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City of Glendale, Arizona
COMPREHENSIVE ANNUAL FINANCIAL REPORT
_________________________________________________________

INTRODUCTORY
SECTION

___________________________ FOR THE FISCAL YEAR ENDED JUNE 30, 2008

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City of Glendale, Arizona

Comprehensive
Annual Financial Report
For the Fiscal Year Ended June 30, 2008

Mayor
Elaine M. Scruggs
Councilmembers
Manuel D. Martinez
Vice Mayor
Cholla District
Joyce V. Clark - Yucca District
Steven E. Frate - Sahuaro District
David M. Goulet - Ocotillo District
Yvonne Knaack - Barrel District
H. Philip Lieberman - Cactus District

Management Staff
Ed Beasley - City Manager
Pam Kavanaugh - Assistant City Manager
Arthur R. Lynch
Deputy City Manager
Facilities & Financial Management
Kenneth A. Reedy
Deputy City Manager - Public Works
Gloria Santiago-Espino
Deputy City Manager
Community Services
Horatio Skeete
Deputy City Manager
Administrative Services
Jon Froke
Interim Deputy City Manager
Community Development
Prepared by the Finance Department
Raymond H. Shuey
Chief Financial Officer
i

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ii

City of Glendale, Arizona
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2008
TABLE OF CONTENTS

Page
I.

INTRODUCTORY SECTION
Title Page .........................................................................................................................................i
Table of Contents ...........................................................................................................................iii
Letter of Transmittal .......................................................................................................................1
GFOA Certificate of Achievement..................................................................................................5
Glendale, Arizona and Neighboring Communities .........................................................................6
Glendale City Officials ...................................................................................................................7
Glendale Council District Boundaries.............................................................................................8
Organization Chart ..........................................................................................................................9

II. FINANCIAL SECTION
Independent Auditors’ Report ..............................................................................................................11
A. MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A).............................................13
B. BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements:
Statement of Net Assets ................................................................................................................25
Statement of Activities ..................................................................................................................26
Fund Financial Statements:
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
Statement of Net Assets – Proprietary Funds................................................................................32
Statement of Revenues, Expenses, and Changes in Fund Net Assets – Proprietary Funds...........33
Statement of Cash Flows – Proprietary Funds ..............................................................................34
Notes to the Financial Statements (including an Index of the Notes) ...............................................36
C. REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedule – General Fund ........................................................................77
Budgetary Comparison Schedule – Transportation Fund..............................................................79
Notes to Required Supplementary Information.............................................................................80

iii

City of Glendale, Arizona
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2008
TABLE OF CONTENTS

Page
D. COMBINING STATEMENTS
Non-Major Governmental Funds
Combining Balance Sheet..........................................................................................................84
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances..................86
Budgetary Comparison Schedules
Community Development Block Grants Fund.......................................................................88
Highway Users Gas Tax Fund ...............................................................................................89
Development Impact Fees Fund.............................................................................................90
Police and Fire Sales Tax Fund..............................................................................................91
Other Special Revenue Fund..................................................................................................92
General Obligation Debt Service Fund ..................................................................................93
Highway Users Debt Service Fund ........................................................................................94
Municipal Property Corporation Debt Service Fund ............................................................95
Transportation Debt Service Fund .........................................................................................96
Municipal Property Corporation Construction Fund..............................................................97
Streets Construction Fund......................................................................................................98
Fire and Police Construction Fund.........................................................................................99
Parks Bond Construction Fund ............................................................................................100
Other Construction Fund......................................................................................................101
Cemetery Perpetual Care Fund ............................................................................................102
Non-Major Proprietary Funds – Business-type Activities
Combining Statement of Net Assets........................................................................................104
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets...................105
Combining Statement of Cash Flows ......................................................................................106
Budgetary Comparison Schedules
Water and Sewer Fund (a Major Fund)................................................................................108
Landfill Fund .......................................................................................................................110
Sanitation Fund ....................................................................................................................111
Housing Fund.......................................................................................................................112
Internal Service Funds
Combining Statement of Net Assets........................................................................................113
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets...................114
Combining Statement of Cash Flows ......................................................................................115
Budgetary Comparison Schedules
Risk Management Fund .......................................................................................................116
Workers’ Compensation Fund .............................................................................................117
Employee Benefits Fund......................................................................................................118
E. OTHER SUPPLEMENTARY INFORMATION
Federal Financial Data Schedule..........................................................................................119

iv

City of Glendale, Arizona
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2008
TABLE OF CONTENTS

III. STATISTICAL SECTION
Schedule

Page

Net Assets by Component .................................................................................................. 1.............128
Changes in Net Assets........................................................................................................ 2.............130
Fund Balances – Governmental Funds............................................................................... 3.............132
Changes in Fund Balances – Governmental Funds ............................................................ 4.............134
Assessed and Estimated Actual Value of Taxable Property............................................... 5.............136
Direct and Overlapping Governments Property Tax Rates ................................................ 6.............137
Principal Property Taxpayers ............................................................................................. 7.............138
Property Tax Levies and Collections ................................................................................. 8.............139
City Transaction Privilege Taxes (Sales Tax) by Category................................................ 9.............140
Ratio of Outstanding Debt by Type.................................................................................. 10.............142
Ratios of Net General Bonded Debt Outstanding............................................................. 11.............144
Net Direct and Overlapping Governmental Activities Debt............................................. 12.............145
Legal Debt Margin Information ....................................................................................... 13.............146
Pledged-Revenue Coverage ............................................................................................. 14.............148
Demographic and Economical Statistics .......................................................................... 15.............150
Principal Employers ......................................................................................................... 16.............151
Full-time Equivalent City Government Employees by Function/Program....................... 17.............152
Operating Indicators by Function/Program ...................................................................... 18.............153
Capital Asset Statistics by Function/Program .................................................................. 19.............154
Miscellaneous Water and Sewer Rate Statistics............................................................... 20.............155
Miscellaneous Water and Sewer Statistics ....................................................................... 21.............156

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vi

December 4, 2008
To the Honorable Mayor, Members of the City Council, and Citizens of the City of Glendale, Arizona:
State law requires that cities annually publish after the close of each fiscal year a complete set of financial
statements presented in conformity with generally accepted accounting principles (GAAP) and audited in
accordance with generally accepted auditing standards (GAAS) by a firm of licensed certified public
accountants. Pursuant to that requirement, we hereby issue the comprehensive annual financial report of
the City of Glendale, Arizona (the City) for the fiscal year ended June 30, 2008.
This report consists of management’s representations concerning the finances of the City. Consequently,
management assumes full responsibility for the completeness and reliability of all the information
presented in this report. To provide a reasonable basis for making these representations, management of
the City has established a comprehensive internal control framework that is designed both to protect the
government’s assets from loss, theft, or misuse and to compile sufficient reliable information for the
preparation of the City’s financial statements in conformity with GAAP. Because the cost of internal
controls should not outweigh their benefits, the City’s comprehensive framework of internal controls has
been designed to provide 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.
The City’s financial statements have been audited by Heinfeld, Meech & Co., P.C., a firm of licensed
certified public accountants. The goal of the independent audit was to provide reasonable assurance that
the financial statements of the City for the fiscal year ended June 30, 2008, are free of material
misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements; assessing the accounting principles used and significant
estimates made by management; and evaluating the overall financial statement presentation.
The independent audit of the financial statements of the City was part of a broader, federally mandated
“Single Audit” designed to meet the special needs of federal grantor agencies. The standards governing
Single Audit engagements require the independent auditor to report not only on the fair presentation of the
financial statements, but also on the audited government’s internal controls and compliance with legal
requirements, with special emphasis on internal controls and legal requirements involving the
administration of federal awards. These reports are available in the City’s separately issued Single Audit
reporting package.
GAAP requires that management provide a narrative introduction, overview, and analysis 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 MD&A and should be read in conjunction with it.
Profile of the government
The City, incorporated in 1910, is located in the northwestern part of metropolitan Phoenix. The City
currently occupies a land area of 58.2 square miles and serves a population of 248,731. The City is
empowered to levy a property tax on both real and personal properties located within its boundaries. It also
is empowered by state statute to extend its corporate limits by annexation, which occurs periodically when
deemed appropriate by the city council.

City of Glendale
Municipal Complex • 5850 West Glendale Avenue • Glendale, Arizona 85301-2599 • Phone (623) 930-2000
www.ci.glendale.az.us

1

The City has operated under the council-manager form of government since 1910. Policy-making and
legislative authority are vested in a city council consisting of the mayor and six other members. The city
council is responsible, among other things, for passing ordinances, adopting the budget, appointing
committees, and hiring the government’s manager, clerk, attorney and municipal judges. The
government’s manager is responsible for carrying out the policies and ordinances of the city council, for
overseeing the day-to-day operations of the government, and for appointing the heads of the various
departments. The council is elected on a non-partisan basis. Council members serve four-year terms, with
three council members elected every two years. The mayor is elected to serve a four-year term. The
council members are elected by district. The mayor is elected at large.
The City provides a full range of services, including police and fire protection; water and sewer and
sanitation services; the construction and maintenance of highways, streets, public facilities and other
infrastructure; and recreational activities and cultural events. Certain housing services are provided by the
city’s public housing authority, which functions, in essence, as a department of the City and therefore has
been included as an integral part of the City’s financial statements. The City also is financially accountable
for two legally separate entities, the municipal property corporation and western loop 101 public facilities
corporation, which are reported separately within the City’s financial statements.
The annual budget serves as the foundation for the City’s financial planning and control. All agencies of
the City are required to submit requests for appropriation to the government’s manager on or before the last
week in January each year. The government’s manager uses these requests as the starting point for
developing a proposed budget. The government’s manager then presents this proposed budget to the
council for review during the month of April. The council is required to hold public hearings on the
proposed budget and to adopt a final budget by no later than June 30th, the close of the City’s fiscal year.
The appropriated budget is prepared by fund, function (e.g., public safety), and department (e.g., police).
Department heads may make transfers of appropriations within a department. Transfers of appropriations
between funds, however, require the special approval of the governing council. Budget-to-actual
comparisons are provided in this report for each individual fund for which an appropriated annual budget
has been adopted.
Factors affecting financial condition
The information presented in the financial statements is perhaps best understood when it is considered from
the broader perspective of the specific environment within which the City operates.
Local economy. The City is currently in an economic environment that performs at a rate near or above
the national average. Local indicators point to some erosion of growth, which is consistent with the
national economy. The economy of Glendale is based on manufacturing, defense activities, services,
private graduate schools, retail trade, restaurants, sports, and entertainment. The Arizona Department of
Commerce currently lists the average labor force in the City as 143,966 for the period January through June
2008 and an average employment of 137,631 for the same period. Average employment for the same
period last year was 137,141, showing an improvement in total employment, but the city’s unemployment
rate has grown from 3.1% in fiscal year 2007 to 3.6% in fiscal year 2008.
The City receives significant “State Shared Revenues” that are allocated to various funds. As a result of the
mid-decade census and the recalculation of Glendale’s pro rata portion of state shared revenues, the City
anticipates a smaller segment of these revenues in future years. The City has taken this into account in the
budgeting process and does not expect any operating budget reductions.
The City of Glendale has continued to follow its strategy, developed by the Finance Department, to
maintain fund balances.

2

The slowdown in the various sectors of the City’s economy is reflective of the flat to negative growth
trends of the Phoenix metropolitan area and of the state of Arizona. The County’s population is
approximately 4.0 million. The state’s population was projected to reach 6.6 million in 2008, representing
a 2.97% increase over the previous fiscal year. State unemployment rates have risen from 4.5% to 5.5%
and a decline in sales tax revenues has been noted by most metropolitan cities.
Long-term financial planning. Glendale’s Sports and Entertainment district continues to expand with the
addition of a spring training facility. It is under construction and is scheduled to open in February 2009 for
spring training. The facility is located at the northwest corner of 107th Avenue, between Camelback Road
and Glendale Avenue and will consist of a 10,000-seat stadium, 3,000 lawn seats, and 12 practice fields. It
will be utilized by the Los Angeles Dodgers and Chicago White Sox.
Recently, six hotels with 921 rooms opened near the Sports and Entertainment district and three additional
hotels with 609 rooms are either planned or under construction. The site will be developed with residential,
restaurant, and retail properties including an 18-hole golf course. This project will provide activities for
baseball fans and residents and create economic and tourism opportunities. It is anticipated that the
economic impact could be as much as $19 million per year.
Super Bowl XLII was held on February 3, 2008, at University of Phoenix stadium located in the Westgate
City Center area of Glendale. It was a thrilling game between the New York Giants and previously
undefeated New England Patriots and generated an estimated economic impact of $501 million due to
direct and indirect visitor spending. Numerous new hotels, restaurants, and stores around Westgate were
completed and opened in time for the event.
The ground for the new Glendale City Courthouse located at 47th and Glendale Avenues will be prepared
for building starting in September 2008 with the completed Courthouse expected to be open early in 2010.
The project is the beginning of an effort to revitalize the city’s Glendale Avenue corridor.
Recently, the City has completed the Glendale Park and Ride lot at 99th and Glendale Avenues. With
security service during business hours and 392 available parking lots, the lot provides a safe and easily
accessible environment to catch a bus or van service for commuting to and from downtown Phoenix and
Glendale. In the future, additional transit and parking spaces will be provided.
The new downtown parking garage located at 58th Avenue and Palmaire was completed in February 2008
and opened for public use March 3, 2008. The garage replaced a 140 space ground lot with a 600 space
parking garage and 11,000 square feet of retail, restaurant, and office space.
For fiscal year 2009, the City Council has approved $6.3 million to fix aged water lines on Glendale
Avenue between 43rd and 62nd Avenues. Water and Sewer Revenue Obligations Series 2008 for $65.5
million have been issued with the maturity date of 2028 to help fund these projects along with other
ongoing capital improvement projects.
The debt service funds of the City are backed by property taxes or excise taxes. The City has continued its
practice of paying off its general obligation and revenue obligation bond debt rapidly.
Cash management policies and practices. Staff invests temporarily idle cash in repurchase agreements
collateralized by high quality U.S. government securities, the Arizona State Treasurer’s Local Government
Investment Pool or U.S. Treasury obligations.
The City’s investment policy is to minimize credit and market risks while maintaining a competitive yield
on its portfolio. Accordingly, deposits are either insured by the Federal Deposit Insurance Corporation or
collateralized. All collateral on deposits is held by the City’s agent or financial institution’s trust
department in the City’s name.

3

Risk management. The City continued its self-insurance program for public liability and property damage
claims. As part of the Risk Management Plan, resources are maintained in the risk management fund to
meet potential losses. In the event of a deficit at June 30, premiums charged to other funds are increased in
the following fiscal year to cover shortages. The City has implemented various risk control techniques
such as employee accident prevention training to minimize accident-related losses. The Risk Management
Division also conducts a competitive bidding process to obtain other types of commercial insurance. An
employee benefit fund was established in prior years to help offset the rising benefit costs to the City. An
actuarial study of health insurance funding indicated that creating a separate fund and holding the excess
payments and accumulated interest in it would be the best way to develop reserves. Any unused premiums
and interest would remain in the fund for future expenses.
Pension and other post-employment benefits. Pension benefits are provided through the Arizona State
Retirement System or the Arizona Public Safety Personnel Retirement System. The City allows retired
employees to participate in the health care and life insurance plans provided to active employees. The
plans provide health, dental, vision, and life insurance to participants.
Per Governmental Accounting Standards Board (GASB) Statement 45, the City now recognizes Other
Post-Employment Benefits (OPEB) on a city-wide level based on an actuarial study conducted in June of
2008. A $19.7 million liability was recorded in fiscal year 2008.
Awards and acknowledgements. The Government Finance Officers Association (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City for its Comprehensive Annual
Financial Report (CAFR) for the fiscal year ended June 30, 2007. This was the twentieth consecutive year
the City has received this prestigious award, and the twenty-second year overall. In order to be awarded a
Certificate of Achievement, the government published an easily readable and efficiently organized CAFR.
This report satisfied both GAAP and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
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.
In addition, the City also received the GFOA’s Distinguished Budget Presentation Award for its annual
budget document dated 2007-08. This is the nineteenth year in a row that the City has received the highest
form of recognition in governmental budgeting.
The preparation of this report would not have been possible without the efficient and dedicated services of
the entire staff of the Finance Department. I would like to express our appreciation to all members of the
department who assisted and contributed to the preparation of this report. Credit also must be given to the
Mayor, Council and City Manager for their unfailing support in maintaining the highest standards of
professionalism in the management of the City’s finances.
Respectfully submitted,

Raymond H. Shuey
Chief Financial Officer

4

5

Glendale, Arizona
and Neighboring Communities

6

Glendale City Officials

Elaine M. Scruggs
Mayor

Joyce V. clark
Councilmember
Yucca District

Yvonne Knaack
Councilmember
Barrel District

Steve E. Frate
Councilmember
Sahuaro District

H. Philip lieberman
Councilmember
Cactus District

David M. Goulet
Councilmember
Ocotillo District

Manuel D. Martinez
Vice Mayor/
Councilmember
Cholla District

7

ED BEASLEY
City Manager

Glendale Council District Boundaries

Pinnacle Peak Rd.
Deer Valley Rd.

CHOLLA

Beardsley Rd.

Bell Rd.

N

Av
en
ue

SAHUARO

G
ra
nd

Loop
101

Union Hills Dr.

Greenway Rd.
Thunderbird Rd.
Cactus Rd.

BARREL

Peoria Ave.
Olive Ave.
Northern Ave.
Glendale Ave.

YUCCA

Bethany Home Rd.

OCOTILLO

YUCCA

CACTUS

YUCCA

8

43rd Ave.

51st Ave.

59th Ave.

67th Ave.

75th Ave.

83rd Ave.

91st Ave.

99th Ave.

107th Ave.

115th Ave.

El Mirage Rd.

Dysart Rd.

Litchfield Rd.

Bullard Ave.

Reems Rd.

Sarival Ave.

Cotton Ln.

Citrus Rd.

Perryville Rd.

Camelback Rd.

Mayor & Council
Boards
& Commissions

City Manager
Ed Beasley

City Clerk
Pam Hanna

Management Assistant
To the City Manager
Jean Moreno

Director City Manager
Relations
Cathy Gorham
Airport Operations
Mega Events
Strategic Initiatives
Internal Communications

City Auditor
Candace MacLeod

Intergovernmental
Programs Director
Jessica Blazina

City Attorney
Craig Tindall

Interim Community Action
Program Administrator
Rebecca Daniel

Police Chief
Steve Conrad

Assistant
City Manager
Pam Kavanaugh

Assistant
To the Mayor
Steven Methvin

Ethics Committee
Contract Management

City Court
Judge Elizabeth Finn

Fire Chief
Mark Burdick

Homeland Security
Rob Gunter

Council Services
Administrator
Kristen Kennedy

9
Deputy City Mgr
Facilities & Financial Mgmt
Art Lynch
Assistant Deputy City Manager
Julie Frisoni
Marketing & Communications
Graphics/Special Events
Civic Center/Tourism
Cable/Web
Public Information Officers

Economic Development
Brian Friedman
Interim Director
Special Projects
& Facilities Finance/
Property Mgmt

Deputy City Mgr
Public Works
Ken Reedy

Deputy City Mgr
Administrative Services
Horatio Skeete

Deputy City Mgr
Community Services
Gloria Santiago-Espino

Interim Deputy City Mgr
Community Development
Jon Froke

Engineering
Larry Broyles

Finance
Ray Shuey

Parks & Recreation
Rebecca Benna

Planning
Jon Froke

Field Operations
Stuart Kent

Budget & Mgmt
Sherry Schurhammer

Library & Arts
Sue Komernicky

Building Safety
Deborah Mazoyer

Utilities
Roger Bailey

Human Resources
Alma Carmicle

Code Compliance
Dan Gunn

Environmental Resources
Doug Kukino

Transportation
Jamsheed Mehta

Information Technology
Chuck Murphy

Comm. Partnerships
Erik Strunk

Community/Business
Redevelopment

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10

City of Glendale, Arizona
COMPREHENSIVE ANNUAL FINANCIAL REPORT
_________________________________________________________

FINANCIAL
SECTION

___________________________ FOR THE FISCAL YEAR ENDED JUNE 30, 2008

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City of Glendale, Arizona
COMPREHENSIVE ANNUAL FINANCIAL REPORT
_________________________________________________________

MANAGEMENT’S
DISCUSSION &
ANALYSIS
(Required Supplementary Information)

___________________________ FOR THE FISCAL YEAR ENDED JUNE 30, 2008

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CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Management’s Discussion and Analysis
As management of the City of Glendale (the City), we offer readers of the City’s financial statements this
narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2008.
We encourage readers to consider the information presented here in conjunction with additional information
that we have furnished in our letter of transmittal. All amounts, unless otherwise indicated, are expressed in
thousands of dollars.
Financial highlights
The financial statements, which follow the MD&A, provide these significant key financial highlights for 200708 as follows:
•

The City’s total net assets increased $13,937 or 1.28%. The governmental net assets increased by $13,163
or 1.96%, and the business-type net assets increased by $774 or 0.19%.

•

General revenues from governmental activities increased $18,431 or 9.83% and were 69.84% of all
revenues from governmental activities. Program specific revenues in the form of charges for services and
grants and contributions decreased $10,291 or 10.37%.

•

The business-type activities total revenues increased by $1,799 or 1.69%.

•

The total cost of all City programs increased by $50,807 or 15.02%.

•

A major governmental fund, the general fund, had $166,963 in revenues, which is an increase of $9,172 or
5.81% from the prior year. The primary sources of revenue in the general fund are local taxes and
intergovernmental taxes. The total expenditures of the general fund were $157,217, which is a decrease of
$5,520 or 3.39%. The fund balance increased $5,008 or 8.16%. This increase resulted mainly from sale of
land near the new spring training baseball facility.

•

The City issued by way of voter authorization: 1) $109,110 in transportation excise tax revenue bonds that
will be used for transportation projects such as improvement of streets, intersections, and traffic signals,
and 2) $65,500 in subordinate lien water and sewer revenue obligation bonds that will be used in the
various improvements and extensions of existing water and sewer projects, replacement and rehabilitation
of water lines throughout the city, and construction of water treatment plants and associated costs.

•

In addition, the Municipal Property Corporation (MPC) issued $94,235 in excise tax revenue bonds. These
bonds were used to refund and redeem outstanding excise tax revenue bonds from 2006.

Overview of the financial statements
This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements. The
City’s basic financial statements are comprised of three components: 1) government-wide financial statements,
2) fund financial statements, and 3) notes to the financial statements. This report also contains other
supplementary information in addition to the basic financial statements themselves.
Government-wide financial statements. The Government-wide financial statements are designed to provide
readers with a broad overview of the City’s finances, in a manner similar to a private-sector business.
The statement of net assets presents information on all of the City’s assets and liabilities, with the difference
between the two reported as net assets. Net assets are categorized as capital assets less related debt, restricted
by an outside party, and unrestricted. Over time, increases or decreases in net assets may serve as a useful
indicator of whether the financial position of the City is improving or deteriorating.

13

CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

The statement of activities presents information showing how the City’s net assets changed during the most
recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this
statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and
earned but unused compensated absences).
Both of the government-wide financial statements distinguish functions of the City that are principally
supported by 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 City include general government, public safety, public works,
community services, community environment, street maintenance, and interest on long-term debt. The
business-type activities of the City include water and sewer, landfill, sanitation, and housing.
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 City, 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 City can be 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.
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 City’s near-term financing decisions. Both the governmental fund
balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances
provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.
The City maintains 18 individual governmental 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 major funds. Data from the other 15 governmental funds are combined into a single,
aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in
the form of combining statements and schedules.
Proprietary funds. The City 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 City uses enterprise funds to account for its water and sewer, landfill, sanitation, and housing services.
Internal service funds are an accounting device used to accumulate and allocate costs internally among the
City’s various functions. The City uses internal service funds to account for its risk management, workers’
compensation and employee benefit activities. Because these services predominantly benefit governmental
rather than business-type functions, they have been included within governmental activities in the governmentwide financial statements.
Proprietary funds provide the same type of information as the government-wide financial statements, only in
more detail. The proprietary fund financial statements provide information for the water and sewer, and data
from the other three enterprise funds are combined into a single, aggregated presentation. Individual fund data
for each of the non-major enterprise funds are provided in the form of combining statements and schedules.
Conversely, all three internal service funds are combined into a single, aggregated presentation in the

14

CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form
of combining statements elsewhere in this report.
Notes to the 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.
Additional required supplementary information. Following the basic financial statements is Required
Supplementary Information (RSI) that further explains and supports the financial information in the financial
statements. RSI presents the budgetary comparison schedule for general fund and transportation special
revenue fund.
Other information. The combining statements referred to earlier in connection with non-major governmental
funds and internal service funds are presented immediately following the notes to the RSI.
Government-wide financial analysis
As noted earlier, net assets may serve over time as a useful indicator of a City’s financial position. In the case
of the City, assets exceeded liabilities by $1,102,416 as of June 30, 2008.
By far the largest portion of the City’s net assets reflects its investment in capital assets (e.g., land, building,
machinery, and equipment); less any related debt used to acquire those assets that is still outstanding. The City
uses these capital assets to provide services to citizens. Consequently, these assets are not available for future
spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted
that 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.
The City’s financial position is the product of several financial transactions including the net results of
activities, the acquisition and payment of debt, the acquisition and disposal of capital assets, and the
depreciation of capital assets.

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15

CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Net assets
The following table reflects the condensed Statement of Net Assets compared to prior year.
Condensed Statement of Net Assets
As of June 30, 2008, and 2007
(in thousands)

Governmental
Activities
2008
2007
Current and other assets
Capital assets, net
Total assets

$

326,629
1,133,123
1,459,752

$

Total
Primary
Government

Business-type
Activities
2008
2007

303,981
1,025,808
1,329,789

$

212,197
554,561
766,758

$

192,072
518,153
710,225

2008
$

547,414
1,679,096
2,226,510

2007
$

496,053
1,543,961
2,040,014

Current liabilities
Noncurrent liabilities
Total liabilities

54,246
720,639
774,885

57,813
600,272
658,085

12,792
336,417
349,209

18,295
275,155
293,450

67,038
1,057,056
1,124,094

76,108
875,427
951,535

Net assets:
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total net assets

499,322
133,695
51,850
684,867

446,828
180,303
44,573
671,704

297,329
12,836
107,384
417,549

249,569
11,881
155,325
416,775

796,651
146,531
159,234
1,102,416

696,397
192,184
199,898
1,088,479

$

$

$

$

$

$

At the end of the current fiscal year, the City is able to report positive balances in all three categories of net
assets, both for the City as a whole, as well as for its separate governmental and business-type activities. The
same situation held true for the prior fiscal year.

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16

CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
The following table presents a summary of the changes in net assets compared to prior year.
Changes in Net Assets
As of June 30, 2008, and 2007
(in thousands)
Governmental
Activities
2008
2007
Revenues:
Program revenues:
Charges for services
Operating grants and contributions
Capital grants and contributions
Total program revenues

$

41,278
33,191
14,491
88,960

$

36,438
36,566
26,247
99,251

Total
Primary
Government

Business-type
Activities
2008
2007

$

91,012
8,348
4,346
103,706

$

2008

87,182
8,254
5,125
100,561

$

132,290
41,539
18,837
192,666

2007

$

123,620
44,820
31,372
199,812

General revenues:
Property taxes
Sales taxes
State shared sales tax
Urban revenue sharing
(state shared income tax)
Auto in-lieu taxes
Investment earnings, unrestricted
Gain on disposal of capital assets
Miscellaneous
Total revenues

28,826
105,175
22,237

23,085
97,825
23,037

-

-

28,826
105,175
22,237

23,085
97,825
23,037

34,109
9,730
4,742
879
302
294,960

27,518
10,044
5,557
202
301
286,820

4,044
126
108
107,984

5,381
103
140
106,185

34,109
9,730
8,786
1,005
410
402,944

27,518
10,044
10,938
305
441
393,005

Expenses:
General government
Public safety
Public works
Community services
Community environment
Street maintenance
Interest on long-term debt
Water and sewer
Landfill
Sanitation
Housing
Total expenses
Excess before transfers
Transfers in (out)

39,998
113,285
16,006
52,185
5,164
26,175
28,475
281,288
13,672
(509)

37,992
92,405
14,816
45,481
4,698
24,906
23,551
243,849
42,971
(364)

74,581
8,067
15,209
9,862
107,719
265
509

63,289
8,264
13,847
8,951
94,351
11,834
364

39,998
113,285
16,006
52,185
5,164
26,175
28,475
74,581
8,067
15,209
9,862
389,007
13,937
-

37,992
92,405
14,816
45,481
4,698
24,906
23,551
63,289
8,264
13,847
8,951
338,200
54,805
-

Increase in net assets
Net assets, beginning
Net assets, ending

13,163
671,704
684,867

42,607
629,097
671,704

774
416,775
417,549

12,198
404,577
416,775

13,937
1,088,479
1,102,416

54,805
1,033,674
1,088,479

$

$

$

$

$

$

Changes in net assets. The increase in net assets for the governmental activities was primarily due to increased
revenues from the development of Westgate City Center and Super Bowl. The slight increase in net assets, in
comparison with the prior year, is a result of the slowing economy. The City’s revenue from governmental
activities for the fiscal year ended June 30, 2008, was $294,960. The cost of programs and services for
governmental activities was $281,288.
The increase in net assets for the business activities was primarily due to landfill revenues exceeding expenses
by $2,202. The City’s revenue from business-type activities for the fiscal year ended June 30, 2008, was
$107,984. The cost of programs and services was $107,719.

17

CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

expenses

Expenses and Program Revenues - Governmental Activities

program revenues
$12 0 ,0 0 0

$10 0 ,0 0 0

$8 0 ,0 0 0

$6 0 ,0 0 0

$4 0 ,0 0 0

$2 0 ,0 0 0

$General
g o vernment

Pub lic s afet y

Pub lic wo rks

Co mmunity
s ervices

Co mmunity
enviro nment

Expenses and Program Revenues - Business-type Activities

Street
maintenance

Int eres t o n lo ng t erm d eb t

expenses
program revenues

$80,000

$70,000

$60,000

$50,000

$40,000

$30,000

$20,000

$10,000

$Water and sewer

Landfill

Sanitation

18

Housing

CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Revenue Sources Fiscal Year 2007-08
Auto in-lieu taxes
2.41%

Investment earnings,
unrestricted
2.18%
Gain on disposal of capital
assets
0.25%

Urban revenue sharing
(state shared income tax)
8.46%

Miscellaneous
0.12%

State shared sales tax
5.52%
Charges for services
32.83%
Sales taxes
26.10%
Operating grants and
contributions
10.31%
Property taxes
7.15%

Capital grants and contributions
4.67%

Functional Expenses Fiscal Year 2007-08
Housing
2.54%
Sanitation
3.91%

General government
10.28%

Landfill
2.07%

Public safety
29.13%

Water and sewer
19.17%

Interest on long-term debt
7.32%

Public works
4.11%

Street maintenance
6.73%
Community environment
1.33%

Community services
13.41%

19

CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Financial analysis of the City’s funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements.
Governmental funds. The focus of the City’s governmental funds is to provide information on near-term
inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s
financing requirements. In particular, unreserved fund balance may serve as a useful measure of a City’s net
resources available for spending at the end of the fiscal year.
The financial performance of the City as a whole is reflected in its governmental funds.
•

As of the end of the current fiscal year, the City’s governmental funds reported combined ending fund
balances of $219,463, an increase of $9,753 or 4.65% in comparison with the prior year. This increase
resulted mainly from the sale of land near the new spring training baseball facility.

•

Unreserved undesignated fund balance, which is available for spending at the City’s discretion within a
fund, was $120,691, an increase of $1,138 from the prior year.

•

The City also had $31,355 in unreserved, designated fund balance, which represents self-imposed
limitations on the use of otherwise available expendable financial resources in governmental funds as
discussed in Note XV. Unreserved, designated fund balance showed a decrease from the prior year due
primarily to fund balance designated for streets construction was used to pay for capital projects instead of
issuing new debt.

