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HomeMy WebLinkAbout2022 Financial Statement June 30 This page intentionally left blank TOWN OF MARANA, ARIZONA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2022 This page intentionally left blank This page intentionally left blank INTRODUCTORY SECTION This page intentionally left blank December 20, 2022 The Honorable Mayor and Town Council, and Citizens of the Town of Marana, Arizona: State statutes require that cities and towns publish a complete set of financial statements presented in conformity with accounting principles generally accepted in the United States of America and audited in accordance with auditing standards generally accepted in the United States by a certified public accounting firm licensed in the State of Arizona. Pursuant to that requirement, we hereby issue the annual financial report of the Town of Marana, Arizona (Town) for the fiscal year ended June 30, 2022. Consequently, senior management assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a reasonable basis for making these representations, management of the Town has established a comprehensive internal control framework that is designed to rmation for financial statements in conformity with accounting principles generally accepted in the United States of America. Because the cost of internal controls should not outweigh their framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. Baker Tilly US, LLP, a certified public accounting firm. The goal of the independent audit was to provide reasonable assurance that the financial statements of the Town for the fiscal year ended June 30, 2022, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified statements for the fiscal year ended June 30, 2022, are fairly presented in conformity with accounting presented as the first component of the financial section of this report. The independent audit of the financial statements of the Town was part of a broader, federally mandated Single Audit as required by the provisions of the Single Audit Act Amendments of 1996 and the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also on internal controls and legal requirements involving the administration of federal awards. These reports are available in a separately issued Single Audit Reporting Package. Accounting principles generally accepted in the United States of America require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of immediately following the report of the independent auditors. Profile of the Town The Town of Marana, incorporated in 1977, is located in northwestern part of the Tucson metropolitan area of Pima County and has historically been one of the fastest growing communities in Arizona. Straddling Interstate10,Maranais only10 milesnorthof downtownTucsonand 88milessoutheastof downtown boundaries encompass 121.8 square miles and serves a population of 54,895 according to the 2021 US Census Bureau survey. In its infancy, the Town was primarily a rural, agricultural community. However, throughannexations and planned growth,the Townis nowhometo severalresidential,commercialandindustrialdevelopments, including Continental Ranch, Continental Reserve, Gladden Farms, Gladden Farms II, Sunflower, Heritage Highlands,DoveMountain,LazyK,SaguaroRanch,SkyRanch,SaguaroBloom,ContinentalRanch Business Park, Arizona Pavilions, and the Marana Center. LegislativeauthorityfortheTownofMaranaisvestedin a seven-member MayorandCouncil.Votersof theTown directly elect the Mayor. Council-members serve four-year staggeredterms. The Council fixes the duties and compensation of Town officials and employees, and enacts ordinances and resolutionsrelatingto Townservices,taxes,appropriatingand borrowingmonies,licensingand regulatingbusinessesandtradesand othermunicipalpurposes.The Town Councilappointsthe Town Manager who has fullresponsibility for executing Council polices and administering Town operations. Town employees are hired under personnel rules approved by the Council. A staff of approximately 429 full-time equivalent positions is responsible for the functions and operations of the Town government. EconomicConditionandOutlook Current Condition As we are all aware, 2020 and 2021 were unprecedented years for the Town of Marana, and indeed, for the entire world. As the COVID-19 pandemic gripped our nation and took hold globally, the world scrambled to implementchangesthatwouldprotectpublichealthat allcosts.In fiscalyear2022,the pandemic continuedto befelt both individuallyandcollectivelyacrossthe region,nation, andworld. Despitethese ripple effects, the local, state, andnationaleconomiesgrew at near record pace. This economicgrowth, paired with accelerated housing development, and federal stimulus funds from the American Rescue Plan Act, encapsulate the strong financial performance of the Town. In fiscal year 2022, the Town has not only seen higher than anticipated projections and collections for key revenuestreamsthatfundessentialservices,but also,significantgainsinone-timerevenuestied to commercial development throughout the community. Revenues in the General Fund grew by approximately 13.1% overall with growth in transaction privilege taxes of $3.8 million or 11.1% overall, which demonstrates continuedgrowth andimprovementinthe economy.The Townwas abletoprovideteambased merit increases to employees while maintaining costs in commodities and services received in order to stay within budget. The General Fund expenditures were approximately $10 million under budget. The Town established and maintains an investment plan as a way to guide decisions made during future guide in the allocation of resources as they become available. Both the current and future programs are measured for alignment with the Strategic Plan as well as the investment plan. Those programs that are more precisely aligned with those plans and those that are sustainable are more likely to receive funding. The financial performance of the Town as a whole is reflected in its governmental funds. AsofJune 30, 2022166.3 million, ofwhich $9. The Town, like most municipalities, is significantly dependent upon transaction privilege tax revenues, which are subject to economic fluctuations. Transaction privilege tax revenues comprised 49.8% of general fund revenues. Of those revenues, retailcomprised 55.9% and restaurants and bars, construction,and utilities comprised 29.8% of total transaction privilege tax revenues. Sales taxes andotherrevenues continued to show improvement compared to the prior fiscal year. Future Economic Outlook istostructurally balance on-going revenues matched with on-going expenses and one-time revenues aligned with one-time expenses.In addition to our sound budgeting practices developed over the years, Town has used the following assumptions to develop the fiscal year 2022-2023budget. Cautious, moderated growth compared to fiscal year 2021-2022. Inflation rate at 8.5%(40 year high). Low unemployment rate of 3.6% Population growth rate of 6.3% with 1,250new residential home permits. Continued growth in commercial development. Accomplishments and Initiatives During fiscal year 2022, the Town had several significant accomplishmentsand initiatives. Multigenerational Community & Aquatic Facility On October 19, 2021the Town of Marana Council passed Ordinance No. 2021.022, amending the Town Tax Code by increasing the rate on certain business activities from 2.0% to 2.5% to fund the design and construction of a new multigenerational community andaquatic facility in North Marana. Formation of Strategic Plan V Town leadership worked to outline specific goals and strategies to be taken by the Town for the next 2-to-3 years in order to reach long-term goals established in long-term planning documents. Strategic Plan V is built upon five focus areas Commerce, Healthy Lifestyles, and Proactive Public Services. These focus areas, with their corresponding Market Study and Employee Compensation The Town engaged with an outside consultant to complete a market and employee compensation study to ensure the Town remains competitive and equitable with recruitment, pay, and compensation-related benefits in the labor market. The culmination of this study led to adjustments in Town pay grades, ranges, and employee salaries effective July 1, 2022. Expenditure Limitation On June 30, 1980 Arizona voters approved general propositions amending the Arizona Constitution to establish expenditure and revenue limitations for local governments. The purpose of the expenditure limitation is to control expenditures and to limit future increases in spending to adjust for inflation, deflation and population growth of the Town. OnAugust 4, 2020, the voters of the Town approved an alternative expenditure limitation, the effect of which is that the total budgeted expenditures of each yearly budget becomes the expenditure limitation for that year on a total budget basis. This alternative expenditure limitation is effective for four yearsbeginning with the fiscal year ended June 30, 2021and encompasses fiscal year ending June 30, 2022.On November 8, 2022, voters approved a permanent base adjustment which is schedule to take effect in future fiscal years. SingleAudit As a recipient of Federal, State and County financial assistance, the Town is responsible for ensuring that adequate internal controls are in place to ensure compliance with applicable laws, regulations, contracts and grants related to those programs. Internal control is subject to periodic evaluation by management. controls,includingthatportionrelatedtoFederalfinancialassistanceprograms,aswellasto determine that the Town has complied with applicable laws and regulations. Certificate ofAchievement The GovernmentFinanceOfficersAssociationof the UnitedStates(GFOA)awardeda Certificateof Achievement for Excellence in Financial Reporting to the Town of Marana for its Annual Comprehensive Financial Report (ACFR) for the year ended June 30, 2021. This was the 14th consecutive year that the Townhasachievedthis prestigiousaward. In orderto be awardedthe Certificateof Achievement,a governmental unitmust publish an easily readableandefficientlyorganized ACFR,whosecontents conform to programstandards.Suchreportsmustsatisfyboth generallyacceptedaccountingprinciplesand applicable legal requirements. A Certificate of Achievement is valid for a one-year period only. We believe our current report conforms to the Certificate of Achievement program requirements, and we are submitting it to GFOA for consideration. Acknowledgements The preparation of this report would not have been possible without the efficient, effective and dedicated servicesof the entirestaffof the FinanceDepartmentand the assistanceofpersonnelinthe various departments. We would like to express our appreciation to all members who assisted and contributed to the preparation of this report. We would also wish to express our sincere appreciation to the Mayor and Council for unfailing support in Respectfullysubmitted, Terry RozemaYiannis Kalaitzidis Town ManagerFinance Director TOWN OF MARANA,ARIZONA PRINCIPALOFFICIALSOF THE TOWN OF MARANA FISCAL YEAR 2022 MAYOR AND COUNCIL EdHonea,Mayor Jon Post, Vice Mayor Herb Kai, Councilmember John Officer, CouncilmemberRoxanne Ziegler, Councilmember Jackie Craig, CouncilmemberPatti Comerford, Councilmember MANAGEMENT STAFF Terry Rozema, Town Manager Erik Montague, Deputy Town Manager DEPARTMENT HEADS Jason Angell,DevelopmentServices Director Curry C. Hale, Human Resources Director Jim Conroy,Parks and Recreation Director Jane Fairall, Town Attorney Reuben Nunez, PoliceChiefLaine McDonald, Town Magistrate Fausto Burruel, Public Works Director Lisa Shafer, Community and Neighborhood Services Director Yiannis Kalaitzidis, Finance Director Ricardo Carlos, Technology Services Director David Udall, Town Clerk Jing Luo, Utilities Director Curt Woody, Director of Economic Development This page intentionally left blank This page intentionally left blank The Honorable Mayor and Town Council Town of Marana Marana, Arizona Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Marana,as of and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the Town of Marana In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund informationof the Town of Marana, as of June 30, 2022, and the respective changes in financial position, and, where applicable, cash flowsthereoffor the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are report. We are required to be independent of the Town of Maranaand to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphasis of Matter As discussed in Note 1 to the financial statements, for the year ended June 30, 2022, the Town adopted new accounting guidance, Governmental Accounting Standards Board Statement No. 87, Leases. Our opinions are not modified with respect to this matter. Other Matter Compliance over the use of Highway User Revenue Fund and other dedicated State transportationrevenue monies In connection with our audit, nothing came to our attention that caused us to believe that the Town failed to comply with the authorized transportation purposes, insofar as they relate to accounting matters, for Highway User Revenue Fund monies it received pursuant to Arizona Revised Statutes Title 28, Chapter 18, Article 2, and any other dedicated State transportation revenues it received. However, our audit was not directed primarily toward obtaining knowledge of such noncompliance. Accordingly, had weperformed additional procedures, other matters may have come to our attention regarding the Townnoncompliance with the authorized transportation purposes referred to above, insofar as they relate toaccounting matters. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Town of Marana continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standardswill always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Town of Marana. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there areconditions or events, considered in the aggregate, that raise substantial doubt about the Town of Marana a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Required Supplementary Information discussion and analysis, budgetary comparison information, and post-employment benefit schedulesas listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance withauditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for e basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town of Maranaother supplementary information as listed in the table of contents arepresented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, other supplementary information as listed in the table of contents arefairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does notinclude the basic financial statements and basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 20. 2022on our consideration of the Town of Marana of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Town of Maranaon compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standardsin considering Town of Marana Tempe, Arizona December 20, 2022 This page intentionally left blank TOWN OF MARANA, ARIZONA MDISCUSSION AND ANALYSIS Year Ended June 30, 2022 statements this narrative overview and analysis of the financial activities of the Town for the fiscal year ended June 30, 2022. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found in the introductory section of this report. FINANCIAL HIGHLIGHTS The 50.6million or 11.8percent from the previous fiscal year 2020-21.The increase is primarily due to an increase in cash, receivables due from other governments,and the recognition of leases receivable. The increasein cash is due to revenue collections in excess of projections,while expenseswere below projections.This was a result of cautious budgeting for fiscal year 2021-22, due to the continued uncertainty surrounding the global pandemic. The increase in receivablesdue from other governments isattributable to local transaction privilege taxes collected by the State and due to the Town for activity during June 2022. The addition of leases receivable is associated with existing lease agreements now recognized under GASB 87. General revenues from governmental activities, excluding transfers, accounted for $71.7million in revenue, or 57.8percent of all revenues from governmental activities. Program specific revenues in the form of charges for services and grants and contributions accounted for $52.5million or 42.2 percent of total revenuesfrom governmental activities. The Town had $28.3million of program revenues related to business-type activities. Overall revenues have increased by 23.9percent, with increases in all categories except investment incomedue to mark to market adjustments.Revenue categories that saw the largest increases forfiscal year 2021-22were$13.6millionadditionalin capitalgrants and contributions, $9.3millionadditionalin sales taxes,and $5.3 million additional in charges for services, as compared to the prior fiscal year. The General Fund had $75.9million inrevenue forfiscal year 2021-22, which primarily consisted of sales taxes, intergovernmental revenue,and licenses, fees and permits. This was an increase of $8.8million compared to the prior fiscal year.Thisincrease was aprimarilyresult ofincreased activity across most areas, including strong growth in local sales tax collections and revenues related to residential and commercial development. The General fund had $44.6million of expenditures and $4.1million in required transfers out during the year. This is an increase of $4.2 million compared to the prior fiscal year. Theincrease in expenditures is a return to more normal expenditure levels astheglobal pandemic began to subside.Fund balance for the General Fund increased $27.2million, and is attributed to higher than anticipated revenues in sales taxes, intergovernmental revenue, and licenses, fees and permits,as well as cautiousand prudentuses of Town funds for departmental expenditures. Highway User Revenue Fund revenuesincreased slightly compared to the prior fiscal year 2020- 21 to $4.4 million. Expenditures were lessthan the previous year due tosupply chain shortages disrupting normal operations for the fund.The decrease in expenditures was 13.7percent. Tangerine Farms Road Improvement District Debt Service Fund, which accounts for special assessments, had a $367,265fund balance attributable to the accumulation of prepaid assessments and resources required for debt service payments. The Transportation Fund saw an increasein revenue of 29.4percent in fiscal year 2021-22due to increasedconstruction tax revenues. There was a large degrease of 81.7percent in expenditures dueto delays with several large capital projects, such as the Tangerine Road Widening Phase II, and Twin Peaks Rattlesnake Pass Widening projects. OVERVIEW OF FINANCIAL STATEMENTS ise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements. The government-wide financial statements are designed to -sector business. All of the activities of the Town, except those of a fiduciary nature, are included in these statements. business-type activities. A total column for these activities is also provided. The governmental activities include basic services of the Town including general government (administration), public safety (police and building safety), highways and streets, health and welfare, economic and community development, and culture and recreation. These activities are primarily supported by general taxes and revenues. The business-type activities include the private sector-type activities such as water utility, wastewater utility, and airport operations. These activities are supported primarily through user charges and fees. The statement of net position resources, liabilities, and deferred inflows of resources with the difference reported as net position.The focus on net position is important because increases and decreases in net position may serve as a useful indicator of how the financial position of the Town may be changing. Increases may indicate an improved financial position. However, decreases position is deteriorating. Instead, it may reflect a situation where the Town may have used previously accumulated funds (i.e., cash collected over time to fund capital projects). As a result, other financial and non- The statement of activities most recent fiscalyear. Since economic resources measurement focus and accrual basis of accounting are used for the government-wide financial statements, all changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and long-term debt that has not matured). This statement also focuses on both the gross and net costs of various Town functions, based only on direct functional revenues and expenses. This is designed to show the extent to which the various functions are dependent on general taxes and revenues for support. In addition to the Town itself (primary government), the government-wide financial statements also the Gladden Farms Community Facilities District, Gladden Farms Community Facilities District II, and Saguaro Springs Community Facilities District are blended component units. The government-wide financial statements can be found on pages 27-29 of this report. Fund financial statements.Also presented are the financial statements for governmental funds and proprietary funds. A fund is a grouping of relatedaccounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Town uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of theTown can be divided into two categories: governmental funds and proprietary funds. Governmental funds.Governmental fundsare used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government- wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. -term financing requirements and determining what financial resources are available in the near future to fund Town programs. Because the focus of governmental funds is narrower than that of thegovernment-wide financial statements, it may be useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long--term financing decision. To facilitate this comparison, reconciliations of the differences between the governmental fund balance sheet and statement of revenues, expenditures and changes in fund balances and government-wide statement of net position and statement of activities are provided immediately following the respective governmental fund statements. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund, Highway User Revenue, Tangerine Farms Road Improvement District Debt Service,and Transportation Capital Fund all of which are considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements and schedules. These statements are included as supplementary information after the basic financial statements starting on page 106. The Town adopts an annual budget and legally allocates (or appropriates) available monies for the General, Highway User Revenue,Tangerine Farms Road Improvement District Debt Service, Transportation Capital, and other non-major governmental funds. Budgetary comparison statements are provided for the General Fund, Highway User Revenue Fund, and Other Special Revenue Fund within the basic financial statements on pages 40-42 capital funds on pages 103-104 non-major funds to demonstrate compliance with the annual budget. The basic governmental fund financial statements can be found on pages 32-42of this report. Proprietary funds.The Town maintains two different types of proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The Town uses enterprise funds to account for its water, wastewater and airport services, which are primarily supported by user charges and fees. Internal service funds are an accounting device internal service fund to account for the employee health and dental benefits. Because the services of internal service funds predominantly benefits governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. Notes to the financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be foundimmediately following the basic financial statements. Required supplementary information other than MD&A. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning are required to disclose certain information about employee pension funds. These disclosures are included within Note 9 Employee Retirement Systemsbeginning on page 67in addition to the information on pages 86-97reported as required supplementary information. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of a In the case of the Town, assets and deferred outflows of resources exceeded liabilities and deferred inflows by $479.0million as of June 30, 2022. Noncurrent assets decreasedby $10.5million or 2.3percent due to thereductionof capital assets andnon-currentaccounts receivable. The current assets increased by $67.6 million or 51.1percent primarily due to an increase in cash, and the addition of leases receivable.Increases in cash is primarily duetorelatively conservative spending and higher than expected revenue collections from a strong economy.The addition of lease receivable is related to the implementation of GASB 87 for pre-existing Town leases. Current liabilitiesdecreased slightly from $22.5 million to $21.6 million. Long- term liabilities decreased by $11.9 million or 7.8 percent primarily due to a decrease in net pension liability. Net position. and improvements, infrastructure, vehicles and equipment and construction in progress) net of accumulated depreciation and any related outstanding debt used to acquire or construct those assets. The Town uses these capital assets to provide services to its citizens; consequently, these assets are notavailable for future spending. the resources needed to repay this debt must be provided from other sources, since the capital assets represents resources that are subject to external restrictions on how they may be used. he product of several financial transactions including the net results of activities, the acquisition and payment of debt, the acquisition and disposal of capital assets, and the depreciation of capital assets. The following table presents a summary of thJune 30, 2022 andJune 30, 2021. Governmental ActivitiesBusiness-type ActivitiesTotal 202220212022202120222021 Current and other assets$185,080,318$131,599,536$26,657,212$14,023,513$211,737,530$145,623,049 Capital assets, net 289,081,688301,486,932147,459,195144,117,321436,540,883445,604,253 Total assets, net 474,162,006433,086,468174,116,407158,140,834648,278,413591,227,302 Deferred outflows related to refunding1,159,7181,307,614--1,159,7181,307,614 Deferred outflows related to pensions 9,119,87010,931,378584,139575,0759,704,00911,506,453 Total deferred outflows of resources10,279,58812,238,992584,139575,07510,863,72712,814,067 Current and other liabilities17,279,28117,749,5134,327,7094,768,25721,606,99022,517,770 Long-term liabilities 102,439,115113,621,94438,188,28638,972,319140,627,401152,594,263 Total liabilities 119,718,396131,371,45742,515,99543,740,576162,234,391175,112,033 Deferred inflows related to pensions 9,296,687467,204815,581-10,112,268467,204 Deferred inflows related to leases 3,045,820-4,705,078-7,750,898- Total deferred inflows of resources12,342,507467,2045,520,659-17,863,166467,204 Net position: Net investment in capital assets 229,747,427243,691,969110,451,894106,165,559340,199,321349,857,528 Restricted 34,401,32821,674,530818,2711,128,54935,219,59922,803,079 Unrestricted 88,231,93648,120,29915,393,7277,673,224103,625,66355,793,523 Total net position $352,380,691$313,486,798$126,663,892$114,967,332$479,044,583$428,454,130 Net investment in capital assets, which r depreciation and any related outstanding debt issued to acquire or construct those assets, was $340.2 million or 71.0percent, which represents the largest portion of net position. This portion of net position decreased by $9.7million as of June 30, 2022. The second portion of net position of $35.2million or 7.4percent represents resources that are subject to external restrictions on how they may be utilized. This category increased $12.4 million from as of June 30, 2022 primarily due to increases related to capital projects. The third portion consists of unrestricted net position of $103.6million or 21.6percent. The unrestricted balance has increased by $47.8million. The increase in governmental activities accounts for $40.1million of the overall increase, which is primarily attributable to an increase in the General Fund unrestricted balance. As mentioned earlier, this is related to stronger than anticipated revenues. The business-type activities increase in unrestricted net position was $7.7million. The increase in business-type activities was due to an overall increase incash as a result of increasedcharges for services and development fees. Government-wide Net Position at June 30, 2022 Restricted 7.4% Net investment in capital assets 71.0% Unrestricted 21.6% Changes in net position. June 30, 2022, were $152.9 million, which was an overall increase of $24.5 million or 24.6 percent. While most categories experienced growth from the prior fiscal year, the large increases are mainly related to capital grants and contributions, and sales taxes. Capital grants and contributions increased by $10.0 million due to increased developer and other agency contributions towards capital projects. Sales tax collections increased by $9.3 million due to strong economic conditions and the Town increasing its tax rate from 2.0 percent to 2.5 percent mid-way through the fiscal year to help fund the construction of capital projects. The total cost of all programs and services was $102.3 million. This is an increase of $5.3 million or 6.6 percent. This increase is primarily attributable to increased spending in General Government, Culture and Recreation, and Water. The increase in spending within the General Government function is due to increased construction expenses.The increase in spending within the Culture and Recreation function is due to an increase in wages and depreciation expense. Water had increases in numerous operating categories as well as capital related expenses. Governmental Activities. Governmental activities increased net position by $9.2million for fiscal year ended June 30, 2022.This increase is attributable toincreased collections of revenues greater than projected. Also, as previously mentioned, the economic resources measurement focus is used for reporting government-wide financial information, as such, there were contributions of infrastructure assetsof $4.9 million, which contributed to the increase in governmental net position. The following table presents the cost of the nine major Town functional activities. The table also shows by the activities and intergovernmental aid provided for specific programs). The net cost shows the financial burden that was The cost of all governmental activities this year was $85.7million. There wasa6.6percent increase in governmental activities expenses, which as previously mentionedis due to increased spending levels and the pandemic subsides. Net cost of governmental activities of $33.2million was largely financed by general revenues, which are made up of primarily sales taxes totaling $52.1million and state shared revenues of $16.5 million. The Water fund expenses increased $2.0million or 25.1percent. This is primarily due to increased costs as inflationary pressures increased operating expenses, as well as increased expenses related to planned capital projects. Expenses in the Wastewater fundremained relatively similar to the prior fiscal year, with a small overall decrease of $241,906or4.5percent. The Airport fund expenses increased$156,692or9.5percent. The increases were primarily related to the Airport Control Tower siting study and various runway light replacements. The following graph shows the functional revenues and expenses of the governmental activities in orderto demonstrate the extent to which the governmental functions produce direct revenues to offset related program costs. It should be noted that this graph is not intended to represent a full allocation to these functions. As described above, expenses not covered by direct program revenues are covered by the governmental activities, the functional revenues of $52.5million are62.9percent of expenses for fiscal year 2022,up from 47.3percent a year earlier. As described earlier, this increase is attributable to higher collections for charges for services and operating grants and contributions. Governmental Activities Expenses and Program Revenues $3.1 Culture and recreation $7.0 Economic and community $12.9 development$4.1 Economic and community $0.1 development$0.5 $20.4 Highways and streets $25.5 $1.8 Public safety $17.9 $14.2 General government $28.5 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 RevenuesExpenses tax revenues at 42.0percent, followed by capital grants and contributions at16.8percent,charges for servicesat13.6percent, and state shared revenues at 13.3 percent. isgeneral government at 33.3 percent, followed by highways and streets at 29.7 percent, and public safety at 20.8 percent. This is largely consistent with the allocation of expenses in the previous fiscal year. Governmental Activities Expenses by Function Culture and Interest on long- Economic and recreation term debt community 8.1% 2.6% development 4.8% General Health and government welfare 33.3% 0.6% Highways and streets 29.7% Public safety 20.8% Business-type Activities Business-2.8 million for fiscal year ended June 30, 2022. This increase is largely related to higher than projected revenue collections. Charges for services continued to increase due to continued growth. This correlates with the increases mentioned previously for development related activity. Overall, business-type activity expenses increased by $2.0 million or 12.7 percent from the prior fiscal year. Water expenses increased by $1.9 million, while Airport saw a modest increase of $156,692 and Wastewater saw a decrease of $241,906. Business-type Activities Expenses and Program Revenues $1.0 Airport $1.8 $8.4 Wastewater $5.1 $18.9 Water $9.8 $- $5.0 $10.0 $15.0 $20.0 RevenuesExpenses -type activity is the Water Utility with $9.8 million in expenses and $18.9 million in program revenues during the year. The second largest activity is the Wastewater Utility with $5.1 million in expenses and $8.4 million in program revenues, followed by the Airport with $1.8 million in expenses and $1.0 million in program revenues. -type activities is capital grants and contributions at 59.2 percent followed by charges for services revenues at 39.3 percent. Miscellaneous revenues make up the remaining portion at 1.3 percent. Business-type Activities Revenues by Type Miscellaneous revenues 1.3% Charges for services Capital grants 39.4% and contributions 59.3% As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. Governmental Funds.-term financing requirements. In particular, unrestricted fund balancemay serve as a useful measure of the The financial performance of the Town as a whole is reflected in its governmental funds. As of June 30, 2022ported a combined fund balance of $166.3million, of which $92.7 The General Fund, which is the principal operating fund of the Town, had a fund balance of $98.6million. Revenues increased by 13.1percent and expenditures increased by 11.1 percent compared to the prior fiscal year. The primary increases in revenues were related to sales taxesandlicenses, fees and permits. The increase in expenditures isrelated to increase spending as the pandemic subsides, as well as inflationary pressures. The Transportation Fund had a fund balance of $19.5million which reflects an increase of $6.7million from a year earlier. This is attributable to increased construction sales tax collections, and reduced expenditures due to capital project delays. Proprietary funds.The proprietary funds in the financial statements are prepared on the same measurement focus and accounting basis as the government-wide financial statements, but they provide more detail since each major enterprise fund is presented discretely. Of the total business-type activities proprietary funds net position of $126.4 million. Of this amount, $110.5et investment in capital assets,$0.8million is restricted debt service,and unrestricted net position is$15.2 million. The factors concerning the finances of these funds, as well as the changes in net position, have -type activities. The governmental activities net position increased by $394,412with a totalnet position of $2.4 million. This balance remainsunrestricted for dental and medical benefits. BUDGETARY HIGHLIGHTS of expenditure control. Budgetary comparison statements are required for the General Fund and all major special revenue funds. These statements compare the original budget, the budget as amended throughout the year, and the actual revenues and expenditures. Budgetary schedules for other governmental funds are also presented in this report as other supplementary information. Every year the Town closelyreviewsadoptedinitiatives and goals tied to the Strategic Plan, which serves as the comprehensive, guiding blueprint for the organization. These goals are utilized to ensure that allocations are aligned with need, and that strategies are resulting in the appropriate outcomes. General Fund revenues exceeded budget projections in several key revenue sources like sales taxes, intergovernmental, and licenses, permits and fees. At the same time, departments maintainedtheirprudent use of available resources. As mentioned previously, ARPA funds and a robust economyresulted in higher than budgeted revenue collections. The judicioususe of funds as well as higher than expected revenues resulted in an increase in fund balance of $27.2million. The General Fund budget and actual variances are shown on page 40. Amendments to the adopted budget may occur throughout the year between departments within the General Fund and between funds in all other funds in a legally permissible manner (see Note 3 Budgetary Control). Budget adjustments between departments in the General Fund, as well as between funds did occur. Two budget amendments of note were a transfer of $333,195 of budget authority from the General Fund to the Water Fund, and a $425,000 amendment from the General Fund to the Wastewater Fund. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets. As of June 30, 2022the Town had invested $432.2million in governmental and business- type capital assets (netof accumulated depreciation). Total depreciation expense for the year was $27.2 million, with $22.1million attributed to governmental activities and $5.1million to business-type activities respectively. The following schedule presents capital asset balances for the fiscal years ended June 30, 2022andJune 30, 2021. Major capital asset events during the current fiscal year included the following: Completion of the Court Jury Assembly Room for $0.5 million. Rehabilitation of Cortaro Road for $0.4 million. Design and land acquisition for the Twin Peaks Road, Rattlesnake Pass widening project (construction in progress as of the close of the fiscal year had reached $0.4 million). Completion ofconstruction of the Airline/Lambert water treatment campus for $8.0 million. Completion of construction of the Picture Rocks water treatment campus for $8.0 million. Completion ofconstruction of the Tangerine X-Zone Booster & PRVStation for $1.4 million. Completion of the Clark Farms Flow Split for $0.4 million. Debt Administration. At year-end, the Town had $113.6million in long-term debt obligations outstanding with $8.1million due within one year. The Town had new debt adding $8.4million. The Town also had reductions of $7.9million during the current fiscal year due to regularly scheduled principal paymentsand premium amortizations. This resulted in an overall increaseto debt of $0.5million. The following table presents a summary of tfiscal years ended June 30, 2022and June 30, 2021.Additional information on the -term obligations can be found in Note 6. While some effects of the pandemic still linger, the Town and the economy has recoveredfrom the initial disruption caused by the pandemic. Due to stimulus provided by the CARES and ARPA Acts, in addition to individual stimulus checks to citizens, the economy grew at near record pace for fiscal 2021-22. Because of these efforts, the Town saw strong growth in sales taxes and development related revenues which is forecasted to continue into fiscal year 2022-23. However, with rapid recovery and revenue growth throughout the economy, inflationary pressures and a tight labor market are projected in the fiscal year2022-23 budget. This is anticipated to limit the availability The 2022-23budget increased by $74.6million or 46.9%.This large increase is due in part to projected revenue growth from the prior fiscal year, as well as increased expenditures as global pandemic subsides. Revenues and other financing sources for the fiscal year 2022-2023budget are $161.7million,while expenditures total $233.5 million. The financial plan assumes that $71.8million in fund balance/equity will be used to complete previously funded projects and other onetime expenditures approved by council.The budget is structurally balanced with ongoing revenues supporting ongoing program expenditures. The budget document is the comprehensive decision making tool resulting from the annual budget process and provides detail for the upcoming fiscal year. The budget is a long-range plan by whichfinancial policy is implemented and controlledand serves as a funding plan for policies, goals, and service-levels provided to the citizens of Marana. This financial report is designed to provide our citizens, taxpayers, and investors and creditors with a receives. If you have questions about this report or need additional information, contact the Finance Department, Town of Marana, Arizona at 11555 West Civic Center Drive, Marana, Arizona 85653, or visit www.MaranaAZ.gov. BASIC FINANCIAL STATEMENTS This page intentionally left blank GOVERNMENTAL-WIDE FINANCIAL STATEMENTS TOWN OF MARANA, ARIZONA STATEMENT OF NET POSITION June 30, 2022 Governmental Business-type ActivitiesActivitiesTotal ASSETS Current assets: Cash and cash equivalents $ 146,395,450$ 24,125,953$170,521,403 Property taxes receivable 20,664-20,664 Accounts receivable 2,124,5181,610,3853,734,903 Leases receivable 3,138,0554,777,0977,915,152 Interest receivable 231,302231,302 Due from other governments 16,567,998545,01017,113,008 Internal balances 352,436(352,436)- Inventories 84,137-84,137 Prepaid items 289,8701,221291,091 Total current assets 169,204,43030,707,230199,911,660 Noncurrent assets: Accounts receivable 3,820,000-3,820,000 Restricted cash and investments 7,187,599818,2718,005,870 Advances 4,868,289(4,868,289)- Capital assets not being depreciated/amortized 16,331,59211,657,05027,988,642 Capital assets, being depreciated/amortized, net 272,750,096135,802,145408,552,241 Total noncurrent assets 304,957,576143,409,177448,366,753 Total assets 474,162,006174,116,407648,278,413 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows related to pensions 9,119,870584,1399,704,009 Deferred charge on refunding 1,159,718-1,159,718 Total deferred outflows of resources 10,279,588584,13910,863,727 LIABILITIES Current liabilities: Accounts payable 4,134,756836,8674,971,623 Retainage payable 283,4798,835292,314 Accrued payroll and employee benefits 1,381,793123,0391,504,832 Unearned revenue 673,667-673,667 Deposits held for others 861,5941,049,8581,911,452 Due to other government 61,540221,660283,200 Claims payable 280,354-280,354 Accrued interest payable 1,390,642613,6982,004,340 Compensated absences 1,236,796121,8061,358,602 Leases payable 5,660-5,660 Water agreement payable -202,035202,035 Loan payable -952,911952,911 General obligation bonds - CFD 865,000-865,000 Special assessment bonds - TFRID 1,569,000-1,569,000 Revenue bonds 4,535,000197,0004,732,000 Total current liabilities 17,279,2814,327,70921,606,990 2 2 TOWN OF MARANA, ARIZONA STATEMENT OF ACTIVITIES YearEnded June 30, 2022 Program RevenuesNet (Expense) Revenue and Changes in Net Position Operating Capital Grants Charges for Grants and and ExpensesServicesContributionsContributions Functions/Programs Primary Government Governmental activities: General government $28,538,663$5,579,764$ 8,593,453$ 5,268 Public safety 17,852,105-1,733,15644,598 Highways and streets 25,480,792-4,272,74116,117,967 Health and welfare 489,35782,83131,304- Economic and community development 4,113,48110,934,97578,9721,890,346 Culture and recreation 6,950,406277,0581,3322,818,792 Interest on long-term debt 2,257,780--- Total governmental activities 85,682,58416,874,62814,710,95820,876,971 Business-type activities: Water 9,751,6298,022,044-10,871,201 Wastewater 5,103,9962,839,117-5,574,027 Airport 1,802,493436,437-600,432 Total business-type activities 16,658,11811,297,598-17,045,660 Total primary government $102,340,702$28,172,226$14,710,958$ 37,922,631 General revenues: Taxes: Sales taxes Property taxes Franchise taxes State shared revenues, unrestricted Investment income Interest earnings Change in fair value of investments Gain on sale of capital assets Miscellaneous Transfers Total general revenues and transfers Changes in net position Net position, beginning of year Net position, end of year 2 2 This page intentionally left blank FUND FINANCIAL STATEMENTS TOWN OF MARANA, ARIZONA BALANCE SHEET GOVERNMENTAL FUNDS June 30, 2022 Highway User General FundRevenue ASSETS Cash and cash equivalents$ 85,689,304$ 4,808,453 Property taxes receivable-- Accounts receivable 281,480- Leases receivable 3,138,055- Special assessments receivable-- Interest receivable 134,502- Development agreement receivable-- Due from other governments 13,176,858473,701 Due from other funds 897,445- Inventories 84,137- Prepaid items 284,285- Advances 2,568,289- Restricted cash and investments-- Total assets$ 106,254,355$ 5,282,154 LIABILITIES Accounts payable$ 1,795,273$ 276,957 Retainage payable 4,45389,151 Accrued payroll and employee benefits 1,347,625- Due to other funds-- Due to other governments 61,540- Deposits held for others 764,384- Unearned revenue 660,438- Total liabilities 4,633,713366,108 DEFERRED INFLOWS OF RESOURCES Unavailable revenue-- Deferred inflows related to leases 3,045,820- Total deferred inflows of resources 3,045,820- FUND BALANCES (DEFICITS) Nonspendable 2,936,711- Restricted-4,916,046 Committed-- Unassigned 95,638,111- Total fund balances (deficits)98,574,8224,916,046 Total liabilities, deferred inflow of resources, and fund balances (deficits) $ 106,254,355$ 5,282,154 3 Tangerine Farms Improvement Non-Major Total District Debt Governmental Governmental ServiceTransportationFundsFunds $ 367,265$ 16,287,378$ 36,332,846$ 143,485,246 - - 20,66420,664 - - 828282,308 - - - 3,138,055 5,591,342- - 5,591,342 - 79,68417,116231,302 - - 70,86870,868 - 1,575,1581,342,28116,567,998 - 50,000- 947,445 - - - 84,137 - - 5,585289,870 - 2,300,000- 4,868,289 - 332,4876,855,1127,187,599 $ 5,958,607$ 20,624,707$ 44,645,300$ 182,765,123 $-$ 966,595$ 832,255$ 3,871,080 - 151,55838,317283,479 - - 34,1681,381,793 - - 595,009595,009 - - - 61,540 - - 97,210861,594 - - 13,229673,667 - 1,118,1531,610,1887,728,162 5,591,342- 79,3575,670,699 - - - 3,045,820 5,591,342- 79,3578,716,519 - - 5,5852,942,296 367,265332,48741,953,65747,569,455 - 19,174,0671,628,52320,802,590 - - ( 632,010)95,006,101 367,26519,506,55442,955,755166,320,442 $ 5,958,607$ 20,624,707$ 44,645,300$ 182,765,123 3 TOWN OF MARANA, ARIZONA RECONCILIATION OF THE BALANCE SHEET GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION June 30, 2022 Total governmental fund balances$ 166,320,442 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds: Governmental capital assets$ 571,534,649 Governmental right of use assets368,153 Less accumulated depreciation/amortization(282,821,114)289,081,688 Long-term liabilities, such as net pension liabilities, leases, and bonds payable, are not due and payable in the current period and, therefore, are not reported in the governmental funds: Compensated absences(1,374,217) Leases payable(363,133) Revenue bonds payable(41,436,000) General obligation bonds payable(24,000,000) Special assessment bonds(5,695,000) Net pension liability(32,808,935) Accrued interest payable(1,390,642)(107,067,927) Internal Service Funds are used by management to charge the costs of health and dental services. The assets and liabilities of the Internal Service Fund are included in governmental activities in the Statement of Net Position.2,366,174 Deferred items related to the issuance of bonds and resources related to pensions are applicable to future reporting periods and, therefore, are not reported in the funds. Bond premium(4,973,286) Deferred charge on refunding1,159,718 Deferred inflows related to pensions(9,296,687) Deferred outflows related to pensions9,119,870(3,990,385) Other long-term assets are not available to pay for current period expenditures and, therefore, are reported as unavailable revenue in the funds. Intergovernmental revenue79,357 Special assessments revenue5,591,3425,670,699 Net position of governmental activities$ 352,380,691 3 This page intentionally left blank TOWN OF MARANA, ARIZONA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS Year Ended June 30, 2022 Highway User General FundRevenue Revenues: Sales taxes $ 37,758,894$ - Property taxes -- Intergovernmental 24,710,8364,271,391 Licenses, fees & permits 11,190,98848,098 Fines, forfeitures & penalties 382,476- Charges for services 988,782- Lease income 264,148- Contributions 500- Investment income Interest earnings 779,0866,691 Change in fair value of investments (959,247)- Miscellaneous 758,18831,053 Total revenues 75,874,6514,357,233 Expenditures: Current - General government 14,160,004- Public safety 16,341,432- Highways and streets 2,714,6423,173,692 Health and welfare 318,004- Economic and community development 4,126,391- Culture and recreation 5,714,361- Capital outlay 1,183,63821,147 Debt service - Principal retirement 5,020- Interest and fiscal charges 10,978- Bond issuance costs -- Total expenditures 44,574,4703,194,839 Excess (deficiency) of revenues over expenditures 31,300,1811,162,394 Other financing sources (uses): Issuance of debt -- Premium on bonds issued -- Transfers in 11,708- Transfers out (4,093,861)- Total other financing sources (uses) (4,082,153)- Changes in fund balances 27,218,0281,162,394 Fund balances (deficits), beginning of year 71,356,7943,753,652 Fund balances (deficits), end of year $ 98,574,822$ 4,916,046 3 Tangerine Farms Improvement Non-Major District Debt Governmental Total Governmental ServiceTransportationFundsFunds $-$ 8,395,919$ 5,956,723$ 52,111,536 - - 1,697,9681,697,968 - - 6,887,52435,869,751 - - 9,710,24320,949,329 - - 45,734428,210 - - - 988,782 - - - 264,148 1,801,4091,197,19932,9923,032,100 - 97,55273,697957,026 - ( 137,107)( 78,579)(1,174,933) - - 6,120795,361 1,801,4099,553,56324,332,422115,919,278 - 977,4611,081,20716,218,672 - - 1,506,91717,848,349 - - 117,4226,005,756 - - - 318,004 - - 370,8844,497,275 - - 1,2905,715,651 - 987,9388,456,21010,648,933 1,834,000- 4,465,0006,304,020 145,001- 2,719,6262,875,605 - - 510,765510,765 1,979,0011,965,39919,229,32170,943,030 ( 177,592)7,588,1645,103,10144,976,248 - - 6,800,0006,800,000 - - 697,524697,524 25,616- 6,540,2076,577,531 - ( 858,375)(1,257,949)(6,210,185) 25,616( 858,375)12,779,7827,864,870 ( 151,976)6,729,78917,882,88352,841,118 519,24112,776,76525,072,872113,479,324 $ 367,265$ 19,506,554$ 42,955,755$ 166,320,442 3 TOWN OF MARANA, ARIZONA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGED IN FUND BALANCES GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES Year Ended June 30, 2022 Net changes in fund balances - total governmental funds$ 52,841,118 Amounts reported for governmental activities in the Statement of Activities are different because Governmental funds report the portion of capital outlay for capitalized assets as expenditures. However, in the Statement of Activities, the costs of those assets are allocated over their estimated useful lives depreciation expense. Expenditures for capitalized assets$ 4,437,650 Less current year depreciation/amortization(22,117,793)(17,680,143) Debt proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Position. Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position. Issuance of general obligation bonds(6,800,000) Issuance of premium on bonds(697,525) Lease principal 5,020 Special assessment bond retirement1,834,000 General obligation bond retirement600,000 Revenue bond principal retirement3,865,000(1,193,505) Contributions of infrastructure assets are not recorded as revenues in the governmental funds.4,930,982 Some revenues and expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as revenues or expenditures in governmental funds. Accrued interest47,050 Intergovernmental revenue32,300 Special assessments(1,625,898) Compensated absences72,080 Loss on sale of assets(24,234) Amortization of bond premiums491,219 Amortization of deferred charges(147,896)(1,155,379) Town pension contributions are reported as expenditures in the governmental funds when made. However, they are reported as deferred outflows of resources in the Statement of Net Position because the reported net pension liability is measured a year before the Town's report date. Pension expense, which is the change in the net pension liability adjusted for changes in deferred outflows and inflows of resources related to pensions, is reported in the Statement of Activities. Town pension contributions4,275,641 Pension revenue22,534 Pension expense(3,541,767)756,408 Internal service funds are used by the Town to charge the costs of health and dental services. The net revenue (expense) is reported with governmental activities in the Statement of Activities.394,412 Change in net position in governmental activities$ 38,893,893 3 PROPRIETARY FUNDS FINANCIAL STATEMENTS TOWN OF MARANA, ARIZONA STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2022 Governmental Business-type ActivitiesActivities Total Enterprise Internal Service WaterWastewaterAirportFundsFunds ASSETS Current assets: Cash and cash equivalents $15,906,533$ 8,219,320$ 100$ 24,125,953$ 2,910,204 Accounts receivable 1,225,978307,23377,1741,610,385- Lease receivable --4,777,0974,777,097- Due from governments 184,940-360,070545,010- Prepaid items 1,071-1501,221- Total current assets 17,318,5228,526,5535,214,59131,059,6662,910,204 Noncurrent assets: Restricted cash 413,737404,534-818,271- Capital assets not being depreciated/amortized 6,938,7733,045,4521,672,82511,657,050- Capital assets being depreciated/amortized, net 55,770,31963,706,10116,325,725135,802,145- Total noncurrent assets 63,122,82967,156,08717,998,550148,277,466- Total assets80,441,35175,682,64023,213,141179,337,1322,910,204 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows related to pensions 433,53294,87555,732584,139- Total deferred outflows of resources433,53294,87555,732584,139- LIABILITIES Current liabilities: Accounts payable 471,034121,441244,392836,867263,676 Retainage payable --8,8358,835- Accrued payroll and employee benefits 94,24019,2749,525123,039- Claims payable -280,354 Compensated absences 82,33327,07912,394121,806- Due to other funds -250,000102,436352,436- Deposits held for others 1,049,858--1,049,858- Due to other governments 221,660--221,660- Water agreement payable 202,035--202,035- Bonds payable - current 197,000--197,000- Loan payable - current 913,51039,401952,911- Interest payable 199,435414,263-613,698- Total current liabilities 3,431,105871,458377,5824,680,145544,030 Noncurrent liabilities: Advances -4,868,289-4,868,289- Compensated absences 9,1483,0091,37713,534- Water agreement payable 606,105--606,105- Bonds payable -20,071,806-20,071,806- Loan payable 14,986,723790,026-15,776,749- Net pension liability 1,368,106176,709175,2771,720,092- Total non-current liabilities 16,970,08225,909,839176,65443,056,575- Total liabilities20,401,18726,781,297554,23647,736,720544,030 DEFERRED INFLOWS OF RESOURCES Resources related to pensions 607,419138,35969,803815,581- Resources related to leases --4,705,0784,705,078- Total deferred inflows of resources607,419138,3594,774,8815,520,659- NET POSITION Net investment in capital assets 46,611,85945,850,32017,989,715110,451,894- Restricted for debt service 413,737404,534-818,271- Unrestricted 12,840,6812,603,005(49,959)15,393,7272,366,174 Total net position $59,866,277$ 48,857,859$17,939,756$126,663,892$ 2,366,174 TOWN OF MARANA, ARIZONA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS Year Ended June 30, 2022 Governmental Business-type ActivitiesActivities Total Enterprise Internal Water Wastewater AirportFundsService Funds Cash flows from operating activities: Received from customers $ 8,158,069$ 2,955,970$ 215,133$11,329,172$ 4,933,037 Payments to suppliers for goods and services (4,867,153)(1,324,958)(168,132)(6,360,243)(4,557,709) Payments to employees for services (2,354,704)(605,398)(246,400)(3,206,502)- Other receipts/payments 116,499244,7008,655369,854- Net cash provided by (used for) operating activities 1,052,7111,270,314(190,744)2,132,281375,328 Cash flows from non-capital activities: Interfund borrowing -(248,204)(306,229)(554,433)- Contributions 184,940-186,622371,562- Transfers in 1,055,852404,527387,9651,848,344- Transfers out (1,310,109)(905,581)-(2,215,690)- Netcash provided by (used for) non-capital activities (69,317)(749,258)268,358(550,217)- Cash flows from capital activities and related financing activities: Capital grants received --106,899106,899- Development fees received 6,778,1082,856,699-9,634,807- Loan proceeds 797,923-797,923- Principal payments (1,083,612)(276,823)-(1,360,435)- Interest paid on debt (135,927)(827,953)-(963,880)- Proceeds from sale of capital assets 15,527-9,78725,314- Acquisition and construction of capital assets (1,750,014)(632,628)(430,637)(2,813,279)- Net cash provided by (used for) capital activities 4,622,0051,119,295(313,951)5,427,349- Cash flows from investing activities: Interest on investments 8,89913146,337155,249- Net cash provided by investing activities 8,89913146,337155,249- Net increase (decrease) in cash and cash equivalents 5,614,2981,640,364(90,000)7,164,662375,328 Cash and cash equivalents, beginning of year10,705,9726,983,49090,10017,779,5622,534,876 $16,320,270$ 8,623,854$ 100$24,944,224$ 2,910,204 Cash and cash equivalents, end of year Reconciliation of operating income (loss) to net cash provided by (used for) operating activities: Operating income (loss) $ (1,211,481)$ (1,211,341)$ (1,502,029)$ (3,924,851)$ 394,412 4 4 This page intentionally left blank NOTES TO FINANCIAL STATEMENTS TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Town have been prepared in conformity with accounting principles generally accepted in the United States of America as applied to governments. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing government accounting and financial reporting principles. A.Reporting Entity The Town of Marana, Arizona (the Town) was incorporated on March 21, 1977, under the provisions of the Constitution of Arizona and the Arizona Revised Statutes. The Town operates under a separately elected council-mayor form of government. All funds and entities related to the Town that are controlled by the Mayor and Council are included in the annual financial report. Control is determined on the basis of budget adoption, taxing authority, and the ability to significantly influence operations and accountability for fiscal matters. The Town provides a full range of services including general government, development and planning services, legal, public safety, public works, and parks and recreation services. In accordance with generally accepted accounting principles, these financial statements present the Town and its component units, the Gladden Farms Community Facilities District (GFCFD), Gladden Farms Community Facilities District II (GFCFD II), the Saguaro Springs Community Facilities District (SSCFD) and the Tangerine Farms Road Improvement District (TFRID). The GFCFD, GFCFD II, SSCFD and TFRID are blended component units with the Town in these financial statements as all fourwere established by the Town in order to fund the debt incurred to finance the purchase of various public infrastructure within the districts. The GFCFD, GFCFD II, SSCFD and TFRID component units each have a June 30 year-end and are included in the Gladden Farms Capital Projects and Debt Service Funds, the Saguaro Springs Capital Projects and Debt Service Funds, the Tangerine Farms Improvement District Debt Service Fund, and the Other Capital Projects Funds, respectively. Separate financial statements are prepared for the community facilities districts. Separate financial statements of the TFRID are not prepared on a stand-alone basis. B.Basis of Presentation The basic financial statements include both government-wide statements and fund-based financial statements. The government-wide statements focus on the Town as a whole,while the fund-based statements focus on major funds. Each presentation provides valuable information that can be analyzed and compared between years and between governments to enhance the usefulness of the information. Government-wide Financial Statements The government-wide financial statements (i.e. the statement of net position and the statement of activities) present financial information about the Town as a whole. The reported information includes all of the activities of the Town and its component units.For the most part, the effect of internal activity has been removed from these statements. These statements are to distinguish between the governmentaland business-type activities of the Town. Governmental activitiesnormally are supported by taxes and intergovernmental revenues, and are reported separately from business-type activities, which are financed in whole or part by fees charged to external parties. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The statement of activities demonstrates the degree to which the direct expenses of a given function of the -type activities are offset by program revenues. Direct expensesare those that are clearly identifiable with a specific function or segment. The Town does not currently have an indirect cost allocation system.However,the General Fund does allocate administrative charges to the Enterprise funds to support general services usedby those funds (like purchasing, accounting, administration, etc.).These fees are included in the expense column on the Statement of Activities. Program revenuesinclude 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes, investment income, and other items not included among program revenues are reported instead as general revenues. Proprietary funds distinguish operating revenues and expenses from non-operating items.Operating revenues and expenses result from providing services and producing and delivering goods in connection Wastewater Utility, and Airport funds are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation of capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. Generally, the effect of interfund activity has been eliminated from the government-wide financial statements to minimize the double counting of internal activities. However, charges for interfund services provided and used are not eliminated if doing so would distort the direct costs and program revenues reported by the departments concerned. Fund Financial Statements statements are presented for the governmental and proprietary fund categories. The emphasis of fund financial statements is on major governmental and enterprise funds, each displayed in a separate column. All remaining governmental funds are aggregated and reported as non-major funds. The Town reports the following major governmental funds: General FundThis 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. Highway User Revenue FundThis fund accounts for excise fuel taxes which are distributed to cities and towns based on a formula. A constitutional restriction requires that these funds be used solely for street and highway purposes. Tangerine Farms Improvement District Debt Service FundThis fund accounts for the accumulation of resources and payment of principal and interest on the Tangerine Farms Road Improvement District Special Assessment Bonds. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Transportation Fund This fund accounts for the financing and construction of transportation capacity improvement projects. The Town reports the following major proprietary funds: Water FundThis fund is used to account for the financing and operation of the Water Utility. Wastewater FundThis fund is used to account for the financing and operation of the Wastewater Utility. Airport FundThis fund is used to account for the financingand operation of the Marana Airport. Additionally, the Town reports the following fund types: Internal service fundThis fund is used to account for the operating revenues and charges for health and dental benefits. C.Measurement Focus and Basis of Accounting The government-wideand proprietary fundfinancial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned, including unbilled water services which are accrued, and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon all eligibility requirements imposed by the grantor or provider have been met. Governmentalfund financial statements are reported using the current financial resources measurement focusand the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be availablewhen they are collectible within the current period or soon thereafter to pay liabilities of the current period. For this purpose, the Town considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Debt service resources are provided during the current year for payment of long-term debt principal and interest due early in the following year. Compensated absences are recorded only when payment is due.General capital asset acquisitions are reported as expenditures in governmental funds. Issuances of general long- termdebt and acquisitions under capital lease agreements are reported as other financing sources. Sales taxes, licenses and permits, charges for services, and investment income associated with the current fiscal period are all considered to be susceptible toaccrual and so have been recognized as revenues of the current fiscal period. Grants and similar awards are recognized as revenue as soon as all eligibility requirements imposed by the grantor or provider have been met. Miscellaneous revenue is not susceptible to accrual because generally they are not measurable until received in cash. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C.Measurement Focus and Basis of Accounting(Continued) Property taxes are levied by community facility districts, which are component units of the Town and collected by the Pima County Treasurer and special assessment property taxes are levied and collected by the Town. All property taxes are levied no later than the third Monday in August and are payable in two installments due October 1 of the current year and March 1 of the subsequent year. Taxes become delinquent after the first business day of November and May, respectively. Interest attaches on installments after the delinquent date. Pursuant to ARS, a lien against assessed real and personal property attaches on the first day of January preceding assessment and levy; however according to case law, an enforceable legal claim to the asset does not arise. Tangerine Farms Road Improvement District (a component unit) issued special assessment bonds for infrastructure improvements. These bonds will be paid through assessments made to the property owners within the Tangerine Farms Road Improvement District. The Town is responsible for the collection of the assessments and the disbursement of funds to retire the bonds. If a delinquency on an assessment occurs, the Town is required to cover the delinquency with other resources until foreclosure proceeds are received. D.Cash and Cash Equivalents For the purposes of the statement of cash flows, the Town considers all highly liquid investments (including the funds' participation in the investment pool account, and appropriate restricted assets) to be cash equivalents. Individual fund investments with a maturity of three months or less when purchased are considered as cash equivalents. E.Investments Government Investment Pool, interest-bearing savings accounts, certificates of deposit, and repurchase agreements in eligible depositories; bonds or other obligations of the U.S. government that are guaranteed as to principal and interest by the U.S.government; and bonds of the State of Arizona counties, cities, towns, school districts, and special districts as specified by statue. Nonparticipating interest-earning investment contracts are stated at cost. Money market investments and participating interest contracts with a remaining maturity of one year or less at time of purchase are stated at amortized cost. All investments are stated at fair value. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) F.Postemployment Benefits For purposes of measuring the net pension (asset and) liability, deferred outflowsof resources and deferred determined on the same basis as they are reported by the plans. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.ASRS, EORP, CORP, and PSPRS net OPEB assets/liabilities or related deferrals have not been recorded, or further disclosed,atJune 30, 2022in G.Restricted Assets The trust indentures executed for the entire bond series issued require all cash and investments for each bond series to be held on deposit by the trustee/fiscal agents. These assets are restricted for payment of interest and trustee fees associated with the bond issues, retirement of principal balances, and to finance various capital projects. In addition, the State of Arizona required that assets obtained at the completion of criminal proceedings by the Town's police department be given to Pima County for custodial purposes. These assets are restricted for expenses that will enhance the Town's ability to conduct police investigations. H.Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both the government-wide and fund financial statements. Prepaid items are recorded as expenses when consumed in the government-wide financial statements. Prepaid items are recorded as expenditures when purchased in the fund financial statements and are offset by a reserve of fund balance. I.Receivables and Payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end (i.e., the current portion of interfund -current portion of interfund loans). All trade and other receivables are shown net of an allowance for uncollectible amounts. J.Interfund Activity Flowsof cash from one fund to another without a requirement for repayment are reported as interfund transfers. Interfund transfers between governmental funds are eliminated in the Statement of Activities. Interfund transfers in the fund statements are reported as other financing sources/uses in governmental funds and after non-operating revenues/expenses in proprietary funds. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 1 -SUMMARY OFSIGNIFICANT ACCOUNTING POLICIES (Continued) K.Capital Assets Capital assets, including public domain infrastructure such as roads, bridges, curbs and sidewalks, lighting system, water distribution system and other assets that are immovable and of value to the Town, are defined as assets with an initial individual cost of $5,000 or more and an estimated useful life of more than one year. Such assets are recorded at actual cost or historical cost (or estimated historical costif historical records are not available). Donated capital assets are reported at acquisition value. Capital assets are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. No long-term assets or depreciation/amortizationare shown in the governmental fundsfinancial statements. The Town has chosen not to apply the modified approach to any network, system, or subsystem of infrastructure assets. The cost of normal maintenance and repairs that do not significantly add to the value of the asset or materiallyextend the life of the asset are not capitalized. Major improvements are capitalized and depreciated over the remaining useful life of the related capital assets. Major outlays for capital assets and improvements are capitalized as projects are constructed. Depreciation/amortizationis provided over the estimated useful lives of such assets using the straight-line method. These estimated useful lives are as follows: Years Buildings15-40 Building improvements10-15 Pump stations, distribution systems, equipment and improvements20-75 Public domain infrastructure20-50 Machinery, equipment, and assets under capital lease5-10 Intangible right-to-use lease assets are amortized over the shorter of the lease term or the useful life of the underlying asset. L.Long-term Obligations In the government-wide financial statements and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable business-type activities and proprietary fund type statement of net position. Bond related charges and credits, such as premium discounts and issuance costs, are deferred and amortized over the life of the bonds using the straight-line method. In the fund financial statements, governmentalfund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expendituresin the period incurred. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) M.Compensated Absences The Town's employee vacation, managed time off, andsick leave policies generally provide for granting vacation and sick leave with pay. Vacation leave vests with the employee as it is earned. Employees may accumulate up to 240 hours of vacation depending on years of service. The current and long-term liabilities for accumulated vacation, including related benefits, are reported on the government-wide financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee leave, resignations, and retirements. Managed time off and sick leave benefits provided for necessary rest and relaxation, attendance at commitments outside of work, and ordinary sick pay are not vested with the employees. Generally, resources from the General Fund are used to pay for compensated absences. N.Leases Lessee: As lessee, the Town recognizes lease liabilities with an initial, individual value of $100,000 or more. The Town uses its estimated incremental borrowing rate to measure lease liabilities unless it can readily determine the interest rate implicit in the lease. on the average interest rate of other financing instruments with similar terms and risks as those currently entered into by the Town. Lessor: As lessor, the Town recognizes lease receivables with an initial, individual value of $100,000 or more. If there is no stated rate in the lease contract (or if the stated rate is not the rate the Town charges the lessee) and the implicit rate cannot be determined, the Town uses its own estimated incremental bo borrowing rate is calculated as described above. At the commencement of the lease, the Town initially measures the lease receivable at the presentvalue of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term. O.Transactions Between Funds Transactions that would be treated as revenue or expenses if they involved organizations external to the governmental unit are accounted for as revenue or expenses in the funds involved. Transactions which constitute reimbursements of a fund for expenses initially made from that fund which are properly applicable to another fund are recorded as expenses in the reimbursing fund and as reductions of the expense in the fund that is reimbursed. Interfund transfers between governmental funds are eliminated in the Statement of Activities. Interfund transfers in the fund statements are reported as other financing sources/uses in governmental funds and after non-operating revenues/expenses in proprietary funds. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) P.Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles accepted in the United States of America requires management to make estimates and assumptions. This will affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Q.Seized Property The Town Police have in their custody certain assets seized in criminal proceedings.Until formal procedures have been finalized, the ownership of this property is not determinable. In addition, legal requirements dictate that such assets not be reflected onthe Town's financial records in an agency capacity until Town ownership has been determined. Consequently, no such assets are recorded on these financial statements. R.Deferred Outflows/Inflows of Resources The statement of net position and balance sheetinclude separate sections for deferred outflows of resources and deferred inflows of resources. Deferred outflows of resources represent a consumption of netassetsthat applies to future periods that will be recognized as an expense or expenditure in future periods. Deferred inflows of resources represent an acquisition of net assetsor fund balance that applies to future periods and will be recognized as revenue infuture periods. S.Flow Assumption Sometimes the government will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. When both restricted and unrestricted resources are available for use, it is the Town's policy to use restricted resources first, then unrestricted resources as they are needed. Additionally, the Town funds certain programs by a combination of grants and general revenues. The Town applies grant resources to such programs beforeusing general revenues. T.Change in Accounting Principle For the year ended June 30, 2022, the Town implemented the provisions of GASB Statement No. 87, Leases, as amended, which establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. As a result, the Townfinancial statements have been modified to reflect the recognition of certain lease assets for leases that were previously classified as rental income and recognized as inflows of resources based on the contract payment provisions. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE2FUND BALANCE CLASSIFICATIONS In the fund financial statements, fund balance is reported in classifications that comprise a hierarchy based on the extent to which the Town is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. The classifications of fund balance are Nonspendable, Restricted, Committed, Assigned, and Unassigned. Nonspendable and Restricted fund balances represent the restricted classifications and Committed, Assigned, and Unassigned represent the unrestricted classifications. Committed fund balance can be used only for specific purposes determined by formal action of Town Council. Town Council is the highest level of decision-making authority for the town. Commitments may be established, modified, or rescinded only through resolutions approved by Town Council. Nonspendable Fund Balance consists of funds that are not in a spendable form, such as inventories and prepaids, or can be legally or contractually required to be maintained intact. Restricted Fund Balance consists of funds that are externally imposed by creditors, grantors, contributors, law or regulations of other governments, or by law imposed through constitutional provisions or enabling legislation. Committed Fund Balance consists of funds that can only be used for specific purposes pursuant -making authority. Assigned Fund Balance consists of funds constrained by th neither restricted nor committed, should be reported as assigned fund balance. This classification of fund own official that has been delegated the authority to assign funds. Unassigned Fund Balance consists of the residual classification for the general fund. This classification represents fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within the general fund. The General Fund is the only fund that can report a positive unassigned fund balance and any other governmental fund can report a negative fund balance. When both restricted and unrestricted resources are available for specific expenditures, restricted resources are considered spent before unrestricted resources. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 2 FUND BALANCE CLASSIFICATIONS (Continued) As of June 30, 2022, the fund balance details by classification are listed below: TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE3-BUDGETARY CONTROL Excess Expenditures Over BudgetAtJune 30, 2022, the Town had expenditures in funds that exceeded the budget; however, this does not constitute a violation of any legal provisions. The voters of the State of Arizona, onJune 30, 1980, approved an expenditure limitation that is applicable to all local governments. This limitation, based on expenditures of the 1979-80 fiscal year, restricts the growth of expenditures based on a factor of increases in population and inflation. Certain expenditures are held to be excludable. The limitation is set by the State Economic Estimates Commission prior to April 1 of each year for the following fiscal year. As allowed, the voters of the Town of Marana, on August 4,2020, 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 thefiscal year ended June 30, 2022. This limitation provides for the Town to allow the Mayor and Council to adopt an annual expenditure limitation each year with no expenditures held to be excludable. Therefore, the annual expenditure limitation equals the adopted budget. TheTown establishes its fiscal year as the twelve-month period beginning July 1. The departments submit to the Town manager a budget of estimated expenditures for the ensuing fiscal year. The Town manager and each department head meet to discuss mutually acceptable changes for the estimated expenditures for that department after which the Town manager subsequently submits a budget of estimated expenditures and revenues to the Town Council. Upon receipt of the budget estimates, the Town Council will hold a public meeting to obtain taxpayer comments. Concurrently, a copy of the budget estimates is published in a local newspaper. The Town Council is prevented from legally enacting the budget through passage of a resolution until 15 days have passed after the date of the public meeting. Prior to July 1, the budget is legally enacted. The Town Council formally adopts the budget and legally allocates the available monies for the General Fund, the Highway User Revenue Fund, the Community Development Block Grant Fund, the Affordable Housing Revolving Fund, the Local JCEF Fund, the Local Technology Enhancement Fund, the Fill the Gap Fund, the Bed Tax Fund, the RICO Fund, the Impound Fund, the Other Grants and Contributions Fund, the Series 2013 Debt Fund, the Series 2014 Debt Fund, the 2017 Debt Fund, the Gladden Farms CFD Debt Fund,the Gladden Farms II CFD Debt Fund, the Saguaro Springs CFD Debt Fund, the Tangerine Farms Improvement District Debt Fund, the Transportation Fund,theDowntown Reinvestment Fund, the Impact Fee Funds, the Other Capital Projects Funds, the Regional Transportation Authority Fund,the Pima Association of Governments Fund, the Gladden Farms CFD Capital Fund, the Gladden Farms II CFD Capital Fund, andtheSaguaro Springs CFD Capital Fund. The enterprise funds, Water Utility, Wastewater Utilityand Airport, are subject to flexible budgets. The Town manager is authorized to transfer budgeted amounts within any department in the General Fund or between funds for any other fund; however, any revisions that reallocate budgeted amounts between departments within the General Fund or from the budget line items labeled "contingency" must be approved by the Town Council. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE4-CASH AND INVESTMENTS A.R.S authorize investments -bearing savings accounts, certificates of deposit, and repurchase agreements in eligible depositories; commercial paper rated in the highest tier by a NRSRO; andbonds or other obligations of the U.S. government that are guaranteed as to principal and interest by the U.S. government. The statutes do not include any requirements for credit risk, custodial AtJune 30, 2022,12,048,749and the bank balance was $58,830,903. The differences between the book and bank balances are due to timing of certain transactions like deposits in transit and outstanding checks. Of the bank balance, $2,092,058was covered by Federal depository insurance and $57,973,679was no portion of the balance was uninsured and uncollateralized. The Town had $4,375 in petty cash funds, change drawers and other related items at year end. Additionally, the Town had deposits of $706,761held by Pima County in a fiduciary capacity. AtJune 30, 2022ue hierarchy established by generally accepted accounting principles, were as follows: Fair value measurement using Quoted prices Significant in active other Significant markets for observable unobservable identical assetsinputsinputs (Level 1)(Level 2)(Level 3) Investment by fair value levelAmount Federal Home Loan Mortgage Corp$ 4,581,185$ 4,581,185 $ - $ - Federal National Mortgage Assoc1,983,729-1,983,729- Federal Home Loan Banks2,429,812-2,429,812- U.S. Treasuries38,404,00738,404,007-- Corporate Bonds68,936,46668,936,466-- Total investments by fair value level116,335,199 $ 107,340,473 $ 8,994,726 $ - External investment pools measured at fair value 29,041,765 1,947,200 Total investments measured at fair value30,988,965 Investments measured at amortized costs Money market investments18,443,224 Total investments$165,767,388 TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 4 -CASH AND INVESTMENTS (Continued) Investments categorized as Level 1 are valued using prices quoted in active markets for those investments. Investments categorized as Level 2 are valued using market-corroborated inputs by evaluating issues with its best-known market maker. Investments in of Investment provides Interest Rate Risk. Statutes require that public monies invested in securities and deposits have a maximum maturity of 5 years. The maximum maturity for investments in repurchase agreements is 180 days. In order investment of 3 years. The weighted average maturity (WAM) at June 30, 2022 for Town investments was 305 days. The Stat 90 days. Credit Risk. As of June 30, 2022 pool 7 are specifically limited to those securities that carry the full faith and credit of the United States Government. The net asset value per share of both pools at June 30, 2022 was $1.00. Pool 5 has continued Pool 7 invests in securities backed investmentsin U.S. Agencies were rated AA+ financial report that includes financial statements and required supplementary information. Copies may be obtained by contacting the Arizona State Treasurer, 1700 West Washington, Phoenix, AZ 85007 or at www.aztreasury.gov. Custodial Credit Risk. custodian provides the Town with monthly safekeeping statements. custodial credit risk. Concentration of Credit Risk. The Town places no limit on the amount it may invest in any one issuer. total investments. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 4 -CASH AND INVESTMENTS (Continued) AtJune 30, 2022, the Town had the following investment in debt securities: NOTE 5 -CAPITAL ASSETS The following is a summary of the changes in capital assets for fiscal year ended June 30, 2022: Beginning Balance, Ending Governmental ActivitiesrestatedAdditionsDeletionsBalance Capital assets, not being depreciated/amortized: Land$ 9,478,747$ 62,401$-$ 9,541,148 Construction in progress6,153,6453,133,6592,496,8606,790,444 Total capital assets, not being depreciated/amortized15,632,3923,196,0602,496,86016,331,592 Capital assets, being depreciated/amortized: Right of use lease assets - land368,153--368,153 Buildings and improvements65,945,662--65,945,662 Machinery, equipment, and other assets26,199,2331,222,126793,82526,627,534 Infrastructure455,182,5567,447,305-462,629,861 Total capital assets being depreciated547,695,6048,669,431793,825555,571,210 Less accumulated depreciation/amortization for: Right of use lease assets - land-(15,666)-(15,666) Buildings and improvements(23,957,409)(1,933,738)-(25,891,147) Machinery, equipment, and other assets(17,598,002)(1,753,957)(769,591)(18,582,368) Infrastructure(219,917,501)(18,414,432)-(238,331,933) Total accumulated depreciation/amortization(261,472,912)(22,117,793)(769,591)(282,821,114) Total capital assets, being depreciated/amortized, net286,222,692(13,448,362)24,234272,750,096 Governmental activities capital assets, net $301,855,084$(10,252,302)$2,521,094$289,081,688 The beginning balances for the right-to-use lease assets land have been restated due to implementation of GASB 87. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 5 -CAPITAL ASSETS (Continued) Governmental activities depreciation expense was charged to function/programs as follows: A summary of changes in capital assets for business-type activities is as follows: BeginningEnding Business-type ActivitiesBalanceAdditionsDeletionsBalance Capital assets, not being depreciated/amortized: Land$ 4,167,618$ 10,500$ 8,000$ 4,170,118 Water rights4,262,697127,98379,3984,311,282 Construction in progress19,290,6652,215,72318,330,7383,175,650 Total capital assets, not being depreciated/amortized27,720,9802,354,20618,418,13611,657,050 Capital assets, being depreciated/amortized: Buildings, improvements and infrastructure153,410,83424,550,823294,345177,667,312 Machinery, equipment, and other assets3,920,889179,56577,7014,022,753 Total capital assets being depreciated/amortized157,331,72324,730,388372,046181,690,065 Less accumulated depreciation/amortization for: Buildings, improvements and infrastructure(39,155,688)(4,695,434)(117,549)(43,733,573) Machinery, equipment, and other assets(1,779,694)(448,857)(74,204)(2,154,347) Total accumulated depreciation/amortization(40,935,382)(5,144,291)(191,753)(45,887,920) Total capital assets, being depreciated/amortized, net116,396,34119,586,097180,293135,802,145 Business-type activities capital assets, net $144,117,321$21,940,303$18,598,429$147,459,195 Business-type depreciation expense was charged to functions/programs as follows: TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE6LEASES In accordance with the provisions of GASB No. 87, each lease was retroactively measured as of July 1, 2021 at an interest rate of 3.0%, the Town Lessee Effective January 1, 2015, the Town renewed a lease for land. Based on this agreement the Town will make variable monthly payments through fiscal year 2025. TheTownhas acquired land as a right-to-use asset by under the provisions of alease agreement.There is no purchase option included in the agreement for the land. The total amount of thelease asset and the related accumulated amortization isas follows: The following schedule details minimum lease payments to maturity for the Town 30, 2022: Lessor The Town has entered into various lease agreements as the Lessor. contracts include variable lease payments, including residual value guarantees, that are not included in the lease receivable because they are not fixed insubstance. The Town recognized an insignificant amount of revenue related to these variable lease payments and they have not been further disclosed or included in the measurement of the Town's lease receivables. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE6LEASES (Continued) As of June30, 2022, the Town is reporting the following lease receivables, deferred inflows related to leases, lease revenue, and interest revenue: Thleases are summarized as follows: Communication Tower Land LeasesThe Town has entered intomultiple land leases for communication towers.Based on theseagreement the Town will be receivingvariable monthlyand/or annualpayments through fiscal year 2048. Building LeaseThe Town has entered into a building leaseleases for acommunication tower. Based on theagreement the Town will be receivingvariable monthlypayments through fiscal year 2045. Other Leasing Arrangements LandState of Arizona The Town has assigned and assumed a non-cancelable long-term operating lease for 2,400 acres of land with the State of Arizona with an expiration of October 2099. This lease had an initial annual rent of $432,000 that requires 10% increases in the annual rent payments for each succeeding five year period. This lease does not meet the definition of a lease under GASB 87 as the lease does not provide the Town with exclusive rights to the property. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE6LEASES (Continued) In conjunction with the Townassuming the long-term operating lease, a developer signed a non-cancelable agreement to reimburse the Town the annual rental payment for either a minimum of twenty years or until the first twelve consecutive months the developer generates more than $1,000,000 in resort sales tax to the Town from the development project known as "Dove Mountain". This threshold was reached on June 30, 2011, and therefore the developer ceased reimbursing the Town for the annual rent payment. These leases provide for payments of minimum annual rentals as follows, excluding real estate taxes, common area charges, management fees, and sales taxes: Minimum annual rentals above excludes annual rental under the remaining renewal options as of June 30, 2022. Rent expense under the above leases for fiscal 2021-22aggregated $632,491. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE7LONG-TERM LIABILITIES A.Notes Payable Business-type activities loans payable consists of five loans from the Water Infrastructure Finance Authority (WIFA), the proceeds of which were used to acquire and construct various water and wastewater related infrastructure. The loans are to be repaid in annual principal payments, plus semiannual interest payments, and a semiannual servicing fee. During 2010, the Town obtained $5,250,000 in financing from WIFA for the acquisition and construction of a new water infrastructure. As of year-end, the Town had drawn on $4,690,128 of the loan and returned $559,872. The interest rate at June 30, 2022on the outstanding balance is 1.468percent. During 2019, the Town obtained $15,000,000 in financing from WIFA for the design and construction of two water treatment campuses. As of year-end, the Town has drawndownthe entire balance of the loan. The interest rate at June 30, 2022on the outstanding balance is 2.440percent. During 2019, the Town also obtained $1,481,990 in financing from WIFA for the design andconstruction of new wastewater infrastructure for the Adonis Mobile Home Park Neighborhood. Fifty percent of the principal amount is forgivable as the Town applied on behalf of Adonis, a qualified disadvantaged community. As of year-end, the Town had drawn the entire forgivable portion plus $711,230 of the loan and returned $29,764. The interest rate at June 30, 2022on the outstanding balance is 2.508 percent. During 2020, the Town obtained $1,100,000 in additional financing from WIFA for the two water treatment campuses. $525,500 of the principal amount is forgivable. As of year-end, the Town has drawn the entire forgivable portion plus $483,534of the loan, leaving $90,966available for drawdown. During 2020, the Town obtained $475,000 in additional financing from WIFA for the Adonis Mobile Home Park wastewater infrastructure. Fifty percent of the principal amount is forgivable. As of year-end, the Town has drawn the entire forgivable portion plus $221,216of the loan and returned $16,283. Outstanding June 30, 2022 $4,690,128 Water Infrastructure Finance Authority loan, due in annual installments of $ 2,256,524 $201,000 to $312,000; through July 1, 2029; at a 2.968% interest rate. $15,000,000 Water Infrastructure Finance Authority loan, 2019 Series, due in annual13,184,119 installments of $590,762 to $933,973; through July 1, 2038; at a 2.440% interest rate. $711,231 Water Infrastructure Finance Authority loan, Adonis, due in annual 617,430 installments of $28,985 to $46,405; through July 1, 2038; at a 2.508% interest rate. $574,500 Water Infrastructure Finance Authority loan, 2020 Series, due in annual 459,59 installments of $19,187 to $79,662; through July 1, 2040; at a 3.4% interest rate. $221,216 Water Infrastructure Finance Authority loan, Adonis 2020, due in annual211,997 installments of $7,932 to $30,452; through July 1, 2040; at a 3.4% interest rate. Total$ 16,729,66 TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE7LONG-TERM LIABILITIES (Continued) The following is a schedule by years of the debt service requirements for the loan as of June 30, 2022. Community Facilities District (CFD) General Obligation Bonds Gladden Farms Community Facilities District (a component unit) issued general obligation bonds for infrastructure improvements and to refund prior issuances. The refunding issuance resulted in the 2004, 2006, 2007, and 2010 general obligation bond series to be considered defeased and the liability has been removed from the statement of net position. During 2019, Saguaro Springs Community Facilities District (a component unit) issued $3,845,000 of Series 2018 general obligation bonds for infrastructure improvements. During 2020, Saguaro Springs Community Facilities District (a component unit) issued $1,950,000 of Series 2019 general obligation bonds for infrastructure improvements. Gladden Farms Phase II Community Facilities District (a component unit) issued $1,245,000 of Series 2019 general obligation bonds for infrastructure improvements. During2021, Gladden Farms Community Facilities District (a component unit) issued $4,155,000 of Series 2020 general obligation bonds for infrastructure improvements. During 2022, Gladden Farms Phase II Community Facilities District (a component unit) issued $4,080,000 of Series 2021general obligation bonds for infrastructure improvements. During 2022, Saguaro Springs Community Facilities District (a component unit) issued $2,720,000 of Series 2021general obligation bonds for infrastructure improvements. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE7LONG-TERM LIABILITIES (Continued) These bonds are payable from the property tax collected by each District. The CFD general obligation bonds outstanding as reported in governmental activities as of June 30, 2022, were asfollows: Annual debt service requirements to maturity on the CFD general obligation bonds at June 30, 2022, are summarized as follows: TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE7LONG-TERM LIABILITIES (Continued) B.Tangerine Farms Road Improvement District Improvement Bonds Tangerine Farms Road Improvement District (a component unit) issued special assessment bonds for infrastructure improvements and to refund prior issuances. These bonds are paid through assessments made to the property owners within the Tangerine Farms Road Improvement District. The Town is responsible for the collection of the assessments and the disbursement of funds to retire the bonds. If a delinquency on an assessment occurs, the Town is required to cover the delinquency with other resources until foreclosure proceeds are received. The TFRID special assessment bonds outstanding as reported in governmental activities as of June 30, 2022, were as follows: Outstanding June 30, 2022 $14,245,132 TFRID Refunding Bonds, Series 2017, due in annual installments of $1,618,132 to $1,907,000; through January 1, 2026; at an interest rate of 1.96%.