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HomeMy WebLinkAboutAnnual Expenditure Limitation Report June 30, 2021 ANNUAL EXPENDITURE LIMITATION REPORT Year Ended June 30, 2021 Town of Marana Annual Expenditure Limitation Report Year Ended June 30, 2021 Table of ContentsPage 1 2 3 4 Notes to Annual Expenditure Limitation Report5 The Auditor General of the State of Arizona and The Honorable Mayor and TownCouncil of the Town of Marana, Arizona We have examined the accompanying Annual Expenditure Limitation Report of Town of Marana, Arizona for the year ended June 30, 2021, and therelated notes to the report.The Town management is responsible for presenting this reportin accordance with the uniform expenditure reporting system as described in Note 1. Our responsibility is to express an opinion on this report based on our examination. We conducted our examination in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether this report is presented in accordance with the uniform expenditure reporting system in all material respects. An examination involves performing procedures to obtain evidence about the amounts and disclosures in the report. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of the report, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. In our opinion, the Annual Expenditure Limitation Report of Town of Marana, Arizona, referred to above is presented in accordance with the uniform expenditure reporting system as described in Note 1 in all material respects. Tempe, Arizona January 4, 2022 PART I - REPORT June 30, 2021 NNUAL EXPENDITURE LIMITATION ear Ended See accompanying notes. TOWN OF MARANA, ARIZONAAY PART II ear Ended June 30, 2021 See accompanying notes. TOWN OF MARANA, ARIZONAANNUAL EXPENDITURE LIMITATION REPORT Y RECONCILIATION ear Ended June 30, 2021 See accompanying notes. TOWN OF MARANA, ARIZONAANNUAL EXPENDITURE LIMITATION REPORT Y TOWN OF MARANA, ARIZONA NOTES TO ANNUAL EXPENDITURE LIMITATION REPORT Year Ended June 30, 2021 NOTE1SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES The Annual Expenditure Limitation Report (AELR) is presented as prescribed by the Uniform Expenditure Reporting System (UERS), as required by Arizona Revised Statutes §41-1279.07, and in accordance with the voter-approved alternative expenditure limitationadopted November 8, 2016, as authorized by the Arizona Constitution, Article IX, §20 (9). InaccordancewiththeUERSrequirements,anotetotheAELRispresentedbelowforany exclusion claimedonpartIIandeachsubtractionoradditionintheReconciliationthatcannotbe traceddirectlyto anamountreportedinthefundfinancialstatements.Allreferencestofinancial statementamountsinthe followingnotesrefertotheStatementofRevenues,Expenditures,and ChangesinFundBalancesforthe GovernmentalFunds,StatementofRevenues,Expenses,and ChangesinFundNetPositionfortheProprietary Funds,StatementofCashFlowsforthe ProprietaryFunds,and the Employee Retirement Systems disclosure. NOTE2RECONCILIATIONDEDUCTIONSANDADDITIONS The subtraction of $345,132for pension expense consists of the change in the net pension liability recognized in the current year in the Enterprise Funds.The addition of $247,756for pension contributions paid in the current year consists of the required pension contributionsmadeto the Arizona State Retirement System from the Enterprise Funds. Theaddition of $1,060,501for principal payments on long-term debt in the Enterprise Funds consists of $874,501paid on loans payableand $186,000paid on bonds payable, during the current fiscal year. The addition for the acquisition of capital assets consists of $10,895,452paid for various capital assets in the Enterprise Funds. Thesubtraction of $126,248for fees required by law to be paid to Arizona state agencies consists ofpayments to the Arizona Department of Revenue as required by Laws 2015, Chapter 323, HB2617, which were recorded as general government expenditures.