•

The remainder of fund balance is reserved to indicate that it is not available for new spending because it has
already been committed for a variety of restricted purposes, such as perpetual care for the City’s cemetery,
debt service, and development impact fees.
Summary of Reserved Fund Balances
by Fund Type
(in thousands)
General
Special revenue
Debt service
Capital projects
Permanent
Total

$

9,271
21,867
30,336
545
5,398
$ 67,417

The general fund is the chief operating fund of the City. At the end of the current fiscal year, the unreserved
fund balance of the general fund was $57,117, while total fund balance reached $66,388. As a measure of the
general fund’s liquidity, it may be useful to compare both unreserved fund balance and total fund balance to
total fund expenditures. Unreserved fund balance represents 36.33% of total general fund expenditures, while
total fund balance represents 42.23% of that same amount.
The transportation fund accounts for the City’s public transit program and transportation improvement projects.
The fund saw an increase in fund balance of $71,570 for the fiscal year ended June 30, 2008. This increase is
due to the issuance of transportation revenue bonds to fund continuing efforts to improve public transit, arterial
streets, park and ride lots, and coordinated traffic signals.
The public facilities corporation construction fund accounts for the resources used to finance public projects
such as the new spring training baseball facility at the northwest corner of 107th Avenue and Camelback Road.
The fund was established in the fiscal year ending June 30, 2008, and at June 30 has a fund deficit of $34,833.
20

CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Excise tax revenue bonds were issued by the Public Facilities Corporation in October 2008 for $199,750, which
covered the deficit.
Proprietary funds. The City’s proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail.
Net assets of the enterprise funds and the internal service funds increased $1,328 or 0.31%. The enterprise
funds’ total net assets were 3.07% restricted and 40.69% unrestricted. 56.24% is invested in capital assets.
Internal service funds were 100.0% unrestricted.
The water and sewer fund accounts for operations, maintenance and construction projects of City-owned water
and sewer systems. The fund saw a decrease in net assets of $1,279 for the fiscal year ended June 30, 2008.
This decrease is primarily due to the inclusion of other post-employment benefits expenses not previously
recognized.
The internal service fund accounts for risk management, workers’ compensation, and employee benefits
provided to other departments. The fund saw an increase of $527 for the fiscal year ended June 30, 2008. This
increase was due to an increase in self insurance premiums through employee benefits.
General fund budgetary highlights
Consistent with national economic conditions, the City's investment revenue was negatively impacted by the
economic downturn.
•

Investment revenue decreased this year as a result of the economic pressures currently prevalent in our
economy.

•

General fund revenues exceeded the final amended budget by $12,151 or 6.48%, primarily due to revenue
received from the sale of land near the new spring training baseball facility.

•

General fund expenditures were less than the final amended budget by $47,295 or 20.95%. This positive
variance resulted in each major expenditure category ending the year under budget.

Capital asset and debt administration
Capital assets. The City’s investment in capital assets (net of accumulated depreciation) as of June 30, 2008,
for its governmental-type activities was $1,133,123 and for the business-type activities was $554,561. The
investment in governmental and business-type capital assets consisted of land, buildings, machinery and
equipment, and infrastructure for streets, parks, airport and street lighting, water and wastewater treatment
plants.
Major capital asset events during the current fiscal year included the following:
•

Completed construction of Oasis Water Campus, $63,785

•

Retrofitting of Cholla Water Treatment Plant, $16,478

•

Completed construction of regional public safety training facility, $53,039

•

Began construction of spring training baseball facility, $34,833

•

Completed downtown parking structure, $17,232

•

Completed new park and ride lot at 99th and Glendale Avenues, $13,707

21

CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
The following table is a summary of capital assets reflected in the June 30, 2008, financial statements
as compared to last year’s financial statements.
Capital Assets at Year End
(Net of depreciation)
(in thousands)

Governmental
Activities
Construction in progress
Land
Water storage rights
Artwork
Buildings
Improvements other than buildings
Infrastructure-streets
Infrastructure-parks
Infrastructure-airport
Infrastructure-flood/storm drains
Water lines
Sewer lines
Water treatment plant
Sewer treatment plant
Meters and services
Fire hydrants
Machinery and equipment
Computer equipment
Software
Automotive equipment
Total

$

$

2008
253,573
69,130
1,448
188,800
73,256
425,946
51,889
8,025
27,805
14,881
1,729
132
16,509
1,133,123

$

$

2007
251,824
70,205
1,448
141,068
70,571
373,865
50,029
7,844
26,954
15,515
1,028
191
15,266
1,025,808

$

$

Total
Primary
Government,
As Restated

Business-type
Activities,
As Restated
2008
2007
$
17,773
89,120
22,128
11,609
8,588
6,628
8,175
8,485
45,286
21,246
73,918
73,613
79,057
79,874
154,655
78,372
115,875
119,743
18,461
19,198
3,376
3,478
814
799
216
214
6,239
5,774
554,561
$
518,153

$

$

2008
271,346
91,258
8,588
1,448
196,975
118,542
425,946
51,889
8,025
27,805
73,918
79,057
154,655
115,875
18,461
3,376
15,695
1,945
132
22,748
1,687,684

2007
340,944
81,814
6,628
1,448
149,553
91,817
373,865
50,029
7,844
26,954
73,613
79,874
78,372
119,743
19,198
3,478
16,314
1,242
191
21,040
1,543,961

$

$

Additional information on capital assets can be found in Note IV of the financial statements.
Long-term debt. At the end of the current fiscal year, the City had total debt outstanding of $982,476
compared to $825,056 last year, a 19.08% net increase. Of this amount, $223,660 comprises debt backed by the
full faith and credit of the City.

General obligation
Transportation revenue bond
Highway users revenue bonds
Municipal property corporation
revenue bonds
Capital lease obligation
Water and sewer
revenue bonds/obligations
Notes payable
Total

$

$

Governmental
Activities
2008
2007
212,524 $
224,234
109,110
30,895
34,065

Business-type
Activities
2008
2007
11,136
12,115
-

Total
Primary
Government
$

2008
223,660
109,110
30,895

$

2007
236,349
34,065

298,050
10,838

293,530
12,492

1,688

2,349

298,050
12,526

293,530
14,841

9,045
670,462

6,279
570,600

288,950
10,240
312,014

229,130
10,862
254,456

288,950
19,285
982,476

229,130
17,141
825,056

$

22

$

$

$

$

CITY OF GLENDALE, ARIZONA
Management’s Discussion and Analysis (MD&A)
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
The City’s total long-term debt increased by $157,420 from the prior year. A key factor in this increase was the
issuance of subordinate lien water and sewer revenue obligations, refinancing of municipal property corporation
bonds during the year, and issuance of transportation excise tax revenue obligation bonds.
The City maintains an “AA” underlying rating from Standard & Poor’s and an “Aa2” underlying rating from
Moody’s for general obligation debt. The subordinate lien water and sewer revenue bonds are rated “A1” by
Moody’s and “AA” by Standard & Poor’s. Transportation bonds were assigned an underlying rating of “AA”
by Standard & Poor’s and “A1” by Moody’s.
The Arizona Constitution provides that the general obligation bonded indebtedness for a city for general
municipal purposes may not exceed 6% of the secondary assessed valuation of the taxable property in that city.
In addition to the 6% limitation for general municipal purpose bonds, cities may issue general obligation bonds
up to 20% of the secondary assessed valuation for supplying such city with water, sewer, artificial light, public
safety, law enforcement, fire and emergency services, streets and transportation facilities, and for the acquisition
and development of land for open space preserves, parks, playgrounds and recreational facilities. The City’s
current unused 6% and 20% debt limitation on June 30, 2008, was $66,263 and $215,247, respectively.
Additional information on long-term debt can be found in Note IX of the financial statements.
Economic factors and next year’s budgets and rates
The adopted fiscal year 2008-09 budget is $925,000 (down 1.80% from 2007-08), including a $376,870
operating budget (an increase of 3.76% from 2008) and $391,890 in capital outlay (down 6.43% from 2008).
The fiscal year 2008-09 budget includes $76,926 contingency appropriation to cover emergency expenses or
revenue shortages.
•

As noted in prior years, Arizona cities are dependent on sales taxes and other economically sensitive
revenues and are susceptible to slowdowns in the economy. This is especially true in the current economic
climate not only of Arizona, but of the entire nation. The City has implemented cost saving measures and
will continue to seek ways to maintain quality services while not exceeding a smaller pool of revenues.

•

The City’s unemployment rate for June 2008 was 4.40%, which is an increase from a year ago. This
compares favorably to the state’s average unemployment rate of 5.00% and the national average rate of
5.50%.

Request for information
This financial report is designed to provide a general overview of the City’s finances for all those with an
interest in the City’s finances. Questions concerning any of the information provided in this report or requests
for additional financial information should be addressed to the Chief Financial Officer, 5850 West Glendale
Avenue, Suite 302, Glendale, Arizona 85301.

23

This page left blank intentionally.

24

City of Glendale, Arizona
COMPREHENSIVE ANNUAL FINANCIAL REPORT
_________________________________________________________

BASIC
FINANCIAL
STATEMENTS

___________________________ FOR THE FISCAL YEAR ENDED JUNE 30, 2008

This page left blank intentionally.

City of Glendale, Arizona
Statement of Net Assets
June 30, 2008
(amounts expressed in thousands)
Governmental
Activities
ASSETS
Equity in pooled cash and investments
Receivables (net of allowance for uncollectibles)
Property taxes
Accounts
Accrued interest
Intergovernmental receivable
Internal balances
Inventories and prepaid items
Restricted cash and investments
Capital assets:
Non-depreciable
Depreciable (net)
Deferred receivable
Equity in joint venture
Total assets

$

$

1,227
13,425
2,108
9,109
1,085
7,670
62,985

LIABILITIES
Vouchers payable
Accounts payable
Retainage payable
Accrued interest payable
Intergovernmental payable
Deposits
Unearned revenue
Noncurrent liabilities:
Due within one year
Due in more than one year
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Restricted for:
Capital projects
Debt service
Transportation
Highway and streets
Vehicle replacement
Development impact fee
Revenue bond retirement, replacement, and extension
Perpetual care - nonexpendable
Other purposes
Unrestricted
Total net assets

224,809

Primary Government
Business-type
Activities

$

73,578

Total
$

10,350
268
483
(1,085)
3,567
61,895

298,387
1,227
23,775
2,376
9,592
11,237
124,880

324,151
808,972
4,211
1,459,752

39,901
514,660
63,141
766,758

364,052
1,323,632
4,211
63,141
2,226,510

26,545
953
737
13,342
413
1,425
10,831

4,839
90
39
6,595
214
1,015
-

31,384
1,043
776
19,937
627
2,440
10,831

47,069
673,570
774,885

11,071
325,346
349,209

58,140
998,916
1,124,094

499,322

297,329

796,651

37,846
29,720
26,543
2,415
7,132
19,349
5,478
5,212
51,850
684,867

1,203
9,790
1,843
107,384
417,549

37,846
30,923
26,543
2,415
7,132
19,349
9,790
5,478
7,055
159,234
1,102,416

The notes to the financial statements are an integral part of this statement.

25

$

$

City of Glendale, Arizona
Statement of Activities
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Charges for
Services

Expenses
Functions/Programs
Primary government:
Governmental activities:
General government
Public safety
Public works
Community services
Community environment
Street maintenance
Interest on long-term debt
Total governmental activities
Business-type activities:
Water and sewer
Landfill
Sanitation
Housing
Total business-type activities
Total primary government

$

$

39,998
113,285
16,006
52,185
5,164
26,175
28,475
281,288

74,581
8,067
15,209
9,862
107,719
389,007

$

$

12,132
5,744
543
22,859
41,278

66,316
9,196
14,684
816
91,012
132,290

Program Revenues
Operating
Grants and
Contributions

$

$

871
4,856
232
4,203
4,361
18,668
33,191

8,348
8,348
41,539

Capital
Grants and
Contributions

$

$

1,890
3,578
9,023
14,491

4,022
324
4,346
18,837

General revenues:
Taxes:
Property taxes levied for:
General purposes
Debt service
Sales taxes
Unrestricted state shared sales tax
Unrestricted urban revenue sharing (state shared income tax)
Auto in-lieu taxes
Investment earnings, unrestricted
Gain on disposal of capital assets
Miscellaneous
Transfers
Total general revenues and transfers
Change in net assets
Net assets - beginning
Net assets - ending
The notes to the financial statements are an integral part of this statement.

26

Net (Expense) Revenue and Changes in Net Assets
Primary Government
Governmental
Business-type
Activities
Activities
Total

$

(26,995)
(100,795)
(15,231)
(21,545)
(803)
1,516
(28,475)
(192,328)

$

(192,328)

$

3,877
24,949
105,175
22,237
34,109
9,730
4,742
879
302
(509)
205,491
13,163
671,704
684,867

-

$

(4,243)
1,129
(525)
(374)
(4,013)
(4,013)

$

4,044
126
108
509
4,787
774
416,775
417,549

(26,995)
(100,795)
(15,231)
(21,545)
(803)
1,516
(28,475)
(192,328)

(4,243)
1,129
(525)
(374)
(4,013)
(196,341)

$

3,877
24,949
105,175
22,237
34,109
9,730
8,786
1,005
410
210,278
13,937
1,088,479
1,102,416

27

City of Glendale, Arizona
Balance Sheet
Governmental Funds
June 30, 2008
(amounts expressed in thousands)
Major Funds

General
ASSETS
Equity in pooled cash and investments
Receivables, net of allowance for doubtful accounts:
Property taxes
Accounts
Accrued interest
Due from other funds
Intergovernmental receivable
Inventories and prepaid items
Restricted cash and investments
Deferred receivables
Total assets
LIABILITIES AND FUND BALANCE
Liabilities:
Vouchers payable
Accounts payable
Retainage payable
Compensated absences - current
Intergovernmental payable
Due to other funds
Deposits
Matured interest payable
Deferred revenue
Matured bonds payable
Total liabilities
Fund Balances:
Reserved (Note XV)
Unreserved:
Designated (Note XV):
General fund
Special revenue funds
Capital project funds
Undesignated, reported in:
General fund
Special revenue funds
Capital projects funds
Total fund balances
Total liabilities and fund balances

$

38,930

$

169
8,671
1,382
28,647
2,264
278
248
80,589

$

$

7,891
946
10
911
410
1,387
2,646
14,201

Transportation

Public Facilites
Corporation
Construction

Other Non-major
Governmental
Funds

$

23,523

$

-

$

144,563

$

1,852
461
3,294
45,955
75,085

$

-

$

1,058
2,902
265
3,551
140
16,632
4,211
173,322

$

1,862
637
25
63
2,587

$

7,632
27,201
34,833

$

7,517
7
90
177
3
1,414
38
13,342
9,128
26,196
57,912

Total
Governmental
Funds
$

207,016

$

1,227
13,425
2,108
28,647
9,109
418
62,835
4,211
328,996

$

24,902
953
737
1,113
413
28,615
1,425
13,342
11,837
26,196
109,533

9,271

-

-

58,146

67,417

12,660
-

-

-

696
17,999

12,660
696
17,999

44,457
66,388
80,589

72,498
72,498
75,085

3,299
35,270
115,410
173,322

44,457
75,797
437
219,463
328,996

$

The notes to the financial statements are an integral part of this statement.

28

$

(34,833)
(34,833)
-

$

$

City of Glendale, Arizona
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets
June 30, 2008
(amounts expressed in thousands)
Amounts reported for governmental activities in the statement of net assets are different because:
Fund balances - Total governmental funds balance sheet

$

Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the funds.
Governmental capital assets
Less accumulated depreciation

$

219,463

1,470,234
(337,111)
1,133,123

Other long-term assets are not available to pay for current period
expenditures and, therefore, are deferred in the funds.

8,258

Internal service funds are used by management to charge
the costs of workers' compensation, risk management, and
employee benefits to individual funds. The assets and liabilities
of the internal service funds are included in governmental activities
in the statement of net assets.

7,428

Long-term liabilities, including bonds payable are not due and payable
in the current period and, therefore, are not reported in the funds.
Bonds payable
Notes payable
Capital lease obligations
Developer payable obligations
Compensated absences
OPEB obligations
Unamortized premium on debt issuance
Arbitrage rebate payable

(624,383)
(9,045)
(10,838)
(1,679)
(13,580)
(16,235)
(8,035)
(616)
(684,411)

Deferred revenue that is measurable but not yet available for governmental fund
activities is recognized as revenue for governmental-wide activities.
Net assets of governmental activities

1,006
$

The notes to the financial statements are an integral part of this statement.

29

684,867

City of Glendale, Arizona
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Major Funds

General
REVENUES
Taxes and special assessments
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues

$

EXPENDITURES
Current:
General government
Public safety
Public works
Community services
Community environment
Street maintenance
Miscellaneous
Debt service:
Principal
Interest
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Refunded bonds redeemed
Long-term debt issued
Refunding bonds issued
Premium on long-term debt issued
Proceeds from equipment disposal
Other uses:
Transfers in
Transfers out
Total other financing sources and uses
Net change in fund balances
Fund balances, July 1
Fund balances, June 30

$

68,014
11,305
67,333
8,796
4,499
4,286
2,730
166,963

Public
Facilities
Corporation
Construction

Transportation
$

23,672
4,802
137
8
1,963
64
30,646

$

Other Non-Major
Governmental
Funds
-

$

42,060
6,080
29,686
5,192
3,737
2,121
88,876

Total
Governmental
Funds
$

133,746
17,385
101,821
14,125
4,507
9,986
4,915
286,485

22,402
82,237
11,655
28,299
561
735
1,312

36
13,328
-

-

2,962
18,111
88
3,140
4,411
12,310
317

25,364
100,384
11,743
44,767
4,972
13,045
1,629

1,903
873
7,240
157,217

44,941
58,305

34,833
34,833

30,248
31,421
54,046
157,054

32,151
32,294
141,060
407,409

9,746

(27,659)

(34,833)

(68,178)

(120,924)

456
8,712

109,110
1,953
2

-

(83,521)
420
93,815
239
-

(83,521)
109,986
93,815
2,192
8,714

499
(14,405)
(4,738)

900
(12,736)
99,229

-

50,227
(24,994)
36,186

51,626
(52,135)
130,677

5,008

71,570

(34,833)

(31,992)

61,380
66,388

928
72,498

(34,833)

147,402
115,410

$

The notes to the financial statements are an integral part of this statement.

30

$

$

9,753
$

209,710
219,463

City of Glendale, 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, 2008
(amounts expressed in thousands)
Amounts for governmental activities in the statement of net assets are different because:
Net change in fund balances - total governmental funds

$

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. This is the amount by which capital
outlays of $141,060 exceeded depreciation of $35,643 for the current period.
The net effect of various transactions involving capital is to increase net assets.
Capital contributions
Disposals
Gain on sales

9,753

105,417

$

6,733
(8,714)
879
(1,102)

Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in the governmental funds.
The net effect of long-term debt issuance and the related transactions is
to increase net assets.
Bond premium
Bonds issuance costs
Refunding bonds issued
Payment to refunded bonds escrow agent
Principal paid
Long-term debt issued
Arbitrage rebate

1,645

(2,192)
2,852
(93,815)
83,521
32,151
(109,986)
(169)
(87,638)

Compensated absences reported in the statement of activities do not require the
use of current financial resources and, therefore, are not reported as
expenditures in governmental funds.

(1,293)

Other post employment benefits reported in the statement of activities do not require the
use of current financial resoruces and therefore, are not reported as expenditures in
governmental funds.

(16,235)

Internal service funds are used by management to charge the costs of workers'
compensation, risk management, and employee benefits individual funds.

(127)

The net revenue of certain activities as unearned revenue is reported
in governmental activities.

9

Expenses on the statement of activities differ from governmental
funds because of the portion not accrued on the governmental funds.

Change in net assets of governmental activities

2,734

$

The notes to the financial statements are an integral part of this statement.

31

13,163

City of Glendale, Arizona
Statement of Net Assets
Proprietary Funds
June 30, 2008
(amounts expressed in thousands)

ASSETS
Current assets:
Equity in pooled cash and investments
Receivables:
Accounts
Allowance for uncollectibles
Accrued interest
Intergovernment receivable
Inventories and prepaid items
Total current assets
Noncurrent assets:
Restricted cash and investments
Capital assets:
Capital assets
Accumulated depreciation
Capital assets, net
Equity in joint venture
Total noncurrent assets
Total assets

Business-type Activities - Enterprise Funds
Other
Proprietary
Major Funds
Funds
Total
Water and Sewer

Governmental
Activities Internal
Service Funds

$

$

$

61,849

$

73,578
10,686
(336)
268
483
3,567
88,246

46

686,044
(153,579)
532,465
63,141
657,455
712,255

$

30,870
2,119
(28)
481
4
33,446

8,567
(308)
268
2
3,563
54,800

LIABILITIES
Current liabilities:
Vouchers payable
Accounts payable
Retainage payable
Compensated absences
Due to other funds
Intergovernment payable
Deposits
Unearned rent
Estimated claims payable
Current portion of long-term debt:
General obligation bonds
Unamortized premium on debt issuance
Revenue bonds/obligations payable
Capital lease obligations
Other long-term debt
Interest payable
Total current liabilities
Noncurrent liabilities:
Compensated absences
General obligation bonds
Unamortized premium on debt issuance
Revenue bonds/obligations payable
OPEB long-term obligations
Other long-term debt
Notes payable
Capital lease obligations
Claims payable
Estimated closure and post-closure costs
Total noncurrent liabilities
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Restricted for:
Debt service
Revenue bond retirement, replacement and extension
Other purposes
Unrestricted
Total net assets

42,708

47
17,840

61,895

44,056
(21,960)
22,096
22,142
55,588

17,793

150

730,100
(175,539)
554,561
63,141
679,597
767,843

150
17,990

3,994
77
39
1,248
214
717
-

845
13
540
32
291
7
-

4,839
90
39
1,788
32
214
1,008
7
-

1,643
5,436

810
414
6,605
647
6,572
21,337

199
608
23
2,558

1,009
414
6,605
608
647
6,595
23,895

7,079

287
9,995
6,653
282,345
2,190
9,593
311,063
332,400

311
132
1,304
37
1,080
11,419
14,283
16,841

598
10,127
6,653
282,345
3,494
37
9,593
1,080
11,419
325,346
349,241

3,483
3,483
10,562

277,251

20,078

297,329

-

1,203
9,790
433
91,178
379,855

1,410
17,259
38,747

1,203
9,790
1,843
108,437
418,602

7,428
7,428

$

Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
Net assets of business-type activities
The notes to the financial statements are an integral part of this statement.

32

$

(1,053)
417,549

$

City of Glendale, Arizona
Statement of Revenues, Expenses, and Changes in Fund Net Assets
Proprietary Funds
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Operating revenues:
Intergovernmental
Metered water sales
Sewer service charges
Container service
Curb service
Landfill user fees
Self-insurance premium
Recycling sales
Other fees
Total operating revenues

Business-type Activities - Enterprise Funds
Other
Major Funds
Proprietary
Water and Sewer
Funds
Total

Governmental
ActivitiesInternal
Service Funds

$

$

Operating expenses:
Water
Sewer
Landfill
Housing
Closure/post-closure care adjustment
Sanitation
Administrative and general
Insurance claims
Amortization and depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Impact fees
Investment income
Interest expense
Net loss from joint venture
Amortization of bond issuance cost
Gain on disposal of assets
OPEB expense
Intergovernmental - capital grants
Total nonoperating revenue (expenses)
Income before contributions and transfers
Capital contributions
Transfers in
Transfers out
Change in net assets
Total net assets - beginning
Total net assets - ending

$

7
35,539
25,152
1,859
62,557

$

8,348
4,972
9,696
5,998
2,966
943
32,923

$

8,355
35,539
25,152
4,972
9,696
5,998
2,966
2,802
95,480

19,149
13,998
11,100
14,568
58,815
3,742

6,169
9,316
442
13,448
2,360
31,735
1,188

19,149
13,998
6,169
9,316
442
13,448
11,100
16,928
90,550
4,930

3,875
3,058
(11,305)
(2,129)
(123)
35
(2,190)
(8,779)

120
1,194
(89)
91
(1,304)
324
336

(5,037)
3,805
(47)
(1,279)

1,524
561
(5)
2,080

3,995
4,252
(11,394)
(2,129)
(123)
126
(3,494)
324
(8,443)
(3,513)
3,805
561
(52)
801

381,134
379,855

$

Adjustment to reflect the consolidation of internal service fund activities related
to enterprise funds
Change in net assets of business-type activities
The notes to the financial statements are an integral part of this statement.

33

36,667
38,747

24,966
24,966
(153)

680
680
527
527

$

$

(27)
774

24,767
46
24,813

6,901
7,428

City of Glendale, Arizona
Statement of Cash Flows
Proprietary Funds
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Business-type Activities - Enterprise Funds
Other
Major Funds
Proprietary
Water and Sewer
Funds
Total
Cash flows from operating activities:
Cash received from customers
Cash received from federal government
Cash paid to suppliers:
Internal city departments
External vendors
Cash paid for insurance and in settlement
of claims
Cash paid to employees for services
Net cash provided (used) by operating activities

$

Cash flows from noncapital
financing activities:
Proceeds from sale of investments
Transfers in
Transfers out
Net cash provided (used) by noncapital
financing activities
Cash flows from capital and related
financing activities:
Proceeds from sale of capital assets
Proceeds from bonds sold
Principal payments on obligations
Acquisition of capital assets and rights
Impact fees
Interest payments on obligations
Capital grant proceeds
Net cash (used) by
capital and related financing activities

61,847
-

$

24,994
8,091

$

Governmental
Activities Internal
Service Funds

86,841
8,091

$

24,818
-

(6,257)
(29,721)

(9,152)
(11,015)

(15,409)
(40,736)

-

(16,822)
9,047

(8,248)
4,670

(25,070)
13,717

(23,548)
1,270

(48)

8
561
(4)

8
561
(52)

-

(48)

565

517

-

(35)
65,861
(7,577)
(57,514)
3,874
(10,140)
-

(850)
(2,344)
120
(99)
324

(35)
65,861
(8,427)
(59,858)
3,994
(10,239)
324

-

(5,531)

(2,849)

(8,380)

-

Cash flows from investing activities:
Interest received from investments
Net cash provided by investing activities

2,924
2,924

1,193
1,193

4,117
4,117

680
680

Net increase (decrease) in cash and cash
equivalents during fiscal year

6,392

3,579

9,971

1,950

Cash and cash equivalents, July 1
Cash and cash equivalents, June 30

$

98,165
104,557

The notes to the financial statements are an integral part of this statement

34

$

27,337
30,916

$

125,502
135,473

$

15,993
17,943

Reconciliation of operating income (loss)
to net cash provided by
operating activities:
Operating income (loss)
Adjustments to reconcile operating
income to net cash provided
by operations:
Amortization and depreciation
Changes in assets and liabilities:
Accounts receivable
Intergovernmental receivable
Inventories and prepaid items
Vouchers and accounts payable
Accrued expenses
Intergovernmental payable
Due to other funds
Deposits
Unearned rent
Compensated absences
Claims payable
Estimated closure and post-closure
costs
Net cash provided by operating activities

Reconciliation of statement of net assets
cash and investments to the
statement of cash flows:
Per combined statement of net assets:
Equity in pooled cash and investments
Restricted cash and investments
Total cash and cash equivalents
Noncash investing, capital,
and financing activities:
Contributions of capital assets
Loss on joint venture
Estimated closure and post-closure
costs

Business-type Activities - Enterprise Funds
Other
Major Funds
Proprietary
Water and Sewer
Funds
Total

Governmental
Activities Internal
Service Funds

$

$

3,742

$

14,568

$
$

$

9,047

42,708
61,849
104,557

3,805
(2,129)
-

35

$

2,360

(694)
7
(1,162)
(7,098)
(582)
51
215
-

$

1,188

16,928

395
(245)
2
439
(5)
(12)
13
19
2
72
-

$

$
$

$

442
4,670

30,870
46
30,916

442

4,930

-

(299)
(238)
(1,160)
(6,659)
(587)
(12)
13
70
2
287
-

$

$
$

$

442
13,717

73,578
61,895
135,473

3,805
(2,129)
442

(153)

33
371
1,020

$

$
$

$

1,271

17,793
150
17,943

-

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
Notes to the Financial Statements
The Notes to the Basic Financial Statements include a summary of significant accounting policies and other
disclosures considered necessary for a clear understanding of the accompanying financial statements.
Index
Note

Page

Summary of Significant Accounting Policies.............................................................................I ............................. 37
Compliance – Excess of Expenditures Over Appropriations.................................................... II ............................. 45
Deposits and Investments ........................................................................................................ III ............................. 46
Capital Assets ..........................................................................................................................IV ............................. 48
Construction and Other Significant Commitments................................................................... V ............................. 50
Self-Insurance Funds ...............................................................................................................VI ............................. 50
Leases .....................................................................................................................................VII ............................. 52
Short-Term Debt................................................................................................................... VIII ............................. 53
Long-Term Debt ......................................................................................................................IX ............................. 54
Landfill Obligations.................................................................................................................. X ............................. 62
Interfund Transactions.............................................................................................................XI ............................. 63
Encumbrances.........................................................................................................................XII ............................. 65
Equity in Joint Venture......................................................................................................... XIII ............................. 65
Jointly Governed Organizations ........................................................................................... XIV ............................. 66
Fund Balance/Net Assets Reservation, Designation, and Restriction.................................... XV ............................. 66
Employee Retirement Systems and Pension Plans ............................................................... XVI ............................. 70
Other Post-Employment Benefits ........................................................................................XVII ............................. 73
Contingent Liabilities and Commitments .......................................................................... XVIII ............................. 75
Subsequent Events................................................................................................................ XIX ............................. 75

36

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

I.

Summary of significant accounting policies
A. 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 activities of the primary City and its component units.
Governmental activities, which normally are supported by taxes and intergovernmental revenues, are
reported separately from business-type activities, which rely to a significant extent on fees and charges
for support.
There are several types of transactions that are reported in the financial statements as interfund items.
Transactions that would be treated as revenue, expenditures or expenses if they involved organizations
external to the governmental unit, like the sale of water from the water and sewer fund to various
functions of the general fund, are accounted for as revenue and expenditures or expenses in the funds
involved. Transactions that constitute reimbursement to a fund for expenditures or expenses initially
made from that fund, which are properly applicable to another fund, are recorded as expenditures or
expenses in the reimbursing fund and as reductions of the expenditure or expense in the fund that is being
reimbursed. Governmental Accounting Standards Board Statement (GASBS) 34 also requires that
administrative service fees charged to other operating funds to support general services used by the other
operating funds (like purchasing, accounting and administration) should be treated as reimbursement
transactions and the revenue and expenditures/expenses reduced in the allocating fund. Transfers
between funds are included in the results of both governmental and proprietary funds (as other
sources/uses in governmental funds and as non-operating revenues/expenses in proprietary funds).
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end
of the fiscal year are reported in the fund financial statements as “due to/from other funds.”
Certain transactions occurring between funds that are combined within the same fund type or displayed
in the same financial statement column for presentation in these annual financial statements have been
eliminated from the financial statements. These transactions include transfers between funds and
interdepartmental service charges. In the government-wide financial statements, only the net interfund
activity and balances between governmental activities and business-type activities are shown (reported as
“internal balances”).
The statement of activities demonstrates the degree to which the direct expenses of a given function or
segment is 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 and proprietary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate columns in
the fund financial statements.
In the fiscal year 2008, the City adopted GASB Statement 45, “Accounting and Financial Reporting by
Employers for Post-Employment Benefits Other Than Pensions.” For additional information, please see
Note XVII.

37

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

B. Reporting entity
The City of Glendale, Arizona (City) was incorporated June 18, 1910, under the provisions of Article 13,
Sections 1 through 6 of the Constitution of Arizona and Title 9 of the Arizona Revised Statutes. It is
governed by a Mayor elected at large, and six district council members. The City operates under a
Council-Manager government. As required by GAAP, these financial statements present the government
and its component unit, an entity for which the City is considered to be financially accountable. Blended
component units, although legally separate entities, are, in substance, part of a government’s operations,
so data from these units are combined with data of the primary government. A discretely presented
component unit, on the other hand, is reported in a separate column in combined financial statements to
emphasize that it is legally separate from the government. The City has no discretely presented
component units.
Blended component units
City of Glendale, Arizona, Municipal Property Corporation (MPC) is a non-profit corporation organized
under the laws of the State of Arizona to assist the City in the acquisition and financing of municipal
projects and facilities. MPC is governed by a board of directors who are responsible for approving the
corporation’s bond sales. Bond sales must also be approved by the City Council. Although it is legally
separate from the City, MPC is reported as if it is part of the primary government because its sole
purpose is to finance and construct public facilities for the City. MPC does not issue separate audited
financial statements. However, it does file a tax return with the Internal Revenue Service. Copies of the
tax return are available from the City’s Finance Department.
City of Glendale, Arizona, Western Loop 101 Public Facilities Corporation (PFC) is a non-profit
corporation organized under the laws of the State of Arizona to assist the City to finance, construct and
equip a spring training baseball facility for two major league teams and all other related infrastructure.
The Board of Directors of the PFC, appointed by the City Council, consists of four City employees and
one private citizen. The Board of Directors is responsible for authorizing debt (obligations) of the PFC.
The City Council also approves the debt of the PFC. Although the PFC is a legally separate entity from
the City, the PFC is reported as if it is part of the primary government because its sole purpose is to
finance and construct public facilities of the City. The PFC does not issue separate audited financial
statements. The PFC does file a tax return with the Internal Revenue Service. Copies of the tax return
are available from the City’s Finance Department.
C. Form of presentation – Government-wide financial statements
The City reports the following major governmental funds:
The general fund is the City’s primary operating fund. It accounts for all financial resources of the
general City, except those required to be accounted for in another fund.
The transportation fund accounts for the City’s public transit program including activities funded by
Federal grants and distributions received from the Arizona State Lottery. Additionally, on November
6, 2001, Glendale voters authorized a new half-cent sales tax to pay for transportation projects and
programs for all modes of transportation.
The public facilities corporation (PFC) construction fund accounts for constructing and equipping a
spring training baseball facility and related infrastructure. The facility and infrastructure are financed
by PFC issued excise tax revenue bonds.

