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Home My WebLink AboutAnnual Expenditure Limitation Report June 30, 2011 ANNUAL EXPENDITURE LIMITATION REPORT Year Ended June 30, 2011 TOWN OF MARANA, ARIZONA EXPENDITURE LIMITATION REPORT TABLE OF CONTENTS ContentsPage Independent Auditors' Report1 Annual Expenditure Limitation Report - Part I3 Annual Expenditure Limitation Report - Part II4 Annual Expenditure Limitation Report - Reconciliation6 Note to the Annual Expenditure Limitation Report8 INDEPENDENT AUDITORS’ REPORT The Auditor General of the State of Arizona and The Honorable Mayor and City Council of the Town of Marana, Arizona We have audited the financial statements of Town of Marana, Arizona as of and for the year ended June 30, 2011, and have issued our separate report thereon dated December 21, 2011. We have also audited the accompanying Annual Expenditure Limitation Report of Town of Marana, Arizona for the year ended June 30, 2011. This report is the responsibility of the City’s management. Our responsibility is to express an opinion on this report based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the report is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the report. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall report presentation. We believe that our audit provides a reasonable basis for our opinion. The accompanying Annual Expenditure Limitation Report was prepared for the purpose of complying with the uniform expenditure reporting system as discussed in Note 1, and is not intended to be a presentation in conformity with accounting principles generally accepted in the United States of America. In our opinion, the Annual Expenditure Limitation Report of Town of Marana, Arizona, for the year ended June 30, 2011, referred to above, presents fairly, in all material respects, the information required by the uniform expenditure reporting system on the basis of accounting described in Note 1. This report is intended solely for the information and use of the members of the Arizona State Legislature and for filing with the Auditor General of the State of Arizona and is not intended to be and should not be used by anyone other than these specified parties. Casa Grande, Arizona December 21, 2011 8IQTI7GSXXWHEPI'EWE+VERHI );EVRIV6SEH)'SGLMWI6SEH)'SXXSR[SSH0ERI 7YMXI7YMXI7YMXI 8IQTI%>7GSXXWHEPI%>'EWE+VERHI%> *E\ *E\ *E\ [[[LIRV]ERHLSVRIGSQ TOWN OF MARANA, ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT-PART I YEAR ENDED JUNE 30, 2011 1. Economic Estimates Commission expenditure limitation 13,183,434$ 2. Voter-approved alternative expenditure limitation170,411,083 (Approved May 19, 2009) See Note 1 3. Enter applicable amount from Line 1 or Line 2 170,411,083$ 4. Amount subject to the expenditure limitation (total amount from Part II, Line C)56,171,015 5. Amount under the expenditure limitation$114,240,068 Iherebycertify,tothebestofmyknowledgeandbelief,thattheinformationcontainedinthis report is accurate and in accordance with the requirements of the uniform expenditure Signature of Chief Fiscal Officer: Name and Title:Erik Montague, Finance Director Telephone Number:(520) 382-1900Date: TOWN OF MARANA, ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT-PART II YEAR ENDED JUNE 30, 2011 Governmental DescriptionFunds A.Amounts reported on the Reconciliation, Line D51,400,015$ B. Less exclusions claimed: 1.Bond proceeds Debt service requirements on bonded indebtedness - Proceeds from other long-term obligations - Debt service requirements on other long-term - 2.Dividends, interest, and gains on the sale or redemption of investment securities - 3.Trustee or custodian - 4.Grants and aid from the federal government - 5.Grants, aid, contributions, or gifts from a private agency, organization, or individual, except amounts received in lieu of taxes - 6.Amounts received from the State of Arizona - 7.Quasi-external interfund transactions - 8.Amounts accumulated for the purchase of land, and the purchase or construction of buildings or improvements - 9.Highway user revenues in excess of those received in fiscal year 1979-80 - 10Contracts with other political subdivisions - 11Refunds, reimbursements, and other recoveries - 12Voter-approved exclusions not identified above (attach resolution) - 13Prior years carryforward - 14Total exclusions claimed - C.Amounts subject to the expenditure limitation$51,400,015 EnterpriseInternal Service Fiduciary FundsFundsFunds Total $ 4,771,000$ -$ -$56,171,015 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - $ 4,771,000$ -$ -$56,171,015 TOWN OF MARANA, ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT-RECONCILIATION YEAR ENDED JUNE 30, 2011 Governmental DescriptionFunds Total expenditures/expenses/deductions and applicable other financing uses, special items, and extraordinary A.items reported within the fund financial statements $51,400,015 B. Deductions: 1.Items not requiring use of working capital: Depreciation - Loss on disposal of capital assets - Bad debt expense - 2.Expenditures of separate legal entities established under Arizona Revised Statutes - 3.Present value of net minimum capital lease and installment purchase contract payments recorded as expenditures at inception of the agreements - 4.Involuntary court judgments - 5.Total subtractions - C. Additions: 1.Principal payments on long-term debt - 2.Acquisition of capital assets - 3.Claims paid in the current year but reported as expenses incurred but not reported in previous years - 4.Landfill closure and postclosure care costs paid in the current year but reported as expenses in previous years - 5.Total additions - D.Amounts reported on Part II, Line A$51,400,015 EnterpriseInternal Service Fiduciary FundsFundsFunds Total $ -4,665,174$ -$ 56,065,189$ -1,671,265 - 1,671,265 -- - - -- - - -- - -- - - -- - - -1,671,265 - 1,671,265 -- - -1,777,091 - 1,777,091 -- - - -- - - -1,777,091 - 1,777,091 $ -4,771,000$ -$ 56,171,015$ TOWN OF MARANA, ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT Year Ended June 30, 2011 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Annual Expenditure Limitation Report (AELR) is presented on the basis of accounting prescribed by the Uniform Expenditure Reporting System (UERS), as required by Arizona Revised Statutes Section 41-1279.07, and in accordance with the voter-approved alternative expenditure limitation plan adopted on May 19, 2009 as authorized by the Arizona Constitution, Article IX, Section 20(9). This plan provides for the Town to allow the Mayor and Council to adopt an annual expenditure limitation each year, which for fiscal year 2010-2011 equaled the budget of $170,411,083. This budget was adopted formally on June 15, 2010.