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HomeMy WebLinkAboutFinancial Reports-Comprehensive Annual Financial Report (CAFR) - 6/30/2005 Compreken5Ive Annual Financial Keport OP�LEY"AR/ 0 9 V\8:u, F��/NDED 19�� ror the Fiscal Year Lned June 30, 2005 ` i 9 ka / S r / ~ $ 9 { 4 y tt` t 5 • • • • • • • • f 4 V ♦ 111 { 4 TOWN OF ORO VALLEY, ARIZONA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Mr. Paul Loomis Mayor Mr. Barry Gillaspie Vice Mayor Council Members Ms. Paula Abbott Mr. Kenneth "K.C." Carter Ms. Conny Culver Ms. Helen Dankwerth Mr. Terry Parish Chuck Sweet Town Manager Stacey Lemos Finance Director Prepared by: Finance Department TOWN OF ORO VALLEY, ARIZONA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2005 TABLE OF CONTENTS INTRODUCTORY SECTION Letter of Transmittal List 1 of Principal Officials . 6 Organizational Chart 7 GFOA Certificate of Achievement FINANCIAL SECTION Independent Auditor's Report 11 Management's Discussion and Analysis 13 Basic Financial Statements Statement of Net Assets 26 Statement of Activities 27 Balance Sheet- Governmental Funds 28 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets 29 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 30 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 31 General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 32 HURF Fund Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 33 Public Transportation Fund Statement of Revenues, Expenditures, and Changes p in Fund Balances - Budget and Actual 34 Statement of Net Assets - Proprietary Funds 35 Statement of Revenues, Expenses and Changes in Fund Net Assets -Proprietary p ary Funds 36 Statement of Cash Flows - Proprietary Funds 37 Notes to the Basic Financial Statements 39 Required Supplementary Information: Public Safety Personnel Retirement System and Arizona Corrections Officer Retirement Plan Schedule of Funding Progress 60 TOWN OF ORO VALLEY, ARIZONA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2005 TABLE OF CONTENTS Combining and Individual Fund Statements and Schedules Combining Balance Sheet-Nonmajor Governmental Funds 64 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -Nonmajor Governmental Funds 66 Oracle Road Debt Service Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 68 Townwide Roadway Development Impact Fees Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 69 State Seizures and Forfeitures Fund- Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 70 Federal Seizures and Forfeitures Fund- Schedule of Revenues, Expenditures, and Changes in Fund Balances -Budget and Actual 71 Municipal Debt Service Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 72 Library Construction Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 73 Oracle Road ConstructionFund- Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 74 Pima County Bond ProjectsFund - Schedule of Revenues, Expenditures, and Changes in Fund Balances -Budget and Actual 75 { TOWN OF ORO VALLEY, ARIZONA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30,2005 TABLE OF CONTENTS STATISTICAL SECTION Government-wide information: Government-wide Expenses by Function 78 Government-wide Revenues 79 Fund Information: General Government Revenues by Source 80 General Government Expenditures by Function 81 State of Arizona Sales Tax Information Taxable Activities, Tax Rates and Distribution Shares 82 Transaction Privilege (Sales) Tax Rates by Category 83 Historical and Projected Excise Tax Collections 84 Town Transaction Privilege (Sales) and Franchise Tax Collections By Industry Classification 85 Special Assessment Billings and Collections 86 Estimated Debt Service Coverage Regarding Excise Tax Collections 87 Statement of Bonded Indebtedness 88 Direct and Overlapping General Obligation Bonded Debt 89 Computation of Legal Debt Margin 90 Property Tax Assessment Ratios and Comparative Secondary Assessed Valuation Histories 91 Comparative Secondary Assessed Valuation Histories 92 Assessed Valuations and Tax Rates 93 Primary and Secondary Property Tax Rates Direct and Overlapping Governments 94 Net Assessed and Full Cash Values of Taxable Property 95 Secondary Assessed Valuation By Property Classification 96 Secondary Assessed Valuation of Major Taxpayers 97 Historical and Projected Water System Revenues, Expenses, Debt Service and Coverage 98 Oro Valley Water Utility Schedule of Rates, Fees and Charges 99 Number of Meters Connected 104 Number of Connections by Type 105 History of Connections to the Water System 106 History of Building Permits 107 Schedule of the 15 Largest Water System Customers 108 Demographic Statistics 109 Property Value, Construction and Bank Deposits 111 Schedule of Top Employers 112 INTRODUCTORY SECTION THIS PAGE BLANK ��(\j�,y,, /,y{ TOWN OF ORO VALLEY 9° 11000 N.LA CANADA DRIVE ORO VALLEY ARIZONARIZONA 85737 Administrative Offices(520)229-4700 Fax(520)297-0428 www.townoforovalley.corn uNDEr " October 3, 2005 To the Honorable Mayor Loomis, Members of the Town Council, and ' Citizens of the Town of Oro Valley: State law requires that all general-purpose localovernments publish within g � six months of the close of each fiscal year a compete set of financial statementsresented inconformity conformity with U.S. generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certifiedpublic • accountants. Pursuant to that requirement, we hereby issue the Comprehensive Annual Financial Report of the T p own of Oro Valley(Town) for the fiscal year ended June 3 0, 2005. This report consists of management's representations concerning the finances es of the Town of Oro Valley. Consequently, management assumes full responsibility for . . . p ty the completeness and reliability of all of the information presented in this provide.re ortTo p a reasonable basis for making these representations, management of the Town of Oro Valley has established a comprehensive internal control framework that is designed ned both to protect the Town's assets from loss, theft, or misuse and to compile sufficient reliable informationa for the preparation of the Town of Oro Valley's financial statements in conformitywith GAAP. Because the cost of internal controls should not outweigh their benefits, the Town of Oro Valley's comprehensive framework of internal controls has been provide designed to g reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. p The Town of Oro Valley's financial statements have been audited by Cronstrom, Trbovich and Osuch P. C., a firm of licensed certified public accountants. Theoal g of the independent audit was to provide reasonable assurance that the financial statements of the Town of Oro Valley for the fiscal year ended June 30, 2005, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amount pp b sand disclosures in the financial statements; assessing the accounting principles used and significant . p p �nificant estimates made by management; and evaluating the overall financial statementresentation. The independent ependent auditor concluded, based upon the audit, that there was a reasonable basis asis far rendering an unqualified opinion that the Town of Oro Valley's financial statements for the fiscal year ended June 30, 2005, are fairly presented in conformity with GAAP. The independent p ndent auditor s report is presented as the first component of the financial section of this report. 1 GAAP requires that management provide a narrative introduction, overview, andanalysi' s to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should he read in conjunction with it. The Town of Oro Valley's MD&A can be found immediately following the report of the independent auditors. Profile of the Government The Town of Oro Valley was incorporated in 1974. It is located in northeastern Pima County and has a land area of 34.68 square miles. The Town's current population is 39,310. The Town of Oro Valley operates under the Council-Manager form of government. Policymaking and legislative authority is vested in the Town Council, which consists of a Mayor and six Council Members. Council Members are elected to four-year staggered terms. The gg citizens of Oro Valley elect the Mayor. The Council, from among its members, selects the Vice- Mayor. The Town Council is responsible, among other things, for the adoption of local p ordinances, budget adoption, the development of citizen advisory committees and the hiring of the Town Manager. The Manager is responsible for implementation of the policies of the Town Council. The Town Manager appoints all department heads except the Town Clerk, Chief of Police, Town Engineer, Town Attorney and Magistrate. The Town of Oro Valleyprovides a full range e of services including . g police protection; the construction and maintenance of streets and related infrastructure; the provision of water services; public transportation services; recreational activities, a public library and cultural events. In addition to general government activities, the governingis financially body� accountable for the Municipal Property Corporation; therefore, this activity is included in the Property � reporting entity. Additional information in regards to the Municipal Pro e Corporation can be inp found Note 1.A. in the notes to the basic financial statements. The annual budget serves as the foundation for the Town of Oro Valley's financial planning and control. All departments of the Town are required to submit requests for appropriations to the Town Manager in March of each year. The Town Manager uses these requests as the starting point for developing a proposed budget. The Town Manager then presents this proposed budget b to the Council for review each year. The Council is required to hold public hearings on the proposed budget and to adopt a tentative budget by no later than the third Monday in July of each year. The appropriated budget is prepared by fund and department. The Town Manager, subject to Town Council approval, may at any time transfer various unencumbered appropriation balances or portions thereof between a department or activity. The adopted budget cannot be amended in any way without Town Council approval. The Town of Oro Valley maintains extensive budgetarycontrols. The objective of these controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the Town Council. 