HomeMy WebLinkAboutAELR FY96TOWN OF FOUNTAIN HILLS, ARIZONA
REPORT ON EXAMINATION OF
ANNUAL EXPENDITURE LIMITATION REPORT
FOR THE
FISCAL YEAR ENDED JUKE 303,1996
TOWN OF FOUNTAIN HILLS, ARIZONA
TABLE OF CONTENTS
FISCAL YEAR ENDED JUNE 30, 1996
Contents Page
Independent Auditor's Report 1
Annual Expenditure Limitation Report - Part I 2
Annual Expenditure Limitation Report - Part II 3
Annual Expenditure Limitation Report - Reconciliation 4
Notes to Annual Expenditure Limitation Report S
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, 1996, and have issued our separate report thereon
dated December 6, 1996. We have also audited the accompanying Annual Expenditure Limitation
Report of the Town of Fountain Hills, Arizona, for the year ended June 30, 1996. 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,
evidence supporting the amounts and disclosures in the report. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as
evaluating the overall report presentation. We believe that our audit provides a reasonable basis
for our opinion.
The accompanying Annual Expenditure Limitation Report was prepared for the purpose of
complying with the uniform expenditure reporting system as discussed in Note 1, and is not
intended to be a presentation in conformity with 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, 1996, 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.
December 6, 1996
1
I 4110 NORTH SCOTTSDALE ROAD. SUITE 350 • SCOTTSDALE. ARIZONA 85251.3919 • 16021 481-0007 • FAX 941 .0660
A PROFESSIONAL CORPORATION
TOWN OF FOUNTAIN FULS, ARIZONA
ANNUAL, EXPENDITURE MUTATION REPORT - PART I
YEAR ENDED JUNE 30, 1996
f1.
EEC Expenditure Limitation
$ 8,135,772
2.
Voter -approved alternative expenditure limitation
3.
Enter amount from line 1 or 2
8,135,772
4.
Amount subject to expenditure
'
limitation (total amount form Part H, line C)
5,561,113
5.
Board -authorized expenditures necessitated
by a disaster declared by the Governor
and not approved by the voters
(Art. M 20[2][a], Arizona Constitution)
6.
Board -authorized expenditures necessitated by
a disaster not declared by the Governor
1
and approved by the voters
/
(Art. M 20[21[b], Arizona Constitution)
7.
Prior -year voter approval of expenditures
'
to exceed expenditure limitation for
reporting fiscal year (Art. M 20[2][c],
Arizona Constitution)
'
8.
Subtotal
5,561,113
9.
Board -authorized excess expenditures for
1
the previous fiscal year not approved by the voters
(Art. IX, 20[2][b], Arizona Constitution)
' 10.
Total adjusted amount subject to the
expenditure limitation
5,561,113
11.
Amount under (in excess of) the expenditure
'
limitation (If excess expenditures are
reported, prnya an explanaion.)
S 2,574,659
I hereby certii'y, to the best of my lmowledge and belie£ that the information contained in this
' report is accumte and in accordswe the requirematts
of the uniform expenditure reporting
system.
Signature of Chief Fiscal Officer.
' Name and Title: Paul L. Nordin. Town Manager
Telephone No: (602) 837-2003 Date: December 6. 1996
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TOWN OF FOUNTAIN HILLS, ARIZONA
NOTES TO ANNUAL EXPENDITURE LDMATION REPORT
YEAR ENDED JUNE 30, 1996
NOTE I -SAY OF SIGNIFICANT ACCOUNTING POLICIES
The Annual Expenditure Limitation Report (AELR) is presented on the basis of
accounting prescribed by the uniform expenditure reporting system (UERS), as
required by Arizona Revised Statutes §41-1279.07, which excludes
expenditure/expenses of certain revenues specified in the Arizona Constitution, Article
IX, §20 from the total expenditurestexpenses 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 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 REQUIR&WEN7S ON BONDED INDEBTEDNESS
The exclusion claimed for debt service requirements on bonded indebtedness in the
Debt Service Funds consists of principal retirement, interest expense and bond
issuance costs.
NOTE 4 - DEBT SER117CE REQUIRE1l✓EM ON OTHER LONG-TERM OBLIGA770NS
The exclusion claimed for debt service on other long-term obligations consists of
principal retirement and interest expense on capital leases.
NOTE S - GRANTS AND AID FROM FEDERAL GO
Grants and aid from federal government consists of the following:
FEMA Disaster Assistance $ 4.019
TOWN OF FOUNTAIN HILLS, ARIZONA
NOTES TO ANNUAL EXPENDMJRE LIMITATION REPORT
YEAR ENDED JUNE 30, 1996
NOTE 6 - AMOUNTS RECEIVED FROM STATE
Amounts received from the State consist of the following:
Special Capital
Revenue Projects
Funds Funds
LTAF $ 95,493 $ -0-
State of Arizona - LDA Grant 10,000 -0-
Governors Office of Highway Safety 11,296 -0-
Heritage Grants 40,500 9,300
Total
NOTE 7 - HIGHWAY USER REVENUE IN EXCESS OF 1979-80
Highway user revenues in excess of fiscal year 1979-80:
1994-95 revenue $ 722,965
1979-80 revenue -0-
Amount available to exclude S 72_2_96_5,
R