Comprehensive Annual
Financial Report

FOR THE FISCAL YEAR ENDED JUNE 30, 2020

City of Goodyear, Arizona
Finance Department

CITY OF GOODYEAR
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2020
Table of Contents
I. INTRODUCTORY SECTION

Page

Letter of Transmittal
GFOA Certificate of Achievement
City of Goodyear Officials
Organizational Chart

1
7
8
9

II. FINANCIAL SECTION
Independent Auditor’s Report

11

A. Management’s Discussion & Analysis

15

B. Basic Financial Statements

27

Government-wide Financial Statements
Statement of Net Position
Statement of Activities

31
32

Fund Financial Statements
Governmental Fund Financial Statements
Balance Sheet
Reconciliation of the Balance Sheet of Governmental Funds to
the Statement of Net Position
Statement of Revenues, Expenditures and Changes in Fund Balances
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances of Governmental Funds to the Statement of Activities

36
39
40
43

Proprietary Fund Financial Statements
Statement of Net Position
Statement of Revenues, Expenses and Changes in Fund Net Position
Statement of Cash Flows

44
45
46

Fiduciary Fund Financial Statements
Statement of Fiduciary Net Position
Statement of Changes in Fiduciary Net Position



47
48

Notes to the Financial Statements

Page

1. Summary of Significant Accounting Policies
2. Cash and Investments
3. Receivables
4. Capital Assets
5. Loan Payable
6. General Obligation Bonds Payable
7. Revenue Bonds Payable
8. Community Facilities Districts Bonds Payable
9. Changes in Long-term Liabilities
10. Interfund Receivables, Payables, and Transfers
11. Contingent Liabilities
12. Risk Management
13. Pensions and Other Postemployment Benefits
14. Excess of Expenditures Over Appropriations
15. Fund Balance Classifications
16. Deficit Fund Balances
17. Commitments
18. Tax Abatement Agreements

51
58
61
62
63
64
65
67
68
69
69
70
71
83
83
83
84
85

C. Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes in Fund BalanceBudget to Actual General Fund
Notes to Budget and Actual Schedules
Schedule of the Proportionate Share of the Net Pension Liability
Schedule of the Proportionate Share of the Net OPEB Liability
Schedule of Changes in the Net Pension Liability and Related Ratios
Schedule of Changes in the Net OPEB Liability and Related Ratios
Schedule of Pension/OPEB Contributions
Notes to the Pension/OPEB Plan Schedules

88
90
91
92
93
95
97
100

D. Other Supplementary Information
Budgetary Comparison Schedules – Major Governmental Funds
Non-Utility Development Impact Fees – Capital Projects
GO Bonds – Capital Projects
McDowell Road Commercial Corridor ID – Debt Service
Community Facilities Districts – Debt Service

103
104
105
106

Non-Major Governmental Funds – Financial Statements
Combining Balance Sheet
Combining Statement of Revenues, Expenditures, and Changes in
Fund Balances



108
109

Budgetary Comparison Schedules – Non-Major Governmental Funds

Page

Highway User Revenue
Community Facilities Districts - General
Grants
Ball Park
Debt Service

110
111
112
113
114

Budgetary Comparison Schedules – Other Governmental Funds
Park and Ride Marquee
Court Enhancement
Fill-The-Gap
JCEF
Impound
Officer Safety Equipment

116
117
118
119
120
121

Budgetary Comparison Schedules – Enterprise Funds
Water & Wastewater Enterprise Fund
Sanitation Enterprise Fund

122
123

Fiduciary Funds – Financial Statements
Combining Statement of Assets and Liabilities – Agency Funds
Combining Statement of Changes in Assets and Liabilities-Agency Funds
III. STATISTICAL SECTION
Net Position by Component
Changes in Net Position
Governmental Activities Tax Revenues by Source
Excise Tax Collections
Sales & Use Taxes
Fund Balances of Governmental Funds
Changes in Fund Balances of Governmental Funds
Property Tax Rates
Principal Property Taxpayers
Assessed Value and Estimated Actual Value of Taxable Property
Property Tax Levies and Collections
Utility Statistical Data Ten Largest Water Users
Utility Statistical Data Ten Largest Wastewater Users
Schedule of Existing and Adopted Monthly Water & Wastewater
Service Charges



126
127

Table

Page

1
2
3
4
5
6
7
8
9
10
11
12
13

130
132
139
140
142
144
146
150
155
156
158
159
161

14

162

Ratios of Outstanding Debt by Type
Ratios of General Bonded Debt Outstanding
Direct and Overlapping Governmental Activities Debt
Legal Debt Margin Information
Pledged Revenue Coverage
Demographic and Economic Statistics
Principal Employers
Full-Time Equivalent City Government Employees by Function
Operating Indicators by Function
Capital Asset Statistics by Function

Table

Page

15
16
17
18
19
20
21
22
23
24

164
166
167
168
170
171
172
173
174
178

IV. FEDERAL AND STATE REPORTS
Independent Auditors Report on Internal Control over Financial
Reporting and on Compliance and Other Matters
Report on Compliance with State Laws and Regulations



181
183

City of Goodyear Comprehensive Annual Financial Report for the Fiscal Year
Ended June 30, 2020
INTRODUCTORY SECTION

INTRODUCTORY SECTION
The Introductory Section includes the City’s Transmittal Letter, the Certificate of
Achievement for Excellence in Financial Reporting, List of Principal Officials, and the
City’s Organizational Chart.















City of Goodyear
Finance Department


November 30, 2020
Honorable Mayor, City Council, City Manager, and Citizens of the City of Goodyear, Arizona:
State law requires that 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 be
published annually by cities after the close of each fiscal year. Pursuant to that requirement, we
hereby issue the Comprehensive Annual Financial Report (CAFR) to the City of Goodyear,
Arizona (City) for the fiscal year ended June 30, 2020.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report, based upon a comprehensive framework of internal control that it has
established for this purpose. Because the cost of internal control should not exceed anticipated
benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial
statements are free from any material misstatements.
This document represents management’s report to its governing body, constituents, legislative
and oversight bodies, investors, and creditors. Copies of this report will be made available to
elected officials, management personnel, bond rating agencies, Municipal Securities Rulemaking
Board’s Electronic Municipal Market Access system (EMMA), and other agencies which have
expressed interest in the city’s financial matters. Copies of this financial report will be placed on
the city’s website for use by the general public.
The accounting firm of HintonBurdick, PLLC, Certified Public Accountants, an independent public
accounting firm, performed the city’s annual financial statement audit. The auditors have issued
an unmodified (“clean”) opinion of the City of Goodyear’s financial statements for the fiscal year
ended June 30, 2020. The independent auditor’s report is located at the front of the financial
section of this report.
Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s
report on pages 15-25 and provides a narrative introduction, overview, and analysis of the basic
financial statements. MD&A complements this letter of transmittal and should be read in
conjunction with it.
CITY OF GOODYEAR PROFILE
The City of Goodyear, incorporated in 1946 and chartered in 1988, started as a small town
cultivating cotton for the production of rubber tires during World War I. Located approximately 17
miles west of the downtown Phoenix business district, Goodyear has sustained continued growth
and currently encompasses approximately 191 square miles in the western portion of Maricopa
County. The city’s growth is attributable to excellent transportation corridors, convenient access

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to the central valley, a variety of housing options, a sense of community and outstanding school
districts. The population of the city is estimated at 88,870.
Goodyear has a Council/Manager form of government consisting of the Mayor and six council
members. The Mayor and council members are elected at-large to staggered four-year terms.
The City Council is vested with policy and legislative authority and is responsible for passing
ordinances, adopting the budget, appointing committee, commission, and board members, and
appointing the positions of City Manager, City Attorney, and City Judge. The City Manager is
responsible for carrying out the policies and ordinances of the City Council, as well as overseeing
the day-to-day operations of the city.
In fiscal year 2020 a staff of 680.8 full-time equivalent authorized employees working within 15
different departments performed the various functions of Goodyear’s city government. The city
provides a full range of municipal services, including police, fire, residential sanitation, water,
wastewater, streets, recreational programs, parks, cultural events, public transportation, planning
and zoning, and general administrative services. Goodyear offers a wide range of community
facilities including the Goodyear Ballpark, library, community center, swimming pool, and 17 parks
encompassing 223 acres. The city is community-driven and includes hundreds of volunteers that
serve in various areas of the city. Through their efforts, the city saved more than $479,680 in
fiscal year 2020 alone. In addition, Goodyear continues to attract major employers with its location
along Interstate 10 and State Route 303, availability of land, access to the entire region, and
available commercial space.
FINANCIAL CONTROLS
Internal Controls
The management of the City of Goodyear is responsible for establishing and maintaining a system
of internal controls. Internal accounting controls are designed to provide reasonable, but not
absolute, assurance regarding: 1) the safeguarding of assets against loss from unauthorized use
or disposition, and 2) the reliability of financial records for preparing financial statements and
maintaining accountability for assets. The concept of reasonable assurance recognizes: 1) the
cost of a control should not exceed the benefits likely to be derived, and 2) the valuation of costs
and benefits requires estimates and judgments by management.
The system of internal control is subject to periodic evaluation by management and is also
considered by the independent auditors in connection with the annual audit of the city’s financial
statements. All internal control evaluations occur within the above framework. The city’s internal
accounting controls are considered to adequately safeguard assets and provide reasonable
assurance of proper recording of financial transactions.
Budgetary Controls
The City of Goodyear, like all cities in the State of Arizona, is subject to numerous budget and
related legal requirements. Article IX, Section 20 (1) of the Arizona Constitution sets limits on the
city’s legal budget capacity. At a general election held on March 11, 2003, citizens of Goodyear
approved a permanent adjustment of the 1979 expenditure base for population and inflation
growth. The city may utilize the additional expenditure authority for any local budgetary purposes.
The permanent adjustment eliminated the need for voter approval of Home Rule every four years.

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The city maintains budgetary controls to ensure compliance with legal provisions embodied in the
annual appropriated budget approved by the Mayor and Council. Activities of the general fund,
special revenue funds, debt service funds, capital projects funds, enterprise funds, and internal
service fund are included in the annual appropriated budget. The legal level of budgetary control
(i.e., the level at which expenditures cannot legally exceed the appropriated amount) is the total
budget, as adopted by the City Council. All funds of the City have legally adopted budgets. The
initial budget for the fiscal year may be amended during the year in a legally permissible manner.
The City adopts the budget by major program area for the General Fund and by fund for all others.
The City Council has adopted a specific budget transfer policy which delegates the authority to
perform many transfers to the City Manager or appropriate designee. The City Manager is
generally authorized to transfer budgeted amounts within any specific department’s expenditure
appropriation as well as transfers which are considered administrative in nature. Generally,
budget revisions requiring a transfer between major program areas in the General Fund, from City
reserves/contingencies or a transfer between funds must be approved by the City Council. In
addition to maintaining budgetary control via a formal appropriation, the city maintains an
encumbrance accounting system. Encumbrances are made against appropriations upon the
issuance of a purchase order. Encumbered appropriations lapse at fiscal year-end and are reencumbered as needed in the next fiscal year.
LOCAL ECONOMIC CONDITION AND OUTLOOK
Construction activity within the City has led to significant growth in local revenue sources. During
fiscal year 2020, a total of 1,490 single-family residential permits were issued an increase of 260
permits, or 21%, from the prior fiscal year. In addition to residential growth, Goodyear continues
to expand its non-residential base with new commercial construction permits. This activity has
led to increased property tax valuation and an increased sales tax base. The resulting population
expansion also increases the percentage of state shared revenues received by the City.
The impact on the local economy resulting from efforts to curb the spread of the coronavirus are
not fully known at this time. As a result, the City continues to budget conservatively and monitors
the local, regional, and national economies in order to be ready to adapt to any changes, while
still positioning ourselves for future growth.
Sales Tax
Goodyear, like all Arizona cities, places significant reliance on city sales tax revenues. Fueled by
local growth, sales tax revenues continue to increase year over year. Sales tax revenues for
fiscal year 2020 increased by 38.2% over fiscal year 2019 levels. In April, a stay at home order
was enacted within Arizona to curb the spread of the coronavirus. The negative impacts within
specific categories of sales tax were soon apparent. However, decreases in hospitality related
categories were not as severe as anticipated and were wholly offset by unexpected increases in
retail and other categories. While the stay at home order expired in May, sales tax collections will
be closely monitored in light of continuing coronavirus related restrictions.
State Shared Revenues
The city receives revenue allocations from the State. These state shared revenues include
allocations of the state income tax, sales tax, fuel tax, and motor vehicle license taxes. A
significant portion of this revenue is placed in the city’s general fund where it is used to support
day-to-day activities. The city’s state shared revenues represented 14.9% of the general fund

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revenue for fiscal year 2020. Similar to local sales tax collections, the coronavirus pandemic had
varied impacts on state shared revenues which in total did not negatively impact total distributions
to the City.
Property Tax
In fiscal year 2020, the city’s combined (primary and secondary) property tax rate decreased
slightly from $1.7350 to $1.7332 per $100 of assessed valuation. Although the tax rate remained
virtually unchanged, increased assessed valuation resulted in a property tax levy increase of
$1,718,113. The maintained stabilization in the tax rate ensures the city’s ability to service
outstanding debt and maintain basic infrastructure.
For the fiscal year 2021 budget, the Mayor and Council have adopted a total combined property
tax rate of $1.7335 per $100 of assessed valuation, which is nearly the same as fiscal year 2020.
In accordance with its budget policies, the city is below the targeted combined property tax rate
of $1.74 per $100 of assessed valuation or less.
LONG-TERM FINANCIAL PLANNING
In 2013, the Council began a process of redefining the long-term strategic priorities of the city.
This strategic plan is discussed yearly with City Council to review progress and determine
priorities for the annual plan update. Any new funding requests are evaluated in the context of
their relationship to the strategic focus areas. The City of Goodyear’s mission is as follows:
The City of Goodyear will provide the finest municipal services and promote a quality
environment to enhance our community’s prosperity through citizen and employee
participation. We are committed to the stewardship of resources and fulfillment of the
public trust.
Four focus priorities are identified within the Strategic Action Plan:
1. Fiscal and Resource Management: Maintaining a long-term view, we manage our fiscal,
human, and physical resources in an efficient and effective manner. This effort is aligned
across the organization with an emphasis on transparency. The city’s business practices will
be efficient, business friendly, and ensure exceptional customer service to all stakeholders and
citizens.
2. Economic Vitality: We will continue to ensure the prosperity of our community by increasing
the growth of our economy through diversity of industry, business investment, quality job
creation, education, and tourism. To support this growing economy, we will invest in
transportation and infrastructure and seek high quality retail and entertainment opportunities.
3. Sense of Community: The city will cultivate a sense of pride through programs, gathering
places, and events where the community can come together to participate in opportunities of
learning and recreation. We will continue to make Goodyear residents feel connected to their
city government through community engagement, outstanding customer service, and clear,
accessible communication.


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4. Quality of Life: We will continue to make Goodyear a place to live, work, and play that provides
diverse activities and amenities in a safe and well-maintained environment, while supporting
the arts and promoting the health and wellness of our community.
The Strategic Action Plan establishes a road map of key strategic initiatives that best advance
the vision for the city and is aligned with other planning documents used by the city, including
departmental plans (which include specific strategic plans, master plans, and operational plans)
which guide department priorities and individual employee performance evaluation goals. For
each of these four focus priorities, long-range goals have been identified and assigned to various
departments for follow-up. These priorities are also a key fundamental factor in the development
of the city’s annual budget. Within each of the four focus areas, Goodyear City Council has
adopted Guiding Principles to inform the way city business is carried out across the entire
organization.
MAJOR INITIATIVES
Goodyear is an award-winning community that provides a high quality of life with its masterplanned communities, excellent schools, health care, trail systems and entertainment options,
including major league sports venues.
x Goodyear was ranked by the U.S. Census Bureau as being among the fastest growing
cities in the country.
x Money magazine and 24/7 Wall St. both rated Goodyear one of the “Best Places to Live.”
x Movoto ranked Goodyear in its top 10 for “Best Places Near Phoenix for Young
Professionals” and “Best Phoenix Suburb for Young Couples.”
x A NerdWallet study ranked Goodyear as one of the best cities in the nation for veterans,
based on the level of economic opportunity for veterans.
x The 2018 Citizen Satisfaction Survey which revealed that 96% of residents feel safe in
their neighborhood, with 95% of residents saying Goodyear is an excellent or good place
to live.
During fiscal year 2020, the city began the construction of a recreational campus that includes a
30-acre park, recreation center and an aquatics facility. These facilities are funded using voter
authorized G.O. Bonds and impact fees. Other projects of significance funded in FY2020 include
improvements to the Goodyear Water Reclamation Facility, a new surface water treatment facility,
two fire stations and several streets projects.
AWARDS AND ACKNOWLEDGEMENTS
Certificates of Achievement
Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Goodyear, Arizona,
for its comprehensive annual financial report for the fiscal year ended June 30, 2019. The City
has achieved this prestigious award every year since 2007. In order to be awarded a Certificate
of Achievement, a government must publish an easily readable and efficiently organized
comprehensive annual financial report. This report must satisfy both generally accepted
accounting principles and applicable legal requirements.

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A Certificate of Achievement is valid for one year only. We believe our current comprehensive
annual financial report continues to meet the Certificate of Achievement Program’s requirements
and we are submitting it to GFOA to determine its eligibility for another certificate.
In addition, the city also received the GFOA’s Distinguished Budget Presentation Award, the
highest form of recognition in governmental budgeting, for its annual budget document for the
fiscal year beginning July 1, 2019. The City has received this award every year since 1994.
Acknowledgement
The preparation of this Comprehensive Annual Financial Report could not have been
accomplished without the dedicated commitment of every member of the Finance Department.
We also wish to thank the Mayor and members of the City Council, the city’s Audit Committee,
and the City Manager’s Office for their continued support in planning and conducting the financial
affairs of the city in a responsible and progressive manner.
Sincerely,

Doug Sandstrom
Finance Director



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Government Finance Officers Association

Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to

City of Goodyear
Arizona
For its Comprehensive Annual
Financial Report
For the Fiscal Year Ended
June 30, 2019

Executive Director/CEO

Page 7

LIST OF PRINCIPAL OFFICIALS
MAYOR
Georgia Lord
VICE MAYOR
William Stipp
COUNCIL MEMBERS
Joe Pizzillo
Sheri Lauritano
Wally Campbell
Brannon Hampton
Laura Kaino
SENIOR MANAGEMENT STAFF
Julie Arendall
City Manager

Mayra Galindo
Presiding Judge

Roric Massey
City Attorney

Dan Cotterman
Deputy City Manager

Wynette Reed
Deputy City Manager

Darcie McCracken
City Clerk

Lyman Locket
Human Resources Director

Paul Luizzi
Fire Chief

Doug Sandstrom
Finance Director

Santiago Rodriguez
Police Chief

Christopher Baker
Development Services Director

Justin Fair
Information Technology Director

Sumeet Mohan
Engineering Director

Nathan Torres
Park & Recreation Director

Lori Gary
Economic Development Director

Javier Setovich
Public Works Director

Tammy Vo
Communications Director

Page 8

Organizational Chart
Departments (15)
Effective: May 29, 2020

Citizens

Mayor & Council

Municipal Judge
Mayra Galindo

City Manager
Julie Arendall

Municipal Court
Crystal Whelan

City Attorney
Roric Massey

Legal Services

Deputy City Manager
Wynette Reed

City Manager's Office

Deputy City Manager
Dan Cotterman

Development Services
Christopher Baker

City Clerk
Darcie McCracken

Finance
Doug Sandstrom

Engineering
Sumeet Mohan

Digital Communications
Tammy Vo

Fire
Paul Luizzi

Information Technology
Justin Fair

Economic Development
Lori Gary

Human Resources
Lyman Locket

Parks & Recreation
Nathan Torres

Police
Santiago Rodriguez
Public Works
Javier Setovich

Page 9















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City of Goodyear Comprehensive Annual Financial Report for the Fiscal Year
Ended June 30, 2020

FINANCIAL SECTION
The Financial Section includes the Independent Auditor’s Report, Management's
Discussion and Analysis, the Audited Financial Statements, Notes to the Audited
Financial Statements, Required Supplementary Information, and Other
Supplementary Information.
FINANCIAL SECTION


















Independent Auditors’ Report

The Honorable Mayor and
Members of City Council
City of Goodyear, Arizona
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the City of Goodyear,
Arizona, as of and for the year ended June 30, 2020, and the related notes to the financial statements,
which collectively comprise the City’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Mangement is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implemenation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material mistatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.



Page 11



Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the

respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the City of Goodyear, Arizona, as of June 30, 2020, and
the respective changes in financial position and, where applicable, cash flows thereof for the year then
ended in accordance with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, budgetary comparison information, and the pension and OPEB schedules as
listed in the table of contents be presented to supplement the basic financial statements. Such information,
although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board, who considers it to be an essential part of financial reporting for placing the basic
financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City of Goodyear, Arizona’s basic financial statements. The introductory section, combining
and individual fund financial statements and schedules, and the statistical section, are presented for
purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual fund financial statements and schedules are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records
used to prepare the basic financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or the basic financial statements themselves, and
other additional procedures in accordance with auditing standards generally accepted in the United States
of America. In our opinion the combining and individual fund financial statements and schedules are
fairly stated in all material respects in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.



Page 12



Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated November 30,

2020, on our consideration of the City of Goodyear, Arizona’s internal control over financial reporting
and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements and other matters. The purpose of that report is to describe the scope of our testing of internal
control over financial reporting and compliance and results of that testing, and not to provide an opinion
on the internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the City of Goodyear,
Arizona’s internal control over financial reporting and compliance.