2 Factors Affecting Financial Condition The information presented in the basic financial statements is perhaps best understood when ' . p p it is considered from the broader perspective of the specific environment within which the Town of Oro Valley operates. Local economy The local economic outlook for the Town of Oro Valley continues to remain stable. Construction related revenues such as construction sales tax collections and residential and commercial building permit fees account for 21.4% of total General Fund revenues. The Town currently relies heavily on construction related revenues to maintain current income levels. The Town is continuing to work diligently on diversifying the current tax base from construction to retail trade. Construction sales tax collections for fiscal year 2004/05 increased by $580K or 19.2% as compared to fiscal year 2003/04. This is the first full year of construction sales tax collections since the implementation of the tax rate increase from 2%to 4%. A large portion of this increase is attributed to the impact of this change. Sales tax collections from retail trade totaled $2.9M for this fiscal year. This is an increase of $220K over last fiscal year. Several new major shopping centers are scheduled for completion over the next three to five years. Restaurants and bars and hotel/motel lodging industries account for approximately 20.3% of the Town's local sales tax base. Hotel/motel lodging sales tax collections increased by $221K over last fiscal year due to an increase in the tourism industry. Long-term financial planning The Finance and Bond Committee continues to serve as a source for the Town Council in analyzing and providing recommendations for the Town's financial future. There are several projects in the development stages that will have substantial impacts on the Town's long-term financial position such as retail centers and annexations. Retail centers scheduled for completion over the next several years include Oracle Crossing, Oro Valley Marketplace, Oro Valley Town Center and Steam Pump Village. New businesses in these retail centers will include grocery stores, restaurants, furniture stores, a hotel and department stores. Several potential annexation areas are currently being evaluated. The Southwest Planning Area Planning includes residential and significant commercial properties including an established shopping pp g mall, restaurants, movie theaters and a resort hotel. The Town is also assessing the annexation potential of 4,600 acres of land located north of the Town that is owned by the Arizona State Land Department. An economic vitality model will be developed in early 2006 which will provide a foundation for community discussion of the Town's long range financial sustainability. 3 Cash management polices and practices The Town uses a system of consolidated cash management. Cash from all funds is pooled in a central disbursement fund. Cash to be used for payment of current expenditures is maintained in a checking account; the balance of cash is maintained on deposit with the Arizona State Treasurer's Local Government Investment Pool. Cash in the Local Government Investment Pool (LGIP) is available upon 24 hours notice. The LGIP invests in U.S. Treasury Notes, U.S. Treasury Bills and federally guaranteed insurance contracts. The average interest rate for the fiscal year 2003/04 was 1.445% and 2.237% in fiscal year 2004/05. Investments held at LGIP earned $773,458 in interest revenue for the year ended June 30, 2005. The account at LGIP for the construction of the reclaimed water system improvement project and potable water system improvements and expansion earned $307,638 in interest revenue. A debt service reserve fund was established in 1996 for the Municipal Property Corporation (MPC) municipal water system acquisition bonds. In 1999, MPC revenue bonds were issued for the construction of the community development building and for water system improvements and a reserve fund was also established. These reserve funds are maintained in trust accounts with Wells Fargo Bank. Funds on deposit in the trust accounts are invested solely in obligations that are issued or guaranteed by the U.S. Treasury, such as U.S. Treasury bills, bonds and notes ("U.S. Treasury Securities"). Interest on investments held with the trustee earned $61,729 for fiscal year 2004/2005. Risk management The Town of Oro Valley participates in the Arizona Municipal Risk Retention Pool. Risk coverage includes general liability, errors and omissions, property and automobile insurance. The policy insures up to $2,000,000 per incident occurrence plus any excess liability of up to a $10,000,000 limit per occurrence per year. Coverage is provided on a claims made basis. The Town participates in the Arizona Municipal Workers Compensation Pool for workers compensation insurance coverage. The Town of Oro Valley is self-insured for unemployment compensation. Unemployment reserves totaled $228,593 as of June 30, 2005 for the Town's 328 full-time, 13 part-time and 36 seasonal employees. The Town did not make an unemployment contribution in fiscal year 2004/2005. Pension benefits The Town of Oro Valley contributes to the Public Safety Personnel Retirement System (PSPRS), agent multiple-employer, public employee retirement system that acts as a common investment and administrative agent to provide retirement and death and disability benefits for all eligible commissioned police department personnel. All benefit provisions and other requirements are established by the state statutes. Employees were required to contribute 7.65 percent of their annual salary to PSPRS in FY 2004/05. The Town is required to contribute the remaining amounts necessary to fund the PSPRS, as determined by the actuarial basis specified by statute. The rate for FY 2004/05 was 8.93 percent of the annual covered payroll for PSPRS. 4 The Town of Oro Valley police dispatchers contribute to the Arizona Correction Officers Retirement Plan (ACORP). The Correction Officers Retirement Plan is an agent multiple- employer p employer plan which is administered in the same manner as the Public SafetyPersonnel Retirement System. Employees were required to contribute 8.50 percent while the Town contributed 8.15 percent of their annual salary in FY 2004/05. All non-police and certain part-time employees contribute to the Arizona State Retirement System (ASRS). The Arizona State Retirement System is a cost sharing, p multi-employer, ublic employee, tax qualified, defined benefit plan (with the exception of the defined contributions portion). The ASRS Board is the governing body of the ASRS and is responsible for the administration and management of the ASRS and its trust fund. Employees were required to contribute 5.2 percent for retirement and .5 percent for long-term disability. The Town is required to contribute 5.2 percent for retirement and .5 percent for long-term disability. Additional information on the Town of Oro Valley's pension arrangements can be found in Note 4.C. on pages 56 - 58. Awards and Acknowledgements The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Town for its Comprehensive Annual Financial Report for the year ended June 30, 2004. In order to be awarded a Certificate of Achievement, the Town published an easily readable and efficiently organized comprehensive annual financial report. The report satisfied both U.S. generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current Comprehensive Annual Financial Report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. We would also like to extend our appreciation to the Mayor and Council for their leadership and support. The preparation of this Comprehensive Annual Financial Report was made possible by the dedicated work of the Finance Department staff. Respectfully submitted, Chuck Sweet Town Manager jet1 Z—bM9S Stacey Le4s Finance Director 5 TOWN OF ORO VALLEY,ARIZONA LIST OF PRINCIPAL OFFICIALS ELECTED OFFICIALS Mayor Mr. Paul Loomis Vice-Mayor Mr. Barry Gillaspie Council Member Ms. Paula Abbott Council Member Mr. Kenneth "K.C." Carter Council Member Ms. Conny Culver Council Member Ms. Helen Dankwerth Council Member Mr. Terry Parish DEPARTMENT HEADS Town Manager Chuck Sweet Assistant Town Manager David L. Andrews Finance Director Stacey Lemos Town Engineer Craig Civalier Town Clerk Kathryn E. Cuvelier Magistrate George Dunscomb Town Attorney Melinda Garrahan Human Resources Director Jeff Grant Water Utility Director Philip Saletta Chief of Police Daniel G. Sharp Community Development Director H. Brent Sinclair 6 TOWN OF ORO VALLEY, ARIZONA ORGANIZATIONAL CHART Voters Boards& Town Council Commissions Town Attorney Town Manager Town Magistrate Gov & Comm Rel. Assistant Town Economic Dev. Manager Special Projects Human Resources Community Finance Dept. Police Development Department Town Clerk Water Utility Public Works Dept. Building Safety Library Info. Technology Parks & Planning & Recreation Zoning 7 Certificate of Achievement forExcellenceiFinancial Reporting Presented to Town of Oro Valley, Arizona For its Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2004 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports(CAFRs)achieve the highest standards in government accounting and financial reporting. ;,E OFF/ D""• �"�'L_.�� � UN11Ea S7ATE5'i=, � 1u10 Ts CANADA CORPORATION! President %ZLL *Cr"A01/7 Executive Director i FINANCIAL SECTION 9 THIS PAGE BLANK 10 CI CRONSTROM , OSUCHACCOUNTAN INDEPENDENT AUDITOR'S REPORT The Honorable Mayor and the Town Council of the Town of Oro Valley, Arizona We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Oro Valley, Arizona (Town), as of and for the year ended June 30, 2005, which collectively comprise the Town's basic financial statements, as listed in the table of contents. These financial statements are the responsibility of the Town's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial reports contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the basic financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall basic financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Oro Valley, Arizona, as of June 30, 2005, and the respective changes in financial position and cash flows, where applicable, thereof and the respective budgetary comparison for the General Fund, HURF Fund and Public Transportation Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. A prior period adjustment was recorded and is presented in Note 3.A. in the notes to the basic financial statements to correct an error in the previously issued financial financial statements and to record the Town's infrastructure acquired subsequent to June 30, 1980. 