cuaron
Finance Director
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�ARANA
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TOWN OF MAItANA
TOWN COUNCIL
Eddie Honea, Mayor
Thomas Clark
Ora Mae Harn
Sharon Price, Vice Mayor
Bobby Sutton, Jr.
SE1vIOR STAFF
Hurvie E. Davis
Town Manager
Dave Atler
Town Engineer
Roy Cuaron
Finance Director
Jane Johnson
Human Resource Director
Russell Dillow
Town Magistrate
Daniel J. Hochuli
Town Attorney
"Come Grow With Us"
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Herbert Kai
Sherry Millner
Dave Smith
Police Chief
Jerry Flannery
Planning & Zoning Director
Doug Maples
Chief Building Official
Sandra Groseclose
Town Clerk
Brad DeSpain
Utilities Director
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Clifton
� Gunder�n z.z.c.
Certified Public Accountants & Consultants
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Honorable Mayor and Town Council
Town of Marana
Marana, Arizona
Independent Auditor's Report
We have audited the accompanying general purpose financial statements of the Town of Marana
Arizona as of and for the year ended June 30, 1996. These general purpose financial statements are the
responsibility of the Town's management. Our responsibility is to express an opinion on these general
purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards, Government
Auditing Stcrndards, issued by the Comptroller General of the United States, and the provisions of
Office of Management and Budget Circular A-128, Audits of State and Local Governments. Those
Standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable
assurance about whether the general puipose financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
general purpose 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 opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all material
respects, the financial position of the Town of Marana, Arizona as of June 30, 1996, and the results of
its operations and cash flows of its proprietary fund types for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements
� taken as a whole. The combining and individual fund and account group financial statements and
schedules listed in the table of contents are presented for purposes of additional analysis and are not a
required part of the general purpose financial statements of The Town of Marana, Arizona. Such
� information has been subjected to the auditing procedures applied in the audit of the general purpose
financial statements and, in our opinion, is presented fairly m all material respects, in relation to the
general purpose financial statements taken as a whole.
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The information included in the introductory and statistical sections is presented for purposes of
additional analysis and is not a required part of the general purpose financial statements of The Town
of Marana, Arizona. Such additional information has not been subjected to the auditing procedures
applied in our audit of the general purpose financial statements and, accordingly, we express no opinion
on such information.
Members Of
INTHRNATIONAL
� . ` AMERICAN INSTITUlE
� � OF CERTIRED PUBLIC
ARIZONA COLORADO ILIINOIS INDIANA IOWA MARYLAND MISSOURI OHIO TEXAS VIRGINIA WISCONSIN ��M'�
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Honorable Mayor and Town Council
' Town of Marana
In accordance with Government Auditing Standards, we have also issued a report dated Janua.ry 8,
, 1997, on our consideration of the Town of Marana, Arizona's internal control structure and a report
dated January 8, 1997, on its compliance with laws and regulations.
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C �.L.C.
' Tucson, Arizona
January 8, 1997
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7� O
TOWN OF MARANA, ARIZONA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES - EXHIBIT 2
Year Ended June 30, 1996
General
REVENUES
Taxes
Other agencies
Licenses, fees and permits
Fnes, forfeitures and
penalties
Interest
Other
Totalrevenues
EXPENDITURES
Current operations
General government
Development and planning services
Town attorney
Police
Fre
Magistrate court
Public works
Community development
Pazks and recreation
Total expenditures
$ 5,832,390
487,320
1,088,258
108,129
2n,�so
��,n2
7,865,619
786,595
484,862
235,238
1,791,490
109,231
213,493
1,881,501
135,221
5,637,631
Excess ofrevenues
over expenditures
FUND BALANCES, BEGINNING
Residual equity transfers out
FUND BALANCES, ENDING
2,227,988
4,433,410
(73,312)
$ 6,588,086
Special
Revenue
$ -
692,194
2,996
400
695,590
Totais
(Memorandum Only)
1996 1995
$ 5,832,390 $ 5,320,233
1,179.514 1,082,645
1,088,258 632,447
108,129 95,614
280,746 164,284
72,172 54,454
8,561,209 7,349,677
26,949 813,544 736,680
5,941 490,803 390,169
- 235,238 304,978
207, 225 1,998,715 1,784,693
- 109,231 -
- 213,493 160,541
252,158 2,133,659 1,725,218
97,249 97,249 176,707
86,476 221,697 189,518
675,998 6,313,629 5,468,504
19,592 2, 247,580 1,881,173
66,073 4,499,483 2,701,971
(69,609) (142,921) (83,661)
$ 16,056 $ fi,604,142 $ 4,499,483
See notes to combined financial statements.
4
'
, TOWN OF MARANA, ARIZONA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUNO BALANCES - BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES - EXHIBIT 9
Year Ended June S0, 1996
'
'
,
,
REVENUES
Taxes
Other agencies
Licenses, fees and permits
Fnes, forfeitures and
penalties
Interest
Miscellaneous
Total revenues
General Special Revenue
Actual Budget (a) Variance Actual Budget (a) Variance
$ 5,832,390 $ 5,545,842 $ 288,548
487,320 396,143 91,177
1,088,258 517,500 570,758
108,129 110,000 (1,871)
277, 750 135, 000 142, 750
�i,��2 2,oss,aao (�,9aa,ssa)
7,885,619 8,760,925 (895,306)
s - $ - a -
692,194 989,240 (297,046)
2.996 - 2,996
400 - 400
695,590 989,240 (293,650)
' EXPENDITURES
Current operations
General govemmeM
, Development and planning services
Town attomey
Police
Fire
Magistrate court
, Public works
Communily development
Parks and recreation
Total expendRures
Excess ofrevenues
over expenditures
FUND BALANCES, BEGINNING
Residual equity transfers out
FUND BALANCES, ENDING
788,595 2,004,789 (1,218,194)
484,862 606,392 (121,530)
235,238 319,000 (83,762)
1,791,490 1,589,368 202,122
109,231 - 109,231
2�a,aa3 2�o.a�a ��,s2��
1,881,501 3,732,088 (1,850,587)
135, 221 119, 201 16, 020
s,��,�� a,eai,2s2 (s.00s,e2�)
2,227,988 119,673 2,108.315
4,433,4t0 - 4,433,410
(73,312) - (73,312)
$ 6.588.088 S 119,873 S 6.468.413
26,949 353,320 (326,371)
5,941 - 5,941
zo�,22s 2�2,�as (s,s2o�
252,158 284,025 (31,86�
97,249 - 97,249
86,476 139,150 (52,674)
675,998 989,240 (313,242)
19,592 - 19,592
66,073 - 86,073
(69,609) - (69,609)
$ 16,056 $ $ 16,056
(a) The Town's budget included an additional �47,000 tor revenues and $1,066,673 for expenditures for water enterprise activities
that are not included in this statement because these activities are proprietary in nature.
See notes to combined financial statements.
5
TOWN OF MARANA, ARIZONA
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN
DEFICIT - ALL PROPRIETARY FUND TYPES - EXHIBIT 4
Year Ended June 30, 1996
OPERATING REVENUES
Current use charges
Other
Totai operating revenues
OPERATING EXPENSES
Material, supplies, and
other expenses
Depreciation expense
Total operating
expenses
OPERATING INCOME
NONOPERATING REVENUES
(EXPENSES)
Interest income
Bond interest expense
Bond fees
Total nonoperating revenues (expenses)
NET LOSS
DEFICIT, BEGINNING
DEFICIT, ENDING
CONTRIBUTED CAPITAL, BEGINNING
Residual equity transfers in
CONTRIBUTED CAPITAL, ENDING
FUND EQUITY, ENDING
Proprietary Totals
Fund Types (Memorandum Only)
Water 1996 1995
$ 81,479 $ 81,479 $ 71,440
3,951 3,951 4,109
85,430 85,430 75,549
66,943
16,659
83,602
1,828
66,943 57,833
16,659 12,853
83,602 70,686
1,828 4,863
752 752 501
(22,103) (22,103) (22,858)
(1,679) (1,679) (1,777)
(23,030) (23,030) (24,134)
(21,202) (21,202) (19,271)
(67,310) (67,310) (48,039)
(88,512) (88,512) (67,310)
129, 852
142,921
272,773
$ 184,261
129,852 46,191
142,921 83,661
272,773 129,852
$ 184,261 $ 62,542
See notes to combined financial statements.
6
TOWN OF MARANA, ARIZONA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES - EXHIBIT 5
Year Ended June 30, 1996
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
Adjustments to reconcile net loss to net
cash provided by operating activities:
Nonop�ating expenses associated
with trustee/fiscal agents
Depreciation
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable
increase (decrease) in accounts payable and accrued expenses
Net cash provided by operating activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Proprietary Totals
Fund Types (Memorandum Only)
Water 1996 1995
$ (2i,2o2� � (2�.202) $ (is,2�1�
23,581 23,581 24,254
16,659 16,659 12,853
(2,55�
238
16,719
(2,55� 368
238 (1,49�
16,719 16,707
Increase in due to other funds 16,953 16,953 -
Residual equity transfers from general fund 73,312 73,312 83,661
Residual equity transfers from special revenue funds 69,609 69.609 -
Purchase of fixed assets (142,921) (142,921) (74,515)
Payments to trustee/flscal agents for debt service (33,688) (33,688) (34,42�
Net cash used in capital and related financing activities (16,735) (16,73� (25,279)
NET DECREASE IN CASH (16) (16) (8,572)
CASH, BEGINNING OF YEAR 16 16 8,588
CASH, END DF YEAR (a) $ - $ - $ 16
Cash $ - $ - $ 16
Cash with trustee�scal agents 1,065 1,065 810
Total $ 1,065 $ 1.065 $ 826
(a) Cash on the balance sheet consists of cash the Town can access and cash on deposit with trustee/fiscal agents. Cash flows from cash
with trustee/fiscal agents are not presented above because these activities represent noncash transactions.