HintonBurdick, PLLC
Gilbert, Arizona
November 30, 2020



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MANAGEMENT’S DISCUSSION AND ANALYSIS
For The Year Ended June 30, 2020

As management of the City of Goodyear, Arizona (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, 2020. This discussion and analysis is designed to (1) assist the reader in focusing on
significant financial issues, (2) provide an overview of the City’s financial activity, (3) identify changes in
the City’s financial position, (4) identify any material deviations from the financial plan (the approved
annual budget), and (5) identify individual fund issues or concerns.
The management’s discussion and analysis (MD&A) has different focus and purpose than the letter of
transmittal and is designed to be read in conjunction with the transmittal letter as well as the financial
statements and the accompanying notes to the financial statements.
FINANCIAL HIGHLIGHTS
i

The City’s government-wide assets and deferred outflows exceeded its liabilities and deferred
inflows by $889,364,469 (net position) at the close of fiscal year 2020. Of this amount, $144,672,832
represents unrestricted net position, which may be used to meet the City’s ongoing obligations to
citizens and creditors.

i

The $93.7 million increase in net position of the City is the result of an increase in sales tax revenues
and grants as well as charges for water and wastewater services.

i

As of the close of fiscal year 2020, the City’s governmental funds reported combined ending fund
balances of $227.0 million, an increase of $41.5 million (22.4 percent) in comparison with the prior
year fund balance of $185.5 million. Approximately 7.8 percent of this amount ($17.7 million) is
available for spending at the government’s discretion (unassigned fund balance).

i

At June 30, 2020, total unassigned fund balance for the general fund is $18.0 million, an increase
of $1.5 million (9.1 percent) from the prior fiscal year.

OVERVIEW OF 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 comprise 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. All of the activities of the City, except those of a fiduciary nature, are included in these
statements. The activities of the City are shown in two columns on these statements – governmental
activities and business-type activities. A total column for the City is also provided.
The Statement of Net Position presents information on all of the City’s assets, deferred outflow of
resources, liabilities, and deferred inflow of resources, with the net of all categories being reported as
the City’s net position. Over time, increases or decreases in net position may serve as a useful indicator
of whether the financial position of the City is improving or deteriorating.

Page 15

The Statement of Activities presents information demonstrating how the City’s net position changed
during the most recent fiscal year as compared with the previous fiscal year. All changes in net position
are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing
of the 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). The net revenue (expenses) show the financial burden that was placed on the
City’s taxpayers by each of these functions. Providing this information allows our citizens to consider
the cost of each function in comparison to the benefits that are provided by that function.
x

Governmental activities – Most of the City’s basic services are included here, such as general
government (administration), public safety (police, fire and court), highways and streets, public
works, culture and recreation, and development services. These activities are generally supported
by taxes and general revenues.

x

Business-type activities – The services provided by the City included here are water, wastewater,
and sanitation services. These activities are primarily supported through user charges or fees.

The government-wide financial statements include not only the City itself (known as the primary
government), but also the operations of 10 Community Facilities Districts. Although legally separate
from the City, these component units are blended with the primary government because of their
governance and financial relationship to the City. Separate financial statements may be obtained from
the City of Goodyear’s website www.goodyearaz.gov/cfd.
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 uses fund
accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the
funds of the City can be divided into three categories: governmental funds, proprietary funds, and
fiduciary 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 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 the City’s near-term financing requirements.
Since 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 10 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 General Fund, Non-Utility Development Impact Fees – Capital
Projects, GO Bond – Capital Projects, McDowell Road Commercial Corridor Improvement District – Debt
Service, and Community Facilities Districts – Debt Service, all of which are considered to be major
funds. Data from the other five 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.

Page 16

Proprietary Funds. The City maintains three proprietary funds. Proprietary funds (enterprise and
internal service) utilize full accrual accounting, the same method used by private sector business. The
City uses separate enterprise funds to account for its water and wastewater services, and sanitation
services. These funds are considered to be major funds of the City. Proprietary funds provide the same
type of information as the government-wide financial statements, only in more detail. The City has one
internal service fund, the Self-Insurance Trust. The Self-Insurance Trust Fund reports activities related
to self-insurance for employee health benefits. The internal service fund activities are reported as
governmental activities on the government-wide statements.
Fiduciary Funds. The City maintains five fiduciary funds. Fiduciary funds are used to account for
resources held for the benefit of parties outside the City. Fiduciary funds are not reflected in the
government-wide financial statements because the resources of those funds are not available to support
the City’s own programs. The accounting method used for fiduciary funds is similar to the accounting
method used for proprietary funds.
Notes to the Financial Statements. The notes provide additional information that is essential for a full
understanding of the data provided in the government-wide and fund financial statements.
Other Information. In addition to the basic financial statements and accompanying notes, this report
also presents certain required supplementary information concerning the City’s budget to actual
comparison and progress in funding its obligation to provide pension and OPEB benefits to its
employees.
The combining statements referred to earlier in connection with non-major governmental funds is
presented immediately following the notes to the required supplementary information on pensions.
Budget to actual comparison schedules for the enterprise funds are presented in the other
supplementary information section.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
The following tables, graphs and analysis discuss the financial position and changes to the financial
position of the City as a whole as of the year ended June 30, 2020 with comparative information for the
previous year.
Net Position
The following table was derived from the current and prior year Statement of Net Position:
Table 1 Net Position
Governmental Activities
Current and other assets
Capital assets, net
Total assets

2020
$ 323,192,933
645,902,095
969,095,028

2019
$ 271,996,832
633,814,533
905,811,365

Business-type Activities
2020
$ 136,030,637
373,953,026
509,983,663

2019
$ 48,066,718
318,716,810
366,783,528

Total Primary Government
2020
$ 459,223,570
1,019,855,121
1,479,078,691

2019
$ 320,063,550
952,531,343
1,272,594,893

Deferred outflows

29,877,799

31,414,209

4,079,607

3,125,500

33,957,406

34,539,709

Current and other liabilities
Long-term liabilities
Total liabilities

38,859,152
350,407,106
389,266,258

26,112,482
370,709,069
396,821,551

15,699,644
211,283,936
226,983,580

9,163,126
99,725,632
108,888,758

54,558,796
561,691,042
616,249,838

35,275,608
470,434,701
505,710,309

6,861,891

5,072,806

570,954

709,714

7,432,845

5,782,520

334,972,021

342,610,234

254,623,951

227,004,152

589,595,972

569,614,386

4,813,576
40,471,387
9,978,487
54,900,772
44,931,443
112,776,992
$ 602,844,678

4,582,213
43,953,339
10,164,456
58,788,876
31,588,627
43,643,472
$ 535,331,217

31,895,840
$ 286,519,791

3,636,777
2,709,427
26,960,200
$ 260,310,556

4,813,576
40,471,387
9,978,487
54,900,772
44,931,443
144,672,832
$ 889,364,469

4,582,213
47,590,116
10,164,456
61,498,303
31,588,627
70,603,672
$ 795,641,773

Deferred inflows
Net position:
Net investment in capital assets
Restricted for:
Charter mandates
Capital projects
Community facilities
Debt service
Other purposes
Unrestricted
Total net position

Page 17

The City’s assets and deferred outflows of resources exceeded liabilities and deferred inflows of
resources by $889.4 million at the close of fiscal year 2020 and by $795.6 million in 2019, providing an
overall increase in the City’s net position of $93.7 million. Current and other assets increased by $139.2
million. This increase is primarily due to the issuance of revenue bonds during the fiscal year. Current
and other liabilities increased by $19.3 million as a result of an increase in accrued interest payable.
The largest portion of the City’s net position totaling $589.6 million (66.3 percent of total net position)
reflects its net investment in capital assets (e.g., land and improvements, buildings, furniture, equipment,
vehicles, artwork, and infrastructure), less any related outstanding debt that was used to acquire those
assets. The City uses these capital assets to provide a variety of services to its citizens. Accordingly,
these assets are not available for future spending. Although the City’s investment in capital assets is
reported net of related debt, it should be noted that the resources to repay this debt must be provided
from other resources, since the capital assets themselves cannot be used to liquidate these liabilities.
An additional portion of the City’s net position totaling $155.1 million (17.4 percent of total net position)
represents resources that are subject to external restrictions on how they may be used. The remaining
balance of $144.7 million (16.3 percent of total net position) is unrestricted and may be used to meet
the City’s ongoing obligations to its citizens and creditors.
At the end of fiscal year 2020, the City reported positive balances in all three categories of net position,
both for the government as a whole, as well as for its separate governmental and business-type
activities. The same situation held true for the prior fiscal year.

Governmental Activities
During the current fiscal year, the net position for governmental activities increased $67.5 million from
the prior fiscal year for an ending balance of $602.9 million. The City’s sales tax revenue increased
$24.8 million due to increased construction activity and population growth. Charges for services
increased by $3.7 million as a result of the continued increase in commercial and residential
development within the City.

Page 18

Business-type Activities
The City business-type activities reported an increase of $26.2 million in net position bringing the total
net position to $286.5 million. Charges for services revenue increased by $18.0 million due to an
increase in water and wastewater usage and construction related development impact fees.
Changes in Net Position
The following table compares the revenues and expenses for the current and previous fiscal year:
Table 2

Changes in Net Position
Governmental Activities
2020
2019

Revenues:
Program revenues:
Charges for services
Operating grants and contributions
Capital grants and contributions
General revenues:
Sales taxes
Franchise taxes
Property taxes
State shared revenue
Investment earnings
Miscellaneous
Total revenues
Expenses:
General government
Public safety
Highways and streets
Public works
Culture and recreation
Development services
Interest on long-term debt
Water and wastewater
Sanitation
Total expenses
Changes in net position before Transfers
Transfers
Changes in net position
Net position, beginning
Net effect of prior period adjustments
Net position, beginning restated
Net position, ending

$

33,458,896
18,571,098
23,253,699

$

29,742,658
9,809,818
21,231,123

Business-type Activities
2020
2019

$

68,712,257
5,765,107

$

Total Primary Government
2020
2019

50,717,046
12,962,807

$ 102,171,153
18,571,098
29,018,806

$

80,459,704
9,809,818
34,193,930

89,722,744
3,207,164
23,673,696
22,785,856
4,412,256
797,405
219,882,814

64,940,363
3,274,113
22,099,698
21,244,412
4,661,685
934,949
177,938,819

1,800,177
76,277,541

1,595,877
40,902
65,316,632

89,722,744
3,207,164
23,673,696
22,785,856
6,212,433
797,405
296,160,355

64,940,363
3,274,113
22,099,698
21,244,412
6,257,562
975,851
243,255,451

26,604,672
59,271,160
21,599,888
10,177,808
18,739,373
10,466,142
9,009,554
155,868,597
64,014,217
3,499,244
67,513,461
535,331,217
535,331,217
$ 602,844,678

23,478,993
52,241,594
21,330,274
7,972,935
19,083,232
8,380,985
8,797,275
141,285,288
36,653,531
3,700,000
40,353,531
498,890,455
(3,912,769)
494,977,686
$ 535,331,217

40,540,282
6,028,780
46,569,062
29,708,479
(3,499,244)
26,209,235
260,310,556
260,310,556
$ 286,519,791

31,493,180
6,681,134
38,174,314
27,142,318
(3,700,000)
23,442,318
236,868,238
236,868,238
$ 260,310,556

26,604,672
59,271,160
21,599,888
10,177,808
18,739,373
10,466,142
9,009,554
40,540,282
6,028,780
202,437,659
93,722,696
93,722,696
795,641,773
795,641,773
$ 889,364,469

23,478,993
52,241,594
21,330,274
7,972,935
19,083,232
8,380,985
8,797,275
31,493,180
6,681,134
179,459,602
63,795,849
63,795,849
735,758,693
(3,912,769)
731,845,924
$ 795,641,773

Page 19

The pie chart below is a depiction of government-wide revenue sources. Governmental activities
accounts for 74 percent of total revenues, while business activities account for 26 percent of total
revenues. Charges for services are the largest source of City revenue at 35 percent which is a 27
percent increase from the previous fiscal year due to increased water and wastewater rates and an
increase in the usage of those service and fees related to development. The second largest source of
City revenue are sales taxes at 30 percent of total revenue, which increased 38 percent over the
previous fiscal year due to an increase in taxable sales as a result of population growth and local
construction activity.

GOVERNMENTͲWIDEREVENUESOURCES
FISCALYEAR2020Ͳ $296,160,355

Stateshared
revenue
8%
Propertytaxes
8%

Other
2%
Chargesforservices
35%

Franchisetaxes
1%

Operatinggrants
andcontributions
6%
Capitalgrantsand
contributions
10%

Salestaxes
30%

Page 20

The reported expenses for fiscal year 2020 increased by $23.0 million (12.8% percent) over the prior
year. As seen in the following pie chart for government-wide functional expenses, governmental
activities account for 77 percent of total functional expenses, while business-type activities account for
23 percent of total functional expenses. The line items that experienced notable changes were:
x

x
x

Water and wastewater expenses account for 20 percent of the total government-wide
expenses, an increase of $9.0 million, 28.7 percent above the prior year. The increase is
primarily due to increased capital expenditures including the purchase of land associated
with a new surface water treatment plant.
Public safety expenses account for 29 percent of the total government-wide expenses, an
increase of $7.0 million, a 13.5 percent increase from the prior year. The increase is
primarily due to the construction of two new fire stations.
Development services expenses account for 5 percent of the total government-wide
expenses, an increase of $2.1 million or 24.9% from the prior year. The increase is
attributed to that additional staffing costs needed to keep pace with construction activity.

GOVERNMENTͲWIDEFUNCTIONALEXPENSES
FISCALYEAR2020Ͳ $202,437,659
Water and wastewater
20%

Sanitation
3%

General government
13%

Interest on longterm debt
5%
Development
services
5%

Public safety
29%

Culture and
recreation
9%
Public works
5%

Highways and streets
11%

Page 21

FINANCIAL ANALYSIS OF THE CITY’S FUNDS
The City maintains fund accounting to demonstrate compliance with budgetary and legal requirements.
The following is a brief discussion of financial highlights from the fund financial statements.
Governmental Funds
The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and
balances of spendable resources. All major governmental funds are discreetly presented on these
financial statements, while non-major funds are combined into a single column.
At the end of the current fiscal year, the City’s governmental funds reported combined ending fund
balances of $227.0 million, an increase of 22.4 percent from the previous year. The increase in fund
balance is due to sales tax and development impact fee collections. Revenues increased by $46.8
million and expenditures increased by $24.9 million. Approximately 7.7 percent of the fund balance
($17.5 million) constitutes unassigned fund balance, which is available for spending at the City’s
discretion. The remainder of the fund balance is either non-spendable, restricted, committed or
assigned to indicate that it is 1) not in spendable form ($2.8 million), 2) restricted for particular purposes
($106.1 million), 3) committed for particular purposes ($3.0 million) or 4) assigned for particular
purposes ($97.4 million).
Revenues for governmental functions overall totaled $209.9 million in the fiscal year ended
June 30, 2020, which represents an increase of $46.8 million (29 percent) from the prior fiscal year.
The most significant reasons for this change is due to an increase in sales tax revenues, building
permits, and intergovernmental revenues as a result of the Coronavirus Aid, Relief, and Economic
Security (CARES) act funding.
The expenditures for governmental functions totaled $172.7 million, an increase of $24.9 million (16.8
percent) from the prior year. The increase can be attributed to the capital outlay expenses that
increased by $23.5 million over the prior year amount. Debt service related expenses decreased by
$4.1 million due to recent debt refunding and completion of payments.
The General Fund is the chief operating fund of the City. At the end of the current fiscal year, the
unassigned fund balance of the General Fund was $18.0 million, while total fund balance increased to
$124.6 million. As a measure of the general funds solvency, it may be useful to compare both
unassigned fund balance and total fund balance to general fund expenditures. The unassigned fund
balance represents approximately 16.6 percent of general fund expenditures, while total fund balance
represents approximately 114.8 percent of general fund expenditures.
The fund balance of the City’s general fund increased by $31.8 million in the current fiscal year due
primarily to growth in sales tax, intergovernmental, and construction related permits and fees.
The fund balance of the non-utility development impact fee capital projects fund increased by $13.4
million due to the increased construction activity throughout the city.
The fund balance of the general obligation capital projects fund decreased by $3.5 million due the
expenditure of funds on two fire stations and recreation campus.
The fund balances of the McDowell road commercial corridor ID debt service fund and Community
Facilities Districts Debt Service remained consistent with the prior fiscal year.

Page 22

Proprietary Funds
The proprietary fund financial statements are prepared on the same accounting basis and
measurement focus as the government-wide financial statements, but provide additional detail since
each major enterprise fund is shown discretely.
The proprietary funds net position totals $286.5 million, resulting from an increase of $26.2 million from
the previous fiscal year. The water and wastewater fund had an increase in net position of $24.8 million,
which is due to an increase in charges for services for construction related development impact fees.
The sanitation fund had an increase in net position of $1.4 million due to a change in vendor for
contracted services that resulted in a decrease in expenditures.
BUDGETARY HIGHLIGHTS
The City’s annual budget is the legally adopted expenditure control document of the City. The schedules
filed with the Auditor General’s office list the original budget adopted for the prior year, estimated
expenditures through the end of the fiscal year and the adopted current year’s budget. Budgetary
comparison schedules are required for the General Fund, all major funds, non-major funds and
enterprise funds. The General Fund budgetary comparison schedule can be found in the Required
Supplementary Information section. The other budgetary comparison schedules can be found in the
Other Supplementary Information section.
During fiscal year 2020, the development services budget was increased by $1.3 million due to the
increase in construction activity within the city. This was offset by an increase in building permits and
other construction related revenues. During the fiscal year there were two General Fund categories
that came in significantly below budget as shown below. Both are related to capital projects that are
underway and will continue into next fiscal year.

Capital outlay
Transfers out

Budgeted
Expenditures
$ 39,732,500
18,438,100

Actual
Expenditures
$ 19,506,028
16,650,993

$

Difference
20,226,472
1,787,107

General Fund actual inflows (revenues and other financing sources) of $156.7 million, was more than
budgeted inflows of $115.2 million due to construction sales tax and development related revenues,
while expenditures and other financing uses of $124.9 million was 68 percent of final budgeted outflows
of $184.8 million as a result of unspent capital outlay, budgeted transfers out that were not necessary
and $21.6 million in budgeted contingency that remained untouched throughout the fiscal year.

Page 23

CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City’s investment in capital assets (net of accumulated depreciation) for its governmental and
business-type activities as of June 30, 2020 amounts to $1,019.9 million. Capital assets include land
and improvements, artwork, construction in progress, right of way, water rights, streetscape,
infrastructure, buildings and improvements and vehicles, furniture and equipment. In total, there was
an increase of $67.3 million from the prior year.
Table 4

Capital Assets

Land and improvements
Artwork
Construction in progress
Right of way
Water rights
Streetscape
Infrastructure
Building and improvements
Vehicles, furniture and equipment
Total

Governmental Activities
2020
2019
$ 32,444,037
$ 32,820,279
307,115
276,115
29,258,931
4,940,832
90,844,947
90,844,947
9,061,008
9,061,008
265,336,176
270,718,263
198,166,701
206,659,262
20,483,180
18,493,827
$ 645,902,095
$ 633,814,533

Business-type Activities
2020
2019
$
8,155,895
$
7,770,072
146,978
146,978
90,170,997
34,981,208
18,688,396
18,272,804
164,315,489
162,770,700
85,580,682
88,602,052
6,894,589
6,172,996
$ 373,953,026
$ 318,716,810

Total Primary Government
2020
2019
$
40,599,932
$ 40,590,351
454,093
423,093
119,429,928
39,922,040
90,844,947
90,844,947
18,688,396
18,272,804
9,061,008
9,061,008
429,651,665
433,488,963
283,747,383
295,261,314
27,377,769
24,666,823
$ 1,019,855,121
$ 952,531,343

The change in governmental capital assets is due to an increase in accumulated depreciation which
was offset by construction in progress of two fire stations and a recreation campus. The change in
business-type capital assets is the result of the increase in various water and wastewater capital
projects including a new surface water treatment plant.
Additional information on the City’s capital assets can be found in Note 4.
Debt Administration
At the end of the current fiscal year, the City had total long-term debt outstanding of $448.9 million. Of
this amount $102.6 million is general obligation bonds backed by the full faith and credit of the City,
$82.5 million is Community Facilities Districts bonds which are paid by the property owners within those
districts, $261.1 million of revenue bonds which are payable from user fees, assessments, and general
fund revenues and $2.8 million loan payable to Water Infrastructure Finance Authority of Arizona
(WIFA) which is payable from user fees. The following schedule shows the outstanding debt obligation
as of June 30, 2020 and 2019:

General obligation bonds
Community facilities districts bonds
Loan payable
Revenue bonds
Total

Governmental Activities
2020
2019
$ 59,297,867
$ 64,022,751
82,488,000
87,655,298
119,833,776
129,286,526
$ 261,619,643
$ 280,964,575

Business-type Activities
2020
2019
$ 43,307,133
$ 48,957,246
2,772,195
3,050,815
141,220,000
37,175,000
$ 187,299,328
$ 89,183,061

Total Primary Government
2020
2019
$ 102,605,000
$ 112,979,997
82,488,000
87,655,298
2,772,195
3,050,815
261,053,776
166,461,526
$ 448,918,971
$ 370,147,636

The State constitution limits the amount of general obligation debt a city may issue to six percent of its
total assessed valuation. The current six percent debt limitation for the City is $71.0 million. In addition,
the State constitution limit allows a city to issue an additional 20 percent of its total assessed valuation
for water, wastewater, lights, transportation, public safety, open space preserves, parks, playgrounds
and recreational facilities. The current 20 percent debt limitation for the City is $236.7 million. The City
has $102.6 million of outstanding general obligation debt of which all is subject to the 20 percent limit.