11 8706 EAST MANZANITA DRIVE,SUITE 100 • SCOTTSDALE, ARIZONA 85258 ■ (480) 348-1102 • FAX (480) 348-1104 A PROFESSIONAL CORPORATION As described in Note 1, the Town implemented the provisions of the Governmental Accounting Standards Board Statement No. 40, Deposit and Investment Risk Disclosures, for the year ended June 30, 2005, which represents a change in accounting principle. The management's discussion and analysis on pages 13 - 23 and the Public Safety Personnel Retirement System Schedule of Funding Progress on page 60 are not a required part of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Town's basic financial statements. The introductory section, combining and individual fund financial statements and schedules and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on them. OzArvt46(0-yikv -cam a aucce.— Cronstrom, Trbovich & Osuch, P.C. October 3, 2005 12 Management's Discussion and Analysis As management of the Town of Oro Valley, Arizona (Town), we offer readers of the Town's financial statements this narrative overview and analysis of the financial activities of the Town of Oro Valley, Arizona for the fiscal year ended June 30, 2005. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal. Financial Highlights • The assets of the Town of Oro Valley, Arizona as of June 30, 2005 exceeded liabilities by $150,653,222 (net assets). Of this amount, $39,893,757 (unrestricted net assets) may be used to meet the government's ongoing obligations to citizens and creditors. • The government's total net assets increased by $28,195,683. • As of June 30, 2005, the Town of Oro Valley, Arizona's governmental funds reported combined ending fund balances of$27,013,517 which is an increase of $3,467,258 or 15%in comparison to last fiscal year. • At the end of the current fiscal year, unreserved fund balance for the General Fund was $11,744,160 or 65% of total General Fund expenditures. The unreserved fund balance included $791,812 designated for compensated absences and $195,312 designated for unemployment. The remaining $10,757,036 was undesignated. • Total debt (other than compensated absences) for the Town of Oro Valley, Arizona at June 30, 2005 was $82,804,369. Compared to last fiscal year this was a net increase of $119,227 or less than a 1% increase. Total debt service payments, including the amortization of discounts, premiums and deferred amounts on the refundings was $3,910,806. The decrease was offset by a $3,945,000 increase for the issuance of special assessment debt (not including the $85,033 premium on the bonds). The bonds were issued for street improvements to Oracle Road. The bonds will be repaid by commercial property owners along Oracle Road by a special assessment. Overview of the Financial Statements. This discussion and analysis is intended to serve as an introduction to the Town of Oro Valley, Arizona's basic financial statements. The Town's basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. 13 Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the Town of Oro Valley, Arizona's finances, in a manner similar to a private-sector business. The statement of net assets presents information on all of the Town's assets and liabilities, with the difference between assets and liabilities reported as net assets. Over time, increases or decreases in net assets may serve as useful indicators of whether the financial position of the Town of Oro Valley, Arizona is improving or declining. The statement of activities presents information about how the government's net assets changed during the most recent fiscal year. Changes in net assets are reported when the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, certain revenues and expenses reported in this statement will result in cash flows in future fiscal periods (e.g., uncollected court fines and earned but unused vacation leave). The government-wide financial statements distinguish functions of the Town of Oro Valley, Arizona that are principally supported by local taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the Town include general government, public safety, highways and streets and culture and recreation. The business-type activities of the Town of Oro Valle Arizona include � y� the Oro Valley Water Utility and Stormwater Drainage Utility. The government-wide financial statements include not only the Town of Oro Valley, Arizona itself (known as the primary government), but also a legally separate Town of Oro Valley, Arizona Municipal Property Corporation (MPC). The Town has a contractual obligation for the repayment of the Municipal Property Corporation's Municipal Facilities Revenue Bonds, Series 1996, 1999, 2001 and 2003. These activities are accounted for in the Oro Valley Water Utility enterprise fund. The government-wide financial statements can be found on pages 26 -27 of this report. Fund financial statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Town of Oro Valley, Arizona, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Town are divided into two categories: governmental funds and proprietary funds. Governmental funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. 14 Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balancesp rovide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Town of Oro Valley, Arizona maintains thirteen individualg overnmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General Fund, Highway User Revenue Fund (HURF), Public Transportation Fund, Oracle Road Debt Service Fund and Townwide Roadway Development Impact Fees Fund which are considered to be major funds. Data from the other eight governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The Town of Oro Valley, Arizona adopts an annual appropriated budget for its General Fund, certain Special Revenue Funds, the Debt Service Fund and Capital Project Funds. The level of budgetary control (i.e., the level at which expenditures cannot legally exceed the appropriated amount) is the departmental level for the General Fund and in total by fund for the other funds. The Town also maintains an encumbrance accounting system as one method of maintaining budgetary control. Encumbered amounts lapse at year end. However, outstanding encumbrances generally are reappropriated as part of the subsequent year's budget. Budget-to-actual comparisons are provided in this report for each individual governmental fund for which an appropriated annual budget has been adopted. For the General Fund and Special Revenue Funds reported as major funds (HURF and the Public Transportation Funds), this comparison is presented on pages 32 - 34 as part of the basic financial statements for the governmental funds. Budgetary comparisons for all nonmajor governmental funds with appropriated annual budgets are presented in the Combining and Individual Fund Statements and Schedules of this report on pages 68 - 75. As demonstrated by the statements and schedules included in the financial section of this report, the Town of Oro Valley, Arizona continues to meet its responsibility for sound financial management. The basic governmental fund financial statements can be found on pages 28 - 31 of this report. Proprietary funds The Town of Oro Valley, Arizona maintains two different types of proprietary funds. Enterprise funds are used to report the same functions presented as business- type activities in the government-wide financial statements. The Town uses enterprise funds to account for its Oro Valley Water Utility and Stormwater Drainage Utility. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the Oro Valley Water Utility and the Stormwater Drainage Utility. The basic proprietary fund financial statements can be found on pages 35 - 37 of this report. 15 Notes to the basic financial statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found on pages 39 - 75 of this report. Other information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Town of Oro Valley, Arizona's progress in funding the Arizona Public Safety Retirement System available to commissioned police officers and the Correction Officers Retirement Plan for police dispatchers. Required supplementary information can be found on page 60 of this report. The combining statements referred to earlier in connection with nonmajor governmental funds are presented immediately following the required supplementary information. Combining and individual fund statements and schedules can be found on pages 64 - 75 of this report. Government-wide Financial Analysis As noted earlier, over time net assets may serve as useful indicators of a government's financial position. In the case of the Town of Oro Valley, Arizona, assets exceeded liabilities by $150,653,222 at the close of fiscal year June 30, 2005. The Town's net assets (62 percent) reflects its investments in capital assets (e.g., land, buildings, machinery and equipment), less any related outstanding debt used to acquire those assets. The Town of Oro Valley, Arizona uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the Town of Oro Valley, Arizona's investment in capital assets is reported net of related debt, the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Town of Oro Valley's Net Assets Governmental Activities Business-type Activities Total 2005 2004 2005 2004 2005 2004 Current and other assets $ 35,660,512 $ 27,841,510 $ 29,316,237 $ 39,326,556 $ 64,976,749 $ 67,168,066 Capital assets 111.123.232 47.606.414 64.768.962 50.711.438 175.892.194 98.317.852 Total assets 146.783.744 75.447.924 94.085.199 90.037.994 240.868.943 165.485.918 Long-term liabilities outstanding 19,423,682 17,808,290 64,283,747 65,685,546 83,707,429 83,493,836 Other liabilities 4.063.472 3.886.607 2.444.820 2.665.751 6.508.292 6.552.358 Total liabilities 23.487.154 21.694.897 66.728.567 68.351.297 90.215.721 90.046.194 Net assets: Invested in capital assets. net of related debt 92,541,223 30,546,282 546,602 (14,913,572) 93,087,825 15.632,710 Restricted 15,360,660 3,958,033 2,310,980 3,492,488 17,671,640 7,450,521 Unrestricted 15.394.707 19.248.712 24.499.050 33.107.781 39.893.757 52.356.493 Total net assets $123.296.590 $ 53.753.027 $ 27.356.632 $ 21.686.697 $150.653.222 $ 75.439.724 16 An additional portion of the Town of Oro Valley Arizona's net assets (12 percent) represents resources that are subject to external restrictions. The remaining balance of net assets is the unrestricted portion ($39,893,757) which may be used to meet the government's ongoing obligations to citizens and creditors. At the end of the current fiscal year, the Town of Oro Valley, Arizona had positive net assets, both for the government as a whole, as well as for its separate governmental and business-type activities. During the current fiscal year, the Town's net assets increased by $22,525,748 in governmental activities and $5,669,935 in business-type activities for a total of$28,195,683. The $22.5 million increase in governmental activities was primarily in the highways and streets function. $13.7 million was received in state grants for various street and road improvement projects. In addition, special assessments of$5.4 million were for street improvements to Oracle Road. Business-type activities in the Oro Valley Water Utility fund increased by $5.8 million. Water sales, charges for services, interest earnings and capital contributions account for this increase. Governmental and Business-type Activities. Governmental activities increased the Town of Oro Valley, Arizona's net assets by $22,525,748 which accounts for 80% of the total growth in the net assets of the Town of Oro Valley, Arizona. Key elements of this increase are as follows: • Capital grants and contributions totaled $13.8 million which is slightly higher than last fiscal year. $13.6 million was received for various street improvement projects. • Local sales tax collections increased by $1.2 million as compared to last fiscal year. Construction sales tax ($580K), retail trade ($220K), restaurants and bars and hotel/motel ($332K) were the industries contributing to the increase. 