38

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
The City reports the following major proprietary fund:
The water and sewer fund accounts for operations, maintenance and construction projects of the Cityowned water and sewer systems.
Additionally, the City reports the following internal service funds:
Internal service funds account for risk management, workers’ compensation and employee benefits
provided to other departments.
Private-sector standards of accounting and financial reporting issued prior to December 1, 1989,
generally are followed in both the Citywide and proprietary fund financial statements to the extent that
those standards do not conflict with or contradict guidance of the Governmental Accounting Standards
Board. Cities also have the option of following subsequent private-sector guidance for their businesstype activities and enterprise funds, subject to this same limitation. The City has elected not to follow
subsequent private-sector guidance.
D. Form of presentation – fund financial statements
The accounts of the City are organized on the basis of funds, each of which is considered a separate
accounting entity. The operations of each fund are accounted for with a separate set of self-balancing
accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures/expenses, as
appropriate. Government resources are allocated to, and accounted for, in individual funds based upon
the purposes for which they are to be spent and the means by which spending activities are controlled.
The following funds are presented in the accompanying financial statements.
Governmental funds
Governmental funds are those through which most governmental functions of the City are financed. The
acquisition, use and balances of the City’s expendable financial resources and related liabilities (except
those accounted for in proprietary funds) are accounted for through governmental funds. The
measurement focus is based upon determination of financial position and changes in financial position
rather than upon the determination of net income. The following governmental funds are presented in the
accompanying financial statements.
General fund: The general fund is the general operating fund of the City. It is used to account for all
financial resources except those required to be accounted for in another fund.
Special revenue funds: Special revenue funds are used to account for the proceeds of specific revenue
sources (other than major capital projects) that are legally restricted to expenditures for specified
purposes.
Debt service funds: Debt service funds are used to account for the accumulation of financial resources
for the payment of general long-term debt principal, interest, and related costs, except the debt service
accounted for in the enterprise funds. Debt service funds also include the debt payable from highway
users gas tax revenues and unrestricted excise tax revenues as well as debt funded by property taxes
levied by the City on property located within the City.
Capital projects funds: Capital projects funds are used to account for financial resources to be used for
the acquisition or construction of major capital facilities (other than those financed by proprietary
funds and trust funds).
Permanent fund: Permanent fund is used to account for financial resources to be used by the cemetery
fund.
39

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

Proprietary funds
Proprietary funds are used to account for the City’s ongoing organizations and activities, which are similar
to those found in the private sector. The measurement focus is based upon the determination of net income.
Enterprise funds: Enterprise funds are used to account for operations, including debt service, 1) that
are financed and operated in a manner similar to private business enterprises where the intent of the
governing body is that the costs (including depreciation) of providing goods or services to the general
public on a continuing basis be financed or recovered primarily through user charges, or 2) where the
governing body has decided that periodic determination of revenues earned, expenses incurred, and/or
net income is appropriate for capital maintenance, public policy, management control, accountability,
or other purposes. The enterprise funds, which the City currently maintains, are the water and sewer,
landfill, sanitation, and housing funds.
Internal service funds: Internal service funds are used to account for the financing of self-insurance
provided by one City department to other City departments on a cost-reimbursement basis.
E. Measurement focus and basis of accounting
The citywide financial statements are reported using the economic resources measurement focus and the
accrual basis of accounting, as are the proprietary fund financial statements. 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 except as described below in relation to grants. Revenues are considered to be
available when they are collected within the current period or soon enough thereafter to pay liabilities of
the current period. For this purpose, the City considers revenues to be available if they are collected
within 30 days of the end of the current fiscal period. Expenditures generally are recorded when a
liability is incurred, as under accrual accounting. However, principal and interest on general long-term
debt are recorded as fund liabilities when due or when amounts have been accumulated in the related
debt service fund for payments to be made shortly after fiscal year-end.
Revenues susceptible to accrual because of their availability include property tax, sales tax, highway
users tax, state shared sales tax, vehicle license tax, and interest earned on investments. Licenses and
permits, charges for services, fines and forfeitures, and miscellaneous revenues are recorded as revenues
when received in cash because they are generally not measurable until actually received.
In applying the susceptible to accrual concept to intergovernmental revenues, the decision to accrue
depends on the terms of the arrangement or agreement. Generally, these resources are reflected as
revenue at the time of receipt or earlier if they meet the available criterion. Certain grant revenues are
recognized based on expenditures recorded. Special assessment levies are reported as revenue when
measurable and available.
Grant revenues are recognized when all eligibility requirements are met, not necessarily when received.
Grant monies that have been received but are as yet unearned are carried forward as deferred revenue.
However, earned but not yet received grant monies are recognized as revenue and carried forward as a
receivables. This practice is defined and supported by GASB Statement 33, as it pertains to
“government-mandated nonexchange transactions,” paragraphs 19-25.

40

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
F. Statement of cash flows
The City considers short-term investments (including restricted assets) in the State of Arizona Local
Government Investment Pool (LGIP), mutual fund-money market, U.S. Treasury bills and notes with
original maturities of three months or less at acquisition date to be cash equivalents.
G. Inventories and prepaid items
Inventories of the governmental and enterprise funds consist primarily of expendable supplies held for
consumption. These inventories are maintained on a perpetual system verified through cyclical physical
counts and are valued using a weighted average cost. Generally, expenditures are recorded at the time
inventories are used (i.e., the Consumption Method) for both GAAP reporting and budgetary purposes.
However, the City postage inventory is recorded as an expenditure at time of purchase (i.e., the Purchase
Method) for budgetary purposes. At June 30, 2008, the postage portion of the general fund supplies
inventory was $53. Certain expenditures are recorded for financial reporting purposes as prepaid items.
Special reporting treatment is applied to governmental fund inventories to indicate that they do not
represent available expendable financial resources, even though they are a component of current assets.
Such amounts have been offset by a fund balance reserve account.
H. Restricted assets
Certain proceeds of the City’s bonds, as well as certain resources set aside for their repayment, are
classified as restricted on the balance sheet, or statement of net assets, because they are maintained in
separate bank accounts and their use is limited by applicable debt covenants. When both restricted and
unrestricted resources are available for use, it is the City’s policy to use restricted resources first, then
unrestricted resources, as they are needed.
I.

Capital assets
The City has chosen not to apply the modified approach to any networks or subsystems of infrastructure
assets. No long-term assets or depreciation are shown in the governmental fund financial statements.
Capital assets, including public domain infrastructure (e.g., roads, bridges, sidewalks and other assets that
are immovable and of value only to the City) are defined as assets with an initial, individual cost of more
than $5 and an estimated useful life greater than three years. Capital assets are recorded at cost or
estimated historical cost if purchased or constructed. Donated capital assets are recorded at the estimated
fair market value at the date of donation.
The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend
the assets’ lives are not capitalized. Major improvements are capitalized and depreciated over the
remaining useful lives of the related capital assets.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest
incurred during the construction phase of capital assets of business-type activities is included as part of
the capitalized value of the assets constructed. The total interest expense incurred by the enterprise funds
during the current fiscal year was $11,394. In addition, $681 was included as part of the cost of capital
assets under construction in connection with water and sewer projects.

41

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
Capital assets are depreciated using the straight-line method over the following estimated useful lives:
Assets
Buildings
Improvements other than buildings
Infrastructure
Machinery and equipment
Automotive equipment
Software
Computer equipment

Useful Life (Years)
30
10-20
10-100
5-8
6-8
3
3-5

Capital assets transferred between funds are transferred at their carrying value (cost less accumulated
depreciation) as of the date of the transfer.
J.

Water storage rights
The City has entered into a lease agreement with Salt River Pima-Maricopa Indian Community (SRPMIC) for the rights to 1814 acre-feet of water each year through 2099. These rights, costing $2,692, are
being amortized over 40 years on a straight-line basis starting January 1, 2000. Current year
amortization was $67. The net book value of water rights as of June 30, 2008, is $2,120. In addition, the
City will be responsible for paying for the cost of water delivered each year.
The City participates in the Plan Six cost sharing agreement to construct the Waddell Dam on the Agua
Fria River and modify the Roosevelt and Stewart Mountain Dams on the Salt River. The parties to this
agreement include the United States government, State of Arizona, Central Arizona Water Conservation
District, Salt River Project, and the cities of Phoenix, Chandler, Glendale, Mesa, Scottsdale, Tempe and
Tucson. The federal government has determined that this agreement does not constitute a joint venture.
As of June 30, 2008, the City has capitalized payment of $4,440 for these water rights. Upon
completion, the City will amortize this asset over 40 years on a straight-line basis.
The City purchased Central Arizona Project water rights as part of the Salt River Pima-Maricopa Indian
Community Water Rights Settlement in November 2007. These rights, as of June 30, 2008, costing
$2,027, are a permanent right and are considered to have an indefinite useful life.

K. Fund balance/net assets reservations and designations
In the fund financial statements, governmental funds report reservations of fund balance for amounts that
are not available for appropriation by legislative action by the City Council or are legally restricted by
outside parties for use for a specific purpose. Designations of fund balance represent tentative
management plans that are subject to change. Only restrictions imposed by external sources are shown
as restricted net assets on the government-wide financial statements. Reservations or designations of net
assets imposed by the reporting government, whether by administrative policy or legislative action of the
reporting government, are shown in aggregate on the governmental fund financial statements.
L. Property tax
The City levies taxes on real and personal property located within its boundaries. Property values are
assessed by the Maricopa County Tax Assessor. The tax levy is then approved by the State of Arizona
Property Tax Oversight Commission. The County Treasurer bills and collects property taxes and remits
them to the City monthly. City property tax revenues are recognized when levied to the extent that they
are received within the current period, or soon enough thereafter (within 30 days of year-end), to pay

42

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
liabilities of the current period. Remaining collectible taxes are accrued and reflected as deferred
revenue.
Property Tax Calendar
Lien date
Levy (assessment) date (third Monday in August)
Due dates:
First half of assessment
Second half of assessment
Penalties and interest added (collection dates):
First half of assessment
Second half of assessment

January 1, 2007
August 20, 2007
October 1, 2007
March 1, 2008

November 1, 2007
May 1, 2008

The City currently levies less than the maximum allowed by State Statutes for primary property taxes.
The City is permitted to levy an increase of two percent over the previous year’s maximum allowable
primary levy plus an increased dollar amount due to a net gain in property not taxed the previous year.
The secondary property tax levy is made for the purpose of retiring the principal, interest and servicing
fees on bonded indebtedness. The City may levy the amount deemed necessary to meet its bonded debt
service requirements. Assessed values are established by the Maricopa County Tax Assessor each year
on a uniform basis ratio to full cash value of each property class as required by State Statutes.
The distribution of the City’s levy (tax rate per $100 assessed value) to its funds for the year ended June
30, 2008, is as follows:
Fund
General fund
General obligation debt service fund
Total

Rate
$
0.27
1.35
$
1.62

M. Compensated absences
Vacation time is accumulated up to a maximum of eight workweeks. Compensatory time is earned in
lieu of cash payment for overtime and is accumulated up to a maximum of 80 hours. Both vacation and
compensatory time can either be taken as time off from work, within certain limitations, or may be
payable to employees upon termination or retirement. Sick leave is accumulated without limit and can be
used in the event of an illness in the immediate family. Accumulated sick leave is convertible to a
partial-cash benefit upon termination or retirement after five years of continuous service, or annually
after one year of service, through an irrevocable declaration.
The current portion of the liability for compensated absences recorded in the governmental fund is equal
to: 1) vacation and compensatory time taken and paid during the thirty days following the year ended
June 30, 2008, and 2) sick leave, taken and paid for illness during that period, paid to terminating
employees or paid under the optional annual declaration. Long-term liabilities of governmental funds are
not shown on the fund financial statements. All of the outstanding vacation, compensatory time, and sick
leave are recorded as a liability on the government-wide financial statements, and the proprietary fund
financial statements.

43

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
N. Deferred revenue
Governmental funds report deferred revenue in connection with receivables for revenues that are not
considered to be available to liquidate liabilities of the current period. Governmental funds also defer
revenue recognition in connection with resources that have been received, but not yet earned.
Revenues related to time payment contracts are recorded as deferred revenue earned but not available in
the permanent fund.
Revenues related to court fines are recorded as deferred revenue until adjudicated by the Court.
Revenues related to property tax levies are recorded as deferred revenue until available to fund current
activities.
Special revenue funds’ deferred revenue and receivables consist principally of low interest rate loans
made with grants from the Community Development Block Grant program for rehabilitation of homes
for low to moderate income Glendale residents. Revenue will be recognized in future periods as loans
are repaid or forgiven based on the homeowner’s loan contract. An expenditure was recorded when the
loans were made.
O. Long-term obligations
In the government-wide financial statements, and proprietary fund types in the fund financial statements,
long-term debt and other long-term obligations are reported as liabilities in the applicable governmental
activities, business-type activities, or proprietary fund type statement of net assets. Bond premiums and
discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the
straight-line method, which approximates the effective interest method. Bonds payable are reported net
of the applicable bond premium or discount.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as
well as bond issuance costs, during the current period. The face amount of debt issued is reported as
other financing sources. Premiums received on debt issuances are reported as other financing sources
while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not
withheld from the actual debt proceeds received, are reported as debt service expenditures.
P. Operating revenues and expenses
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of
the enterprise funds and the City’s internal service funds are charges to customers for sales and services,
or housing operational grants from a federal agency. The water and sewer fund also recognizes as
operating revenue the portion of tap fees intended to recover the cost of connecting new customers to the
system. Operating expenses for enterprise funds and internal service funds include the cost of sales and
services, administrative expenses, and depreciation on capital assets. All revenues and expenses not
meeting this definition are reported as nonoperating revenues and expenses.
Q. Deferred compensation
Voluntary Deferred Compensation Plan for Employees of the City of Glendale, State of Arizona;
Restated Plan Document (the “Plan document”) was adopted by the Mayor and City Council on
November 10, 1998, and amended on January 8, 2002, to incorporate the Federal Economic Growth and
Tax Relief Reconciliation Act of 2001. In addition, the Mayor and City Council adopted a defined
44

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
contribution deferred compensation plan document on April 9, 2002, under the Internal Revenue Code
Section 401(a). Through the Plan document, the City offers its employees a deferred compensation plan
that permits them to defer a portion of their current salary until future years. Any contributions made to
the deferred compensation plan, in compliance with Section 457 and 401(a) of the Internal Revenue
Code, are not available to employees until termination of employment, retirement, death or an unforeseen
emergency. Contributions to the plan are administered by one of two third-party administrators, ICMA
Retirement Corporation (ICMA-RC) and PEBSCO Securities Corporation (Nationwide Retirement
Solutions). In compliance with the provisions of the U.S. Internal Revenue Code Sections 457(g) and
401(a), the plan assets are in custodial or trust accounts for the exclusive benefit of the plans’ participants
and beneficiaries.
The City provides neither administrative services nor investment advice to the plans; therefore, no
fiduciary relationship exists between the City and the deferred compensation pension plan. Therefore,
plan assets are not included as a fund of the City. To further clarify the legal trust status in Arizona of
plan assets with ICMA-RC and Nationwide Retirement Solutions, a Trust Agreement was executed by
the City management on May 19, 2001.
R. Investments
The City utilizes the following methods and assumptions to account for its investments:
1.

Aside from investments clearly identified as belonging to a specific fund, any unrealized gain/loss
resulting from the valuation is recognized within the general fund as investment revenue.
2. Investments are recorded at fair value, which is based on quoted market prices as of the valuation
date.
3. Pooled investment income is allocated to various funds monthly based on the average equity
balances maintained during the month.
Arizona Revised Statutes require the City to deposit certain crime-related forfeitures with the County
Treasurer. The County Treasurer determines the fair value of those pooled investments. The structure of
the pool does not provide for shares and the County has not provided or obtained any legally binding
guarantees to support the value of the participants’ investments.
The City’s investment in LGIP represents shares of the pool’s portfolio. The fair value of each share in
the LGIP is one dollar. These shares are not identified with specific investments and are not subject to
custodial credit risk. Neither the County nor LGIP are registered with the Securities and Exchange
Commission as investment companies. The State Board of Deposits provides oversight, and the Local
Government Investment Pool Advisory Committee provides consultation and advice to the LGIP. There
is no regulatory oversight of the County Treasurer’s operations. The net increase in the fair value of
investments during fiscal year 2007-08 was $72.
II.

Compliance - Excess of expenditures over appropriations/deficits in fund equity
For the year ended June 30, 2008, expenditures exceeded appropriations in the Other Special Revenue fund,
Parks Bond Construction fund, and Housing fund (the legal level of budgetary control) by $1,772, $147, and
$831, respectively. These over-expenditures were funded by beginning fund balance and operating transfers.
The City ended the fiscal year June 20, 2008, with a deficit fund balance in the following funds:
Public facilities corporation construction fund:
The deficit was funded by a fiscal year 2009 bond sale, see footnote XIX.
Police and fire sales tax fund:
The deficit was funded by future sales tax collections.
45

$ 34,833

247

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

III.

Deposits and investments
The City maintains a cash management pool for its cash and cash equivalents in which each fund and/or
account or sub-account of a fund participates on a dollar equivalent basis.
Deposits
At year-end, the carrying amount of the City’s deposits was $60,480 and the bank balances were $62,126.
The difference of $1,646 represents deposits in transit, outstanding checks and other reconciling items. Of
the bank balance, $300 was insured by the Federal Depository Insurance Corporation (FDIC). The remaining
bank balances were covered by $103,434 of collateral held by the City’s agent in the City’s name.
Investments
State Statutes and the City’s investment policy authorize the City to invest in obligations of the U.S.
Treasury, its agencies and instrumentalities, repurchase agreements, commercial paper (A-1/P-1 rated),
interest-earning money market accounts, certificates of deposit, and the State of Arizona Local Government
Investment Pool (LGIP). Investments may not exceed three years to maturity from the date of purchase.
The City’s investment in the LGIP is stated at fair value, which also approximates the value of the investment
upon withdrawal.
As of June 30, 2008, the City had the following investments:

Investment Type

Investment Maturities (in years)
1-2
2-3

0-1

Commercial paper
U.S. Agencies
Total investments
State LGIP total
Grand total investments
Cash deposits
Other restricted cash
Total deposits and investments

$

34,524
225,131
259,655
57,514
$ 317,169

$

$

15,097
15,097
15,097

$

$

5,033
5,033
5,033

Fair Value
$

34,524
245,261
279,785
57,514
337,299
60,480
25,488
$ 423,267

Interest rate risk: As a means of limiting its exposure to interest rate risk the City’s investment policy
requires all securities to mature in no more than three years. The City also purchases securities to be laddered
with staggered maturity dates and limits at least half of the City’s investment portfolio to maturities of 12
months or less.
Credit risk: As of June 30, 2008, the City’s investments were rated by Moody’s Investor Service and
Standard & Poor’s as follows:

Investment Type
U.S. Agencies
Commercial paper

Moody's
Rating

S&P
Rating

% of
Investments

Weighted Average
Maturity (Years)

Aaa
P1

AAA
A-1+

87.66%
12.34%

0.11
0.08

46

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
Concentration of credit risk: The investment policy of the City contains no limitations on the amount that can
be invested in any one issuer. Investments in any one issuer (other than U.S. Treasury securities, mutual
funds, and external investment pools) that represent 5% or more of the total investments are as follows:
Issuer
FHLB Total
FHLMC Total
FNMA Total

Investment Type
U.S. Agencies
U.S. Agencies
U.S. Agencies

$

Amount
96,759
74,305
74,197

Custodial credit risk: To control custodial credit risk, the City’s investment policy requires all securities and
collateral to be held by an independent third party custodian in the City’s name. The custodian provides the
City with monthly market values along with original safekeeping receipts.

The remainder of this page left blank intentionally.

47

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
IV.

Capital assets
A summary of capital asset activity, for the government-wide financial statements, for the year ended June
30, 2008, is as follows:
Balances
June 30, 2007
Governmental activities
Non-depreciable assets:
Construction in progress
Land
Artwork
Total non-depreciable assets

$

Depreciable assets:
Buildings
Improvements other than buildings
Infrastructure - streets
Infrastructure - parks
Infrastructure - flood/storm drains
Infrastructure - airport
Machinery and equipment
Computer equipment
Software
Automotive equipment
Total depreciable assets at historical cost

$

184,416
131,029
513,433
63,908
30,855
13,381
31,520
2,487
735
34,728
1,006,492

Less accumulated depreciation for:
Buildings
Improvements other than buildings
Infrastructure - streets
Infrastructure - parks
Infrastructure - flood/storm drains
Infrastructure - airport
Machinery and equipment
Computer equipment
Software
Automotive equipment
Total accumulated depreciation
Total depreciable assets, net
Governmental activities capital assets, net

251,824
70,205
1,448
323,477

Additions

$

129,443
3,491
132,934

Transfers

$

404
4,904
159
3,009
1,150
29
5,110
14,765

(127,694)
(127,694)

(5,307)
(5,822)
(13,303)
(2,477)
(416)
(441)
(3,609)
(448)
(88)
(3,732)
(35,643)

-

702,331

(20,878)

127,694

48

$

112,056

$

53,039
8,108
60,480
4,178
1,267
622
127,694

(43,348)
(60,458)
(139,568)
(13,879)
(3,901)
(5,537)
(16,005)
(1,459)
(544)
(19,462)
(304,161)

1,025,808

$

Balances
June 30, 2008

Disposals

-

(4,566)
(4,566)

$

(16)
(446)
(102)
(8)
(2,296)
(2,868)

237,455
139,525
578,817
68,245
32,122
14,003
34,083
3,535
756
37,542
1,146,083

(48,655)
(66,269)
(152,871)
(16,356)
(4,317)
(5,978)
(19,202)
(1,806)
(624)
(21,033)
(337,111)

11
412
101
8
2,161
2,693
(175)
$

(4,741)

253,573
69,130
1,448
324,151

808,972
$

1,133,123

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
Balances
June 30, 2008,
as Restated
Business-type activities:
Non-depreciable assets:
Construction in progress - water and sewer
Construction in progress - landfill
Construction in progress - housing authority
Land
Total non-depreciable assets

$

Depreciable assets:
Buildings
Water storage rights
Improvements other than buildings
Water lines
Sewer lines
Water treatment plant
Sewer treatment plant
Meters and services
Fire hydrants
Machinery and equipment
Computer equipment
Automotive equipment
Total depreciable assets at historical cost
Less accumulated depreciation for:
Buildings
Water storage rights
Improvements other than buildings
Water lines
Sewer lines
Water treatment plant
Sewer treatment plant
Meters and services
Fire hydrants
Machinery and equipment
Computer equipment
Automotive equipment
Total accumulated depreciation
Total depreciable assets, net
Business-type activities capital assets, net

$

88,557
26
537
11,609
100,729

Additions

$

34,159
276
514
10,519
45,468

Balances
June 30, 2008

Disposals

$

(106,104)
(192)
(106,296)

$

16,612
302
859
22,128
39,901

14,085
7,132
27,040
100,052
117,616
121,872
134,693
27,609
5,187
3,942
1,227
17,130
577,585

129
2,027
25,444
2,313
1,780
80,093
302
8
2,118
114,214

(393)
(314)
(893)
(1,600)

14,214
9,159
52,484
102,365
119,396
201,965
134,693
27,609
5,187
3,851
921
18,355
690,199

(5,600)
(504)
(5,794)
(26,439)
(37,742)
(43,500)
(14,950)
(8,411)
(1,709)
(3,143)
(1,013)
(11,356)
(160,161)

(439)
(67)
(1,404)
(2,008)
(2,597)
(3,810)
(3,868)
(737)
(102)
(247)
(5)
(1,644)
(16,928)

353
313
884
1,550

(6,039)
(571)
(7,198)
(28,447)
(40,339)
(47,310)
(18,818)
(9,148)
(1,811)
(3,037)
(705)
(12,116)
(175,539)

417,424

97,286

518,153

$

142,754

(50)
$

(106,346)

514,660
$

554,561

Note: Business-type activities beginning balance was restated to include water storage rights as a noncurrent
depreciable capital asset.

49

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
Depreciation was charged to functions/programs as follows:

Governmental activities:
General
Public safety
Public works
Street maintenance
Community services
Community environment
Total depreciation expense

$

$

Business-type activities:
Water and sewer
Landfill
Sanitation
Housing
Total depreciation expense

$

$

11,410
4,329
2,286
12,245
5,337
36
35,643

14,568
1,069
938
353
16,928

Included in the water and sewer depreciation amount is $67 amortization of water storage rights.
V.

Construction and other significant commitments

The City has active construction projects as of June 30, 2008. The projects include street construction, park
facilities, spring training facility, and the construction of additional water and sewer facilities. At year-end
the government’s commitments with contractors are as follows:

Project

Spent-to-Date

Construction
Commitment

General government
Community services
Public safety
Public works
Street maintenance
Water and sewer facilities
Landfill
Housing
Total primary government

$

$

$

73,958
61,315
24,588
81,172
12,540
16,612
302
859
271,346

$

857
2,323
3,760
17,985
2,072
10,095
138
37,230

The City, under the memorandum of agreement with the Arizona Sports and Tourism Authority (AZSTA)
and B & B Holdings (DBA Arizona Cardinals), irrevocably assigns, transfers, and pledges unrestricted excise
taxes collected at the Multipurpose Facility site (Stadium) to AZSTA. In consideration for the pledge of
unrestricted excise tax revenues, the AZSTA issued bonds to improve the Stadium infrastructure. The City’s
obligation is to make monthly payments to the AZSTA for sales tax payments collected from the site only.
The AZSTA bonds do not constitute a legal debt of the City.
VI.

Self-insurance funds

The City is exposed to various risks of loss. Certain of these risks are accounted for within the internal
service fund type.

50

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

A. Risk management

On January 1, 1987, the City established a risk management fund for torts; loss and destruction of assets;
errors and omissions; and natural disaster. The City’s risk management fund purchases commercial
insurance for liability, property, aviation, errors and omissions, boiler and machinery, and vehicle
property damage. The risk management fund was fully self-insured through June 30, 1998, for tort
liability loss. Effective July 1, 1998, the City purchased excess public entity liability insurance with
$1,000 of self-insurance retention for claims incurred on or after July 1, 1998.
Funds receiving insurance coverage pay monthly premiums to the risk management fund based upon a
budget model taking into consideration prior loss experience, staffing, and operating budget.
Premium payments to insurance carriers are made directly from the risk management fund. There have
been no settlements paid in excess of insurance in any of the past three years nor has insurance coverage
been significantly reduced in recent years.
B. Workers’ compensation

On July 1, 1994, the City established a workers’ compensation fund for work-related injuries to
employees. The workers’ compensation fund provides coverage up to a maximum of $500 for each
workers’ compensation claim and purchases commercial insurance for claims in excess of $500.
Funds receiving insurance coverage pay monthly premiums to the workers’ compensation fund based
upon a budget model taking into consideration prior loss experience, staffing level, and the National
Council on Compensation insurance workers’ compensation manual rates.
Premium payments to insurance carriers are made directly from the workers’ compensation fund. There
have been no settlements paid in excess of insurance in any of the past three years.
C. Employee benefits

On July 1, 2000, the City established an employee benefits fund to meet future cost increases for healthrelated insurance.
Premiums are collected through contributions from employee paychecks and department budgets.
Retirees and COBRA participants contribute 100% of premiums for their insurance benefit coverage.
Premiums for the medical, vision, dental, and life insurance plans are determined prior to each renewal
period by estimating the costs of claims and administration of the plan based on a variety of factors
including: the demographics of the group, previous claims history, plan design changes and any new
mandated benefits. These insurance benefits are provided through minimum premium and self-insured
insurance plans. The City is responsible for the first $150 in medical claims per individual plan year.
Any claims exceeding $150 are paid by the reinsurance plan.
Premiums for the minimum premium medical plan are set prior to the beginning of each plan year equal
to 105% of the expected claims liability.
Premium payments to insurance carriers are made directly from the fund. There have been no
settlements paid in excess of insurance in any of the past three years nor has insurance coverage been
significantly reduced in recent years.

51

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
D. Estimated liability

Based on information provided by the actuary, liabilities are reported when it is probable that a loss has
occurred and the amount of the loss can be reasonably estimated.
Liabilities include an amount for claims that have been incurred but not reported, the effects of specific,
incremental claim adjustment expenses, and other allocated claim adjustment expenses. The City’s
workers’ compensation self-insurance program liability includes recoveries related to subrogation.
Salvage and subrogation are immaterial to both risk management and employee benefits self-insurance
programs and are not incorporated into the liability. The self-insurance programs do not include a
provision for unallocated claim adjustment expenses except for the workers’ compensation fund, which
provides for unallocated claims adjustment expenses and Industrial Commission taxes and fees.
The City claim liabilities are calculated considering the effects of inflation, recent claim settlement trends
including frequency and amount of payouts and other economic and societal factors.
The City reports the estimated liability in net present value dollars using a future investment yield
assumption of 5%. These liabilities are reported in the internal service funds at their present value of
$8,919 as of June 30, 2008. Changes in the balances of claims liabilities during the past two years are as
follows:
Risk Management
2008
2007
Unpaid claims, beginning of fiscal year
Current year claims and changes in
estimate
Claims payments

$

Balance at fiscal year end

$

3,747

$

2,031
(1,698)
4,080

Workers' Compensation
2008
2007

3,837

$

1,153
(1,243)
$

3,747

2,098

$

1,962

681
(793)
$

1,986

Employee Benefits
2008
2007
$

1,126
(990)
$

2,098

2,055

$

20,253
(19,455)
$

2,853

1,694
18,300
(17,939)

$

2,055

VII. Leases
A. Capital leases

The City’s capital lease activity consists principally of leasing various types of heavy equipment for
sanitation and fire. Additionally, the City has entered into capital leases involving real property for
various funds. The City’s lease obligations meet the criteria of a capital lease as defined by Statement of
Financial Accounting Standards No. 13 “Accounting for Leases,” and have been recorded on the
government-wide statements. Leases vary in terms from 5 years for sanitation vehicles, 7-9 years for fire
trucks to 10 years for real property. Current year expenditures are $738 for business-type activities and
$1,654 for governmental activities. The future minimum lease obligation and net present value of lease
payments at June 30, 2008, are as follows:
Governmental
Activities

Year Ending June 30
2009
2010
2011
2012
2013
2014-2018
Total minimum lease payments
Less: Amount representing interest
Present value of net minimum lease payments

$

$

52

2,398
2,264
2,898
5,253
94
229
13,136
(2,298)
10,838

Business-type
Activities
$

$

663
524
459
155
1,801
(113)
1,688

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

The assets acquired through capital leases are as follows:

Class of Property
Equipment
Automotive equipment
Building
Other
Less: Accumulated depreciation
Total

Governmental
Activities

Business-type
Activities

$

$

$

460
2,975
197
5,492
9,124
(4,749)
4,375

$

250
7,490
150
2,389
10,279
(5,756)
4,523

B. Operating lease expenditures

The City leases office space and vehicles under various cancelable operating lease agreements expiring at
various dates. Certain leases contain provisions for possible future increased rentals based upon changes
in the Consumer Price Index. Combined annual rental payments in fiscal year 2007-08 were $594.
C. Operating lease revenue

The City also leases various City-owned properties and buildings under cancelable and non-cancelable
long-term lease agreements through fiscal year 2009 and beyond. The carrying value of leased assets is
$181,243 (cost of $231,176 less accumulated depreciation of $49,933). The leased properties and
buildings are included as capital assets in the government-wide financial statements. Certain leases
contain provisions for future increased revenues based upon changes in the Consumer Price Index.
Scheduled minimum revenues for non-cancelable leases for succeeding fiscal years ending June 30 are as
follows:
Total
Revenues
$
1,383
1,285
1,044
873
715
17,571
$
22,871

Fiscal Year
2009
2010
2011
2012
2013
2014 and beyond
Total

VIII. Short-term debt

The City did not issue short-term debt for the year ended June 30, 2008.

53

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

IX.