Page 24

During the year, the City maintained the following bond ratings:
Bonded Debt Ratings
As of June 30, 2020

Type of Debt
General Obligation
Water & Wastewater (Revenue)
Public Improvement Corporation
Improvement District Bonds

Moody's
Investors
Service
Aa1
Aa3
Aa2
Aa2

Standard &
Poor's
AA
A+
A
AA-

Additional information on the City’s long-term debt can be found in Notes 5 through 9.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
The two key economic factors for the City of Goodyear are local growth in the form construction activity
and the impacts of the coronavirus and the efforts to contain its spread. Fiscal year 2020 saw a 38%
increase in city sales taxes and a 27% increase in charges for services from the prior year. Much of
this was fueled by increased construction sales tax and development impact fee collections attributable
to construction activity within the City. In April, a stay at home order was enacted within Arizona to curb
the spread of the coronavirus. Impacts within specific categories of sales tax were soon apparent. The
long term effects on the economy, though, are not fully known at this point.
The unemployment rate for Goodyear for June 2020 was 9.3 percent, which is lower than the state rate
of 10.0 percent and the national rate of 11.1 percent. This spike in unemployment rates in Goodyear,
the state of Arizona, and the United States as a whole are attributed to the coronavirus outbreak and
the limits imposed by municipal, state, and federal governments. Arizona cities remain dependent on
sales taxes and other economically sensitive tax revenues and are susceptible to slowdowns in the
economy. While unemployment is not a leading economic indicator, the state of the economy will likely
coincide with current unemployment rates.
As the fiscal year 2021 budget was prepared, there was little information on the real impacts to local
sales taxes and state-shared sales, gas, and vehicle taxes that are driven by consumer and business
spending and miles driven. Revenue projections that support the budget were prepared with no local
data on the impacts of the state’s stay at home order or federal stimulus efforts. City revenues are
projected to drop in the areas of sales taxes and state-shared revenues significantly for the first two
months and then begin a slow climb throughout fiscal year 2021. The sharpest declines are anticipated
in the areas of sales tax collections from restaurants and bars, amusement, and hotels and moderate
declines are expected in retail sales tax. However, given the housing projects underway, population
growth, and economic development related activity, a slowdown in development activity is not
anticipated. Capital improvements will continue based on water and wastewater revenue bonds issued
in the spring of 2020 and continued growth within the City resulting in strong construction related sales
tax and development impact fee collections. The budget was adopted with a higher level of
contingencies that could be utilized, with City Council approval, if the economy performs better than
expected.
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, and investors and
creditors with a general overview of the City’s finances and to demonstrate the City’s accountability for
the resources it receives. A copy of the City's Comprehensive Annual Financial Report is available online at www.goodyearaz.gov/cafr. If you have questions about this report or need additional information,
contact the City of Goodyear, 190 N. Litchfield Road, by mail at P.O. Box 5100, Goodyear, Arizona
85338 or by email at gyfinance@goodyearaz.gov.

Page 25















Page 26

BASIC FINANCIAL STATEMENTS

Page 27

Page 28

GOVERNMENT-WIDE FINANCIAL STATEMENTS

Page 29

Page 30

CITY OF GOODYEAR, ARIZONA
Statement of Net Position
June 30, 2020
Governmental
Activities

Business-type
Activities

Total

Assets
Cash and cash equivalents
$
Investments
Receivables (net of allowance)
Inventory
Prepaid items/deposits
Net pension/OPEB asset
Temporarily restricted assets:
Cash and cash equivalents
Notes receivable
Capital assets (net of accumulated depreciation):
Land
Artwork
Right of way
Streetscape
Construction in progress
Buildings
Infrastructure
Land improvements
Vehicles, furniture, and equipment
Water rights
Total assets

148,379,541
96,651,514
62,905,347
708,128
2,210,668
296,882

$

39,107,969
3,012,729
10,967,777
462,144
11,055

$

187,487,510
99,664,243
73,873,124
1,170,272
2,210,668
307,937

10,365,603
1,675,250

82,480,018
-

92,845,621
1,675,250

30,197,312
307,115
90,844,947
9,061,008
29,258,931
198,166,701
265,336,176
2,246,725
20,483,180
-

8,155,895
146,978
90,170,997
85,580,682
164,315,489
6,894,589
18,688,396

38,353,207
454,093
90,844,947
9,061,008
119,429,928
283,747,383
429,651,665
2,246,725
27,377,769
18,688,396

969,095,028

509,994,718

1,479,089,746

23,698,579
6,179,220
29,877,799

902,601
3,177,006
4,079,607

24,601,180
9,356,226
33,957,406

Deferred Outflows of Resources
Deferred outflows related to pensions/OPEB
Deferred charge on refunding
Total deferred outflows
Liabilities
Accounts payable and other current liabilities
Interest payable
Deposits
Unearned revenues
Noncurrent liabilities:
Due within one year
Due in more than one year
Net pension and OPEB liability

20,596,739
1,188,451
16,430,089
643,873

14,047,101
1,652,543
-

34,643,840
1,188,451
18,082,632
643,873

22,374,837
260,613,155
67,419,114

5,502,054
200,064,767
5,717,115

27,876,891
460,677,922
73,136,229

Total liabilities

389,266,258

226,983,580

616,249,838

6,861,891
6,861,891

570,395
559
570,954

7,432,286
559
7,432,845

334,972,021

254,623,951

589,595,972

4,813,576
40,471,387
9,978,487
54,900,772
44,931,443
112,776,992

31,895,840

4,813,576
40,471,387
9,978,487
54,900,772
44,931,443
144,672,832

Deferred Inflows of Resources
Deferred inflows related to pensions/OPEB
Unavailable revenue - other
Total deferred inflows
Net Position
Net investment in capital assets
Restricted for:
Charter mandates
Capital projects
Community facilities
Debt service
Other purposes
Unrestricted
Total net position

$

602,844,678

$

286,519,791

$

889,364,469

The accompanying notes are an integral part of the financial statements.

Page 31

CITY OF GOODYEAR, ARIZONA
Statement of Activities
For the Year Ended June 30, 2020

Functions/Programs

Expenses

Governmental activities:
General government
Public safety
Highways and streets
Public works
Culture and recreation
Development services
Interest on long-term debt

$

Total governmental activities
Business-type activities:
Water and wastewater
Sanitation
Total business-type activities
Total primary government

$

26,604,672
59,271,160
21,599,888
10,177,808
18,739,373
10,466,142
9,009,554

Charges for
Services
$

3,509,152
7,243,340
440,190
583,405
2,916,950
18,765,859
-

Program Revenues
Operating
Capital
Grants &
Grants &
Contributions
Contributions
$

1,376,578
9,513,182
5,957,240
1,724,098

$

1,069,464
8,767,107
2,490,221
52,560
3,298,714
7,575,633
-

155,868,597

33,458,896

18,571,098

23,253,699

40,540,282
6,028,780

60,392,907
8,319,350

-

5,765,107
-

46,569,062

68,712,257

-

5,765,107

202,437,659

$ 102,171,153

$

18,571,098

General Revenues:
Taxes:
City sales tax
Franchise tax
Property tax
Auto lieu tax (unrestricted)
State sales tax (unrestricted)
Urban revenue sharing (unrestricted)
Unrestricted investment earnings
Other
Transfers
Total general revenues & transfers
Change in net position
Net position - beginning
Net position - ending

The accompanying notes are an integral part of the financial statements.

Page 32

$

29,018,806

Net (Expense) Revenue and Changes in Net Position
Governmental
Activities
$

$

Business-type
Activities

(20,649,478)
(33,747,531)
(12,712,237)
(9,541,843)
(12,523,709)
15,875,350
(7,285,456)

$

-

Total
$

(20,649,478)
(33,747,531)
(12,712,237)
(9,541,843)
(12,523,709)
15,875,350
(7,285,456)

(80,584,904)

-

(80,584,904)

-

25,617,732
2,290,570

25,617,732
2,290,570

-

27,908,302

27,908,302

89,722,744
3,207,164
23,673,696
3,515,873
8,558,218
10,711,765
4,412,256
797,405
3,499,244
148,098,365
67,513,461
535,331,217
602,844,678

1,800,177
(3,499,244)
(1,699,067)
26,209,235
260,310,556
286,519,791

89,722,744
3,207,164
23,673,696
3,515,873
8,558,218
10,711,765
6,212,433
797,405
146,399,298
93,722,696
795,641,773
889,364,469

$

$

The accompanying notes are an integral part of the financial statements.

Page 33

Page 34

FUND FINANCIAL STATEMENTS

Page 35

CITY OF GOODYEAR, ARIZONA
Balance Sheet
Governmental Funds
June 30, 2020

General
ASSETS
Cash and cash equivalents
Investments
Receivables:
Taxes
Interest
Other
Assessments
Intergovernmental
Due from other funds
Inventories
Prepaid items
Notes receivable
Restricted cash and investments
Total assets
LIABILITIES
Accounts payable
Accrued wages and benefits
Accrued interest payable
Accrued liabilities
Due to other governments
Deposits held
Due to other funds
Current bonds payable
Unearned revenue

$

58,298,837
76,858,999

Non-Utility
Development
Impact Fees
Capital Projects

GO Bonds
Capital Projects

$

$

10,888,385
91,245
1,660,149
464,197
210,154
2,134,415
1,675,250
-

36,895,610
7,020,621
110,376
-

36,159,760
10,474,539
92,542
-

$

152,281,631

$

44,026,607

$

46,726,841

$

6,214,711
2,305,404
173,393
60,420
15,575,932
22,135

$

361,348
663,949
-

$

6,255,454
-

Total liabilities

24,351,995

1,025,297

6,255,454

Unavailable revenue-property taxes
Unavailable revenue-special assessments
Unavailable revenue-intergovernmental
Unavailable revenue-other

129,245
3,241,229

-

-

Total deferred inflows of resources

3,370,474

-

-

2,344,569
6,743,709
97,440,832
18,030,052

43,001,310
-

40,471,387
-

124,559,162

43,001,310

40,471,387

DEFERRED INFLOWS OF RESOURCES

FUND BALANCES
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total fund balances
Total liabilities, deferred inflows of resources,
and fund balances

$

152,281,631

$

44,026,607

The accompanying notes are an integral part of the financial statements.

Page 36

$

46,726,841

McDowell Road
Commercial
Corridor ID
Debt Service

Community
Facilities Districts
Debt Service

$

$

229,320
26,610,000
-

-

Non-major
Funds
$

124,074
50,012
22,345,351
10,365,603

11,876,454
2,297,355

Total
Governmental
Funds
$

117,425
43,373
158,188
39,288
574,939
497,974
-

143,459,981
96,651,514
11,129,884
337,536
1,868,349
48,994,639
574,939
464,197
708,128
2,134,415
1,675,250
10,365,603

$

26,839,320

$

32,885,040

$

15,604,996

$

318,364,435

$

-

$

1,188,451
27,722
3,720,316
-

$

658,220
212,708
5,345
190,208
464,197
621,738

$

13,489,733
2,518,112
1,188,451
178,738
88,142
16,430,089
464,197
3,720,316
643,873

$

-

4,936,489

2,152,416

38,721,651

26,610,000
-

47,105
22,345,351
-

108,622
165,306
-

284,972
48,955,351
165,306
3,241,229

26,610,000

22,392,456

273,928

52,646,858

229,320
-

5,556,095
-

497,974
10,138,493
3,043,242
(501,057)

2,842,543
106,140,314
3,043,242
97,440,832
17,528,995

229,320

5,556,095

13,178,652

226,995,926

26,839,320

$

32,885,040

$

15,604,996

$

318,364,435

Page 37

Page 38

CITY OF GOODYEAR, ARIZONA
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position
June 30, 2020

Total governmental fund balances

$

226,995,926

Amounts reported for governmental activities in the
statement of net position are different because:
Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the funds.
Governmental capital assets
Less accumulated depreciation

$

917,148,869
(271,246,774)
645,902,095

Net OPEB asset is not an available resource and, therefore is not
reported in the funds.
Some liabilities, including bonds payable and capital leases,
are not due and payable in the current period and therefore are
not reported in the funds.
Bonds payable
Deferred charge on refunding
Net pension and OPEB liabilities
Compensated absences

296,882

$

(276,637,907)
6,179,220
(67,419,114)
(6,350,085)
(344,227,886)

Some receivables are not available to pay for current period
expenditures and, therefore, are reported as unavailable
revenues in the funds.
Property taxes
Special assessments
Intergovernmental
Other

$

284,972
48,955,351
165,306
3,241,229
52,646,858

Internal service funds are used by management to charge
costs of certain activities to individual funds. This amount
represents the assets and liabilities of the internal service
funds reported as governmental activities
Deferred outflows and inflows of resources related to pensions
and OPEB are applicable to future reporting periods and,
therefore, are not reported in the funds.
Deferred outflows
Deferred inflows

4,394,115

$

23,698,579
(6,861,891)
16,836,688

Total net position of governmental activities

$

The accompanying notes are an integral part of the financial statements.

Page 39

602,844,678

CITY OF GOODYEAR, ARIZONA
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
For the Year Ended June 30, 2020

General

REVENUES
Taxes
Licenses, permits and fees
Intergovernmental revenue
Charges for services
Fines and forfeitures
Investment income
Special assessments
Contributions
Other revenues

$

Total revenues

93,451,324
18,061,371
33,164,885
2,144,323
869,101
1,638,715
2,049,872
1,472,070

Non-Utility
Development
Impact Fees
Captial Projects

GO Bonds
Capital Projects

$

$

9,094,240
13,629,270
1,039,636
-

1,074,076
2,750,000
-

152,851,661

23,763,146

3,824,076

21,008,620
45,278,846
139,316
4,044,509
8,220,940
8,916,314
19,508,636

2,475,047

15,785,165

1,287,750
120,371

-

-

108,525,302

2,475,047

15,785,165

44,326,359

21,288,099

(11,961,089)

291,817
(16,650,993)
3,805,100

(7,920,390)
-

(330,356)
8,809,493

(12,554,076)

(7,920,390)

8,479,137

Net change in fund balances

31,772,283

13,367,709

(3,481,952)

Fund balances, beginning of year

92,786,879

29,633,601

43,953,339

EXPENDITURES
Current:
General government
Public safety
Highways and streets
Public works
Culture and recreation
Development services
Capital outlay
Debt service
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING
SOURCES (USES)
Premium on debt issuance
Sale of assets
Transfers out
Transfers in
Total other financing
sources (uses)

Fund balances, end of year

$

124,559,162

$

43,001,310

The accompanying notes are an integral part of the financial statements.

Page 40

$

40,471,387

McDowell Road
Commercial
Corridor ID
Debt Service

Community
Facilities Districts
Debt Service

$

$

$

2,716
3,078,079
728

6,338,690
87,014
2,431,229
67,841
-

Non-major
Funds
$

7,505,861
6,451,209
1,577,524
509,758
1,379,504
31,595

Total
Governmental
Funds
$

116,390,115
18,061,371
39,616,094
17,351,117
869,101
4,351,915
5,509,308
6,247,217
1,504,393

3,081,523

8,924,774

17,455,451

209,900,631

-

-

1,819,551
362,543
7,260,346
4,821,713
2,796,382

22,828,171
45,641,389
7,399,662
4,044,509
13,042,653
8,916,314
40,565,230

2,300,000
844,748

5,288,000
3,482,696

10,589,907
6,370,979

19,465,657
10,818,794

3,144,748

8,770,696

34,021,421

172,722,379

(63,225)

154,078

(16,565,970)

37,178,252

-

-

529,285
15,786,390

529,285
291,817
(24,901,739)
28,400,983

-

-

16,315,675

4,320,346

(63,225)

154,078

(250,295)

41,498,598

292,545

5,402,017

13,428,947

185,497,328

229,320

$

5,556,095

$

13,178,652

$

Page 41

226,995,926

Page 42

CITY OF GOODYEAR, ARIZONA
Reconciliation of the Statement of Revenues,
Expenditures, and Changes in Fund Balance of Governmental Funds
to the Statement of Activities
For the Year Ended June 30, 2020
Amounts reported for governmental activities in the statement of activities 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 costs of those assets is allocated over their
estimated useful lives and reported as depreciation expense. This is the
difference between capital outlay and depreciation in the current period.
Capital outlay
Depreciation expense

$ 41,498,598

$ 32,403,277
(22,838,389)
9,564,888

Disposals and transfers of capital assets are not reported in the governmental
funds. The net effect of these transactions decreased net position.

32,453

Governmental funds do not report contributions of capital assets as revenue,
unless the assets will be held for sale. However, in the statement of activities,
the donation of capital assets is reported as revenue.

2,490,221

Some revenues in the Statement of Activities that do not provide current financial
resources are not reported as revenues in the funds.
Property taxes
$
140,212
Special assessments
(3,919,753)
28,794
Intergovernmental
Other
(46,553)
(3,797,300)
The issuance of long-term debt (e.g., bonds, leases) provides current financial
resources in the governmental funds but increases long-term liabilities in the
statement of net position.

(529,285)

Repayment of long-term debt (e.g., bonds, leases) principal is an expenditure
in the governmental funds, but the repayment reduces long-term liabilities in the
statement of net position.
Bond principal retirement
$ 19,465,657
Amortization of deferred charges
(630,038)
Amortization of premiums and discounts
2,439,278
21,274,897
Pension and OPEB contributions are reported as expenditures in the
governmental funds when made. However, they are reported as deferred
outflows of resources in the Statement of Net Position because the net pension
and OPEB liability is measured a year before the City's report date. Pension
and OPEB expense, which is the change in the net pension and OPEB liability
adjusted for changes in deferred outflows and inflows of resources related
to pensions and OPEB, is reported in the Statement of Activities.
Pension and OPEB contributions
$ 8,510,162
Pension and OPEB expense
(11,794,473)
(3,284,311)
Compensated absences are reported in the statement of activities and do not
require the use of current financial resources and therefore are not reported as
expenditures in governmental funds.
The net revenues of certain activities of the internal service fund is reported
with governmental activities.
Change in net position of governmental activities

(310,537)

573,837
$ 67,513,461

The accompanying notes are an integral part of the financial statements.

Page 43

CITY OF GOODYEAR, ARIZONA
Statement of Net Position
Proprietary Funds
June 30, 2020

Business-type Activities - Enterprise Funds

ASSETS
Current Assets:
Cash
Investments
Receivables (net of allowance)
Interest receivable
Inventories
Prepaid items

Water &
Wastewater
$

35,365,435
2,232,865
9,738,150
216,327
462,144
-

Sanitation
$

3,742,534
779,864
1,008,932
4,368
-

Totals
$

39,107,969
3,012,729
10,747,082
220,695
462,144
-

Governmental
Activities
Self-Insurance
Trust Internal
Service Fund
$

4,919,560
76,253

Total current assets

48,014,921

5,535,698

53,550,619

4,995,813

Noncurrent Assets:
Restricted cash and investments
Net pension/OPEB asset
Land
Artwork
Construction in progress
Buildings
Infrastructure
Vehicles, furniture, and equipment
Water rights
Accumulated depreciation

82,480,018
9,500
8,155,895
146,978
90,170,997
115,441,989
224,561,643
16,106,635
21,088,078
(102,880,867)

1,555
150,522
2,078,262
(1,067,106)

82,480,018
11,055
8,155,895
146,978
90,170,997
115,592,511
224,561,643
18,184,897
21,088,078
(103,947,973)

-

Total noncurrent assets

455,280,866

1,163,233

456,444,099

-

503,295,787

6,698,931

509,994,718

4,995,813

DEFERRED OUTFLOWS OF RESOURCES
Loss on refunding
Deferred outflows related to pensions/OPEB
Total deferred outflows of resources

3,177,006
775,617
3,952,623

126,984
126,984

3,177,006
902,601
4,079,607

-

LIABILITIES
Current liabilities:
Accounts payable
Accrued wages and benefits
Claims payable
Customer deposits
Compensated absences - current portion
Loans payable - current portion
Bonds payable - current portion

13,407,087
223,758
1,652,543
206,437
284,193
4,981,686

376,125
40,131
29,738
-

13,783,212
263,889
1,652,543
236,175
284,193
4,981,686

32,995
568,703
-

Total Assets

Total current liabilities

20,755,704

445,994

21,201,698

601,698

Noncurrent liabilities:
Compensated absences
Net pension/OPEB liability
Loans payable, net of current portion
Bonds payable, net of current portion

286,529
4,912,826
2,488,001
197,232,219

58,018
804,289
-

344,547
5,717,115
2,488,001
197,232,219

-

Total noncurrent liabilities
Total liabilities

204,919,575
225,675,279

862,307
1,308,301

205,781,882
226,983,580

601,698

490,239
559
490,798

80,156
80,156

570,395
559
570,954

-

253,462,273
27,620,060

1,161,678
4,275,780

254,623,951
31,895,840

4,394,115

DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions/OPEB
Unavailable revenue-other
Total deferred inflows of resources
NET POSITION
Net investment in capital assets
Unrestricted
Total net position

$

281,082,333

$

5,437,458

$

286,519,791

The accompanying notes are an integral part of the financial statements.

Page 44

$

4,394,115

CITY OF GOODYEAR, ARIZONA
Statement of Revenues, Expenses, and Changes in Fund Net Position
Proprietary Funds
For the Year Ended June 30, 2020

Business-type Activities - Enterprise Funds
Water &
Wastewater

Operating Revenues
Charges for services
Self insurance premiums
Contributions
Other revenues

$

Total operating revenues

60,108,947
200,000
83,960

Sanitation
$

8,316,320
3,030

Totals
$

68,425,267
200,000
86,990

Governmental
Activities
Self-Insurance
Trust Internal
Service Fund
$

10,702,632
202,019

60,392,907

8,319,350

68,712,257

10,904,651

Salaries, wages and benefits
Cost of sales and services
Claims expense
Depreciation

5,812,187
20,740,600
8,134,195

1,103,726
4,723,161
201,893

6,915,913
25,463,761
8,336,088

1,520,405
8,870,750
-

Total operating expenses

34,686,982

6,028,780

40,715,762

10,391,155

25,705,925

2,290,570

27,996,495

513,496

1,734,042
(5,853,300)

66,135
-

1,800,177
(5,853,300)

60,341
-

(4,119,258)

66,135

(4,053,123)

60,341

21,586,667

2,356,705

23,943,372

573,837

Capital contributions
Transfers out
Transfers in

5,765,107
(2,898,100)
330,356

(931,500)
-

5,765,107
(3,829,600)
330,356

-

Change in net position

24,784,030

1,425,205

26,209,235

573,837

256,298,303

4,012,253

260,310,556

3,820,278

Operating Expenses

Operating income (loss)
Non-operating Revenues (Expenses)
Investment income
Interest expense and fiscal charges
Total non-operating
revenue (expense)
Income (loss) before contributions
and transfers

Total net position, beginning of year
Total net position, end of year

$

281,082,333

$

5,437,458

$

286,519,791

The accompanying notes are an integral part of the financial statements.