CASH FLOWS WITH TRUSTEE/FISCAL AGENTS FROM INVESTING AND
OTHER ACTIVITIES
Payments from water fund for debt service $ 33,688 $ 33,688 $ 34,425
Interest income 578 578 381
(Increase) decrease in investments 148 148 (10,045�
Net cash with trustee/fiscal agents provided by
investing and other activities 34,414 34,414 24,761
CASH FLOWS WITH TRUSTEE/FISCAL AGENTS FROM CAPITAL AND
RELATED FINANCING AND OTHER ACTIVITIES
Interest and other obiigations paid (24,159) (24,159) (24,635)
Redemption of bonds payable (10,000) (10,000) -
Net cash with Vustee/�scal agents used in
financing and other activities (34,159) {34,159) (24,635)
NET INCREASE IN CASH WITH TRUSTEE/FISCAL AGENTS 255 255 126
CASH WITH TRUSTEE/FISCAL AGENTS, BEGINNING OF YEAR 810 810 684
CASH WITH TRUSTEE/FISCAL AGENTS, END OF YEAR $ 1,065 $ 1,065 $ 810
See notes to combined financial statements.
7
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 1- SUNiMARY OF SIGNIFICANT ACCOUNTING POLICIES:
A. General Statement
The Town of Marana (the Town) was incorporated on March 21, 1977, under the
provisians 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, legal, public safety (police and fire), public works, and parks services. The
accounting policies of the Town conform to generally accepted accounting principles
(GAAP) as applicable to governments. The Governmenta.l Accounting Standards Board
(GASB) is the accepted standard-setting body for esta.blishing accounting and financial
reporting principles. The more significant accounting policies of the Town are described
below.
I: .�:� __.•�ir��� � �
The Town's combined fmancial statements include the accounts of all Town operations.
The criteria for ineluding organizations as component units within the Town's reporting
entity, as set forth in Section 2100 of GASB's C'odification of Government?1 Acco�ntin�
�nd Fina_ncial R�porting_St?nd�rds, include whether:
• the organization is legally separate (can sue and be sued in their own name)
• the Town holds the corporate powers of the organization
• the Town appoints a voting majority of the organization's board
• the Town is able to impose its will on the organization
• the organization has the potential to impose a financial benefit/burden on the Town
• there is fiscal dependency by the organization on the Town
Based on the aforementioned criteria, the following component unit is considered within
the Town's reporting entity:
Town of Marana Munici�al Pro�� Corooration
The Town of Marana Municipal Property Corporation governing board is appointed by
the Town council. The Town's general fund and water fund pay rent to the Municipal
Property Corporation in order to fund the debt incurred to finance the purchase of the
Town hall and fixed assets used by the water fund. The legal liability for the Municipal
Property Corporation's debt remains with the Town. The financial activity of the
Corporation is presented as a blended component unit in the accompanying financial
statements.
8
'
TOWN OF MARANA, ARIZONA
� NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
�
'
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued):
C. Basis of Presentation
, The accounts of the Town are organized on the basis of funds and account groups, each of
which is considered a separate accounting entity. The operations of each fund are
accounted far with a separate set of self-balancing accounts that comprise its assets,
' liabilities, fund equity, revenues, and expenditures. Government resources are allocated
to and accounted for in individual funds based upon the purposes for which they are to be
, spent and the means by which spending activities are controlled. The various funds are
grouped, in the financial statements in this report, into generic fund types and broad fund
categories as follows:
Governmental Fund Tv�es
General fund - This fund is the general operating fund of the Town. It is used to .
account for all financial resources, except those required to be accounted for in another
fund.
Special revenue funds - These funds are used to account for the proceeds of specific
revenue sources that are legally restricted to expenditures for specified purposes.
Debt service fund - Although such a fund is normally used to account for the
accumulation of resources for the payment of general long-term debt principal, interest
and related costs; the Town has not yet established such a fund. Debt service activity and
reserves are recorded in the general fund as they are believed to be immaterial.
Pro rie Fund Ty_pes
These funds account for operations that are organized to be self-supporting through user
charges. The fund included in this category is the enterprise/water fund as noted below:
Enterprise/water fund - This fund is used to account for water utility operations that
are financed and operated in a manner similar to private business enterprises. The intent
of the governing body is that the costs (expenses, including depreciation) of providing
water services to the general public on a continuing basis be financed or recovered
primarily through user charges.
Fiduciarv Fund TXpes
These funds account for assets held by the Town as a trustee or agent for individuals,
private organizations, and other units of governments. The agency fund is custodial in
nature (assets equal liabilities) and does not involve the measurement of results af
operations. The only fund in this category is as follows:
Agency fund - This fund is used to account for a deferred compensation plan offered
by the Town to its employees.
�
'
TOWN OF MARANA, ARIZONA
� NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued):
C. Basis of Presentation (Continued)
� � ._� � •
Account groups are used to establish accounting control and accountability for the
Town's general fixed assets and general long-term debt obligations. The two account
groups are not "funds". They aze concerned only with the measurement of financial
position. They are not involved with measurement of results of operations. The
following are the two account groups:
General fixed assets account group - This account group is established to account for
all fixed assets of the Town, other than those assets accounted for in the proprietary fund.
Capital outlays in funds other than the proprietary fund are recorded as expenditures of
those funds at the time of purchase and are subsequently recorded for control purposes in
the general fixed assets account group.
General long-term debt account group - This account group is established to account
for all the Town's long-term debt and governmental fund compensated absences that will
be financed from general governmental resources. Long-term liabilities of the proprietary
fund is accounted for in that fund.
��� i /:� i� �.i i�
Measurement focus refers to what is being measured; basis of accounting refers to when
revenues and expenditures are recognized in the accounts and reported in the financial
statements. Basis of accounting relates to the timing of the measurement made,
regardless of the measurement focus applied.
The Governmental Fund Types (General and Special revenue) use a current financial
' resources measurement focus and are accounted for using the modified accrual basis of
accounting. T'he Agency Fund also uses the modified accrual basis of accounting. Under
the modified accrual basis of accounting, revenues are recognized when susceptible to
, accrual; i.e., when they become both measurable and available. "Measurable" means the
amount of the transaction can be determined and "available" means collectible within the
current period or soon enough thereafter to be used to pay liabilities of the current period,
' which for the Town is considered to be 60 days after year end. Expenditures are recorded
when the related fund liability is incurred. Exceptions to this general rule include
principal and interest on general long-term debt which are recorded as fund liabilities
, when due , and accrued vacation which is recorded when payable from current available
financial resources
'
' lo
�''
,
' NOTE 1 -
(Continued):
'
'
'
I ,
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 1996
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
D. Measurement FocusBasis of Accountin� (Continued)
Grant revenues are susceptible to accrual if they are earned as expenditures occur. T�es
collected (which include state shared sales taxes, Town sales tax, and county shared auto
lieu taxes) and held by the both the State of Arizona and Pima County, Arizona at year
end on behalf of the Town are also recognized as revenue. All other Governmental Fund
Type revenues are recognized when received.
The Proprietary Fund Type is accounted for on an economic resources measurement
focus using the accrual basis of accounting. Revenues are recorded when earned,
including unbilled water services which are accrued. Expenses are recorded at the time
liabilities are incurred.
E. Budget� Control
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 Sta.te 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 December 17,
1992, 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, 1994. This limitation provides for the Town to allow the Mayor and
Council to adopt an annual expenditure limita.tion 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 ta�cpayer 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.
' 11
'
TOWN OF MARANA, ARIZONA
' NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued):
,
'
�
�
�
'
E. Budget� Control (Continued)
The Town manager is authorized to transfer budgeted amounts between any departments
or any funds; however, any revisions that reallocate budgeted amounts from the budget
line items labeled "contingency" must be approved by the Town Council.
Budgeted amounts are as originally adopted and all appropriations lapse at year end. All
budgets are adopted on a basis consistent with generally accepted accounting principles
except the enterprise/water fund, for which depreciation is not budgeted and the
acquisition of capital assets is budgeted as an expenditure and bond proceeds are
budgeted as revenue. However, due to the expected completion of grants in the prior
fiscal year and the timing of grant applications and grant awards, no appropriated budgets
were adopted for the following special revenue funds: 1992 Community Development
Block Grant, 1993 Community Development Block Grant, Community Development
Block Grant - Revolving Loan Program, Census Grant, and Drug and Gang Prevention.
F. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of monies are recorded in order to reserve that portion
of the applicable appropriation, is not employed as an extension of formal budgetary
integration in the general fund and special revenue funds.
C'
C�:��t•�
�J
No reservations of fund balances have been established by the Mayor and Council at the
end of fiscal 1996, except amounts reserved for restricted assets.
H. Bond Issuance Costs
�
I ,
I '
For the enterprise/water fund, bond issuance costs are capitalized in the period in which
the bonds are issued and aze amortized on a straight line basis over 20 years. For all other
funds, bond issuance costs are recognized as expenditures in the period in whieh the
bonds are issued.
12
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 1996
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued):
I. Investments
All investments, with the exception of those held by the Agency Fund, are stated at cost.