Long-term debt
A. General obligation bonds

The City issues general obligation bonds to provide funds for the acquisition and construction of major
capital facilities. General obligation bonds have been issued for both governmental and business-type
activities. General obligation bonds are direct obligations and pledge the full faith and credit of the City
and are repaid through the City’s levying of property taxes. Retirement of the general obligation bonds
in the business-type activities are intended to be paid back by the revenues of the business-type activities.
B. Revenue bonds

Highway Users Revenue Bonds (HURF) are used to construct street and highway projects. The $30,895
HURF bonds outstanding are special obligations of the City and are secured by taxes, fees, charges or
other monies collected by the state and returned to the City pursuant to Title 28, Chapter 18, Article 2,
A.R.S. as amended. A special revenue fund called highway users gas tax fund has been set up by the City
to collect HURF revenues from the state and transferred to the debt service fund to pay for HURF
principal and interest. The total principal and interest remaining on the bonds to be paid is $32,090. The
current year revenues of $16,647 paid the current year principal and interest amounts of $3,415 and
$1,290, respectively. The State Legislature has in the past and may in the future alter the type and/or rate
of taxes, fees, and charges as well as allocation of such monies.
The transportation revenue bonds are special revenue obligations of the City and are used to construct
various transportation projects such as roadway widening, intersection improvements, and right-of-way
acquisitions. The City has pledged and the debt service payments are secured by a 0.50% transportation
excise tax approved by voters on November 6, 2001. The total principal and interest to be paid to a
trustee under a trust agreement is $175,866. The current year revenues of $23,672 collected in the
transportation special revenue fund, paid the current year principal and interest amounts of $4,075 and
$3,255, respectively.
The water and sewer revenue bonds/obligations have been issued for the construction, acquisition, and
equipping of water and sewer facilities and related systems and infrastructure. The $288,950 in
outstanding obligations are special revenue obligations and are pledged and secured solely by the net
revenues of the system. The net revenues of the system consist of revenues collected from customers
including development impact fees less such necessary expenses of operation, maintenance, and repair of
the system excluding depreciation and debt service. The current year principal and interest on the bonds
and current year net revenues of the system were $17,229 and $22,185, respectively.
C. Municipal property corporation (MPC) bonds

In 1982, 2002, 2003, 2006, and 2008 the MPC, a non-profit corporation, issued bonds to finance the
construction of a new municipal office complex, hockey arena, public safety training center, parking
garage, media center, convention center and city infrastructure, respectively. On October 19, 1982, July
31, 2002, May 1, 2003, and June 1, 2006, the City entered into a lease purchase agreement with MPC,
whereby, the City is purchasing the constructed municipal office complex, hockey arena, public safety
training center, parking garage, media center, convention center and city infrastructure, respectively,
from MPC. In addition, on April 1, 2004, the City entered into a lease agreement with the MPC to issue
bonds to finance an escrow account to refund certain outstanding City improvement district bonds. In
June 2008, the City entered into a lease agreement with the MPC to issue bonds to refund outstanding
2006B bonds. An amount equal to the MPC debt service and related miscellaneous fees, is payable to
the MPC in monthly installments by the City.

54

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

Under the provisions of the purchase agreement, the City has pledged for the payment of the purchase
price: 1) all net revenues derived by it from the municipal office complex and arena, and 2) all excise,
transaction, privilege and franchise taxes which it currently collects, which it may collect or which are
allocated to it by any other governmental unit or municipal corporation, except its share of such amounts
which by state law, rule or regulation must be expended for other purposes. However, under no
circumstances shall such pledge constitute a general obligation of the City or will the purchase price be
payable from the proceeds of ad valorem taxes.
D. Changes in long-term liabilities

The following is a summary of changes in long-term liabilities reported in the governmental activities
financial statements for the year ended June 30, 2008:
June 30,
2007
General obligation (G.O.) bonds
Revenue bonds:
Highway users revenue
Transportation bonds
Municipal property corporation
Total bonds payable

$

Notes payable:
Notes payable
Total notes payable
Other long-term obligations:
Capital lease obligations
OPEB obligations
Compensated absences
Claims and judgments
Unamortized premium on debt
issuance
Developer payable obligations
Arbitrage rebate payable
Total other long-term obligations
Total

$

Additions

224,234

$

June 30,
2008

Reductions
-

$

(11,710)

$

212,524

Amounts
Due Within
One Year
$

14,786

34,065
293,530
551,829

109,110
94,235
203,345

(3,170)
(89,715)
(104,595)

30,895
109,110
298,050
650,579

3,415
4,075
3,920
26,196

6,279
6,279

3,587
3,587

(821)
(821)

9,045
9,045

1,403
1,403

12,492
13,393
7,899

16,235
2,363
22,965

(1,654)
(1,063)
(21,945)

10,838
16,235
14,693
8,919

1,665
11,806
5,436

6,363
1,570
447
42,164

2,192
109
169
44,033

(520)
(25,182)

8,035
1,679
616
61,015

563
19,470

600,272

$

250,965

$

(130,598) $

720,639

$

47,069

General fund typically has been used to liquidate compensated absences in prior years, since most
employees engaged in governmental activities are paid from that fund. Paychecks include payment for
leave taken during the current pay period. Of the $720,639 in the total liabilities, $46,375 represents debt
related to unspent bond proceeds ($45,955 restricted cash in transportation fund and $420 restricted cash
in municipal property corporation construction fund) and $633,801 is related to net assets invested in
capital assets. Other obligations not included in the calculation of net assets invested in capital assets are
OPEB obligations, compensated absences, claims and judgments, and arbitrage rebate payable.

55

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

The following is a summary of changes in long-term liabilities reported in the business-type activities
financial statements for the year ended June 30, 2008:

June 30,
2007
Water and sewer G.O. bonds
Landfill G.O. bonds
Water and sewer revenue/obligation bonds
Total bonds payable

$

Notes payable
Total notes payable
Capital lease obligations
Estimated closure and post-closure
costs
Unamortized premium on debt
issuance
OPEB obligations
Compensated absences
Housing noncurrent liabilities
Arbitrage rebate payable
Total other long-term obligations
Total

$

11,595
520
229,130
241,245

Additions
$

June 30,
2008

Reductions

65,500
65,500

$

(790)
(189)
(5,680)
(6,659)

$

10,805
331
288,950
300,086

Amounts
Due Within
One Year
$

810
199
6,605
7,614

10,862
10,862

-

(622)
(622)

10,240
10,240

647
647

2,349

-

(661)

1,688

608

10,977

442

11,419

-

7,110
2,098
30
484
23,048

361
3,494
334
7
4,638

7,067
3,494
2,386
37
26,091

414
1,788
2,810

275,155

$

70,138

(404)
(46)
(484)
(1,595)
$

(8,876)

$

336,417

$

11,071

Of the $336,417 in total liabilities, $61,849 represents debt related to unspent bond proceeds and
$257,232 is related to net assets invested in capital assets. Other obligations not included in the
calculation of net assets invested in capital assets are estimated closure and post-closure costs, OPEB
obligations, compensated absences, and housing noncurrent liabilities.
E. Advance refunded bonds

The City issued refunding bonds to defease certain outstanding bonds, thus achieving debt service
savings. The City has placed the proceeds from the refunding issue in an irrevocable escrow account
with a trust agent, which will provide amounts sufficient for future payment of principal and interest of
the issue refunded.
Accordingly, the trust account assets and liabilities for the defeased bonds are not included in the City’s
financial statements. Although defeased, the refunded debt from this issue will not be actually retired
until the call dates have come due or until maturity if they are not callable issues.
Issue Refunded
General Obligation Bonds
Series 2000

Date Refunded
April 11, 2006

56

Remaining Balance
$9,255

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
F. Bonds payable

Bonds payable at June 30, 2008, are comprised of the following:
Classified in governmental activities on the government-wide financial statements:
General Obligation Bonds:
Issued
Fiscal
Year
Year
Amount of
Interest
Ending
Series
Original
Purpose
Rate
June 30
Matures
Issue

Bonds
Outstanding
June 30,
2008

G.O. bonds payable from secondary assessed property taxes
Various
4.15-4.60
1998
Various
5.00-5.40
2000
Various
2.50-5.00
2002
Various
1.50-5.00
2003
Various
3.00-5.00
2004
Various
3.50-4.00
2005
Refunding
5.00-5.00
2006
Various
4.00-5.00
2006
Various
4.00-5.00
2007
Total

2008
2015
2022
2022
2019
2015
2015
2021
2022

12,000
20,215
40,235
52,525
36,645
11,960
9,065
29,365
61,000

1,465
4,124
29,170
39,335
30,410
9,890
9,065
28,065
61,000
212,524

Revenue bonds payable from highway user revenue funds
Streets
5.00-5.37
2000
Streets
2.50-4.00
2004
Streets
4.00-5.00
2006
Total

2010
2014
2016

8,750
14,655
15,745

4,735
11,630
14,530
30,895

109,110

109,110

Revenue bonds payable from the 0.5% transportation sales tax
Transportation excise tax
4.00-5.00
2008
2032

Municipal property corporation payable from general fund lease payments
Refunding
4.25-4.90
2000
2009
12,615
MPC excise tax
5.00-5.38
2003
2033
5,055
MPC excise tax 2003A
2.50-5.00
2003
2024
49,940
MPC excise tax 2003B
1.46-5.58
2003
2033
105,260
MPC refunding
4.70-4.70
2004
2033
7,250
MPC excise tax 2004A
2.00-5.00
2004
2014
10,880
MPC excise tax 2006A
4.00-5.00
2006
2026
33,250
MPC excise tax 2008A
3.00-5.00
2008
2032
32,315
MPC excise tax 2008B
5.45-6.16
2008
2033
52,780
MPC excise tax 2008C
4.00-5.02
2008
2015
9,140
Total
Total bonds payable recorded in governmental activities
Less current portion
Long-term portion of bonds payable recorded in governmental activities

57

3,380
5,055
49,625
96,840
7,250
8,415
33,250
32,315
52,780
9,140
298,050

$

650,579
(26,196)
624,383

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

Classified in business-type activities on the government-wide financial statements:

Purpose

Interest
Rate

Issued
Fiscal
Year
Ending
June 30

Year
Series
Matures

G.O. bonds payable from landfill fund
Landfill
5.00-5.40
2000
Total
G.O. bonds payable from water and sewer fund
Water and sewer
1.50-5.00
2003
Total

2015

Amount of
Original
Issue

Bonds
Outstanding
June 30,
2008

$

$

1,460

331
331

2022

13,875

10,805
10,805

Revenue bonds/obligations payable from water and sewer fund
Various
4.75-5.75
2000
2010
Various
4.00-5.00
2004
2023
Various
4.00-5.25
2006
2026
Various
4.25-5.00
2007
2028
Various
3.00-5.00
2008
2028
Total

53,000
80,000
80,000
44,500
65,500

18,950
80,000
80,000
44,500
65,500
288,950

Total bonds payable recorded in business-type activities
Less current portion
Long-term portion of bonds payable recorded in business-type activities

$

300,086
(7,614)
292,472

The Arizona Constitution provides that the general obligation bonded indebtedness for a city for general
municipal purposes may not exceed 6% of the secondary assessed valuation of the taxable property in
that city. In addition to the 6% limitation for general municipal purpose bonds, cities may issue general
obligation bonds up to 20% of the secondary assessed valuation for supplying such city with water,
sewer, artificial light, public safety, law enforcement, fire and emergency services, streets and
transportation facilities, and for the acquisition and development of land for open space preserves, parks,
playgrounds and recreational facilities.
The City’s unused bonded debt borrowing capacity as of June 30, 2008, is as follows:
6%
Capacity to incur bonded debt
Less: Bonded debt applicable to limit
Unused bonded debt capacity

$
$

109,621
(43,358)
66,263

20%
$
$

365,404
(150,157)
215,247

The various bond indentures contain significant limitations and restrictions on annual debt service
requirements, maintenance and flow of monies through various restricted accounts, and minimum
revenue and bond coverage. The City is in compliance with all such significant limitations and
restrictions.

58

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
G. Bonds authorized, issued and unissued

Bonds authorized but not fully issued as of July 1, 2008, are shown below:

G.O. Bonds
Voter authorized October 20, 1981
Operations center

Authorized
Amount

$

Voter authorized March 10, 1987
Library

6,750

Issued through
June 30, 2008

$

550

Authorized
but
Unissued

$

6,200

9,698

8,000

1,698

Cultural facility(1)
Economic development
Flood control

18,215
50,500
38,860

4,494
16,088
35,307

13,721
34,412
3,553

Governmental facilities(1)

40,910

12,385

28,525

Landfill development(1)
Library
Open spaces
Parks and recreation
Public safety

17,000
15,398
53,700
57,188
64,801

1,460
3,175
49,741
50,666

15,540
15,398
50,525
7,447
14,135

6,935

185

6,750

$

20,554
16,155
102,638
79,065
598,367

$

11,827
193,878

$

20,554
16,155
102,638
67,238
404,489

$

56,000

$

49,657

$

6,343

Voter authorized November 2, 1999

Transit(1)
Voter authorized May 15, 2007
Flood control
Parks and recreation
Public safety
Streets and parking
Total G.O. bonds
Revenue bonds
Voter authorized March 10, 1987
Water and sewer
Voter authorized November 2, 1999
Water and sewer(1)
Total revenue bonds
Total bonds

10,000
66,000
$

664,367

49,657
$

243,535

10,000
16,343
$

420,832

(1) Certain general obligation bonds or revenue bonds can be issued as general obligation bonds,
revenue bonds or a combination thereof.

59

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
H. Other debt (notes, long-term)

Classified in the governmental activities in the government-wide financial statements:
Downtown Glendale Building Purchase - The $1,779 note dated June 5, 2000, is
an assumed loan payable in 98 installments at an interest rate of 9.00% with the
final pyament due on or before September 1, 2008.

$

100

Northern Crossing Land Purchase - The $14,500 note dated November 15, 2002,
is payable in nine annual installments at a variable interest rate based on LIBOR
with the final payment due on or before September 15, 2012. The interest rate
assumption stays level after the 2008 fiscal year.

4,278

Larry Miller Land & Building Purchase - The $2,700 note dated December 30,
2004, is payable in five annual installments at an interest rate of 1.68% with the
final payment due on or before December 30, 2009.

1,080

Repayment of State Aviation grant funds - The $3,131 note dated October 9,
2007, is payable in ten bi-annual installments at an interest rate of 4.31% with the
final payment due on or before December 31, 2012.

3,131

6822-6832 North 58th Avenue Land and Improvements Purchase - The $431,500
note dated September 5, 2007, is payable in three annual payments at an interest
rate of 2.5% with the final pyament due on or before July 15, 2009.

306

6820 North 58th Avenue Land and Improvements Purchase - The $187,500 note
dated September 5, 2007, is payable in five annual payments at an interest rate of
2.5% with the final payment due on or before July 15, 2011.

150

Total notes payable recorded in governmental activities
Less current portion
Long-term portion of notes payable recorded in governmental activities

$

9,045
(1,403)
7,642

$

10,240

$

10,240
(647)
9,593

Classified in the business-type activities in the government-wide financial statements:
Cholla Water Treatment Plant Solids Handling Facilities - The maximum
available under the loan is $15,400 of which $12,598 was drawn down and
recorded as a liability as of June 30, 2004. The loan is scheduled to be paid in
annual installments over 20 years with an interest rate of 4.40%. Principal and
interest are payable from the water and sewer fund.
Total notes payable recorded in business-type activities
Less current portion
Long-term portion of notes payable recorded in business-type activities

60

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

I.

Debt service requirements
Fiscal
Year
Ending
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Total
Less
interest
Principal

Highway
Users
Revenue
Bonds
$

4,696
4,699
4,690
4,696
4,699
4,686
1,953
1,971
32,090

Landfill
G.O.
Bonds

$

7,328
7,329
7,328
7,328
7,326
7,326
7,326
7,326
7,327
7,330
7,328
7,326
7,329
7,329
7,328
7,328
7,328
7,330
7,329
7,331
7,328
7,326
7,327
7,325
175,866

$

21,940
20,401
21,186
21,317
21,357
21,371
19,552
19,665
22,031
22,086
22,142
22,195
22,258
22,307
22,363
23,010
23,064
23,123
20,525
20,585
19,778
20,717
20,778
20,837
13,634
8,563
536,785

G.O.
Bonds
$

Notes
Payable

$

139
139
7

70,831

242,655

62,796

$

132

$ 105,035

$ 294,130

$ 197,738

4,610
$ 27,480

Transportation
Bonds

Various Purposes

Municipal
Property
Corporation
Bonds

22,543
22,673
22,630
22,631
22,642
22,646
22,595
19,039
18,951
18,901
14,475
11,155
11,197
8,456
260,534

Water and Sewer
G.O.
Bonds

Notes
Payable

$ 1,263
1,256
1,251
1,251
1,259
1,260
1,249
1,236
1,226
1,214
12,465

$ 1,034
1,034
1,034
1,034
1,034
1,034
1,034
1,034
1,034
1,034
1,034
667
6
12,047

Revenue
Bonds/
Obligations

$

1,924
1,813
2,117
2,557
2,382
10,793

$

22,525
22,528
22,532
22,530
22,526
22,526
22,528
22,530
22,524
22,530
22,524
22,529
22,527
22,528
23,661
23,659
23,652
23,656
16,491
12,757
439,263

1,748

2,470

2,454

156,918

$

9,045

$ 9,995

$ 9,593

$ 282,345

Total
$

83,392
81,733
82,768
83,344
83,225
80,849
76,237
72,801
73,093
73,095
67,503
63,872
63,317
60,620
53,352
53,997
54,044
54,109
44,345
40,673
27,106
28,043
28,105
28,162
13,634
8,563
1,479,982

$

935,493

544,489

The following table discloses the debt service requirements as of June 30, 2008, segregating principal
and interest, for the next five years and in five-year increments thereafter. Note: the principal column
includes the future draws.

Fiscal Year
2009
2010
2011
2012
2013
2014-2018
2019-2023
2024-2028
2029-2033
2034
Total

Principal
38,729
39,014
41,741
44,081
45,846
219,532
202,365
188,880
106,940
8,365
$
935,493

Interest
44,663
42,719
41,027
39,263
37,379
156,543
106,299
58,288
18,110
198
$
544,489

$

$

61

Total
83,392
81,733
82,768
83,344
83,225
376,075
308,664
247,168
125,050
8,563
$ 1,479,982

$

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

J.

New bonds

On November 6, 2007, the City issued $109,110 in excise tax revenue obligation bonds to fund various
transportation improvements which are contained in the City’s Capital Improvement Plan. The bonds
mature on various dates starting 2008 through 2028 with various interest rates of 4.00% to 5.00%. The
bonds are not general obligations of the City, but are limited obligations of the City and are payable as to
both principal and interest solely from and secured by a pledge of various revenues derived by the City
from collection of a dedicated 0.5% excise tax for transportation infrastructure.
On March 19, 2008, the City issued $65,500 in subordinate lien water and sewer revenue obligation
bonds to fund the construction of various water and sewer improvements in the City, including an
upgrade and expansion of the 91st Avenue Regional Wastewater Treatment Plant and upgrades at the
Cholla Water Treatment Plant. The bonds mature on various dates starting 2009 through 2028 with
various interest rates of 3.00% to 5.00%. The bonds are not general obligations of the City, but are
limited obligations of the City and are payable as both principal and interest solely from and secured by a
subordinate pledge of net revenues of the system.
On June 5, 2008, the City issued $94,235 in Municipal Property Corporation taxable and tax-exempt
excise tax revenue bonds to redeem outstanding subordinate excise tax revenue bonds, series 2006B.
The bonds mature on various dates starting 2001 through 2033 with various interest rates of 3.00% to
6.157%. The bonds are not general obligations of the City, but are a limited obligation of the
Corporation and City payable solely from and are secured by a pledge of the City’s unrestricted excise
taxes.
X.

Landfill obligations

The City operates a municipal sanitary landfill under an Aquifer Protection Permit and Solid Waste Facility
Plan approval issued by the Arizona Department of Environmental Quality requiring future closure work and
post-closure monitoring. The permit meets federal and state regulations. These laws and regulations require
the City to place a final cover on its landfill site when it stops accepting waste and to perform certain
maintenance and monitoring functions at the site for 30 years after closure. Although closure and postclosure care costs will not be paid until near or after the date that the landfill stops accepting waste, the City
reports a portion of these closure and post-closure costs as an operating expense in each period based on
landfill capacity used.
The landfill closure and post-closure care liability at June 30, 2008, calculated below, represents the
cumulative amount reported to date based on the use of estimated capacity of the landfill.
North Cell
Capacity (cubic yards)
Capacity used to date
Percentage of capacity used

South Cell

32,100
0%

22,594
17,776
79%

Total closure and post-closure
costs in present dollars:
as of June 30, 2008
as of June 30, 2007

$
$

15,500
15,258

$
$

Closure and post-closure care costs:
Amount remaining to be recognized
as of June 30, 2008

$

15,500

$

3,095

Liability recognized as of June 30, 2008

$

-

$

11,419

62

14,514
14,288

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

These amounts are based on what it would cost to perform all closure and post-closure care in fiscal year
2007-08. The estimated costs are subject to changes due to inflation, deflation, new technology, and
applicable laws and regulations. Assets are not restricted to fund the obligations. The estimated remaining
life of the landfill is approximately 36 years.
According to state and federal laws and regulations, the City must comply with the local government
financial test requirements that assure the City can meet the cost of landfill closure, post-closure, and
corrective action when needed. The City is in compliance with these requirements.
XI.

Interfund transactions
A. Interfund receivables

Interfund balances at June 30, 2008, consisted of the following:

Due To
Major governmental funds:
General
Public facilities corporation

$

Non-major governmental funds:
Community development block grants fund
Police and fire sales tax fund
Non-major enterprise funds:
Housing fund
Total

Due From

28,647
-

$

-

$

28,647

27,201

209
1,205

$

32
28,647

The interfund balances at June 30, 2008, are short-term loans to cover temporary cash deficits in various
funds. This occasionally occurs prior to bond sales or grant reimbursements. All interfund balances
outstanding at June 30, 2008, are expected to be repaid within one year.

The remainder of this page left blank intentionally.

63

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

B.

Interfund transfers

Interfund transfers for the year ended June 30, 2008, consisted of the following:
Transfers to general fund from:
Transportation fund
Non-major governmental funds
Developmental impact fees fund
Streets construction fund
Fire and police construction fund
Parks bond construction fund
Other construction fund
Water and sewer enterprise fund
Non-major enterprise fund
Landfill enterprise fund
Total transfers to general fund

$

130
36
206
43
5
27
47
5
499

Transfer to transportation fund from:
General fund
Total transfer to transporation fund

900
900

Transfer to non-major special revenue fund from:
General fund
Total transfer to non-major special revenue fund
Transfers to non-major debt service funds from:
General fund
Transportation fund
Non-major governmental funds
Highway users gas tax fund
Other special revenue fund
Municipal property corporation construction fund
Fire and police capital projects fund
Total transfers to non-major debt service funds
Transfer to non-major capital project fund from:
Transportation fund
Total transfer to non-major capital project fund
Transfer to non-major enterprise funds from:
General fund
Total transfer to non-major enterprise funds
Grand total all transfers

2,012
2,012

10,932
8,330
3,715
4,841
3,479
12,642
43,939

4,276
4,276

561
561
$ 52,187

Transfers are used to: 1) move revenues from the fund that statute or budget requires to collect them to
the fund that statute or budget requires to expend them, 2) move receipts restricted to debt service from
the funds collecting the receipts to the debt service fund as debt service payments become due, and 3)
64

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

use unrestricted revenues collected in the general fund to finance various programs accounted for in
other funds in accordance with budgetary authorizations.
The interfund transfers are all classified as transfers and are included in the results of operations of
both governmental and proprietary funds. There were no significant transfers during fiscal year 2008
that were either non-routine in nature or inconsistent with the activities of the fund making the transfer.
XII.

Encumbrances

The Arizona Revised Statutes allow cities to encumber unused appropriations for up to sixty days after the
end of the fiscal year. However, effective July 1, 1987, the City adopted a policy of not recognizing
encumbrances at year-end. All appropriations lapse on the last day of the fiscal year. Any outstanding
commitments that the City intends to honor are rebudgeted in the new fiscal year. At June 30, 2008, the
City intended to honor $39,271 of outstanding encumbrances in the new year.
XIII.

Equity in joint venture

The City, along with the cities of Phoenix, Mesa, Scottsdale and Tempe participates in the Sub-Regional
Operating Group (SROG), a joint venture. SROG constructs, operates and maintains jointly used facilities
including the 91st Avenue Waste Water Treatment Plant (Plant) and certain sewage transportation
facilities. The City of Phoenix acts as lead agency, and as such, is responsible for the planning, budgeting,
construction, operation and maintenance of the Plant. In addition, the City of Phoenix provides all
management personnel and financing arrangements and accepts federal grants on behalf of the participants.
Each participant pays for its costs of operation and maintenance based on relative sewage flows and
strengths and for purchased capacity in plant and related transportation facilities based on ownership. The
City accounts for its approximate 8.59% investment using the equity method in the water and sewer fund.
For the year ended June 30, 2008, the City recognized a loss of $2,129. The City has financed its share of
construction costs through the issuance of revenue bonds, development fees and grants. The bonds are
collateralized by a pledge of water revenues and are reflected in the financial statements of the water and
sewer fund. The joint venture itself has not issued any debt.
Summary financial information on the joint venture as of and for the fiscal year ended June 30, 2008,
(unaudited) is as follows:
Assets
Current assets
Capital assets, net of accumulated depreciation
Total assets
Liabilities
Net assets

$

$

Total revenues
Total expenses
Increase in net assets

$
$

65

70,447
796,149
866,596
60,939
805,657
170,890
(67,887)
103,003

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
Calculation of the City’s equity:
City’s share of SROG equity
(Total equity of $805,657
plus unrealized loss of $2,320 less assets not
owned by the City of $124,107 multiplied by 8.59%)
Net capitalized interest on the City’s records
City contributions not yet received by SROG
Total City equity
Change in the City’s equity:
Capital contributed to the joint venture
Net loss on joint venture
Net increase in equity

$

58,745

$

3,851
545
63,141

$
$

10,488
(2,129)
8,359

Copies of separate financial statements of the joint venture can be obtained from Arizona Municipal Water
Users Association, 4041 North Central Avenue, Phoenix, Arizona 85012.
XIV.

Jointly governed organizations

The Regional Public Transit Authority (RPTA) is a voluntary association of local governments, including
Glendale, Phoenix, Mesa, Tempe, Scottsdale, and Maricopa County. Its purpose is to ensure that a viable
public transportation system is provided as an alternative for regional mobility and to ease the traffic
congestion and air pollution caused by over-reliance on the single occupant vehicle. The Board of
Directors consists of the mayors of those cities and a member of the County Board of Supervisors.
Arizona Municipal Water Users Association (AMWUA) is a non-profit corporation established and funded
by cities in Maricopa County for the development of an urban water policy and to represent the cities'
interests before the Arizona legislature. In addition, AMWUA contracts with the cities jointly using the
91st Avenue Waste Water Treatment Plant to perform certain accounting, administrative and support
services.
XV.

Fund balance/net assets reservation, designation, and restriction

The following is a list of reserves, designations, and restrictions with an explanation for each by fund type.
General Fund Type
Reserved for inventory
Amount available only for expenditure (i.e., consumption of existing supplies inventories
that have already been purchased).
$

249

Reserved for “From the Heart” program
Certain donations made to the City are required by ordinance to benefit Glendale
residents through providing grants to non-profit social service organizations.

63

Reserved for court security
Security surcharges collected by the City Court are required by ordinance to be spent
solely on court security.

52

66

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

Reserved for court computer upgrade
Surcharge that provides for monies to improve, maintain, and enhance the ability to
collect and manage monies received by courts and to improve court automation and
improve case processing (administration of justice).

$

Reserved for court time payment
Court time payment fees are used by the City Court to improve, maintain, and enhance
the ability to collect and manage monies assessed or received by the court, to improve
court automation and to improve case processing or the administration of justice.

53

202

Reserved for public safety training facility
This is a training center that was built with partners to provide fire and police
departments with the tools required to train fire and police personnel and conduct
continuing education.

164

Reserved for acquisition of artwork
Acquisition of artwork by the City’s Arts Commission is provided through a surcharge on
eligible capital projects as directed by the City Council.

3,196

Reserved for vehicle/equipment replacement
For future scheduled replacement of existing equipment and vehicles.

5,292

Total reserved for general fund type

$

9,271

Designated for computer replacement
For future schedule replacement of existing personal computers.

$

3,650

Designated for library activities
A minor portion of future operating expenditures of the library has been authorized
through the City budget to be paid from net revenues collected through library activities.

270

Designated for cable television station
Amount to be used only for expenditure by the City’s cable television station from net
revenues collected by Cable from special activities.

77

Designated for local improvement districts administration
Portion of City special assessment bond proceeds identified exclusively for future costs
of administering and accounting for existing improvement districts.

88

Designated for other public facilities projects
To operate and improve equipment and personal property by public facilities corporation
for spring training baseball facility.

8,372

Designated for telephone
For payment of future telephone charges and maintenance.

203
$

Total designated for general fund type

67

12,660

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
Special Revenue Fund Type
NON-MAJOR GOVERNMENTAL FUNDS
Reserved for inventory
Amount available only for expenditure (i.e., consumption of existing supplies inventories
that have already been purchased).
$
Reserved for development impact fees
The development impact fees are covered by Chapter 28, Article VI of the Municipal
Code. Development impact fees are used exclusively to provide the necessary public
facilities and services to development. Residential development impact fees may be
spent only in the district (residential development district, not political district) in which
they were collected. This reserve is categorized as follows:
Parks and recreation:
Citywide parks
Citywide recreation facilities
Citywide open space & trails
District No. 1
District No. 2
District No. 3
Library:
Buildings
Books
Library
Fire protection facilities
Police facilities
Transportation
General government
Total reserved for development impact fees

$

140

89
1,333
163
438
183
15
2,568
210
3,202
1,090
1,822
6,851
1,385
19,349

Reserved for drug enforcement
Reserved by agreement with state and federal authorities for use in furthering the drug
enforcement effort. Revenues for this reserve are received through the public courts’
prosecution of drug offenses.
State
Federal
Total reserved for drug enforcement

2,064
129
2,193

Reserved for garden for visually impaired
A donation was made to the City for the purpose of establishing a tactile garden for the
visually impaired.

185

Total reserved for special revenue fund type

$

21,867

NON-MAJOR GOVERNMENTAL FUNDS
Designated for home program
For community development block grant home program activities.

$

124

Designated for pool/park repair
For repair of area schools and City recreational facilities. The City contributes to
maintenance of area school’s facilities in which the City has no equity interest.
Total designated for special revenue fund type

68

572
$

696

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)
Debt Service Fund Type
Reserved for debt service
Certain assets have been reserved for future payment of debt service based upon the
requirements of the various bond ordinances.
General obligation debt service
Municipal property corporation
Highway users

$

14,350
15,865
121

Total reserved for debt service fund type

$

30,336

Capital Projects Fund Type
NON-MAJOR GOVERNMENTAL FUNDS
Reserved for capital projects
Certain assets have been reserved for repairs to historical Sahuaro Ranch and Manistee
Ranch.

$

545

Total reserved for capital projects fund type

$

545

Designated for street G.O. bond projects
Accounts for the construction of street lights, traffic signals, street landscaping, streets
and parking funded by authorization approved by voters on March 10, 1987, and
November 2, 1999.

$

8,880

Designated for HURF bond projects
Accounts for the construction of streets and sidewalks. Funding is provided through
bonds issued under an authorization approved by voters on March 10, 1987.

7,552

Designated for economic development
Accounts for G.O. bond funds used to promote new private sector job creation through
development and redevelopment in the City. Funding is provided under an authorization
approved by voters on November 2, 1999.

529

Designated for open space/trails
Accounts for G.O. bond funds used to plan and acquire land and interests for the
preservation of open space; and planning, acquiring and constructing multi-use trails and
linear parks. Funding is provided under an authorization approved by voters on
November 2, 1999.

1,038
$

17,999

Enterprise Fund Type
WATER AND SEWER FUND
Restricted for debt service
The City is also required by ordinance to have accumulated sufficient funds to pay all
principal and interest due on the following July 1 and January 1 payment dates. Since the
July 1 payment is already accrued as a current liability at year-end, only the January 1
payment is included in the reserve.
$

181

Total designated for capital projects fund type

The City’s bond ordinances require an additional reserve for any water and sewer bond
debt that is not insured by a surety bond. This reserve must be maintained at a balance
equal to the highest principal and interest coming due in any twelve-month period. As of
June 30, 2006, only the loans with the State Revolving Fund (authorized by revenue bond
election in 1961) were not covered by a surety bond.
69

1,022

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

Restricted for revenue bond retirement/replacement and extension
Two percent of net water revenues must, by bond ordinance, be reserved for the
replacement and extension of the City’s water distribution system, or for the retirement
of water revenue bonds. The reservation is only required to the extent that the reserve
equals two percent of the value of net fixed assets of the water and sewer fund.

$

Restricted for other purposes
Deposits related to a multi-jurisdictional water project are held in an escrow account
maintained by the State Treasurer, and are restricted as to use.
Total water and sewer

433
11,426

NON-MAJOR PROPRIETARY FUNDS
Net assets held by the housing fund may only be used for that purpose.

1,410
$

12,836

Permanent Fund Type
NON-MAJOR GOVERNMENTAL FUNDS
Reserved for cemetery perpetual care
Funds are reserved by ordinance for future cemetery maintenance and operational
expenses.

$

5,398

Total reserved for permanent fund type

$

5,398

Total restricted for enterprise fund type

XVI.