Page 45

$

4,394,115

CITY OF GOODYEAR, ARIZONA
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2020

Water &
Wastewater
Cash Flows From Operating Activities:
Cash received from customers
Cash received from contributions
Cash paid to suppliers
Cash paid to employees
Cash paid for claims

$

Cash flows from operating activities

55,590,501
(16,237,006)
(6,603,489)
-

Sanitation
$

8,301,375
(4,791,561)
(931,899)
-

Totals
$

63,891,876
(21,028,567)
(7,535,388)
-

Self-Insurance
Trust Internal
Service Fund
$

10,904,651
(1,525,463)
(8,753,662)

32,750,006

2,577,915

35,327,921

625,526

(2,567,744)

(931,500)

(3,499,244)

-

(2,567,744)

(931,500)

(3,499,244)

-

Cash Flows From Capital and Related
Financing Activities:
Proceeds from long term debt
Purchase of capital assets
Proceeds from sale of capital assets
Principal paid on long term debt
Interest paid

156,669,541
(54,107,948)
(45,443,713)
(6,982,693)

(367,196)
17,201
-

156,669,541
(54,475,144)
17,201
(45,443,713)
(6,982,693)

-

Cash flows from capital and related
financing activities

50,135,187

(349,995)

49,785,192

-

Cash Flows From Investing Activities:
Sale (purchase) of investments
Investment income

24,924,105
1,115,389

(21,579)
55,554

24,902,526
1,170,943

60,341

Cash flows from investing activities

26,039,494

33,975

26,073,469

60,341

Net change in cash and cash equivalents
Cash and cash equivalents, including
temporarily restricted cash, beginning of year

106,356,943

1,330,395

107,687,338

685,867

11,488,510

2,412,139

13,900,649

4,233,693

Cash Flows From Noncapital
Financing Activities:
Transfers
Cash flows from noncapital
financing activities

Cash and cash equivalents, including
temporarily restricted cash, end of year
Reconciliation of operating income to net
cash flows from operating activities:
Net operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities:
Depreciation/amortization
Pension/OPEB expense
Employer pension/OPEB contributions
Changes in operating assets and liabilities:
(Increase) decrease in receivables
(Increase) decrease in prepaid items & deposits
(Increase) decrease in inventory
Increase (decrease) in payables
Increase (decrease) in accrued liabilities & deposits
Increase (decrease) in unearned revenue

$

117,845,453

$

3,742,534

$

121,587,987

$

4,919,560

$

25,705,925

$

2,290,570

$

27,996,495

$

513,496

8,134,195
688,487
(458,648)

201,893
227,815
(75,086)

8,336,088
916,302
(533,734)

-

(4,800,106)
250,497
4,253,097
(1,021,141)
(2,300)

(14,945)
(68,400)
19,098
(3,030)

(4,815,051)
250,497
4,184,697
(1,002,043)
(5,330)

47,898
64,132
-

Net cash flows from operating activities

$

32,750,006

$

2,577,915

$

35,327,921

$

625,526

Supplemental Schedule of Non-cash
Financing and Investing Activities:
Contributed capital assets
Unrealized gains and losses on investments

$
$

5,765,107
(618,653)

$
$

(10,581)

$
$

5,765,107
(629,234)

$
$

-

The accompanying notes are an integral part of the financial statements.

Page 46

CITY OF GOODYEAR, ARIZONA
Statement of Net Position
Fiduciary Funds
June 30, 2020

Pension Trust
Assets
Cash and cash equivalents
Mutual funds - equity
Mutual funds - income
Total assets

$

Liabilities
Deposits held for others
Total liabilities
Net Position
Net position restricted for pensions

$

Agency

21,890
392,521
121,863
536,274

$

$

61,569
61,569

-

$
$

61,569
61,569

536,274

The accompanying notes are an integral part of the financial statements.

Page 47

CITY OF GOODYEAR, ARIZONA
Statement of Changes in Net Position
Fiduciary Funds
For the Year Ended June 30, 2020

Pension Trust
Additions
Investment Income
Total assets

$

36,006
36,006

Deductions
Benefits
Total liabilities

9,395
9,395

Changes in net position

26,611

Net position, beginning of year

509,663

Net position, end of year

$ 536,274

The accompanying notes are an integral part of the financial statements.

Page 48

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.

Note

Page

1. Summary of Significant Accounting Policies

51

2. Cash and Investments

58

3. Receivables

61

4. Capital Assets

62

5. Loan Payable

63

6. General Obligation Bonds Payable

64

7. Revenue Bonds Payable

65

8. Community Facilities Districts Bonds Payable

67

9. Changes in Long-Term Liabilities

68

10. Interfund Receivables, Payables, and Transfers

69

11. Contingent Liabilities

69

12. Risk Management

70

13. Pensions and Other Postemployment Benefits

71

14. Excess of Expenditures Over Appropriations

83

15. Fund Balance Classifications

83

16. Deficit Fund Balances

83

17. Commitments

84

18. Tax Abatement Agreements

85

Page 49

Page 50

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the City of Goodyear, Arizona (City) have been prepared in conformity with
accounting principles generally accepted in the United States of America as applied to government units.
The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles.
A. Reporting Entity
The City is a municipal entity governed by an elected mayor and six-member governing council (council).
As required by accounting principles generally accepted in the United States of America, these financial
statements present the City and its blended component units, entities for which the City is considered
financially accountable. In accordance with GASB Statement No. 14, and as amended by GASB Statement
No. 61, the component units discussed below have been included in the City’s reporting entity because of
the significance of their operational or financial relationship with the city.
The financial reporting entity consists of a primary government, and its component units. The City is a
primary government that has a separately elected governing body, is legally separate, and is fiscally
independent of other state or local governments. Furthermore, component units are combined with the City
for financial statement presentation purposes, and are not included in any other governmental reporting
entity. Consequently, the City’s financial statements include the funds of those organizational entities for
which its elected governing body is financially accountable.
Blended Component Units - Community Facilities Districts were formed for the purpose of acquiring and
improving public infrastructure in specified land areas. As special purpose districts and separate political
subdivisions under the Arizona Constitution, the Districts can levy taxes and issue bonds independently of
the City. Property owners in the designated areas are assessed for District taxes and thus for the cost of
operating the Districts. The City Council serves as the Board of Directors; however, the City has no liability
for the Districts’ debt. Although it is legally separate from the City, the Districts are reported as if it is part of
the primary government because the District’s governing body is substantively the same as the governing
body of the City and management of the City has operational responsibility for the Districts. The following
are the community facilities districts currently operating in the City of Goodyear.
x
x
x
x
x
x
x
x
x
x

Goodyear Community Facilities General District No. 1
Goodyear Community Facilities Utilities District No. 1
Wildflower Ranch Community Facilities District No. 1
Wildflower Ranch Community Facilities District No. 2
Estrella Mountain Ranch Community Facilities District
Cottonflower Community Facilities District
Centerra Community Facilities District
Cortina Community Facilities District
Palm Valley Community Facilities District No. 3
King Ranch Community Facilities District

Complete financial statements of the individual component units may be obtained at the entities’
administrative offices or online at www.goodyearaz.gov/cfd.
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities)
present financial information about the City as a whole. Generally, the effect of interfund activity has been
removed from the government-wide financial statements. Net interfund activity and balances between the
governmental activities and the business-type activities are shown in the government-wide financial
statements. The “doubling up” effect of internal service fund activity has been removed from the
government-wide statements with the expenses shown in the various functions on the Statement of
Activities. These statements are to distinguish between the governmental and business-type activities of
the City. Governmental activities normally are supported by taxes and intergovernmental revenues, and
are reported separately from business-type activities, which rely to a significant extent on fees and charges.

Page 51

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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, state-shared revenues, investment income and other items not included among
program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds,
even though the latter are excluded from the government-wide financial statements. Major individual
governmental funds and major individual enterprise funds are reported as separate columns in the fund
financial statements.
C. Fund Balances – Governmental Funds
As of June 30, 2020, fund balances of the governmental funds are classified as follows:
Nonspendable - amounts that cannot be spent either because they are in nonspendable form or because
they are legally or contractually required to be maintained intact.
Restricted - amounts that can be spent only for specific purposes because of constitutional provisions or
enabling legislation or because of constraints that are externally imposed by creditors, grantors,
contributors, or the laws or regulations of other governments.
Committed - amounts that can be used only for specific purposes determined by a formal action of City
Council. City Council is the highest level of decision-making authority for the City. Commitments may be
established, modified, or rescinded only through resolutions approved by City Council.
Assigned - amounts that do not meet the criteria to be classified as restricted or committed but that are
intended to be used for specific purposes. Under the City’s adopted policy, the City appropriates funding
for information technology (IT) replacement, fleet replacement, risk management, police and fire equipment,
parks and traffic signal asset management reserves. In addition, amounts encumbered related to projects
that carry over into the next fiscal year are reported as assigned. The accumulated appropriations for these
purposes which have not been spent are reflected as assigned fund balances. Only City Council or the
City’s Finance Director may assign amounts for specific purposes.
Unassigned - includes all spendable amounts not contained in the other classifications. The General Fund
is the only fund that can report a positive unassigned fund balance. In other governmental funds, other than
the general fund, if expenditures incurred for specific purposes exceed the amounts that are restricted,
committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund
balance in that fund.
The General Fund has Unassigned Funds consisting of a contingency reserve in the amount of $15.8 million
which includes the $4.8 million of charter mandates. These charter mandates are Restricted Funds. The
contingency reserve is used to set aside resources to cover unanticipated deficits or revenue reductions
that may be caused by adverse economic conditions or public emergency. The amount of the contingency
reserve is equal to or greater than 15 percent of fiscal year 2020 on-going revenues.

Page 52

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
When an expenditure is incurred for purposes for which both restricted and unassigned fund balance is
available, the City considers restricted funds to have been spent first. When an expenditure is incurred for
which committed, assigned, or unassigned fund balances are available, the City considers amounts to have
been spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed,
unless City Council or the City’s Finance Director has provided otherwise in its commitment or assignment
actions.
D. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
Government-wide Financial Statements - The government-wide 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 revenues as soon as all eligibility
requirements imposed by the grantor or provider have been met. As a general rule, the effect on internal
activity has been eliminated from the government-wide financial statements.
Fund Financial Statements - Governmental fund financial statements are reported using the current
financial resources measurement focus and the modified accrual basis of accounting. Revenues are
recognized as soon as they are both measurable and available. Revenues are considered to be available
when they are collectible within the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the City considers revenues to be available if they are collected within 60 days of
the end of the current fiscal period.
Expenditures are generally recognized when the related fund liability is incurred, as under accrual
accounting. However, debt services expenditures, as well as expenditures related to compensated
absences and claims and judgments, are recorded only when payment is due.
Property taxes, sales taxes, franchise taxes, licenses and permits, charges for service, special
assessments and investment income associated with the current fiscal period are considered to be
susceptible to accrual and have been recognized as revenues of the current fiscal period. Grants and similar
awards are recognized as revenues as soon as all eligibility requirements imposed by the grantor or
provider have been met, and the amount is received during the period or within the availability period for
this revenue source (within 60 days of year-end). All other revenue items are considered to be measurable
and available only when cash is received by the government.
The City reports the following major governmental funds:
General Fund - This fund is the general operating fund of the City. It accounts for all financial resources of
the City, except those either required to be accounted for in other funds or when the city determines there
is an operational advantage to do so.
Non Utility Development Impact Fees Capital Projects - This fund accounts for the capital projects funded
with development impact fees.
GO Bond Capital Projects Fund - This fund accounts for the capital projects financed by the GO bond debt.
McDowell Road Commercial Corridor Improvement District Debt Service Fund - This fund accounts for the
debt portion of the McDowell Road Improvement District.
Community Facilities Districts - Debt Service Fund - This fund accounts for the debt portion of the City’s
Community Facilities Districts, which are component units that provide general infrastructure and capital
assets for the property within each District’s boundaries.

Page 53

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City reports the following major proprietary funds:
Water and Wastewater Fund - This fund accounts for the City’s water and wastewater utility operations,
including the utility development impact fees.
Sanitation Fund - This fund is used to account for the activities of the City’s sanitation operations.
Internal Service Fund – This fund is used to account for self-insurance for employee benefits. The
Internal service fund activities are reported as governmental activities on the government-wide
statements.
Proprietary funds distinguish operating revenues and expenses from non-operating 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
City’s enterprise funds are charges to customers for water, wastewater, and sanitation services. Operating
expenses for these funds include the administrative expenses, cost of sales and services, and depreciation.
All revenues and expenses not meeting this definition are reported as non-operating revenues and
expenses.
Pension Trust Fund – This fund is used to account for the Goodyear Volunteer and Reserve Firefighter
Retirement Trust Plan Fund, a defined contribution plan for which the assets are held by the City in a trustee
capacity. The Pension Trust Fund is reported using the accrual basis of accounting.
Agency Funds – The City holds these assets as an agent for individuals, private organizations or others in
a temporary custodial capacity. The City currently maintains four agency funds. The four funds account for
monies donated by individuals for the GAIN, Fill-A-Need, Shop With A Cop, and Arizona in Action activities.
Fiduciary funds account for assets held by the City in a trustee or agency capacity on behalf of others. The
reporting focus is upon net position and changes in net position and employs accounting principles similar
to proprietary funds. Fiduciary funds are not included in the government-wide financial statements
considering they are not assets of the City available to support City programs.
The focus of governmental fund financial statements is on major funds rather than reporting funds by type.
Each major fund is presented in a separate column. Non-major funds are aggregated and presented in a
single column. The City’s non-major funds are as follows:
Special Revenue Funds
Highway User Revenue Fund (HURF)
Community Facilities Districts
Grants Fund
Ballpark Fund
Debt Service Fund
Debt Service Fund

Page 54

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
E. Cash and Cash Equivalents
Cash represents amounts in demand deposits and amounts held in trust by financial institutions. The funds
held in trust are available to the City upon demand. The City considers short-term investments (including
restricted assets) in the State of Arizona investment pool, mutual fund-money market, U.S. Treasury bills
and notes with maturities of three months or less at acquisition date to be cash equivalents.
F. Investments
Goodyear maintains investment accounts for funds that are not legally required to be maintained separately.
Each fund's equity in investments represents that fund's position in the consolidated accounts and
determines that fund's allocation of interest earned. Arizona Revised Statutes regulate the investment of
surplus cash. Goodyear limits its investments to U.S. government securities, certificates of deposit, bonds,
repurchase agreements, corporate notes, commercial paper, and money market accounts. Investments are
stated at fair value based on quoted market prices and cash equivalents are stated at amortized cost.
G. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end
of the fiscal year are referred to as either “due to/from other funds” (i.e., the current portion of inter-fund
loans) or “advances to/from other funds” (i.e., the non-current portion of the inter-fund loans).
All trade and property tax receivables are shown net of allowance for uncollectibles. Trade accounts
receivable in excess of 180 days comprise the trade accounts receivables allowance for uncollectibles.
Property taxes are levied by the City and collected by the Maricopa County Treasurer. Property taxes are
levied no later than the third Monday of August and are payable in two installments due October 1 of the
current year and March 1 of the subsequent year. Taxes become delinquent after the first business day of
November and May, respectively. Interest attaches on installments after the delinquent date. A lien attaches
to the property on the first day of January preceding the assessment and levy of taxes. Delinquent amounts
bear interest at the rate of 16 percent. Maricopa County, at no charge to the taxing entities, bills and collects
all property taxes. Public auctions of properties which have delinquent real estate taxes are held in
February.
H. Inventory
Inventories are valued at average cost using the first-in, first-out (FIFO) flow method. Inventory, which
consists of expendable supplies and vehicle repair parts, is recorded as an expenditure at the time
individual inventory items are consumed rather than when purchased.
I. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid items in both the government-wide and fund financial statements. The cost of prepaid items is
recorded as expenditures when consumed rather than when purchased.
J. Restricted Assets
Certain proceeds of the City’s bonds, as well as certain resources set aside for their repayment, are
classified as restricted cash and cash equivalents on the government-wide Statement of Net Position, the
Balance Sheet and Proprietary Statement of Net Position because their use is limited by applicable bond
covenants

Page 55

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
K. Capital Assets
Capital assets, which include land, land improvements, artwork, right of way, streetscape, buildings and
improvements, vehicles, machinery, equipment, construction in progress, and infrastructure assets (e.g.,
roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type
activities columns in the government-wide financial statements. The City defines capital assets as assets
with an initial, individual cost of $5,000 or more and an estimated useful life of more than one year. Capital
assets are recorded at historical cost if purchased or constructed. Donated capital assets are recorded at
estimated acquisition value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend
the life of the asset are not capitalized. Major outlays for capital assets and improvements are capitalized
as projects as they 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.
Certain capital assets of the City are depreciated using the straight-line method over the following estimated
useful lives:
Assets
Infrastructure
Land Improvements
Buildings and Improvements
Vehicles, Furniture and Equipment
Water Rights

Years
20-65
15
7-50
3-20
100

The City has a collection of artwork presented both in buildings and public outdoor spaces. The true value
of the art is expected to either be maintained at cost or appreciate over time, and thus, the art is not
depreciated. If individual pieces are lost or destroyed, the loss is recorded.
L. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflows of resources,
represents a consumption of net position that applies to a future period(s) and so will not be recognized as
an outflow of resources (expense/expenditure) until then. The government only has two items that qualify
for reporting in this category. It is the deferred loss on refunding and deferred outflows related to pensions
and OPEB reported in the government-wide statement of net position.
In addition to liabilities, the statement of net position will sometimes report a separate section for deferred
inflows of resources. This separate financial statement element, deferred inflows of resources, represents
an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of
resources (revenue) until that time. The government only has two items that qualify for reporting in this
category. It is unavailable revenue, which arises only under a modified accrual basis of accounting, and
deferred inflow related to pensions and OPEB.

Page 56

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
M. Compensated Absences
The City’s employee vacation and sick leave policies provide for granting vacation and sick leave with pay.
Sick leave and vacation benefits vest at the employee’s current rate of pay. The current and long-term
liabilities for accumulated vacation and sick leave are reported on the government-wide financial statements
and in the proprietary fund financial statements. A liability for these amounts is reported in governmental
funds only if they have matured, for example, as a result of employee leave, resignation and retirements.
Resources from the General Fund are generally used to liquidate the governmental funds liabilities for
compensated absences.
N. Long-term Obligations
In the government-wide financial statements and proprietary fund financial statements, long-term debt and
other long-term obligations are reported as liabilities on the statement of net position. Bond premiums and
discounts are amortized over the life of the bonds using the straight-line method. Deferred amounts on
refunding result from the difference between the carrying value of refunded debt and its reacquisition price.
This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.
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.
O. Inter-fund Activity
Flows of cash from one fund to another without a requirement for repayment are reported as inter-fund
transfers. Inter-fund transfers between governmental funds are eliminated in the Statement of Activities.
Inter-fund services provided and used are not eliminated in the process of consolidation. Inter-fund transfers
in the fund statements are reported as other financing sources/uses in governmental funds and fall below
the non-operating revenues/expenses in the proprietary funds.
P. Estimates
The preparation of the financial statements in conformity with accounting principles generally accepted in
the United States of America requires management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying notes. Actual results may differ from those
estimates.
Q. Budgetary Data
According to the laws of the State of Arizona, all operating budgets must be approved by their governing
board on or before the second Monday in August to allow sufficient time for legal announcements and
hearings required for the adoption of the property tax levy on the third Monday in August.
In April, the proposed budget for the following fiscal year is presented by the City Manager to the City
Council. The budget includes proposed expenditures and the means of financing them. A public meeting is
held to obtain citizen comment.
Prior to June 30, the City Council legally enacts the budget, through the passage of an ordinance. The
ordinance sets the limit for expenditures for the year, within the voter mandated state expenditure limitation.
Additional expenditures may be authorized if directly necessitated by a natural or man-made disaster as
prescribed in the state constitution. There were no supplemental appropriations made during fiscal year
2020.

Page 57

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The maximum legal expenditure permitted for the year is the total budget as adopted. All funds of the City
have legally adopted budgets. The initial budget for the fiscal year may be amended during the year in a
legally permissible manner. The City adopts the budget by major program area for the General Fund and
by fund for all others.
In practice, the City Council approves all budget transfers that cross appropriation lines on a monthly basis.
All unencumbered expenditure appropriations expire at the end of the fiscal year. Encumbered amounts
are re-budgeted in the following year as deemed appropriate and necessary after review by the Budget
Office. Budgetary carry forwards are approved by the City Council through the budgetary process.
The budgets are adopted on a basis differing from GAAP in that for budgetary purposes: (1) bond proceeds
for enterprise funds are considered revenue; (2) capital outlays for enterprise funds are treated as
expenses; (3) debt service principal payments are treated as expenses for enterprise funds; (4) accrued
compensated absences are not recognized as expenses; (5) depreciation and amortization are not
recognized as expenses; (6) contributions to pension plans are recognized as an expense for enterprise
funds.
R. Pensions and Other Postemployment Benefits
For purposes of measuring the net pension and other postemployment benefit (OPEB) assets and liabilities,
related deferred outflows of resources and deferred inflows of resources, and related expenses, information
about the pension and OPEB plans’ fiduciary net position and additions to/deductions from the plans’
fiduciary net position have been determined on the same basis as they are reported by the plan. For this
purpose, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
NOTE 2 CASH AND INVESTMENTS
At June 30, 2020, cash and cash equivalents are presented as follows:

The restricted cash and cash equivalents are proceeds from debt issuances that are held in trustee
accounts for the purpose of major capital improvements as well as funds held in trustee accounts for the
purpose of debt service payments. The City also restricts the cash and cash equivalents in the Community
Facilities Districts Debt Service Fund.
Deposits
The City maintains a cash and investment pool that is available for use by all funds. Each fund type’s portion
of this pool is displayed on the government-wide Statement of Net Position, and on the fund financial
statements, as “Cash and cash equivalents” and “Investments”.
At June 30, 2020, the City had $15,550 of cash on hand. The carrying amount of the City’s deposits totaled
$126,182,389, and the bank balance was $126,090,858. Of the bank balance, $500,000 was covered by
federal depository insurance, $8,059,676 was covered by the Statewide Pooled Collateral Program, and
$117,913,388 were securities held by the pledging financial institution’s trust department in the City’s name.