Investments in the Agency Fund are stated at market value.
.,
. �� :
The trust indentures executed for all of the bond series issued require all cash and
investments for each bond series to be held on deposit by the trustee/fiscal agents. These
assets aze restricted for payment of interest and trustee fees associated with the bond
issues, retirement of principal balances, and purchasing the Town Hall, the Honea Water
Company, and improvements to water fund fixed assets.
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 expenditures that will enhance the
Town's ability to conduct police investigations.
K. Prepaid Exuenditures
Prepaid expenditures aze for payments made by the Town in the current year for liability
insurance coverages extending into the subsequent year.
� ' M _ I � � � , � : i � � , � •
During the course of operations, numerous transactions occur between individual funds
for goods provided or services rendered. These receivables and payables are classified as
"due from other funds" and "due to other funds" on the combined balance sheet.
!�-' -•_!_!� •
The Town uses the purchase method of expending inventories. There were no significant
inventories on hand at June 30, 1996.
13
�
TOWN OF MARANA, ARIZONA
' NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 1996
NOTE 1 -
(Continued):
N. Fixed Assets
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
'�' '� _� . •..� • �
Fixed assets used in Governmental Fund Type operations (general fixed assets), including
those purchased with Federal grant monies, are accounted for in the General Fixed Assets
Account Group, rather than in Governmental Funds. Public domain ("infrastructure")
general fixed assets, such as roads, bridges, curbs and gutters, streets and sidewalks,
drainage systems, and lighting systems, are not capitalized along with other general fixed
assets for reporting purposes. Donated fixed assets are valued at estimated fair value on
the date donated. The cost of normal maintenance and repairs that do not add to the value
of the asset or materially extend asset lives are not capitalized. No depreciation has been
provided on any of the remaining assets. Interest has also been capitalized on fixed assets
in the Governmental Fund Type operations.
' �.�- •,► _�� �-
Property, plant, and equipment owned by the enterprise/water fund is recorded at cost.
Repairs and maintenance are recorded as expenses; renewals and betterments are
capitalized.
Depreciation is provided over the estimated useful lives of such assets using the straight-
line method. These estimated useful lives are as follows:
'
Pump stations, distribution systems,
' equipment and improvements
Organization costs
'
'
�J
�
1 . � • � • 1 � . � � � �
Estimated
Useful L.ives �Yearsl
20
40
The amount capitalized under capital leases is the lesser of the present value of the
minimum lease payments or the fair value of the leased properties at the beginning of the
respective lease terms. When a governmental fund acquires a fixed asset through a
capital lease agreement, the acquisition is reflected as an expenditure and other financing
source, and simultaneously the acquired asset and related liability are recorded in the
General Fixed Assets Account Group and in the General Long-Term Debt Account
Group.
, 14
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued):
P. Compensated Absences
In the general long-term debt group of accounts, essentially the entire accumulated
liability for compensated absences is reflected, since the liability at June 30, 1996, will
most likely not be paid within the current accounting cycle. Rather, in fiscal 1997 the
Town will probably pay that year's accrual without utilizing amounts accrued from prior
years.
1 i� i,i�• .�� .i �i :•�."� ��
Transactions that would be treated as revenue, expenditures, or expenses if they involved
organizations external to the governmental unit are accounted for as revenue,
expenditures, ar expenses in the funds involved. Transactions which constitute
reimbursements of a fund for expenditures or expenses initially made from that fund
which are properly applicable to another fund are recorded as expenditures or expenses in
the reimbursing fund and as reductions of the expenditure or expense in the fund that is
reimbursed.
Nonrecurring or non-routine transfers of equity between funds are treated as residual
equity transfers and are reported as additions to or deductions from the fund balance of
governmental funds. Residual equity transfers to the proprietary fund are treated as
contributed capital.
I' ����. 1,
Comparative total data for the prior yeaz is presented in the financial statements in order
to provide an understanding of changes in the Town's financial position and operations.
However, presentation of prior year totals by fund type have not been presented in the
statements, since their inclusion would make the statements unduly complex and di�cult
to read.
Tota.l columns on the combined financial statements are captioned "memorandum only"
to indicate that they are presented only to facilitate financial analysis. Data. in these
columns do not present financial position, results of operations, or changes in cash flows
in conformity with generally accepted accounting principles. Neither is such data
comparable to a consolidation. Interfund eliminations have not been made in the
aggregation of this data. Certain comparative data have been reclassified to present such
amounts in a manner consistent with the current year's presentation.
15
,
TOWN OF MARANA, ARIZONA
' NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
'
'
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued):
�
•� �r•r�
' 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 aze recorded on these financial statements.
,
'
'
�
,
'
�
,
'
'
NOTE 2- DEPOSITS AND INVESTMENTS
A. Deposits
Cash on the combined balance sheet consist of amounts held in petty cash funds, change
funds, and bank demand accounts.
Cash held in uninsured and uncollateralized petty cash and change funds totaled $775 at
June 30, 1996.
At year end, the book value of the Town's bank demand accounts was $16,339 and the
bank balance was $182,340. T'he difference of $166,001 represents deposits in transit and
outstanding checks at June 30, 1996. This total bank balance was covered by federal
depository insurance or collateral held by the Town's custodial bank in the Town's name.
Restricted assets: cash is collateralized by the trustees holding those balances. At year
end, the book value of these balances, which was the same as the bank balances, totaled
$14,676.
B. Investments
Statutes authorize the Town to invest public monies in certificates of deposit, interest
bearing savings accounts, and repurchase agreements provided eligible depositories meet
interest rate, capital structure, and collateral requirements. Other authorized investments
include obligations of the U.S. Government and its agencies, of Arizona utility and
municipal improvement districts, and the Arizona State Treasurer's Loca1 Government
Investment Pool. The Town's investments as of June 30, 1996 are:
State Treasurer's Local Government Investment Pool
Money Market Funds
Investment in Deferred Compensation Plan
Total Investments
Carrying
Amount
$6,288,089
38,869
26
$6,�53 � 192
Market
Value
$6,288,089
38,869
26�234
$6�353,192
, 16
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 2- DEPOSITS AND INVESTMENTS (Continued)
B. Investments (Continued)
Amounts invested in the State Treasurer's Local Government Investment Pool and Money
Market Funds are recorded at cost which is also the fair market value. Government Pool
investments, money market funds, and investments in deferred compensation mutual
funds are not categorized, in accordance with GASB No. 3, because they are not
evidenced by securities that exist in physical or book entry form.
A reconciliation of E�ibit 1 to Note 2 is as follows:
Exhibit 1
Investments
Deposits with fiscal agents
Restricted assets: Investments
Total
$6,288,089
26,234
38�869
�6,353,�92
NOTE 3- FIXED ASSETS, NET OF ACCUMULATED DEPRECIATION
The following is a summary of the changes in general fixed assets for fiscal 1996:
Land
Buildings
Assets under capital lease
Machinery, equipment, and
other assets
Marana Park
Leasehold improvements
Balance
�y 1,1995 Additions
$ 73,310 $ -
308,183 14,075
759,579 -
671,099 239,700
150,000 39,656
19Q,377 -
�Z�•���
Balance
June 30� 1996
$ 73,310
322,258
722,701
Total
$ -
(36,878)
(11,060)
�2,161,548 $293,431 � � (47,9381
899,739
189,656
199,�77
�2�407,941
17
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 3- FIXED ASSETS, NET .OF ACCUMULATED DEPRECIATION
(Continued)
A summary of water fund property, plant, and equipment at June 30, 1996 is as follows:
Land
Water rights
Improvements, including wells and tanks
Bond issuance costs
Organization costs
Construction work - in - progress
Total
Less accumulated depreciation and amortization
Fized assets, net
NOTE 4 - INTERFUND TRANSACTIONS
• .. ii�_i � _• i ��i � i• i� , ,• � ��� : • , i �:
The amount due to the General Fund is due from:
Special Revenue:
1992 Community Development Block Grant
1993 Community Development Block Crrant
1994 Community Development Block Grant
1995 Community Development Block Grant
COPS Grant
GITEM
HIDTA VI
MANTIS
Census Grant
Enterprise:
Water
Total
The amount due to Special Revenue Funds is as follows:
The amount due to RICO is due from the General Fund
The amount due to Highway User Revenue is due from
the General Fund
$ 9,720
50,000
338,468
27,268
47,523
105,� 87
578,266
(79,52g)
$49g,73g
$ 6,826
1,552
1,618
59,006
5,611
5,480
22,421
5,886
2,688
.•
� �,
.
0
� �.
18
'
'
,
'
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 4 - INTERFUND TRANSACTIONS (Continued)
: C • � _ : � _ � : � • I'1[11�[�#
The amount transferred to the Enterprise/Water Fund was transferred from:
' General Fund $ 73,312
Special Revenue Funds:
1994 Community Development Block Grant 22,000
' 1995 Community Development Block Grant �42
Total $142,921
'
'
'
'
'
'
'
�J
I '
I '
'
NOTE 5 - CAPITAL LEASES
The Town has previously entered into several long-term capital leases involving the
acquisition of equipment for General Town purposes; these commitments are expected to
be funded by the Town's General and Special Revenue Funds. Below is a schedule by
years of future minimum lease payments under the capital leases as of June 30, 1996:
Fiscal Year
Ending June 30.
1997
1998
1999
2000
Tota1 minimum lease payments
Less amount representing interest
Present value of net minimum lease payments
NOTE 6- LONG - TERM DEBT
General Long-
Term Debt
$199,645
110,722
56,892
23.75$.