9,790

Employee retirement systems and pension plans
A. Plan descriptions

The City contributes to the three retirement plans described below. Benefits are established by state
statute and generally provide retirement, death, long-term disability, survivor, and health insurance
premium benefits. The retirement benefits are generally paid at a percentage, based on years of
service, of the retiree’s average compensation. Long-term disability benefits vary by circumstance, but
generally pay a percentage of the employee’s monthly compensation. Health insurance premium
benefits are generally paid as a flat dollar amount per month towards the retiree’s health care insurance
premiums, in amounts based on whether the benefit is for the retiree or for the retiree and his or her
dependents.
The Arizona State Retirement System (ASRS) administers a cost-sharing multiple-employer defined
benefit pension plan; a cost-sharing multiple-employer defined benefit health insurance premium plan;
and a cost-sharing multiple-employer defined benefit long-term disability plan that covers employees
of the State of Arizona and employees of participating political subdivisions and school districts. The
ASRS is governed by the Arizona State Retirement System Board according to the provisions of ARS
Title 38, Chapter 5, Article 2.
The Public Safety Personnel Retirement System (PSPRS) is an agent multiple-employer defined benefit
pension plan that covers public safety personnel who are regularly assigned hazardous duty as
employees of the State of Arizona or one of its political subdivisions. The PSPRS, acting as a common
investment and administrative agent, is governed by a five member board, known as The Fund
Manager, and 162 local boards according to the provisions of ARS Title 38, Chapter 5, Article 4.
PSPRS is agent for the eligible Glendale Fire and Glendale Police personnel.

70

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

The Elected Officials Retirement Plan (EORP) is a cost-sharing multiple-employer defined benefit
pension plan and a cost-sharing multiple-employer defined benefit health insurance premium plan that
covers State of Arizona and City elected officials and judges, and elected officials of participating
cities. The EORP is administered by The Fund Manager of PSPRS according to the provisions of ARS
Title 38, Chapter 5, Article 3. Because the health insurance premium plan benefit of the EORP is not
established as a formal trust, it is reported in accordance with GASB Statement No. 45 as an agent
multiple-employer plan. Accordingly, the disclosures that follow reflect the EORP as if it were an
agent multiple-employer plan.
B. Financial reports

Each plan issues a publicly available financial report that includes its financial statements and required
supplementary information. A report may be obtained by writing or calling the applicable plan.
ASRS
3300 North Central Avenue
Phoenix, Arizona 85012-0250

PSPRS or EORP
3010 East Camelback Road #200
Phoenix, Arizona 85016

(602) 240-2000 or (800) 621-3778

(602) 255-5575

C. Funding policy

The Arizona State Legislature establishes and may amend contribution rates for active plan members
and the City.
Cost Sharing Plans. For the year ended June 30, 2008, active ASRS members and the City were each
required by statute to contribute at the actuarially determined rate of 9.60% (8.05% for retirement,
1.05% for health insurance premiums, and 0.50% long-term disability) of the members’ annual
covered payroll. The City’s contributions from employer and employees to ASRS for the years ended
June 30, 2008, 2007, and 2006 were $14,420, $12,697 and $9,310, respectively, which were equal to
the required contributions for the year.
Agent Plans. For the year ended June 30, 2008, PSPRS members were required by statute to
contribute 7.65% of the members’ annual covered payroll, and the City was required to contribute at
the actuarially determined rate of 15.76% and 15.27% for Fire and Police, respectively. The health
insurance premium portion of the contribution rate for fire members was actuarially set at 3.85 percent
of covered payroll.

In addition, active EORP members were required by statute to contribute 7.00% of the members’
annual covered payroll. The City was required to remit contributions of 20.21% of the members’
annual covered payroll, as determined by actuarial valuation. The City’s contributions from employer
and employees to EORP for the years ended June 30, 2008, 2007, and 2006 were $69, $59, and $39,
respectively, which were equal to the required contributions for the year.
Annual Pension Cost (APC). Actuarial valuations involve estimates of the value of reported amounts
and assumptions about the probability of events in the future. Amounts determined regarding the
funded status of the plans and the annual required contributions are subject to continual revision as
actual results are compared to past expectations and new estimates are made. The required schedule of
funding progress presented as required supplementary information provides multi-year trend
information that shows whether the actuarial value of the plans’ assets are increasing or decreasing
over time relative to the actuarial accrued liability for benefits.

Projections of benefits are based on 1) the plans as understood by the City and plans’ members and
include the types of benefits in force at the valuation date, and 2) the pattern of sharing benefit costs
between the City and plans’ members to that point. Actuarial calculations reflect a long-term
perspective and employ methods and assumptions that are designed to reduce short-term volatility in
71

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

actuarial accrued liabilities and the actuarial value of assets. The City’s pension cost for Fire and
Police for the year ended June 30, 2008, the date of the most recent available actuarial valuation, and
related information follow.
Fire

Police

Contribution rates:
City
Plan members

15.76%
7.65%

15.27%
7.65%

Annual pension cost

$2,518

$4,155

Projected unit credit

Projected unit credit

8.50%
5.50% - 8.50%
5.00%

8.50%
5.50% - 8.50%
5.00%

Level % closed for
unfunded actuarial accrued
liability, open for excess

Level % closed for
unfunded actuarial accrued
liability, open for excess

28 years for unfunded
actuarial accrued liability,
20 years for excess

28 years for unfunded
actuarial accrued liability,
20 years for excess

Smoothed market value

Smoothed market value

Actuarial cost method
Actuarial assumptions:
Investment rate of return
Projected salary increases*
Includes inflation at*
Amortization method

Remaining amortization period

Asset valuation method

* Does not include payroll of members participating in the deferred retirement option plan (if any).
D. Three year trend information for PSPRS

Information for the agent plan for PSPRS for Glendale Fire and Police as of the most recent available
actuarial valuations for June 30, 2008, follows.
Contributions required and contributions made
Year Ended
June 30
Police
2008
2007
2006
Fire
2008
2007
2006

Percentage of APC
Contributed

APC

Net Pension
Obligation

$
$
$

4,132
3,270
2,991

100.0 %
100.0 %
100.0 %

$
$
$

-

$
$
$

2,897
1,812
842

100.0 %
100.0 %
100.0 %

$
$
$

-

Includes insurance premium tax, where applicable.
E. Required supplementary information
Funded status. The funded status of the PSPRS plans as of the most recent valuation date, June 30,
2008, along with the actuarial assumptions and methods used in those valuations follow. For this
valuation, which was prior to the implementation of GASB Statement Nos. 43 and 45, the pension and
health insurance benefit amounts were aggregated. In future years when GASB Statement Nos. 43 and
45 measurements are made and reported, these benefits will be disaggregated and reported separately.
72

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

The EORP, by statute, is a cost-sharing plan. However, because of its statutory construction, in
accordance with GASB Statement No. 43, paragraphs 5 and 41, the EORP is reported for such
purposes as an agent multiple-employer plan. The Fund Manager obtains an actuarial valuation for the
EORP on its statutory basis as a cost-sharing plan and, therefore, actuarial information for the City as a
participating government, is not available.
Analysis of funding progress excluding health insurance subsidy beginning June 30, 2008:

Valuation
Date
June 30
Police
2008
2007
2006

Valuation
Date
June 30
Fire
2008
2007
2006

XVII.

Actuarial
Value
of
Plan Assets
$
$
$

79,540
75,860
77,968

Actuarial
Accrued
Liability
$
$
$

Actuarial
Value
of
Plan Assets
$
$
$

63,615
58,882
60,772

129,649
128,670
110,181

Funding
Liability
(Excess)
$
$
$

Actuarial
Accrued
Liability
$
$
$

85,494
83,023
74,401

50,109
52,810
32,213

Funding
Liability
(Excess)
$
$
$

21,879
24,141
13,629

Annual
Covered
Payroll

Funded
Ratio
61.4%
59.0%
70.8%

$
$
$

Annual
Covered
Payroll

Funded
Ratio
74.4%
70.9%
81.7%

27,904
25,375
22,052

$
$
$

18,592
16,029
13,518

Unfunded
Liability as
Percentage
of Covered
Payroll
179.6%
208.1%
146.1%
Unfunded
Liability as
Percentage
of Covered
Payroll
117.7%
150.6%
100.8%

Other Post-Employment Benefits (OPEB)
A. Plan description

The City of Glendale post-employment healthcare plan is a single-employer defined benefit plan
administered by the City of Glendale. The plan provides medical, dental, and vision coverage for
eligible retirees and their dependents. Retirees can also continue their basic life insurance benefit. The
Mayor and Council have authority each budget year to establish, eliminate, or amend benefit
provisions through the annual budget process. A separate report is not provided as the plan financial
information is included in the governmental-wide basis and proprietary funds as part of the City of
Glendale reporting entity.
B. Funding policy

The City pays for and reports retiree benefits on a pay as you go basis, which is the practice of paying
for these benefits as they become due each year. Contributions to the plan by retirees are established at
the beginning of each fiscal year through the annual budget process. For the fiscal year ending June
30, 2008, a total amount of $2,822 was contributed to the plan by active retirees in the form of current
premiums of which $4,135 was paid out for retiree costs. The required contributions were 2.6% of
covered payroll.
C. Annual OPEB cost and net OPEB obligation

The City of Glendale’s annual other post-employment benefit (OPEB) cost (expense) is calculated
based on the annual required contribution of the employer (ARC), and amount actuarially determined
in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding
that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any
unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The
73

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

following table shows the components of the City’s annual OPEB cost for the year, the amount
actually contributed to the plan, and any changes in the net OPEB obligation. Note, the City is a Phase
I government and as such June 30, 2008, is the first year reporting under GASB Statement 45.

Normal cost
Minimum amortization of unfunded actuarial liability (UAL)
Interest adjustment to year end
Annual required contribution

$

13,258
6,975
809
21,042

ARC adjustment
Interest adjustment to net obligation
OPEB cost

21,042

Contributions made
Net OPEB obligation beginning of year
Net OPEB obligation end of year

(1,313)
19,729

$

The City’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net
OPEB obligation for 2008, the transition year was as follows:
Fiscal Year
2008

Annual OPEB Cost
$21,042

Percentage of Annual
OPEB Cost Contributed
6.3%

D. Funding status

The City’s funding status for OPEB is as follows:
Actuarial valuation date
Actuarial value of assets
Actuarial accrued liability
UAL
Funded ratio
Annual covered payroll
Ratio of UAL to annual covered payroll

July 1, 2007
$
$ 195,300
$ 195,300
-%
$ 109,391
178.5%

E. Actuarial methods and assumptions

Projections of benefits for financial reporting purposes are based on the substantive plan and include
the types of benefits provided at the time of each valuation and the historical pattern of sharing of
benefit costs between employer and plan members at that point. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short-term volatility in
actuarial accrued liabilities and actuarial value of assets, consistent with the long-term perspective of
the calculations.
For the July 1, 2007, actuarial valuation the actuarial cost method used is the entry age normal method.
A 4.0% pay as you go discount rate and a 3.5% rate increase for annual payroll was used. No actuarial
valuation of assets was done as there were no assets at the valuation date. The amortization method is
level percent of payroll amortized over 30 years and the period is open. The healthcare cost trend rate
used in the actuarial assumptions averaged 7.25% for the medical and dental plans for the 2007-08
fiscal year.

74

CITY OF GLENDALE, ARIZONA
Notes to the Financial Statements
June 30, 2008
(amounts expressed in thousands)

XVIII.

Contingent liabilities and commitments

Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor
agencies, principally the federal government. Any disallowed claims, including amounts already collected,
may constitute a liability of the applicable funds. The amount, if any, of expenditures that may be
disallowed by the grantor cannot be determined at this time, although the city expects such amounts, if any,
to be immaterial.
The City is subject to claims and litigation, which arise in the ordinary course of its operations. The
resolution of such claims and litigation will have no material adverse effect on the financial position or the
future operations of the City.
XIX.

Subsequent events

On October 22, 2008, the City of Glendale Western Loop 101 Public Facilities Corporation (PFC) issued
third lien excise tax revenue bonds: $137,495 in tax exempt series 2008A, $48,670 in tax exempt series
2008B, and $13,585 in taxable series 2008C. Proceeds will be used to repay funds advanced by the City of
Glendale general fund as well as finance future costs related to a Major League Baseball spring training
stadium and related infrastructure. Revenue for repayment of the bonds will come from rental payments by
the City under the lease agreement. The obligation of the City to make rental payments under the lease
agreement is a limited obligation and not a general obligation of the City and is payable solely from and
secured by a pledge of the City’s unrestricted excise tax revenues.

The remainder of this page left blank intentionally.

75

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76

City of Glendale, Arizona
COMPREHENSIVE ANNUAL FINANCIAL REPORT
_________________________________________________________

REQUIRED
SUPPLEMENTARY
INFORMATION
(other than MD&A)

___________________________ FOR THE FISCAL YEAR ENDED JUNE 30, 2008

This page left blank intentionally.

City of Glendale, Arizona
Budgetary Comparison Schedule
General Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

1 of 2

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

RESOURCES (INFLOWS):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Investment income (loss)
Proceeds from disposal of assets
Miscellaneous
Total revenues
Add: Transfers in
Less: Transfers out
Amounts available for appropriation
CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
General government
Public safety
Public works
Community services
Community environment
Street maintenance
Contingencies
Miscellaneous
Debt service:
Principal
Interest
Capital outlay
Total charges to appropriations
Budgetary fund balance, June 30, 2008

$

Final

60,442

$

60,442

Variance with
Final Budget
Positive
(Negative)

Actual
Amounts
(budgetary basis)
$

62,682

$

2,240

74,228
13,164
69,586
29,557
3,707
521
2,872
193,635
635
(20,936)
233,776

68,778
11,275
68,376
30,201
3,974
1,846
269
2,744
187,463
635
(20,937)
227,603

68,014
11,305
67,333
32,364
4,499
4,621
327
11,151
199,614
3,697
(17,603)
248,390

(764)
30
(1,043)
2,163
525
2,775
58
8,407
12,151
3,062
3,334
20,787

37,224
89,653
26,228
36,597
647
24
18,613
2,391

37,737
86,586
26,809
36,109
633
971
18,780
2,268

30,500
81,770
26,050
28,780
561
735
1,312

7,237
4,816
759
7,329
72
1,004
18,780
956

1,903
1,184
12,869
227,333

1,903
1,184
12,802
225,782

1,903
873
6,771
179,255

311
6,031
47,295

6,443

$

1,821

$

69,135

$

67,314

(Continued)

77

City of Glendale, Arizona
Budgetary Comparison Schedule (continued)
General Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

2 of 2

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Market adjustment on restricted investments not available for appropriation.
Internal charges for services provided.
Proceeds from disposal of assets.
Miscellaneous revenue not reported GAAP basis.
Less: Transfers in.
Add: Transfers out.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Capital outlay funded by long-term debt.
Salaries payable.
Trade in value of vehicle.
Change in prepaid assets or inventory.
Internal charges for services provided.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.
The notes to the financial statements are an integral part of this statement.

78

$

248,390
(62,682)
(335)
(23,567)
(8,699)
(50)
(3,697)
17,603

$

166,963

$

179,255
456
(6,921)
13
(7)
(15,579)

$

157,217

City of Glendale, Arizona
Budgetary Comparison Schedule
Transportation Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

RESOURCES (INFLOWS):
Taxes
Intergovernmental
Charges for services
Investments
Proceeds from disposal of assets
Long term debt issued
Premium on long-term debt
Fines and forfeitures
Miscellaneous Revenues
Total revenues
Add: Transfers in
Less: Transfers out
Amounts available for appropriation
CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Community services
Public safety
Capital outlay
Total charges to appropriations
Budgetary fund balance, June 30, 2008

Final

8,877

$

8,877

Actual
Amounts
(budgetary basis)
$

1,092

27,613
16,142
200
1,000
90,000
327
135,282
108,059
(108,770)
143,448

21,852
6,038
111
236
2
109,110
1,953
2
139,304
108,059
(108,842)
147,398

23,672
4,802
137
1,287
2
109,110
1,953
8
63
141,034
2,018
(13,854)
130,290

19,346
124,102
143,448

19,219
117,450
136,669

13,351
36
44,941
58,328

$

-

$

10,729

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Proceeds from disposal of assets.
Long-term debt issued.
Premium on long-term debt issued.
Unrealized investment income.
Less: Transfers in.
Add: Transfers out.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Change in compensated absences liability.
Salaries payable.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

The notes to the financial statements are an integral part of this statement.

79

71,962

Variance with
Final Budget
Positive
(Negative)
$

(7,785)

1,820
(1,236)
26
1,051
6
63
1,730
(106,041)
94,988
(17,108)

5,868
(36)
72,509
78,341
$

61,233

$

130,290
(1,092)
(2)
(109,110)
(1,953)
677
(2,018)
13,854

$

30,646

$

58,328
(51)
28

$

58,305

CITY OF GLENDALE, ARIZONA
Notes to Required Supplementary Information
June 30, 2008
(amounts expressed in thousands)
I.

Budgetary basis of accounting
The City prepares its annual budget on a basis, which differs from the GAAP basis. Budgetary comparison
schedules for the general and transportation funds are included as required supplementary information to
provide a meaningful comparison of actual results to budget on the budget basis. A budgetary comparison
schedule for the public facilities corporation is not included in the required supplementary information
because it was not budgeted for in fiscal year 2008. Budgetary comparison schedules for all other funds are
presented as other supplemental information after the combining statements. In all cases, the budgetary
schedules include a reconciliation of the adjustments required to convert the budgetary revenues and
expenditures or change in net assets on a budgetary basis, to revenues and expenditures/expenses or change in
net assets on a GAAP basis.

II.

Budgetary information
The City utilizes the following procedures in establishing the budgetary data reflected in the financial
statements.
1.

2.

3.

4.

5.

6.

III.

Prior to the first of June of each year, the City Manager submits to the Mayor and Council a proposed
operating budget for the fiscal year commencing the following July 1. The budget includes proposed
operating and capital expenditures and the means of financing them.
The projected beginning budgeted fund balances for each fund are based on preliminary estimates of the
June 30th ending actual budget basis fund balances rather than the June 30th ending budgeted fund
balances. These two amounts will differ because of differences in actual results for the year versus
planned results and by unused contingency appropriations.
Prior to July 1, after receiving comments in a public hearing, a tentative budget is adopted by the City
Council, which fixes an upper-dollar limit for all funds combined, beyond which the City may not
increase appropriations. After two weeks of legal advertising, the City Council legally adopts a final
budget ordinance, which fixes appropriations for each fund, except for the nonexpendable trust fund.
Budget basis expenditures may not exceed appropriations for each fund, except in conjunction with the
transfer of contingency funds. Contingency funds are appropriated for several funds as identified in the
budget basis schedules and may only be transferred with City Council approval. The City Council may
reallocate appropriations through amendment, but may not increase total appropriations above the total
budget, which was legally adopted for the fiscal year.
The Director of Budget and Management is generally authorized to transfer budgeted amounts within
departments’ approved capital or operating budgets, and the City Manager is authorized to transfer
appropriations between departments. Any new capital improvement projects or any nonbudgeted
projects require City Council approval.
Formal budgetary integration is employed as a management control device during the year for all funds
except the Public Facilities Corporation.

Contingency appropriation
The principal purpose of a contingency appropriation is to cover any unforeseen expenditure, which may arise
after the budget is adopted. It is impossible to estimate revenues exactly or to determine in a prior year the
exact expenditures of each program or activity for the ensuing year. Thus, a contingency is essential for
budgetary purposes.
Contingency appropriation is re-established each fiscal year based on available fund balance and balancing
needs of the budget year. The unused balances of contingency appropriations are reflected in the budget basis
financial statements.

80

City of Glendale, Arizona
COMPREHENSIVE ANNUAL FINANCIAL REPORT
_________________________________________________________

COMBINING
STATEMENTS

___________________________ FOR THE FISCAL YEAR ENDED JUNE 30, 2008

This page left blank intentionally.

NON-MAJOR GOVERNMENTAL FUNDS

Special Revenue Funds
Special revenue funds are used to account for revenues from specific taxes or other earmarked revenue sources,
which by law are designated to finance particular functions or activities of government and which, therefore,
cannot be diverted to other uses.
Community Development Block Grants Fund
This fund accounts for a series of ongoing entitlements received directly from the U. S. Department
of Housing and Urban Development (HUD). This fund also includes the HUD Rental
Rehabilitation and HOME programs.
Highway Users Gas Tax Fund
This fund accounts for capital outlay and maintenance of municipal streets and highways, as
mandated by the Arizona Revised Statutes. Financing for this fund is provided by state-shared fuel
taxes.
Development Impact Fees Fund
This fund accounts for fees covered by Chapter 28, Article VI of the Municipal Code. The fees are
used exclusively to provide the necessary public facilities and services for development.
Residential development impact fees may be spent only in the district (residential development
district, not political district) in which they are collected.
Police and Fire Sales Tax Fund
This fund accounts for police and fire activities funded by a .5 percent sales tax levied directly by voter
initiative.
Other Special Revenue Fund
This fund accounts for various activities, including both the airport and civic center. Neither is
considered to be an enterprise fund for financial reporting purposes and the City Council’s present
intent is not to have user fees cover the total costs of providing services.
•
•
•

Municipal airport and civic center operations
Miscellaneous grants received from Federal, State or local governments
Recreation programs and site maintenance
Debt Service Funds

Debt service funds are used to account for the accumulation of resources for, and the payment of, general longterm debt principal, interest and related costs.
General Obligation Debt Service Fund
The general obligation debt service fund accounts for the resources accumulated through a secondary
property tax levy and payments made for principal and interest on long-term general obligation debt of
governmental funds.
Highway Users Debt Service Fund
This fund accumulates monies for payment of all street and highway revenue bonds of the City.
Highway user fuel taxes are transferred from a special revenue fund to fund this debt.

81

Municipal Property Corporation Debt Service
The municipal property corporation debt service fund accounts for building lease payments received from the
general fund and subsequently paid as debt service to Municipal Property Corporation bondholders.
Transportation Debt Service
This fund accumulates monies for payment of the transportation revenue bonds. Transportation excise taxes
are transferred from a revenue fund to fund this debt.
Capital Projects Funds
Capital projects funds are used to account for financial resources to be used for the acquisition or construction of
major capital facilities (other than those financed by proprietary funds and trust funds).
Municipal Property Corporation Construction Fund
This fund accounts for construction of municipal projects such as a public training facility, parking
garage, media center, convention center, and infrastructure financed by MPC issued excise tax
revenue bonds.
Streets Construction Fund
This fund accounts for the construction of streets, sidewalks, streetlights, traffic signals, and street
landscaping funded through G.O. and revenue bonds issued under authorizations approved by
voters on March 10, 1987, and November 2, 1999.
Fire and Police Construction Fund
This fund accounts for the construction of fire and police department facilities. Funding is
provided through G.O. bonds issued under authorizations approved by voters on March 10, 1987,
and November 2, 1999.
Parks Bond Construction Fund
This fund accounts for the construction of parks and recreation improvements.
Other Construction Fund
This fund accounts for the construction of various City projects. Funding is provided through G.O.
bonds issued under authorizations approved by voters on March 10, 1987, and November 2, 1999,
and the Federal Aviation Administration.
•
•
•
•
•
•
•
•

Flood control facilities
Library
Airport
Transit projects
Economic development
Open space/trails
Government facilities
Cultural facilities
Permanent Fund

Permanent funds are used to report resources that are legally restricted to the extent that only earnings, not
principal, may be used for purposes that support the reporting City’s programs.
Cemetery Perpetual Care Fund
This fund is used to account for the revenues received by the City from the sale of cemetery lots
and other related services.

82

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83

City of Glendale, Arizona
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2008
(amounts expressed in thousands)

Debt Service Funds

Special Revenue Funds

ASSETS
Equity in pooled cash and investments
Receivables, net of allowance for doubtful accounts:
Property taxes
Accounts
Accrued interest
Intergovernmental receivable
Inventories and prepaid items
Restricted cash and investments
Deferred receivables
Total assets
LIABILITIES AND FUND BALANCES:
Liabilities:
Vouchers payable
Accounts payable
Retainage payable
Compensated absences - current
Intergovernmental payable
Due to other funds
Deposits
Matured interest payable
Deferred revenue
Matured bonds payable
Total liabilities
Fund balances:
Reserved for (Note XV):
Inventory
Development impact fees
Drug enforcement
Garden for visually impaired
Cultural facility projects
Cemetery
Debt service
Unreserved:
Designated for (Note XV):
Home program
Pool/park repair
Street capital projects
Other capital projects
Undesignated
Total fund balances
Total liabilities and fund balances

Community

Highway

Development

Police
and

Development

Users

Impact

Fire

Revenue

Obligation

Highway

Block Grants

Gas Tax

Fees

Sales Tax

Fund

Debt Service

Users

$

88

$

2
713
3,494
4,297

$

$

456
7
4
209
3,494
4,170

$

2,044

$

1,375
140
3,559

$

532
111
36
679

$

19,595

$

19,595

$

246
246

$

-

$

1,650
1,650

$

651
41
1,205
1,897

Other
Special

General

$

291

$

1,170
5
1,418
5,447
717
9,048

$

580
7
21
3
2
4,682
5,295

$

33,531

$

1,058
34,589

$

4,655
798
14,786
20,239

$

4,181

$

4,181

$

645
3,415
4,060

-

140
-

19,349
-

-

2,193
185
-

14,350

121

124
3
127
4,297

2,740
2,880
3,559

19,349
19,595

(247)
(247)
1,650

572
803
3,753
9,048

14,350
34,589

121
4,181

$

84

$

$

$

$

$

Debt Service Funds (cont.)
Municipal

Total
Non-major

Other

Perpetual

Governmental

Construction

Care

Funds

Municipal

Property

Debt

Property Corp

Streets

Police

Bond

Corporation

Service

Construction

Construction

Construction

Construction

$

$

19,585

$

15,426

$

8,196

$

13,555

$

40
19,625

$

97
15,523

$

40
8,236

$

83
45
13,683

13,916

$

10,765
24,681

$

Cemetery

Transportation

$

$

Permanent
Fund

Capital Project Funds
Fire
and

109
4,787
3,920
8,816

$

7,330

$

7,330

$

3,255
4,075
7,330

1,427
420
1,847

$

1
1

$

3,133
60
3,193

$

735
36
771

Parks

$

88
12
100

$

986
35
14
1,035

$

5,398

$

80
5,478

$

80
80

$

144,563

$

1,058
2,902
265
3,551
140
16,632
4,211
173,322

$

7,517
7
90
177
3
1,414
38
13,342
9,128
26,196
57,912

15,865

-

-

-

-

-

545
-

5,398
-

140
19,349
2,193
185
545
5,398
30,336

15,865
24,681

7,330

1,846
1,846
1,847

16,432
16,432
19,625

14,752
14,752
15,523

8,136
8,136
8,236

1,567
10,536
12,648
13,683

5,398
5,478

124
572
16,432
1,567
38,569
115,410
173,322

$

$

$

$

$

85

$

$

$

City of Glendale, Arizona
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Non-Major Governmental Funds
For the Fiscal Year Ended June 30, 2008
(amounts expressed is thousands)

Special Revenue Funds

Debt Service Funds
Police

REVENUES
Taxes and special assessments
Licenses and permits
Intergovernmental
Charges for services
Investments
Miscellaneous
Total revenues

Community

Highway

Development

and

Special

General

Development

Users

Impact

Fire

Revenue

Obligation

Highway

Block Grants

Gas Tax

Fees

Sales Tax

Fund

Debt Service

Users

$

EXPENDITURES
Current:
General government
Public safety
Public works
Community services
Community environment
Street maintenance
Miscellaneous
Debt service:
Principal
Interest
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over expenditures
OTHER FINANCING SOURCES (USES)
Refunded bonds redeemed
Long-term debt issued
Refunding bonds issued
Premium on long-term debt issued
Transfers in
Transfers out
Total other financing sources and uses

3,769
200
3,969

$

$

6,080
1,039
7,119

$

15,937
15,937

$

1,459
5,004
5,192
112
1,380
13,147

$

24,664
24,664

$

-

12,308
-

12
-

14,957
-

1,034
2,887
83
3,111
469
276

27

4

3,942

33
5
491
12,837

2,137
246
9,127
11,522

1,855
16,812

1,727
9,587

13,189
9,008
22,224

3,415
1,290
4,709

27

3,810

(4,403)

(875)

3,560

2,440

(4,709)

(36)
(36)

-

-

4,715
4,715

(4,439)

(875)

2,440

6

(3,715)
(3,715)

27

$

16,647
16,647

3,942
-

-

Excess (deficiency) of revenues
and other sources over
Net change in fund balances
Fund balances, July 1
Fund balances, June 30

Other

100
127

95

$

2,785
2,880

86

$

23,788
19,349

$

628
(247)

2,012
(4,841)
(2,829)

731

$

3,022
3,753

$

11,910
14,350

$

115
121

Debt Service Funds (cont.)
Municipal

Capital Projects Funds
Fire

Permanent Fund
Total

Transportation

Municipal

Property

Debt

Property Corp

Streets

Police

Bond

Corporation

Service

Construction

Construction

Construction

Construction

$

$

$

$

$

$

92
92

$

1,794
10

-

7,399
17,617
26,820

225
225

2,290
809
3,099

Parks

1,890
541
2,431

240
1
241

Cemetery

Non-major

Other

Perpetual

Governmental

Construction

Care

Funds

86
450
540
1,076

$

229
229

$

42,060
6,080
29,686
5,192
3,737
2,121
88,876

5
2
-

63
267
-

2
-

5
24
-

-

2,962
18,111
88
3,140
4,411
12,310
317

4,075
3,255
7,330

57
13,097
13,154

18,525
18,532

2,028
2,358

1,652
1,654

5,544
5,573

-

30,248
31,421
54,046
157,054

(26,728)

(7,330)

(12,929)

(15,433)

73

(1,413)

(4,497)

229

(68,178)

(83,521)
93,815
239
31,894
42,427

7,330
7,330

420
(3,479)
(3,059)

4,276
(206)
4,070

(12,685)
(12,685)

(5)
(5)

(27)
(27)

-

(83,521)
420
93,815
239
50,227
(24,994)
36,186

-

(15,988)

(11,363)

(12,612)

(1,418)

(4,524)

229

(31,992)

15,699

$

-

and

166
15,865

$

-

$

17,834
1,846

$

27,795
16,432

$

27,364
14,752

87

$

9,554
8,136

$

17,172
12,648

$

5,169
5,398

$

147,402
115,410

City of Glendale, Arizona
Budgetary Comparison Schedule
Community Development Block Grants Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

Actual
Amounts
(budgetary basis)

Final
-

$

-

$

106

RESOURCES (INFLOWS):
Intergovernmental
Miscellaneous
Total revenues
Amounts available for appropriation

5,713
5,713
5,713

4,972
4,972
4,972

3,769
200
3,969
4,075

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Community environment
Total charges to appropriations

5,713
5,713

4,904
4,904

3,944
3,944

Budgetary fund balance, June 30, 2008

$

-

$

68

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows of resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Salaries payable.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

88

131

Variance with
Final Budget
Positive
(Negative)
$

106

(1,203)
200
(1,003)
(897)

960
960
$

63

$

4,075
(106)

$

3,969

$

3,944
(2)

$

3,942

City of Glendale, Arizona
Budgetary Comparison Schedule
Highway Users Gas Tax Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

RESOURCES (INFLOWS):
Intergovernmental
Miscellaneous revenue not reported GAAP basis
Total revenues
Less: Transfers out
Amounts available for appropriation
CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Street maintenance
Capital outlay
Debt service:
Principal
Interest
Total charges to appropriations
Budgetary fund balance, June 30, 2008

$

1,256

Final
$

1,256

Actual
Amounts
(budgetary basis)
$

2,970

Variance with
Final Budget
Positive
(Negative)
$

1,714

16,986
16,986
(3,715)
14,527

17,442
17,442
(3,715)
14,983

16,647
47
16,694
(3,715)
15,949

(795)
47
(748)
966

13,928
502

12,494
502

12,154
491

340
11

33
5
14,468

33
5
13,034

33
5
12,683

351

59

$

1,949

$

3,266

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Miscellaneous revenue not reported GAAP basis.
Add: Transfers out.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Salaries payable.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

89

$

1,317

$

15,949
(2,970)
(47)
3,715

$

16,647

$

12,683
154

$

12,837

City of Glendale, Arizona
Budgetary Comparison Schedule
Development Impact Fees Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

Final

24,035

$

24,127

Actual
Amounts
(budgetary basis)
$

23,789

Variance with
Final Budget
Positive
(Negative)
$

(338)

RESOURCES (INFLOWS):
Licenses and permits
Investments
Total revenues
Less: Transfers out
Amounts available for appropriation

7,024
502
7,526
(86)
31,475

6,385
1,133
7,518
(51)
31,594

6,080
1,039
7,119
(36)
30,872

(305)
(94)
(399)
30
(722)

CHARGES TO APPROPRIATIONS (OUTFLOWS):
General administration
Public safety
Community services
Capital outlay
Principal retirement
Interest expense
Total charges to appropriations