$5,695,000 Annual debt service requirements to maturity on the TFRID special assessment bonds at June 30, 2022, are summarized as follows: TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE7LONG-TERM LIABILITIES (Continued) C.Revenue BondsPublic Placement The Town issued pledged excise tax-revenue and refunding obligation bonds to finance the expansion of the Marana Wastewater Reclamation Facility and construction of the groundwater Recharge Facility, for acquiring water systems, wastewater systems, infrastructure upgrades, the design and construction of the new municipal complex and to refund prior issuances. These bonds are payable from the excise taxes collected by the Town. The revenue bonds outstanding as ofJune 30, 2022, were as follows: Outstanding June 30, 2022 GovernmentalBusiness-type $34,780,000 Pledged Excise Tax Revenue and Revenue Refunding Obligations, 2013 Series, due in annual installments of $315,000 to $2,570,000; through July 1, 2033; at a 2.0% to 5.0% interest rate. $ 23,520,000 $17,215,000 Pledged Excise Tax Revenue Bonds, 2017 Series A, due in annual installments of $1,920,000 to $2,420,000; through July 1, 2042; at a 2.0% to 5.0% interest rate. $ 17,215,000 $19,865,000 Pledged Excise Tax Revenue and Revenue Refunding Obligations, 2017 Series B, due in annual installments of $840,000 to $2,580,000; through July 1, 2028; at a 2.0% to 5.0% interest rate. 15,300,000 $2,565,000 Pledged Excise Tax Revenue Bonds, 2017 Series C, due in annual installments of $30,000 to $1,980,000; through July 1, 2034; at a 2.0% to 5.0% interest rate. 2,565,000 Totals38,820,000$ $ 19,780,000 Annual debt service requirements to maturity on revenue bonds at June 30, 2022, are summarized as follows: Governmental ActivitiesBusiness-type Activties Fiscal YearPrincipalInterestPrincipalInterest 2023$ 3,800,000$ 1,806,800$ -$ 809,069 2024 3,970,0001,622,250 - 809,069 2025 4,170,0001,418,750 - 809,069 2026 4,395,0001,204,625 - 809,069 2027 4,615,000 979,375 - 809,069 2028-203214,510,0002,053,700 235,000 4,032,969 2033-2037 3,360,000 170,000 6,325,000 2,506,194 2038-2042 - -10,800,000 1,585,328 2043 - - 2,420,000 48,400 Totals$ 38,820,000$ 9,255,500$ 19,780,000$ 12,218,236 TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE7LONG-TERM LIABILITIES (Continued) D.Revenue Bonds Direct Placement The Town issued pledged excise tax-revenue and refunding obligation bonds via direct placement to acquire additional water systems, wastewater systems, infrastructure upgrades, the design and construction of the new municipal complex and to refund prior issuances. These bonds are payable from the excise taxes collected by the Town and water utility revenue. The direct placement revenue bonds outstanding as of June 30, 2022were as follows: Annual debt servicerequirements to maturity on direct placement revenue bonds at June 30, 2022, are summarized as follows: E.Water Agreement Payable In September 2021, the Town entered into a repayment agreement with Central Arizona Project (CAP) whereas the Town will pay annually for the repayment of past CAP water service capital and 9(d) debt charges over a five year period through fiscal year 2027. The agreement is calculating interest at a rate of 2.5%. Annual debt service requirements to maturity on the water agreement payableatJune 30, 2022,is summarized as follows: Fiscal YearPrincipal InterestTotal 2023$ 202,035$ 8,384$ 210,419 2024202,035 8,384210,419 2025202,035 8,384210,419 2026202,035 8,384210,419 Total$ 808,140$ 33,536$ 841,676 TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE7LONG-TERM LIABILITIES (Continued) F.Pledged Revenues The Town has pledged future excise tax revenues to repay $80.9 million in Excise Tax Revenue Bonds issued in 2013, 2014, and 2017. The various bonds were issued for the expansion of the Marana Wastewater Reclamation Facility, construction of the groundwater Recharge Facility, construction of the municipal complex, the acquisition of certain water systems, acquisition of the Marana Wastewater Reclamation Facility, infrastructure upgrades and to refund prior debt issuances. The Town has also pledged future excise tax revenues to repay $16.5 million in Water Infrastructure Financing Authority loans issued in 2019 and 2020. The loans were issued for wastewater improvements in the Adonis neighborhood and water quality treatment campuses. At year end, $61.4million in bonds remain outstanding and $14.4 million in loans remain outstanding to be repaid by future excise tax revenues. The net revenues available for service of this debt were $75.3million. The debt principal and interest paid on this debt during fiscal year 2022was $7.7million (10.2% of available net pledged revenues). In addition, the Town has pledged future water utility revenues to repay $4.7 million in Water Infrastructure Financing Authority loans and a $1.3 million Revenue Refunding Bond. The loan was issued for the acquisition of well sites and the construction of certain infrastructure. The bond was issued in 2014 to refund prior debt issuances. At year end, $2.4million remains outstanding to be repaid by future water revenues. For the fiscal year ended June 30, 2022, the net revenues available for service of this debt were $6.3million. The debt principal and interest paid, including fees, on this debt during fiscal year 2022was $517,787. Under Arizona law, the Town is subject to a debt limit when issuing general obligation bonds for general municipal purposes not to exceed 6 percent of the full valuation of taxable real property. Also, under Arizona law, the Town can issue additional general obligation bonds for supplying specific services, such as water, sewer, lighting, parks and recreational facilities, and transportation, up to an amount not exceeding 20 percent of the full valuation of taxable real property. At June 30, 2022,the total legal debt limit was $186,911,137. As of June 30, 2022, the total outstanding debt applicable to the limit was zero. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE9INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS Due to/from other funds: AtJune 30, 2022, several funds were involved in interfund borrowing arrangements with the General Fund due to insufficient resources available in the funds to cover expenditures. Through the fiscal year 2021- 2022, these interfund borrowing will be eliminated as sufficient resources become available.Aportion of theamount due from the Wastewater Fund,$2,300,000 to the Transportation Fund and $2,568,289to the General Fund,is considered long term.Listed below is a summary of the interfund borrowing transactions. Interfund transfers: Interfund transfers were made by the Town during the fiscal year to ensure that sufficient resources were availableto cover expenditures in the applicable funds. These were direct transfers between funds and will not be eliminated as sufficient resourcesbecome available in the receiving funds. Specifically, the General Fund and select Non-Major Governmental funds transferred funds to provide the resources for debt service payments. Listed below is a summary of transfers between funds. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS All full-time and permanent part-time employees participate in one of four different retirement plans. With the exception of public safety personnel, police dispatchers and elected officials, all other employees participatein the Arizona State Retirement System (ASRS). Certified public safety personnel participate in the Public Safety Retirement Systems (PSPRS). Police dispatch and communication staff participate in the Mayor and Council Members participate in the AtJune 30, 2022, the Town reported the following aggregate amounts related to pensions for all plans to which it contributes: TheTown reported $4,275,6ofpension contributions as expenditures inthegovernmental funds relatedtoall pension plans to which itcontributes. A.Arizona State Retirement System All full-time and permanent part-time employees not in the Public Safety Retirement System, Corrections Officers Retirement System or Elected Officials Retirement System are eligible to participate in the Arizona State Retirement System (ASRS). The ASRS administers a cost sharing multiple-employer defined benefit plan. The Arizona State Retirement System Board governs the ASRS according to the provisions of A.R.S. Title38, Chapter5, Article2 and 2.1.ASRSnet OPEBliabilitieshavenot beenrecorded,orfurther disclosed at June 30, 2021 in accordance with GASB Statement 75, due to the relative insignificance to the statementsandrequiredsupplementaryinformation.The reportmaybe obtained on itswebsiteat www.azasrs.gov. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) Benefits provided-The ASRS provides retirement, health insurance premium supplement, long-term disability, and survivor benefits. State statute establishes benefit terms. Retirement benefits are calculated on the basis of age, average monthly compensation, and service credit as follows: Retirement benefits for members who joined the ASRS prior to September 13, 2013, are subject to automatic cost-of-living adjustments based on excess investment earning. Members with a membership date on or after September 13, 2013, are not eligible for cost-of-living adjustments. Survivor benefits are ContributionsIn accordance with state statutes, annual actuarial valuations determine active member and employer contribution requirements. The combined active member and employer contribution rates are expected to finance the costs of benefits employees earn during the year, with an additional amount to finance any unfunded accrued liability. For the year ended June 30, 2022, statute required active ASRS members to contribute at the actuarially determined rate of 12.41percent (12.22percent for retirement and 0.19percent for long-required the Town to contribute at the actuarially determined rate of 12.41percent (12.01percent for retirement, 0.21percent for health insurance premium benefit, and 0.19percent for long- annual covered payroll.In addition, the Town was required by statute to contribute at the actuarially determined rate of 10.22percent (10.13percent for retirementand0.09percent for long-term disability) of annual covered payroll of retired members who worked for the Town in positions that would typically be year ended June 30, 2022, were $1,992,666. During fiscal year 2022, the Town paid for ASRS pension contributions as follows: 86% percent from the General Fund and 14% from enterprise funds. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) Pension liabilityAtJune 30, 2022, the Town reported a liability of $18,165,436 for its proportionate share 2021. The total pension liability used to calculate the net pension liability was determined using update procedures to roll forward the total pension liability from an actuarial valuation as of June 30, 2020, to the measurement date of June 30, 2021.The total liabilities as of June 30, 2021, reflect changes in actuarial assumptions based on the results of an actuarial experience study for the 5-year period ended June 30, 2020, including decreasing the discount rate from 7.5 percent to 7.0 percent and changing the projected salary increases from 2.77.2 percent to 2.98.4 percent. 2021. The 2021, was 0.13825percent, which was a decreaseof 0.00448 percent from its proportion measured as of June 30, 2020. Pension expense and deferred outflows/inflows of resourcesFor the year ended June 30, 2022, the Town recognized pension expense for ASRS of $1,463,575. At June 30, 2022, the Town reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: The $1,992,666reported as deferred outflows of resources related to ASRS pensions resulting from contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to ASRS pensions will be recognized in pension expense as follows: TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) rateT using the discount rate of 7.0 liability would be if it were calculated using a discount rate that is 1 percentage point lower (6.0percent) or 1 percentage point higher (8.0percent) than the current rate: Pension plan fiduciary net position available in the separately issued ASRS financial report. B.Public Safety Personnel Retirement Systemand Corrections Officer Retirement Plan All of the Town's full-time policeofficers are covered by the Arizona Public Safety Personnel Retirement System (PSPRS), which is an agent multiple-employer defined benefit plan. PSPRS was established by Title 38, Chapter 5, Article 4 of the Arizona Revised Statutes to provide pension benefits for public safety personnel who are regularly assigned hazardous duty as employees of the State of Arizona or one of its political subdivisions. The PSPRS is jointly administered by the Board of Trustees (formerly fund manager) and participating local boards. The Board of Trusteesis a nine-member board appointed by the Governor and the State Legislature. The Board of Trusteesis responsible for establishing contribution rates in accordance with an actuarial study. Employees who were PSPRS members before July 1, 2017, participate in the agent plans, and those who became PSPRS members on or after July 1, 2017, participate in the cost-sharing plans (PSPRS Tier 3 Risk Pool) which are not further disclosed because of their relative All full-time and permanent part-time employees employed as police dispatchers or communications operators are eligible to participate in the Corrections Officers Retirement Plan (CORP), an agentmultiple- employer defined benefit pension planand an agent multiple-employer defined benefit health insurance premium benefit (OPEB) plan. The CORP is governed by the PSPRS Board of Trustees and the local participating local boards according to the provisions of A.R.S. Title 38, Chapter 5, Article 6. PSPRS and CORP net OPEB liabilities have not been recorded, or further disclosed at June 30, 2022in accordance with GASB Statement 75, due to t PSPRS and CORP issue publicly available financial reports that include financial statements and required supplemental information. This report may be obtained onthe PSPRS website at www.psprs.comor by writing to 3010 E Camelback Rd, Ste 200, Phoenix, AZ 85016 or by calling (602) 255-5575. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) Benefits providedThe PSPRS and CORP provide retirement, health insurance premium supplement, disability, and survivor benefits. State statute establishes benefit terms. Retirement, disability, and survivor benefits are calculated on the basis of age, average monthly compensation, and service credit as follows: PSPRSInitial membership date: On or after January 1, 2012 Before January 1, 2012and before July 1, 2017 Retirement and Disability Years of service20 years of service, any age25 years of service or 15 years and age required15 years of service, age 62of credited service, age 52.5 to receive benefit Final averageHighest 36 monthsHighest 60 months salary is based on of last 20 yearsof last 20 years Benefit percent Normal50% less 2.0% for each year1.5% to 2.5% per year of credited Retirementof credited service less than 20 service, not to exceed 80% years OR plus 2.0% to 2.5% for each year of credited service over 20 years, not to exceed 80% Accidental Disability50% or normal retirement, whichever is greater Retirement Catastrophic Disability90% for the first 60 months then reduced to either 62.5% Retirementor normal retirement, whichever is greater Ordinary DisabilityNormal retirement calculated with actual years of credited service Retirementor 20 years of credited service, whichever is greater, mulitiplied by years of credited service (not to exceed 20 years) divided by 20 Survivor Benefits Retired Members80% of retired member's pension benefit Active Members80% to 100% of accidental disability retirement benefit or 100% of average monthly compensation if death was the result of injuries received on the job TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) CORPInitial membership date: On or after January 1, 2012 Before January 1, 2012and before July 1, 2018 Retirement and Disability Years of service25 years of service, any age25 years of service or 15 years and age required10 years of service, age 62of credited service, age 52.5 to receive benefit Final averageHighest 36 monthsHighest 60 months salary is based on of last 10 yearsof last 10 years Benefit percent Normal2.0% to 2.5% per year of credited 2.5% per year of credited Retirementservice, not to exceed 80% service, not to exceed 80% Accidental Disability50% or normal retirement if more 50% or normal retirement if more Retirementthan 20 years of credited servicethan 25 years of credited service Total and permanent50% or normal retirement if more than 25 years of credited service disability retirement Ordinary Disability2.5% per year of credited service Retirement Survivor Benefits Retired Members80% of retired member's pension benefit Active Members40% of average monthly compensation or 100% of average monthly compensation if death was the result of injuries received on the job. If there is no surviving spouse Retirement and survivor benefits are subject to automatic cost-of-living adjustmentsbased on inflation. 12 months. Health insurance premium benefits are available to retired or disabled members with 5 years of credited service. The benefits are payable only with respect to allowable health insurance premiums for which the member is responsible. Benefits range from $100 per month to $260 per month depending on the age of the member and dependents. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) Employees covered by benefit termsAtJune 30, 2022, the following employees were covered by the ContributionsState statutes establish the pension contribution requirements for active PSPRS and CORP employees. In accordance with state statutes, annual actuarial valuations determine employercontribution requirements for PSPRS and CORP pension and health insurance premium benefits. The combined active member and employer contribution rates are expected to finance the costs of benefits employees earn during the year, with an additional amount to finance any unfunded accrued liability. Contributions rates for the year ended June 30, 2022 covered payroll. Also, the PSPRS Board of Trustees required an additional employer contribution of 21.45percent for legacy costs of Tier 1 and 2 amortization of unfunded liabilities on Tier 3 contributions. In addition, statute required the Town to contribute at the actuarially determined rate of 21.45percent forthe PSPRS of annual covered payroll of retired members who worked for the Townin positions that an employee who contributes to the PSPRS would typically fill. Theibutions to the pension plan for the year ended June 30, 2022, were: PSPRS PensionPoliceCORP Contributions made$ 2,442,651$ 66,152 During fiscal year 2022, the Townpaid for PSPRS and CORP pension contributionswith89.7%percent from the General Fundand 10.3% from non-major governmental funds. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) Pension liabilityAtJune 30, 2022, the Townreported the following netpension liabilities: Net Pension Liability PSPRS$14,574,051 CORP Dispatchers839,557 $15,413,608 Total The net pension liabilities were measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. Pension actuarial assumptions The significant actuarial assumptions used to measure the total pension liability are as follows: Actuarial assumptions used in the June 30, 2021valuation were based on the results of an actuarial experience study for the 5-year period ended June 30, 2017. The long-term expected rate of return on PSPRS and CORP pension plan investments was determined to be 7.3percent using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expenses and inflation) are developed for each major asset class. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) The target allocation and best estimates of geometricreal rates of return for each major asset class are summarized in the following table: Long-Term PSPRS and CORPTargetExpected Arithmetic Asset ClassAllocationReal Rate of Return U.S. public equity24%4.08% International public equity16%5.20% Global private equity20%7.67% Other assets (capital appreciation)7%5.43% Core bonds2%0.42% Private credit20%5.74% Diversifying strategies10%3.99% Cash - Mellon1%-0.31% Total100% Pension discount ratesAt June 30, 2021, the discount rate used to measure the PSPRS and CORP total pension liabilities was 7.3percent.The projection of cash flows used to determine the PSPRS and CORP discount rates assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between the actuarially determined contribution rate and the member rate. Based on those assumptions, the pensionduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pensionplan investments was applied to all periods of projected benefit payments to determine the total pension liability. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) Changes in the Net Pension Liability (Asset) TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENTSYSTEMS (Continued) CORPIncrease (Decrease) Plan TotalFiduciaryNet PensionNetPension LiabilityPositionLiability (a)(b)(a)- (b) Balances at June 30, 2021$ 2,874,535$ 1,695,002$ 1,179,533 Adjustments to beginning of year - - - Changes for the year: Service Cost 40,973 - 40,973 Interest on the total pension liability 211,853 - 211,853 Changes of benefit terms - - - Differences between expected and actual experience in the measurement of the pension liability (2,539) - (2,539) Changes of assumptions or other inputs - - - Contributions - employer - 91,440 (91,440) Contributions - employee - 29,136 (29,136) Net investment income - 471,853 (471,853) Benefit payments, including refunds of employee contributions (26,829) (26,829) - Administrative expense - (2,166) 2,166 Other changes - - - Net changes 223,458 563,434 (339,976) Balances at June 30, 2022$ 3,097,993$ 2,258,436$ 839,557 SThe following table presents were calculated using a discount rate that is 1 percentage point lower or 1 percentage point higher than the current rate: Pension plan fiduciary net position available in the separately issued PSPRS and CORP financial reports. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) Pension expense/(income)For the year ended June 30, 2022, the Town recognized the following pension expense/(income): Pension Expense/(Income) PSPRS$2,006,920 CORP Dispatchers120,410 Pension deferred outflows/inflows of resourcesAtJune 30, 2022, the Town reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) The amounts reported as deferred outflows of resources related to pensions resulting from town contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability (or an increase in the net pension asset) in the year ending June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: C.Retirement Plan (EORP),a multiple employer cost-sharing defined benefit plan. The EORP pension plan was closed to new members as of January 1, 2014. The EORP is governed by the Public Safety Retirement System Board of Trustees according to the provisions of A.R.S. Title 38, Chapter 5, Article 3. EORP issues a publicly available financial report that includes financial statements and required supplementary information. At the time of issuance, the most recent report for EORP was unavailable. The report may be obtained on website at www.psprs.comor by writing to EORP, 3010 E Camelback Rd, Ste 200, Phoenix, AZ 85016 or by calling (602) 255-5575. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) Benefits providedThe EORP provides retirement, health insurance premium supplement, disability, and survivor benefits. State statute establishes benefit terms. Retirement, disability, and survivor benefits are calculated on the basis of age, average yearly compensation, and service credit as follows: TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) Retirement and survivor benefits are subject to automatic cost-of-living adjustments based on inflation.In addition, the Legislature may enact permanent one-time benefit increases after a Joint Legislative Budget Health insurance premium benefits are available to retired or disabled members with 5 years of credited service. The benefits are payable only with respect to allowable health insurance premiums for which the member is responsible. For members with 8 or more years of service, benefits range from $100 per month to $260 per month depending on the age of the member and dependents. For members with 5 to7 years of service, the benefits are the same dollar amounts as above multiplied by a vesting fraction based on completed years of service. ContributionsState statutes establish active member and employer contribution requirements. Statute also appropriates $5 million annually through fiscal year 2043 for the EORP from the State of Arizona to supplement the normal cost plus an amount to amortize the unfunded accrued liability. For the year ended June 30, 2022,statute required active EORP membersto contribute 7 or 13 covered payrolland the Town to contributeat the actuarially determined rate of61.43percent of all active In addition, statue required the Town to contribute 49.21percent of annual covered payroll of retired members who worked for the Town in positions that an employee who contributes to the EORP would typically fill. June 30, 2022, was$53,207. During fiscal year 2022, the Town paid for EORP pension contributions 100percent from the General Fund. Pension liabilityAtJune 30, 2022, Town reported a pension liability EORP.The amount the Town recognized as its proportionate share of the net pension liability, the related state support, and the total portion of the net pension liability that was associated with the Town were as follows: The net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. requiredcontributions to the pension requiredcontributions for the year ended June 30, 20212021, was .1561percent, which was an increase of .0029percent from its proportion measured as of June 30, 2020. Pension expense/incomeand deferred outflows/inflows of resourcesFor the year ended June 30, 2022, the Town recognizedpension incomeof $22,534and pension expense of $94,148. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) AtJune 30, 2022, the Town reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: The $53,207reported as deferred outflows of resources related to EORP pensions resulting from Town contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2023.Other amounts reported as deferred outflows of resources and deferred inflows of resources related to EORP pensions will be recognized in pension expense as follows: Actuarial assumptionsThe significant actuarial assumptions used to measure the total pension liability are asfollows: TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE10-EMPLOYEE RETIREMENT SYSTEMS (Continued) Actuarial assumptions used in the June 30, 2021,valuation were based on the results of an actuarial experience study for the 5-year period ended June 30, 2017. Thelong-term expected rate of return on EORP pension plan investments was determined to be 7.3percent using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expenses and inflation) are developed for each major asset class. The target allocation and best estimates of geometricreal rates of return for each major asset class are summarized in the following table: Discount rateAt June 30, 2021, the discount rate used to measure the EORP total pension liability was 7.3percent. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate, employer contributions will be made at the actuariallydeterminedrates, and State contributions will be made as currently required by statute. Based available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to allperiods of projected benefit payments to determine the total pension liability. rate using the discount rateof7.3percent liability would be if it were calculated using a discount rate that is 1 percentage point loweror 1 percentage point higher than the current rate: Pension Plan Fiduciary Net PositionDetailed is available in the separately issued EORP financial report. TOWN OF MARANA, ARIZONA NOTES TO FINANCIAL STATEMENTS Year Ended June30, 2022 NOTE 11-RISK MANAGEMENT The Town is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters. The Town's insurance protection is provided by the Arizona Municipal Risk Retention Pool, of whichthe Town is a participating member. The limit for basic coverage is for $2,000,000 per occurrence on a claims- made purpose. Excess coverage is for an additional $12,000,000 per occurrence on a follow form, claims- made basis. The Arizona Municipal Risk Retention Pool is structured such that member premiums are based on an actuarial review that will provide adequate reserves to allow the pool to meet its expected should reserves and annual premiums be insufficient to meet the pool's obligations. compensationand employee health and accident insurance. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. NOTE 12-COMMITMENTS AND CONTINGENCIES The Town is subject to a number oflawsuits, investigations, and other claims (some of which involve substantial amounts) that are incidental to the ordinary course of its operations, including those related to wrongful death and personal injury matters. Although the Town Attorney does not currently possess sufficient information to reasonably estimate the amounts of the liabilities to be recorded upon the the ultimate resolution of such lawsuits, investigations, and claims cannot be determined at this time, in the opinion of Town management, based on the advice of the Town Attorney, the resolution of these matters . Significant Contractual Commitments At the end of fiscal year 2022, the Town was obligated to $8.8million in significant contractual commitments forvehicles,airport, transportation, park,street,and water and wastewater facility related construction projects. NOTE 13SUBSEQUENT EVENTS Town of Marana Water Fund Loan Issuance In October 2022, the Town issued a WIFA Loan in the amount of $1,000,000 of which $512,500 as forgivable principal. The loan has a combined interest and fee payment of 3.204%, maturing in fiscal year 2043. The loan was issued to finance the costs of water infrastructure. Gladden Farms Community Phase II Facilities District Debt Issuance InOctober 2022, the District issued the Series 2022General Obligation Bonds (Bonds) in the amount of $6,220,000, maturing in 2047, with an interest rate of 5.0%.The Bonds were issued to finance the costs to acquire and construct certain public infrastructure benefiting the District and to pay costs of issuance related to the Bonds. This page intentionally left blank REQUIRED SUPPLEMENTARY INFORMATION This page intentionally left blank BUDGETARY COMPARISON SCHEDULES General Fund HighwayUser Revenue Fund This page intentionally left blank TOWN OF MARANA, ARIZONA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET TO ACTUALGENERAL FUND Year Ended June 30, 2022 Budgeted Amounts Variance - Positive OriginalFinalActual (Negative) Revenues: Sales taxes $ 30,950,841$ 30,950,841$ 37,758,894$ 6,808,053 Intergovernmental 14,629,32214,629,32224,710,83610,081,514 Licenses, fees & permits 5,865,8005,865,80011,190,9885,325,188 Fines, forfeitures & penalties 391,000391,000382,476(8,524) Charges for services 622,500622,500988,782366,282 Lease income 145,000145,000264,148119,148 Contributions --500500 Investment income Interest earnings 508,508508,508779,086270,578 Change in fair value of investments --(959,247)(959,247) Miscellaneous 2,371622,371758,188135,817 Total revenues 53,635,34253,735,34275,874,65122,139,309 Expenditures: General government: General government 7,647,5276,797,3322,777,5234,019,809 Town council 374,098374,098326,72547,373 Town clerk 501,892501,892369,375132,517 Town manager 2,129,5691,770,4201,407,226363,194 Human resources 1,073,1771,073,1771,025,70247,475 Facilities 1,652,8151,644,8151,302,382342,433 Finance 1,571,5321,571,5321,417,753153,779 Legal 1,112,8881,112,8881,067,07345,815 Technology services 3,583,3673,583,3673,345,519237,848 Municipal courts 1,247,3011,247,3011,120,726126,575 Public Safety: Police 16,141,71116,141,71115,313,361828,350 Building safety 1,081,4401,153,4401,010,061143,379 Code Enforcement 23,15022,15018,0104,140 Highways and streets: Public works 3,170,3273,170,3272,714,642455,685 Health and welfare: Animal Services 310,989318,009318,0045 Economic and community development: Development services 3,290,5883,306,5883,045,397261,191 Economic development and tourism 311,435311,435291,36220,073 Community development 838,180832,160789,63242,528 Culture and recreation: Parks and recreation 6,336,5576,695,7065,714,361981,345 Capital outlay 2,753,7782,765,7781,183,6381,582,140 Debt service - Principal retirement --5,020(5,020) Interest and fiscal charges --10,978(10,978) Total expenditures55,152,32154,394,12644,574,4709,819,656 TOWN OF MARANA, ARIZONA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL GENERAL FUND Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET TO ACTUALHIGHWAY USER REVENUE FUND Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NOTESTO BUDGETARYCOMPARISON SCHEDULES Year Ended June 30, 2022 NOTE 1 BUDGETING AND BUDGETARYCONTROL A.R.S. requires the Town to prepare and adopt a balanced budget annually for each governmental fund. The Town Councilmustapprovesuch operatingbudgetson orbeforethethirdMondayin Julyto allow sufficient time for the legal announcements and hearings required for the adoption of the property tax levy on the third Mondayin August.A.R.S.prohibitsexpendituresor liabilitiesin excessof the amounts budgeted. Expenditures may not legally exceed appropriations at the department level. In certain instances, transfers of appropriations between departments or from the contingency account to a department may be made upon the Town Councilf the General Fund, each fund includes only one department. NOTE 2 - BUDGETARY BASIS OFACCOUNTING TheadoptedbudgetoftheTownisprepared on abasisofaccountingconsistentwithaccountingprinciples generally accepted in theUnitedStates ofAmerica. PENSION PLAN SCHEDULES This page intentionally left blank TOWN OF MARANA, ARIZONACOST SHARING PLANSJune 30, 2022 ANA, ARIZONA TOWN OF MARAGENT PENSION PLANSJune 30, 2022 TOWN OF MARANA, ARIZONAJune 30, 2022 TOWN OF MARANA, ARIZONA NOTES TO PENSION PLAN SCHEDULES June 30, 2022 NOTE1ACTUARIALLY DETERMINED CONTRIBUTION RATES Actuarial determined contribution rates for PSPRS and CORP are calculated as of June 30 two years prior to the end of the fiscal year in which contributions are made. The actuarial methods and assumptions used to establish the contribution requirements are as follows: Entry age normal Actuarial cost method Amortization methodLevel percent-of-pay, closed 19 years for underfunded Remaining amortization period as 20 years for overfunded of the 2020 actuarial valuation Asset valuation method7-year smoothed market value; 80%/120% market corridor Actuarial assumptions: Inthe2019actuarialvaluation,theinvestmentrateofreturnwas Investment rate of return decreasedfrom7.4%to7.3%.Inthe2017actuarialvaluation,the investmentrateofreturnwasdecreasedfrom7.5%to7.4%.Inthe 2016actuarialvaluation,theinvestmentrateofreturnwasdecreased from7.85%to7.5%.Inthe2013actuarialvaluation,theinvestmentrate of return was decreased from 8% to 7.85%. Projected salary increasesInthe2017actuarialvaluation,projectedsalaryincreaseswere decreasedfrom4.0%-8.0%to3.5%-7.5%forPSPRS.Inthe2014 actuarialvaluation,projectedsalaryincreasesweredecreasedfrom 4.5%-8.5%to4.0%-8.0%forPSPRS.Inthe2013actuarialvaluation, projectedsalaryincreasesweredecreasedfrom5.0%-9.0%to4.5%- 8.5% for PSPRS. Wage growthInthe2017actuarialvaluation,wagegrowthwasdecreasedfrom4%to 3.5%forPSPRS.Inthe2014actuarialvaluation,wagegrowthwas decreasedfrom4.5%to4.0%forPSPRS.Inthe2013actuarial valuation, wage growth was decreased from 5.0% to 4.5% for PSPRS. Retirement ageExperience-basedtableofratesthatisspecifictothetypeofeligibility condition.Lastupdatedforthe2012valuationpursuanttoan experience study of the period July 1, 2006-June 30, 2011. MortalityInthe2019actuarialvaluation,changedtoPubS-2010tables.Inthe 2017actuarialvaluation,changeRP-2014tables,with75%ofMP-2016 fullygenerationalprojectionscales.RP-2000mortalitytable(adjusted by 105% for both males and females). TOWN OF MARANA, ARIZONA NOTES TO PENSION PLAN SCHEDULES June 30, 2022 NOTE2FACTORS THAT AFFECT TRENDS Arizona courts have ruled that provisions of a 2011 law that changed the mechanism for funding permanent pension benefit increases and increased employee pension contribution rates were unconstitutional or a breach of contract because those provisions appl effective date. As a result, the PSPRS, CORP, and EORP changed benefit terms to reflect the prior mechanism for funding permanent benefit increases for those members and revised actuarial assumptions to exp 2015 (measurement date 2014) for members who were retire changes also increased the PSPRS and CORPrequired pension contributions beginning in fiscal year 2016 dthe PSPRS and CORP required contributions beginning in fiscal year 2019 for members who retired or will retire after the these changes did not affect them. The fiscal year 2019 (measurement date 2018) pension liabilities for EORP and CORP reflect the replacement of the permanent benefit increase (PBI) for retirees based on investment returns with a cost of living adjustment based on inflation. Also, the EORP liability and required pension contributions for fiscal year 2019 reflect a statutory change that requires the employer contribution rate to be actuarially determined. This change increased the discount rate used to calculate the liability thereby reducing the total pension liability. This page intentionally left blank OTHER SUPPLEMENTARY INFORMATION This page intentionally left blank Tangerine Farms Improvement DebtDistrict TransportationCapitalFund TOWN OF MARANA, ARIZONA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET TO ACTUALTANGERINE FARMS IMPROVEMENT DISTRICT DEBT FUND Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET TO ACTUALTRANSPORTATION CAPITAL FUND Year Ended June 30, 2022 Budgeted Amounts Variance - Positive OriginalFinalActual(Negative) Revenues: Sales taxes$ 7,500,000$ 7,500,000$8,395,919$ 895,919 Contributions--1,197,1991,197,199 Investment income Interest earnings50,00050,00097,55247,552 Change in fair value of investments--(137,107)(137,107) Total revenues7,550,0007,550,0009,553,5632,003,563 Expenditures: Current - General government1,187,0001,187,000977,461209,539 Capital outlay 14,670,60214,170,602987,93813,182,664 Total expenditures 15,857,60215,357,6021,965,39913,392,203 Excess (deficiency) of revenues over expenditures(8,307,602)(7,807,602)7,588,16415,395,766 Other financing sources (uses): Transfers in50,00050,000-(50,000) Transfers out(859,029)(859,029)(858,375)654 Total other financing sources (uses)(809,029)(809,029)(858,375)(49,346) Changes in fund balances (9,116,631)(8,616,631)6,729,78915,346,420 Fund balances, beginning of year --12,776,76512,776,765 Fund balances, end of year $(9,116,631)$(8,616,631)$19,506,554$28,123,185 This page intentionally left blank COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES TOWN OF MARANA, ARIZONA NON-MAJOR GOVERNMENTAL FUNDS COMBINING BALANCE SHEET ALL MAJOR GOVERNMENTAL FUNDS BY FUND TYPE June 30, 2022 Total Non-Major SpecialGovernmental RevenueCapital ProjectsDebt ServiceFunds ASSETS Cash and cash equivalents $ 5,376,980$ 30,955,866$-$ 36,332,846 Property taxes receivable -2,21318,45120,664 Accounts receivable 828--828 Interest receivable -16,25985717,116 Development agreement receivable -70,868-70,868 Due from other governments 440,054902,227-1,342,281 Prepaid items 5,585--5,585 Restricted cash and investments--6,855,1126,855,112 Total assets$ 5,823,447$ 31,947,433$ 6,874,420$ 44,645,300 LIABILITIES Accounts payable $ 230,573$ 601,682$-$ 832,255 Retainage payable -38,317-38,317 Accrued payroll and employee benefits34,168--34,168 Due to other funds2,882592,127-595,009 Deposits held for others-97,210-97,210 Unearned revenue-13,229-13,229 Total liabilities267,6231,342,565-1,610,188 DEFERRED INFLOWS OF RESOURCES Unavailable revenue79,357--79,357 Total deferred inflows of resources 79,357--79,357 FUND BALANCES (DEFICITS) Fund balances: Nonspendable5,585--5,585 Restricted 5,470,88229,608,3556,874,42041,953,657 Committed-1,628,523-1,628,523 Unassigned-(632,010)-(632,010) Total fund balances5,476,46730,604,8686,874,42042,955,755 Total liabilities, deferred inflows of resources, and fund balances $ 5,823,447$ 31,947,433$ 6,874,420$ 44,645,300 TOWN OF MARANA, ARIZONA NON-MAJOR GOVERNMENTAL FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL MAJOR GOVERNMENTAL FUNDS BY FUND TYPE Year Ended June 30, 2022 Total Non-Major SpecialGovernmental RevenueCapital ProjectsDebt ServiceFunds Revenues: Sales tax $ 1,901,388$ 4,055,335$ -$ 5,956,723 Property tax -181,9251,516,0431,697,968 Intergovernmental 1,883,0245,004,500-6,887,524 Licenses, fees & permits -9,710,243-9,710,243 Fines, forfeitures & penalties 45,734--45,734 Contributions -32,22476832,992 Investment income Interest earnings 2,66070,16087773,697 Change in fair value of investments -(78,579)-(78,579) Miscellaneous 6,120--6,120 Total revenues 3,838,92618,975,8081,517,68824,332,422 Expenditures: Current - General government 1,077,1354,072-1,081,207 Public safety 1,506,917--1,506,917 Highways and streets -117,422-117,422 Economic and community development 368,2812,603-370,884 Culture and recreation -1,290-1,290 Capital outlay 111,6111,417,0466,927,5538,456,210 Debt service - Principal retirement --4,465,0004,465,000 Interest and fiscal charges --2,719,6262,719,626 Bond issuance costs --510,765510,765 Total expenditures 3,063,9441,542,43314,622,94419,229,321 Excess (deficiency) of revenues over expenditures 774,98217,433,375(13,105,256)5,103,101 Other financing sources (uses): Issuance of debt --6,800,0006,800,000 Premium on bonds issued --697,524697,524 Transfers in 44,411-6,495,7966,540,207 Transfers out (11,708)(1,246,241)-(1,257,949) Total other financing sources (uses) 32,703(1,246,241)13,993,32012,779,782 Change in fund balances 807,68516,187,134888,06417,882,883 Fund balances, beginning of year 4,668,78214,417,7345,986,35625,072,872 Fund balances, end of year $ 5,476,467$ 30,604,868$ 6,874,420$ 42,955,755 This page intentionally left blank NON-MAJOR SPECIAL REVENUE FUNDS Community Development Grant Fund (CDBG)This fund accounts for the CDBG program which provides resources to address community development needs Affordable Housing FundThis revolving fund accounts for resources utilized on affordable housing projects and programs. Bed Tax Fund This fund accounts for the collection of the discriminatory portion of bed tax revenues which funds economic development and tourism initiatives. Judicial Collection Enhancement FundThis fund accounts for resources required to improve, maintain and enhance the ability to collect and manage monies assessed or received by the courts including restitution, child support, fines and civil penalties; and to improve court automation projects likely to improve case processing or the administration of justice. Fill-the-Gap FundThis fund accounts for local Fill-the-Gap resources which shall be used to improve, maintain and enhance the ability tocollect and manage monies assessed or received by the courts, to improve court automation and to improve case processing or the administration of justice. Local Technology FundThis fund accounts for resources required to fund local or collaborative technology improvement projects and programs. Other Special RevenueFundThis fund includes all other grant related programs and projects. This page intentionally left blank MAJOR SPECIAL REVENUE FUNDS - TOWN OF MARANA, ARIZONANONCOMBINING BALANCE SHEET Year Ended June 30, 2022 MAJOR SPECIAL REVENUE FUNDS - TOWN OF MARANA, ARIZONANONCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESYear Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR SPECIAL REVENUE FUNDS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESBUDGET AND ACTUALCOMMUNITY DEVELOPMENT BLOCK GRANT FUND Year Ended June 30, 2022 Community Development Block Grant Fund Variance - Original Positive BudgetFinal BudgetActual(Negative) Revenues: Intergovernmental$ 180,000$ 180,000$ 78,972$ (101,028) Total revenues180,000180,00078,972(101,028) Expenditures: Current - Economic and community development180,000180,00066,674113,326 Capital outlay---- Total expenditures180,000180,00066,674113,326 Change in fund balance--12,29812,298 Fund balance, July 1, 2021- (12,298)-(12,298) Fund balance (deficits), June 30, 2022$ - $ - $ - $ - TOWN OF MARANA, ARIZONA NON-MAJOR SPECIAL REVENUE FUNDS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUALAFFORDABLE HOUSING REVOLVING FUND Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR SPECIAL REVENUE FUNDS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUALBED TAX FUND Year Ended June 30, 2022 Bed Tax Fund Variance - Original Positive BudgetFinal BudgetActual(Negative) Revenues: Sales taxes$ 1,243,341$ 1,243,341$ 1,901,388$ 658,047 Miscellaneous---- Total revenues1,243,3411,243,3411,901,388658,047 Expenditures: Current - General government748,418748,418830,880(82,462) Economic and community development494,923494,923291,196203,727 Total expenditures1,243,3411,243,3411,122,076121,265 Change in fund balance-- 779,312779,312 Fund balance, July 1, 2021- 2,695,955-2,695,955 Fund balance (deficits), June 30, 2022$ - $ - $ 3,475,267$ 3,475,267 TOWN OF MARANA, ARIZONA NON-MAJOR SPECIAL REVENUE FUNDS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUALJUDICIAL COLLECTION ENHANCEMENT FUND Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR SPECIAL REVENUE FUNDS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUALFILL-THE-GAP FUND Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR SPECIAL REVENUE FUNDS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUALLOCAL TECHNOLOGY Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR SPECIAL REVENUE FUNDS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUALOTHER SPECIAL REVENUE Year Ended June 30, 2022 Other Special Revenue Fund Variance - Original Positive BudgetFinal BudgetActual(Negative) Revenues: Intergovernmental $3,463,154$3,463,154$1,804,052$(1,659,102) Fines, forfeitures & penalties50,00050,00011,550(38,450) Investment income 5,0005,0002,660(2,340) Miscellaneous 10,00010,0004,196(5,804) Total revenues3,528,1543,528,1541,822,458(1,705,696) Expenditures: Current - General government2,390,0001,974,6985,581,969,117 Public safety 1,630,3811,870,8831,506,917363,966 Capital outlay -99,800111,611(11,811) Total expenditures4,020,3813,945,3811,624,1092,321,272 Excess (deficiency) of revenues over expenditures (492,227)(417,227)198,349(4,026,968) Other financing sources (uses): Transfers in 100,000100,00044,41155,589 Transfers out --(11,708)11,708 Total other financing sources (uses) 100,000100,00032,70367,297 Change in fund balance(392,227)(317,227)231,052(3,959,671) Fund balance, July 1, 2021- -989,00989,002 Fund balance (deficits), June 30, 2022$ (392,227)$ (317,227)$1,220,054$ (2,970,669) This page intentionally left blank NON-MAJOR CAPITAL PROJECTS FUND Capital Projects Funds are created to account for the purchase or construction of major capital facilities which are not financed by the general, enterprise, or special revenue funds. Northwest (Benefit Area) Transportation Impact FeesThis fund accounts for the financing and construction of transportation projects that are defined within the northwest benefit area. Northeast (Benefit Area) Transportation Impact FeesThis fund accounts for the financing and construction of transportation projects that are defined within the northeast benefit area. South (Benefit Area) Transportation Impact FeesThis fund accounts for the financing and construction of transportation projects that are defined within the south benefit area. Park Impact Fees FundThis fund accounts for park impact fees collected by the Town and utilized for authorized capital improvements. PAG/RTA Capital FundThis fund accounts for proceeds from Pima Association of Governments and Regional Transportation Authority which are used for road improvement projects. Downtown Reinvestment FundThis fund accounts for sales tax proceeds which are used for authorized capital improvements in the Downtown area. Sales TaxCapital Projects FundThis fund accounts for sales tax proceeds for capital related funding and projects. Other Capital Projects FundIncludes all other capital related funding and projects. Gladden Farms Capital FundThis fund accounts for the proceeds from the sale of general obligation bonds which are used for authorized capital improvements. Saguaro Springs Capital FundThis fund accounts for the financing and construction of authorized capital improvements. TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Year Ended June 30, 2022 Northwest Northeast South Transportation Transportation Transportation Park Impact Impact FeesImpact FeesImpact FeesFees Revenues: Sales tax $-$-$-$ - Property tax ---- Intergovernmental ---- Licenses, fees & permits 591,1301,010,0365,014,5192,818,792 Contributions ---- Investment income Interest earnings 304-47,1363,960 Change in fair value of investments --(67,455)- Total revenues 591,4341,010,0364,994,2002,822,752 Expenditures: Current - General government ---- Highways and streets -64,365-- Economic and community development ---- Culture and recreation ---1,290 Capital outlay 8,3828,382441,64755,317 Total expenditures 8,38272,747441,64756,607 Excess (deficiency) of revenues over expenditures 583,052937,2894,552,5532,766,145 Other financing sources (uses): Face value of bonds issued ---- Refunding bonds issued ---- Premium on bonds issued ---- Transfers out -(601,125)(619,500)- Total other financing sources (uses) -(601,125)(619,500)- Change in fund balances 583,052336,1643,933,0532,766,145 Fund balances (deficits), beginning of year 649,497(953,593)8,043,5163,129,690 Fund balances (deficits), end of year $ 1,232,549$ (617,429)$ 11,976,569$ 5,895,835 Sales Tax GladdenSaguaro PAG/RTA Downtown Capital Other Capital Farms Springs CapitalReinvestmentProjects FundProjectsCapitalCapitalTotals $ -$ 447,265$ 3,608,070$ -$ -$ -$ 4,055,335 ---- 114,69067,235181,925 