391,027
�34,43g)
$356,089
During 1990, the water fund issued revenue bonds through the Town of Marana
Municipal Property Corporation for the purpose of purchasing the Honea Water
Company and making improvements to the assets purchased. These 1990 bonds, secured
by all general fund revenues, consist of a series of issues with fixed interest rates ranging
from 7.55% to 8.30%, depending upon the maturity dates of the various issues. Periodic
principal payments aze due July 1, 1996, through July 1, 2009, in amounts ranging from
$10,000 to $30,000 annually. The 1990 series revenue bonds are callable on or after July
l, 1999, at 100% of the principaL
19
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 6- LONG - TERM DEBT (Continued)
The following is a schedule by years of the debt service requirements for these revenue
bonds as of June 30, 1996:
Fiscal Year
Ending June 30.
1997
1998
1999
2000
2001
Thereafter
Total minimum lease payments
Less amount representing interest
$310,000
92,3'79
535�806
1990 Series
Bonds
$ 32,103
31,338
35,563
34,385
33,173
�,9g,702
465,264
(195�64)
Principal $270,000
The following is a summary of changes in general long-term debt activity for fiscal 1996:
Balances
at July 1,
1995
ti
Revenue Bonds (A) °�
Compensated absences (B)
Capital leases
Total
A. Revenue Bonds
�°
��� ��
$ -
19,835
�938,185 �19,835
The 1992 Series Revenue Bonds are callable as follows:
Redem�tion Dates
7-1-2001 and 1-1-2002
7-1-2002 and 1-1-2003
7-1-2003 and thereafter
�
Balances
June 30,
$eductions 1996
$ (5,000) $305,000
- 112,214
�179,Z17) 356,Q89
�(184 , 773,303
Redemption Price (As
a Percent of Princinall
101.0%
100.5
100.0
�
TOWN OF MARANA, ARIZONA
' NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 6- LONG - TERM DEBT (Continued)
A. Revenue Bonds (Continued)
Annual debt service requirements to maturity for these revenue bonds are as follows:
Fiscal Year
Ending June 30.
1997
1998
1999
2000
2001
Thereafter
Total minimum lease payments
Less amount representing interest
CI
��
'
�
�J
Principal
B. Comnensated Absences
1992 Series
Bonds
$ 28,890
28,565
28,227
27,877
27,520
528,176
669,255
��64�255)
',c� ���
This consists of the long-term portion of accrued vacation and compensatory time, with
an increase of $19,835 for fiscal 1996.
NOTE 7- DEFERRED COMPENSATION PLAN
The Town offers its employees a deferred compensation plan created in accordance with
Internal Revenue Code Section 457. The plan, available to all Town employees, permits
them to defer a portion of their salary until future years. Participation in the plan is
optional. The deferred compensation is not available to employees until. termination,
retirement, death, or unforeseeable emergency. All amounts of compensation deferred
under the plan, all property and rights purchased with those amounts, and all income
attributa.ble to those amounts, property, or rights are (until paid or made available to the
employee or beneficiary) solely the property and rights of the Town, subject only to the
claims of the Town's general creditors. Participants' rights under the plan are equa.l to
those of general creditors of the Town in an amount equal to the fair market value of the
deferred account for each participant.
The Town believes that it is unlikely that it will use the assets to satisfy the claims of
general creditors in the future.
21
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�
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 1996
NOTE 8- EMPLOYEE RETIREMENT SYSTEMS
' . _ . i t : ' . ! _ � ' � _C ' ' � � ' � ' t i
All of the Town's full-time police officers are covered by the Marana Marshal's Arizona
Public Safety Personnel Retirement System, which is an agent /multiple-employer,
defined benefit public employee retirement system (PERS).
The pension plan provides pension benefits, deferred allowances, death and disability
benefits and limited health insurance benefits. A member is eligible if he is employed in
a covered position prior to attaining age 50 years, for at least 20 hours a week for more
than 6 months a year. A member may retire after reaching the age of 62 and completion
of 15 yeazs service, or completion of 20 years service with the Town. Benefits vest after
10 years of credited service. Police officers who retire with 25 or more yeazs of credited
service are entitled to monthly pension payments for the remainder of their lives equal to
50% of average monthly compensation for the first 20 years of credited service with the
Town, plus 2/2% of average monthly compensation for each year of credited service
above 20 years with the Town. Police officers who retire with 20 years of credited
service with the Town, plus 2% of average monthly compensation for each year of
credited service between 20 and 25 years with the Town. Police officers who retire with
less than 20 years of credited service with the Town are entitled to monthly pension
payments for the remainder of their lives equal to at least 30% of the average monthly
compensation for the entire service period increased at a rate of 4% a yeaz for each
service year above the minimum 15 yeazs of service. The maximum monthly pension
payment cannot exceed 80% of the average monthly compensation.
Pension provisions include deferred allowances whereby a police officer may terminate
his employment with the Town after accumulating 10 or more years credited service.
Pension benefits are then equal to twice the amount of pension benefits based on the
police o�cer's accumulated contributions. If the police officer does not withdraw his
accumulated contributions, the police officer is entitled to these pension benefits upon
reaching the age of 62.
��a
[�
'
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 8- EMPLOYEE RETIREMENT SYSTEMS (Continued)
A. Arizona Public Safety Retirement System (Continued)
Pension provisions include disability and death benefits. Disabled officers are entitled to
monthly payments for life of 50% of their average monthly compensation or normal
pension amount, whichever is greater, if their disability is service connected, regardless
of years of credited service. Average monthly compensation (AMC) is one-thirty-sixth of
total compensation paid a member during the 3 years, out of the last 10 years of credited
service, in which the amount paid was highest. If the police officer's disability was not
service connected, the disabled officer is entitled to monthly payments for life of 25%
of AMC, if the credited service is less than 7 years, 50% of AMC, if the credited service
is 7 through 13 years, or 75% of AMC, if the credited service is 14 through 19 years. If
the police officer is only temporarily disabled, he is entitled to monthly payments equal to
one-twelfth of 50% of compensation paid during the year preceding the date the disability
was incurred. The payments terminate after 12 months or prior recovery. Surviving
spouses are entitled to two-thirds of the monthly payments, or 100% if duty related, the
deceased active police officer would have been paid for disability or, in the case of a
retired police officer, two-thirds of the retired officer's monthly pension payments. To
qualify as a surviving spouse, the spouse must have been married to the deceased for at
least 2 years. The spouse's benefits terminate upon her death. Each dependent child of a
deceased police officer is entitled to one-ninth of the monthly payments the deceased
active police officer would have been paid for disability or, in the case of a retired police
officer, one-ninth of the retired officer's monthly pension payments. When the dependent
child reaches the age of 18 or 23, if the dependent is a full-time student, the monthly
payments will terminate.
Pension provisions include health insurance benefits, whereby the retired police officer or
his surviving spouse can elect to be covered by a health insurance plan provided by the
Town or State of Arizona. The retired police officer or his surviving spouse pay for this
coverage. However, they cannot be charged more than $60 per month plus an amount up
to $25 per month for dependent coverage, if any.
The Town's current year payroll for eligible police officers amounted to approximately
$965,000.
Police officers of the Town are required to pay 7.65% of their gross earnings to the
pension plan. The Town makes periodic contributions to the pension plan at actuarially
determined rates that, expressed as percentages of annual covered payroll, are designed to
accumulate sufficient assets to pay benefits when due. The normal cost and actuarial
accrued liability are determined using an entry age actuarial funding method. Unfunded
actuarial accrued liabilities are being amortized as a level percent of payroll over a period
of 40 years (from July 1, 1978). During 1996, the Town was required to contribute
6.09% of its police officers' covered payroll to the plan.
23
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 8- EMPLOYEE RETIREMENT SYSTEMS (Continued)
A. Arizona Pu•blic Safety Retirement Sy�tem (Continued)
Total contributions made during fiscal 1996 were $132,686, of which $58,775 was made
by the Town and $73,831 was made by police officers. The contributed amounts were
actuarially determined as described above and were based on an actuarial valuation as of
June 30, 1994. The pension contributions represent funding for normal cost and the
amortization of the unfunded actuarial accrued liability.
Significant actuarial assumptions used to compute pension contribution requirements are
the same as those used to determine the standardized measure of the pension obligation.
The computation of the pension contrbution requirements for fiscal 1996 was based on
the same actuarial assumptions, benefit provisions, actuarial funding method, and other
significant factors as used to determine pension contribution requirements in the previous
years.
Presented below is the total pension benefit obligation of the Town's PERS as of June 30,
1996. The amount of the total pension benefit obligation is based on a standardized
measurement established by GASB Statement No. 5 that, with some exceptions, must be
used by a PERS. The standardized measurement is the actuarial present value of credited
projected benefits. This pension valuation method reflects the present value of estimated
pension benefits that will be paid in future years as a result of police officer services
performed to date and is adjusted for the effects of projected salary increases. A
standardized measure of the pension benefit obligation was adopted by the GASB to
enable readers of PERS financial statements to assess the Town's PERS funding status
on a going-concern basis, assess progress made in accumulating sufficient assets to pay
benefits when due, and make comparison among such plans.
Because the standazdized measure as of June 30, 1996, is used only for disclosure
purposes by the Town's PERS, the measurement is independent of the actuarial
computation made to determine contributions to the PERS, as previously explained.