2,209
2,113
631
24,704
1,597
219
31,473

12
204
9,490
1,597
219
11,522

12
9,127
2,137
246
11,522

204
363
(540)
(27)
-

Budgetary fund balance, June 30, 2008

$

2

$

20,072

$

19,350

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Add: Transfers out.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

90

$

$

(722)

30,872
(23,789)
36

$

7,119

$

11,522

$

11,522

City of Glendale, Arizona
Budgetary Comparison Schedule
Police and Fire Sales Tax Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

795

Final
$

725

Actual
Amounts
(budgetary basis)
$

737

Variance with
Final Budget
Positive
(Negative)
$

12

RESOURCES (INFLOWS):
Taxes
Total revenues
Amounts available for appropriation

5,600
5,600
6,395

17,093
17,093
17,818

15,937
15,937
16,674

(1,156)
(1,156)
(1,144)

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Public safety
Capital outlay
Total charges to appropriations

5,993
80
6,073

14,030
2,602
16,632

14,777
1,855
16,632

(747)
747
-

Budgetary fund balance, June 30, 2008

$

322

$

1,186

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
Differences - budget to GAAP:
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Differences - budget to GAAP:
Salaries payable.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

91

42

$

(1,144)

$

16,674

(737)
$

15,937

$

16,632
180

$

16,812

City of Glendale, Arizona
Budgetary Comparison Schedule
Other Special Revenue Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

2,289

Final
$

3,759

Actual
Amounts
(budgetary basis)
$

3,048

Variance with
Final Budget
Positive
(Negative)
$

(711)

RESOURCES (INFLOWS):
Taxes
Intergovernmental
Charges for services
Investments
Miscellaneous
Total revenues
Add: Transfers in
Less: Transfers out
Amounts available for appropriation

4,795
13,446
4,841
10
1,215
24,307
2,066
(8,361)
20,301

2,237
1,209
200
886
4,532
2,066
10,357

1,459
5,004
5,192
124
1,379
13,158
2,012
(4,841)
13,377

1,459
2,767
3,983
(76)
493
8,626
(54)
(4,841)
3,020

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
General government
Public safety
Public works
Community services
Community environment
Miscellaneous
Capital outlay
Total charges to appropriations

1,020
8,302
122
4,098
566
272
4,291
18,671

1,049
1,795
178
3,312
559
893
7,786

1,024
2,881
83
3,094
472
277
1,727
9,558

25
(1,086)
95
218
87
(277)
(834)
(1,772)

Budgetary fund balance, June 30, 2008

$

1,630

$

2,571

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Accrued interest.
Less: Transfers in.
Add: Transfers out.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Salaries payable.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

92

3,819

$

1,248

$

13,377
(3,048)
(11)
(2,012)
4,841

$

13,147

$

9,558
29

$

9,587

City of Glendale, Arizona
Budgetary Comparison Schedule
General Obligation Debt Service Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

RESOURCES (INFLOWS):
Taxes
Total inflows
Amounts available for appropriation
CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Miscellaneous
Debt service:
Principal
Interest
Total charges to appropriations
Budgetary fund balance, June 30, 2008

$

11,995

Final
$

11,995

Actual
Amounts
(budgetary basis)
$

11,739

24,699
24,699
36,694

24,857
24,857
36,852

24,664
24,664
36,403

345

345

150

13,094
9,046
22,485

13,094
9,046
22,485

13,189
9,008
22,347

14,209

$

14,367

$

14,056

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Differences - budget to GAAP:
Arbitrage rebate.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

93

Variance with
Final Budget
Positive
(Negative)
$

(256)

(193)
(193)
(449)

195
(95)
38
138
$

$

(311)

36,403
(11,739)

$

24,664

$

22,347
(123)

$

22,224

City of Glendale, Arizona
Budgetary Comparison Schedule
Highway Users Debt Service Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

RESOURCES (INFLOWS):
Add: Transfers in
Amounts available for appropriation
CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Miscellaneous
Debt service:
Principal
Interest
Total charges to appropriations
Budgetary fund balance, June 30, 2008

$

75

Actual
Amounts
(budgetary basis)

Final
$

75

$

-

Variance with
Final Budget
Positive
(Negative)
$

(75)

4,715
4,790

4,715
4,790

4,715
4,715

11

17

16

1

3,415
1,290
4,716

3,415
1,290
4,722

3,415
1,290
4,721

1

74

$

68

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.
Less: Transfers in.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Differences - budget to GAAP:
Arbitrage rebate.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

94

(6)

(75)

$

(74)

$

4,715
(4,715)

$

-

$

4,721
(12)

$

4,709

City of Glendale, Arizona
Budgetary Comparison Schedule
Municipal Property Corporation Debt Service Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

RESOURCES (INFLOWS):
Investments
Long-term debt issued
Total revenues
Add: Transfers in
Amounts available for appropriation
CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Miscellaneous
Debt service:
Principal
Interest
Total charges to appropriations
Budgetary fund balance, June 30, 2008

Actual
Amounts
(budgetary basis)

Final
-

$

-

$

-

Variance with
Final Budget
Positive
(Negative)
$

-

25
25
25,182
25,207

85
85
25,182
25,267

96
3,687
3,783
31,895
35,678

20

20

44

(24)

5,055
20,132
25,207

5,055
20,126
25,201

7,399
15,592
23,035

(2,344)
4,534
2,166

$

-

$

66

$

12,643

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
Differences - budget to GAAP:
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Market adjustment on restricted investments not available for appropriation.
Less: Transfers in.
Long-term debt issued.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Differences - budget to GAAP:
Other financing uses on bond refunding.
Interest.
Cost of issuance on long-term debt issued.
Arbitrage rebate.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

95

11
3,687
3,698
6,713
10,411

$

12,577

$

35,678

(4)
(31,895)
(3,687)
$

92

$

23,035

2,025
1,794
(34)
$

26,820

City of Glendale, Arizona
Budgetary Comparison Schedule
Transportation Debt Service Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

Actual
Amounts
(budgetary basis)

Final
-

$

-

$

-

Variance with
Final Budget
Positive
(Negative)
$

-

RESOURCES (INFLOWS):
Add: Transfers in
Amounts available for appropriation

-

7,331
7,331

7,330
7,330

(1)
(1)

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Debt service:
Principal
Interest
Total charges to appropriations

-

4,076
3,255
7,331

4,075
3,255
7,330

1
1

Budgetary fund balance, June 30, 2008

$

-

$

-

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.
Differences - budget to GAAP:
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Less: Transfers in.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

96

-

$

-

$

7,330

7,330
$

-

$

7,330

$

7,330

City of Glendale, Arizona
Budgetary Comparison Schedule
Municipal Property Corporation Construction Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Variance with
Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

Actual

Final

21,986

$

17,834

Final Budget

Amounts

Positive

(budgetary basis)

(Negative)

$

17,834

$

-

RESOURCES (INFLOWS):
Long-term debt issued
Investment income
Total revenues
Operating transfer out
Amounts available for appropriation

5,075

-

420

420

108

-

225

225

5,183

-

645

645

407

368

3,479

3,111

26,762

17,466

15,000

(2,466)

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
General administrative

10,166

-

57

Capital outlay

16,596

16,448

13,097

3,351

26,762

16,448

13,154

3,294

Total charges to appropriations
Budgetary fund balance, June 30, 2008

$

-

$

1,018

$

1,846

(57)

$

828

$

15,000

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
Differences - budget to GAAP:
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.

(17,834)

Long-term debt issued.

(420)

Add: Transfers out.

3,479

Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.

$

225

$

13,154

$

13,154

Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

97

City of Glendale, Arizona
Budgetary Comparison Schedule
Streets Construction Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Variance with
Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

Actual

Final

34,736

$

34,736

$

Final Budget

Amounts

Positive

(budgetary basis)

(Negative)

27,709

$

(7,027)

RESOURCES (INFLOWS):
Investments

-

881

849

Intergovernmental

-

-

2,290

Long-term debt issued
Total revenues

8,038

-

-

-

8,038

881

3,139

2,258

-

-

4,276

(305)

(201)

Add: Transfers in
Less: Transfers out
Amounts available for appropriation

(32)
2,290

4,276

(206)

(4,251)

42,469

35,416

34,918

(498)

Community services

3,221

3,108

5

2,493

Street maintenance

1,054

1,849

2

1,847

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:

Capital outlay
Total charges to appropriations
Budgetary fund balance, June 30, 2008

38,194

25,974

18,525

7,449

42,469

30,931

18,532

12,399

$

-

$

4,485

$

16,386

$

11,901

$

34,918

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
Differences - budget to GAAP:
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.

(27,709)

Market adjustment on restricted investments not available for appropriation.

(40)

Add: Transfers out.

206

Less: Transfers In.

(4,276)

Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.

$

3,099

$

18,532

$

18,532

Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

98

City of Glendale, Arizona
Budgetary Comparison Schedule
Fire and Police Construction Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Variance with
Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

Actual
Final

22,940

$

18,782

Final Budget

Amounts

Positive

(budgetary basis)

(Negative)

$

27,365

$

8,583

RESOURCES (INFLOWS):
Intergovernmental revenue

-

483

1,890

1,407

Investments

-

-

469

469

12,200

-

-

-

12,200

483

2,359

1,876

(12,685)

(12,685)

17,039

(2,226)

Long-term debt issued
Total revenues
Less: Transfers out

(29)

Amounts available for appropriation

-

35,111

19,265

CHARGES TO APPROPRIATIONS (OUTFLOWS):
General administration
Public safety
Capital outlay
Total charges to appropriations
Budgetary fund balance, June 30, 2008

-

-

63

(63)

16,470

8

267

(259)

18,641

4,522

2,028

2,494

35,111

4,530

2,358

2,172

$

-

$

14,735

$

14,681

$

54

$

17,039

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
Differences - budget to GAAP:
Market adjustment on restricted investments not available for appropriation.

72

Add: Transfers out.

12,685

The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.

(27,365)

Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.

$

2,431

$

2,358

$

2,358

Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

99

City of Glendale, Arizona
Budgetary Comparison Schedule
Parks Bond Construction Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Variance with
Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

Actual

Final

8,602

$

9,499

Final Budget

Amounts

Positive

(budgetary basis)

(Negative)

$

9,500

$

1

RESOURCES (INFLOWS):
Investments

58

290

274

-

-

1

58

290

275

Miscellaneous
Total revenues
Less: Transfers out

(44)

Amounts available for appropriation

(42)

8,616

(16)
1
(15)

(5)

9,747

37

9,770

23

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
General administration
Capital outlay
Total charges to appropriations
Budgetary fund balance, June 30, 2008

3,421

7

2

5,195

1,500

1,652

(152)

8,616

1,507

1,654

(147)

$

-

$

8,240

$

8,116

5

$

(124)

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.

$

9,770

The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.

(9,500)

Market adjustment on restricted investments not available for appropriation.

(34)

Add: Transfers out.

5

Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.

$

241

$

1,654

$

1,654

Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

100

City of Glendale, Arizona
Budgetary Comparison Schedule
Other Construction Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Variance with
Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

Actual
Final

17,895

$

17,895

Final Budget

Amounts

Positive

(budgetary basis)

(Negative)

$

17,144

$

(751)

RESOURCES (INFLOWS):
Intergovernmental
Investments

11,866

33

86

53

55

20

426

406
(411)

Miscellaneous
Total revenues
Less: Transfers out

-

950

539

11,921

1,003

1,051

(132)

Amounts available for appropriation

(108)

29,684

18,790

48

(28)

80

18,167

(623)

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Community services
Capital outlay
Total charges to appropriations
Budgetary fund balance, June 30, 2008

2,370

1,067

29

27,314

5,072

5,544

(472)

29,684

6,139

5,573

566

$

-

$

12,651

$

12,594

1,038

$

(57)

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.

$

18,167

Differences - budget to GAAP:
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.

(17,144)

Market adjustment on restricted investments not available for appropriation.

25

Add: Transfers out.

28

Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.

$

1,076

$

5,573

$

5,573

Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Total expenditures as reported in the statement of revenues, expenditures, and changes in fund
balances - governmental funds.

101

City of Glendale, Arizona
Budgetary Comparison Schedule
Cemetery Perpetual Care Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

Actual
Amounts
(budgetary basis)

Final

5,102

$

5,169

$

5,169

Variance with
Final Budget
Positive
(Negative)
$

-

RESOURCES (INFLOWS):
Investments
Total revenues
Amounts available for appropriation

126
126
5,228

106
106
5,275

229
229
5,398

123
123
123

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Public works
Total charges to appropriations

5,228
5,228

-

-

-

Budgetary fund balance, June 30, 2008

$

-

$

5,275

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Total revenues as reported on the statement of revenues, expenditures, and changes in fund balances governmental funds.

102

5,398

$

123

$

5,398
(5,169)

$

229

NON-MAJOR PROPRIETARY FUNDS – BUSINESS-TYPE ACTIVITIES

Proprietary funds are used to account for City operations that are run like a business. These funds are
responsible for providing enough operational revenue to cover all expenses.
Landfill
This fund accounts for the operation of the City owned landfill and recycling operations.
Fees charged for the use of the landfill are used to maintain and improve the landfill
operations as well as fund future closure costs.
Sanitation
This fund accounts for the City’s trash collection services including curb, roll-off, bulk,
and front-load services to individuals and businesses. Revenues collected are used to
keep the City free of garbage.
Housing
This fund accounts for operations to provide affordable housing to those who cannot
afford it in the private market. This is done through administration of Federal Section 8
Housing Choice and Conventional Public Housing programs.

103

City of Glendale, Arizona
Combining Statement of Net Assets
Non-Major Proprietary Funds - Business-type Activities
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Landfill
ASSETS
Current assets:
Equity in pooled cash and investments
Receivables:
Accounts
Allowance for uncollectibles
Intergovernmental receivable
Inventories and prepaid items
Total current assets

$

25,353

$

413
(2)
25,764

Noncurrent assets:
Restricted cash and investments
Capital assets:
Capital assets
Accumulated depreciation
Capital assets, net
Total noncurrent assets
Total assets

$

$

1,406

Total

$

481
4
1,891

9

21,531
(8,786)
12,745
12,745
38,509

Noncurrent liabilities:
Compensated absences
General obligation bonds
OPEB long-term obligations
Other long-term debt
Capital lease obligations
Estimated closure and post-closure costs
Total noncurrent liabilities
Total liabilities

4,111

Housing

1,706
(26)
5,791

-

LIABILITIES
Current liabilities:
Vouchers payable
Accounts payable
Compensated absences
Due to other funds
Deposits
Unearned rent
Current portion of long-term debt:
General obligation bonds
Capital lease payable
Interest payable
Total current liabilities

NET ASSETS
Invested in capital assets, net of related debt
Restricted for:
Other purposes
Unrestricted
Total net assets

Sanitation

2,119
(28)
481
4
33,446

37

10,554
(6,800)
3,754
3,763
9,554

30,870

46

11,971
(6,374)
5,597
5,634
7,525

44,056
(21,960)
22,096
22,142
55,588

587
234
150
-

258
286
104
-

13
20
32
37
7

845
13
540
32
291
7

199
8
1,178

608
15
1,271

109

199
608
23
2,558

57
132
365
11,419
11,973
13,151

75
746
1,080
1,901
3,172

179
193
37
409
518

311
132
1,304
37
1,080
11,419
14,283
16,841

12,415

2,066

5,597

20,078

12,943
25,358

4,316
6,382

1,410
7,007

1,410
17,259
38,747

$

104

$

$

City of Glendale, Arizona
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets
Non-Major Proprietary Funds - Business-type Activities
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Business-type Activities
Enterprise Funds
Landfill
Operating revenues:
Intergovernmental
Container service
Curb service
Landfill user fees
Recycling sales
Other fees
Total operating revenues

$

Operating expenses:
Landfill
Housing
Closure/post-closure care adjustment
Sanitation
Depreciation
Total operating expenses
Operating income (loss)

$

6,169
442
1,069
7,680
1,405

Nonoperating revenues (expenses):
Impact fees
Investment income
Interest expense
Gain on disposal of assets
OPEB expense
Intergovernmental - capital grants
Total nonoperating revenue (expenses)

2,202

Transfers in
Transfers out

(5)

Change in net assets

23,161
25,358

105

$

$

8,348
4,972
9,696
5,998
2,966
943
32,923

6,169
9,316
442
13,448
2,360
31,735
1,188

9
200
(72)
17
(746)
(592)

(193)
324
131

120
1,194
(89)
91
(1,304)
324
336

(303)

(375)

1,524

561
-

(303)

$

8,348
815
9,163

Total

9,316
353
9,669
(506)

-

2,197

$

4,972
9,696
7
14,675

Housing

13,448
938
14,386
289

111
994
(17)
74
(365)
797

Income before contributions and transfers

Total net assets - beginning
Total net assets - ending

5,998
2,959
128
9,085

Sanitation

6,685
6,382

561
(5)

186

$

6,821
7,007

2,080

$

36,667
38,747

City of Glendale, Arizona
Combining Statement of Cash Flows
Non-Major Proprietary Funds - Business-type Activities
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Landfill
Cash flows from operating activities:
Cash received from customers
Cash received from federal government
Cash paid to suppliers:
Internal city departments
External vendors
Cash paid to employees for services
Net cash provided (used) by operating activities

$

9,438
-

Sanitation
$

(1,338)
(2,009)
(2,435)
3,656

14,713
-

Housing
$

(7,814)
(1,027)
(4,468)
1,404

Total

843
8,091

$

(7,979)
(1,345)
(390)

24,994
8,091
(9,152)
(11,015)
(8,248)
4,670

Cash flows from noncapital
financing activities:
Proceeds from sale of investments
Transfers in
Transfers out
Net cash (used for) provided by noncapital
financing activities

(4)

-

8
561
-

8
561
(4)

(4)

-

569

565

Cash flows from capital and related
financing activities:
Principal payments on obligations
Acquisition of capital assets and rights
Impact fees
Interest payments on obligations
Capital grant proceeds
Net cash (used for) capital and related
financing activities

(189)
(511)
111
(22)
-

(661)
(1,270)
9
(77)
-

(563)
324

(850)
(2,344)
120
(99)
324

(611)

(1,999)

(239)

(2,849)

Cash flows from investing activities:
Interest received from investments
Net cash provided by investing activities

993
993

Net increase (decrease) in cash and cash
equivalents during fiscal year

4,034

Cash and cash equivalents, July 1
Cash and cash equivalents, June 30

$

21,319
25,353

106

200
200

-

(395)

$

4,515
4,120

1,193
1,193

(60)

$

1,503
1,443

3,579

$

27,337
30,916

Landfill
Reconciliation of operating income (loss)
to net cash provided by
operating activities:
Operating income (loss)
Adjustments to reconcile operating
income to net cash provided
by operations:
Depreciation
Changes in assets and liabilities:
Accounts receivable
Intergovernmental receivable
Inventories and prepaid items
Vouchers payable
Accrued expenses
Intergovernmental payable
Deposits
Unearned rent
Due to other funds
Compensated absences
Estimated closure and post-closure
costs
Net cash provided by (used for) operating activities

442
$ 3,656

Reconciliation of statement of net assets
cash and investments to the
statement of cash flows:
Per combined statement of net assets:
Equity in pooled cash and investments
Restricted cash and investments
Total cash and cash equivalents

$ 25,353
$ 25,353

$ 1,405

Sanitation

$

1,069
355
348
(3)
40

107

$

$
$

289

Housing

$

(506)

938

353

18
126
(5)
20
18

22
(245)
2
(35)
(12)
2
2
13
14

1,404

4,111
9
4,120

$

$
$

(390)

1,406
37
1,443

Total

$

1,188

2,360
395
(245)
2
439
(5)
(12)
19
2
13
72

$

$
$

442
4,670

30,870
46
30,916

City of Glendale, Arizona
Budgetary Comparison Schedule
Water and Sewer Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

RESOURCES (INFLOWS):
Intergovernmental
Charges for services:
Metered water sales
Sewer service charges
Impact fees
Other fees
Investments
Miscellaneous
Proceeds from bonds sold
Proceeds from equipment disposal
Total revenues
Less: Transfers out
Amounts available for appropriation

Budgetary fund balance, June 30, 2008

Final

129,762

$

-

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
General administration
Water
Sewer
Bond issuance cost
Contingencies
Capital outlay
Debt service:
Principal
Interest
Total charges to appropriations
$

Actual
Amounts
(budgetary basis)

129,762

$

174

80,626

Variance with
Final Budget
Positive
(Negative)
$

7

(49,136)

(167)

34,772
23,721
5,000
1,500
500
53,100
118,593
(1,368)
246,987

33,550
23,430
5,000
1,604
1,700
204
65,500
15
131,177
(1,183)
259,756

35,189
25,152
3,875
1,727
2,709
488
65,064
39
134,250
(48)
214,828

1,639
1,722
(1,125)
123
1,009
284
(436)
24
3,073
1,135
(44,928)

11,998
23,382
15,830
5,000
147,105

11,998
48,337
36,943
5,000
98,096

11,185
18,323
13,975
1,233
57,296

813
30,014
22,968
(1,233)
5,000
40,800

8,052
11,876
223,243

8,052
11,876
220,302

8,062
11,574
121,648

(10)
302
98,654

23,744

108

$

39,454

$

93,180

$

53,726

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.
Differences - budget to GAAP:
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Interest earned on restricted assets not available for appropriation.
Market adjustment on restricted investments not available for appropriation.
Revenues offset directly by bad debt expense on budgetary basis.
Capital outlay contributed.
Bond proceeds.
Proceeds from equipment disposals.
Gain on disposal of assets.
Internal staff and administrative charges reported as revenue only on budgetary basis.
Less: Tranfers in.
Total revenues as reported on the statement of revenues, expenses, and changes in fund
net assets excluding capital contributions.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Differences - budget to GAAP:
Bad debt expense.
Amortization of capitalized bond issuance expense.
Capital outlay expenditure.
Change in compensated absences liability.
Change in prepaid assets or inventory.
Amortization and depreciation expense.
Bond issuance costs.
Principal payments on long-term obligations.
OPEB expense.
Interest expense.
Internal staff and administrative charges reported as revenue only on budgetary basis.
Change in accrued payroll.
Total expenses as reported in the statement of revenues, expenses, and changes in fund
net assets, excluding loss from joint venture and disposal of assets.

109

$

214,828

(80,626)
154
195
526
(359)
(65,064)
(39)
35
(173)
48
$

69,525

$

121,648
526
119
(57,296)
215
(53)
14,568
(1,229)
(8,062)
2,190
(268)
(173)
248

$

72,433

City of Glendale, Arizona
Budgetary Comparison Schedule
Landfill Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

RESOURCES (INFLOWS):
Charges for services:
Landfill user fees
Recycling fees
Other fees
Proceeds from equipment disposal
Investments
Impact fees
Total revenues
Less: Transfers out
Amounts available for appropriation
CHARGES TO APPROPRIATIONS (OUTFLOWS):
Contingencies
Landfill
Capital outlay
Debt service:
Principal
Interest
Total charges to appropriations
Budgetary fund balance, June 30, 2008

$

18,418

Final
$

18,418

Actual
Amounts
(budgetary basis)
$

21,620

Variance with
Final Budget
Positive
(Negative)
$

3,202

6,468
2,800
98
850
40
10,256
(15)
28,659

5,825
2,300
152
1
950
510
9,738
(15)
28,141

6,385
2,959
128
68
994
111
10,645
(5)
32,260

560
659
(24)
67
44
(399)
907
10
4,119

2,000
7,545
2,585

2,000
7,413
2,429

6,483
589

2,000
930
1,840

199
17
12,346

199
173
12,214

199
17
7,288

156
4,926

16,313

$

15,927

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenses
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Internal staff and administrative charges reported as revenue only on budgetary basis.
Revenues offset directly by bad debt expense on budgetary basis.
Proceeds from disposal of capital assets.
Gain on disposal of assets.
Add: Transfers out.
Total revenues as reported on the statement of revenues, expenses, and changes in fund
net assets.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Bad debt expense.
Capital outlay expenditures.
Change in compensated absences liability.
Change in estimated landfill post-closure liability.
Depreciation expense.
Principal payments on long-term obligations.
OPEB expense.
Accrued payroll.
Internal staff and administrative charges reported as revenue only on budgetary basis.
Total expenses as reported in the statement of revenues, expenses, and changes in fund
net assets.

110

24,972

$

9,045

$

32,260
(21,620)
(385)
(2)
(68)
74
5

$

10,264

$

7,288
(1)
(589)
40
442
1,069
(199)
365
32
(385)

$

8,062

City of Glendale, Arizona
Budgetary Comparison Schedule
Sanitation Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

RESOURCES (INFLOWS):
Charges for services:
Container service
Curb service
Impact fees
Recycle sales
Investments
Capital lease proceeds
Proceeds from equipment disposal
Total revenues
Amounts available for appropriation
CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Sanitation
Capital outlay
Debt service:
Principal
Interest
Total charges to appropriations
Budgetary fund balance, June 30, 2008

$

5,356

Final
$

5,356

Actual
Amounts
(budgetary basis)
$

6,343

Variance with
Final Budget
Positive
(Negative)
$

987

4,960
10,490
17
150
15,617
20,973

4,721
9,626
61
10
150
841
10
15,419
20,775

4,972
9,632
9
7
200
31
14,851
21,194

14,504
2,765

14,637
2,765

13,300
1,292

1,337
1,473

661
77
18,007

661
77
18,140

661
77
15,330

2,810

2,966

$

2,635

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenses
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.
Differences - budget to GAAP:
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Internal staff and administrative charges reported as revenue only on budgetary basis.
Revenues offset directly by bad debt expense on budgetary basis.
Proceeds from disposal of capital assets.
Gain on disposal of assets.
Total revenues as reported on the combining statement of revenues, expenses, and changes in fund
net assets - non-major proprietary funds - business-type activities.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Bad debt expense.
Capital outlay.
Change in compensated absences liability.
Depreciation expense.
Interest expense.
OPEB expense.
Principal payments on long-term obligations.
Accrued payroll.
Internal staff and administrative charges reported as revenue only on budgetary basis.
Total expenses as reported in the combining statement of revenues, expenses, and changes in fund
net assets - non-major proprietary funds.

111

5,864

251
6
(52)
(3)
50
(841)
21
(568)
419

$

3,229

$

21,194

(6,343)
(42)
106
(31)
17
$

14,901

$

15,330
107
(1,292)
18
938
(5)
746
(661)
65
(42)

$

15,204

City of Glendale, Arizona
Budgetary Comparison Schedule
Housing Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

647

Final
$

647

Actual
Amounts
(budgetary basis)
$

1,724

RESOURCES (INFLOWS):
Intergovernmental
Miscellaneous
Total revenues
Add: Transfers in
Amounts available for appropriation

8,117
8,117
505
9,269

8,117
8,117
505
9,269

8,672
815
9,487
561
11,772

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Housing
Capital outlay
Total charges to appropriations

8,432
275
8,707

8,432
275
8,707

9,298
240
9,538

Budgetary fund balance, June 30, 2008

$

562

$

562

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenses
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Less: Transfers in.
Total revenues as reported on the statement of revenues, expenses, and changes in fund
net assets - non-major proprietary funds.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Change in compensated absences liability.
Accrued payroll.
Depreciation expense.
Capital outlay.
OPEB expense.
Total expenses as reported in the statement of revenues, expenses, and changes in fund
net assets - non-major proprietary funds.

112

2,234

Variance with
Final Budget
Positive
(Negative)
$

1,077

555
815
1,370
56
2,503

(866)
35
(831)
$

1,672

$

11,772
(1,724)
(561)

$

9,487

$

9,538
18
353
(240)
193

$

9,862

City of Glendale, Arizona
Combining Statement of Net Assets
Internal Service Funds
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Risk
Management
ASSETS
Current assets:
Equity in pooled
cash and investments
Inventories and prepaid items
Total current assets

$

Noncurrent assets:
Restricted cash and investments

6,567
47
6,614

Workers'
Compensation

$

3,112
3,112

Employee
Benefits

$

8,114
8,114

Total

$

17,793
47
17,840

-

150

-

150

6,614

3,262

8,114

17,990

LIABILITIES
Current liabilities:
Vouchers payable
Estimated claims payable
Total current liabilities

18
1,849
1,867

2
734
736

1,623
2,853
4,476

1,643
5,436
7,079

Noncurrent liabilities:
Estimated claims payable
Total noncurrent liabilities
Total liabilities

2,231
2,231
4,098

1,252
1,252
1,988

4,476

3,483
3,483
10,562

NET ASSETS
Unrestricted

2,516

1,274

3,638

7,428

Total assets

Total net assets

$

2,516

$

113

1,274

$

3,638

$

7,428

City of Glendale, Arizona
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets
Internal Service Funds
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)
Risk
Management
Operating revenues:
Self-insurance premiums
Other
Total operating revenues

$

Operating expenses:
Insurance claims and premiums

2,813
23
2,836

Workers'
Compensation
$

2,650

Operating income (loss)

992
23
1,015

Employee
Benefits
$

1,050

20,962
20,962

Total
$

21,266

24,767
46
24,813

24,966

186

(35)

(304)

(153)

Nonoperating revenues:
Investments

188

194

298

680

Income (loss) before transfers

374

159

(6)

Operating transfers in
Operating transfers out

2,000
-

(2,000)

-

Change in net assets

2,374

(1,841)

(6)

142
2,516

3,115
1,274

Net assets - beginning
Net assets - ending

$

114

$

$

3,644
3,638

527
2,000
(2,000)

527

$

6,901
7,428

City of Glendale, Arizona
Combining Statement of Cash Flows
Internal Service Funds
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Cash flows from operating activities:
Cash received from customers
Cash paid for insurance and in settlement
of claims

Risk
Management

Workers'
Compensation

$

$

2,836
(2,342)

1,015

Employee
Benefits
$

(1,216)

Total

20,968

$

(19,991)

24,819
(23,549)

Net cash provided by (used for)
operating activities

494

(201)

977

1,270

Cash flows from noncapital
financing activities:
Operating transfers in (out)

2,000

(2,000)

-

-

298

680

1,275

1,950

Cash flows from investing activities:
Interest received

188

Net increase (decrease) in cash during fiscal year
Cash and cash equivalents, July 1
Cash and cash equivalents, June 30

Reconciliation of operating income (loss)
to net cash provided by (used for)
operating activities:
Operating income (loss)
Adjustments to reconcile operating
income (loss) to net cash provided by
(used for) operations:
Change in inventories and
prepaid items
Change in vouchers payable
Change in claims payable
Net cash provided by (used for)
operating activities
Reconciliation of statement of net assets
cash and investments to the
statement of cash flows:
Per combined statement of net assets:
Equity in pooled cash and investments
Restricted cash and investments
Total cash and cash equivalents

194

2,682

(2,007)

$

3,885
6,567

$

$

186

$

28
(53)
333
494

$

$

6,567
6,567

$

115

(35)

$

$

(54)
(112)

$

$

5,269
3,262

$

(201)

3,112
150
3,262

6,839
8,114

(304)

$

$

5
478
798

15,993
17,943

(153)

33
371
1,019

$

977

$

1,270

$

8,114
8,114

$

17,793
150
17,943

$

$

City of Glendale, Arizona
Budgetary Comparison Schedule
Risk Management Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

3,530

Final
$

3,530

Actual
Amounts
(budgetary basis)
$

3,814

Variance with
Final Budget
Positive
(Negative)
$

284

RESOURCES (INFLOWS):
Self-insurance premiums
Investments
Other
Total revenues
Add: Transfers in
Amounts available for appropriation

2,813
100
2,913
6,443

2,813
1,000
3,813
7,343

2,813
188
23
3,024
2,000
8,838

(812)
23
(789)
2,000
1,495

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Insurance and claims
Total charges to appropriations

4,760
4,760

4,760
4,760

2,288
2,288

2,472
2,472

Budgetary fund balance, June 30, 2008

$

1,683

$

2,583

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expense
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Less: Transfers in.
Total revenues as reported on the combining statement of revenues, expenses, and changes in fund
net assets.

Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Change in estimated claims payable and prepaids.
Total expenses as reported in the statement of revenues, expenses, and changes in fund
net assets.

116

6,550

$

3,967

$

8,838
(3,814)
(2,000)

$

3,024

$

2,288
362

$

2,650

City of Glendale, Arizona
Budgetary Comparison Schedule
Workers' Compensation Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

4,632

Final
$

4,632

Actual
Amounts
(budgetary basis)
$

5,182

RESOURCES (INFLOWS):
Self-insurance premiums
Investments
Other
Total revenues
Less: Transfers out
Amounts available for appropriation

992
125
1,117
5,749

992
125
1,117
5,749

992
194
23
1,209
(2,000)
4,391

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Insurance and claims
Total charges to appropriations

1,407
1,407

1,407
1,407

1,162
1,162

Budgetary fund balance, June 30, 2008

$

4,342

$

4,342

$

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenses
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriation" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Add: Transfers out.
Total revenues as reported on the statement of revenues, expenses, and changes in fund
net assets.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Change in estimated claims payable.
Total expenses as reported in the statement of revenues, expenses, and changes in fund
net assets.