4 Total expenses of$24 million increased by $3 million over the prior year. This was primarily due to payments of $2 million on the HELP loans used to fund street improvement projects. Business-type activities increased the Town of Oro Valley, Arizona's net assets by $5,669,935, which accounted for 20% of the total growth in the Town's net assets. Key elements of this increase are as follows: • Total revenues for the Oro Valley Water Utility, including capital contributions, totaled $15.5 million. Revenues collected were water sales ($9.7 million), charges for services ($1.2 million), water connection fees ($886 K) and capital contributions ($2.9 million). • Total expenses for the Oro Valley Water Utility were $9,642,592. This is an increase of 8% from the previous fiscal year. 17 Town of Oro Valley's Change in Net Assets Governmental Activities Business-type Activities Total 2005 2004 2005 2004 2005 2004 Revenues: Program Revenues Fees,fines and charges for services $ 4,180,651 $ 4,072,567 $11,966,123 $11,917,546 $ 16,146,774 $ 15,990,113 Operating grants and contributions 4,216,642 3,675,674 - - 4,216,642 3,675,674 Capital grants and contributions 13,834,121 13,437,638 2,934,747 840,096 16,768,868 14,277,734 General Revenues Taxes Sales taxes 9,536,791 7,924,855 - - 9,536,791 7,924,855 Franchise taxes 402,482 371,697 - - 402,482 371,697 Impact Fees 1,547,819 1,189,848 - - 1,547,819 1,189,848 State revenue sharing 2,935,615 2,845,866 - - 2,935,615 2,845,866 State sales tax revenue sharing 2,958,376 2,686,614 - - 2,958,376 2,686,614 Auto lieu tax revenue sharing 1,395,094 1,374,464 - - 1,395,094 1,374,464 Special assessments 5,433,301 - - - 5,433,301 - Investment earnings 557.238 281.518 591.932 285.118 1.149.170 566.636 Total Revenues 46.998.130 37.860.741 15.492.802 13.042.760 62.490.932 50.903.501 Expenses: General government 5,997,864 5,971,319 - - 5,997,864 5,971,319 Public safety 10,309,453 9,520,219 - - 10,309,453 9,520,219 Highways and streets 4,789,234 2,850,172 - - 4,789,234 2,850,172 Culture and recreation 2,631,306 2,566,173 - - 2,631,306 2,566,173 Interest on long-term debt 653,331 456,107 - - 653,331 456,107 Water - - 9,642,592 8,957,988 9,642,592 8,957,988 Stormwater drainage - - 271.469 45.551 271.469 45.551 Total Expenses 24.381.188 21.363.990 9.914.061 9.003.539 34.295.249 30.36 7.529 Increase in net assets before 22,616,942 16,496,751 5,578,741 4,039.221 28,195,683 20,535,972 transfers Transfers (91.194) (64.000) 91.194 64.000 - - Change in net assets 22,525,748 16,432,751 5,669,935 4,103,221 28,195,683 20,535,972 Net assets,beginning of year (restated) 100.770.842 84.338.091 21.686.697 17.583.476 122.457.539 101.921.567 Net asses,end of year $123.296.590 $100.770.842 $27.356.632 $21.686.697 $ 150.653.222 $ 122.457.539 Financial Analysis of the Government's Funds As noted earlier, the Town of Oro Valley, Arizona uses fund accounting to ensure and demonstrate compliance with finance-relate legal requirements. Governmental Funds. The focus of the Town of Oro Valley, Arizona's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Town of Oro Valley, Arizona's financing • requirements. In particular, unreserved fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. 18 As of the end of the current fiscal year, the Town's governmental funds reported combined ending unreserved fund balances of$26,977,329, an increase of$3,992,009 in comparison with the prior year. The unreserved fund balance includes funds designated for compensated absences ($841,673) and unemployment reserves ($220,447). The General Fund is the chief operating fund of the Town of Oro Valley, Arizona. At the end of the current fiscal year, the unreserved fund balance of the General Fund was $11,744,160, and the total fund balance was $11,744,272. As a measure of the general fund's liquidity, it is useful to compare both unreserved fund balance and total fund balance to total fund expenditures. Unreserved general fund balance represents 65% of total general fund expenditures, while total fund balance represents 62% of that same amount. The unreserved fund balance of the Town of Oro Valley, Arizona's general fund increased by $2,366.793 during the current fiscal year. Key factors in this increase are as follows: • Revenues exceeded expenditures by $1.9 million after transfers. A total of$1.5 million of revenue sources exceeded the budget - local sales tax ($602K), licenses and permits ($333K), state/county shared revenues ($179K), charges for services ($242K) and interest income ($90K). • Unreserved/designated compensated absences increased by $584,000 due to reclassification of current compensated absences to fund balance. • Expenditures were below budget by $787K (not including budgeted contingencies) which was primarily due to departmental operating savings and approximately $250K in Police department capital improvement projects carried forward to fiscal year 2005/06. Unreserved Unreserved Fund Balance Fund Balance Increase/Decrease Fiscal Year 2004/05 Fiscal Year 2003/04 From 2003/04 General Fund $ 11,744 160 $ 9,878,843 $ 1,865,317 Highway User Revenue Fund 3,308,622 2,112,775 1,195,847 Public Transportation Fund 88,230 101,973 (13,743) Oracle Road Debt Service Fund 216,592 - 216,592 Townwide Roadway Development Impact Fees Fund 7,301,641 10,555,317 (3,253,676) Nonmajor Governmental Funds 4318.084 872.267 1445.817 Total Governmental Funds $ 26,977.329 $ 23.521,175 $ 3.456.154 The Highway User Revenue (HURF) Fund's unreserved fund balance increased by $1.2 million largely due to the first full year of construction sales tax collections and several street and road projects were carried forward to fiscal year 2005/06. 19 The Townwide Development Impact Fees Fund unreserved fund balance decreased by $3.3M. This was due to timing differences in the collection of state grant funds which are expected to be received in fiscal year 2005/06. The increase of $3.4 million in the nonmajor governmental funds is mainly attributed to the - Oracle Road Construction Fund. Bonds in the amount of $3.9 million were issued for street improvements to Oracle Road. Proprietary funds The Town of Oro Valley, Arizona's proprietary funds provide the same type of information found in the government-wide financial statements,but in more detail. Unrestricted net assets of the Oro Valley Water Utility at the end of the year amounted to $24,420,439 and those for the Stormwater Drainage Utility amounted to $78,611. The total growth in net assets for the Oro Valley Water Utility Fund was $5,837,083. The Stormwater Utility Fund unrestricted net assets decreased by $167,148. Key factors attributing to these changes are as follows: Oro Valley Water Utility • Revenues from water sales increased by $616K or 6.8% compared to last fiscal year. • Operating costs were in line with the budget. • Net income for the fiscal year was $2.9 million. • Capital contributions of $2.9 million from line extension agreements with developers for capital improvements to the water Utility's infrastructure. • Collections from water system development impact fees totaled $886K. Stormwater Drainage Utility • Pima County bond funds in the amount of$187K were returned to Pima County due to the completion of the stormwater project. General Fund Budgetary Highlights The Town of Oro Valley, Arizona amended the General Fund's budget in fiscal year 2004/05 by reducing the general government's contingency/reserve budgeted expenditures by $135,849. Increases were made to the following departments/divisions: Parks and Recreation $18,000; General Administration $73,000; and Building Safety $14,849 Budgeted operating transfers were increased by $30,000 and were transferred to the Library Construction Fund. The net change in the General Fund was zero. There were no significant variances between the final amended budget and actual results with the exception of local sales tax revenues ($579K), licenses and permits ($333K) and charges for services ($242K). General administration expenditures included budgeted contingencies of$6.9 million that were unspent at the end of the fiscal year. 20 Capital Asset and Debt Administration Capital assets The Town of Oro Valley, Arizona's investment in capital assets for its Governmental and Business-type Activities as of June 30, 2005 was $175,892,194 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, machinery, equipment and vehicles, park facilities, streets, water systems and water rights. The net increase in the Town of Oro Valley, Arizona's investment in capital assets for the current fiscal year was$30,556,527 or 21%. Town of Oro Valley Arizona's Capital Assets (net of depreciation) Governmental Activities 2005 2004 Land $ 10,021,765 $ 10,021,765 Infrastructure 63,019,956 48,821,835 Buildings and improvements 14,610,058 14,866,520 Machinery,equipment and vehicles 1,736,683 1,977,504 Construction in progress 21,734.770 18,936,605 Total $ 111,123,232 $ 94,624,229 The increase of $16.5M in capital assets for governmental activities is mainly attributed to several street and road improvements projects that were not completed last fiscal year and were completed in the current fiscal year. Business-type Activities 2005 2004 Land $ 823,823 $ 103,691 Water rights 6,172,3 61 6,172,3 61 Water system 45,988,055 39,846,768 Equipment and vehicles 522,827 561,145 Construction in progress 11.261,896 4,027,473 Total $ 64,768,962 $ 50,711,438 The beginning balance of the governmental activities infrastructure assets and accumulated depreciation were restated to retroactively record the Town's infrastructure acquired subsequent to June 30, 1980. See Note 3.A. on page 46 of this report. The increase in the business-type activities of $14.1 million was largely due to construction in progress on the reclaimed water delivery system which is expected to be completed in fiscal year 2005/2006. Additional information on the Town of Oro Valley, Arizona's capital assets can be found in Note 3.8.4 on pages 50 - 51 of this report. 