Page 58

NOTE 2 CASH AND INVESTMENTS
Cash Equivalents
The City invests in the Local Government Investment Pool 5 and Pool 7 (LGIP) investment pools managed
by the State Treasurer’s Office that allows governments within the State to pool their funds for investment
purposes. The LGIP is not registered with the Securities Exchange Commission under the 1940 Investment
Advisors Act. The State Board of Investment has oversight responsibilities of the investment pool in
accordance with ARS 35-311. The pool’s policy is to invest in fixed-rate securities with a final maturity less
than 18 months from the settlement date of the purchase and variable-rate securities with final maturity less
than 2 years. The weighted average to maturity shall not exceed 90 days. The net asset value per share of
the pool at June 30, 2020 was $1.00. The Arizona State Treasurer issues a publicly available financial
report that includes financial statements and required supplementary information. Copies may be obtained
by contacting the Arizona State Treasurer, 1700 West Washington, Phoenix, Arizona 85007 or
www.aztreasury.gov.
Funds held in the State Treasurer’s Local Government Investment Pool represent a proportionate interest
in the pool’s portfolio; however, the City’s portion is not identified with specific investments and is not subject
to custodial credit risk. At June 30, 2020, the City’s funds invested with the State Treasurer totaled
$154,218,651.
The City’s investment in the State of Arizona’s local government investment pool is stated at fair value
which also approximates the value of the investment upon withdrawal.

Investment Type
LGIP 5
LGIP 7
Total

Investment Type
LGIP 5
LGIP 7
Total

Total
$ 2,323,510
151,895,141
$154,218,651

Remaining
Maturity
(in Years)
Less than 1
$ 2,323,510
151,895,141
$154,218,651

Total
$ 2,323,510
151,895,141
$154,218,651

Rating as of
Year End
AAA
$ 2,323,510
151,895,141
$154,218,651

Investments
The City’s portfolio complies with Arizona Revised Statutes (ARS) and the City’s investment policy. The
Arizona Revised Statutes regulate the investment of surplus cash. Goodyear limits its investments to U.S.
government securities, certificates of deposit, bonds, repurchase agreements, corporate notes, commercial
paper, and money market accounts. The City categorizes its fair value measurements within the fair value
hierarchy established by generally accepted accounting principles. The hierarchy is based on the
valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active
markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are
significant unobservable inputs. U.S. Treasury securities and Money Market Accounts are valued using
quoted market prices (Level 1 inputs); while Federal Agency Securities, Corporate Notes, Mutual Funds
and Negotiable Certificates of Deposit are valued using a matrix pricing model (Level 2 inputs).

Page 59

NOTE 2 CASH AND INVESTMENTS
At June 30, 2020 the City’s investments included the following:

Investment Type
U.S. Treasuries
Federal Agency Securities
Corporate Notes
Negotiable Certificates of Deposit
Money Market Fund
Mutual Funds
Total

Total
$ 49,082,179
19,206,202
22,607,714
8,681,148
87,000
540,210
$ 100,204,453

Remaining Maturity (in Years)
More
Concentration
Less than 1
1 to 2
than 2
of Credit Risk
$ 27,436,789 $21,645,390
48%
$ 560,708
4,880,060 13,765,434
19%
3,615,036
9,994,642
8,998,036
23%
4,678,399
981,055
3,021,694
9%
87,000
0%
540,210
1%
$ 9,481,353 $ 43,292,546 $47,430,554
100%

Custodial Credit Risk
To control custodial credit risk, State law and 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.
Interest Rate Risk
Interest rate risk is the risk of changes in market interest rates that will adversely affect the fair value of an
investment. In order to limit interest rate and market risk, State law and the City’s investment policy sets a
maximum maturity on any investment to five years. In addition, the City has adopted an average portfolio
duration limitation (ranging from 90 days to three years) consistent with the primary investment objective of
safety, liquidity and yield. As of June 30, 2020 the average duration to maturity is 1.91 years.

Page 60

NOTE 2 CASH AND INVESTMENTS
Credit Risk
Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the
investment. This is measured by the assignment of a rating by a nationally recognized statistical rating
organization. Although the City’s investment policy states that it will mitigate credit risk it does not impose
any specific limitations.
Concentration of Credit Risk
The City’s investment policy limits the diversification on both security types and length of maturity. At the
time of purchase a maximum of five percent of the market value of the portfolio may be invested in debt
issues by any single entity. Debt backed by the U.S. Treasury or Government Sponsored Enterprises
(GSEs) are exempt from this concentration criterion.
NOTE 3 RECEIVABLES
Receivables, net of allowance for uncollectibles, as of year-end for the City’s individual major governmental
funds and non-major governmental funds in the aggregate are as follows:
Non Utility
Development
Impact Fees
Capital Projects

GO Bond Debt
Capital Projects
Fund

Receivables:

General Fund

Taxes

$ 10,888,385

Interest

91,245

110,376

Accounts

1,660,149

-

Special assessments
Notes
Total Receivables

$

1,675,250
$ 14,315,029

$

-

$

-

Non-Major
Governmental
Funds

$

$

$

-

124,074

117,425

Total
$

11,129,884

-

-

43,373

337,536

-

-

50,012

158,188

1,868,349

22,345,351

39,288

48,994,639

-

$

Community
Facilities
Districts Debt
Service

92,542

110,376

McDowell Road
Commercial
Corridor ID Debt
Service

92,542

26,610,000
$

26,610,000

$

22,519,437

$

358,274

1,675,250
$

64,005,658

As of June 30, 2020, the special assessment and notes receivable balances are not expected to be
collected within the next year. Special assessment receivables will be collected in conjunction with the debt
retirement schedule for the related bonds outstanding. The notes receivable mature in 2044 and accrue
interest at 3.26 percent annum.
The following table summarizes the City’s receivables for the proprietary funds as of June 30, 2020.

Receivables:
Interest
Accounts
Less:
Allowance
Total Receivables

Water and
Wastewater
Fund
$
216,327
9,914,200
10,130,527

Sanitation
Fund
$
4,368
1,023,578
1,027,946

Total
$ 220,695
10,937,778
11,158,473

176,050
9,954,477

14,646
$ 1,013,300

190,696
$10,967,777

$

Revenues of the Water & Wastewater Fund and Sanitation Fund are reported net of uncollectible amounts.
Total bad debt expense related to the Water & Wastewater Fund revenues and Sanitation Fund revenues
for the current year are $134,239 and $47,751, respectively.

Page 61

NOTE 4 CAPITAL ASSETS
A summary of capital assets activity for the fiscal year ended June 30, 2020 follows:
Governmental activities:
Capital assets, not being depreciated:
Land
Artwork
Construction in progress
Right of way
Streetscape
Total capital assets, not being depreciated
Capital assets, being depreciated:
Land improvements
Infrastructure
Buildings and improvements
Vehicles, furniture and equipment
Total capital assets, being depreciated
Less accumulated depreciation for:
Land improvements
Infrastructure
Buildings and improvements
Vehicles, furniture and equipment
Total accumulated depreciation
Total capital assets, being depreciated, net
Governmental activities capital assets, net
Business-type activities:
Capital assets, not being depreciated:
Land
Artwork
Construction in progress
Total capital assets, not being depreciated
Capital assets, being depreciated:
Infrastructure
Buildings and improvements
Vehicles, furniture and equipment
Water rights
Total capital assets, being depreciated
Less accumulated depreciation for:
Infrastructure
Buildings and improvements
Vehicles, furniture and equipment
Water rights
Total accumulated depreciation
Total capital assets, being depreciated, net
Business-type activities capital assets, net

Beginning Balance
$

$

30,197,312
276,115
4,940,832
90,844,947
9,061,008
135,320,214

Increase
$

$

$

-

Ending Balance

1,813,586
1,813,586

$

30,197,312
307,115
29,258,931
90,844,947
9,061,008
159,669,313

4,669,247
405,194,087
286,935,896
51,975,000
748,774,230

3,735,589
569,689
6,234,082
10,539,360

1,834,037
1,834,037

4,669,247
408,929,676
287,505,585
56,375,046
757,479,554

(2,046,280)
(134,470,788)
(80,276,634)
(33,481,173)
(250,274,875)

(376,242)
(9,122,713)
(9,062,250)
(4,277,182)
(22,838,387)

1,866,490
1,866,490

(2,422,522)
(143,593,501)
(89,338,884)
(35,891,864)
(271,246,771)

(12,299,026)
13,863,659

(32,454)
$ 1,781,133

498,499,355
633,819,569

$

Beginning Balance
$

31,000
26,131,685
26,162,685

Decrease

7,770,072
146,978
34,981,208
42,898,258

Increase
$

385,823
56,335,252
56,721,075

Decrease
$

-

$

486,232,783
645,902,095

Ending Balance

1,145,463
1,145,463

$

8,155,895
146,978
90,170,997
98,473,870

218,832,241
115,505,471
16,635,293
20,486,526
371,459,531

5,729,402
87,040
1,604,478
601,552
8,022,472

54,874
54,874

224,561,643
115,592,511
18,184,897
21,088,078
379,427,129

(56,062,366)
(26,902,555)
(10,462,337)
(2,213,722)
(95,640,979)

(4,183,788)
(3,109,274)
(857,067)
(185,960)
(8,336,089)

29,095
29,095

(60,246,154)
(30,011,829)
(11,290,308)
(2,399,682)
(103,947,972)

(313,617)
56,407,458

25,779
$ 1,171,242

275,818,552
318,716,810

Page 62

$

$

275,479,157
373,953,026

NOTE 4 CAPITAL ASSETS
Depreciation expense was charged to functions/programs as follows:

Governmental activities:
General government
Public safety
Highway and streets
Culture and recreation
Public works
Total depreciation expense

$

$

Business-type activities:
Water and wastewater
Sanitation
Total depreciation expense

$
$

597,795
3,477,207
13,574,534
3,847,133
1,341,719
22,838,387

8,134,196
201,893
8,336,089

NOTE 5 LOAN PAYABLE
The City received a loan from the Water Infrastructure Finance Authority. The loan was used for expansion
of an effluent wastewater facility and to rehabilitate an existing effluent lift station. The loan payable at
June 30, 2020 is as follows:

Annual debt service requirements to maturity on the loans payable at June 30, 2020 are summarized as
follows:
Business-type Activities
Year ending June 30:

Principal
2021

Total

$

284,193

Interest
$

55,444

2022

289,877

49,760

2023

295,674

43,962

2024

301,588

38,050

2025

307,619

32,018

2026-30

1,293,244

65,302

$

Page 63

2,772,195

$

284,536

NOTE 6 GENERAL OBLIGATION BONDS PAYABLE
Bonds payable at June 30, 2020, consisted of the outstanding general obligation and refunding bonds
presented below. The bonds are generally callable with interest payable semi-annually. Of the total amounts
originally authorized, $115,681,616 remains unissued. The bonds payable at June 30, 2020 are presented
below.

Purpose
Interest Rates
Governmental activities:
General Obligation Bonds Refunding
Series 2016
2.00-4.00%
General Obligation Bonds Series 2017
3.00-5.00%
General Obligation Bonds Series 2019
2.00-3.00%
Total governmental activities
Business-type activities:
General Obligation Bonds Refunding
Series 2016
General Obligation Bonds Refunding
Series 2019
General Obligation Bonds Refunding
Series 2020
Total business-type activities

Remaining
Maturities

Outstanding
Principal June
30, 2020

Due Within One
Year

14,142,867
19,850,000
25,305,000
59,297,867

1,678,314
575,000
2,250,000
4,503,314

7/1/21-37
7/1/21-37
7/1/21-38
$

$

2.00-4.00%

7/1/21-37

30,212,133

2,111,686

3.00-5.00%

7/1/27-29

4,105,000

-

3.00-5.00%

7/1/21-30

8,990,000
43,307,133

$

715,000
2,826,686

$ 102,605,000

$

7,330,000

$

Total

Annual debt service requirements to maturity on general obligation bonds payable at June 30, 2020 are
summarized as follows:

Year ending June 30:
2021
2022
2023
2024
2025
2026-30
2031-35
2036-40
Total

Governmental Activities
Principal
Interest
$ 4,503,314
$ 1,970,222
1,620,698
1,822,881
1,643,495
1,790,465
2,688,629
1,724,725
2,777,327
1,636,579
15,461,706
6,608,084
18,149,484
3,923,178
12,453,214
786,984
$ 59,297,867
$ 20,263,118

Business-type Activities
Principal
Interest
$
2,826,686
$
1,600,296
3,059,302
1,489,832
3,126,505
1,421,098
3,301,371
1,288,188
3,412,672
1,164,432
17,193,296
3,609,828
7,140,516
1,144,734
3,246,785
147,190
$ 43,307,133
$ 11,865,598

On May 7, 2020, the City issued $9,250,000 of refunding bonds. The refunding bonds have interest rates
between 3.00 to 5.00 percent. The net proceeds of $10,869,343 that included a bond premium of
$1,674,343 (after payment of $224,236 in underwriting fees, insurance, and other issuance costs) were
immediately deposited to an escrow agent for the purposes of refunding general obligation bonds and
paying cost of issuance. The refunding was undertaken to reduce total debt service payments by
$1,426,360 over the next eleven years and resulted in a present value savings of $1,323,505.

Page 64

NOTE 7 REVENUE BONDS PAYABLE
Revenue bonds payable at June 30, 2020 consisted of the outstanding revenue bonds and refunding bonds
presented below. The bonds are generally callable after 10 years with interest payable semi-annually. The
bonds payable at June 30, 2020 are presented below:

Purpose
Interest Rates
Governmental activities:
Public Improvement Corporation Municipal Facilities
Revenue Bonds, Series 2011A
2.00-5.25%
Public Improvement Corporation Municipal Facilities
Revenue Refunding Bonds, Series 2016A
3.00-5.00%
Public Improvement Corporation Municipal Facilities
Revenue Refunding Bonds, Series 2016B
4.00-5.00%
McDowell Road Commercial Corridor Improvement
District Refunding Bonds, Series 2018
1.95-3.60%
Total
Direct borrowings or direct placements:
Public Improvement Corporation Municipal Facilities
Tax-Exempt Revenue Bonds, Series 2012A
2.48%
Public Improvement Corporation Municipal Facilities
Taxable Revenue Bonds, Series 2012B
3.44%
Public Improvement Corporation Subordination Municipal
Facitilties Revenue Bonds, Series 2017
3.31%
Total direct borrowings or direct placements

Remaining
Maturities

7/1/20-27

Due Within One
Year

$

$

23,770,000

255,000

7/1/20-32

34,480,000

3,250,000

7/1/20-31

23,855,000

1,875,000

1/1/20-31

26,610,000
108,715,000

2,284,000
7,664,000

12/15/20-6/15/23

2,935,123

954,361

12/15/20-6/15/23

358,653

115,497

7/1/20-27

7,825,000
11,118,776

1,010,000
2,079,858

Total governmental activities
Business-type activities:
Revenue Bonds, Series 2009
Revenue Bonds, Series 2016
Revenue Bonds, Series 2020
Revenue Bonds, Second Series 2020
Revenue Refunding Bonds, Series 2020
Revenue Refunding Taxable Bonds, Series 2020
Total business-type activities

Outstanding
Principal June
30, 2020

6.75%
2.00-5.00%
2.00-5.00%
3.00-4.00%
2.00-5.00%
1.428-3.506%

7/1/49
7/1/20-45
7/1/20-49
7/1/35-49
7/1/20-39
7/1/20-41

Total

$

119,833,776

$

9,743,858

$

$

$

325,000
7,545,000
77,530,000
30,950,000
11,975,000
12,895,000
141,220,000

$

1,125,000
415,000
135,000
480,000
2,155,000

$

261,053,776

$

11,898,858

Revenue bond debt service requirements to maturity are as follows:

Year ending June 30:
2021
2022
2023
2024
2025
2026-30
2031-35
2036-40
2041-45
2046-50
Total

$

$

Principal
7,665,000
7,985,000
8,325,000
8,685,000
9,075,000
51,730,000
15,250,000
108,715,000

$

$

Governmental Activities
Direct borrowings or direct placements
Interest
Principal
Interest
4,562,326
$
2,079,858
$
337,271
4,240,015
2,142,681
276,017
3,894,945
2,206,237
212,877
3,531,169
1,115,000
155,239
3,135,918
1,155,000
118,333
9,294,189
2,420,000
120,815
714,570
29,373,132
$
11,118,776
$
1,220,552

Page 65

Business-type Activities

$

$

Principal
2,155,000
1,940,000
2,025,000
2,070,000
2,180,000
14,335,000
20,510,000
29,480,000
34,180,000
32,345,000
141,220,000

$

$

Interest
5,375,598
5,319,710
5,251,428
5,168,118
5,081,933
23,978,669
20,272,739
15,738,510
9,359,064
2,649,744
98,195,513

NOTE 7 REVENUE BONDS PAYABLE
On May 27, 2020, the City issued two separate series of refunding bonds. The first was a tax exempt
series in the amount of $12,290,000. This series includes bonds with interest rates between 2.00 and 5.00
percent. The net proceeds of $14,173,268 that included a bond premium of $1,883,268 (after payment of
$224,236 in underwriting fees, insurance, and other issuance costs) were immediately deposited to an
escrow agent for the purposes of water and sewer revenue bonds and paying cost of issuance. The
refunding was undertaken to reduce total debt service payments by $7,750,339 over the next nineteen
years and resulted in a present value savings of $4,241,258.
The second refunding issuance was a taxable series in the amount of $13,540,000. This series includes
bonds with interest rates between 1.428 and 3.506 percent. The proceeds along with a previous reserve
amount of $1,051,303 were immediately deposited to an escrow agent for the purposes of refunding water
and sewer revenue bonds and paying cost of issuance. At the end of the fiscal year, $13,656,200 remained
on deposit in an irrevocable trust for future debt service payments, including $12,610,000 of outstanding
principal. The refunding was undertaken to reduce total debt service payments by $4,297,502 over the next
twenty-one years and resulted in an economic gain of $2,175,250.
Pledged Revenue
A. Revenue Bonds
Revenue bonds are collateralized by a pledge of the gross revenues of the utility systems, as
defined in the bond indentures. The bonds are payable solely from water and wastewater customer
net revenues with the last scheduled debt service payment occurring on 7/1/2049. Proceeds of the
bonds were used for improvements to the City’s water and wastewater system. Principal and
interest paid for the current year and total water and wastewater customer net revenues were
$3,744,613 and $33,840,120, respectively.
B. Public Improvement Corporation Municipal Facilities Revenue Bonds
The public improvement corporation municipal facilities revenue bonds are secured by excise taxes
or other undesignated general fund revenues and the property referred to as Goodyear Municipal
Complex. Proceeds from the bonds were used to construct a major league baseball training facility
as well as other municipal facilities. The last scheduled debt service payment on the bonds is
7/1/2032. Principal and interest paid for the current year and total pledged revenues were
$11,572,392 and $116,812,121, respectively.
C. McDowell Road Corridor Improvement District Bonds
The City acts as an administrator for the McDowell Road Corridor Improvement District whereby it
collects the assessments levied against owners of property within the established district and
disburses the amounts collected to retire the bonds issued to finance infrastructure improvements.
The last scheduled debt service payment on the bond is 1/1/2031. At June 30, 2020, the special
assessments receivable, together with amounts paid in advance and interest to be received over
the life of the assessment period, is adequate for the scheduled maturities of the bonds payable
and the related interest. Principal and interest paid for the current year and total net revenues and
fund balance available to service the debt were $3,144,748 and $3,374,068, respectively.
The McDowell Road Corridor Improvement District bonds are collateralized by properties within the
district. In the event of default by the property owner(s), the City may enforce an auction sale to
satisfy the debt service requirements of the improvement bonds. The City is contingently liable on
the bonds to the extent that proceeds from auction sales are insufficient to retire outstanding bonds.

Page 66

NOTE 8 COMMUNITY FACILITIES DISTRICTS BONDS PAYABLE
Community Facilities District General Obligation Bonds are issued by Community Facilities Districts (CFDs),
which are special purpose districts created specifically to acquire and improve public infrastructure in
specified land areas. CFD bonds are repaid by ad valorem taxes levied directly by the districts and collected
by the county. Property owners in the districts are assessed for district taxes and thus for all costs
associated with the districts. The City has no liability for CFD bonds.
Community facilities district bonds payable at June 30, 2020 consisted of outstanding general obligation
and special assessment bonds. The bonds are generally callable with interest payable semiannually.
Community facilities district bonds payable at June 30, 2020, are presented below.