117

3,229

Variance with
Final Budget
Positive
(Negative)
$

550

69
23
92
(2,000)
(1,358)

245
245
$

(1,113)

$

4,391
(5,182)
2,000

$

1,209

$

1,162
(112)

$

1,050

City of Glendale, Arizona
Budgetary Comparison Schedule
Employee Benefits Fund
For the Fiscal Year Ended June 30, 2008
(amounts expressed in thousands)

Budgeted Amounts
Original
Budgetary fund balance, July 1, 2007

$

4,695

Final
$

4,695

Actual
Amounts
(budgetary basis)
$

5,698

Variance with
Final Budget
Positive
(Negative)
$

1,003

RESOURCES (INFLOWS):
Self-insurance premiums
Investments
Total revenues
Amounts available for appropriation

21,811
255
22,066
26,761

18,962
75
19,037
23,732

20,962
298
21,260
26,958

2,000
223
2,223
3,226

CHARGES TO APPROPRIATIONS (OUTFLOWS):
Current:
Insurance and claims
Total charges to appropriations

23,066
23,066

23,066
23,066

20,468
20,468

2,598
2,598

Budgetary fund balance, June 30, 2008

$

3,695

$

666

$

6,490

Explanation of differences between budgetary inflows and outflows and GAAP revenues and expenditures
Sources/inflows of resources:
Actual amounts (budgetary basis) "available for appropriations" from the budgetary comparison schedule.
The fund balance at the beginning of the year is a budgetary resource but is not a current year revenue
for financial reporting purposes.
Total revenues as reported on the statement of revenues, expenses, and changes in fund
net assets.
Uses/outflows or resources:
Actual amounts (budgetary basis) "total charges to appropriations" from the budgetary comparison schedule.
Change in estimated claims payable liability.
Total expenses as reported in the statement of revenues, expenses, and changes in fund
net assets.

118

$

5,824

$

26,958
(5,698)

$

21,260

$

20,468
798

$

21,266

City of Glendale, Arizona
COMPREHENSIVE ANNUAL FINANCIAL REPORT
_________________________________________________________

OTHER
SUPPLEMENTARY
INFORMATION

___________________________ FOR THE FISCAL YEAR ENDED JUNE 30, 2008

This page left blank intentionally.

City of Glendale, Arizona
Federal Financial Data Schedule (PHA: AZ003)
For the Fiscal Year Ended June 30, 2008
(rounded to nearest dollar)

1 of 8

The following is the schedule of Federal Financial Data as required by the United States Department of Housing and Urban
Development under the Uniform Financial Reporting Standards Rule implementing requirements of 24 CFR, Part 5, Subpart H.
Line
Item No.

111
112
113
114
115
100

119

121
122
124
125
126
126.1
120
131
132
135
142
143
143.1
144
145
150

161
162
163
164
165
166
167
168
160
171
172
173
174
176
180
190

Balance Sheet
Account Description
ASSETS:
Current assets:
Cash:
Cash - unrestricted
Cash - restricted - modernization and development
Cash - other restricted
Cash - tenant security deposits
Cash - restricted for payment of current liability
Total cash

AMPS

$

Accounts receivables:
Accounts receivable - PHA projects
Accounts receivable - HUD other projects
Accounts receivable - other government
Accounts receivable - miscellaneous
Accounts receivable - tenants
Allowance for doubtful accounts - tenants
Total receivables, net of allowances for doubtful accounts
Current investments:
Investments - unrestricted
Investments - restricted
Investments - restricted for payment of current liability
Prepaid expenses and other assets
Inventories
Allowance for obsolete inventories
Interprogram - due from
Assets held for sale
Total current assets
Non-current assets:
Capital assets:
Land
Buildings
Furniture, equipment & machinery - dwellings
Furniture, equipment & machinery - administration
Leasehold improvements
Accumulated depreciation
Construction in progress
Infrastructure
Total capital assets, net of accumulated depreciation
Notes, loans, & mortgages receivable - non-current
Notes, loans, & mortgages receivable - non-current - past due
Grants receivable - non-current
Other assets
Investment in joint venture
Total non-current assets
Total assets

474,373
36,796
511,169

HCV

$

$

DVP

-

$

DHAP

-

$

Eliminations

-

$

-

68,929
237
69,166

303,240
63,395
366,635

-

45,541
45,541

-

3,500
583,835

37,468
77,863
1,376,940

-

870
46,411

8,986
8,986

-

-

-

-

-

-

-

46,411

8,986

135,533
8,049,602
461,051
160,192
2,053,414
(6,236,065)
859,852
5,483,579

$

25,133
869,841
894,974

ROSS

5,483,579
6,067,414

149,998
101,313
(137,584)
113,727

$

113,727
1,490,667

$

$

$

Total

$

-

303,240
177,865
237
481,342

(87,719)

37,468
3,500
1,928,453

(87,719)

$

(87,719)

499,506
869,841
36,796
1,406,143

135,533
8,199,600
461,051
261,505
2,053,414
(6,373,649)
859,852
5,597,306

$

5,597,306
7,525,759
(continued)

City of Glendale, Arizona
Federal Financial Data Schedule (PHA: AZ003)
For the Fiscal Year Ended June 30, 2008
(rounded to nearest dollar)
Line
Item No.

311
312
313
321
322
324
325
331-010
331-020
331-030
331

2 of 8

(continued)

Balance Sheet
Account Description
LIABILITIES AND EQUITY/NET ASSETS
LIABILITIES:
Current liabilities:
Bank Overdraft
Accounts payable <= 90 days
Accounts payable > 90 days past due
Accrued wage/payroll taxes payable
Accrued compensated absences - current portion
Accrued contingency liability
Accrued interest payable

AMPS

$

Accounts payable - HUD PHA programs - operating subsidy
Accounts payable - HUD PHA programs - capital fund
Accounts payable - HUD PHA programs - other
Total accounts payable - HUD PHA Programs

HCV

565
33,071
12,724
-

$

ROSS

11,086
7,133
-

$

DVP

-

$

DHAP

150
-

$

Eliminations

225
-

$

-

Total

$

565
44,532
19,857
-

-

-

-

-

-

-

-

120

332
333
341

Accounts payable - PHA projects
Accounts payable - other government
Tenant security deposits

36,796

-

-

-

-

-

36,796

342-010
342-020
342-030
342

Deferred revenue - operating subsidy
Deferred revenue - capital fund
Deferred revenue - other
Total deferred revenues

3,663
3,663

-

-

-

3,605
3,605

-

7,268
7,268

343-010
343-020
343

Current portion of L/T debt - CFFP
Current portion of L/T debt - capital projects/mortgage revenue
Total Current portion of L/T debt - capital pjts/mortgage rev bonds

-

-

-

-

-

-

-

51,960
138,779

18,219

-

34,660
34,810

1,099
4,929

-

-

-

-

-

114,519
116,008
230,527
369,306

37,468
64,198
77,338
179,004
197,223

-

34,810

4,929

(87,719)

37,468
178,717
193,346
409,531
518,549

5,483,579
214,529
5,698,108
6,067,414

113,727
869,841
309,876
1,293,444
1,490,667

-

11,601
11,601
46,411

4,057
4,057
8,986

(87,719)

5,597,306
869,841
540,063
7,007,210
7,525,759

344
345
346
347
348
310
351-010
351-020
351
352
353
354
355
356
357
350
300
508.1
511.1
512.1
513
600

Current portion of L/T debt - operating borrowings
Other current liabilities
Accrued liabilities - other
Interprogram - due to
Loan liability - current
Total current liabilities
Noncurrent liabilities:
Long-term debt, net of current - CFFP
Long-term debt, net of current - capital projects/mortgage revenue
Total L/T debt, net of current- capital pjts/mortgage rev bonds
Long-term debt, net of current- operating borrowings
Noncurrent liabilities- other
Accrued compensated absences - noncurrent
Loan Liability - noncurrent
FASB 5 liabilities
Accrued pension and OPEB liability
Total noncurrent liabilities
Total liabilities
EQUITY/NET ASSETS:
Invested in capital assets, net of related debt
Restricted net assets
Unrestricted net assets
Total equity/net assets
Total liabilities and equity/net assets

$

$

$

$

$

(87,719)
(87,719)

109,018

-

$

-

$

(continued)

City of Glendale, Arizona
Federal Financial Data Schedule (PHA: AZ003)
For the Fiscal Year Ended June 30, 2008
(rounded to nearest dollar)

(continued)

Income Statement
Account Description

Line
Item No.
70300
70400
70500

3 of 8

REVENUE:
Net tenant rental revenue
Tenant revenue - other
Total tenant revenue

AMPS
$

HCV

360,140
9,339
369,479

$

ROSS
-

$

DVP
-

$

DHAP
-

$

Eliminations
-

$

-

Total
$

360,140
9,339
369,479

Housing assistance payments
Ongoing administrative fees earned
Hard to house fee revenue
Actual independent public accountant audit costs
Total preliminary fees earned
Interest earned on advances
Admin fee calculation description
HUD PHA operating grants - other
Total HUD PHA operating grants

506,123
506,123

7,080,601
641,466
7,722,067

77,773
77,773

27,381
5,329
32,710

4,292
4,932
9,224

-

7,112,274
651,727
583,896
8,347,897

70610

Capital grants

323,782

-

-

-

-

-

323,782

70710
70720
70730
70740
70750
70700

Management fee
Asset management fee
Bookkeeping fee
Front line service fee
Other fees
Total fee revenue

-

-

-

-

-

-

-

70800

Other government grants

-

-

-

-

-

-

-

946
946

246
246

-

-

-

-

246
946
1,192

Mortgage interest income
Proceeds from disposition of assets held for sale
Cost of sale of assets

-

-

-

-

-

-

-

Fraud recovery - housing assistance payment
Fraud recovery - administrative fee
Fraud recovery - other
Total fraud recovery

-

2,943
2,943
5,886

-

-

-

-

2,943
2,943
5,886

232,933
-

205,354
-

-

-

-

-

438,287
-

1,433,263

1,329
1,329
7,934,882

77,773

32,710

9,224

-

1,329
1,329
9,487,852

70600-010
70600-020
70600-030
70600-040
70600-050
70600-060
70600-070
70600
70600

121

71100-010
71100-020
71100
71100
71200
71300
71310
71400-010
71400-020
71400
71400
71500
71600
72000-010
72000-020
72000
72000
70000

Investment income - unrestricted - housing assistance payment
Investment income - unrestricted - administrative fee
Investment income - unrestricted - other
Total investment income - unrestricted

Other revenue
Gain or loss on the sale of capital assets
Investment income - restricted - housing assistance payment
Investment income - restricted - administrative fee
Investment income - restricted - other
Total investment income - restricted
Total revenue

$

$

$

$

$

$

$

(continued)

City of Glendale, Arizona
Federal Financial Data Schedule (PHA: AZ003)
For the Fiscal Year Ended June 30, 2008
(rounded to nearest dollar)

EXPENSES:
Administrative salaries
Auditing fees
Management fee
Bookkeeping fee
Advertising and marketing
Employee benefit contributions - administrative
Office expenses
Legal expense
Travel
Allocated overhead
Other
Total operating - administrative

122

92000

Asset management fee

92100
92200
92300
92400
92500

Tenant services - salaries
Relocation costs
Employee benefit contributions - tenant services
Tenant services - other
Total Tenant services

93100
93200
93300
93400
93500
93600
93700
93750
93800
93000

Water
Electricity
Gas
Fuel
Labor
Sewer
Employee benefit contributions- utilities
HAP portability - in
Other utilities expense
Total utilities

94100
94200
94300-010
94300-020
94300-030
94300-040
94300-050
94300-060
94300-070
94300-080
94300-090
94300-100
94300-110
94300-120
94300
94500
94000

(continued)

Income Statement
Account Description

Line
Item No.
91100
91200
91300
91310
91400
91500
91600
91700
91800
91810
91900
91000

4 of 8

AMPS
$

HCV

482,839
132,573
44,530
2,288
76,536
738,766

$

ROSS

464,391
94
141,290
45,207
450
49,461
700,893

$

DVP

4,167
4,167

$

DHAP
650
650

$

Eliminations

675
675

$

-

Total
$

947,230
94
273,863
89,737
450
2,288
131,489
1,445,151

-

-

-

-

-

-

-

19,887
19,887

-

73,606
73,606

-

200
200

-

93,693
93,693

53,546
22,477
2,761
26,196
104,980

-

-

-

-

-

53,546
22,477
2,761
26,196
104,980

Ordinary maintenance and operations - labor
Ordinary maintenance and operations - materials & other

226,880
102,999

7,632

-

-

-

-

226,880
110,631

Ordinary maint & ops contracts - garbage & trash removal
Ordinary maint & ops contracts - heating & cooling
Ordinary maint & ops contracts - snow removal
Ordinary maint & ops contracts - elevator maintenance
Ordinary maint & ops contracts - landscape & grounds
Ordinary maint & ops contracts - unit turnaround
Ordinary maint & ops contracts - electrical
Ordinary maint & ops contracts - plumbing
Ordinary maint & ops contracts - extermination
Ordinary maint & ops contracts - janitorial
Ordinary maint & ops contracts - routine maintenance
Ordinary maint & ops contracts - miscellaneous
Total ordinary maintenance and operations - contract costs

28,538
3,473
11,822
1,583
1,299
18,006
109,768
14,467
188,956

-

-

-

-

-

28,538
3,473
11,822
1,583
1,299
18,006
109,768
14,467
188,956

Employee benefit contributions - ordinary maintenance
Total maintenance

$

62,104
580,939

$

7,632

$

-

$

-

$

-

$

-

$

62,104
588,571
(continued)

City of Glendale, Arizona
Federal Financial Data Schedule (PHA: AZ003)
For the Fiscal Year Ended June 30, 2008
(rounded to nearest dollar)

5 of 8

(continued)

Income Statement
Account Description

Line
Item No.

AMPS

HCV

ROSS

DVP

DHAP

Eliminations

Total

123

95100
95200
95300
95500
95000

Protective services - labor
Protective services - other contract costs
Protective services - other
Employee benefit contributions - protective services
Total protective services

96110
96120
96130
96140
96100

Property insurance
Liability insurance
Workman's compensation
All other insurance
Total insurance premiums

41,613
1,874
43,487

11,994
1,258
13,252

-

-

-

-

53,607
3,132
56,739

96200
96210
96300
96400
96500
96600
96800
96000

Other general expenses
Compensated absences
Payments in lieu of taxes
Bad debt - tenant rents
Bad debt- mortgages
Bad debt - other
Severance expense
Total other general expenses

116,008
18,263
134,271

94,603
94,603

-

-

-

-

210,611
18,263
228,874

96710
96720
96730
96700

Interest of mortgage (or bonds) payable
Interest on notes payable (short and long term)
Amortization of bond issue costs
Total Interest expense and amortization cost

-

-

-

-

-

-

-

96900

Total operating expenses

97000
97100
97200
97300-010
97300-020
97300-025
97300-030
97300-035
97300-040
97300-050
97300-060
97300-070
97300
97400
97500
97800
90000

$

$

1,622,330

Excess operating revenue over expenses

HAP - mainstream 1 & 5 year
HAP - home-ownership
HAP - litigation
HAP - hope IV
HAP - moving to work
HAP - tenant protection
HAP - portability in
HAP - enhanced
HAP - all other
Total Housing assistance payments

$

-

$

-

$

-

$

-

$

-

$

-

816,380

77,773

650

875

-

2,518,008

7,118,502

-

32,060

8,349

-

6,969,844

25,973
-

-

-

-

-

-

25,973
-

-

6,934,094
6,934,094

-

27,381
27,381

4,292
4,292

-

6,965,767
6,965,767

347,774
1,996,077

5,103
7,755,577

77,773

28,031

5,167

-

352,877
9,862,625

(189,067)

Extraordinary maintenance
Casualty losses - non-capitalized

Depreciation expense
Fraud losses
Dwelling units rent expense
Total expenses

-

$

$

$

$

$

$

(continued)

City of Glendale, Arizona
Federal Financial Data Schedule (PHA: AZ003)
For the Fiscal Year Ended June 30, 2008
(rounded to nearest dollar)
Line
Item No.

10010
10020

(continued)

Income Statement
Account Description
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers out

10030
10040
10070
10080
10091
10092
10093
10094
10100

Operating transfers from/to primary government - not for profit
Operating transfers from/to primary government - partnership
Operating transfers from/to primary government - joint venture
Operating transfers from/to primary government - tax credit
Operating transfers from/to primary government - other
Operating transfers from/to primary government - other - comment
Total operating transfers from/to primary government
Operating transfers from/to component unit
Extraordinary items, net gain/loss
Special items, net gain/loss
Inter AMP excess cash transfer in
Inter AMP excess cash transfer out
Transfers from program to AMP
Transfers from AMP to program
Total other financing sources (uses)

10000

Excess (deficiency) of total revenues over (under) total expenses

10030-010
10030-020
10030-030
10030-040
10030-050

6 of 8

AMPS

$

15,644
(15,644)

HCV

$

561,000
561,000
561,000
$

(1,814)

$

ROSS

-

$

DVP

-

$

DHAP

-

$

Eliminations

-

$

(15,644)
15,644

-

-

-

-

-

-

-

-

-

-

179,305

$

-

$

4,679

$

4,057

$

-

Total

$

561,000
561,000
561,000

$

186,227

124

(continued)

City of Glendale, Arizona
Federal Financial Data Schedule (PHA: AZ003)
For the Fiscal Year Ended June 30, 2008
(rounded to nearest dollar)

7 of 8

(continued)

Income Statement
Account Description

Line
Item No.

AMPS

HCV

ROSS

DVP

DHAP

Eliminations

Total

MEMO ACCOUNT INFORMATION
11020

Required annual debt principal payments

11030

Beginning equity

11040

11170-001

$

-

$

-

$

-

$

-

$

-

$

-

$

-

5,699,922

1,114,139

-

6,922

-

-

6,820,983

Total prior period adjustments, equity transfers & correction of errors

-

-

-

-

-

-

-

Administrative fee equity:
Administrative fee equity - beginning balance

125

-

395,077

-

-

-

-

395,077

11170-010
11170-020
11170-030
11170-040
11170-045
11170-050
11170-051
11170-060

Administrative fee revenue
Hard to house fee revenue
Audit costs
Investment income
Fraud recovery revenue
Other revenue
Comment for other revenue
Total administrative fee revenues

-

641,466
246
2,943
205,354
850,009

-

-

-

-

641,466
246
2,943
205,354
850,009

11170-080
11170-090
11170-100
11170-101
11170-110

Total operating expenses
Depreciation
Other expenses
Comment for other expense
Total expenses

-

816,380
5,103
821,483

-

-

-

-

816,380
5,103
821,483

11170-002
11170-003
11170

Net administrative fee
Administrative fee equity - ending balance
Administrative fee equity

-

28,526
423,603
423,603

-

-

-

-

28,526
423,603
423,603

11180-010
11180-020
11180-030

Housing assistance payments equity:
Housing assistance payments equity - beginning balance
Net housing assistance payments
Housing assistance payments equity - ending balance

-

719,062
150,779
869,841

-

-

-

-

719,062
150,779
869,841

11180-040
11180-050
11180-060
11180-070
11180-080
11180-090

Housing assistance payment revenues
Fraud recovery revenue
Other revenue
Other comments
Investment income
Total housing assistance payments revenues

-

7,080,601
2,943
1,329
7,084,873

-

-

-

-

7,080,601
2,943
1,329
7,084,873

11180-100
11180-110
11180-120
11180-130
11180

Housing assistance payments
Other expenses
Other comments
Total housing assistance payments expenses
Housing assistance payments

-

6,934,094
6,934,094
869,841

-

-

-

-

6,934,094
6,934,094
869,841

11190
11210

Unit months available
Unit months leased

$

1,859
1,832

$

12,648
12,210

$

-

$

40
40

$

5
5

$

-

$

14,552
14,087
(continued)

City of Glendale, Arizona
Federal Financial Data Schedule (PHA: AZ003)
For the Fiscal Year Ended June 30, 2008
(rounded to nearest dollar)
Line
Item No.
11610
11620
11630
11640
11650
11660
13510
13901

8 of 8

(continued)

Income Statement
Account Description
Land purchases
Building purchases
Furniture & equipment - dwelling purchases
Furniture & equipment - administrative purchases
Leasehold improvements purchases
Infrastructure purchases
CFFP debt service payments
Replacement housing factor funds

AMPS
$

467,317
25,396
4,304
66,392
-

HCV
$

ROSS
-

$

DVP
-

$

DHAP
-

$

Eliminations
-

126

Total assets
Total liabilities and equity
Check sum: should be zero -0-

6,067,414
6,067,414
-

1,490,667
1,490,667
-

-

46,411
46,411
-

8,986
8,986
-

Beginning equity
Equity transfers and/or prior period adjustments
Results of operations
Ending equity
Ending equity per balance sheet
Check sum: should be zero -0-

5,699,922
(1,814)
5,698,108
5,698,108
-

$

1,114,139
179,305
1,293,444
1,293,444
-

-

6,922
4,679
11,601
11,601
-

4,057
4,057
4,057
-

$

423,603
869,841
1,293,444
-

Admin equity
HAP equity
Total equity
Check sum: should be zero -0-

$

$

$

$

$

-

Total
$

(87,719)
(87,719)
-

$

-

467,317
25,396
4,304
66,392
7,525,759
7,525,759
-

$

6,820,983
186,227
7,007,210
7,007,210
-

City of Glendale, Arizona
COMPREHENSIVE ANNUAL FINANCIAL REPORT
_________________________________________________________

STATISTICAL
SECTION

___________________________ FOR THE FISCAL YEAR ENDED JUNE 30, 2008

This page left blank intentionally.

STATISTICAL SECTION

This part of the City of Glendale’s comprehensive annual financial report presents detailed information as a
context for understanding what the information in the financial statements, note disclosures, and required
supplementary information says about the city’s overall financial health.
Contents
Pages
Financial Trends
These schedules contain trend information to help the reader understand how the city’s
financial performance and well-being have changed over time.

128-135

Revenue Capacity
These schedules contain information to help the reader assess the city’s local revenue source,
the property tax and sales tax.

136-140

Debt Capacity
These schedules present information to help the reader assess the affordability of the city’s
current levels of outstanding debt and the city’s ability to issue additional debt in the future.

142-149

Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the city’s financial activities take place.

150-151

Operating Information
These schedules contain service and infrastructure data to help the reader understand how the
information in the city’s financial report relates to the services the city provides and the
activities it performs.

152-156

Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive
annual financial reports for the relevant year. The city implemented GASB Statement 34 in 2002;
schedules presenting government-wide information include information beginning in that year.

127

City of Glendale, Arizona
Net Assets by Component
Last Five Fiscal Years
(amounts expressed in thousands)

2008
Government activities
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total governmental activities
net assets

$

2007

499,322
133,695
51,850

$

446,828
180,303
44,573

2006

$

398,517
155,163
75,417

684,867

671,704

629,097

Business-type activities
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total business-type activities
net assets

297,329
12,836
107,384

249,569
11,881
155,325

233,387
12,437
158,753

417,549

416,775

404,577

Primary government
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total primary government
net assets

796,651
146,531
159,234

696,397
192,184
199,898

631,904
167,600
234,170

$ 1,102,416

$ 1,088,479

$ 1,033,674

(1) 2002 was the first year data was available.

128

Schedule 1

2005

$

$

372,778
179,434
40,641

2004

353,135
169,434
49,916

$

259,802
127,393
132,801

$

31,260
91,203
9,232

592,853

572,485

$

519,996

$

131,695

274,620
11,249
108,604

228,252
10,479
141,094

394,473

379,825

647,398
190,683
149,245

581,387
179,913
191,010

987,326

$

2002(1)

2003

$

275,204
10,235
82,564
$

368,003

269,007
20,092
64,312
$

535,006
137,628
215,365

952,310

$

129

887,999

353,411

300,267
111,295
73,544
$

485,106

City of Glendale, Arizona
Changes in Net Assets
Last Five Fiscal Years
(amounts expressed in thousands)

Schedule 2

2008

2007

2006

2005

2002 (1)

2003

2004

Expenses
Governmental activities:
General government

$

39,998

$

37,992

$

113,285

Public works

16,006

14,816

13,995

Community services

52,185

45,481

40,275

5,164

4,698

4,125

26,175

24,906

22,720

Community environment
Street maintenance
Other

92,405

33,329

Public safety

$

75,277

31,603

$

64,277

24,003

$

20,209

$

22,490

56,176

52,625

53,779

14,309

13,883

11,411

12,766

37,394

33,914

32,210

30,919

3,236

3,446

3,433

3,414

21,355

20,425

20,308

12,534

-

-

3,020

238

142

148

19

Interest on long-term debt

28,475

23,551

16,883

16,986

15,838

7,223

5,864

Total governmental activities expenses

281,288

243,849

209,624

189,398

167,827

147,567

141,785

74,581

63,289

55,607

50,190

45,628

43,442

39,909

8,067

8,264

7,950

7,431

7,164

7,784

1,189

15,209

13,847

13,257

12,287

12,294

12,353

10,180

Business-type activities:
Water and sewer
Landfill
Sanitation
Housing
Total business-type activities expenses

130

Total primary government expenses

9,862

8,951

9,466

9,278

8,858

8,033

7,513

107,719

94,351

86,280

79,186

73,944

71,612

58,791

$

389,007

$

338,200

$

295,904

$

268,584

$

241,771

$

219,179

$

200,576

$

12,132

$

11,610

$

10,726

$

9,075

$

9,092

$

10,029

$

4,464

Program revenues
Governmental activities:
Charges for services:
General government
Public safety

5,744

1,964

1,375

1,200

1,043

1,897

Public works

543

531

516

506

148

526

479

22,859

22,285

20,121

16,871

16,942

13,439

4,409

Community services

325

Community environment

-

-

31

-

3

-

-

Street maintenance

-

48

-

-

-

7

25
22,640

Operating grants and contributions

33,191

36,566

31,973

26,535

24,503

22,522

Capital grants and contributions

14,491

26,247

6,406

1,407

3,429

4,294

2,589

88,960

99,251

71,148

55,594

55,160

52,714

34,931

Total governmental activities program revenues

2008

2007

2006

2005

2002 (1)

2003

2004

Business-type activities:
Charges for services:
Water and sewer
Landfill
Sanitation
Housing
Operating grants and contributions
Capital grants and contributions

66,316

62,125

56,153

54,295

52,456

52,088

9,196

9,742

8,362

8,961

9,593

8,644

46,068
9,610

14,684

14,653

14,167

13,624

12,817

11,918

11,808

816

662

569

542

512

494

422

8,348

8,254

8,020

8,027

7,643

7,091

6,592

4,346

5,125

5,403

242

168

520

673

Total business-type activities program revenues

103,706

100,561

92,674

85,691

83,189

80,755

75,173

Total primary government program revenues

192,666

199,812

163,822

141,285

138,349

133,469

110,104

Governmental activities

(192,328)

(144,598)

(138,476)

(133,804)

(112,667)

(94,853)

(106,854)

Business-type activities

(4,013)

Net (expense)/revenue

Total primary government net expense

$

6,210

6,394

6,505

9,245

9,143

16,382

(196,341)

$

(138,388)

$

(132,082)

$

(127,299)

$

(103,422)

$

(85,710)

$

(90,472)

28,826

$

23,085

$

21,386

$

19,422

$

18,321

$

16,739

$

16,459

General revenues and other changes in net assets
Governmental activities:
Taxes:
Property taxes

$

Sales taxes

131

Unrestricted state shared sales tax

105,175

97,825

90,968

77,166

74,763

63,832

52,580

22,237

23,037

23,298

20,271

18,409

17,113

16,862
22,822

Unrestricted urban revenue sharing
(state shared income tax)
Auto in-lieu taxes
Investment earnings, unrestricted

34,109

27,518

22,909

20,115

19,731

23,288

9,730

10,044

10,444

9,414

8,978

8,619

7,219

4,742

5,557

4,395

2,654

315

(1,602)

1,397

Gain (loss) on disposal of capital assets

879

202

348

225

9

445

Miscellaneous

302

301

272

275

349

299

289

-

-

-

4,794

24,614

27,042

6,205

Capital contributions
Transfers

(509)

Total governmental activities

(364)

700

(164)

(333)

(345)

(67)

(228)

205,491

187,205

174,720

154,172

165,156

155,708

132,149

4,044

5,381

3,466

2,065

1,115

(123)

126

103

844

-

-

(725)

(168)

-

-

-

-

(1,285)

(1,011)

(1,054)

108

140

100

202

-

-

-

-

-

-

5,712

2,414

7,241

4,591

Business-type activities:
Investment earnings, unrestricted
Gain (loss) on disposal of capital assets
Loss on joint venture
Miscellaneous
Capital contributions
Transfers
Total business-type activities
Total primary government

509

364

4,787

5,988

(700)
3,710

1,215

164

333

67

228

8,143

2,577

5,449

8,563

$

210,278

$

193,193

$

178,430

$

162,315

$

167,733

$

13,163

$

42,607

$

36,244

$

20,368

$

$

161,157

$

140,712

52,489

60,855

$

25,295

11,822

14,592

Changes in net assets
Governmental activities
Business-type activities
Total primary government
(1)

2002 was the first year data was available.

774
$

13,937

12,198
$

54,805

10,104
$

46,348

14,648
$

35,016

$

64,311

$

75,447

24,945
$

50,240

City of Glendale, Arizona
Fund Balances - Governmental Funds
Last Ten Fiscal Years
(amounts expressed in thousands)

Schedule 3

2008
General fund
Reserved
Unreserved
Total general fund
All other governmental funds
Reserved
Unreserved, report in:
Special revenue funds
Capital projects funds
Total all other governmental funds

$

2007

$

$

9,271
57,117
66,388

$

58,146

$

76,493
18,436
153,075

2006

$

$

10,500
50,880
61,380

$

45,029

$

34,369
68,932
148,330

2005

$

$

10,287
62,166
72,453

$

42,910

$

30,584
64,106
137,600

2004

$

$

9,377
56,661
66,038

$

39,014

$

34,867
61,765
135,646

2003

$

$

9,582
51,080
60,662

$

41,188

$

29,807
71,569
142,564

2002

$

$

17,315
31,727
49,042

$

33,527

$

23,553
126,252
183,332

2001

$

$

17,998
7,119
25,117

$

28,460

$

8,596
37,932
74,988

2000

$

$

13,232
24,716
37,948

$

19,473

$

2,585
28,369
50,427

1999

$

$

13,147
35,460
48,607

$

5,373
33,043
38,416

$

16,147

$

13,812

$

2,410
33,717
52,274

$

2,375
11,782
27,969

132

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133

City of Glendale, Arizona
Changes in Fund Balances - Governmental Funds
Last Ten Fiscal Years
(amounts expressed in thousands)
2008

Schedule 4

2007

2006

2005

2004

2003

2002

2001

2000

1999

Revenues
Taxes and special assessments
Licenses and permits
Intergovernmental
Local revenues

$

133,746

$

121,122

$

112,576

$

96,812

$

93,655

$

82,458

$

70,526

$

60,911

$

57,681

$

54,355

17,385

17,839

16,039

15,497

16,667

16,771

10,663

9,897

8,280

7,902

101,821

107,699

86,994

75,691

73,166

73,836

68,479

72,216

70,269

66,609

-

-

-

-

-

-

-

6,417

11,020

10,904

Charges for services

14,125

10,086

8,838

5,681

4,824

3,313

2,516

5,347

4,862

4,737

Fines and forfeitures

4,507

3,932

3,564

3,247

3,169

3,246

2,859

2,381

2,413

2,951

Investment income (loss)

9,986

10,905

7,825

4,762

1,511

2,572

8,303

4,533

5,017

Miscellaneous

4,915

4,212

4,136

3,335

2,774

2,834

2,729

3,687

1,905

1,770

Total revenues

286,485

275,795

239,972

205,025

195,766

181,653

160,344

169,159

160,963

154,245

(805)

Expenditures
General government

134

25,364

24,524

21,868

20,892

17,274

20,321

20,064

21,583

17,122

15,340

Public safety

100,384

86,753

72,745

61,366

53,805

49,571

49,126

43,741

41,155

37,912

Public works

11,743

12,155

12,252

12,081

12,816

10,118

11,364

12,688

11,884

10,457

Community services

44,767

39,150

35,604

32,627

30,006

28,391

27,502

22,832

21,332

18,514

4,972

4,657

3,978

3,082

3,311

3,282

3,223

2,379

2,052

2,508

Street maintenance

13,045

13,372

11,609

10,534

9,811

9,994

11,493

10,320

9,541

9,516

Community housing

3,059

2,918

-

-

-

-

6,201

5,645

5,312

Miscellaneous

1,629

55

555

80

71

475

458

21

Capital outlay

141,060

179,421

131,243

47,283

120,833

142,213

38,636

37,029

42,178

42,363

Community environment

Debt service:
Principal

32,151

28,096

20,328

18,899

18,090

21,680

20,574

16,501

27,574

14,359

Interest

32,294

20,630

17,222

17,231

15,998

8,155

5,925

6,605

5,422

6,180

407,409

411,817

329,767

224,050

282,499

293,805

187,978

180,354

184,363

162,482

(120,924)

(136,022)

(89,795)

(19,025)

(86,733)

(112,152)

(27,634)

(11,195)

(23,400)

Total expenditures
Excess of revenues
over (under) expenditures

(8,237)

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Other financing sources (uses)
Discount on long-term debt

-

-

-

-

-

-

-

-

-

109,986

133,327

93,033

-

-

-

200

-

5,279

-

16,075

69,522

215,920

40,563

-

41,997

-

1,198

9,065

-

-

-

-

-

-

-

Premium on long-term debt issued

93,815
2,192

1,782

230

1,114

14,500

-

-

-

-

Proceeds from equipment disposal

8,714

850

3,166

1,342

8,198

2,802

82

-

-

-

-

668

-

-

428

11,266

-

-

9,139

-

(83,521)
51,626

24,945

(9,582)
20,014

-

-

-

Transfers in

15,800

32,943

12,851

15,936

15,015

15,814

18,218

Transfers out

(52,135)

(25,309)

(19,314)

(15,964)

(33,276)

(12,918)

(16,165)

(16,325)

(14,333)

(16,559)

130,677

135,679

98,164

17,483

57,585

244,421

36,083

(1,310)

57,896

1,659

Proceeds from loans
Long-term debt issued
Refunding bonds issued

Capital lease proceeds

(82)

Payment to redeem/refunded bonds
escrow agent

-

(21,262)

-

(4,533)

Total other financing
sources (uses)
Net change in fund balances

$

9,753

$

(343)

$

8,369

$

(1,542)

$

(29,148)

$

132,269

$

8,449

$

(12,505)

$

34,496

$

(6,578)

Debt service as a percentage
of noncapital expenditures

24.20%

20.97%

18.91%

20.44%

21.09%

19.68%

17.74%

16.12%

23.21%

17.10%

135

City of Glendale, Arizona
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
(amounts expressed in thousands)

Schedule 5

Major Components
Fiscal
Year
1998-99

Real
Estate
$

215,309

Improvements
$

485,708

Secured
Personal
$

2,974

Utilities
Rails and
Wires

Unsecured
Personal
$

29,627

$

44,837

Less:
Tax Exempt
Property
$

61,065

Net
Assessed
Value (1)
$

Total
Direct
Tax Rate

717,390

1.78

Estimated
Actual
Value(1)
$

Assessed Value
as a Percentage
of Actual Value(2)

5,931,081

13.125

136

1999-00

223,785

548,672

2,748

30,259

45,209

62,981

787,692

1.73

6,526,885

13.033

2000-01

233,712

619,842

2,609

39,388

46,580

65,228

876,903

1.72

7,288,261

12.927

2001-02

253,580

686,608

2,609

43,470

51,547

83,695

954,119

1.72

8,010,100

12.956

2002-03

258,224

733,234

2,383

39,629

54,189

98,565

989,094

1.72

8,331,442

13.055

2003-04

298,152

820,414

2,113

35,832

58,517

135,011

1,080,017

1.72

9,391,120

12.938

2004-05

342,689

893,850

1,661

43,584

56,582

193,816

1,144,550

1.72

10,065,003

13.297

2005-06

368,181

989,418

1,450

45,025

58,101

192,607

1,269,568

1.72

11,296,734

12.943

2006-07

463,560

1,033,129

1,373

45,756

58,111

230,940

1,370,989

1.72

12,107,926

13.230

2007-08

593,311

1,406,513

1,759

50,130

60,680

285,374

1,827,019

1.62

16,733,846

12.624

Source: Maricopa County Assessor's Office
Notes:
(1) Assessed values are established each year by the County. The tax rate is $100 per assessed value (reference note I. L, page 42).
(2) The assessed value as a percentage of actual value does not include tax exempt property.