21 Long-term debt At the end of the current fiscal year, the Town of Oro Valley, Arizona had total bonded debt and notes payable outstanding of $82,804,369, including $1,083,731 for deferred amounts on refundings, premiums and discounts. This amount is comprised of debt backed by the full faith and credit of the government. Governmental activities debt of $18,582,009 includes $13,778,909 which is being paid with general fund revenue sources and $4,803,100 paid with Townwide Roadway Development Impact Fees. Business-type activities are paid with water related revenue sources such as water sales and water connection fees. Town of Oro Valley Outstanding Debt Governmental Activities 2005 2004 Revenue bonds $ 9,413,909 $ 9,734,132 Special assessment debt 3,945,000 - Certificates of participation 420,000 610,000 Loan payable 4.803,100 6,716.000 Total $ 18,582,009 $ 17,060,132 Business-type Activities 2005 2004 Revenue bonds S 64,222,360 $ 65,625,010 The Town of Oro Valley's total debt had a net increase of $119,227 due to a governmental activities bond issuance for Oracle Road improvements, net of required principal and interest payments on all other outstanding bonded debt. The Oracle Road improvement bond will be repaid by special assessments. The Town of Oro Valley maintains a "A" rating from Standard and Poor's and a "A+" rating from Fitch on the revenue bonds outstanding. Additional information on the Town of Oro Valley, Arizona's long-term debt can be found on pages 53 - 55 of this report. Economic Factors and Next Year's Budgets and Rates • The unemployment rate for the Town of Oro Valley, Arizona is currently 2.5%. Pima County's and the State of Arizona's unemployment rates are 4.6% and 4.8%, respectively. 22 ♦ The Town's secondary assessed valuation for the current year is $418,489,154, an increase of$60,408,076 (17%) over last year. ♦ Single family residential building permits issued in fiscal year 2004/05 increased by 72 permits or 17% over last year. ♦ The median household income for the Town of Oro Valley, Arizona is $61,037. ♦ The average value of a home in the Town of Oro Valley, Arizona is $207,000. The Town of Oro Valley, Arizona's budget for FY 2005/06 totals $98,994,260, a decrease of $18,848,626 or 19% compared to last fiscal year. Several street and road improvements were completed in fiscal year 2004/05. The General Fund's budgeted expenditures for FY 2005/06 increased by $4.8 million or 18.7% for a total of $30,490,206. This increase was primarily due to personnel-related costs ($1.4 million), capital improvement projects ($640K) and contingency/reserves ($1.5 million). Requests for Information This financial report is designed to provide a general overview of the Town of Oro Valley, Arizona's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report of requests for additional financial information should be addressed to the following: Stacey Lemos, Finance Director or Mary Rallis, Accounting Supervisor Town of Oro Valley, Arizona 11,000 N. La Canada Drive Oro Valley, Arizona 85737 23 THIS PAGE BLANK 24 Basic Financial Statements 25 TOWN OF ORO VALLEY, ARIZONA STATEMENT OF NET ASSETS JUNE 30, 2005 Governmental Business-type Activities Activities Totals Assets Cash and cash equivalents $ 19,351,568 $ 19,190,115 $ 38,541,683 Receivables,net of allowance for doubtful accounts Accounts receivable 7,770,699 1,577,968 9,348,667 Taxes receivable 746,926 - 746,926 Intergovernmental receivable 902,370 - 902,370 Special assessments receivable 3,945,000 - 3,945,000 Interest receivable 44,004 69,354 113,358 Inventories 36,076 - 36,076 Prepaid items 112 - 112 Deposits 2,534,600 1,265,400 3,800,000 Deferred charges 329,157 1,312,699 1,641,856 Restricted assets - 5,900,701 5,900,701 Capital assets Non-depreciable 31,756,535 18,258,080 50,014,615 Depreciable(net) 79.366.697 46.510.882 125.877.579 Total assets 146.783.744 94.085.199 240.868.943 Liabilities Accounts payable 1,036,061 397,240 1,433,301 Accrued wages and benefits 854,778 94,088 948,866 Interest payable - 1,473,654 1,473,654 Intergovernmental payable 588,003 359,471 947,474 Unearned revenue 245,678 - 245,678 Customer deposits payable 1,338,952 120,367 1,459,319 Noncurrent liabilities Due within one year 1,997,560 1,884,577 3,882,137 Due in more than one year _ 17.426.122 62.399.1 70 79.825.292 Total liabilities 23.487.154 66.728.567 90.215.721 Net assets Invested in capital assets,net of related debt 92,541,223 546,602 93,087,825 Restricted for Public safety 171,473 - 171,473 Highways and streets 3,432,928 - 3,432,928 Debt service 403,332 - 403,332 Capital outlay 11,064,327 - 11,064,327 Replacement and reserve - 2,310,980 2,310,980 Other 288,600 - 288,600 Unrestricted 15.394.707 24.499.050 39.891757 Total net assets $ 123.296.590 $ 27.356.632 $ 150.653.222 The notes to the basic financial statements are an integral part of this statement. 26 GJ N C., c!' -- d' 00 G� i --. 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CC � 2 GCS GC3 > GCS O 0 . O cz V GCS . v) = Q C7 C.� = C� = .. 00 C LTr C.7 C E� TOWN OF ORO VALLEY, ARIZONA BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2005 Townwide Roadway Nonmajor Public Oracle Road Development Governmental General HURF Transportation Debt Service Impact Fees Funds Totals Assets Cash and cash equivalents $ 8,797,239 $ 2,897,526 $ 391,554 $ 216,592 $ 465,990 $ 6,582,667 $ 19,351,568 Deposits 634,600 1,900.000 - - - - 2,534,600 Receivables,net Accounts receivable 641,481 - - - 6,921,908 207,310 7,770,699 Taxes receivable 746,926 - - - - - 746,926 Intergovernmental receivable 614,922 287,448 - - - - 902,370 Special assessments receivable - - - 3,945,000 - - 3,945,000 Interest receivable 26,866 7,782 248 - 5,158 3,950 44,004 Due from other funds 2,694,823 - - - - - 2,694,823 Inventories - 36,076 - - - - 36,076 Prepaid items 112 - - - - - 112 Total assets $ 14.156.969 $ 5.128.832 $ 391.802 $ 4.161.592 $ 7.393.056 $ 6.793.927 $ 38.026.178 Liabilities and Fund Balances Liabilities Accounts payable $ 435,141 $ 114,399 $ 6,017 $ - $ 70,718 $ 409,786 $ 1,036,061 Accrued wages and benefits 750,090 70,203 13,788 - 20,697 - 854,778 Intergovernmental payable 588,003 - - - - - 588,003 Due to other funds - 1,599,330 283,767 - - 811,726 2,694,823 Deferred revenue 555,044 - - 3,945,000 - - 4,500,044 Customer deposits payable 84.419 202 - - _ - 1.254.331 1.338.952 Total liabilities 2.412.697 1.784.134 303.572 3.945.000 91.415 2.475.843 11.012.661 Fund balances Reserved for: - - - - - - - Inventories - 36,076 - - - - 36,076 Prepaid items 112 - - - - - 112 Unreserved: Undesignated 10,757,036 3,247,588 82,045 216,592 7,293,864 - 21,597,125 Designated for compensated absences 791,812 37,978 4,106 - 7,777 - 841,673 Designated for unemployment 195,312 23,056 2,079 - - - 220,447 Unreserved,reported in nonmajor: Special revenue funds - - - - - 460,073 460,073 Debt service funds - - - - - 186,740 186,740 Capital projects funds - - - - - 3.6 71.271 3.671.271 Total fund balances 11.744.272 3.344.698 88.230 216.592 7.301.641 4.318.084 27.013.517 Total liabilities and fund balances $ 14.156.969 $ 5.128.832 $ 391.802 $ 4.161.592 $ 7.393.056 $ 6.793.927 $ 38.026.178 The notes to the basic financial statements are an intergral part of this statement. 28 1 TOWN OF ORO VALLEY, ARIZONA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS JUNE 30, 2005 Fund balances-total governmental funds $ 27,013,517 Amounts reported for governmental activities in the statement of net assets are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the governmental funds. Governmental capital assets 140,254,851 Less accumulated depreciation (29.131.619) Capital assets used in governmental activities 111.123.232 Other long-term assets are not available to pay for current-period expenditures and are not susceptible to accrual. Special assessments receivable 3,945,000 Court receivable 309,366 Long-term liabilities,including bonds payable,are not due and payable in the current period and therefore are not reported in the governmental funds. Revenue bonds (13,793,034) Certificates of participation (420,000) Loans payable (4,803,100) Deferred amounts on the refunding 571,316 Deferred amount on the premium (13 7,191) Compensated absences (841,673) Deferred bond issuance costs 329.157 Net assets of governmental activities $ 123.296.590 The notes to the basic financial statements are an integral part of this statement. 29 TOWN OF ORO VALLEY, ARIZONA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Townwide Roadway Nonmajor Public Oracle Road Development Governmental General HURF Transportation Debt Service Impact Fees Funds Totals D Revenues Taxes Sales taxes $ 8,189,051 $ 1,347,740 $ - $ - $ - $ - $ 9,536391 Franchise taxes 402,482 - - - - - 402,482 Intergovernmental 8,490,885 2,734,152 280,690 - 13,635,359 198,762 25,339,848 Fines and forfeitures 208,672 - - - - 117,755 326,427 Licenses and permits 2,498,282 26,202 - - - - 2,524,484 Charges for services 831,087 14,044 35,451 - - - 880,582 Impact fees - - - - 1,547,819 - 1,547,819 Special assessments - - - - - 1,488,301 1,488,301 Investment earnings 255,010 61,540 3,912 - 154,447 82,329 557,238 Other 136.251 301.297 - - 19.608 878 458.034 Total Revenues 21.011320 4.484.975 320.053 - 15.357.233 1.888.025 43.062.006 Expenditures Current General government 5,455,609 - - - - 220,608 5,676,217 Public safety 9,860,461 - - - - 228,667 10,089,128 Highways and streets - 3,270,964 429,794 - 16,574,608 1,451,857 21,727,223 Culture and recreation 2,640,777 - - - - - 2,640,777 Debt Service Principal retirement - - - - 1,912,900 646,290 2,559,190 Interest on long-term debt - - - 375 123,401 465,949 589,725 Issuance costs - - - - - 251.327 251.327 Total Expenditures 17.956.847 3.270.964 429394 375 18.610.909 3.264.698 43.531587 Excess(deficiency)of revenues over expenditures 3.054.873 1.214.011 (109.741) (375) (3.253.676) (1.376.673) (471.581) Other financing sources(uses) Transfers in - - 95,998 - - 1,009,424 1,105,422 Transfers out (1,196,616) - - - - - (1,196,616) Issuance of long-term debt - - - 216.967 - 3.813.066 4.030.033 Total other financing sources (uses) (1.196.616) - 95.998 216.967 - 4.822.490 3.938.839 Net change in fund balances 1,858,257 1,214,011 (13,743) 216,592 (3,253,676) 3,445,817 3,467,258 Fund balances,beginning of year(restated) 9.886.015 2.130.687 101.973 - 10.555.317 872.267 23.546.259 Fund balances,end of year $ 11.744.272 $ 3.344.698 $ 88.230 $ 216.592 $ 7.301.641 $ 4.318,084 $ 27.013.517 The notes to the basic financial statements are an intergral part of this statement. 