4,500--5,000,000--5,004,500 ---275,766--9,710,243 ---32,224--32,224 ---18,760--70,160 ---(11,124)--(78,579) 4,500447,2653,608,0705,315,626114,69067,23518,975,808 ----2,7151,3574,072 1,352--51,705--117,422 -2,603---2,603 ------1,290 15,229340,673-547,416--1,417,046 16,581343,276-599,1212,7151,3571,542,433 (12,081)103,9893,608,0704,716,505111,97565,87817,433,375 ------ ------ ------ ---(25,616)-- (1,246,241) --(25,616)-- (1,246,241) (12,081)103,9893,608,0704,690,889111,97565,87816,187,134 (2,500)1,524,534-964,496840,655221,43914,417,734 $ (14,581)$ 1,628,523$ 3,608,070$ 5,655,385$ 9 52,630$ 2 87,317$ 30,604,868 TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUALNORTHWEST TRANSPORTATION IMPACT FEES Year Ended June 30, 2022 Northwest Transportation Impact Fees Variance - Positive Original BudgetFinal BudgetActual(Negative) Revenues: Licenses, fees & permits$ 310,780$ 310,780$ 591,130$ 280,350 Investment income--304304 Total revenues310,780310,780591,434280,654 Expenditures: Current - Highways and streets---- Capital outlay23,75423,7548,38215,372 Total expenditures23,75423,7548,38215,372 Excess (deficiency) of revenues over expenditures287,026287,026583,052296,026 Other financing sources (uses): Transfers out---- Total other financing sources (uses)---- Change in fund balances287,026287,026583,052296,026 Fund balances (deficits), July 1, 2021--649,497649,497 Fund balances (deficits), June 30, 2022$ 287,026$ 287,026$ 1,232,549$ 945,523 TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL NORTHEAST TRANSPORTATION IMPACT FEES Year Ended June 30, 2022 Northeast Transportation Impact Fees Variance - Positive Original BudgetFinal BudgetActual(Negative) Revenues: Licenses, fees & permits$ 768,518$ 768,518$ 1,010,036$ 241,518 Investment income---- Total revenues768,518768,5181,010,036241,518 Expenditures: Current - Highways and streets8,5828,58264,365(55,783) Capital outlay23,75423,7548,38215,372 Total expenditures32,33632,33672,747(40,411) Excess (deficiency) of revenues over expenditures736,182736,182937,289201,107 Other financing sources (uses): Transfers out(601,583)(601,583)(601,125)458 Total other financing sources (uses)(601,583)(601,583)(601,125)458 Change in fund balances134,599134,599336,164201,565 Fund balances (deficits), July 1, 2021--(953,593)(953,593) Fund balances (deficits), June 30, 2022$ 134,599$ 134,599$ (617,429)$ (752,028) TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SOUTH TRANSPORTATION IMPACT FEES Year Ended June 30, 2022 South Transportation Impact Fees Variance - Original Positive BudgetFinal BudgetActual(Negative) Revenues: Licenses, fees & permits$ 856,746$ 856,746$ 5,014,519$ 4,157,773 Investment income--47,13647,136 Change in fair value of investments--(67,455)(67,455) Total revenues856,746856,7464,994,2004,137,454 Expenditures: Current - Highways and streets---- Capital outlay5,573,0715,573,071441,6475,131,424 Total expenditures5,573,0715,573,071441,6475,131,424 Excess (deficiency) of revenues over expenditures(4,716,325)(4,716,325)4,552,5539,268,878 Other financing sources (uses): Transfers out(619,972)(619,972)(619,500)472 Total other financing sources (uses)(619,972)(619,972)(619,500)472 Change in fund balances(5,336,297)(5,336,297)3,933,0539,269,350 Fund balances (deficits), July 1, 2021--8,043,5168,043,516 Fund balances (deficits), June 30, 2022$ (5,336,297)$ (5,336,297)$ 11,976,569$ 17,312,866 TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL PARK IMPACT FEES Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL -PAG CAPITAL Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL DOWNTOWN REINVESTMENT Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SALES TAX CAPITAL PROJECT FUND Year Ended June 30, 2022 3,608,070 TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL -OTHER CAPITAL PROJECTS Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL GLADDEN FARMS COMMUNITY FACILITIES DISTRICT CAPITAL Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR CAPITAL PROJECTS FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SAGUARO SPRINGS COMMUNITY FACILITIES DISTRICT CAPITAL Year Ended June 30, 2022 This page intentionally left blank NON-MAJOR DEBT SERVICE FUNDS Debt Service Funds are created to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest. 2013 Bond Debt Service FundThis fund accounts for the accumulation of resources and payment of principal and interest on the series 2013 revenue bonds. The Town has pledged Town sales tax revenue and state shared revenues to make the required payments for this series. 2014 BondDebt Service FundThis fund accounts for the accumulation of resources and payment of principal and interest on the series 2014 revenue bonds. The Town has pledged Town sales tax revenue and state shared revenues to make the required payments for this series. 2017 Bond Debt Service FundThis fund accounts for the accumulation of resources and payment of principal and interest on the series 2017 revenue bonds. The Town has pledged Town sales tax revenue and state shared revenues to make the required payments for this series. Gladden Farms Debt Service FundThis fund accounts for the accumulation of resources and payment of principal and interest on the Gladden Farms general obligation bonds. Saguaro Springs Debt Service FundThis fund accounts for the accumulation of resources and payment of principal and interest on the Saguaro Springs general obligation bonds. MAJOR DEBT SERVICE FUNDS - TOWN OF MARANA, ARIZONANONCOMBINING BALANCE SHEETYear Ended June 30, 2022 MAJOR DEBT SERVICE FUNDS - TOWN OF MARANA, ARIZONANONCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESYear Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR DEBT SERVICE FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL 2013 BOND DEBT SERVICE Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR DEBT SERVICE FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL2014 BOND DEBT SERVICE Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR DEBT SERVICE FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL 2017 BOND DEBT SERVICE Year Ended June 30, 2022 TOWN OF MARANA, ARIZONA NON-MAJOR DEBT SERVICE FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL GLADDEN FARMS DEBT SERVICE Year Ended June 30, 2022 Gladden Farms Debt Service Variance - Positive Original BudgetFinal BudgetActual(Negative) Revenues: Property Taxes$ 961,335$ 961,335$ 955,770$ (5,565) Contributions70,00070,000768(69,232) Investment income--1717 Total revenues1,031,3351,031,335956,555(74,780) Expenditures: Capital Outlay 4,000,0004,000,0004,300,000(300,000) Debt service - Principal retirement450,000450,000450,000- Interest and fiscal charges468,163468,163452,80015,363 Bond Issuance Costs250,000250,000254,214(4,214) Total expenditures5,168,1635,168,1635,457,014(288,851) Excess (deficiency) of revenues over expenditures(4,136,828)(4,136,828)(4,500,459)(363,631) Other financing sources (uses): Issuance of debt4,250,0004,250,0004,080,000170,000 Premium on bonds issued --530,895(530,895) Total other financing sources (uses)4,250,0004,250,0004,610,895(360,895) Change in fund balances113,172113,172110,436(2,736) Fund balances (deficits), July 1, 2021--664,372664,372 Fund balances (deficits), June 30, 2022$ 113,172$ 113,172$ 774,808$ 661,636 TOWN OF MARANA, ARIZONA NON-MAJOR DEBT SERVICE FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL SAGUARO SPRINGS DEBT SERVICE Year Ended June 30, 2022 Saguaro Springs Debt Service Variance - Positive Original BudgetFinal BudgetActual(Negative) Revenues: Property Taxes$ 558,622$ 558,622$ 560,273$ 1,651 Contributions---- Investment income---- Total revenues558,622558,622560,2731,651 Expenditures: Capital Outlay 3,200,0003,200,0002,627,553572,447 Debt service - Principal retirement180,000180,000150,00030,000 Interest and fiscal charges378,622378,622223,452155,170 Bond Issuance Costs225,000225,000256,551(31,551) Total expenditures3,983,6223,983,6223,257,556726,066 Excess (deficiency) of revenues over expenditures(3,425,000)(3,425,000)(2,697,283)727,717 Other financing sources (uses): Issuance of debt 3,425,0003,425,0002,720,000705,000 Premium on bonds issued --166,629(166,629) Total other financing sources (uses)3,425,0003,425,0002,886,629538,371 Change in fund balances--189,346189,346 Fund balances (deficits), July 1, 2021--395,005395,005 Fund balances (deficits), June 30, 2022$ -$ -$ 584,351$ 584,351 STATISTICAL SECTION This page intentionally left blank TOWN OF MARANA, ARIZON STATISTICAL SECTION June 30, 2022 Fiscal Trends These schedules contain trend information to help users understand and assess how the Town'sfinancial position has changed over time. Revenue Capacity These schedules contain information to help users understand and assess the Town's local revenue source, the property tax. Debt Capacity These schedules present information to help users understand and assess the Town's debt burdenand its ability to service current debt and to issue additional debt in the future. Demographic and Economic Information These schedules present economic and demographic indicators to help users understand theenvironment within which the Town's financial activities take place Operating Information These schedules present information to help users understand the Town's operations and resourcesas well as to provide a context for understanding and assessing the Town's economic condition. TOWN OF MARANA NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (Accrual basis of accounting) TOWN OF MARANA NET POSITION BY COMPONENT LASTTEN FISCAL YEARS (Accrual basis of accounting) TOWN OF MARANA CHANGES IN NET POSITION LAST TEN FISCAL YEARS (Accrual basis of accounting) 2013201420152016 Expenses Governmental activities: General government$9,532$ 10,662$ 14,707$ 17,531 Public safety11,77712,13414,32414,423 Highways and streets18,32719,05318,52222,659 Health & Welfare 2323-- Culture & recreation3,8313,1314,4333,422 Economic & community development4,1234,6914,7964,779 Interest on long-term debt4,3124,5434,1063,962 Total governmental activities expenses 51,92554,23760,88866,776 Business-type activities: Airport1,1791,1971,2891,829 Wastewater2,5992,7563,4313,662 Water3,7795,2444,1504,405 Total business-type activities expenses7,5579,1978,8709,896 Total primary government expenses $ 59,482$ 63,434$ 69,758$ 76,672 Program Revenues Governmental activities: Charges for services: General government $975$941$ 4,490$4,787 Culture and recreation216200305265 Economic & community development 3,9063,3864,5854,027 Health and welfare---- Operating grants and contributions 3,7474,4424,3604,507 Capital grants and contributions 12,37310,26811,28117,157 Total government activities program revenues 21,21719,23725,02130,743 Business-type activities: Charges for services: Airport239248239247 Wastewater7308349331,016 Water3,4553,7664,1464,243 Capital grants and contributions1,9582,5344,0155,214 Total business-type activity program revenues6,3827,3829,33310,720 Total primary government program revenues27,59926,61934,35441,463 Net (expense)/revenue Governmental activities(30,708)(35,000)(35,867)(36,033) Business-type activities(1,175)(1,815)463824 Total primary government net expense$(31,883)$(36,815)$(35,404)$(35,209) 201720182019202020212022 $ 19,393$ 18,492$ 23,846$ 21,040$ 22,578$ 28,539 16,73616,11416,05919,98119,22317,852 40,17227,89321,62925,00425,72925,481 278236453442461489 6,0065,1475,2946,1225,8616,950 4,9024,3284,0764,1744,1594,113 2,3353,0771,8582,4852,3462,258 89,82275,28773,21579,24880,35785,682 1,7721,8161,3951,3931,6451,803 3,9834,5985,2764,1365,3465,104 5,3685,9796,1786,7507,7969,7 11,12312,39312,84912,27914,78716,692 $100,945$ 87,680$ 86,064$ 91,527$ 95,144$ 102,374 $4,909$ 5,073$ 5,007$ 5,453$ 5,863$ 5,580 287324317197179277 4,3554,9935,2605,3966,62610,935 -----83 4,6194,6652,2598,47014,46514,711 44,37125,85613,67915,04710,83920,877 58,54140,91126,52234,56337,97252,463 251294329373420436 1,0651,5021,6261,8732,3652,839 5,0645,6095,7506,2607,3738,022 5,9419,8908,97713,60413,46217,046 12,32117,29516,68222,11023,62028,343 70,86258,20643,20456,67361,59280,806 (31,281)(34,376)(46,693)(44,685)(42,385)(33,219) 1,1984,9023,8339,8318,83311,651 $(30,083)$ (29,474)$ (42,860)$ (34,854)$ (33,552)$ (21,568) This page intentionally left blank TOWN OF MARANA FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (Modified accrual basis of accounting) 20132014201520162017 General Fund Nonspendable$ 2,803$ 2,540$ 2,282$ 2,418$ 2,367 Unassigned18,11521,12322,30920,42522,640 Total general fund20,91823,66324,59122,84325,007 All other governmental funds Nonspendable$-$ 33$-$ 3$ 1 Restricted47,61640,77440,77148,48649,960 Committed----- Unassigned(444)(472)(863)(525)(1,908) Total all other governmental funds$ 47,172$ 40,335$ 39,908$ 47,964$ 48,053 Total fund balance of governmental funds$ 68,090$ 63,998$ 64,499$ 70,807$ 73,060 20182019202020212022 General Fund Nonspendable$ 4,853$ 4,513$ 4,103$ 3,029$ 2,937 Unassigned24,73532,04342,00868,32795,638 Total general fund29,58836,55646,11171,35698,575 All other governmental funds Nonspendable$ 261$ 1$ 4$ 13$ 6 Restricted44,98942,06831,00129,10847,569 Committed--14,86213,97020,802 Unassigned(2,405)(562)(873)(968)(632) Total all other governmental funds$ 42,845$ 41,507$ 44,994$ 42,123$ 67,745 Total fund balance of governmental funds$ 72,433$ 78,063$ 91,105$113,479$166,320 Source: Governmental Fund Statements TOWN OF MARANA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (Modified accrual basis of accounting) (Amounts expressed in thousands) 201720182019202020212022 $ 37,500$ 41,689$ 41,680$40,705$42,847$ 52,112 521572 1,1618341,4201,698 43,26130,91920,04022,96731,52735,870 7,0788,61710,034 10,7499,09220,949 728750637591496428 563684718535541989 113136148157159264 2,340 2,8699892,0912,2981,801 214874965 1,23166 238663 1,9541,965484 (218) 460512757667643795 93,01685,61879,72079,99691,230115,919 13,34712,94914,02114,92714,41616,219 14,47714,77415,50218,35216,96717,848 6,0374,8935,0316,8216,2226,006 365229290284350318 4,6424,4524,7444,6054,5404,497 4,2664,9034,6134,2074,2255,715 34,27540,96024,47811,09417,09710,649 5,0832,2605,4636,5636,3196,304 3,8822,7453,1052,9842,9102,876 1,023- 314385216511 87,39788,16577,56170,22273,26270,943 5,619(2,547)2,159 17,9689,77444,976 TOWN OF MARANA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (Modified accrual basis of accounting) (Amounts expressed in thousands) Fiscal Year 2013201420152016 Other financing sources (uses) Transfers in 19,70014,1556,3806,498 Transfers out (35,611)(16,540)(6,955)(8,675) Proceeds from sale of capital assets57--321 Capitalized interest---- Issuance of debt34,7806,493-- Premium on bonds issued 3,031--- Payments to refunded bond escrow agent (14,160)(14,160)-- Total other financing sources (uses) 7,797(10,052)(575)(1,856) Net change in fund balance $ 20,788$(10,542)$ 501$ 6,308 Debt service as a percentage of noncapital expenditures27.0%49.1%19.5%14.7% 201720182019202020212022 7,68012,6076,08211,4018,4716,577 (10,558)(10,732)(6,770)(11,532)(8,467)(6,210) 4546226135132- 178----- 42,065-3,8453,1954,1556,800 4,089-8869115698 (46,865)----- (3,366)1,9213,4713,2684,4067,865 $ 2,253$(626)$ 5,630$13,042$22,374$ 52,841 10.8%6.5%12.7%17.6%14.5%16.0% TOWN OF MARANA GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE LAST TEN FISCAL YEARS (Accrual basis of accounting) (Amounts expressed in thousands) TOWN OF MARANA ASSESSED VALUE AND ESTIMATED ACTUAL OF TAXABLE PROPERTY LAST TEN FISCAL YEARS (Amounts expressed in thousands) OVERLAPPING GOVERNMENTS TOWN OF MARANA PROPERTY TAX RATES LAST TEN FISCAL YEARS DIRECT AND TOWN OF MARANA PRINCIPAL PROPERTY TAXPAYERS CURRENT YEAR AND NINE YEARS AGO (Amounts expressed inthousands) 20222013 Percentage Percentage of Total of Total TaxableTaxable Assessed Full Cash Assessed Full Cash ValueRank ValueValueRank Value Taxpayer UNISOURCE ENERGY CORPORATION13,468126.7%--- HSL COTTONWOOD RC HOTEL LLC6,895213.7%--- TUCSON PREMIUM OUTLETS LLC6,852313.6%--- SOUTHWEST GAS CORPORATION 4,02148.0%--- TRICO ELECTRIC COOP INC3,79957.5%--- HSL ENCANTADA CONTINENTAL RESERVE LC3,51867.0%--- SMITHS FOOD AND DRUG CENTERS3,38476.7%1,907-19.1% WAL-MART STORES INC3,00286.0%--- UNION PACIFIC RAILROAD#2,96895.9%--- MARANA MARKETPLACE PARTNERS LLC#2,519105.0%--- FIDELITY NATIONAL TITLE TR 604211,445214.5% GLADDEN 25 LLC1,180311.8% WEINGARTEN NEWQUIST LLC90349.0% FIDELITY NATIONAL TITLE TR 6042386558.7% WALGREEN ARIZONA DRUG CO79568.0% AH4R77977.8% FIDELITY NATIONAL TITLE TR 6036076187.6% FREEDBERG BARRY & FREEDBERG BELLA70097.0% FIDELITY NATIONAL TITLE TR 60422660106.6% Totals$ 50,426$ 9,995 Notes: 1)The Town of Marana does not impose a property tax. Source: Pima County Assessor's Office - IS Dept (Information System's Coordinator) TOWN OF MARANA PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS (Amounts expressed in thousands) TOWN OF MARANA TANGERINE FARMS ROAD IMPROVEMENT DISTRICT All Active Assessments As of June 30, 2022 INTERNATIONAL CENTER TUCSON LLC $52,594.14$27,387.83$3,778,800.0078,565Commercial & SECUNDUS TUCSON 242-B3-1215-01-003S LLC INTERNATIONAL CENTER TUCSON LLC 49,379.5525,713.871,634,851.0073,738Commercial & SECUNDUS TUCSON 242-B3-2215-01-003W LLC Residential and Tangerine/I-10, LLC164,906.7785,873.435,020.00242,954 242-11215-01-011A Commercial VM Building Two Residential and 134,077.6469,819.501,004,090.00200,818 242-01215-01-0130 CorporationCommercial Southwest Gas 727,102.17378,630.664,356,036.001,089,009Commercial 242-02215-01-0140 Corporation Residential and Tangerine/I-10, LLC215,513.08112,226.134,001.00322,893 242-03215-01-0150 Commercial Residential and Tangerine/I-10, LLC227,728.40118,587.134,228.00341,014 242-04215-01-0160 Commercial 242-05215-01-0170 CTI, Inc.567,430.53295,483.3624,375.00850,047Commercial Residential and Tangerine/I-10, LLC341,156.34177,653.512,554,970.00510,994 242-06215-01-0180 Commercial 242-07215-01-0190 U-Haul International Inc.344,646.43179,470.932,581,025.00516,205Commercial Residential and Tangerine/I-10, LLC378,674.81197,190.858,700.00567,141 242-08215-01-0200 Commercial Residential and Tangerine/I-10, LLC80,562.9241,952.271,496.00120,700 242-09215-01-0210 Commercial Residential and Tangerine/I-10, LLC28,793.2514,993.77540.0043,192 242-10215-01-0220 Commercial VM Building Two Residential and 38,681.8420,143.151,100.0058,054 242-12215-01-0230 CorporationCommercial 237217-53-040A TOWN OF MARANA71,959.1037,471.9434,000.001,019,740Park Residential and GLADDEN 25 LLC20,407.1510,626.80129,323.0057,477 238/239-2217-53-8090 Commercial Residential and GLADDEN 25 LLC21,784.1411,343.86138,042.0061,352 238/239-3217-53-8100 Commercial Residential and GLADDEN 25 LLC20,979.6110,924.90132,860.0059,049 238/239-4217-53-8110 Commercial Residential and GLADDEN 25 LLC18,999.259,893.65120,382.0053,503 238/239-5217-53-8120 Commercial Residential and GLADDEN 25 LLC20,144.1410,489.84127,613.0056,717 238/239-6217-53-8130 Commercial Residential and GLADDEN 25 LLC15,456.228,048.6697,929.0043,524 238/239-7217-53-8140 Commercial Residential and GLADDEN 25 LLC35,461.1218,466.00224,687.0099,861 238/239-8217-53-8150 Commercial Residential and GLADDEN 25 LLC32,830.9417,096.36184,870.0092,435 238/239-9217-53-8160 Commercial Residential and GLADDEN 25 LLC30,974.3316,129.56174,390.0087,195 238/239-10217-53-8170 Commercial Residential and KB Home Tucson Inc.330,322.98172,012.1615,066.001,215,324 230-3217-54-0130 Commercial Northwest Medical Center684,379.91356,383.5131,212.002,517,768Hospital 230-4217-54-0140 MERITAGE HOMES OF Residential and 358,566.94186,719.8916,351.001,318,997 230-8217-54-0190 ARIZONACommercial Residential and Gladden Phase II, LLC268,326.10139,727.93232,650.00675,616 446217-54-026A Commercial Richmond American 3,770.071,963.23268,946.00-Residential 347217-54-0570 Homes Pulte Home Company, 3,193.651,663.0530,435.00-Residential 553217-54-2380 LLC Pulte Home Company, 3,193.651,663.0530,435.00-Residential 554217-54-2390 LLC Pulte Home Company, 3,193.651,663.0530,435.00-Residential 555217-54-2400 LLC Pulte Home Company, 3,193.651,663.0530,435.00-Residential 556217-54-2410 LLC Pulte Home Company, 3,193.651,663.0530,435.00-Residential 557217-54-2420 LLC Pulte Home Company, 3,193.651,663.0530,435.00-Residential 558217-54-2430 LLC Pulte Home Company, 3,193.651,663.0530,435.00-Residential 559217-54-2440 LLC Pulte Home Company, 3,193.651,663.0530,435.00-Residential 560217-54-2450 LLC Pulte Home Company, 3,193.651,663.0530,435.00-Residential 561217-54-2460 LLC Pulte Home Company, 3,193.651,663.0530,435.00-Residential 562217-54-2470 LLC Pulte Home Company, 3,193.651,663.0530,435.00-Residential 563217-54-2480 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Farms Commercial Weingarten Realty12,423.766,469.5379,432.0035,303 Center - Fast 219217-57-3670 Food Restaurant Gladden Farms Commercial Weingarten Realty14,501.497,551.4992,716.0041,207 Center - Fast 220217-57-3680 Food Restaurant Gladden Farms Weingarten Realty11,477.105,976.5773,379.0032,613Commercial 221217-57-3690 Center Gladden Farms Weingarten Realty27,082.5614,102.95173,153.0076,957Commercial 222217-57-3700 Center Gladden Farms Weingarten Realty41,637.1721,682.11236,630.00118,315Commercial 224217-57-3720 Center - Grocery Gladden Farms Weingarten Realty9,539.794,967.7454,216.0027,108Commercial 225217-57-3730 Center Gladden Farms Weingarten Realty18,357.459,559.45117,369.0052,164Commercial 226217-57-3740 Center Gladden Farms Weingarten Realty12,894.966,714.9282,444.0036,642Commercial 227217-57-3750 Center 1045217-59-0010 KB Home Tucson Inc.2,120.361,104.1612,001.00-Residential 1046217-59-0020 KB Home Tucson Inc.2,120.361,104.1612,001.00-Residential 1047217-59-0030 KB Home Tucson 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1197217-60-0610 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1198217-60-0620 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1199217-60-0630 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1200217-60-0640 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1201217-60-0650 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1202217-60-0660 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1203217-60-0670 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1204217-60-0680 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1205217-60-0690 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1206217-60-0700 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1207217-60-0710 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1208217-60-0720 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1209217-60-0730 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1210217-60-0740 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1211217-60-0750 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1212217-60-0760 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1213217-60-0770 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1214217-60-0780 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1215217-60-0790 Mattamy Tucson LLC3,439.331,790.9930,435.00-Residential 1216217-60-0800 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1217217-60-0810 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1218217-60-0820 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1219217-60-0830 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1220217-60-0840 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1221217-60-0850 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1222217-60-0860 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1223217-60-0870 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1224217-60-0880 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1225217-60-0890 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1226217-60-0900 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1227217-60-0910 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1228217-60-0920 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1229217-60-0930 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1230217-60-0940 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1231217-60-0950 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1232217-60-0960 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1233217-60-0970 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1234217-60-0980 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1235217-60-0990 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1236217-60-1000 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1237217-60-1010 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1238217-60-1020 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1239217-60-1030 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1240217-60-1040 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1241217-60-1050 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1242217-60-1060 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1243217-60-1070 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1244217-60-1080 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1245217-60-1090 