Purpose
Interest Rates
General District No. 1:
General Obligation Refunding Bonds, Series 2013
5.00%
Palm Valley:
General Obligation Refunding Bonds, Series 2016
2.00-4.00%
Utilities District No. 1:
General Obligation Refunding Bonds, Series 2014
4.00%
General Obligation Refunding Bonds, Series 2015
3.00-4.125%
General Obligation Refunding Bonds, Series 2016
2.00-4.00%
Wildflower Ranch District 1:
General Obligation Bonds, Series 1997
6.50%
General Obligation Bonds, Series 1998
5.70-5.75%
Wildflower Ranch District 2:
General Obligation Bonds, Series 2000
6.75-7.00%
General Obligation Bonds, Series 2001
5.875-5.90%
Estrella Mountain Ranch:
Special Assessment Revenue Bonds, Series 2015M2
2.50-5.00%
General Obligation Refunding Bonds, Series 2017
3.00-5.00%
Special Assessment Revenue Bonds
Series 2019 Lucero
2.60-4.75%
Total
Direct placements:
Centerra:
General Obligation Refunding Bonds, Series 2016
General Obligation Bonds, Series 2016
Cortina:
General Obligation Refunding Bonds, Series 2017
Cottonflower:
General Obligation Refunding Bonds, Series 2017
Estrella Mountain Ranch:
Special Assessment Revenue Refunding Bonds
Series 2018 Desert Village
Special Assessment Revenue Refunding Bonds
Series 2018 Golf Village
Special Assessment Revenue Refunding Bonds
Series 2018 Golf Village 2
Special Assessment Revenue Refunding Bonds
Series 2018 Montecito 2
Total direct borrowings or direct placements

Remaining
Maturities
7/15/28

Outstanding
Principal June
30, 2020

Due Within One
Year

$

$

7,070,000

725,000

7/15/32

4,980,000

345,000

7/15/28
7/15/29
7/15/32

8,425,000
5,015,000
16,640,000

345,000
440,000
645,000

7/15/22
7/15/23

100,000
200,000

50,000
45,000

7/15/25
7/15/26

250,000
295,000

45,000
40,000

7/1/39
7/1/32

4,216,000
11,200,000

142,000
750,000

7/1/43

6,887,000
65,278,000

198,000
3,770,000

2.70%
2.70%

7/15/31
7/15/31

2,405,000
323,000

191,000
1,000

3.18%

7/15/31

1,625,000

130,000

2.92%

7/15/28

1,530,000

175,000

3.15%

7/1/26

1,553,000

271,000

2.81%

7/1/24

1,163,000

358,000

3.67%

7/1/30

4,070,000

386,000

3.75%

7/15/31

4,541,000
17,210,000

376,000
1,888,000

Total

$

Page 67

82,488,000

$

5,658,000

NOTE 8 COMMUNITY FACILITIES DISTRICTS BONDS PAYABLE
Community Facilities District bonds debt service requirements to maturity are as follows:

Year ending June 30:
2021
2022
2023
2024
2025
2026-30
2031-35
2036-40
2041-45
Total

Principal
$
3,770,000
4,187,000
4,692,000
4,771,000
4,961,000
25,925,000
12,608,000
3,050,000
1,314,000
$ 65,278,000

$

$

Governmental Activities
Direct borrowings or direct placements
Interest
Principal
Interest
2,664,456
$
1,888,000
$
571,264
2,517,076
1,942,000
509,973
2,347,121
1,896,000
446,916
2,156,188
1,858,000
384,850
1,970,823
1,674,000
323,601
6,784,695
6,993,000
807,842
2,071,933
959,000
31,980
734,763
126,683
21,373,738
$ 17,210,000
$
3,076,426

NOTE 9 CHANGES IN LONG-TERM LIABILITIES
Long-term liabilities activity for the year ended June 30, 2020 was as follows:
Beginning
Balance

Additions

Reductions

Ending Balance

Due Within One
Year

$

$

Governmental activities:
Compensated absences payable

$

6,039,548

$

15,038,713

$

14,728,177

6,350,084

2,469,665

General obligation bonds payable

64,022,751

-

4,724,884

59,297,867

4,503,314

Community Facilities District bonds payable

68,662,000

-

3,384,000

65,278,000

3,770,000

Direct borrowings or direct placements-CFD

19,114,000

-

1,904,000

17,210,000

1,888,000

Public improvement bonds payable

87,235,000

-

5,130,000

82,105,000

5,380,000

Direct borrowings or direct placements-PIC

13,141,526

-

2,022,750

11,118,776

2,079,858

Revenue bonds payable

28,910,000

-

2,300,000

26,610,000

2,284,000

Premiums

17,081,867

-

2,032,363

15,049,504

Discounts

(32,885)

-

(1,644)

(31,241)

-

Net OPEB liability

256,997

-

81,296

175,701

-

Net pension liability
Governmental activities long-term liabilities

66,398,965

844,648

$ 370,829,769

$

$

$

-

15,883,361

$

1,330,239

$

-

67,243,613

36,305,826

$

1,340,178

$

-

350,407,304

$

580,722

$

22,374,837

Business-type activities:
Compensated absences payable

590,661

236,174

General obligation bonds payable

48,957,246

9,250,000

14,900,113

43,307,133

2,826,686

Revenue bonds payable

37,175,000

134,310,000

30,265,000

141,220,000

2,155,000

Loans payable - Direct borrowing

3,050,815

278,620

2,772,195

284,193

Premiums

4,902,369

452,550

17,686,751

-

Discounts

(467,594)

-

(467,594)

-

-

20,971

4,868

-

25,839

-

Net OPEB liability
Net pension liability
Business-type activities long-term liabilities

13,236,932

5,496,164

195,113

$ 99,725,632

$ 158,327,152

Page 68

$

46,768,867

5,691,277
$

211,283,917

$

5,502,053

NOTE 9 CHANGES IN LONG-TERM LIABILITIES
The City’s outstanding notes from direct borrowings and direct placements related to community facilities
districts’ debt of $17,210,000 are secured by either (1) an ad valorem tax on all taxable property; (2) an
assessment levied on each lot in the assessment district; or (3) a debt reserve fund. These notes contain
a provision that in the event of default the interest rate will increase and the legal rights of the creditor will
be enforced.
The City’s outstanding notes from direct borrowings and direct placements related to the Public
Improvement Corporation’s debt of $11,118,776 are secured by the lease rental payments received
pursuant to a Taxable and a Tax-Exempt Lease Agreement. These outstanding notes contain a provision
that in an event of default the interest rate will increase and the legal rights of the creditor will be enforced.
The City’s outstanding note from direct borrowings and direct placements related to the business-type
activities of $2,772,195 is secured by pledged water and wastewater revenues. This outstanding note
contains a provision that in an event of default a late charge of 6% per annum will be charged and the legal
rights of the creditor will be enforced.

NOTE 10 INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS
At June 30, 2020, interfund balances were as follows:

Receivable
Amount
General Fund

$

Non-Major Governmental Funds
Total

464,197

Payable
Amount
$

$

464,197

464,197

$

464,197

Interfund balances resulted from (1) the borrowing of cash to cover cash deficits. All interfund balances are
expected to be paid within one year.
Transfers during the fiscal year were as follows:

General Fund
Non Utility Development Impact Fee
GO Bond Capital Projects
Non-Major Governmental Funds
Water and Wastewater Fund

Transfers Out
$ 16,650,993
7,920,390
330,356
2,898,100

Sanitation Fund
Total

931,500
$ 28,731,339

Transfers In
$ 3,805,100
8,809,493
15,786,390
330,356
$ 28,731,339

All transfers made during the year were to cover operations or debt service as approved during budget
development.
NOTE 11 CONTINGENT LIABILITIES
Federal and State grants and loans - The City has received a number of grants and loans from both the
Federal and State governments. Although the programs have been audited, not all audits have been
approved as of June 30, 2020; however, the City expects no material disallowances of expenditures.
Lawsuits - The City is a defendant in various lawsuits. Although the outcome of these lawsuits is not
presently determinable, in the opinion of the City’s legal counsel, the resolution of these matters will not
have a material adverse effect on the financial condition of the City.

Page 69

NOTE 11 CONTINGENT LIABILITIES
Commitments - The City is contingently liable for payments from the general fund to entities that the City
has entered into job credit agreements for establishing businesses within the City. These credits will be
paid out when the established criteria are met for job creation and other economic growth factors as
specified by the development agreements. Each year the City appropriates for these obligations through
the budget process.
NOTE 12 RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets;
errors and omissions; and natural disasters. The City’s property and liability insurance protection is provided
by the Arizona Municipal Risk Retention Pool, of which the City is a participating member. The Arizona
Municipal Risk Retention Pool is structured such that member premiums are based on an actuarial review
that will provide adequate reserves to allow the pool to meet its expected financial obligations. The pool
has authority to assess its members additional premiums should reserve and annual premiums be
insufficient to meet the pool’s obligations.
During the year ended June 30, 2020, the City established a Self-Insurance Trust (an Internal Service Fund)
to account for and finance its uninsured risks of loss related to healthcare benefits. Under this program,
the Fund provides coverage for up to a maximum of $250,000 for each claim, not to exceed an annual
aggregate of $8,280,149. The Fund purchases commercial insurance for claims in excess of this
coverage. Settled claims have not exceeded the annual aggregate in any of the past three fiscal years.
Liabilities of the fund 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 (IBNRs). The result of the process to estimate the claims liability is not an exact amount as it
depends on many complex factors, such as inflation, changes in legal doctrines, and damage awards.
Accordingly, claims are reevaluated periodically to consider the effects of inflation, recent claim settlement
trends (including frequency and amount of pay-outs), and other economic and social factors. The estimate
of the claims liability also includes amounts for incremental claim adjustment expenses related to specific
claims and other claim adjustment expenses regardless of whether allocated to specific claims. Estimated
recoveries, for example from subrogation, are another component of the claims liability estimate. Changes
in the balances of claims liabilities during the past two years are as follows:
Current Year
Claims and
Changes in
Estimates

Claims Payable
Beginning of
Year
Healthcare Benefits
2019-20

$

451,615

$

8,987,838

Claims
Payable at
End of Year

Claim
Payments
$

8,870,750

$

568,703

The City continues to carry commercial insurance for workers compensation. Settled claims have not
exceeded commercial insurance coverage in any of the past five fiscal years.

Page 70

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
The City contributes to the plans described below. The plans are component units of the State of Arizona.
Aggregate Amounts. At June 30, 2020, the City reported the following aggregate amounts related to
pensions and other postemployment benefits (OPEB) for all plans to which it contributes.

The City reported $11,754,601 of pension and OPEB contributions as expenditures in the governmental
funds related to all plans to which it contributes.
A. Arizona State Retirement System
Plan Description. City employees participate in the Arizona State Retirement System (ASRS). The
ASRS administers a cost-sharing multiple-employer defined benefit pension plan, a cost-sharing
multiple-employer defined benefit health insurance premium benefit (OPEB) plan, and a costsharing multiple-employer defined benefit long-term disability (OPEB) plan. The Arizona State
Retirement System Board governs the ASRS according to the provisions of A.R.S. Title 38, Chapter
5, Articles 2 and 2.1. The ASRS issues a publicly available financial report that includes its financial
statements and required supplementary information. The report is available on the ASRS website
at www.azasrs.gov.
Benefits Provided. The ASRS provides retirement, health insurance premium supplement, longterm disability, and survivor benefits. State statute establishes benefit terms. Retirement benefits
are calculated on the basis of age, average monthly compensation, and service credit as follows:

Years of service and age
required to receive
benefit

Retirement Initial
Membership Date:
Before July 1, 2011
On or After July 1, 2011
Sum of years and age equals 80
30 years, age 55
10 years, age 62
25 years, age 60
5 years, age 50*
10 years, age 62
Any years, age 65
5 years, age 50*
Any years, age 65

Final average salary is
based on

Highest 36 months of last
120 months

Highest 60 months of last
120 months

Benefit percent per year
of service

2.1% to 2.3%

2.1% to 2.3%

*With actuarially reduced benefits
Retirement benefits for members who joined the ASRS prior to September 13, 2013, are subject to
automatic cost-of-living adjustments based on excess investment earnings. Members with a
membership date on or after September 13, 2013, are not eligible for cost-of-living adjustments.
Survivor benefits are payable upon a member’s death. For retired members, the survivor benefit is
determined by the retirement benefit option chosen. For all other members, the beneficiary is
entitled to the member’s account balance that includes the member’s contributions and employer’s
contributions, plus interest earned.

Page 71

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
Retired and disabled members, with at least five years of credited service, are eligible to receive
health insurance premium benefits. The benefits are payable only with respect to allowable health
insurance premiums for which the member is responsible. For members with 10 or more years of
service, benefits range from $150 per month to $260 per month depending on the age of the
member and dependents. For members with five to nine years of service, the benefits are the same
dollar amounts as above multiplied by a vesting fraction based on completed years of service.
Active members are eligible for a long-term disability benefit in the event they become unable to
perform their work. The monthly benefit is equal to two-thirds of their monthly earnings. Members
receiving benefits continue to earn service credit up to their normal retirement dates. Members
with long-term disability commencement dates after June 30, 1999 are limited to 30 years of service
or the service on record as of the effective disability date, if their service is greater than 30 years.
Contributions. In accordance with state statutes, annual actuarial valuations determine active
member and employer contribution requirements. The combined active member and employer
contribution rates are expected to finance the costs of benefits employees earn during the year,
with an additional amount to finance any unfunded accrued liability. For the current fiscal year,
active ASRS members were required by statute to contribute at the actuarially determined rate of
12.11 percent (11.94 percent for retirement and 0.17 percent for long-term disability) of the
members’ annual covered payroll, and the City was required by statute to contribute at the
actuarially determined rate of 12.11 percent (11.45 percent for retirement, 0.49 percent for health
insurance premium benefit, and 0.17 percent for long-term disability) of the active members’ annual
covered payroll. The City’s contributions for the year ended June 30, 2020 were as follows:

Employers are also required to pay an Alternate Contribution Rate (ACR), for retired members who
return to work in positions that would typically be filled by an employee who contributes to ASRS.
The City was required by statute to contribute at the actuarially determined rate of 10.41 percent
(10.29 for retirement, 0.07 percent for health insurance premium benefit, and 0.07 percent for longterm disability). ACR contributions are included in employer contributions presented above.
The City’s pension and OPEB contributions are paid by the same funds as the employee’s salary,
with the largest components coming from the General Fund and the Water and Wastewater Fund.
Pension and OPEB Assets/Liability. The net pension and OPEB assets/liability were measured
as of June 30, 2019. The total liability used to calculate the net asset or net liability was determined
using update procedures to roll forward the total liability from an actuarial valuation as of June 30,
2018, to the measurement date of June 30, 2019. The City’s proportion of the net asset/liability was
based on the City’s actual contributions to the applicable plan relative to the total of all participating
employers’ contributions to the plan for the year ended June 30, 2019.

Page 72

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
At June 30, 2020, the City reported the following amounts for its proportionate share of the ASRS
plans net assets/liability. In addition, at June 30, 2019, the City’s percentage proportion for each
plan and the related change from its proportion measured as of June 30, 2018 was:

Pension/OPEB Expense and Deferred Outflows/Inflows of Resources. The City has deferred
outflows and inflows of resources related to the net pension and OPEB assets/liability. Certain
changes in the net pension and OPEB assets/liability are recognized as pension and OPEB
expense over a period of time rather than the year of occurrence. For the year ended June 30,
2020, the City recognized pension and OPEB expense as follows:

The City reported deferred outflows of resources and deferred inflows of resources related to
pensions and OPEB from the following sources:

Page 73

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
The amounts of deferred outflows of resources resulting from contributions subsequent to the
measurement date as reported in the table above will be recognized as an adjustment of the net
pension and OPEB assets/liability in the year ended June 30, 2021. Other amounts reported as
deferred outflows of resources and deferred inflows of resources related to pensions and OPEB
will be recognized in pension and OPEB expense as follows:

Year Ending June 30:
2021
2022
2023
2024
2025
Thereafter

Pension
$
167,989
(1,553,646)
(159,925)
223,036
-

Health
Insurance
Premium
$
(30,870)
(30,870)
9,042
17,640
(2,039)
-

Long-Term
Disability
$
4,890
4,890
8,390
9,032
7,698
11,076

Actuarial Assumptions. The significant actuarial assumptions used to measure the total pension
and OPEB liability are as follows:
Actuarial valuation date
Actuarial roll forward date
Actuarial cost method
Investment rate of return
Projected salary increases
Inflation
Permanent base increases
Mortality rates
Recovery rates
Healthcare cost trend rate

June 30, 2018
June 30, 2019
Entry age normal
7.5%
2.7-7.2% for pensions/not applicable for OPEB
2.3%
Included for pensions/not applicable for OPEB
2017 SRA Scale U-MP for pensions and health
insurance premium benefit
2012 GLDT for long-term disability
Not applicable

The actuarial assumptions used in the June 30, 2018 valuation were based on the results of an
actuarial experience study for the five-year period ended June 30, 2016. The purpose of the
experience study was to review actual experience in relation to the actuarial assumptions in effect.
The ASRS Board adopted the experience study recommended changes which were applied to the
June 30, 2017, actuarial valuation. The study did not include an analysis of the assumed investment
rate of return.
The long-term expected rate of return on ASRS plan investments was determined to be 7.5 percent
using a building-block method in which best-estimate ranges of expected future real rates of return
(expected returns, net of investment expense and inflation) are developed for each major asset
class. These ranges are combined to produce the long-term expected rate of return by weighting
the expected future real rates of return by the target asset allocation percentage and by adding
expected inflation.
The target allocation and best estimates of arithmetic real rates of return for each major asset class for all
ASRS plans are summarized in the following table:

Asset Class
Equity
Credit
Interest Rate Sensitive Bonds
Real estate
Total

Target
Allocation
50%
20%
10%
20%
100%

Page 74

Long-Term
Geometric Real
Rate of Return
6.09%
5.36%
1.62%
5.85%

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
Discount Rate. The discount rate used to measure the ASRS total pension and OPEB liability was
7.5 percent, which was the same discount rate used as of June 30, 2019. The projection of cash
flows used to determine the discount rate assumed that contributions from participating employers
will be made based on the actuarially determined rates based on the ASRS Board’s funding policy,
which establishes the contractually required rate under Arizona statute. Based on those
assumptions, the plans’ fiduciary net position was projected to be available to make all projected
future benefit payments of current plan members. Therefore, the long-term expected rate of return
on investments was applied to all periods of projected benefit payments to determine the total
pension and OPEB liability.
Sensitivity of the Proportionate Share of the Net Pension and OPEB Assets/Liability to
Changes in the Discount Rate. The following presents the City’s proportionate share of the net
pension and OPEB assets/liability calculated using the discount rate of 7.5 percent, as well as what
the proportionate share of the net pension and OPEB assets/liability would be if it were calculated
using a discount rate that is 1-percentage-point lower or 1-percentage-point higher than the current
rate:

Pension and OPEB Plan Fiduciary Net Position. Detailed information about the pension and
OPEB plan’s fiduciary net position is available in the separately issued ASRS financial report. The
report is available on the ASRS website at www.azasrs.gov.
B. Public Safety Personnel Retirement System
Plan Descriptions. City public safety employees who are regularly assigned hazardous duty
participate in the Public Safety Personnel Retirement System (PSPRS). The PSPRS administers
an agent multiple-employer defined benefit pension plan and an agent multiple-employer defined
benefit health insurance premium benefit (OPEB) plan. A nine-member board known as the Board
of Trustees and the participating local boards govern the PSPRS according to the provisions of
A.R.S. Title 38, Chapter 5, Article 4. Employees who were PSPRS members before July 1, 2017,
participate in the agent plans, and those who became PSPRS members on or after July 1, 2017,
participate in the cost-sharing plans (PSPRS Tier 3 Risk Pool).
The PSPRS issues a publicly available financial report that includes their financial statements and
required supplementary information. The report is available on the PSPRS website at
www.psprs.com.

Page 75

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
Benefits Provided. The PSPRS provides retirement, health insurance premium supplement,
disability, and survivor benefits. State statute establishes benefits terms. Certain retirement,
disability, and survivor benefits are calculated on the basis of age, average monthly compensation,
and service credit as follows. See the publicly available PSPRS financial report for additional
benefits information.
Retirement Initial
Membership Date:
Tier 1
20 years of service, any
age or 15 years of
service, age 62

Tier 2
25 years or 15 years of
credited service, age
52.5

Tier 3
15 years of credited service,
age 52.5 or 15 or more years
of service, age 55

Final average salary
is based on

Highest 36 consecutive
months of last 20
years

Highest 60 consecutive
months of last 20
years

Highest 60 consecutive
months of last 15 years

Normal retirement

50% less 4.0% for each 1.5 % to 2.5% per year
year of credited
of credited service,
service less than 20
not to exceed 80%
years or plus 2.0% to
2.5% for each year of
credited service over
20 years, not to
exceed 80%
50% or normal retirement, whichever is greater

1.5 % to 2.5% per year of
credited service, not to
exceed 80%

Years of service and
age required to
receive benefit

Accidental disability
retirement

Catastrophic
disability retirement

90% of the first 60 months then reduced to either
62.5% or normal retirement, whichever is greater

Ordinary disability
retirement

Normal retirement calculated with actual years of
credited service or 20 years of credited service,
whichever is greater, multiplied by years of credited
service (not to exceed 20 years) divided by 20

Survivor benefit:
Retired members
Active members

80% to 100% of retired member’s pension benefit
80% of accidental disability retirement benefit or
100% of average monthly compensation if death
was the result of injuries received on the job

Retirement and survivor benefits are subject to automatic cost-of-living adjustments based on
inflation. PSPRS also provides temporary disability benefits of 50 percent of the member's
compensation for up to 12 months.
Health insurance premium benefits are available to retired or disabled members with 5 years of
credited service. The benefits are payable only with respect to allowable health insurance
premiums for which the member is responsible. Benefits range from $100 per month to $260 per
month depending on the age of the member and dependents.

Page 76

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
Employees Covered by Benefit Terms. At June 30, 2020 the following employees were covered
by the agent plan’s benefit terms:

Contributions. State statutes establish the pension contribution requirements for active PSPRS
employees. In accordance with state statutes, annual actuarial valuations determine employer
contribution requirements for PSPRS pension and health insurance premium benefits. The
combined active member and employer contribution rates are expected to finance the costs of
benefits employees earn during the year, with an additional amount to finance any unfunded
accrued liability. Contributions rates for the year ended June 30, 2020, are indicated below. Rates
are a percentage of active members’ annual covered payroll.

Employers are also required to pay an Alternate Contribution Rate (ACR), for retired members who
return to work in positions that would typically be filled by an employee who contributes to PSPRS.
The City was required by statute to contribute at the actuarially determined rate of 11.90 percent
for fire PSPRS and 13.86 percent for Police PSPRS. ACR contributions are included in employer
contributions presented above.
The contributions to the pension and OPEB plans for the year ended were:

The City’s pension and OPEB contributions are paid by the same funds as the employee’s salary,
with the largest component coming from the General Fund.

Page 77

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
Pension and OPEB Assets/Liability. At June 30, 2020, the City reported the following assets and
liabilities.