30 TOWN OF ORO VALLEY, ARIZONA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Net change in fund balances-total governmental funds $ 3,467,258 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Expenditures for capital assets 19,398,675 Less current year depreciation (2.899.672) Excess capital expenditures over depreciation 16.499.003 Some revenues reported in the statement of activities do not provide current financial resources and therefore are not reported as revenues in governmental funds. Court fines (8,876) Special assessments 3,945,000 The issuance of long-term debt(e.g. bonds, leases)provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net assets. The issuance of long- term debt increases long-term liabilities on the statement of net assets and the repayment of principal on long-term debt reduces long-term debt on the statement of net assets. Also, governmental funds report the effect of issuance costs,premiums, discounts,and similar items when the debt is first issued,whereas these items are deferred and amortized over the term of the long-term debt in the statement of activities. Principal payments on long-term debt 2,559.190 Issuance costs 251,327 Proceeds of revenue bonds (4,030,033) Amortization of the deferred amount on the refunding (57,132) Amortization of the deferred amount on the premium 6,098 Amortization of issuance costs (12,572) Some expenses reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in the governmental funds. Net increase in compensated absences (93.515) Change in net assets of governmental activities $ 22.525.748 The notes to the basic financial statements are an integral part of this statement. 31 TOWN OF ORO VALLEY, ARIZONA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Original Variance with Budget Final Budget Actual Final Budget Revenues Taxes Sales taxes $ 7,610,000 $ 7,610,000 $ 8,189,051 $ 579,051 Franchise taxes 380,000 380,000 402,482 22,482 Intergovernmental 8,319,900 8,319,900 8,490.885 170,985 Fines and forfeitures 200,000 200,000 208,672 8,672 Licenses and permits 2,165,000 2,165,000 2,498,282 333,282 Charges for services 589,100 589,100 831,087 241,987 Contributions and donations 5,000 5,000 - (5,000) Investment earnings 165,000 165,000 255,010 90,010 Other 120.000 120.000 136.251 16.251 Total Revenues 19.554.000 19.554.000 21.011.720 1.457.720 Expenditures Current General government Town council 189,509 189,509 184,826 4,683 Town clerk 334.393 334.393 263,694 70,699 Magistrate court 552,035 552,035 532,267 19,768 Town manager 402,888 402,888 383,617 19,271 Finance 472,603 472,603 412,349 60,254 Legal 569,504 569,504 546,105 23.399 Planning and zoning 809,407 809,407 726,470 82,937 General administration 7,478,126 7,415,277 323,861 7,091,416 Custodial facility maintenance 151,139 151,139 141,021 10,118 Economic development 626,550 626,550 649,283 (22,733) Community development administration 388,315 388,315 368,793 19,522 Human resources 253,163 2 53,16 3 258.633 (5,470) Information systems 407,130 407,130 381,403 25,727 Public works 317.403 317.403 283.287 34.116 Total general government 12.952.165 12.889.316 5.455.609 7.433.707 Public safety Police 9,004,536 9,004,536 8,726,644 277,892 Building safety 1.249.432 1.264.281 1.133.817 130.464 Total public safety 10.253.968 10.268.817 9.860.461 408.356 Culture and recreation Parks and recreation 1,549,008 1,567,008 1,685,242 (118,234) Library 967.829 967.829 955.` 12.294 Total culture and recreation 2.516.837 2.534.837 2.640.777 (105.940) Total Expenditures 25.722.970 25.692.970 17.956.847 7.736.123 Excess(deficiency)of revenues over expenditures (6.168.970) (6.138.970) 3.054.873 9.193.843 Other financing sources(uses) Transfers out (1.166.616) (1.196.616) (1.196.616) - Total other financing sources(uses) (L166.616) (1.196.616) (1.196.616) - Net change in fund balances (7.335,586) (7,335,586) 1,858,257 9,193,843 Fund balances,beginning of year(restated) 7.335.586 7.335.586 9.886.015 2.550.429 Fund balances,end of year $ - $ - $ 11.744.272 $ 11.744.272 The notes to the basic financial statements are an integral part of this statement. 32 TOWN OF ORO VALLEY, ARIZONA HURF FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Original and Final Variance with Final Budget Actual Budget Revenues Taxes $ 1,575,000 $ 1,347,740 $ (227.260) Intergovernmental 3,120,000 2,734,152 (385.848) Licenses and permits 25,000 26,202 1,202 Charges for services 1,000 14,044 13,044 Investment earnings 20,000 61,540 41,540 Other 2.000 301.297 299.297 Total Revenues 4.743.000 4.484.975 (258.025) Expenditures Current Highways and streets 6.622.272 3.270.964 3.351.308 Total Expenditures 6.622.272 3.270.964 3.351.308 Excess(deficiency)of revenues over expenditures (1,879,272) 1,214,011 3,093,283 Fund balances,beginning of year(restated) 1.879.272 2.130.687 251.415 Fund balances,end of year $ - $ 3.344.698 $ 3.344.698 The notes to the basic financial statements are an integral part of this statement. 33 TOWN OF ORO VALLEY,ARIZONA PUBLIC TRANSPORTATION FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Original Variance with Budget Final Budget Actual Final Budget Revenues Intergovernmental $ 263,580 $ 329,580 $ 280,690 $ (48,890) Charges for services 31,500 31,500 35,451 3,951 Contributions and donations 100 100 - (100) Investment earnings 2.000 2.000 3.912 1.912 Total Revenues 297.180 363.180 320.053 (43.127) Expenditures Current Highways and streets 438.995 504.995 429.794 75.201 Total Expenditures 438.995 504.995 429.794 75.201 Excess(deficiency)of revenues over expenditures (141.815) (141.815) (109.741) 32.074 Other financing sources Transfers in 95.998 95.998 95.998 ____ - Total other financing sources 95.998 95.998 95.998 - Net change in fund balances (45,817) (45,817) (13,743) 32,074 Fund balances,beginning of year(restated) 45.817 45.817 101.973 56.156 Fund balances,end of year $ - $ - $ 88.230 $� 88.230 The notes to the basic financial statements are an integral part of this statement. 34 TOWN OF ORO VALLEY,ARIZONA STATEMENT OF NET ASSETS PROPRIETARY FUNDS JUNE 30, 2005 Stormwater Water Drainage Totals Assets Current assets Cash and cash equivalents $ 19,098,102 $ 92,013 $ 19,190,115 Deposits 1,265,400 - 1,265,400 Receivables,net Accounts receivable 1,577,968 - 1,577,968 Interest receivable 69,158 196 69,354 Deferred charges 1,312,699 - 1,312,699 Restricted assets 5.900.701 - 5.900.701 Total current assets 29,224,028 92.209 29,316,237 Noncurrent assets Capital assets Non-depreciable 18,258,080 - 18,258,080 Depreciable(net) 46.510.882 - 46.510.882 Total Assets 93.992.990 92.209 94.085.199 Liabilities Current liabilities Accounts payable 386,903 10,337 397,240 Accrued wages and benefits 91,846 2,242 94,088 Interest payable 1,473,654 - 1,473,654 Intergovernmental payable 359,471 - 359,471 Customer deposits payable 120,367 - 120,367 Compensated absences-current 47,257 1,019 48,276 Bonds,notes and loans payable-current 1.836.301 - L836.301 Total current liabilities 4,315,799 13,598 4,329,397 Noncurrent liabilities Compensated absences 13,111 - 13,111 Bonds,notes and loans payable 62.386.059 - 62.386.059 Total liabilities 66.714.969 13.598 66.728.567 Net assets Invested in capital assets,net of related debt 546,602 - 546,602 Restricted for Replacement and reserve 2,310,980 - 2,310,980 Unrestricted 24.420.439 78.611 24.499.050 Total net assets $ 27.278.021 $ 78.611 $ 27.356.632 The notes to the basic financial statements are an integral part of this statement. 35 TOWN OF ORO VALLEY,ARIZONA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS PROPRIETARY FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Stormwater Water Drainage Totals Operating revenues Charges for services $ 11.788.335 $ - $ 11.788.335 Total operating revenues 11788.335 - 11.788.335 Operating expenses Costs of sales and services 4,748,299 271,469 5,019,768 Depreciation and amortization 1.944.884 - L944.884 Total operating expenses 6.693.183 271.469 6.964.652 Operating income(loss) 5.095.152 (271.469) 4.823.683 Nonoperating revenues(expenses) Impact fees 147,450 - 147,450 Investment earnings 593,515 (1,583) 591,932 Interest expense (2,949,409) - (2,949,409) Miscellaneous nonoperating revenues 15.628 14.710 30.338 Total nonoperating revenues(expenses) (2.192.816) 13.127 (2.179.689) Income(loss)before contributions and transfers 2,902,336 (258,342) 2,643,994 Capital contributions 2,934,747 - 2,934,747 Transfers in - 91.194 91.194 Change in net assets 5,83 7,083 (167,148) 5,669,935 Total net assets,beginning of year 21.440.938 245.759 21.686.697 Total net assets,end of year $ 27.278.021 $ 78.611 $ 27.356.632 • The notes to the basic financial statements are an integral part of this statement. 