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Home My WebLink AboutAELR FY98TOWN OF FOUNTAIN HILLS, ARIZONA REPORT ON EXAMINATION OF ANNUAL EXPENDITURE LIMITATION REPORT FOR THE FISCAL YEAR ENDED DUNE 30, 1998 TOWN OF FOUNTAIN HILLS, ARIZONA TABLE OF CONTENTS FISCAL YEAR ENDED JUNE 30, 1998 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 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, 1998, and have issued our separate report thereon dated October 23, 1998. We have also audited the accompanying Annual Expenditure Limitation Report of the Town of Fountain Hills, Arizona, for the year ended June 30, 1998. 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, 1998, 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 23, 1998 1 8706 EAST MANZANITA DRIVE, SUITE 100 • SCOTTSDALE. ARIZONA 85258 ■ (602) 348-1 102 ■ FAX 348-1 104 A PROFESSIONAL CORPORATION TOWN OF FOUNTAIN HILLS, ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT - PART I YEAR ENDED JUNE 30, 1998 1. EEC Expenditure Limitation $ 10,619,790 2. Voter -approved alternative expenditure limitation 3. Enter amount from line 1 or 2 10,619,790 4. Amount subject to expenditure limitation (total amount form Part II, line C) 7,748,919 5. Board -authorized expenditures necessitated by a disaster declared by the Governor and not approved by the voters (Art IX, 20[2] [a], Arizona Constitution) 6. Board -authorized expenditures necessitated by a disaster not declared by the Governor and approved by the voters (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. Subtotal 7,748,919 9. Board -authorized excess expenditures for 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 7,748,919 11. Amount under (in excess of) the expenditure limitation (If excess expenditures are reported, provide an explanation.) $ 2,870,871 I hereby certify, to the best of my knowledge and belief, that the information contained in this report is accurate and in accordance with of the unif expenditure reporting Signature of Chief Fiscal Officer-/ G`� I Name and Title: Paul L. Nordin, Town Manager Telephone No: (602) 837-2003 Date: October 23, 1998 2 TOWN OF FOUNTAIN HILLS. ARIZrONA ANNUAL EDaq ID1TURE LIMITATION REPORT - PART H YEAR ENDED JUNE 30. 1998 Spatial Debt Capital General Revenue Service Projects Trust Enterprise Description Fund Funds Funds Fonds Funds Funds Total A. Amounts reported on the Reconciliation. Line D $ 6,272,392 S 2.205,736 $ 490,131 S 1,352.936 $ - S - $ 10.311.195 B. Less exclusions claimed: 1. Bond proceeds - Debt service requirements on bonded indebtedness 480,131 480.131 Proceeds from other long-term obligations - Debt service regauemuents an other long-term obligations - 2. Dividends, interest and gams on sale or redemption of investment seacitiea 278.528 7.194 285.722 3. Trustee or custodian - 4. Grants and aid from Federal government 101.602 101,602 5. Grants, ad, contributions or gifts from a private agency, organization or individual except amounts received 100.000 100.000 in lieu of taxes 558.139 558,139 6. Amounts received from the State 149.270 149.270 7. tZnnsitxtanal iatafund transactions - 8. Amounts accumulated for purchase of band, and purchase or construction of buildings or improvements - 9. highway user revenges in exam of fiscal year 1979-80 897.412 897.412 10. Contracts with other political subdivisions - 11. Refunds, reimbursements, and other recoveries - 12. Voter -approved exclusions not identified above (attach resolution) - 13. Prior years carry -forward claimed 14. Totalexelusionsclaimed 278.529 1.145.479 C. Amount subject to expenditure limuitaiton S 5.993.964 $ 1.060.258 480,131 S - 3 658.139 S 694,797 a - 2,562,276 a 7,749,919 TOWN OF FOUNTAIN HIIL4, ARIZONA ANNUAL EXPENDITURE LIMITATION REPORT - RECONCILIATION YEAR ENDED NNE 30,1999 Special Debt Capital General Revenue Service Projects Trust Enterprise Description Pima Fiends Fonds Fonds Funds Funds Total A. Told expendimm (and expcnsea) reported within the financial statements $ 6,272.392 s 2.205.736 S 799.941 S 1,352,936 $ - $ $ 10.631,005 B. Deductions: 1. Ite ns not requiring use of waking capital - Depreciation - Loss on disposal of fixed eases - Bad debt expense - 2. Expenditures of special assessment districts, which were not included m base limit - 3. Present value of net miaima m capital lease and installment purchase contract payments recorded as expenditures at the inception of the agmcmmts - 4. Charges to other funds in excess of Internal Service Fund expenses - 5. Involuntary ootut judgements - 6. Expenditures of Conummity Facilities District 319.810 319,810 7. Accrued compensated absenoes - S. Total deductions - - 319.810 - - 319.810 C. Addictions: 1. Principal payment on long -tam debt - 2. Acquisition of fixed assets - 3. Internal Service Fund expenses not charged to other foods - 4. Increase in self insured retention S. Total additions - - - - - - D. Amounts reported on Port B. Line A S 6.272,392 S 2.205.736 S 490.131 S 1.35$936 S - S - S 10.311.195 4 TOWN OF FOUNTAIN HILLS, ARIZONA NOTES TO ANNUAL EXPENDITURE LIMITATION REPORT YEAR ENDED JUNE 30, 1997 NOTE 1 - SUMMARY 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 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 11 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 - DEBT SERVICE REQUIREMENTS AND BONDED INDEBTEDNESS The exclusion claimed for debt service requirements on bonded indebtedness in the Debt Service Funds consists of principal retirement, interest expense and fiscal charges. NOTE 3 - GRANTS AND AID FROM FEDERAL GOVERNMENT Grants and aid from federal government consists of the following: Various Federal Grants $$ 9m 5 TOWN OF FOUNTAIN HILLS, ARIZONA NOTES TO ANNUAL EXPENDITURE LINIITATION REPORT YEAR ENDED JUNE 30, 1997 NOTE 4 - AMOUNTS RECEIVED FROM STATE Amounts received from the State consist of the following: Special Capital Revenue Projects Funds Funds LTAF $ 100,163 $ -0- Heritage Grants -0- 427.564 Total $$ 10 $ 422,564 NOTE 5 - HIGHWAY USER REVENUE IN EXCESS OF 1979-80 Highway user revenues in excess of fiscal year 1979-80: 1997-98 revenue $ 917,436 1979-80 revenue -0- Amount available to exclude $ 91 0