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Home My WebLink AboutAELR FY93TOWN OF FOUNTAIN HILLS, ARIZONA REPORT ON EXAMINATION OF ANNUAL EXPENDITURE LIMITATION REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 1993 TOWN OF FOUNTAIN HILLS, ARIZONA TABLE OF CONTENTS FISCAL YEAR ENDED JUNE 30, 1993 Contents Independent Auditor's Report Annual Expenditure Limitation Report - Part I Annual Expenditure Limitation Report - Part II Annual Expenditure Limitation Report - Reconciliation Page 1 2 3 4 CRONSTROM & TRBOVICH CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT The Auditor General of the State of Arizona and the Honorable Mayor and Town Council of the Town of Fountain Hills, Arizona We have audited the general-purpose financial statements of the Town of Fountain Hills, Arizona, as of and for the fiscal year ended June 30, 1993, and have issued our separate report thereon dated October 25, 1993. We have also audited the accompanyingAnnual Expenditure Limitation Report of the Town of Fountain Hills, Arizona, for the fiscal year ended June 30, 1993, listed in the table of contents. The Annual Expenditure Limitation Report is the responsibility of the Town's management. Our responsibility is to express an opinion on the Annual Expenditure Limitation Report based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the report is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the report. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall report presentation. We believe that our audit provides a reasonable basis for our opinion. The aforementioned Annual Expenditure Limitation Report is presented on the basis of accounting prescribed by the Uniform Expenditure Reporting System required by Arizona Revised Statutes 41-1279.07, which excludes certain expenditures specified in the Arizona Constitution, Article IX, 20 from the total expenditures reported in the combined financial statements. Accordingly, the Report is not intended to be presented in conformity with generally accepted accounting principles. This Report is intended solely for filing with the State of Arizona and is not intended for any other purpose. In our opinion, the Annual Expenditure Limitation Report of the Town of Fountain Hills, Arizona, for the fiscal year ended June 30, 1993, referred to above presents fairly, in all material respects, the information required by the Uniform Expenditure Reporting System prescribed by Arizona Revised Statutes on the basis of accounting described in the third paragraph. This report is intended solely for the information and use of the Town Council and management of the Town of Fountain Hills, Arizona and for filing with the State of Arizona and is not intended for any other purpose. Cronstrom & Trbovich, P.C. October 25, 1993 4110 NORTH SCOTTSDALE ROAD. SUITE 115 - SCOTTSDALE. ARIZONA 85251-39I9 - (602) 481-W07 - FAX 941-0660 A PROFESSIONAL CORPORATION TORN OF FOUNTAIN HILLS, ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT - PART i YEAR ENDED JUNE 30, 1993 1. EEC Expenditure Limitation S 6,586,607 2. Voter -approved alternative expenditure .............. limitation (date approved - July 2, 1992) . 3. Enter amount from Line 1 or 2 6,586,607 4. Expenditures subject to expenditure .•..•• limitation (total expenditures and expenses from line C, Part II) 2,514,546 5. Board -approved expenditures necessitated by a disaster declared by the Governor (Art. 1X, 20(21(a), Arizona Constitution) 6. Board -approved expenditures necessitated by a disaster not declared by the Governor (Art. IX, 20 UM] , Arizona Constitution) 7. Prior -year voter approval of expenditures to exceed expenditure limitation for reporting fiscal year (Art. IX, 20121[c], Arizona Constitution) 8. Adjusted expenditures subject to expenditure .............. limitation 2,514,546 9. Excess expenditures for previous fiscal year not approved by voters (Art. IX, 20(21lb), Arizona Constitution) 10. Total adjusted expenditures subject to .............. expenditure limitation; add line to 9 to Line 8 2,514,546 .............. 11. Subtract line 10 from line 3; if negative, submit a schedule identifying and explaining the excess expenditures S 4,072,061 aaasassssassaa I hereby certify, to the best of my knowlegge and belief, that the information contained in this report is ac urat and in ac'tordance with the requirements of the uniform ex it r 1 s >em. Signature of Chief Fiscal Officer:.. �/ Name and Title: Paul L. Nordin, Town Manager Telephone Mo:.837:2003 ...................Date:.�p�� 2- TOWN OF FOUNTAIN HILLS, AR120NA ANNUAL EXPENDITURE LIMITATION REPORT - PART 11 YEAR ENDED JUNE 30, 1993 Special Debt Capital Special General Revenue Service Projects Assessment Trust Enterprise Description •--•-•.................•-----•-----•-------•---••-..............---••------••-----------------•-----------...---......................------------...... Fund Funds Furls Funds Funds Funds Funds Total A. Total expenditures (and expenses) S 2,052,693 s 596,838 S 477,913 S 3.840,354 S S $ S 6,967,798 B. less exclusions claimed: Bond proceeds 3,213,723 3,213,723 Debt service requirements on bonded indebtedness 477,913 477,913 Proceeds from other ►ong•term obligations Debt service requirements on other long-term obligations 5,598 39,006 44,604 Dividends, interest and gains on sale of securities 32,270 9,592 118.156 160,018 Trustee or custodian Grants and aid from Federal government Grants, aid, contributions or gifts from a private agency, organization or individual except amounts received in lieu of taxes 2,600 45,919 417,559 466,078 Amounts received from the State 90,916 90,916 Quasi -external interfud transactions - Amounts accumulated for purchase of Land, and purchase or construction of buildings or improvements Highway user revenues in excess of fiscal year 1979.80 Contract with another political subdivision - Voter -approved exclusions not Identified above (attach resolution and supporting schedules) Prior years carry -forward claimed Total exclusions ........... 40,468 ........... ••....... 94,517 ......... ...••---- 477,913 ......... ------••--- ......... ......... 3,840,354 - ........... --------- --------- ------------•--..... 4,453,252 ......... C. Total expenditures (and expenses) ........... subject to expenditure limitation S 2,012,225 S 502,321 S - S f s S S 2,514,546 •3- TOWN OF FOUNTAIN HILLS, ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT • RECONCILIATION YEAR ENDED JUNE 30, 1993 Special Debt Capital Special Description General Revenue Service Projects Assessment Trust Enterprise ...................••---.....-•-------.............----.........-----...---.................-----............_............•----------•----- Fund Funds Funds Funds Funds Funds Funds Total A. Total expenditures (and expenses) reported within the financial statements S 2,052.693 S 596,838 S 477.913 S 3,840,354 S ! S S 6,967,798 B. Deductions: Items not requiring use of working capital - Depreciation Loss an disposal of fixed assets Expenditures of special assessment districts, which were not included in EEC base limitation Present value of net minimum capital lease and installment purchase contract payments recorded as expenditures at the inception of the agreements Charges to other funds in excess of Internal Service Fund expenses ......... ......... ........... --------- ......... ......... ........... Total deductions ----------- .........--------• ........... ......... ......... ......... ........... C. Additions: Principal payment on long-term debt Acquisition of fixed assets Internal Service Fund expenses not charged to other funds ........... ......... ..........•......... ......... ......... ........... ........... --------- ........... --------- ......... 0. Total expenditures (and expenses) reported within the annual expenditure limitation report (Vlil-B-16, Part It, line A) ! 2,052,693 S 596,838 S 477,913 S 3,840,354 f - f S - S 6,967,798 ______=ass= ssaaaaaaa __.o�asse saaaasassaa saaaaasaa assaaaaaa ssasssaas ---__._ass_ •4-