The net pension and OPEB assets/liability were measured as of June 30, 2019. The total liability
used to calculate the net asset or liability was determined by an actuarial valuation as of that date.
The total liability as of June 30, 2019, reflects changes of actuarial assumptions to decrease the
investment rate of return from 7.4 percent to 7.3 percent and update the mortality rates.
Actuarial Assumptions. The significant actuarial assumptions used to measure the total
pension/OPEB liability are as follows:

Actuarial assumptions used in the June 30, 2019, valuation were based on the results of an actuarial
experience study for the 5-year period ended June 30, 2016.
The long-term expected rate of return on PSPRS plan investments was determined to be 7.30 percent
using a building-block method in which best-estimate ranges of expected future real rates of return
(expected returns, net of plan investment expenses and inflation) are developed for each major asset
class. The target allocation and best estimates of geometric real rates of return for each major asset
class are summarized in the following table:

Asset Class
Short-term investments
Risk parity
Fixed income
Real assets
GTS
Private credit
Real estate
Private equity
Non-U.S. equity
U.S. equity
Total

Target
Allocation
2%
4%
5%
9%
12%
16%
10%
12%
14%
16%
100%

Page 78

Long-Term Expected
Geometric Real Rate of
Return
0.25%
4.01%
3.00%
6.75%
4.01%
5.36%
4.50%
8.40%
5.00%
4.75%

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
Discount Rate. At June 30, 2019, the discount rate used to measure the total pension and OPEB
liability was 7.3 percent, which was one tenth of a percent lower than the discount rate used as of
June 30, 2018.
The projection of cash flows used to determine the PSPRS discount rates assumed that plan
member contributions will be made at the current contribution rate and that employer contributions
will be made at rates equal to the difference between the actuarially determined contribution rate
and the member rate.
Based on those assumptions, the plans’ fiduciary net position was projected to be available to make
all projected future benefit payments of current plan members. Therefore, the long-term expected
rate of return on plan investments was applied to all periods of projected benefit payments for these
plans to determine the total pension and OPEB liability.

Changes in Net (Assets)/Liability

Page 79

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS

Sensitivity of the Net Pension and OPEB Assets (Liability) to Changes in the Discount Rate.
The following presents the City/Town’s net pension and OPEB assets (liability) calculated using
the discount rates noted above, as well as what the net assets (liability) would be if it were
calculated using a discount rate that is 1-percentage-point lower or 1-percentage-point higher than
the current rate:

Plan Fiduciary Net Position. Detailed information about the plans’ fiduciary net position is
available in the separately issued PSPRS financial report. The report is available on the PSPRS
website at www.psprs.com.

Page 80

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
Expense. For the year ended June 30, 2020, the City recognized the following as pension and
OPEB expense:

Deferred Outflows/Inflows of Resources. At June 30, 2020, the City reported deferred outflows
of resources and deferred inflows of resources related to pensions and OPEB from the following
sources:

Page 81

NOTE 13 PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS
The amounts of deferred outflows of resources resulting from contributions subsequent to the measurement
date as reported in the table above will be recognized as an adjustment of the net pension and OPEB
assets/liability in the year ended June 30, 2021. Other amounts reported as deferred outflows of resources
and deferred inflows of resources related to pensions and OPEB will be recognized in pension and OPEB
expense as follows:

C. Goodyear Volunteer and Reserve Firefighter Retirement Trust Plan
The Goodyear Volunteer and Reserve Firefighter Retirement Trust Plan is a single-employer defined
contribution plan, which was approved by the City Council on February 27, 1990, under Arizona Revised
Statutes Section 9-981. The authority to establish and amend benefit provisions rests with the City Council.
In December 1999, the council revised the pension and benefit program for the part-time firefighters. The
City discontinued using part-time firefighters as of December 1, 2005.
The assets of the plan are valued annually and the earnings or loss is distributed among the participant’s
accounts in the plan. The only expenditures being made from this fund are administration fees, benefit
payments, and refunds to those firefighters who leave the service of the Fire Department before becoming
eligible for pension benefits. The cost of administering the plan is financed from investment earnings.
Retirement with full benefits can be at age fifty (50) or fifteen years of credited service. This plan was fully
vested as of June 30, 2020. As of June 30, 2020, there were five eligible employees participating in the plan.
The plan is administered by Innes Associates LTD.
As of June 30, 2020, the plan’s assets consisted of the following:
Investments

$514,384

The plan has never had an actuarial valuation; however, benefits cannot exceed plan assets. The market
values of mutual funds are determined from readily available market quotations. The fund uses the accrual
basis of accounting. Contributions are recognized when earned; benefits and refunds are expensed when
incurred. Separate audited financial statements of this employee benefit plan are not available.

Page 82

NOTE 14 EXCESS OF EXPENDITURES OVER APPROPRIATIONS
For the year ended, June 30, 2020, expenditures did not exceed budget at the fund level in any funds.
NOTE 15 FUND BALANCE CLASSIFICATIONS

Fund Balances (deficits):
Nonspendable
Inventory
Prepaid items
Restricted
Capital projects
Charter mandates
Community facilities districts operations
Court
Debt service
Development impact fees
Grants
Law enforcement
Transit
Committed
Ball park
Assigned
Fire asset reserve
Fleet replacement
IT replacement
Risk management
Parks management
Traffic signal reserve
General Fund FY2021 Budget
Unassigned
Total fund balances

General Fund

Non Utility
Development
Impact Fees
Capital Projects

$

$

210,154
2,134,415
4,813,576
445,474
327,832
1,156,827
-

892,018
3,455,394
2,656,884
475,484
2,421,309
1,299,118
86,240,624
18,030,053
$ 124,559,162

43,001,310
-

GO Bonds
Capital
Projects

$

-

Community
Facilities
Districts Debt
Service Fund

Non-Major
Governmental
Funds

Total
Governmental
Funds

$

$

$

$

40,471,387
-

$ 43,001,310

McDowell
Road
Commerical
Corridor ID
Debt Service
Fund

229,320
-

$ 40,471,387

-

5,556,095
-

-

$

229,320

-

-

$

5,556,095

497,974
-

708,128
2,134,415

9,978,487
160,006
-

40,471,387
4,813,576
9,978,487
445,474
5,945,421
43,001,310
327,832
1,156,827

3,043,242

3,043,242

(501,057)
$ 13,178,652

892,018
3,455,394
2,656,884
475,484
2,421,309
1,299,118
86,240,624
17,528,996
$ 226,995,926

NOTE 16 DEFICIT FUND BALANCES
As of June 30, 2020, the Grants Fund, a Non-Major Governmental Fund, had a deficit fund balance of $3,083. The
deficit exists due to timing of reimbursements for grant related expenses. Specifically, some reimbursements were
not received within 60 days of the end of the fiscal year. The deficit is expected to be resolved in the subsequent
fiscal year. Further detail can be found in the budget to actual schedule within the supplemental information.

Page 83

NOTE 17 COMMITMENTS
Construction Commitments
The City has active construction projects as of June 30, 2020. The commitments for these active projects are being
financed from existing fund balances. The balances for work not yet complete as of June 30, 2020 were as follows:

Project
15001 – Court Security Standards
23001 – FSIP - Lucity
35002 – New World Systems/Tyler CAD Upgrade
42001 – 86 Acre Recreation campus - RID
42008 – Recreation Campus – Estrella Pkwy
42009 – Recreation Campus – Harrison St.
42012 – Traffic Signal – 146th & Camelback
42016 – Civic Square
30002 - EMR Fire Station
42011 – Sarival Ave:Jefferson St. to Yuma
50001 - Recreation Center
50002 - 30 Acre Recreation Campus
30001 – Fire Station 181 Replacement
50003 – Recreation Campus - Aquatic Facility
60001 – Municipal Ops Parking & Infrastructure Improvements
60009 – Liberty Potable interconnects
60010 – New Well 26
600014 – Site 12 Improvements
60015 - Surface Water Project
60016 – Treatment Improvements at Site 18
60026 – Goodyear WRF Expansion & Site Improvement
60027 – Goodyear WRF Rehab & Replace
60031 – Rainbow Valley Water Rec Disc Filter
Total commitments

$

$

Amount
800,874
19,348
64,320
74,929
1,578,019
1,046,922
703
1,481,051
4,880,452
20,100
16,360,769
12,537,206
7,323,574
8,976,803
24,513
22,059
4,653,265
697,820
76,887,104
233,570
1,713,787
460,297
1,109,119
140,966,604

Encumbrances
In order to facilitate effective planning and control of funds, encumbrances are used to plan for certain items.
Encumbrance amounts have been classified as assigned, unless classified as restricted or committed due to the
nature of the fund. As of June 30, 2020, the encumbrances to be honored in the next fiscal year are as follows:

Fund
General Fund
$
Non-Utility Development Impact Fees
GO Bonds Capital Projects
Total Governmental Funds
$

Amount
5,066,165
33,798,527
16,300,377
55,165,069

Water & Wastewater Fund
Total Proprietary Funds

85,801,533
85,801,533

Page 84

$
$

NOTE 18 TAX ABATEMENT AGREEMENTS
GPLET
The City enters into government property lease agreements with private parties. All property taxes are abated on
these lease agreements; however, the private party may be subject to a government property lease excise tax
(GPLET) in lieu of property taxes. GPLET is calculated based on rates state statute establishes on the property’s
square footage and use. The property tax abatement applies to private parties developing and occupying a
government property for at least 30 consecutive days.
Under the City’s government property lease agreements, private parties are committed to the construction of any
improvements and the operation and maintenance of the improvements. The City has no commitments under these
agreements other than to abate taxes.
For the year ended June 30, 2020, government property lease agreements the City entered into reduced the City
tax revenues by $392,140.
Foreign Trade Zone
The City has a foreign trade zone within its limits. Arizona state law allows for any property within a foreign trade
zone to be subject to a reduced property valuation rate of 5% down from 18%. Under the City’s foreign trade zones,
business can qualify one of four ways:
1. Developers can construct a zone I-1 site of at least 200,000 square feet in a foreign trade zone.
2. Qualifying manufacturing companies can invest at least $25 million in capital equipment and real property,
construct a 75,000 square feet building, employ a minimum of 75 full-time employees with 51% paid 125%
of the state median annual wage and paid 75% of employees’ health insurance premiums.
3. Internet fulfillment companies can locate within a designated foreign trade zone building, generate a
minimum of $25 million of Arizona end-user sales and invest at least $25 million in capital equipment and
real property.
4. Businesses can locate within one of the federally approved Magnet foreign trade zones and comply with the
City’s Foreign Trade Zone policy and federal requirements.
For the year ended June 30, 2020, properties within the foreign trade zones reduced the City tax revenues by
$265,519.
Sales Tax Abatements
The City has entered into agreements with developers to reimburse for the construction of public infrastructure that
will benefit the community. These reimbursements are paid to developers over time from the collection of sales taxes.
Payments to developers are considered during the City's budget process. For the year ended June 30, 2020, the
one developer agreement reduced City sales tax revenues by $1,790,021.

Page 85















Page 86

REQUIRED SUPPLEMENTARY INFORMATION

Page 87

CITY OF GOODYEAR, ARIZONA
GENERAL FUND
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Investment income
Contributions
Other revenues
Total revenues
EXPENDITURES
Current:
General government:
City attorney
City clerk
City manager
Communications
Finance
Human resources
ITS
Mayor and council
Non-departmental
Reserved for contingency

$

73,502,700
7,357,800
22,608,400
2,361,000
925,000
500,000
2,408,000
1,714,300
111,377,200

Final
$

73,502,700
7,357,800
22,608,400
2,361,000
925,000
500,000
2,408,000
1,714,300
111,377,200

$

Actual

Variance with
Final Budget

93,451,324
18,061,371
33,164,885
1,991,817
757,252
1,613,759
2,049,872
1,472,070
152,562,350

$ 19,948,624
10,703,571
10,556,485
(369,183)
(167,748)
1,113,759
(358,128)
(242,230)
41,185,150

1,912,400
910,300
2,559,900
1,053,800
4,310,900
4,504,300
6,965,900
366,500
2,705,000
29,191,100

1,912,400
914,200
2,616,900
1,046,500
4,310,900
5,173,700
6,913,100
366,500
3,305,000
21,558,000

1,825,895
606,955
2,326,977
974,929
3,843,359
3,845,695
5,267,004
291,041
2,026,766
-

86,505
307,245
289,923
71,571
467,541
1,328,005
1,646,096
75,459
1,278,234
21,558,000

54,480,100

48,117,200

21,008,621

27,108,579

21,848,800
1,487,100
26,307,100

21,935,600
1,487,100
26,344,000

19,121,154
1,191,111
24,794,549

2,814,446
295,989
1,549,451

49,643,000

49,766,700

45,106,814

4,659,886

Public works:
Administration
Building services
Fleet services
Program management

546,000
3,383,900
100,000
434,900

546,000
3,312,100
225,000
433,900

518,645
2,881,588
237,499
406,777

27,355
430,512
(12,499)
27,123

Total public works

4,464,800

4,517,000

4,044,509

472,491

Total general government
Public safety:
Fire
Municipal Court
Police
Total public safety

(Continued)

Page 88

CITY OF GOODYEAR, ARIZONA
GENERAL FUND
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original
Culture and recreation:
Arts and culture
Parks
Recreation

Final

Actual

Variance with
Final Budget

213,200
7,306,000
2,209,000

220,500
7,307,100
2,209,000

178,906
6,158,309
1,883,725

41,594
1,148,791
325,275

9,728,200

9,736,600

8,220,940

1,515,660

3,972,200
3,139,900
4,723,800

4,308,600
3,144,400
5,646,200

3,513,795
1,258,162
4,144,357

794,805
1,886,238
1,501,843

11,835,900

13,099,200

8,916,314

4,182,886

Capital Outlay

30,054,300

39,732,500

19,506,028

20,226,472

Debt Service
Principal
Interest

1,287,700
120,300

1,287,700
120,300

1,287,750
120,371

(50)
(71)

1,408,000

1,408,000

1,408,121

(121)

161,614,300

166,377,200

108,211,347

58,165,853

Excess of revenues over expenditures

(50,237,100)

(55,000,000)

44,351,003

99,351,003

OTHER FINANCING SOURCES (USES)
Sale of capital assets
Transfers out
Transfers in
Total other financing sources and (uses)

(24,963,100)
10,354,600
(14,608,500)

(18,438,100)
3,770,600
(14,667,500)

291,817
(16,650,993)
3,805,100
(12,554,076)

291,817
1,787,107
34,500
2,113,424

Net change in fund balance

(64,845,600)

(69,667,500)

31,796,927

101,464,427

Fund balance, beginning of year

90,832,101

90,832,101

90,832,101

-

122,629,028

$ 101,464,427

Total culture and recreation
Development services:
Development services
Economic development
Engineering
Total development services

Total debt service
Total expenditures

Fund balance, end of year

$

25,986,501

$

Page 89

21,164,601

$

CITY OF GOODYEAR, ARIZONA
Notes to Budget and Actual Schedules
For the Year Ended June 30, 2020

Note 1.

Budgetary Basis of Accounting

The City’s budget is prepared on a basis consistent with generally accepted accounting principles, except
for the following items:
x

Certain activities reported in the General Fund are budgeted in separate funds.

The following schedule reconciles fund balance reported at the end of the year:

Statement of Revenues, Expenditures and Changes
in Fund Balances - Governmental Funds
Activity budgeted as special revenue funds
Schedule of Revenues, Expenditures and Changes
in Fund Balances - General Fund

Beginning
Fund
Balance

Revenue

Expenditures

Ending
Fund
Balance

$ 92,786,879

$ 156,948,578

$ 125,176,295

$ 124,559,162

(1,954,778)

(289,311)

(313,955)

(1,930,134)

$ 90,832,101

$ 156,659,267

$ 124,862,340

$ 122,629,028

Page 90

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Schedule of the Proportionate Share of the Net Pension Liability
June 30, 2020

ASRS - Pension

Reporting Fiscal Year
(Measurement Date)
2020
(2019)

2019
(2018)

2018
(2017)

2017
(2016)

2016
(2015)

2015
(2014)

Proportion of the net pension liability
(asset)

0.25462%

0.26689%

0.24000%

0.24000%

0.24000%

0.22000%

Proportionate share of the net pension
liability (asset)

$ 37,050,173

$ 37,221,762

$ 37,471,443

$ 39,085,443

$ 36,986,742

$ 33,264,817

Covered payroll

$ 26,747,686

$ 25,325,110

$ 23,806,419

$ 22,599,315

$ 21,761,494

$ 20,166,769

Proportionate share of the net pension
liability (asset) as a percentage of its
covered payroll

138.52%

146.98%

157.40%

172.95%

169.96%

164.95%

Plan fiduciary net position as a
percentage of the total pension liability

73.24%

73.40%

69.92%

67.06%

68.35%

69.49%

Note: The City implemented GASB 68 in fiscal year 2015. Prior year information is not available

Page 91

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Schedule of the Proportionate Share of the Net OPEB Liability
June 30, 2020

ASRS - Health insurance premium benefit

Reporting Fiscal Year
(Measurement Date)
2020
2019
2018
(2019)
(2018)
(2017)

Proportion of the net OPEB (asset)

0.260420%
(71,968)

$

0.271700%

0.243230%

(97,837)

$ (132,414)

Proportionate share of the net OPEB (asset)

$

Covered payroll

$ 26,747,686

$ 25,325,110

$ 23,806,419

Proportionate share of the net OPEB (asset) as a
percentage of its covered payroll

-0.27%

-0.39%

-0.56%

Plan fiduciary net position as a percentage of the
total OPEB liability

101.62%

102.20%

103.57%

ASRS - Long-term disability

Reporting Fiscal Year
(Measurement Date)
2020
2019
2018
(2019)
(2018)
(2017)

Proportion of the net OPEB (asset)

0.258210%
168,210

0.267470%
$

139,754

0.241210%

Proportionate share of the net OPEB (asset)

$

$

87,433

Covered payroll

$ 26,747,686

$ 25,325,110

$ 23,806,419

Proportionate share of the net OPEB (asset) as a
percentage of its covered payroll

0.63%

0.55%

0.37%

Plan fiduciary net position as a percentage of the
total OPEB liability

72.85%

77.83%

84.44%

Note: The City implemented GASB 75 in fiscal year 2018. Prior year information is not available.

Page 92

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios
June 30, 2020

Reporting Fiscal Year
(Measurement Date)
2018
2017
(2017)
(2016)

PSPRS Police - Pension

2016
(2015)

2015
(2014)

$ 1,437,416
2,477,882
3,357,342

$ 1,278,133
2,301,498
-

$ 1,278,071
1,966,048
186,683

494,534
824,808

389,465
1,580,891

(159,382)
-

260,090
1,746,183

(1,283,523)
5,973,678
44,597,544
$ 50,571,222

(1,454,686)
5,207,305
39,390,239
$ 44,597,544

(1,398,856)
7,844,140
31,546,099
$ 39,390,239

(1,107,068)
2,313,181
29,232,918
$ 31,546,099

(1,220,650)
4,216,425
25,016,493
$ 29,232,918

$ 3,042,548
785,605
1,784,598

$ 3,953,950
947,565
1,918,567

$ 1,633,633
930,370
2,810,340

$ 1,597,875
885,129
130,212

$ 1,173,950
768,858
739,152

$ 1,116,495
704,171
2,311,670

(1,887,751)
(32,005)
3,692,995
31,210,198
(14,396)
$ 34,888,797

(1,283,523)
(1,135,981)
(29,900)
66,475
4,437,153
26,773,045
$ 31,210,198

(1,454,686)
(25,267)
333,337
4,227,727
22,545,318
$ 26,773,045

(1,398,856)
(19,137)
167,861
1,363,084
21,182,234
$ 22,545,318

(1,107,068)
(18,421)
(57,781)
1,498,690
19,683,544
$ 21,182,234

(1,220,650)
(476,423)
2,435,263
17,248,281
$ 19,683,544

Net pension liability - ending (a) - (b)

$ 20,376,991

$ 19,361,024

$ 17,824,499

$ 16,844,921

$ 10,363,865

$ 9,549,374

Plan fiduciary net position as a percentage
of the total pension liability

63.13%

61.72%

60.03%

57.24%

67.15%

67.33%

$ 9,600,397

$ 9,388,019

$ 8,331,614

$ 7,375,148

$ 7,012,489

$ 6,630,426

212.25%

206.23%

213.94%

228.40%

147.79%

144.02%

Total pension liability
Service cost
Interest on total pension liability
Changes of benefit terms
Difference between expected and actual
experience of the total net pension liability
Changes of assumptions
Benefit payments, including refunds of
employee contributions
Net change in total pension liability
Total pension liability - beginning
Total pension liability - ending (a)
Plan fiduciary net position
Contributions - employer
Contributions - employee
Net investment income
Benefit payments, including refunds of
employee contributions
Hall/Parker settlement
Plan administrative expenses
Other (net transfer)
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Adjustment to beginning of year
Plan fiduciary net position - ending (b)

Covered payroll
Net pension liability as a percentage of
covered payroll

2020
(2019)

2019
(2018)

$ 2,184,422
3,834,071
-

$ 2,123,570
3,331,300
-

$ 1,914,605
2,971,515
456,529

(759,999)
1,323,823

1,802,331
-

(1,887,751)
4,694,566
50,571,222
$ 55,265,788

Note: The City implemented GASB 68 in fiscal year 2015. Information prior to 2015 is not available.

Page 93

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios
June 30, 2020

Reporting Fiscal Year
(Measurement Date)
2018
2017
(2017)
(2016)

PSPRS Fire - Pension

Total pension liability
Service cost
Interest on total pension liability
Changes of benefit terms
Difference between expected and actual
experience of the total net pension liability
Changes of assumptions
Benefit payments, including refunds of
employee contributions
Net change in total pension liability
Total pension liability - beginning
Total pension liability - ending (a)

2020
(2019)

2019
(2018)

2016
(2015)

2015
(2014)

$ 1,979,628
3,813,916
-

$ 2,044,963
3,111,423
-

$ 1,819,328
2,846,014
208,024

$ 1,558,056
2,121,084
4,046,976

$ 1,409,380
1,822,450
-

$ 1,405,013
1,640,015
(18,156)

(2,153,410)
1,175,572

4,118,805
-

(389,024)
222,373

1,915,498
1,632,401

1,030,908
-

(813,497)
619,565

(608,760)
4,206,946
49,864,157
$ 54,071,103

(869,611)
8,405,580
41,458,577
$ 49,864,157

(570,665)
4,136,050
37,322,527
$ 41,458,577

(385,270)
10,888,745
26,433,782
$ 37,322,527

(680,367)
3,582,371
22,851,411
$ 26,433,782

(341,865)
2,491,075
20,360,336
$ 22,851,411

$

Plan fiduciary net position
Contributions - employer
Contributions - employee
Net investment income
Benefit payments, including refunds of
employee contributions
Hall/Parker settlement
Plan administrative expenses
Other (net transfer)
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Adjustment to beginning of year
Plan fiduciary net position - ending (b)

$ 2,107,184
598,158
1,962,666

$ 3,893,514
905,341
2,135,563

$ 1,153,600
1,109,821
3,112,669

$ 1,173,975
992,221
141,788

$

(608,760)
(35,097)
4,024,151
34,551,812
(12,586)
$ 38,563,377

(869,611)
(1,424,092)
(33,203)
53,121
4,660,633
29,891,179
$ 34,551,812

(570,665)
(27,942)
301
4,777,784
25,113,395
$ 29,891,179

(385,270)
(20,803)
278,213
2,180,124
22,933,271
$ 25,113,395

(680,367)
(19,707)
304,136
2,212,551
20,720,720
$ 22,933,271

(341,865)
(228,831)
3,506,696
17,214,024
$ 20,720,720

Net pension liability - ending (a) - (b)

$ 15,507,726

$ 15,312,345

$ 11,567,398

$ 12,209,132

$ 3,500,511

$ 2,130,691

Plan fiduciary net position as a percentage
of the total pension liability

71.32%

69.29%

72.10%

67.29%

86.76%

90.68%

$ 8,445,713

$ 8,787,982

$ 8,028,810

$ 8,217,597

$ 7,822,842

$ 7,338,829

183.62%

174.24%

144.07%

148.57%

44.75%

29.03%

Covered payroll
Net pension liability as a percentage of
covered payroll

Note: The City implemented GASB 68 in fiscal year 2015. Information prior to 2015 is not available.

