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Home My WebLink AboutAELR FY95TOWN OF FOUNTAIN BE -IS, ARIZONA REPORT ON EXAMINATION OF ANNUAL EXPENDITURE LIMITATION REPORT FORTHE FISCAL YEAR ENDED JUNE 30,1995 TOWN OF FOUNTAIN HILLS, ARIZONA TABLE OF CONTENTS FISCAL YEAR ENDED JUNE 30, 1995 Contents Independent Auditor's Report Annual Expenditure Limitation Report - Part I Annual Expenditure Limitation Report - Part II Annual Expenditure Limitation Report - Reconciliation Notes to Annual Expenditure Limitation Report Page 1 2 3 4 5 C R 0 N S T R 0 M & T R B 0 V I C H 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, 1995, and have issued our separate report thereon dated October 9, 1995. We have also audited the accompanying Annual Expenditure Limitation Report of the Town of Fountain Hills, Arizona, for the year ended June 30, 1995. This report is the responsibility of the Town of Fountain Hills, Arizona management. Our responsibility is to express an opinion on this 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, evidencesupporting the amounts and disclosures in the report. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall report presentation. We believe that our audit provides a reasonable basis for our opinion. The accompanying Annual Expenditure Limitation Report was prepared for the purpose of complying with the uniform expenditure reporting system as discussed in Note 1, and is not intended to be a presentation in conformity with generally accepted accounting principles. In our opinion, the Annual Expenditure Limitation Report of the Town of Fountain Hills, Arizona, for the year ended June 30, 1995, referred to above presents fairly, in all material respects, the information required by the uniform expenditure reporting system on the basis of accounting described in Note 1. This report is intended solely for filing with the State of Arizona and should not be used for any other purpose. Cronstrom & Trbovich, P.C. October 9, 1995 4110NORTH SCOTTSDALE ROAD. SUITE 350 • SCOTTSDALE. ARIZONA 85251.3919 • (602) 481-0007 • FAX 941,0660 A rROFESSIO%AL CORPORATION TOWN OF FOUNTAIN HILLS, ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT - PART I YEAR ENDED JUNE 30, 1995 1. EEC Expenditure Limitation 2. Voter -approved alternative expenditure limitation 3. Enter amount from line 1 or 2 4. Expenditures subject to expenditure limitation (total expenditures and expenses from line C, Part II) 5. Board -approved expenditures necessitated by a disaster declared by the Governor (Art. IX, 20[2][a], Arizona Constitution) 6. Board -approved expenditures necessitated by a disaster not declared by the Governor (Art. IX, 20[2][b], Arizona Constitution) 7. Prior -year voter approval of expenditures to exceed expenditure limitation for reporting fiscal year (Art. IX, 20[2][c], Arizona Constitution) 8. Adjusted expenditures subject to expenditure limitation 9. Excess expenditures for previous fiscal year not approved by voters (Art IX, 20[2][b], Arizona Constitution) 10. Total adjusted expenditures subject to expenditure limitation; add line to 9 to line 8 11. Subtract line 10 from line 3; if negative, submit a schedule identifying and explaining the excess expenditures $ 7,519.246 7,519,246 3,021,318 3,021,318 3,021,318 $ 4,497,928 I hereby certify, to the best of my knowledge and belief, that the information contained in this report is accurate and in accordance with the requirements of the uniform expenditure reporting system. Signature of Chief Fiscal Officer. Name and Title: Paul L. Nordin, own Manager Telephone No: (602) 837-2003 Date: October 9, 1995 2 TOWN OF FOUNTAIN HILLS, ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT - PART it YEAR ENDED JUNE 30, 1995 Special Debt Capital Special Generai Revenue Service Projects Assessment Trust Enterprise Description Fund Funds Funds Funds Funds Funds Funds Total A. Total expenditures (and expenses) b 3.042,053 b 661.211 $ 452.463 b 843,650 b - $ - b - b 4.999.377 B. Less