24
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 8- EMPLOYEE RETIREMENT SYSTEMS (Continued)
A. Arizona Public Saf� Retirement System (Continued)
A variety of significant actuarial assumptions are used as of June 30, 1996, to determine
the standardized measure of the pension benefit obligation and these assumptions are
summarized below:
• The present value of future pension payments is computed by using a discount rate of
9%. The discount rate is equal to the estimated long-term rate of return on current
and future investments of the pension plan.
• Future pension payments reflect an assumption of 6.5% (compounded annually)
salary increases as a result of inflation.
• Future pension payments reflect an assumption of additional projected salary
increases ranging from 0.0% to 3.0% per year, depending on age, attributable to
seniority/merit.
The standardized measure of the assets in excess of the pension benefit obligation as of
June 30, 1996, is as follows:
Retirees and beneficiaries currently receiving benefits and terminated
employees not yet receiving benefits $ -
Current employees:
Accumulated employee contributions including allocated investment
mcome
Employer-financed vested
Employer-financed nonvested
Health insurance
Total pension benefit obligation
Net assets available for benefits
Assets in ezcess of the pension benefit obligation
380,755
435,840
231,032
33,531
1,081,158
.
;� .�
� ..
No changes in actuarial assumptions or benefit provisions that would significantly affect
the valuation of the pension benefit obligation occurred during fiscal 1996.
During fiscal 1996 and as of June 30, 1996, the Marana Marshal's Arizona PERS held no
securities issued by the Town or other related parties.
25
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 1996
NOTE 8- EMPLOYEE RETIREMENT SYSTEMS (Continued)
A. Arizona Public Safety Retirement System (Continued)
Historical trend information as of June 30, 1996, for the Town's PERS is presented
below:
..� .. ..,
• Net assets available for benefits as
a percentage of the pension benefit
obligation applicable to the Town's
police officers 127.70% 132.40% 124.40%
• Unfunded pension benefit obligation
as a percentage of the Town's annual
covered payroll for police officers. 00.00% 00.00% 00.00%
• Town's contribution to the pension
plan as a percentage of annual cov-
ered payroll for police officers.
6.09% 6.24% 6.52%
Historical trend information is presented in order for a reader to assess the progress made
in accumulating sufficient assets to pay pension benefits as they become payable. Ten
year histrorical trend information showing funding progress is presented in the System's
separately issued financial report.
: �:� � u, •�. :•, •���� ' .�
Effective July 1, 1995, the Town established a Money Purchase Plan and Trust known as
the Town of Marana Retirement Plan (Plan) in the form of the International City
Management Association Retirement Corporation Prototype Money Purchase Plan and
Trust. The prototype plan is qualified under Section 401 of the Internal Revenue Code.
The Plan is a defined contribution plan that provides pension benefits for all full-time
employees and permanent part-time employees, except for commissioned police
personnel who are covered under the Arizona Public Safety Personnel Retirement
System. In a defined contribution plan, benefits depend solely on amounts contributed to
the plan plus investment earnings. Employees are eligible to participate from the date of
employment. The Plan requires that both the employee and the Town contribute an
amount equal to 4% of the employee's biweekly earnings, which includes overtime and
bonuses. The Town's contributions for each employee(and interest allocated to the
employee's account) are fully vested after five years of continuous service.
26
�
�
�
TOWN OF MARANA, ARIZONA
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
NOTE 8- EMPLOYEE RETIREMENT SYSTEMS (Continued)
B. Town of Marana Retirement Plan (Continued)
Town contributions for, and interest forfeited by, employees who leave employment
� before five years of service are used to reduce the Town's current-period contribution
requirement.
The Town's total payroll in fiscal yeaz 1996 was $2,205,045. The Town's contributions
were calculated using the earnings amount of $1,109,255. Both the Town and the
covered employees made the required 4% contribution, amounting to $44,370 from each
source, or $88,740 in total.
C. Postemployment Benefits
The Town offers no postemployment benefits to employees other than the previously
discussed retirement plans.
NOTE 9 - RISK MANAGEMENT
The Town participates in the Arizona Municipal Risk Retention Pool for general liability,
auto liability, and property damage insurance. The insurance carries a deductible of
$25,000 per incident. For the year ended June 30, 1996, the Town paid $193,860 for
these coverages.
Workers' compensation insurance is placed through the State Compensation Fund.
NOTE 10 - EXCESS OF EXPENDITURES OVER APPROPRIATIONS IN
INDIVIDUAL FUNDS
For fiscal year 1996, expenditures exceeded authorized appropriations in the following
individual funds:
1992 Community Development Block Grant
1993 Community Development Block Grant
Community Development Block Grant - Revolving Loan Program
Census Grant
HIDTA
MANTIS
Highway Safety 402 Grant
Drug and Gang Prevention
Highway User Revenue
$15,342
59,331
26,096
5,941
4,934
5,214
3,392
2,800
8,752
27
,
TOWN OF MARANA, ARIZONA
, NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
�
'
�
��
�
�
NOTE 10 - EXCESS OF EXPENDITURES OVER APPROPRIATIONS IN
INDIVIDUAL FUNDS (Continued)
The excess expenditures for the 1992 and 1993 Community Development Block Grants
and the Community Development Block Grant - Revolving Loan Program were due to
the expectation at the time of budget adoption that these grants would be completed in
fiscal year 1995. The excess expenditures for the Census Grant and Drug and Gang
Prevention were due to these new funding sources not being anticipated at the time of
budget adoption. Therefore, no amounts were included in the adopted budget for these
five special revenue funds.
The excess expenditures for all of these funds were covered by grant revenues, with the
exception of the Community Development Block Crrant - Revolving Loan Program
(which was covered by fund balance).
At June 30, 1996, there were no individual funds with a deficit fund balance.
NOTE 11- COMMITMENTS AND CONTINGENCIES
� The Town is continuously liable with respect to other claims incidental to the ordinary
course of its operations. At June 30, 1996, it is the opinion of Town management, based
on the advice of the Town Attorney and outside counsel, that any such claims would not
, have a material effect on the Town's financial position.
The Town leases a truck under a noncancelable operating lease expiring in fiscal 1998.
Future minimum lease payments under this lease are as follows:
�
�
�
,
Years Ending
June 30•
1997
1998
Total
$3,388
1
$4,517
� The Town is also obligated under the terms of this lease to compensate the lessor for any
mileage driven on the truck which is above the monthly intended mileage. Such a
guarantee is in essence contingent rentals that are not determinable at year end.
�
� 28
�
TOWN OF MARANA, ARIZONA
, NOTES TO COMBINED FINANCIAL STATEMENTS
June 30,1996
�
NOTE 11- COMMITMENTS AND CONTINGENCIES (Continued)
� The Town leases office space for its planning and police departments under
noncancelable, long-term operating leases with expirations of November 1997 and
November 1999. One of these leases requires the Town Co pay its share of real estate
' taaces, common area charges, and management fees. This same lease requires annual
adjustments for increases in the Town's share of real estate taxes, common area charges,
and management fees. However, the increased related to controllable common area
t charges and management fees by the landlord cannot increase more than 4.5% over the
prior year. One lease contains two five-year renewal options at a monthly base rent of
� either the then escalated rental rate or 90% of the prevailing market rental rate at the time
of renewal, and the other lease contains two three-year renewal options at a monthly base
rent of $2,600, plus an adjustment for the increase in the Consumer Price Index (CPI) for
, the previous three years at the time of renewal. 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.
1997
1998
1999
2000
Total
$ 49,617
32,702
20,202
5,051
,���
Minimum annual rentals above exclude rental under renewal options as of June 30, 1996.
Rent expense under the above leases for fiscal 1996 aggregated $51,619.
29
COMBINING
�
INDIVIDUAL
FUND AND
AC C UUNT
GRUUP
STATEMENTS
STATEMENTS A
GENERAL FUND
The General Fund accounts for all revenues and expenditures used to finance the
traditional services associated with a municipal government which are not accounted for
in other funds. In Marana, these services include general government, development and
planning services, town attorney, police, fire, magistrate court, public works, and parks
and recreation.