City of Glendale, Arizona
Direct and Overlapping Governments Property Tax Rates
Last Ten Fiscal Years
Per $100 Assessed Valuation

Schedule 6

Overlapping Rates*

Fiscal
Year
1998-99

Basic
Rate
$

0.44

General
Obligation
Debt Service
$

1.34

Glendale
Elementary
and High
School
Districts

City of
Glendale
$

1.78

$

17.15

Peoria
Unified
School
Districts
$

15.20

Deer Valley
Unified
School
Districts
$

15.03

137

1999-00

0.39

1.34

1.73

16.72

14.86

14.33

2000-01

0.38

1.34

1.72

15.81

14.55

13.12

2001-02

0.36

1.36

1.72

15.36

13.73

13.12

2002-03

0.35

1.37

1.72

15.51

13.69

12.59

2003-04

0.34

1.38

1.72

14.79

13.59

12.06

2004-05

0.33

1.39

1.72

14.88

13.22

11.78

2005-06

0.31

1.41

1.72

20.96

18.45

16.98

2006-07

0.29

1.43

1.72

19.84

17.26

15.34

2007-08

0.27

1.35

1.62

17.74

15.33

13.97

Source: Maricopa County 2007 Tax Rates
Note: The City rounds the rates to two digits from the four presented by the county.
* Overlapping rates are those of local and county governments that apply to property owners within the City of Glendale. Not all
overlapping rates apply to all City of Glendale property owners (e.g., the rates for special districts apply only to the proportion
of the government's property owners whose property is located within the geographic boundaries of the special district).

City of Glendale, Arizona
Principal Property Taxpayers
Current Year and Nine Years Ago
June 30, 2008
(amounts expressed in thousands)

Schedule 7

Tax Year 2008

138

Taxpayer
Arizona Public Service Company
Qwest Corporation (US West)
Wal-Mart Stores, Inc.
New River Associates
VHS of Arrowhead, Inc.
Lexington Glendale
Southwest Gas Corporation
Hbg Arizona LLC
51 Bells Limited Partnership
Burlington Northern Sante Fe
Price Reit
Sanderson Ford
Safeway Inc
Meridan Trust Co
SP Commercial Flight
Total principal taxpayers

Rank
1
2
3
4
5
6
7
8
9
10

Assessed
Valuation
$ 17,308,746
13,830,663
11,336,693
10,176,348
7,296,932
6,236,400
6,048,153
5,933,454
5,206,951
4,899,762

$ 88,274,102

Tax Year 1999

Percentage of
Total City Taxable
Assessed Value
0.95 %
0.76
0.62
0.56
0.40
0.34
0.33
0.32
0.29
0.27

4.84 %

Rank
1
2

Assessed
Valuation
$ 12,134,420
11,206,284

Percentage of
Total City Taxable
Assessed Value
1.54 %
1.42

3

10,036,241

1.27

4

4,200,727

0.53

7
5
6
8
9
10

2,814,655
3,474,917
3,337,387
2,362,574
2,333,750
2,314,634

0.36
0.44
0.42
0.30
0.30
0.29

$

47,204,631

Source: Maricopa County Treasurer's Office
Note: The Salt River Project Agriculture Improvement and Power District assessed valuation is not reflected in the total assessed
valuation of the City of Glendale. The Project is subject to "voluntary contribution" in lieu of ad valorem taxation.

5.98 %

City of Glendale, Arizona
Property Tax Levies and Collections
Last Ten Fiscal Years
(amounts expressed in thousands)

Schedule 8

Collected within the
Fiscal Year of Levy

Total Collections to Date
Collections

Fiscal
Year
1998-99

Total
Tax Levy(1)
$

12,131

Amount
$

Percent of
Levy

11,764

96.98 %

in Subsequent
Years(2)
$

367

Amount
$

Percent of
Levy

12,131

100.00 %

139

1999-00

12,978

12,507

96.37

471

12,978

100.00

2000-01

14,227

13,833

97.23

394

14,227

100.00

2001-02

16,136

15,529

96.24

587

16,116

99.88

2002-03

16,743

16,289

97.29

442

16,731

99.93

2003-04

18,468

17,899

96.92

556

18,455

99.93

2004-05

19,534

19,011

97.32

393

19,404

99.33

2005-06

21,566

20,980

97.28

505

21,485

99.62

2006-07

23,423

22,721

97.00

535

23,256

99.29

2007-08

28,728

27,823

96.85

-

27,823

96.85

Source: Maricopa County Treasurer's Office
(1) Total levy includes only secured property.
(2) Includes collections and resolutions.

City of Glendale, Arizona
City Transaction Privilege Taxes (Sales Tax) by Category
Last Ten Fiscal Years
(amounts expressed in thousands)
2008
Retail sales
Contracting

$

Rentals

54,416

2007
$

50,733

Schedule 9

2006
$

48,743

2005
$

41,883

2004
$

41,262

2003
$

36,639

2002
$

30,858

2001
$

24,449

2000
$

24,305

1999
$

16,986

9,540

10,483

9,729

7,716

7,709

5,638

3,659

4,269

4,656

4,899

12,082

9,895

8,897

8,228

7,752

7,164

5,740

4,990

4,660

3,650
1,224

Utilities

5,359

4,724

4,168

1,967

2,606

1,765

1,482

1,297

1,260

Telecom/cable TV

6,174

5,914

5,300

5,179

4,290

2,437

1,490

1,259

1,017

915

10,995

9,335

8,163

7,031

6,676

6,132

5,477

4,935

4,729

4,366

Restaurant/bar
Amusement

3,034

3,288

1,934

1,043

1,058

601

539

424

493

204

Other

3,575

3,453

4,034

4,119

3,410

3,456

3,335

2,768

2,467

7,763

Total
% Growth by year
Retail sales

$

105,175

$

$

90,968

$

77,166

140

4.1 %

16.4 %

Contracting

(9.0)

7.8

26.1

Rentals

22.1

11.2

8.1

Utilities

13.4

13.3

111.9

4.4

11.6

2.3

Restaurant/bar

17.8

14.4

16.1

Amusement

(7.7)

70.0

85.4

Other

3.5

(14.5)

(2.1)

20.8

Total

7.5 %

Telecom/cable TV

7.3 %

97,825

7.5 %

17.9 %

1.5 %
0.1

$

74,763

12.6 %
36.7

$

63,832

18.7 %
54.1

$

52,580

$

26.2 %

44,391

0.6 %

(14.3)

(8.3)

$

43,587

$

40,007

43.1 %
(5.0)

13.8

27.5 %
16.0

6.1

8.2

24.8

15.0

7.1

27.7

(24.5)

47.6

19.1

14.3

2.9

2.9

1.0

20.7

76.0

63.6

18.3

23.8

11.1

17.3

5.3

8.9

12.0

11.0

4.4

8.3

11.3

(1.4)

76.0

11.5

27.1

(14.0)

100.0

100.0

(1.3)

3.6

20.5

12.2

(68.2)

(23.5)

3.2 %

17.1 %

21.4 %

18.4 %

Source: City of Glendale Tax and License Division
Note: The tax rate for City activities is 2.2% except for telecommunications which is 5.4%, restaurant bars 3.2%, hotel/motel 5.6%, and retail sales food for home consumption 1.8%.

1.8 %

8.9 %

9.8 %

This page left blank intentionally.

141

City of Glendale, Arizona

Schedule 10

Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
(amounts expressed in thousands)

General
Obligation
Bonds

Fiscal
Year
1998-99

(1)

$

43,025

Street and
Highway
Revenue
Bonds

Special
Assessment
Bonds
$

20,733

$

23,230

Government Activities
Municipal
Property
Corporation
Bonds
$

12,265

Transportation
Bonds
$

-

Capital
Leases
$

1,573

Notes
Payable
$

1,852

142

1999-00

55,055

19,278

28,380

12,000

-

10,198

6,693

2000-01

46,917

17,621

24,310

11,215

-

8,865

5,754

2001-02

82,637

16,247

24,310

11,215

-

4,498

4,340

2002-03

127,104

12,036

20,030

170,590

-

14,971

20,193

2003-04

153,688

109

22,730

180,230

-

14,704

17,098

2004-05

157,065

75

22,455

177,950

-

13,704

18,876

2005-06

175,155

39

35,940

223,988

-

12,875

15,689

2006-07

224,234

-

34,065

293,530

-

12,492

6,279

2007-08

212,524

-

30,895

298,050

109,110

10,838

9,045

Water
Sewer
G.O. Bonds

Fiscal
Year
1998-99

$

10,000

Landfill
G.O. Bonds
$

-

Business Activities
Water
Sewer
Revenue
Bonds
$

13,305

Notes
Payable
$

4,569

Capital
Leases
$

2,779

Total
Primary
Government
$

Percentage of
Personal Income (2)

133,331

2.02

143

1999-00

8,175

1,460

63,560

3,866

15,952

224,617

3.32

2000-01

6,165

1,333

56,705

3,357

13,783

196,025

2.74

2001-02

6,165

1,333

56,705

6,358

15,291

229,099

3.22

2002-03

17,845

1,186

49,280

14,831

12,838

460,904

6.71

2003-04

15,825

1,032

121,470

14,433

11,007

552,326

8.25

2004-05

13,135

870

115,140

13,660

2,676

535,606

7.67

2005-06

12,375

700

190,020

12,285

2,613

681,679

9.08

2006-07

11,595

520

229,130

10,862

2,349

825,056

9.86

2007-08

10,805

331

288,950

10,240

1,688

982,476

11.32

Note: Details of the outstanding debt can be found in the notes to the financial statements.
(1) Does not include other long-term obligations such as compensated absences, unamortized premiums, claims/judgments, arbitrage, post-closure costs, etc.
(2) Calculate by dividing Glendale population with Maricopa County population and multiplying by total personal income to arrive at Glendale personal income (data
taken from Schedule 15). Then divide total primary government by Glendale personal income to arrive at percentage of total income.

City of Glendale, Arizona
Ratios of Net General Bonded Debt Outstanding
Last Ten Fiscal Years
(amounts expressed in thousands)

General
Obligation
Bonds(1)

Fiscal
Year
1998-99

$

53,025

Less: Amounts
Available in
Debt Service
Funds(2)
$

11,611

Schedule 11

Total
$

Percentage of
Net Assessed
Value of Property

41,414

5.77 %

Per
Capita(3)
$

200.07

1999-00

64,690

12,416

52,274

6.63

245.42

2000-01

54,415

13,241

41,174

4.69

183.81

2001-02

90,135

16,281

73,854

7.74

323.92

2002-03

146,135

17,768

128,367

12.98

555.70

2003-04

170,545

18,526

152,019

14.08

652.44

2004-05

171,070

19,472

151,598

13.25

642.36

2005-06

188,230

22,507

165,723

13.05

679.19

2006-07

236,349

24,600

211,749

15.45

859.44

2007-08

223,660

30,145

193,515

10.59

778.01

Note:

Principal and interest expenditures for 1999-00 include a current refunding transaction.
(1) These figures include general obligation water and sewer and general obligation landfill bonds.
(2) These figures include the current general obligation bond liability plus the general obligation
debt service fund balance at June 30.
(3) Per capita is in actual dollars.

144

City of Glendale, Arizona
Net Direct and Overlapping Governmental Activities Debt
June 30, 2008
(amounts expressed in thousands)

Jurisdiction
Peoria Unified School
District No. 11

Schedule 12

Net Debt
Outstanding
$

241,348

Percentage
Applicable
to Glendale
23.1015 %

Amount
Applicable
to Glendale
$

55,755

Glendale Elementary School
District No. 40

23,865

98.8324

23,586

Deer Valley Unified School
District No. 97

187,630

20.1474

37,803

Alhambra Elementary School
District No. 68

27,340

17.7438

4,851

Glendale Union High School
District No. 205

107,340

22.5571

24,213

-

3.6884

-

Maricopa County Community College District

507,390

3.6884

18,715

Phoenix Union High School
District No. 210

304,795

1.3566

4,135

Pendergast Elementary School
District No. 92

18,225

13.0448

2,377

Tolleson Union High School
District No. 214

71,570

4.3750

3,131

Washington Elementary School
District No. 6

107,335

2.8594

3,069

Dysart Unified School
District No. 89

150,360

0.0365

55

Agua Fria Union High School
District No. 216

56,120

0.2939

165

Litchfield Elementary School
District No. 79

28,565

0.4342

124

Maricopa County

Total Overlapping Debt

1,831,883

177,979

City of Glendale Debt(1)

198,174

198,174

Total

$

2,030,057

Source: Maricopa County - Abstract by tax authority and class,
Abstract by tax area code and Annual Report of Bonded Indebtedness.
(1) Does not include landfill nor water and sewer general obligation debt.

145

$

376,153

City of Glendale, Arizona
Legal Debt Margin Information
Last Ten Fiscal Years
(amounts expressed in thousands)

Schedule 13
Legal Debt Margin Calculation for Fiscal Year 2008

6% Type Bonds

Assessed value

$

Debt limit (6% of assessed value)

109,621

Debt applicable to limit: General obligation bonds

49,990

Less: Amount set aside for repayment of general obligation debt

(6,632)

Total net debt applicable to limit

43,358

Legal debt margin
1999
Debt limit

$

47,262

2000
$

47,262

2001
$

52,614

2002
$

57,247

1,827,019

2003
$

59,346

$
2004

$

64,801

2005
$

68,673

2006
$

76,174

2007
$

82,259

66,263
2008

$

109,621

Total net debt
applicable to limit
Legal debt margin

19,190
$

28,072

26,107
$

21,155

21,602
$

31,012

30,167
$

27,080

47,813
$

11,533

49,399
$

15,402

51,682
$

16,991

52,539
$

23,635

38,998
$

43,261

43,358
$

66,263

146

Total net debt applicable to the
limit as a percentage of debt limit

40.60%

55.24%

41.06%

52.70%

20% Type Bonds

80.57%

76.23%

75.26%

68.97%

47.41%

Assessed value

39.55%

$

Debt limit (20% of assessed value)

365,404

Debt applicable to limit: General obligation bonds

173,670

Less: Amount set aside for repayment of general obligation debt

(23,513)

Total net debt applicable to limit

150,157

Legal debt margin
1999
Debt limit

$

157,538

2000
$

157,538

2001
$

175,381

2002
$

190,824

1,827,019

2003
$

197,818

$
2004

$

216,003

2005
$

228,910

2006
$

253,914

2007
$

274,198

215,247
2008

$

365,404

Total net debt
applicable to limit
Legal debt margin

31,774
$

125,764

36,307
$

121,231

29,847
$

145,534

43,972
$

146,852

80,844
$

116,974

101,153
$

114,850

99,340
$

129,570

113,184
$

140,730

172,751
$

101,447

150,157
$

215,247

Total net debt applicable to the
limit as a percentage of debt limit

20.17%

23.05%

17.02%

23.04%

40.87%

46.83%

43.40%

44.58%

63.00%

41.09%

This page left blank intentionally.

147

City of Glendale, Arizona
Pledged-Revenue Coverage
Last Ten Fiscal Years
(amounts expressed in thousands)

Schedule 14

Fiscal

Utility
Service

Less:
Operating

Year

Charges(1)

Expenses(2)

1998-99

$

49,843

$

22,429

Water and Sewer Revenue Bonds
Net
Debt Service
Available
Principal(3)

Revenue
$

27,414

$

4,521

Interest(3)
$

Coverage

923

5.04

148

1999-00

49,243

24,071

25,172

3,426

753

6.02

2000-01

52,482

28,334

24,148

7,558

3,387

2.21

2001-02

50,549

27,620

22,929

8,463

3,022

2.00

2002-03

51,922

30,537

21,385

9,116

2,745

1.80

2003-04

53,209

31,445

21,764

7,102

4,760

1.83

2004-05

56,144

32,100

24,044

6,495

6,168

1.90

2005-06

59,426

35,916

23,510

6,813

7,143

1.68

2006-07

66,646

40,825

25,821

6,303

9,280

1.66

2007-08

69,490

44,247

25,243

7,252

11,918

1.32

Transportation Bonds (4)
Fiscal

Transportation
Sales

Year

Tax

1998-99

$

Debt Service
Principal

-

Municipal Property Corporation Bonds
Excise
Tax

$

Interest
-

$

Coverage
-

-

Debt Service

Revenue
$

73,572

Principal
$

775

Interest
$

Coverage

907

43.74

149

1999-00

-

-

-

-

79,850

615

431

76.34

2000-01

-

-

-

-

83,739

785

548

62.82

2001-02

-

-

-

-

85,322

880

515

61.16

2002-03

-

-

-

-

88,071

1,240

1,510

32.03

2003-04

-

-

-

-

94,277

2,280

8,530

8.72

2004-05

-

-

-

-

98,143

1,885

9,017

9.00

2005-06

-

-

-

-

114,066

2,785

8,871

9.79

2006-07

-

-

-

-

123,602

2,715

10,343

9.47

2007-08

23,672

4,075

3,255

3.23

127,373

7,399

17,617

5.09

Source: City of Glendale Finance Department
Notes:
(1) Operating revenues and nonoperating revenues excluding non-cash contributions, gains and losses.
(2) Excluding depreciation.
(3) Principal and interest amounts include debt service on the note payable to the Waste Infrastructure Financing Authority of Arizona for the 00-01 loan.
(4) FY 2008 is the first year the City of Glendale has issued Transportation Bonds.

City of Glendale, Arizona
Demographic and Economical Statistics
Last Ten Fiscal Years
(amounts expressed in thousands)

Fiscal
Year

City of
Glendale
Population(2)

Maricopa
County
Population

1998-99

207

3,005

1999-00

213

3,096

2000-01

224

2001-02

Schedule 15

Personal Income
(thousands
of dollars) (1)
$

Per Capita
Personal
Income(1)
26,930

2.9

89,771,608

28,993

2.3

3,196

92,913,124

29,068

3.7

228

3,295

95,618,598

29,020

5.0

2002-03

231

3,397

98,401,099

28,968

5.3

2003-04

233

3,524

101,264,571

28,734

4.4

2004-05

236

3,524

104,211,370

29,570

3.9

2005-06

244

3,764

115,863,448

30,782

3.9

2006-07

246

3,879

131,949,430

(3)

34,016

(4)

3.1

2007-08

249

3,990

139,044,312

(3)

34,848

(4)

3.6

(5)

80,924,901

$

Unemployment
Rate

Source: Maricopa County Finance Department
Arizona Department of Economic Security, Research Administration, Population Statistics Unit
Maricopa County FY 2006-07 Annual Budget Report
Standard & Poor's Ratings Direct Analysis of Maricopa County, Arizona, publication date Aug 21, 2007
City of Glendale Planning Department
Note: (1) Personal Income and Per Capita Income figures are for Maricopa County. City of Glendale
is one of several Valley cities that comprise Maricopa County, including Phoenix, Mesa and Scottsdale.
(2) Estimates.
(3) Estimate based on forecasted increases for Maricopa County of 5%, 5% and 4.1% for 2008, 2007, and 2006, respectively
and Maricopa County personal income for 2005 of $120,716,738,000 and for 2008 of $132,423,154,000.
(4) Calculation based on personal income divided by population.
(5) Draft figure for Maricopa County population provided by City of Glendale Planning Department.

150

%

City of Glendale, Arizona
Principal Employers
Current Year and Ten Years Ago

Schedule 16

2008

Employer
Luke Air Force Base
Banner Thunderbird Health System
City of Glendale
Walmart
Glendale Union High School District
Glendale Elementary School District
Deer Valley Unified School District
AAA
Honeywell, Inc.
Glendale Community College
U.S. Postal Service
Peoria Unified School District
Total

Employees
8,037
2,500
2,100
2,020
1,862
1,684
1,432
1,323
1,250
1,220

23,428

Rank
1
2
3
4
5
6
7
8
9
10

1998
Percentage
of Total City
Employment
5.58 %
1.74
1.46
1.40
1.29
1.17
0.99
0.92
0.87
0.85

12.55 %

Source: City of Glendale Economic Development Department
Department of Economic Security, Research Administration, LAUS Report

151

Employees
8,346
1,100
1,337

Rank
1
6
4

Percentage
of Total City
Employment
7.86 %
1.04
1.26

1,380
1,300

3
5

1.30
1.22

2,600
820
780
575

2
8
9
10

2.45
0.77
0.73
0.54

18,238

17.19 %

City of Glendale, Arizona
Full-time Equivalent City Government Employees by Function/Program
Last Ten Fiscal Years

Function/Program

152

General government
Management services
Finance
Planning
Building
Legal
Other
Police
Fire
Homeland security
Community service
Parks and recreation
Library
Public works
Engineering
Transportation
Utilities
Total

Source: City Budget Office

2008

2007

2006

35.00
86.75
28.50
53.75
78.00
108.50
557.50
263.50
7.00
93.75
99.25
87.76
281.00
45.00
89.25
186.00
2,100.51

35.00
86.75
28.50
51.75
78.00
105.50
543.50
251.50
7.00
87.25
98.75
88.76
271.00
45.00
88.25
165.00
2,031.51

34.00
86.75
26.50
55.75
67.00
101.00
506.50
237.50
84.25
89.75
87.76
266.00
46.00
81.25
146.00
1,916.01

Schedule 17

Full-time Equivalent Employees as of June 30
2005
2004
2003
2002

32.00
85.75
26.15
57.75
67.00
94.50
507.50
216.00
82.75
86.75
87.76
266.00
45.00
80.25
140.00
1,875.16

34.00
84.75
26.15
44.75
61.00
93.50
473.50
196.00
75.25
80.40
87.75
267.00
44.00
80.25
132.00
1,780.30

32.50
84.75
27.15
40.75
58.00
93.50
455.50
195.00
75.25
79.40
87.75
270.00
44.00
78.25
132.00
1,753.80

33.50
82.75
27.15
32.50
50.00
93.50
455.50
190.00
73.75
78.40
87.75
272.00
43.00
65.25
132.00
1,717.05

2001

2000

1999

31.50
83.50
23.65
29.50
47.00
97.50
421.50
167.50
67.00
73.40
86.75
268.00
42.00
65.25
125.00
1,629.05

30.50
82.00
21.65
28.50
47.00
89.00
397.00
167.50
61.00
63.90
84.50
228.00
41.00
60.25
124.00
1,525.80

41.00
65.00
33.15
27.50
39.00
69.50
380.00
163.50
50.00
60.65
84.25
228.00
41.00
54.25
127.00
1,463.80

City of Glendale, Arizona
Operating Indicators by Function/Program
Last Ten Fiscal Years

Function/Program

153

Police
Calls for service
Bookings
Criminal offense reports
Fire
EMS calls
Fire calls
Refuse collection (3)
Residential curb service (tons per year)
Commercial container service (tons per year)
Airport
Departures/arrivals (2)
General government
Building permits
Library
Volumes in collection
Transit
Dial-A-Ride passengers

Schedule 18

2008

2007

2006

2005

146,489
12,902
32,918

154,176
12,119
35,169

148,633
8,640
34,271

158,507
8,138
33,578

25,851
4,216

25,819
4,322

22,284
5,886

58,865
48,267

60,914
51,425

63,521
49,517

137,762

152,194

6,931

Fiscal Year
2004
2003

2002

2001

2000

1999

161,722
8,057
34,847

154,374
7,980
33,956

153,691
8,781
34,224

144,183
7,744
33,102

137,809
773
30,984

133,124
10,062
27,415

24,025
3,335

23,126
3,379

21,372
3,379

20,722
3,110

19,272
2,958

18,208
2,755

57,942
44,441

56,902
44,681

55,718
48,583

49,747
45,798

-

-

-

143,798

108,887

118,140

88,449

118,703

110,631

112,570

133,220

6,310

7,888

7,079

6,330

6,299

5,428

7,090

7,925

8,561

546,136

557,342

596,266

620,130

601,440

600,477

606,676

544,467

562,532

342,042

88,638

84,132

89,055

87,831

86,132

81,768

76,622

66,527

69,081

70,032

(1)
(1)

18,977
2,642

(4)
(4)

Source: Various city departments
Note: Water and sewer statistics are contained in Schedule 20 and 21.
(1) Fire department figures are on a calendar year, January 1, 2006, through November 3, 2006.
(2) Departures/arrivals are based on calendar year prior to 2005-2006. 2005 figures are through October 2005.
(3) Sanitation figures were only available from 2000-2001 through present.
(4) Amounts based on calendar year: January 1, 2005, through September 30, 2005.

City of Glendale, Arizona
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years

Function/Program

154

Police
Stations
Patrol vehicles
Fire stations
General government
City square miles
Landfill
Landfill capacity - south cell
Landfill capacity used - south cell
Other public works
Streets (miles)
Parks and recreation
Number of parks/retention basins
Acres of parks
Transit
Dial-A-Ride minibuses

Source: Various city departments

Schedule 19

2008

2007

2006

2005

Fiscal Year
2004
2003

2002

2001

2000

1999

3
158
9

3
157
9

3
156
9

3
156
9

3
151
8

3
156
8

3
150
7

3
92
7

3
101
7

3
103
7

58

57

57

57

57

57

56

55

55

55

22,594
17,776

22,594
17,358

22,594
16,790

22,594
16,328

22,594
15,910

22,594
15,408

22,594
14,669

16,351
14,060

16,351
13,450

16,351
12,865

736

736

733

709

702

702

692

660

650

630

99
2,125

95
2,125

92
2,058

92
2,052

93
1,998

89
1,984

89
1,984

89
1,984

87
1,844

88
1,845

22

22

25

25

22

19

17

21

17

16

City of Glendale, Arizona
Miscellaneous Water and Sewer Rate Statistics
June 30, 2008

Schedule 20

WATER RATES PER METER SIZE
Commercial and Residential Monthly Base Charge
Inside
Outside
City
City

Meter Size
(inch)
$

5/8
3/4
1

8.47
10.67
14.99

$

11.01
13.87
19.49

30.58
54.90
91.51
163.09
323.19
480.06
1,142.89

1 1/2
2
3
4
6
8
12

39.75
71.37
118.96
212.02
420.15
624.08
N/A

Residential

Commercial 3/4 inch Meter Size

Meter Size

and Greater (1)

Gallons per Month

All Year
Inside
Outside
City
City

All Year
Inside
Outside
City
City

0 - 6,000
7,000 - 15,000
16,000 - 30,000
over 31,000

$ 1.61
2.02
2.83
3.97

$ 1.83
1.83
1.83
1.83

$ 2.10
2.63
3.69
5.17

$ 2.38
2.38
2.38
2.38

Summer Excess Rate
Inside
Outside
City
City
$ 3.21
3.21
3.21
3.21

SEWER SERVICE RATES

Type of Service

Inside
City

$ 28.35
Single Family Dwelling Unit
48.49
Office Building
70.01
Apartment - Average 5 units
Apartment - Average 35 units
450.00
Retail/Wholesale
62.60
(1) Per 1,000 gallons
SOURCE: City of Glendale Finance Department

155

Outside
City
$ 33.02
N/A
79.56
97.05
N/A

$ 4.17
4.17
4.17
4.17

City of Glendale, Arizona
Miscellaneous Water and Sewer Statistics
June 30, 2008

Schedule 21

HISTORICAL AVERAGE NUMBER OF WATER ACCOUNTS

(1)

Fiscal Year
Ending June 30
1999
(3)
2000
2001
2002
2003
2004
2005
2006
2007
2008

Commercial
4,544
4,590
4,649
5,197
5,431
4,361
4,491
4,650
5,305
5,411

Residential
49,556
50,324
51,169
52,736
53,654
54,349
55,139
55,354
55,395
54,396

(2)

Total
54,100
54,914
55,818
57,933
59,085
58,710
59,630
60,004
60,700
59,807

(1) Total meters in the system being read monthly. Slightly lower figure for active accounts due to vacant properties.
(2) Includes multi-family housing facilities.
(3) As of April 3, 2000.
SOURCE: City of Glendale Finance Department.

WATER DELIVERIES
Acre Feet
Calendar Year
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

Residential
30,477
32,779
35,135
34,667
36,044
34,348
34,427
33,567
34,660
34,594

(1)

Commercial
4,491
4,739
9,413
8,865
8,865
5,342
8,382
8,282
10,951
9,962

Other
6,344
8,942
893
722
1,031
1,042
1,211
1,298
3,730
1,319

Total
41,312
46,460
45,441
44,254
45,940
40,732
44,020
43,147
49,341
45,875

(1) Residential includes both single and multi-family housing.
SOURCE: Annual Report of Arizona Department of Water Resources.

SEWERAGE ACCOUNTS BILLED AND SEWAGE TREATED
Fiscal Year

No. of Sewer

Ending June 30
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

Accounts Billed
47,064
49,021
50,564
52,688
55,506
55,239
55,670
55,995
56,737
64,662

Multi-City Plant
(MGD) Actual
10.4
10.9
11.7
11.4
11.9
10.8
7.9
8.2
8.2
7.8

(1) Began operations in 2000.
(2) SROG - Sub Regional Operating Group
(3) Began operatons in 2008.
SOURCE: City of Glendale Finance and Utilities Departments.

156

(2)

Arrowhead
(MGD)
2.2
2.7
2.8
2.8
2.8
3.0
3.0
3.0
2.9
2.9

West

(1)

Oasis

(3)

(MGD)

(MGD)

4.3
4.3
4.3
7.0
7.0
8.5
9.2
9.1

3.3

Pyramid Peak
(MGD)
15.6
16.4
17.6
17.1
17.9
16.2
16.2
28.6
32.4
25.8

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City of Glendale
Finance Department
5850 West Glendale Avenue, Suite 302
Glendale, Arizona 85301
(623) 930-2480