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1246217-60-1100 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1247217-60-1110 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1248217-60-1120 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1249217-60-1130 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1250217-60-1140 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential 1251217-60-1150 Mattamy Tucson LLC3,439.321,790.9930,435.00-Residential Richmond American 3,439.321,790.990.00-Residential 1252217-61-0010 Homes Richmond American 3,439.321,790.990.00-Residential 1253217-61-0020 Homes Richmond American 3,439.321,790.990.00-Residential 1254217-61-0030 Homes Richmond American 3,439.321,790.990.00-Residential 1255217-61-0040 Homes Richmond American 3,439.321,790.990.00-Residential 1256217-61-0050 Homes Richmond American 3,439.321,790.990.00-Residential 1257217-61-0060 Homes Richmond American 3,439.321,790.990.00-Residential 1258217-61-0070 Homes Richmond American 3,439.321,790.990.00-Residential 1259217-61-0080 Homes Richmond American 3,439.321,790.990.00-Residential 1260217-61-0090 Homes Richmond American 3,439.321,790.990.00-Residential 1261217-61-0100 Homes Richmond American 3,439.321,790.990.00-Residential 1262217-61-0110 Homes Richmond American 3,439.321,790.990.00-Residential 1263217-61-0120 Homes Richmond American 3,439.321,790.990.00-Residential 1264217-61-0130 Homes Richmond American 3,439.321,790.990.00-Residential 1265217-61-0140 Homes Richmond American 3,439.321,790.990.00-Residential 1266217-61-0150 Homes Richmond American 3,439.321,790.990.00-Residential 1267217-61-0160 Homes Richmond American 3,439.321,790.990.00-Residential 1268217-61-0170 Homes Richmond American 3,439.321,790.990.00-Residential 1269217-61-0180 Homes Richmond American 3,439.321,790.990.00-Residential 1270217-61-0190 Homes Richmond American 3,439.321,790.990.00-Residential 1271217-61-0200 Homes Richmond American 3,439.321,790.990.00-Residential 1272217-61-0210 Homes Richmond American 3,439.321,790.990.00-Residential 1273217-61-0220 Homes Richmond American 3,439.321,790.990.00-Residential 1274217-61-0230 Homes Richmond American 3,439.321,790.990.00-Residential 1275217-61-0240 Homes Richmond American 3,439.321,790.990.00-Residential 1276217-61-0250 Homes Richmond American 3,439.321,790.990.00-Residential 1277217-61-0260 Homes Richmond American 3,439.321,790.990.00-Residential 1278217-61-0270 Homes Richmond American 3,439.321,790.990.00-Residential 1279217-61-0280 Homes Richmond American 3,439.321,790.990.00-Residential 1280217-61-0290 Homes Richmond American 3,439.321,790.990.00-Residential 1281217-61-0300 Homes Richmond American 3,439.321,790.990.00-Residential 1282217-61-0310 Homes Richmond American 3,439.321,790.990.00-Residential 1283217-61-0320 Homes Richmond American 3,439.321,790.990.00-Residential 1284217-61-0330 Homes Richmond American 3,439.321,790.990.00-Residential 1285217-61-0340 Homes Richmond American 3,439.321,790.990.00-Residential 1286217-61-0350 Homes Richmond American 3,439.321,790.990.00-Residential 1287217-61-0360 Homes Richmond American 3,439.321,790.990.00-Residential 1288217-61-0370 Homes Richmond American 3,439.321,790.990.00-Residential 1289217-61-0380 Homes Richmond American 3,439.321,790.990.00-Residential 1290217-61-0390 Homes Richmond American 3,439.321,790.990.00-Residential 1291217-61-0400 Homes Richmond American 3,439.321,790.990.00-Residential 1292217-61-0410 Homes Richmond American 3,439.321,790.990.00-Residential 1293217-61-0420 Homes Richmond American 3,439.321,790.990.00-Residential 1294217-61-0430 Homes Richmond American 3,439.321,790.990.00-Residential 1295217-61-0440 Homes Richmond American 3,439.321,790.990.00-Residential 1296217-61-0450 Homes Richmond American 3,439.321,790.990.00-Residential 1297217-61-0460 Homes Richmond American 3,439.321,790.990.00-Residential 1298217-61-0470 Homes Richmond American 3,439.321,790.990.00-Residential 1299217-61-0480 Homes Richmond American 3,439.321,790.990.00-Residential 1300217-61-0490 Homes Richmond American 3,439.321,790.990.00-Residential 1301217-61-0500 Homes Richmond American 3,439.321,790.990.00-Residential 1302217-61-0510 Homes Richmond American 3,439.321,790.990.00-Residential 1303217-61-0520 Homes Richmond American 3,439.321,790.990.00-Residential 1304217-61-0530 Homes Richmond American 3,439.321,790.990.00-Residential 1305217-61-0540 Homes Richmond American 3,439.321,790.990.00-Residential 1306217-61-0550 Homes Richmond American 3,439.321,790.990.00-Residential 1307217-61-0560 Homes Richmond American 3,439.321,790.990.00-Residential 1308217-61-0570 Homes Richmond American 3,439.321,790.990.00-Residential 1309217-61-0580 Homes Richmond American 3,439.321,790.990.00-Residential 1310217-61-0590 Homes Richmond American 3,439.321,790.990.00-Residential 1311217-61-0600 Homes Richmond American 3,439.321,790.990.00-Residential 1312217-61-0610 Homes Richmond American 3,439.321,790.990.00-Residential 1313217-61-0620 Homes Richmond American 3,439.321,790.990.00-Residential 1314217-61-0630 Homes Richmond American 3,439.321,790.990.00-Residential 1315217-61-0640 Homes Richmond American 3,439.321,790.990.00-Residential 1316217-61-0650 Homes Richmond American 3,439.321,790.990.00-Residential 1317217-61-0660 Homes Richmond American 3,439.321,790.990.00-Residential 1318217-61-0670 Homes Richmond American 3,439.321,790.990.00-Residential 1319217-61-0680 Homes Richmond American 3,439.321,790.990.00-Residential 1320217-61-0690 Homes Richmond American 3,439.321,790.990.00-Residential 1321217-61-0700 Homes Richmond American 3,439.321,790.990.00-Residential 1322217-61-0710 Homes Richmond American 3,439.321,790.990.00-Residential 1323217-61-0720 Homes Richmond American 3,439.321,790.990.00-Residential 1324217-61-0730 Homes Richmond American 3,439.321,790.990.00-Residential 1325217-61-0740 Homes Richmond American 3,439.321,790.990.00-Residential 1326217-61-0750 Homes Richmond American 3,439.321,790.990.00-Residential 1327217-61-0760 Homes Richmond American 3,439.321,790.990.00-Residential 1328217-61-0770 Homes Richmond American 3,439.321,790.990.00-Residential 1329217-61-0780 Homes Richmond American 3,439.321,790.990.00-Residential 1330217-61-0790 Homes Richmond American 3,439.321,790.990.00-Residential 1331217-61-0800 Homes Richmond American 3,439.321,790.990.00-Residential 1332217-61-0810 Homes Richmond American 3,439.321,790.990.00-Residential 1333217-61-0820 Homes Richmond American 3,439.321,790.990.00-Residential 1334217-61-0830 Homes Richmond American 3,439.321,790.990.00-Residential 1335217-61-0840 Homes Richmond American 3,439.321,790.990.00-Residential 1336217-61-0850 Homes Richmond American 3,439.321,790.990.00-Residential 1337217-61-0860 Homes Richmond American 3,439.321,790.990.00-Residential 1338217-61-0870 Homes Richmond American 3,439.321,790.990.00-Residential 1339217-61-0880 Homes Richmond American 3,439.321,790.990.00-Residential 1340217-61-0890 Homes Richmond American 3,439.321,790.990.00-Residential 1341217-61-0900 Homes Richmond American 3,439.321,790.990.00-Residential 1342217-61-0910 Homes Richmond American 3,439.321,790.990.00-Residential 1343217-61-0920 Homes Richmond American 3,439.321,790.990.00-Residential 1344217-61-0930 Homes Richmond American 3,439.321,790.990.00-Residential 1345217-61-0940 Homes Richmond American 3,439.321,790.990.00-Residential 1346217-61-0950 Homes Richmond American 3,439.321,790.990.00-Residential 1347217-61-0960 Homes Richmond American 3,439.321,790.990.00-Residential 1348217-61-0970 Homes Richmond American 3,439.321,790.990.00-Residential 1349217-61-0980 Homes Richmond American 3,439.321,790.990.00-Residential 1350217-61-0990 Homes Richmond American 3,439.321,790.990.00-Residential 1351217-61-1000 Homes Richmond American 3,439.321,790.990.00-Residential 1352217-61-1010 Homes Richmond American 3,439.321,790.990.00-Residential 1353217-61-1020 Homes Richmond American 3,439.321,790.990.00-Residential 1354217-61-1030 Homes Richmond American 3,439.321,790.990.00-Residential 1355217-61-1040 Homes Richmond American 3,439.321,790.990.00-Residential 1356217-61-1050 Homes Richmond American 3,439.321,790.990.00-Residential 1357217-61-1060 Homes Richmond American 3,439.321,790.990.00-Residential 1358217-61-1070 Homes Richmond American 3,439.321,790.990.00-Residential 1359217-61-1080 Homes Richmond American 3,439.321,790.990.00-Residential 1360217-61-1090 Homes Richmond American 3,439.321,790.990.00-Residential 1361217-61-1100 Homes Richmond American 3,439.321,790.990.00-Residential 1362217-61-1110 Homes Richmond American 3,439.321,790.990.00-Residential 1363217-61-1120 Homes Richmond American 3,439.321,790.990.00-Residential 1364217-61-1130 Homes Richmond American 3,439.321,790.990.00-Residential 1365217-61-1140 Homes Richmond American 3,439.321,790.990.00-Residential 1366217-61-1150 Homes Richmond American 3,439.321,790.990.00-Residential 1367217-61-1160 Homes Richmond American 3,439.321,790.990.00-Residential 1368217-61-1170 Homes Richmond American 3,439.321,790.990.00-Residential 1369217-61-1180 Homes Richmond American 3,439.321,790.990.00-Residential 1370217-61-1190 Homes 1371217-62-0010 Lennar Homes3,886.642,023.930.00-Residential 1372217-62-0020 Lennar Homes3,886.642,023.930.00-Residential 1373217-62-0030 Lennar Homes3,886.632,023.920.00-Residential 1374217-62-0040 Lennar Homes3,886.632,023.920.00-Residential 1375217-62-0050 Lennar Homes3,886.632,023.920.00-Residential 1376217-62-0060 Lennar Homes3,886.632,023.920.00-Residential 1377217-62-0070 Lennar Homes3,886.632,023.920.00-Residential 1378217-62-0080 Lennar Homes3,886.632,023.920.00-Residential 1379217-62-0090 Lennar Homes3,886.632,023.920.00-Residential 1380217-62-0100 Lennar Homes3,886.632,023.920.00-Residential 1381217-62-0110 Lennar Homes3,886.632,023.920.00-Residential 1382217-62-0120 Lennar Homes3,886.632,023.920.00-Residential 1383217-62-0130 Lennar Homes3,886.632,023.920.00-Residential 1384217-62-0140 Lennar Homes3,886.632,023.920.00-Residential 1385217-62-0150 Lennar Homes3,886.632,023.920.00-Residential 1386217-62-0160 Lennar Homes3,886.632,023.920.00-Residential 1387217-62-0170 Lennar Homes3,886.632,023.920.00-Residential 1388217-62-0180 Lennar Homes3,886.632,023.920.00-Residential 1389217-62-0190 Lennar Homes3,886.632,023.920.00-Residential 1390217-62-0200 Lennar Homes3,886.632,023.920.00-Residential 1391217-62-0210 Lennar Homes3,886.632,023.920.00-Residential 1392217-62-0220 Lennar Homes3,886.632,023.920.00-Residential 1393217-62-0230 Lennar Homes3,886.632,023.920.00-Residential 1394217-62-0240 Lennar Homes3,886.632,023.920.00-Residential 1395217-62-0250 Lennar Homes3,886.632,023.920.00-Residential 1396217-62-0260 Lennar Homes3,886.632,023.920.00-Residential 1397217-62-0270 Lennar Homes3,886.632,023.920.00-Residential 1398217-62-0280 Lennar Homes3,886.632,023.920.00-Residential 1399217-62-0290 Lennar Homes3,886.632,023.920.00-Residential 1400217-62-0300 Lennar Homes3,886.632,023.920.00-Residential 1401217-62-0310 Lennar Homes3,886.632,023.920.00-Residential 1402217-62-0320 Lennar Homes3,886.632,023.920.00-Residential 1403217-62-0330 Lennar Homes3,886.632,023.920.00-Residential 1404217-62-0340 Lennar Homes3,886.632,023.920.00-Residential 1405217-62-0350 Lennar Homes3,886.632,023.920.00-Residential 1406217-62-0360 Lennar Homes3,886.632,023.920.00-Residential 1407217-62-0370 Lennar Homes3,886.632,023.920.00-Residential 1408217-62-0380 Lennar Homes3,886.632,023.920.00-Residential 1409217-62-0390 Lennar Homes3,886.632,023.920.00-Residential 1504217-62-1340 Lennar Homes3,886.632,023.920.00-Residential 1505217-62-1350 Lennar Homes3,886.632,023.920.00-Residential 1506217-62-1360 Lennar Homes3,886.632,023.920.00-Residential 1507217-62-1370 Lennar Homes3,886.632,023.920.00-Residential 1508217-62-1380 Lennar Homes3,886.632,023.920.00-Residential 1509217-62-1390 Lennar Homes3,886.632,023.920.00-Residential 1510217-62-1400 Lennar Homes3,886.632,023.920.00-Residential 1511217-62-1410 Lennar Homes3,886.632,023.920.00-Residential 1512217-62-1420 Lennar Homes3,886.632,023.920.00-Residential 1513217-62-1430 Lennar Homes3,886.632,023.920.00-Residential 1514217-62-1440 Lennar Homes3,886.632,023.920.00-Residential 1515217-62-1450 Lennar Homes3,886.632,023.920.00-Residential 1516217-62-1460 Lennar Homes3,886.632,023.920.00-Residential 1517217-62-1470 Lennar Homes3,886.632,023.920.00-Residential 1518217-62-1480 Lennar Homes3,886.632,023.920.00-Residential 1519217-62-1490 Lennar Homes3,886.632,023.920.00-Residential 1520217-62-1500 Lennar Homes3,886.632,023.920.00-Residential 1521217-62-1510 Lennar Homes3,886.632,023.920.00-Residential 1522217-62-1520 Lennar Homes3,886.632,023.920.00-Residential 1523217-62-1530 Lennar Homes3,886.632,023.920.00-Residential 1524217-62-1540 Lennar Homes3,886.632,023.920.00-Residential 1525217-62-1550 Lennar Homes3,886.632,023.920.00-Residential 1526217-62-1560 Lennar Homes3,886.632,023.920.00-Residential 1527217-62-1570 Lennar Homes3,886.632,023.920.00-Residential 1528217-62-1580 Lennar Homes3,886.632,023.920.00-Residential 1529217-62-1590 Lennar Homes3,886.632,023.920.00-Residential 1530217-62-1600 Lennar Homes3,886.632,023.920.00-Residential 1531217-62-1610 Lennar Homes3,886.632,023.920.00-Residential 1532217-62-1620 Lennar Homes3,886.632,023.920.00-Residential 1533217-62-1630 Lennar Homes3,886.632,023.920.00-Residential 1534217-62-1640 Lennar Homes3,886.632,023.920.00-Residential 1535217-62-1650 Lennar Homes3,886.632,023.920.00-Residential 1536217-62-1660 Lennar Homes3,886.632,023.920.00-Residential 1537217-62-1670 Lennar Homes3,886.632,023.920.00-Residential 1538217-62-1680 Lennar Homes3,886.632,023.920.00-Residential 1539217-62-1690 Lennar Homes3,886.632,023.920.00-Residential 1540217-62-1700 Lennar Homes3,886.632,023.920.00-Residential 1541217-62-1710 Lennar Homes3,886.632,023.920.00-Residential 1542217-62-1720 Lennar Homes3,886.632,023.920.00-Residential 1543217-62-1730 Lennar Homes3,886.632,023.920.00-Residential 1544217-62-1740 Lennar Homes3,886.632,023.920.00-Residential 1545217-62-1750 Lennar Homes3,886.632,023.920.00-Residential 1546217-62-1760 Lennar Homes3,886.632,023.920.00-Residential 1547217-62-1770 Lennar Homes3,886.632,023.920.00-Residential 1548217-62-1780 Lennar Homes3,886.632,023.920.00-Residential 1549217-62-1790 Lennar Homes3,886.632,023.920.00-Residential 1550217-62-1800 Lennar Homes3,886.632,023.920.00-Residential 1551217-62-1810 Lennar Homes3,886.632,023.920.00-Residential 1552217-62-1820 Lennar Homes3,886.632,023.920.00-Residential 1553217-62-1830 Lennar Homes3,886.632,023.920.00-Residential 1554217-62-1840 Lennar Homes3,886.632,023.920.00-Residential 1555217-62-1850 Lennar Homes3,886.632,023.920.00-Residential 1556217-62-1860 Lennar Homes3,886.632,023.920.00-Residential 1557217-62-1870 Lennar Homes3,886.632,023.920.00-Residential 1558217-62-1880 Lennar Homes3,886.632,023.920.00-Residential 1559217-62-1890 Lennar Homes3,886.632,023.920.00-Residential 1560217-62-1900 Lennar Homes3,886.632,023.920.00-Residential 1561217-62-1910 Lennar Homes3,886.632,023.920.00-Residential 1562217-62-1920 Lennar Homes3,886.632,023.920.00-Residential 1563217-62-1930 Lennar Homes3,886.632,023.920.00-Residential 1564217-62-1940 Lennar Homes3,886.632,023.920.00-Residential 1565217-62-1950 Lennar Homes3,886.632,023.920.00-Residential 1566217-62-1960 Lennar Homes3,886.632,023.920.00-Residential 1567217-62-1970 Lennar Homes3,886.632,023.920.00-Residential 1568217-62-1980 Lennar Homes3,886.632,023.920.00-Residential 1569217-62-1990 Lennar Homes3,886.632,023.920.00-Residential 1570217-62-2000 Lennar Homes3,886.632,023.920.00-Residential 1571217-62-2010 Lennar Homes3,886.632,023.920.00-Residential 1572217-62-2020 Lennar Homes3,886.632,023.920.00-Residential 1573217-62-2030 Lennar Homes3,886.632,023.920.00-Residential 1574217-62-2040 Lennar Homes3,886.632,023.920.00-Residential 1575217-62-2050 Lennar Homes3,886.632,023.920.00-Residential 1576217-62-2060 Lennar Homes3,886.632,023.920.00-Residential 1577217-62-2070 Lennar Homes3,886.632,023.920.00-Residential 1578217-62-2080 Lennar Homes3,886.632,023.920.00-Residential 1579217-62-2090 Lennar Homes3,886.632,023.920.00-Residential 1580217-62-2100 Lennar Homes3,886.632,023.920.00-Residential 1581217-62-2110 Lennar Homes3,886.632,023.920.00-Residential 1582217-62-2120 Lennar Homes3,886.632,023.920.00-Residential Residential and Tangerine 2021, LLC347,856.32181,142.450.00- 1586217-55-0170 Commercial Residential and Tangerine 2021, LLC400,579.47208,597.470.00- 1587217-55-0180 Commercial Residential and Tangerine 2021, LLC130,846.6468,136.990.00- 1588217-55-0190 Commercial Residential and Tangerine 2021, LLC60,995.7431,762.880.00- 1589217-55-0200 Commercial Residential and Tangerine 2021, LLC8,913.424,641.570.00- 1590217-55-0210 Commercial Residential and Tangerine 2021, LLC473,459.77246,549.100.00- 1591217-55-0220 Commercial Residential and Tangerine 2021, LLC16,952.978,828.080.00- 1592217-55-0230 Commercial Residential and Tangerine 2021, LLC146,984.0076,540.340.00- 1593217-55-0240 Commercial Residential Totals:757 Active Assessments$2,542,873.13$1,324,173.15$12,118,269.000 Non-Residential Totals:50 Active Assessments$8,194,444.89$4,267,169.32$20,661,342.0015,262,002 Totals:807 Active Assessments$10,737,318.02$5,591,342.47$32,779,611.0015,262,002(4) (1) Includes capitalized interest on the Bonds as sold. (2) Amount remaining after billing for the 6/1/2022 assessment installment. (3) As current Full Cash Value data is not available from Pima County for certain parcels that have changed during Fiscal Year 2021/22, prior year Full Cash Value data has been supplemented where applicable. (4) The Pima County Assessor does not provide the square footage for most residential properties. TOWN OF MARANA LAST TEN FISCAL YEARS SALES TAX BY INDUSTRY TOWN OF MARANA EXCISE TAX COLLECTIONS LAST TEN FISCAL YEARS TOWN OF MARANA RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS (Amounts expressed in thousands, except per capita amount) TOWN OF MARANA RATIOS OF GENERAL BONDED DEBT OUTSTANDING LAST TEN FISCAL YEARS (Amounts expressed in thousands, except per capitaamount) Less: Amounts Percentage of Net General Available in Estimated Actual Bonded ObligationDebt Service Net Bonded Taxable Value of Debt Per Fiscal Year Bonds (1)Fund (2)Debtproperty (3)Capita 2022$20,991$1,35919,6320.29%35.8% 202118,75687617,8800.29%34.4% 202015,10087214,2280.25%28.8% 201912,24258411,6580.22%24.8% 20188,5513938,1580.17%18.2% 20178,7943878,4070.18%19.3% 20167,8353927,4430.17%18.0% 20158,0852547,8310.19%19.4% 20148,3252478,0780.21%21.1% 20138,5502448,3060.24%22.6% Notes: (1)Represents face value of general obligation debt outstanding plus deferred bond premiums. (2)Fund balance of GO Bond Debt Service Fund per the fund financial statements. Cash and investments in Debt Service Funds are restricted as to usage. These assets are restricted for payment of interest and trustee fees, retirement of principal, and to finance various capital projects. (3)The Town of Marana does not impose a property tax; any property taxes presented in this report are directly related to the Gladden Farms Community Facilities District (formed in fiscal year 2005), Gladden Farms Community Facilities District II (formed in fiscal year 2007), and the Saguaro Springs Community Facilities District (formed in fiscal year 2007). Source: General Obligation Bonds TOWN OF MARANA DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT As of June 30, 2022 (Amounts expressed in thousands) TOWN OF MARANA LEGAL DEBT MARGIN INFORMATION As of June 30, 2022 Legal Debt Margin Calculation for Fiscal Year 2022 Limited Assessed Value$ 718,888,990 Debt Limit:- 6% of assessed value43,133,339 20% of assessed value143,777,798 Total debt limit:186,911,137 Debt applicable to limit: General obligation bonds- Less: Amount set aside for the repayment of general obligation debt- Total net debt applicable to limit- Legal Debt Margin$ 186,911,137 Fiscal Year 20132014201520162017 Debt limit equal to 6% of assessed $ 24,745,839$ 28,630,929$ 29,446,070$ 31,218,157$32,138,944 Debt limit equal to 20% of assessed 82,486,13095,436,43098,153,568104,060,525107,129,981 Total net debt applicable to limit ----- Legal debt margin $ 107,231,969$ 124,067,359$ 127,599,639$ 135,278,682$ 139,268,925 Total net debt applicable to the limit 0%0%0%0%0% as a percentage of debt limit Fiscal Year 20182019202020212022 Debt limit equal to 6% of assessed $ 34,553,958$ 34,749,542$ 37,383,083$ 40,264,323$43,133,339 Debt limit equal to 20% of assessed 115,179,860115,831,808124,610,278.20134,214,411.00143,777,798.00 --- Total net debt applicable to limit ----- Legal debt margin $ 149,733,818$ 150,581,351$ 161,993,362$ 174,478,734$ 186,911,137 Total net debt applicable to the limit 0%0%0%0%0% as a percentage of debt limit Notes: *The Gladden Farms Community Facilities District and Saguaro Springs Community Facilities District, legally separate entities, are special taxing districts whose debt was approved by voters of the District. The District's general obligation debt does not count towards the Town's legal debt limit. Sources:Financial Statements; Pima County TOWN OF MARANA PLEDGED-REVENUE COVERAGE LAST TEN FISCAL YEARS (Amounts expressed in thousands) Gladden Farms Community Facilities District General Obligation Bonds* Fiscal YearProperty Tax CollectionsDebt Service Coverage Principal Interest 2022$956$420$358122.9% 2021798410328108.1% 2020667265282121.9% 201947921027199.6% 2018492210271102.3% 201745226529580.7% 201642725044561.4% 201539324045856.3% 201437322547053.7% 201339721548157.0% Saguaro Springs Community Facilities District General Obligation Bonds ** Fiscal YearProperty Tax CollectionsCoverage Debt Service Principal Interest 2022$560$150$223150.1% 2021470160203129.5% 2020364100161139.5% 2019254-73347.9% 2018N/A--N/A 2017N/A--N/A 2016N/A--N/A 2015N/A--N/A 2014N/A--N/A 2013N/A--N/A Tangerine Road Farms Improvement District Special Assessment Bonds *** Special Assessment Fiscal YearCollectionsDebt Service Coverage Principal Interest 2022$ 1,801$ 1,834$ 14591.0% 20212 ,2982 ,023185104.1% 20202 ,0912 ,57422874.6% 20192 ,8692 ,074357118.0% 201898945254330.8% 20172 ,3511 ,328732114.1% 20162 ,1411 ,319792101.4% 20152 ,0651 ,24284998.8% 20142 ,2101 ,43891394.0% 20132 ,3371 ,362976100.0% Notes: * Bonds issued for Gladden Farms Community Facilities District and Gladden Farms II Community Facilities District, component units of the Town. ** Bonds issued for Sagauro Springs Community Faciltites District, a component unit of the Town. ***Special assessment amounts issued for Tangerine Road Farms Improvement District, a governmental fund of the Town. Principal debt payoff begins fiscal year 2009. Collection fees related to special assessment to begin fiscal year 2009. Source: Finanacial statements and Notes to the Financial Statements TOWN OF MARANA DEMOGRAPHIC AND ECONOMIC STATUS LAST TEN FISCAL YEARS TOWN OF MARANA PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGO TOWNOF MARANA PRINCIPAL RETAIL AND CONTRACTING SALES TAXPAYERS CURRENT YEAR AND NINE YEARS AGO Fiscal Year 2022Fiscal Year 2013 Percentage of Percentage of Sales Tax Total Sales Sales Tax Total Sales PaymentsRankTax PaymentsPaymentsRankTax Payments RETAIL TaxpayerA$ 2,719,47915.4%$ 1,555,07516.3% TaxpayerB1,517,54823.0%0.0% TaxpayerC1,384,12332.7%1,117,53724.5% TaxpayerD1,265,96642.5%642,08332.6% TaxpayerE882,66551.7%490,56752.0% TaxpayerF844,12861.7%559,46342.3% TaxpayerG827,20871.6%484,34862.0% TaxpayerH484,62681.0%0.0% TaxpayerI406,10390.8%0.0% TaxpayerJ257,814100.5%0.0% TaxpayerK280,2757 TaxpayerL249,0758 TaxpayerM0.0%183,24590.7% TaxpayerN0.0%168,764100.7% $ 10,589,65920.9%$ 5,730,43121.1% CONTRACTING TaxpayerA$ 1,332,34412.6%$ 517,89332.1% TaxpayerB900,70321.8%0.0% TaxpayerC 884,08231.8%411,02741.7% TaxpayerD 757,02641.5%635,47622.6% TaxpayerE 702,43051.4%0.0% TaxpayerF 550,74061.1%402,93151.6% TaxpayerG 457,50170.9%0.0% TaxpayerH 437,91580.9%0.0% TaxpayerI 288,54490.6%0.0% TaxpayerJ 284,303100.6%142,90780.6% TaxpayerK0.00%639,58912.6% TaxpayerL0.00%308,22161.2% TaxpayerM0.00%205,82570.8% TaxpayerN0.00%112,46490.5% TaxpayerO0.00% 99,625100.4% $ 6,595,58813.2%$ 3,475,95814.1% Source: Town of Marana Finance Department, Arizona Department of Revenue TOWN OF MARANA LAST TEN FISCAL YEARS TIME EQUIVALENT TOWN GOVERNMENT EMPLOYEES BY FUNCTION - FULL TOWN OF MARANA SINGLE FAMILY RESIDENTIAL PERMITS LAST TEN FISCAL YEARS Month2013201420152016201720182019202020212022 January 603942395482427699198 February 5261515873654380100102 March1254257597658618877146 April644755545260883710081 May46558737857971578259 June6159675063809711114363 July744159367379831039937 August60503547756762828636 September442951374058657315938 October467162576263798212839 November278822517574676286 December433033564559506496 Calendar Total702612621581773824808 915 1,255799 Fiscal Total 591597668559687794802 855 1,067 1,303 Source: Town of Marana Finance Department, Town of Marana Building Services TOWN OF MARANA CAPITAL ASSET STATISTICS BY FUNCTION As of June 30, 2022 This page intentionally left blank