TOWN OF MARANA, ARIZONA
COMPARATIVE BALANCE SHEETS
GENERAL FUND — EXHIBIT A-1
June 30, 1996 and 1995
ASSETS
Cash
Investments
Receivables:
Ta�ces
Other
Prepaid expenditures
Due from other funds
Restricted assets:
Cash
Investments
TOTAL ASSETS
1996
$ 13,363
6,288,089
574,856
43, 304
55, 040
128, 041
202
17, 497
$ 7,120,392
LIABILITIES AND FUND E�UITY
LIABILITIES
Accounts payable and accrued expenses $ 331,837
Due to other funds 144,068
Deferred revenue 56,401
Total liabiifties 532,306
FUND EOUITY
Reserved for restricted assets
Unreserved fund balances
Total fund equity
5,754
6, 582, 332
6,588,086
TOTAL LIABI�ITIES AND FUND EQUITY $ 7,120,392
1995
$ 138,459
3, 779, 243
524, 062
17, 065
55, 040
139, 311
1, 888
17, 492
$ 4,672,560
$ 192,585
22,577
23, 988
239,150
7,279
4, 426,131
4,433,410
$ 4,672,560
30
'
TOWN OF MARANA, ARIZONA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN UNRESERVED
FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND - EXHIBIT A-2
Year Ended June 30, 1996
REVENUES
Taxes; Town sales tax
Other agencies
Sales taxes - state
State revenue sharing
Auto lieu taxes - state
Total other agencies
Licenses, fees and permits
Building permits
Development fees
Cable television franchise fees
Business licenses
Other
Total licenses, fees and permits
Fines, forteitures and penalties;
Town courtfines
Interest
Miscellaneous
Recovered expenditures
Other
Balance available from prior years
Total miscellaneous
Total revenues
EXPENDITURES
General govemment
Other general government
Contractual services
Special programs
Other
Contingency
Capital outlay
Debt service
Total other general government
Mayor and council
Contractual services
Commodities
Other
Contingency
Capital outlay
- Total mayor and council
Variance -
Favorable
Actual Budget (Unfavorable)
$ 5,832,390 $ 5,545,842 $ 286,548
222,428 176,467 45,961
195,911 167,676 28,235
68,981 52,000 16,981
487,320 396,143 91,177
791,863 500,000 291,863
246,611 - 246,611
26,750 - 26,750
16, 637 12, 500 4,137
6,397 5,000 1,397
1,088,258 517,500 570,758
108,129 110,000 (1,871)
277, 750 135, 000 142, 750
49,795 - 49,795
21,977 56,440 (34,463)
- 2,000,000 (2,000,000)
71,772 2,056,440 (1,984,668)
7,865,619 8,760,925 (895,306)
142,412 255,500 113,088
90, 411 287,150 196, 739
133,357 289,620 156,263
- 460,603 460,603
9, 280 251,130 241, 850
2a,eso 2�,ss2 (� ,osa�
404, 350 1, 571, 855 1,167, 505
502 1,420 918
6,716 5,500 (1,216)
9,016 13,200 4,184
- 2,000 2,000
2,564 22,000 19,436
18,798 44,120 25,322
31
'
TOWN OF MARANA, ARIZONA
1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN UNRESERVED
FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND - EXHIBIT A-2 (Continued)
Year Ended June 30, 1996
�
�
�
'
'
' Total general government
Development and planning services
' Building services
Personal services
Contractuat services
Commodities
� Other
Contingency
Capital outlay
Debt service
'
'
�
'
EXPENDITURES (continued)
General government (continued)
Ad m inistration
Personal services
Contractuai services
Commodities
Other
Contingency
Capital outlay
Debt service
Total administration
Total building services
Planning and zoning
Personal services
Contractual services
Commodities
Other
Capital outlay
Debt service
Total planning and zoning
Variance -
Favorable
Actual Budget (Unfavorable}
$ 286,318 $ 304,625 $ 18,307
13,364 19,150 5,786
30,279 11,500 (18,779)
21,588 11,300 (10,288)
- 2,000 2,000
679 18,500 17,821
11,219 21,739 10,520
363,447 388,814 25,367
786,595 2,004,789 1,218,194
147,353 191,090 43,737
25,720 34,440 8,720
17,479 11,500 (5,979)
13,934 16,000 2,066
- 2,000 2,000
34,777 19,034 (15,743)
- 4, 785 4, 785
239,263 278,849 39,586
151,917 149,556 (2,361)
46,444 130,580 84,136
10,897 11,030 133
16,368 15,860 (508)
16,341 12,010 (4,331)
3, 632 8, 507 4, 875
245,599 327,543 81,944
Total development and planning
' services 484,862 606,392 121,530
�
,
�
Town attorney
Tax
Water
Annexation
ADA
P rosecution
General services
Litigation
Total town attorney
64,614 14,000 (50,614)
11,510 18,000 6,490
6,690 70,000 63,310
672 12,000 11,328
63,036 65,000 1,964
88,716 100,000 11,284
- 40,000 40,000
235,238 319,000 83,762
' 32
TOWN OF MARANA, ARIZONA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN UNRESERVED
FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND - EXHIBIT A-2 (Continued)
Year Ended June 30, 1996
EXPENDITURES (continued)
Police
Personal services
Contractual services
Commodities
Other
Capital outlay
Debt service
Total police
Fire
Contractual services
Total fire
Magistrate court
Personal services
Contractual services
Commodities
Other
Contingency
Capital outlay
Debt service
Total magistrate court
Public works
Personal services
Contractual services
Commodities
Other
Contingency
Capital improvement projects
Capital outlay
Debt service
Total public works
Parks and recreation
Parks
Personal services
Contractual services
Commodities
Other
Contingency
Capital outlay
Total parks
Variance -
Favorable
Actual Budget (Unfavorable}
$ 1,242,867 $ 1,117,143 $ (125,724)
120, 584 137, 342 16, 758
95,939 105,600 9,661
154,346 53,000 (101,346)
16,697 78,385 61,688
161,057 97,898 (63,159)
1,791,490 1,589,368 (202,122)
109,231 - (109,231)
109,231 - (109,231)
147,702 179,031 31,329
37,817 57,730 19,913
11,275 7,000 (4,275)
7,598 14,200 6,602
- 3,000 3,000
6,582 7,000 418
2,519 2,453 (66)
213,493 270,414 56,921
273,765 340,077 66,312
904,935 1,591,405 686,470
71,510 58,335 (13,175)
66,508 22,600 (43,908)
- 3,000 3,000
551,362 1,639,000 1,087,638
- 19, 229 19, 229
13,421 58,442 45,021
1,881,501 3,732,088 1,850,587
56,932 24,217 (32,715)
15,811 20,900 5,089
21,150 22,900 1,750
19,574 21,600 2,026
- 2,000 2,000
10, 374 11, 700 1, 326
123,842 103,317 (20,525)
33
TOWN OF MARANA, ARIZONA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN UNRESERVED
FUND BALANCE — BUDGET AND ACTUAL
GENERAL FUND — EXHIBIT A-2 (Continued)
Year Ended June 30, 1996
EXPENDITURES (continued)
Recreation
Personal services
Contractual services
Commodities
Other
Contingency
Total recreation
Total parks and recreation
Total expenditures
Excess of revenues over
expend itu res
OTHER CHANGES IN FUND E�UITY
Decrease in reserve for restricted assets
Residual equity transfers out
UNRESERVED FUND BALANCE,
BEGINNING
UNRESERVED FUND BALANCE,
ENDING
Variance —
Favorabie
Actual Budget (Unfavorable)
$ (11,245) $ — $
11,349 4,384
3,412 2,500
7,862 8,000
— 1,000 _
11,378 15,884
11,245
(6, 965)
(912)
138
1,000
4, 506
135,221 119,201 (16,020)
5,637,631 8,641,252 3,003,621
2,227,988 $ 119,673 $ 2,108,315
1, 525
(73,312)
4,426,131
$ 6,582,332
34
STATEMENTS B
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for revenues derived from specific taxes or
other earmarked revenue sources. They are usually required by sta.tute or Federal grant
regulation to record particular operating functions of the Town.
Federal Grant Funds - includes the Community Development Block Grants, the COPS
Grant, the Census Grant, GITEM, HIDTA, MANTIS, Highway Safety 402 Grant, and
Drug and Gang Prevention. The separate funds have been established to account for
grant revenues and to provide compliance with Federal grant regulations.
Other Grant Funds - includes RICO, LTAF, and Highway User Revenue. These funds
are non-federal funds required by Arizona Statutes to be used for police or public works
expenditures.