36 TOWN OF ORO VALLEY, ARIZONA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2005 Stormwater Water Drainage Totals Cash flows from operating activities Receipts from customers $ 11,784,604 $ - $ 11,784,604 Payments to suppliers (3,175,745) (218,585) (3,394,330) Payments to employees (1,678,104) (41,021) (1,719,125) Impact fees 147,450 - 147,450 Other revenue 15,628 14,710 30,338 Customer deposits (6.508) - (6.508) Net cash flows from operating activities 7.087.325 (244.896) 6.842.429 Cash flows from noncapital financing activities Transfers in - 91.194 91.194 Net cash flows from noncapital financing activities - 91.194 91.194 Cash flows from capital and financing activities Purchase of capital assets (12,913,760) - (12,913,760) Deposit for future land purchase (1,265,400) - (1,265,400) Principal payment on capital debt (1,473,710) - (1,473,710) Interest payment on capital debt (3.087.239) - (3.087.239) Net cash flows from capital and financing activities (18.740.109) - (18740.109) Cash flows from investing activities Investment earnings 579.315 (1.779) 577.536 Net cash flows from investing activities 579.315 (1.779) 577.536 Net change in cash and cash equivalents (11,073,469) (155,481) (11,228,950) Cash and cash equivalents,beginning of year 36.072.272 247.494 36.319.766 Cash and cash equivalents,end of year(including$5,900,701 of restricted assets in the Water Fund) $ 24.998.803 $ 92.013 $ 25.090.816 Reconciliation of operating income(loss)to net cash provided by operating activities Operating income(loss) $ 5,095,152 $ (271,469) $ 4,823,683 Adjustments to reconcile operating income(loss)to net cash provided (used)by operating activities: Depreciation and amortization 1,944,884 - 1,944,884 Impact fees 147,450 - 147,450 Nonoperating receipts 15,628 14,710 30,338 Change in assets/liabilities: Receivables,net (21,676) - (21,676) Accounts payable (123,219) 10,330 (112,889) Intergovernmental payable 17,945 - 17,945 Accrued payroll and related benefits 17,837 514 18,351 Compensated absences (168) 1,019 851 Customer deposits (6.508) - (6.508) Net cash provided(used)by operating activities $ 7.087.325 $ (244.896) $ 6.842.429 Non-cash and investing activities Bond issuance costs of$82,841 were amortized during the year. In addition,the Town received $2,934,747 of assets contributed by developers recorded as capital contributions in the Statement of Revenues, Expenses and Chanes in Fund Net Assets. The notes to the basic financial statements are an integral part of this statement. 37 THIS PAGE BLANK 38 TOWN OF ORO VALLEY, ARIZONA NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2005 NOTE 1 -S UMMAR Y OF SIGNIFICANT A CCO UNTING POLICIES The accompanying financial statements of the Town of Oro Valley, Arizona (Town) have been prepared in conformity with U.S. generally accepted accounting principles applicable to governmental units adopted by the Governmental Accounting Standards Board (GASB). A summary of the Town's more significant accounting policies follows. During the year ended June 30, 2005, the District implemented the provisions of the Governmental Accounting Standards Board Statement No. 40, Deposit and Investment Risk Disclosures. GASB Statement No. 40 establishes and modifies the risk disclosures about the District's deposits and investments. The implementation of GASB Statement No. 40 requires only additional disclosures, and had no effect on reported amounts for deposits, investments,net assets, or changes in net assets. A. Reporting entity The Town is a municipal government that is governed by a separately elected governing body. It is legally separate from and fiscally independent of other state and local governments. The accompanying financial statements present the Town and its component units, entities for which the Town is considered to be financially accountable. Blended component units, although legally separate entities, are, in substance, part of the Town's operations. Included within the reporting entity: The Town of Oro Valley Municipal Property Corporation - The Town of Oro Valley Municipal Property Corporation's (MPC) board of directors consists of the three members which are appointed by the Town of Oro Valley Town Council. The MPC, which is a nonprofit corporation incorporated under the laws of the State of Arizona, was originally formed for the purpose of assisting the Town in obtaining financing for acquiring the Canada Hills and Rancho Vistoso water companies. The Town has a contractual obligation for the repayment of the Municipal Property Corporation's Municipal Facilities Revenue Bonds, Series 1996, 1999, 2001 and 2003. The activity of the 1996 MPC is reported in the applicable water enterprise fund and the activity of the the Series 1999, 2001 and 2003 MPC is reported in the applicable water enterprise and governmental funds. All related receivables and payables between the Town and the MPC have been eliminated. 39 TOWN OF ORO VALLEY, ARIZONA NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2005 B. Government-wide and fund financial statements The government-wide financial statements (i.e., the statement of net assets and the statement of activities) report information on all of the nonfiduciary activities of the primary government and its component units. The effect of interfund activity has been removed from these statements; however, interfund services provided and used are not eliminated in the process of consolidation. Governmental activities are normally supported by taxes and intergovernmental revenues. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds. Major individual governmental funds are reported as separate columns in the fund financial statements. C. Measurement focus, basis of accounting, and financial statement presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Town considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting, except expenditures related to compensated absences and claims and judgments, which are recorded only when payment is due. 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Publication date:06-Sep-2005 Reprinted from RatingsDirect Oro Valley, Arizona Primary Credit Analyst(s):Sussan Corson,New York(1)212-438-2014;sussan_corson@standardandpoors.com Secondary Credit Analyst(s):Edward R McGlade,New York(1)212-438-2061;edward_mcglade@standardandpoors.com Credit Profile Rationale The 'A' rating on Oro Valley,Ariz.'s series 2005 excise tax revenue obligations US$6.205 mil excise tax rev oblig ser 2005 due 07/01/2006- reflects the town's: 2025 Sale date:13-SEP-2005 • Above-average income levels and growing local retail and service base with close proximity to the Tucson metropolitan area, AFFIRED Oro Vy,az • Strong 3.93x coverage of future maximum annual debt service (MADS) Outstanding sales tax bnds& requirements based on 2005 unaudited results, and Certs of part • Additional debt service support (but no legal pledge) by water system A(SPUR) revenues for about 70% of excise tax debt service requirements. Oro Vy Mun Prop Corp,AZ Outstanding excise tax rev bnds&wtr sys acquis bnds These strengths are offset by: A(SPUR) OUTLOOK:STABLE • The town's low per capita retail sales activity; • Some concentration in construction and lodging sales tax revenue; and • Declining, but stable, construction activity compared with historically higher levels. The bonds are secured by a pledge of the town's excise tax revenues, which include fines, licenses, and permits fees; sales taxes; franchise fees and taxes; and state-shared sales tax and income tax. The total collection of pledged revenues has grown at a strong average rate of 7.7% annually since fiscal 2001 to $16.7 million in 2005 based on unaudited estimates, with a significant 20%jump in fiscal 2004 due to increased construction activity before implementation in May 2004 of a construction sales tax rate increase to 4%from 2%. Management projects that pledged revenue will grow by 7.8% in fiscal 2006 due primarily to construction of commercial development, including a new specialty retail shopping center to open within the next 18 months. Fiscal 2004 pledged excise tax revenue collections cover senior MADS by a strong 3.88x, including debt that is secured by a pledge of excise tax revenue but is practically secured by water system revenue. From a practical standpoint, net revenues of the water system pay 71% of all excise tax debt service; system revenues, however, are not legally pledged. Fiscal 2004 water system net revenues alone covered water system-related excise tax revenue and water revenue debt service by 1.5x. A strong 2.0x MADS additional bonds test and rate covenant somewhat offset a weaker springing debt service reserve fund once MADS coverage declines below 2.5x. The town has covenanted that it will raise sales tax rates or institute new sales taxes to maintain 2x coverage, if necessary. In addition to the 2x additional bonds test, the town's reliance on sales and excise taxes, which accounted for 84% of general fund revenues in fiscal 2004, also acts to restrict additional debt issuance. Management has no plans to issue additional parity debt at this time, but does plan to issue water system revenue debt in 2006. Oro Valley is primarily a residential community with easy access to Tucson, 12 miles to the south, and diverse employment opportunities. The town has experienced rapid population growth throughout much of the 1990s. Population has increased by an average of 7% annually since 2000 to an estimated 38,280 in 2005. Although housing starts have slowed slightly in recent years, management expects the 2005 Census to reflect continuing population growth,which will result in a slight increase in state-shared revenue by fiscal 2007. Median household effective buying income indicators in 2003 were an above-average 142% and 141% of state and national averages. Unemployment of 2.5% in 2004 was well below the national average of 5.5%. Leading town employers include the Hilton Resort, a grocery store, and the town itself; however, town residents have easy access into Tucson's diverse employment base, with leading employers that include the University of Arizona, Raytheon Missile Systems, and Davis-Monthan Air Force Base. Outlook The stable outlook reflects the expectation of continued steady growth of state-shared sales tax receipts and local retail sales taxes. These growth trends in pledged revenue are expected to enhance debt service coverage requirements and provide additional stability to the town's strong financial position to offset concentration within construction-related sales tax revenues. Pledged Revenues Oro Valley's pledged revenues in fiscal 2005 consist of the town's sales and franchise taxes (48%), state-shared income tax(17.6%), state-shared sales tax (17.4%), license and permit fees (15%), and fines (1%). As of fiscal 2005, construction-related sales taxes represent 13.5% of total pledged excise tax revenues compared with 23% in fiscal 2001. Retail sales account for 17% of fiscal 2005 pledged revenues. Construction activity generated 30% of the town's sales tax and franchise tax collections in 2005, and retail trade generated 37% of collections. Tax revenues from construction activities increased a significant 52% in 2004 due to increased volume in construction activity before a sales tax increase became effective May 2004. Despite fiscal 2004, construction sales tax collections have declined 22% since fiscal 2001, to$2.2 million in fiscal 2005. Per capita retail sales at 31% of the national average remain well below average, although development of retail