exclusions claimed: Bond proceeds 421.056 421,056 Debt service requirements on bonded indebtedness 452.463 452.463 Proceeds from other long-term obligations - Debt service requirements on other long-term obilgatiats 38.756 38.756 Dividends, interest and gains on sale of securitles 77.178 23.669 100,847 Trustee or custodian - Grants and aid from Federal government ' Grants. aid. corrtibAions, or gifts from a private agency, organization or individual except amounts received in lieu of taxes 20.000 1,000 21.E Amounts received from fire State 102=9 346,946 449,175 Duasi-external interfund transactions - Amounts accumulated for purchase of land, and purchase or construction of buildings or improvements - Highway user revenues in excess of fiscal year 1979-80 494,762 494,762 Contract with another political subdivision ' Voter -approved exclusions not identified above (attach resolution and supporting schedules) ' Prior years carry -forward claimed - Total exclusions 97,178 659,416 452,463 769,002 - - - 1,978,059 C. Total expenditures (and expenses) subjed to expenditure limitation b 2. 444�875 b 1.795 b b, 74.640 b b b b 3.021.318 TOWN OF FOUNTAIN HILLS. ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT - RECONCILIATION YEAR ENDED JUNE 30. 1995 Special Debt Capital Special General Revenue Service Projects Assessment Trust Enterprise Description Fund Funds Funds Funds Funds Funds Funds Total A. Total expenditures (and expenses) reported within the financial statements $ 3,042.053 i 661,211 i 452,463 $ 643,650 i - i - i - $ 4.999.377 B. Deductions: Items not requiring use of working capital - Depreciation ' Loss on disposal of foxed assets ' Expenditures of special assessment districts, which were not included in EEC base tlmitation " 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 otter funds D. Total expenditures (and expenses) reported within the annual expenditure limitation report (VIII-B-16, Part II, line A) $ 3.042.053 $ 661,211 i , 452.463 i 643.650 i 4 TOWN OF FOUNTAIN HILLS, ARIZONA NOTES TO ANNUAL EXPENDITURE LIMITATION REPORT YEAR ENDED JUNE 30,1995 NOTE 1- SUMMARY OF SIGNIFICANTACCOUNTING POLICIES The Annual Expenditure Limitation Report (AELR) is presented on the basis of accounting prescribed by the uniform expenditure reporting system (UERS), as required b Arizona Revised Statutes §41-1279.07, which excludes expenditure expenses of certain revenues specified in the Arizona Constitution, Article IX, §20 from the total expenditures/expenses reported in the annual general-purpose financial statements. In accordance with the UERS requirements, a note to the AELR is presented below for any exclusion claimed on Part II and each deduction or addition in the Reconciliation that cannot be traced directly to an amount reported in the annual general-purpose financial statements. All references to financial statement amounts in the following notes refer to the Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types for the General, Special Revenue, Debt Service, and Capital Projects Funds. NOTE 2 - BOND PROCEEDS The exclusion for expenditures from bond proceeds consists of expenditures from the Town's Streets and Highway User Revenue Bonds, Series 1991. NOTE 3 - DEBT SERVICE REQUIREMENTS ON BONDED INDEBTEDNESS The exclusion claimed for debt service requirements on bonded indebtedness in the Debt Service Funds consists of principal retirement and interest expense. NOTE 4 - AMOUNTS RECEIVED FROM STATE Amounts received from the State consist of the following: Special Capital Revenue Projects Funds Funds LTAF $ 92,454 $ -0- Arizona State Parks 8,000 -0- Artist Residency 1,775 -0- Heritage Grant -0. 346,946 Total E TOWN OF FOUNTAIN HILLS, ARIZONA NOTES TO ANNUAL. EXPENDITURE LIMITATION REPORT YEAR ENDED JUNE 30,1995 NOTE 5 - HIGHWAY USER REVENUE IN EXCESS OF 1979-80 Highway user revenues in excess of fiscal year 1979-80: 1994-95 revenue 1979-80 revenue $ 666,524 -0- Amount available to exclude %666,524 Amount actually expended 6