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TOWN OF MARANA, ARIZONA
1992 COMMUNITY DEVELOPMENT BLOCK GRANT — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-3
' Year Ended June 30, 1996
REVENUES
Other agencies
Block grants — Pima County
Total revenues
EXPENDITURES
Current operations
Community development
Total expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 15,342 $ — $ 15,342
15,342 — 15,342
15,342 — (15,342)
15,342 — (15,342)
$ — $ — $ —
�
TOWN OF MARANA, ARIZONA
1993 COMMUNITY DEVELOPMENT BLOCK GRANT — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-4
Year Ended June 30, 1996
REVENUES
Other agencies
Block grants — Pima County
Total revenues
EXPENDITURES
Current operations
Public works
Community development
Total expenditures
Excess of revenues
overexpenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 59, 331 $ — $ 59, 331
59,331 — 59,331
21,331
38,000
59, 331
— (21,331)
— (38, 000)
— (59,331)
$ — $ — $ —
40
TOWN OF MARANA, ARIZONA
1994 COMMUNITY DEVELOPMENT BLOCK GRANT — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT 8-5
Year Ended June 30, 1996
REVENUES
Other agencies
Block grants — Pima County
Total revenues
EXPENDITURES
Current operations
General government
Public works
Community development
Parks and recreaton
Total expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
Residual equity transfers out
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 117,645 $ 317,290 $ (199,645)
117,645 317,290 (199,645)
12,136 136,320 124,184
12,794 74,820 62,026
41,907 — (41,907)
28,808 106,150 77,342
95,645 317,290 221,645
22,000 — 22,000
(22,000) — (22,000)
$ — $ — $ —
41
TOWN OF MARANA, ARIZONA
1995 COMMUNITY DEVELOPMENT BLOCK GRANT — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-6
Year Ended June 30, 1996
REVENUES
Other agencies
Block grants — Pima County
Total revenues
EXPENDITURES
Current operations
General government
Public works
Community development
Parks and recreaton
Total expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
Residual equity transfers out
FUND BALANCE, ENDING
Variance —
Favorable
Actuai Budget (Unfavorable)
$ 93,328 $ 250,000 $ (156,672)
93,328 250,000 (156,672)
14,813 217,000 202,187
134 — (134)
2,000 — (2,000)
28,772 33,000 4,228
45,719 250,000 204,281
47,609 — 47,609
(47,609) — (47,609)
$ — $ — $ —
42
TOWN OF MARANA, ARIZONA
COMMUNITY DEVELOPMENT BLOCK GRANT — REVOLVING LOAN PROGRAM
— SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
EXHIBIT B-7
Year Ended June 30, 1996
REVENUES
Interest
Total revenues
EXPENDITURES
Current operations
Parks and recreation
Total expenditures
Deficiency of revenues
under expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 1,021 $ — $ 1,021
1,021 — 1,021
26,096 — (26,096)
26,096 — (26,096)
(25,075) — (25,075}
25,075 — —
$ — $ — $ —
43
TOWN OF MARANA, ARIZONA
COPS GRANT — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-8
Year Ended June 30, 1996
REVENUES
Other agencies
Public safety — U.S. Dept of Justice
Total revenues
EXPENDITURES
Current operations
Police
Total expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 28,801 $ 30,000 $ (1,199)
28,801 30,000 (1,199)
28, 801 30, 000 1,199
28,801 30,000 1,199
$ — $ — $ —
44
TOWN OF MARANA, ARIZONA
RICO — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-9
Year Ended June 30, 1996
REVENUES
Other agencies
RICO funds — Pima County
Interest
Other
Total revenues
EXPENDITURES
Current operations
Police
Total expenditures
Deficiency of revenues
under expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 3,473 $ 45,000 $ {41,527)
1, 975 — 1, 975
400 - 400
5,848 45,000 (39,152}
30,790 45,000 14,210
30,790 45,000 14,210
(24,942) — (24,942)
40,998 — 40,998
$ 16,056 $ — $ 16,056
45
TOWN OF MARANA, ARIZONA
CENSUS GRANT — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-10
Year Ended June 30, 1996
REVENUES
Other agencies
Other grants
Total revenues
EXPENDITURES
Current operations '
Development and planning services
Total expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 5,941 $ — $ 5,941
5,941 — 5,941
5,941 — (5,941)
5,941 — (5,941)
$ — $ — $ —
46
TOWN OF MARANA, ARIZONA
GITEM — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITUFiES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-11 •
Year Ended June S0, 1996
REVENUES
Other agencies
Public safety — Arizona
Total revenues
EXPENDITURES
Current operations
Police
Total expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 63,929 $ 67,580 $ (3,651)
63,929 67,580 (3,651)
63,929 67,580 3,651
63,929 67,580 3,651
$ — $ — $ —
47
TOWN OF MARANA, ARIZONA
HIDTA — SPECIAL REVENUE FUNQ
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-12
Year Ended June S0, 1996
REVENUES
Other agencies
Public safety — Tucson
Total revenues
EXPENDITURES
Current operations
Police
Total expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 36,204 $ 31,270 $ 4,934
36,204 31,270 4,934
36,204 31,270 (4,934)
36,204 31,270 (4,934)
$ — $ — $ —
48
TOWN OF MARANA, ARIZONA
MANTIS — SPECIAI. REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-13
Year Ended June 30, 1996
REVENUES
Other agencies
Public safety — Tucson
Total revenues
EXPENDITURES
Current operations
Police
Total expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 37,049 $ 31,835 $ 5,214
37, 049 31, 835 5, 214
37,049 31,835 (5,214)
37,049 31,835 (5,214)
$ — $ — $ —
�
TOWN OF MARANA, ARIZONA
HIGHWAY SAFETY 402 GRANT — SPECIAI REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-14
Year Ended June 30, 1996
REVENUES
Other agencies
Public safety — Arizona
Total revenues
EXPENDITURES
Current operations
Police
Totai expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 10,452 $ 7,060 $ 3,392
10, 452 7, 060 3, 392
10,452 7,060 (3,392)
10,452 7,060 (3,392)
0
$ — $ — $ —
50
TOWN OF MARANA, ARIZONA
LTAF — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-15
Year Ended June 30, 1996
REVENUES
Other agencies
LTAF funds — Arizona
Total revenues
EXPENDITURES
Current operations
Public works
Totai expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 25,816 $ 25,874 $ (58)
25,816 25,874 (58)
25,816 25,874 58
25,816 25,874 58
$ — $ — $ —
51
TOWN OF MARANA, ARIZONA
DRUG AND GANG PREVENTION — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-16
Year Ended June 30, 1996
REVENUES
Other agencies
Other grants
Total revenues
EXPENDITURES
Current operations
Parks and recreation
Total expenditures
Excess of revenues
over expenditures
FUND BALANCE, BECINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 2,800 $ — $ 2,800
2,800 — 2,800
2,800 — (2,800)
2,800 — (2,800)
$ — $ — $ —
52
TOWN OF MARANA, ARIZONA
HIGHWAY USER REVENUE — SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE — BUDGET AND ACTUAL
EXHIBIT B-17
Year Ended June 30, 1996
REVENUES
Other agencies
Highway user fees — Arizona
Total revenues
EXPENDITURES
Current operations
Public works
Total expenditures
Excess of revenues
over expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Variance —
Favorable
Actual Budget (Unfavorable)
$ 192,083 $ 183,331 $ 8,752
192, 083 183, 331 8, 752
192,083 183,331 (8,752)
192,083 183,331 (8,752)
$ — $ — $ —
53
STATEMENTS C
ENTERPRISE FUND
The Enterprise Fund is established to account far an operation that is financed and
operated in a manner similar to a private business enterprise and where periodic
determination of net income is desired. Expenses, including depreciation, of providing
goods or services to the general public are recovered primarily through user charges. The
Water Fund was established to account for the financing and operation of the Water
Utility. All activities necessary to provide water services to Town residents are
accounted for within this fund.
TOWN OF MARANA, ARIZONA
COMPARATIVE BALANCE SHEETS
WATER FUND — EXHIBIT C-1
June 30, 1996 and 1995
1996
ASSETS
CURRENT ASSETS
Cash
Receivables:
Other
Restricted assets:
Cash
Investments
Total current assets
PROPERTY, PU4NT, AND EGlUIPMENT
Land
Water rights
Improvements, including wells and tanks
Bond issuance costs
Organization costs
Construction work — in — progress
Total
Less accumulated depreciation and
amortization
Total property, plant, and equipment
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses:
Accounts payable
Deposits
Sales tax payable
Accrued interest
Total
Due to other funds
Current portion of revenue bonds
Total current liabilities
LONG—TERM LIABILITIES
Revenue bonds, less current maturities above
Total liabilities
FUND E�UITY
Contributed capital
Deficit
Total fund equity
TOTAL LIABILITIES AND FUND E�UITY
$ —
13,190
1, 065
21, 372
35, 627
9,720
50,000
338,468
27,268
47, 523
105,287
578, 266
79, 528
498, 738
$ 534,365
$ 47,904
3,262
934
11, 051
63,151
16, 953
10,000
90,104
260,000
350,104
272,773
(88, 512)
184, 261
$ 534,365
1995
$ 16
10,633
810
21, 520
32,979
9, 720
50, 000
280, 562
27, 268
47, 523
20, 272
435,345
62,869
372,476
$ 405,455
$ 47,903
2, 816
765
11,429
62,913
10,000
72,913
270, 000
342,913
129, 852
(67, 310)
62,542
$ 405,455
54
!
TOWN OF MARANA, ARIZONA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN
DEFICIT - BUDGET AND ACTUAL
WATER UTILITY FUND - EXHIBIT C-2
Year Ended June 30, 1996
OPERATING REVENUES
Current use charges
Other
Total operating revenues
NONOPERATING REVENUES
Interest income
Bond proceeds
Total nonoperating revenues
Total revenues
OPERATING EXPENSES
Material, supplies, and other expenses:
Personai services
Contractual services
Commodities
Other
Depreciation expense
Total operating expenses
NONOPERATING IXPENSES
Bond interest expense
Bond fees
Capital outlay
Totai nonoperating expenses
Totai expenses
NET LOSS
DEFICIT, BEGINNING
DEFICIT, ENDING
CONTRIBUTED CAPITAL, BEGINNING
Residual equiry transfers in
CONTRIBUTED CAPITAL, ENDING
FUND E�UITY, ENDING
Variance -
Favorable
Actuai Budget (Unfavorable)
$ 81,479 $ 377,000 $ (295,521)
3,951 70,000 (66,049}
85,430 447,000 (361,570)
752 - 752
- 500,000 (500,000)
752 500,000 (499,248)
ss,�s2 sa�,000 (sso,a�e)
29,876 25,811 (4,065)
11, 573 10, 672 (901)
5,162 5,700 538
20,332 25,537 5,205
16,659 - (16,659)
83,602 67,720 (15,882)
22,103 35,337 13,234
1,679 - (1,679)
- 963,616 963,616
23,782 998,953 975,171
107,384 1,066,673 959,289
(21,202) (119,673) 98,471
(67,310) - (67,310)
(88,512) (119,673) 31,161
129,852 - 129,852
142,921 - 142,921
272,773 - 272,773
$ 184,261 $ (119,673) $ 303,934
55
STATEMENT D
AGENCY FUND
The Agency Fund is purely custodial and does not involve the measurement of results of
operations. The Deferred Compensation Fund accounts for voluntary contributions made
by Town employees to the International City Management Association Retirement
Corporation (ICMA). These contributions are invested in various fixed income and
equity funds. ICMA administrates this program through a contract with the Town.
Participation in the plan is optional and available to all Town employees.