and other service industries to support the population growth should improve future per capita retail sales. General Fund The town does not levy a property tax,which is reflected in the large share of general fund revenue from excise tax collections--representing 85% of general fund revenues in fiscal 2004. In fiscal 2004, a $940,000 surplus increased the unreserved general fund balance to$9.4 million, or a strong 53% of expenditures. The surplus was due primarily to increased volume in construction activity. Management estimates that a $1 million operating surplus after transfers in fiscal 2005 will increase the unreserved balance to $10.4 million, or 58% of expenditures.The fiscal 2006 budget projects a $1.4 million decline in fund balance, including $1 million in planned onetime expenditures for public safety equipment. Debt The overall net debt burden is a moderate 2.8% of market value and a high $2,200 per capita. Excise tax debt service payments represent 19% of general fund and debt service expenditures and 16% of general fund, debt service, and water system expenditures.Amortization of all tax-secured, assessment and enterprise debt outstanding is below average, with 43% of principal being retired over 10 years. This report was reproduced from Standard & Poor's RatingsDirect,the premier source of real-time, Web-based credit ratings and research from an organization that has been a leader in objective credit analysis for more than 140 years. To preview this dynamic on-line product, visit our RatingsDirect Web site at www.standardandpoors.com/ratingsdirect. Published by Standard&Poor's,a Division of The McGraw-Hill Companies,Inc.Executive offices:1221 Avenue of the Americas,New York,NY 10020.Editorial offices:55 Water Street,New York,NY 10041. Subscriber services:(1)212-438-7280.Copyright 2005 by The McGraw-Hill Companies,Inc. Reproduction in whole or in part prohibited except by permission.All rights reserved.Information has been obtained by Standard&Poor's from sources believed to be reliable.However,because of the possibility of human or mechanical error by our sources,Standard&Poor's or others,Standard& Poor's does not guarantee the accuracy,adequacy,or completeness of any information and is not responsible for any errors or omissions or the result obtained from the use of such information.Ratings are statements of opinion,not statements of fact or recommendations to buy,hold,or sell any securities. Me McGraw-Hill Companies �! 1 $Y+. _ iflvw,N.w•4r..•,a.,.,. 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Publication date:06-Sep-2005 Reprinted from RatingsDirect Oro Valley, Arizona standardandpoors.com Primary Credit Analyst(s):Sussan Corson,New York(1)212-438-2014;sussan_Corson @ Secondary Credit Analyst(s):Edward R McGlade,New York(1)212-438-2061;edward_mcglade@standardandpoors.com Credit Profile Rationale The'A' rating on Oro Valley,Ariz.'s series 2005 excise tax revenue obligations US$6.205 mil excise tax reV reflects the town's: oblig ser 2005 due 07101/2006- 2025 A • Above-average income levels and growing local retail and service base Sale date:13-SEP-2005 g with close proximity to the Tucson metropolitan area, AFFIRMED • Strong3.93x coverage of future maximum annual debt service (MADS) Oro Vy,AZ Outstanding sales tax bnds& requirements based on 2005 unaudited results, and Certs of part • Additional debt service support(but no legal pledge)by water system A(SPUR) revenues for about 70% of excise tax debt service requirements. Oro Vy Mun Prop Corp,AZ Outstanding excise tax rev bnds&wtr sys acquis bnds These strengths are offset by: A(SPUR) OUTLOOK:STABLE • The town's low per capita retail sales activity; • Some concentration in construction and lodging sales tax revenue; and • Declining, but stable, construction activity compared with historically higher levels. The bonds are secured by a pledge of the town's excise tax revenues, which include fines, licenses, and permits fees; sales taxes;franchise fees and taxes; and state-shared sales tax and income tax. The total collection of pledged revenues has grown at a strong average rate of 7.7% annually since fiscal 2001 to $16.7 million in 2005 based on unaudited estimates, with a significant 20%jump in fiscal 2004 due to increased construction activity before implementation in May 2004 of a construction sales tax rate increase to 4%from 2%. Management projects that pledged revenue will grow by 7.8% in fiscal 2006 due primarily to construction of commercial development, including a new specialty retail shopping center to open within the next 18 months. Fiscal 2004 pledged excise tax revenue collections cover senior MADS by a strong 3.88x, including debt that is secured by a pledge of excise tax revenue but is practically secured by water system revenue. From a practical standpoint, net revenues of the water system pay 71% of all excise tax debt service; system revenues, however, are not legally pledged. Fiscal 2004 water system net revenues alone covered water system-related excise tax revenue and water revenue debt service by 1.5x. A strong 2.0x MADS additional bonds test and rate covenant somewhat offset a weaker springing debt service reserve fund once MADS coverage declines below 2.5x.The town has covenanted that it will raise sales tax rates or institute new sales taxes to maintain 2x coverage, if necessary. In addition to the 2x additional bonds test,the town's reliance on sales and excise taxes, which accounted for 84% of general fund revenues in fiscal 2004, also acts to restrict additional debt issuance. Management has no plans to issue additional parity debt at this time, but does plan to issue water system revenue debt in 2006. Oro Valley is primarily a residential community with easy access to Tucson, 12 miles to the south, and diverse employment opportunities. The town has experienced rapid population growth throughout much of the 1990s. Population has increased by an average of 7% annually since 2000 to an � t estimated 38,280 in 2005. Although housing starts have slowed slightly in recent years, management expects the 2005 Census to reflect continuing population growth,which will result in a slight increase in state-shared revenue by fiscal 2007. Median household effective buying income indicators in 2003 were an above-average 142% and 141% of state and national averages. Unemployment of 2.5% in 2004 was well below the national average of 5.5%. Leading town employers include the Hilton Resort, a grocery store, and the town itself; however,town residents have easy access into Tucson's diverse employment base, with leading employers that include the University of Arizona, Raytheon Missile Systems, and Davis-Monthan Air Force Base. Outlook The stable outlook reflects the expectation of continued steady growth of state-shared sales tax receipts and local retail sales taxes.These growth trends in pledged revenue are expected to enhance debt service coverage requirements and provide additional stability to the town's strong financial position to offset concentration within construction-related sales tax revenues. Pledged Revenues Oro Valley's pledged revenues in fiscal 2005 consist of the town's sales and franchise taxes (48%), state-shared income tax(17.6%), state-shared sales tax (17.4%), license and permit fees (15%), and fines (1%).As of fiscal 2005, construction-related sales taxes represent 13.5% of total pledged excise tax revenues compared with 23% in fiscal 2001. Retail sales account for 17% of fiscal 2005 pledged revenues. Construction activity generated 30% of the town's sales tax and franchise tax collections in 2005, and retail trade generated 37% of collections.Tax revenues from construction activities increased a significant 52% in 2004 due to increased volume in construction activity before a sales tax increase became effective May 2004. Despite fiscal 2004, construction sales tax collections have declined 22% since fiscal 2001, to$2.2 million in fiscal 2005. Per capita retail sales at 31% of the national average remain well below average, although development of retail and other service industries to support the population growth should improve future per capita retail sales. General Fund The town does not levy a property tax,which is reflected in the large share of general fund revenue from excise tax collections--representing 85% of general fund revenues in fiscal 2004. In fiscal 2004, a $940,000 surplus increased the unreserved general fund balance to$9.4 million, or a strong 53% of expenditures. The surplus was due primarily to increased volume in construction activity. Management estimates that a $1 million operating surplus after transfers in fiscal 2005 will increase the unreserved balance to $10.4 million, or 58% of expenditures. The fiscal 2006 budget projects a$1.4 million decline in fund balance, including $1 million in planned onetime expenditures for public safety equipment. Debt The overall net debt burden is a moderate 2.8% of market value and a high $2,200 per capita. Excise tax debt service payments represent 19% of general fund and debt service expenditures and 16% of general fund, debt service, and water system expenditures.Amortization of all tax-secured, assessment and enterprise debt outstanding is below average,with 43%of principal being retired over 10 years. This report was reproduced from Standard & Poor's RatingsDirect,the premier source of real-time, Web-based credit ratings and research from an organization that has been a leader in objective credit analysis for more than 140 years. To preview this dynamic on-line product,visit our RatingsDirect Web site at www.standardandpoors.com/ratingsdirect. „ s Published by Standard&Poor's,a Division of The McGraw-Hill Companies,Inc.Executive offices:1221 Avenue of the Americas,New York,NY 10020.Editorial offices:55 Water Street,New York,NY 10041. Subscriber services:(1)212-438-7280.Copyright 2005 by The McGraw-Hill Companies,Inc. Reproduction in whole or in part prohibited except by permission.All rights reserved.Information has been obtained by Standard&Poor's from sources believed to be reliable.However,because of the possibility of human or mechanical error by our sources,Standard&Poor's or others,Standard& Poor's does not guarantee the accuracy,adequacy,or completeness of any information and is not responsible for any errors or omissions or the result obtained from the use of such information.Ratings are statements of opinion,not statements of fact or recommendations to buy,hold,or sell any securities. r r SII McGmw*Hh1cOmII 777