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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 2 3� b� m 11 j i O N N N • N N N N n„ N .n ^ V e N N K N M N N 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