TOWN OF MARANA, ARIZONA
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES — AGENCY FUND
EXHIBIT D-1
June 30, 1996
Deferred Compensation Fund
ASSETS
Deposits with �iscal agents
TOTAL ASSETS
Balance Balance
July 1, 1995 Additions Deletions June 30, 1996
$ 14, 635 $ 11, 599 $ — $ 26, 234
$ 14, 635 $ 11, 599 $ — $ 26, 234
LIABILITIES
Due to deferred compensation plan members $ 14,635 $ 11,599 $ — $ 26,234
TOTAL LIABILITIES $ 14,635 $ 11,599 $ — $ 26,234
56
STATEMENTS E
GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Account Group is comprised of those fixed assets of a
governmental jurisdiction which are not accounted for in the Enterprise Fund.
Infrastructure assets, which include roads, bridges, streets, and street lighting systems are
not included in these schedules.
TOWN OF MARANA, ARIZONA
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE
EXHIBIT E-1
June 30, 1996 and 1995
1996 1995
GENERAL FIXED ASSETS
Land
Buildings
Assets under capital lease
Machinery, equipment, and other assets
Marana Park
Leasehold improvements
TOTAL GENERAL FIXED ASSETS
$ 73, 310
322,258
722, 701
899, 739
189, 656
199, 377
$ 2,407,041
$ 73,310
308,183
759,579
671,099
150,000
199,377
$ 2,161,548
INVESTMENT IN GENERAL FIXED ASSETS BY SOURCE
From Current Revenues $ 1,982,511
From Revenue Bonds 255,750
From Federal Grants 168,780
TOTAL INVESTMENT IN CENERAL
FIXED ASSETS $ 2,407,041
$ 1,790,749
255, 750
115, 049
$ 2,161,548
57
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SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS — BY FUNCTION AND ACTIVITY
EXHIBIT E-3
June 30, 1996
General Fixed Additions Deletions General Fixed
Assets and and Assets
Function and Activiry July 1, 1995 Transfers Transfers June 30, 1996
General government $ 443,021 $ 29,508 $ (16,986) $ 455,543
Development and planning
services 154,558 51,118 (6,110) 199,566
Police 813,135 37,377 (4,950) 845,562
Magistrate court 15,353 6,582 — 21,935
Public works 459,177 104,741 (19,892) 544,026
Community development 75,130 14,075 — 89,205
Parks and recreation 201,174 50,030 — 251,204
TOTAL GENERAL FIXED ASSETS $ 2,161,548 $ 293,431 $ (47,938) $ 2,407,041
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TOWN OF MARANA, ARIZONA
TABLE III
ASSESSED AND ESTIMATED VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal
Year
1986 — 87
1987 — 88
1988 — 89
1989 — 90
1990 —91
1991 — 92
1992 - 93
1993 — 94
1994 — 95
1995 — 96
Assessed
Property
Value
$ 5,962,472
8,392,200
18,522,620
17,903,587
20,639,806
21,302,281
20,105,438
21, 360,473
46,427,724
49, 677, 845
Estimated
Property
Value
$ 59,776,476
76, 863, 547
144,124, 821
140,991,242
162,765,533
164,744,983
156,300,829
160,582,056
297,740,632
325,467,683
Ratio of
Total Assessed
Value to Total
Estimated
Value
10%
11%
13%
13%
13%
13%
13%
13%
16%
15%
Note: Includes reai property only
Source: Pima County Assessor's Office of Pima County, Arizona
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TOWN OF MARANA, ARIZONA
TABLE V
COMPUTATION OF LEGAL DEBT MARGIN
GENERAL OBLIGATION BONDS
June 30, 1996
(Unaudited)
Net Assessed Valuation
Debt Limit
Amount of debt applicable
to debt limit:
General obligation bonds
outstanding
Less assets in debt service
funds available for
payment of principal
Amount of debt applicable
to debt limt
Legal debt margin available
$ 49,677,845
20%
Bonds (1)
$ 9,935,569
6%
Bonds (2)
$ 2,980,671
Total
$ 12,916,240
r,
$ 9,935,569 $ 2,980,671 $ 12,916,240
N otes:
(1) Under Arizona law, Towns can issue general obligation bonds for purposes of
water, sewer, artificial light, and parks up to an amount not exceeding 20%
of assessed valuation.
(2) Under Arizona law, Towns can issue general obligation bonds for all purposes
other than those listed in Note (1) above, up to an amount not exceeding 6%
of assessed valuation.
Sources: Town of Marana, Arizona and Pima County Assessor's Office
of Pima County, Arizona
�
TOWN OF MARANA, ARIZONA
TABLE VI
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
June 30, 1996
(Unaudited)
Jurisdiction
Town of Marana, Arizona
Pima County
Marana School District
Flowing Wells School District
Net
Bonded Debt
Outstanding
$ 575,000
192,683,000
37,315,000
19,445,000
$ 250,018,000
Percentage
Applicable
to Town
of Marana
100.0000%
1.5297%
100.0000%
7.6923%
Amount
Applicable
to Town
of Marana
$ 575,000
2,947,472
37,315,000
1,495,769
$ 42,333,241
Notes:
(1) The bonded debt of Town of Marana, Arizona includes revenue bonds issued
by the Marana Municipal Property Corporation.
(2) Percentages and applicable amounts are estimated by the Town of Marana,
Arizona based upon assessed property values and square mileage of
intersected territory.
Sources: Town of Marana, Arizona and Pima County Assessor's Office
of Pima County, Arizona
65
TOWN OF MARANA, ARIZONA
TABLE VII
LEASE REVENUE BOND COVERAGE
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal
Year
1986 — 87
1987 — 88
1988-89
1989 — 90
1990 —91
1991— 92
1992 — 93
1993-94
1994-95
1995-96
Gross
Revenues Principai
$ 394,168 $ — $
771,459 -
919,037 —
798, 515 —
1,308,680 —
1,054,079 —
1,293,750 —
4,121,614 —
6, 662,180 5, 000
7, 865, 619 15, 000
Interest
_ $
7,619
22,858
22,858
49,402
47,361
47,061
45,993
N otes:
(1) Revenues include all General Fund revenues
(2) All revenues of the General Fund are pledged toward payment
of the lease revenue bonds
Source: Town of Marana, Arizona
Total
7,619
22,858
22,858
49,402
47,361
52,061
60,993
Coverage
104.81
57.25
46.11
26.19
87.03
127.97
128.96
..
TOWN OF MARANA, ARIZONA
TABLE VIII
DEMOGRAPHICS
June 30, 1996
(Unaudited)
Population by Age Group
Age Group
Under 5
5-14
15-19
20-29
30-39
40-49
50-64
65 and over
Total
Number
452
808
329
807
1,183
757
624
349
5,309
Percentage
of Total
8.51 %
15.22%
6.20%
15.20%
22.28%
14.26%
11.76%
6.57%
100.00%
Population by Ethnic Background
Age Group
White
Hispanic
Black
Native American
Other
Totat
Number
3,624
1,200
189
133
163
5,309
Percentage
of Total
fi8.26%
22.60%
3.56%
2.51 %
3.07%
100.00%
Note: Population figures are based on a recount completed by the
U.S. Census on September 14, 1995
Sources: U.S. Census Bureau and Town of Marana, Arizona
67
TOWN OF MARANA, ARIZONA
TABLE IX
PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal
Year
1986 — 87
1987 —88
1988 — 89
1989 —90
1990 — 91
1991 — 92
1992 — 93
1993 — 94
1994-95
1995 — 96
Estimated
Property
Value
$ 59,776,476
76, 863, 547
144,124,821
140,991,242
162,765,533
164, 744, 983
156,300,829
160,582,056
297, 740, 632
325,467,683
Residential Construction Commercial Construction
Number of Number of
Units Value Units Value
N.A. $ N.A. N.A. $ N.A.
N.A. N.A. N.A. N.A.
N.A. N.A. N.A. N.A.
N.A. N.A. N.A. N.A.
45 3,800,816 5 318,629
18 1,788,250 10 1,713,967
112 9,417,569 1 20,000
447 40,709,699 5 189,244
320 28,018,383 41 5,742,572
329 34,083,387 40 1,842,171
Note: With recent annexations, there are several bank branches doing business in
Marana, Arizona.There is only one bank branch that officially lists its location as
Marana, Arizona. This one branch represents the bank deposits above.
Source: "Operating Banks and Branches" by Federal Deposit Insurance Corporation
Bank
Deposits
(000's)
7,313
7, 791
N.A.
7,509
8, 555
9,414
9,189
9,939
10,256
N.A.
68
TOWN OF MARANA, ARIZONA
TABLE X
MISCELLANEOUS STATISTICAL DATA
June 30, 1996
(Unaudited)
Date of Incorporation: March 21, 1977
Form of Government: 7 member council/Manager
Largest Employers
Fry's
K — Mart
Tucson Electric Power
Marana School District
Flowing Wells School District
Payless Cashways
Product/
Service
Retail — Food
Retail — Stores
Electric Utility
School
School
Retail — Stores
Number of
Employees
(1) 1,564
(1) 1,450
(1) 1,125
(2) 1,026
(1) 665
(1) 195
Notes:
1) These totals represent employees in locations throughout Southern Arizona, not
just in the Town of Marana, Arizona
2)These totals are for employers with business addresses listed as Marana, Arizona.
Source: "Star 200 (The Major Employers of Southern Arizona)" published by the
Arizona Daily Star on March 24, 1996
City Employees: June 30, 1996
Full — Time
Part — Time
Total
Police Protection
Number of Stations
Total Full — Time Employees
Commissioned Officers
Parks and Recreation
Acres
Parks
Playgrounds
Swimming Pools
Water Utility
Operable Wells
Active Services:
Metered
U n m etered
Water Distributed (Gallons)
85
23
108
2
42
33
40
1
1
1
�:
185
15
23,393,000
.•