Page 94

968,726
848,048
791,715

948,481
754,465
2,374,446

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Schedule of Changes in the Net OPEB Liability and Related Ratios
June 30, 2020

Reporting Fiscal Year
(Measurement Date)
2020
2019
2018
(2019)
(2018)
(2017)

PSPRS Police
Health Insurance Premium Benefit

Total OPEB liability
Service cost
Interest on total OPEB liability
Changes of benefit terms
Difference between expected and actual
experience of the total net OPEB liability
Changes of assumptions or other inputs
Benefit payments
Net change in total OPEB liability
Total OPEB liability - beginning
Total OPEB liability - ending (a)
Plan fiduciary net position
Contributions - employer
Contributions - employee
Net investment income
Benefit payments
Administrative expense
Other changes
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Adjustment to beginning of year
Plan fiduciary net position - ending (b)
Net OPEB liability - ending (a) - (b)

$

$

$

(210,833)
14,776
(14,484)
(118,317)
858,377
740,060

$

30,174
48,982
(14,484)
(846)
63,826
897,807
14,396
976,029

$

(235,969)

Plan fiduciary net position as a percentage
of the total OPEB liability
Covered payroll

27,225
64,999
-

$

$

$

30,980
57,711
11,892
(13,196)
87,387
770,990
858,377

$

$

$

27,494
57,481
3,790
4,452
(66,210)
(17,372)
9,635
761,355
770,990

$

17,033
58,322
(13,196)
(888)
1
61,272
836,535
897,807

$

30,113
87,559
(17,372)
(774)
99,526
737,009
836,535

$

(39,430)

$

(65,545)

131.89%

104.59%

108.50%

$ 9,600,397

$ 9,388,019

$ 8,331,614

-2.46%

-0.42%

-0.79%

Net OPEB (asset) liability as a percentage
of covered payroll

Note: The City implemented GASB 75 in fiscal year 2018. Information prior to 2018 is not available.

Page 95

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Schedule of Changes in the Net OPEB Liability and Related Ratios
June 30, 2020

Reporting Fiscal Year
(Measurement Date)
2020
2019
2018
(2019)
(2018)
(2017)

PSPRS Fire
Health Insurance Premium Benefit

Total OPEB liability
Service cost
Interest on total OPEB liability
Changes of benefit terms
Difference between expected and actual
experience of the total net OPEB liability
Changes of assumptions or other inputs
Benefit payments
Net change in total OPEB liability
Total OPEB liability - beginning
Total OPEB liability - ending (a)

$

19,334
62,411
-

$

22,849
57,087
-

$

20,875
58,459
375

(124,547)
15,548
(11,820)
(39,074)
829,966
$ 790,892

2,063
(24,100)
57,899
772,067
$ 829,966

21,035
(94,084)
(7,230)
(570)
772,637
$ 772,067

$

$

Plan fiduciary net position
Contributions - employer
Contributions - employee
Net investment income
Benefit payments
Administrative expense
Other changes
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Adjustment to beginning of year
Plan fiduciary net position - ending (b)

28,091
37,808
(11,820)
(653)
53,426
691,751
12,585
$ 757,762

$

22,840
44,799
(24,100)
(682)
1
42,858
648,893
$ 691,751

31,049
66,973
(7,230)
(593)
90,199
558,694
$ 648,893

Net OPEB liability - ending (a) - (b)

$

33,130

$ 138,215

$ 123,174

95.81%

83.35%

84.05%

$ 8,445,713

$ 8,787,982

$ 8,028,810

0.39%

1.57%

1.53%

Plan fiduciary net position as a percentage
of the total OPEB liability
Covered payroll
Net OPEB (asset) liability as a percentage
of covered payroll

Note: The City implemented GASB 75 in fiscal year 2018. Information prior to 2018 is not available.

Page 96

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Schedule of Pension/OPEB Contributions
June 30, 2020

ASRS - Pension

Reporting Fiscal Year
2018
2017

2020

2019

Contractually required contribution

$ 3,285,236

$ 3,002,190

$ 2,760,437

Contributions in relation to the
contractually required contribution

$ (3,285,236)

$ (3,002,190)

Contribution deficiency (excess)

$

$

Covered payroll

$ 28,572,110

$ 26,747,686

$ 25,325,110

$ 23,806,419

$ 22,599,315

$ 21,761,494

11.50%

11.22%

10.90%

10.78%

10.85%

10.89%

2020

2019

2016

2015

Actuarially determined contribution

$ 2,967,226

$ 3,042,548

$ 3,953,950

$ 1,633,633

$ 1,597,875

$ 1,173,950

Contributions in relation to the actuarially
determined contribution

$ (2,967,226)

$ (3,042,548)

$ (3,953,950)

$ (1,633,633)

$ (1,597,875)

$ (1,173,950)

Contribution deficiency (excess)

$

$

$

$

$

$

Covered payroll

$ 9,861,381

$ 9,600,397

$ 9,388,019

$ 8,331,614

$ 7,375,148

$ 7,012,489

30.09%

31.69%

42.12%

19.61%

21.67%

16.74%

-

Contributions as a percentage of covered
payroll

-

PSPRS Police-Pension

Contributions as a percentage of covered
payroll

-

2016

2015

$ 2,566,332

$ 2,452,025

$ 2,369,823

$ (2,760,437)

$ (2,566,332)

$ (2,452,025)

$ (2,369,823)

$

$

$

$

-

-

Reporting Fiscal Year
2018
2017

-

-

-

Reporting Fiscal Year
2018
2017

PSPRS Fire-Pension

Actuarially determined contribution

-

-

2020

2019

$ 2,565,722

$ 2,107,184

$ 3,893,514

$ 1,153,600

$ 1,173,975

(2,565,722)

(2,107,184)

(3,893,514)

(1,153,600)

(1,173,975)

Contributions in relation to the actuarially
determined contribution

-

2016

-

2015
$

968,726
(968,726)

Contribution deficiency (excess)

$

Covered payroll

$ 8,814,496

$ 8,445,713

$ 8,787,982

$ 8,028,810

$ 8,217,597

$ 7,822,842

29.11%

24.95%

44.30%

14.37%

14.29%

12.38%

Contributions as a percentage of covered
payroll

-

$

-

Page 97

$

-

$

-

$

-

$

-

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Schedule of Pension/OPEB Contributions
June 30, 2020

Reporting Fiscal Year
2020
2019

ASRS - Health insurance premium benefit

Contractually required contribution

$

Contributions in relation to the contractually required
contribution

140,591

$

(140,591)

123,288

$

(123,288)

2018
143,399
(143,399)

Contribution deficiency (excess)

$

Covered payroll

$ 28,572,110

$ 26,747,686

$ 25,325,110

0.49%

0.46%

0.57%

Contributions as a percentage of covered payroll

-

$

-

$

Reporting Fiscal Year
2020
2019

ASRS - Long-term disability

Contractually required contribution

$

Contributions in relation to the contractually required
contribution

48,776

$

(48,776)

42,908

$

(42,908)

-

2018
40,972
(40,972)

Contribution deficiency (excess)

$

Covered payroll

$ 28,572,110

$ 26,747,686

$ 25,325,110

0.17%

0.16%

0.16%

Contributions as a percentage of covered payroll

-

$

-

$

-

Note: The City implemented GASB 75 in fiscal year 2018. Information prior to 2018 is not available.

Page 98

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Schedule of Pension/OPEB Contributions
June 30, 2020

PSPRS Police
Health Insurance Premium Benefit

Reporting Fiscal Year
2019
2018

2020

2017

Actuarially determined contribution

$

27,481

$

30,174

$

17,033

$

30,113

Contributions in relation to the actuarially
determined contribution

$

(27,481)

$

(30,174)

$

(17,033)

$

(30,113)

Contribution deficiency (excess)

$

-

$

-

$

-

$

-

Covered payroll

$ 9,861,381

$ 9,600,397

$ 9,388,019

$ 8,331,614

0.28%

0.31%

0.18%

0.36%

Contributions as a percentage of covered
payroll

PSPRS Fire
Health Insurance Premium Benefit

Reporting Fiscal Year
2019
2018

2020

2017

Actuarially determined contribution

$

36,344

$

28,091

$

22,840

$

31,049

Contributions in relation to the actuarially
determined contribution

$

(36,344)

$

(28,091)

$

(22,840)

$

(31,049)

Contribution deficiency (excess)

$

-

$

-

$

-

$

-

Covered payroll

$ 8,814,496

$ 8,445,713

$ 8,787,982

$ 8,028,810

0.41%

0.33%

0.26%

0.39%

Contributions as a percentage of covered
payroll

Note: The City implemented GASB 75 in fiscal year 2018. Information prior to 2017 is not available.

Page 99

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Notes to Pension/OPEB Plan Schedules
June 30, 2020

Note 1.

Actuarially Determined Contribution Rates

Actuarially determined contribution rates for PSPRS are calculated as of June 30 two years prior to the
end of the fiscal year in which contributions are made. The actuarial methods and assumptions used to
establish the contribution requirements are as follows:
Actuarial cost method
Amortization Method
Remaining Amortization Period as
of the 2018 actuarial valuation

Entry Age Normal
Level percent-of-pay, closed
18 years for unfunded liabilities; 20 years for
excess

Asset valuation method

7-Year smoothed market; 80%/120% market
corridor

Actuarial assumptions:
Investment rate of return

Projected salary increases

Wage growth

Retirement age

Mortality

In the 2017 actuarial valuation, the investment
rates of return was decreased from 7.5% to
7.4%. In the 2016 actuarial valuation, the
investment rate of return was decreased from
7.85% to 7.5%. In the 2013 actuarial valuation,
the investment rate of return was decreased
from 8.0% to 7.85%.
In the 2017 actuarial valuation, projected
salary increases were decreased from 4.0%8.0% to 3.5%-7.5%. In the 2014 actuarial
valuation, projected salary increases were
decreased from 4.5%-8.5% to 4.0%-8.0% In
the 2013 actuarial valuation, projected salary
increases were decreased from 5.0%-9.0% to
4.5%-8.5%.
In the 2017 actuarial valuation, wage growth
was decreased from 4% to 3.5%. In the 2014
actuarial valuation, wage growth was
decreased from 4.5% to 4.0%. In the 2013
actuarial valuation, wage growth was
decreased from 5.0% to 4.5%
Experience-based table of rates that is specific
to the type of eligibility condition. Last
updated for the 2012 valuation pursuant to an
experience study of the period July 1, 2006 June 30, 2011.
In the 2017 actuarial valuation, changed to RP2014 tables, with 75% of MP-2016 fully
generational projection scales. RP-2000
mortality table (adjusted by 105% for both
males and females).

Page 100

CITY OF GOODYEAR, ARIZONA
Required Supplementary Information
Notes to Pension/OPEB Plan Schedules
June 30, 2020

Note 2.

Factors That Affect Trends

Arizona courts have ruled that provisions of a 2011 law that changed the mechanism for funding
permanent pension benefit increases and increased employee pension contribution rates were
unconstitutional or a breach of contract because those provisions apply to individuals who were members
as of the law’s effective date. As a result, the PSPRS changed benefit terms to reflect the prior mechanism
for funding permanent benefit increases for those members and revised actuarial assumptions to explicitly
value future permanent benefit increases. PSPRS also reduced those members’ employee contribution
rates. These changes are reflected in the plans’ pension liabilities for fiscal year 2015 (measurement date
2014) for members who were retired as of the law’s effective date and fiscal year 2018 (measurement
date 2017) for members who retired or will retire after the law’s effective date. These changes also
increased the PSPRS required pension contributions beginning in fiscal year 2016 for members who were
retired as of the law’s effective date. These changes increased the required contributions beginning in
fiscal year 2019 for members who retired or will retire after the law’s effective date.

Page 101

SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
MAJOR GOVERNMENTAL FUNDS

Capital Projects Funds
x Non-Utility Development Impact Fees Fund – This fund accounts for the receipt and
expenditure of development impact or expansion fees for all governmental activities.
x GO Bonds Fund – This fund accounts for the proceeds and interest of the sale of voterapproved general obligation bonds that are used for authorized improvements.
Debt Service Funds
x

McDowell Road Commercial Corridor ID Fund – This fund accounts for the debt
portion of the McDowell Road Improvement District.

x

Community Facilities Districts Fund – This fund accounts for the debt portion of the
City’s Community Facilities Districts, which are component units that provide general
infrastructure and capital assets for the property within each District’s boundaries.



Page 102

CITY OF GOODYEAR, ARIZONA
NON-UTILITY DEVELOPMENT IMPACT FEES
Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Variance with
Final Budget

Original

Final

Actual

$ 4,000,000
9,557,000
-

$ 4,000,000
9,557,000
-

$ 9,094,240
13,629,270
1,039,636

13,557,000

13,557,000

23,763,146

10,206,146

34,608,200

4,958,000

2,475,047

2,482,953

34,608,200

4,958,000

2,475,047

2,482,953

(21,051,200)

8,599,000

21,288,099

12,689,099

-

(30,482,700)

(7,920,390)

22,562,310

-

(30,482,700)

(7,920,390)

22,562,310

Net change in fund balances

(21,051,200)

(21,883,700)

13,367,709

35,251,409

Fund balance, beginning of year

29,633,601

29,633,601

29,633,601

-

$ 8,582,401

$ 7,749,901

$ 43,001,310

$ 35,251,409

REVENUES
Taxes
Charges for services
Investment income
Total revenues

$

5,094,240
4,072,270
1,039,636

EXPENDITURES
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING
SOURCES (USES)
Transfers out
Total other financing
Sources (Uses)

Fund balance, end of year

Page 103

CITY OF GOODYEAR, ARIZONA
GO BONDS
Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Actual

Variance with
Final Budget

-

$ 1,074,076
2,750,000

$ 1,074,076
2,750,000

-

-

3,824,076

3,824,076

62,432,300

89,766,600

15,785,165

73,981,435

62,432,300

89,766,600

15,785,165

73,981,435

(62,432,300)

(89,766,600)

(11,961,089)

77,805,511

16,500,000
-

16,500,000
(383,800)
30,541,700

(330,356)
8,809,493

(16,500,000)
53,444
(21,732,207)

16,500,000

46,657,900

8,479,137

(38,178,763)

Net change in fund balances

(45,932,300)

(43,108,700)

(3,481,952)

39,626,748

Fund balance, beginning of year

43,953,339

43,953,339

43,953,339

-

844,639

$ 40,471,387

$ 39,626,748

Original

Final

REVENUES
Investment income
Contributions
Total revenues

$

-

$

EXPENDITURES
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING
SOURCES (USES)
Debt issuance
Transfers out
Transfers in
Total other financing
Sources (Uses)

Fund balance, end of year

$ (1,978,961)

Page 104

$

CITY OF GOODYEAR, ARIZONA
MCDOWELL ROAD COMMERCIAL CORRIDOR ID
Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Actual

Variance with
Final Budget

REVENUES
Investment income
Special assessments
Other revenues

$

Total revenues

4,548,900
-

$

4,548,900
-

$

2,716
3,078,079
728

$

2,716
(1,470,821)
728

4,548,900

4,548,900

3,081,523

(1,467,377)

3,575,000
973,900

3,575,000
973,900

2,300,000
844,748

1,275,000
129,152

4,548,900

4,548,900

3,144,748

1,404,152

Excess (deficiency) of revenues
over (under) expenditures

-

-

(63,225)

(63,225)

Fund balance, beginning of year

292,545

292,545

292,545

-

EXPENDITURES
Debt service:
Principal
Interest and fiscal charges
Total expenditures

Fund balance, end of year

$

292,545

$

Page 105

292,545

$

229,320

$

(63,225)

CITY OF GOODYEAR, ARIZONA
COMMUNITY FACILITIES DISTRICTS
Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Variance with
Final Budget

Actual

REVENUES
Taxes
Investment income
Special assessments
Contributions

$

Total revenues

6,160,900
30,800
2,990,600
142,800

$

6,160,900
30,800
2,990,600
142,800

$

6,338,690
87,014
2,431,229
67,841

$

177,790
56,214
(559,371)
(74,959)

9,325,100

9,325,100

8,924,774

(400,326)

5,155,000
3,515,600

5,155,000
3,515,600

5,288,000
3,482,696

(133,000)
32,904

8,670,600

8,670,600

8,770,696

(100,096)

654,500

654,500

154,078

(500,422)

EXPENDITURES
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING
SOURCES (USES)
Payments to refunding escrow
Total other financing
sources (uses)

(2,655,000)

(2,655,000)

-

2,655,000

(2,655,000)

(2,655,000)

-

2,655,000

Net change in fund balance

(2,000,500)

(2,000,500)

154,078

2,154,578

Fund balance, beginning of year

5,402,017

5,402,017

5,402,017

-

Fund balance, end of year

$

3,401,517

$

Page 106

3,401,517

$

5,556,095

$

2,154,578

SUPPLEMENTARY INFORMATION
COMBINING STATEMENTS
AND BUDGETARY COMPARISON SCHEDULES
NON- MAJOR GOVERNMENTAL FUNDS:

Special Revenue Funds
x

Highway User Revenue Fund (HURF) – Funded through fuel taxes distributed from the
State of Arizona.

x

Community Facilities Districts Fund – CFDs represent special districts formed for the
purpose of financing the acquisition, construction, operation, and maintenance of the public
infrastructure benefiting the community.

x

Grants Fund – Based on application to granting agencies by the City and availability of
funding by grantors.

x

Ball Park – Used to account for the activities of the City’s ball park operations

Debt Service Funds
x

Debt Service Fund – This fund was established for the accumulation of resources and the
servicing of long-term debt not being financed by the proprietary funds. Revenues are
generated from the property tax levy sufficient to meet the debt service requirements.

Page 107

CITY OF GOODYEAR, ARIZONA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2020

Special Revenue
Highway User
Community
Revenue
Facilities District
ASSETS
Cash
Investments
Receivables:
Taxes
Interest
Assessments
Intergovernmental
Accounts
Inventories
Total assets

LIABILITIES
Accounts payable
Accrued wages and salaries
Accrued liabilities
Deposits held for others
Due to other funds
Unearned revenues

$

$

9,997,313
-

$

60,119
-

Ball Park
Special Revenue

Debt Service

$

$

$ 11,876,454
2,297,355

94,887
15,578
-

117,425
43,373
39,288
574,939
158,188
497,974

$

1,598,046

$ 10,024,163

$

196,976

$

3,503,755

$

282,056

$ 15,604,996

$

197,254
124,784
190,208
464,197
621,603

$

$

34,753
-

$

367,109
87,924
5,345
135

$

23,689
-

$

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues- property taxes
Unavailable revenue-intergovernmental
Total deferred inflows of resources
FUND BALANCES
Nonspendable
Restricted
Committed
Unassigned
Total fund balances

$

27,795
39,288
-

171,591
-

22,538
4,312
-

35,415
-

136,857
-

1,139,317
2,297,355

Total

438,082
153,876
497,974

Total liabilities

Total liabilities, deferred inflows of
resources, and fund balances

508,114
-

Grants

658,220
212,708
5,345
190,208
464,197
621,738

1,598,046

35,415

34,753

460,513

23,689

2,152,416

-

10,261
-

165,306

-

98,361
-

108,622
165,306

-

10,261

165,306

-

98,361

273,928

497,974
(497,974)

9,978,487
-

(3,083)

3,043,242
-

160,006
-

497,974
10,138,493
3,043,242
(501,057)

-

9,978,487

(3,083)

3,043,242

160,006

13,178,652

1,598,046

$ 10,024,163

282,056

$ 15,604,996

$

Page 108

196,976

$

3,503,755

$

CITY OF GOODYEAR, ARIZONA
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2020

Special Revenue
Highway User
Revenue
REVENUES
Taxes
Intergovernmental
Charges for services
Investment income
Contributions
Other revenues

$

Total revenues

5,957,240
15,652
54,029
-

Community
Facilities Districts
$

1,410,388
128,178
95,016
-

Grants
$

493,969
(405)
-

Ball Park
Special Revenue

Debt Service

$

$

1,561,872
221,853
1,284,488
31,595

6,095,473
106,103
-

Total
$

7,505,861
6,451,209
1,577,524
509,758
1,379,504
31,595

6,026,921

1,633,582

493,564

3,099,808

6,201,576

17,455,451

7,190,455
748,633

1,819,551
-

362,543
69,891
64,462

4,821,713
1,983,287

-

1,819,551
362,543
7,260,346
4,821,713
2,796,382

-

-

-

5,865,000
4,305,821

4,724,907
2,065,158

10,589,907
6,370,979

7,939,088

1,819,551

496,896

16,975,821

6,790,065

34,021,421

Excess (deficiency) of revenues
over (under) expenditures

(1,912,167)

(185,969)

(3,332)

(13,876,013)

(588,489)

(16,565,970)

OTHER FINANCING
SOURCES (USES)
Premium on debt issuance
Transfers in

1,422,513

-

-

14,363,877

529,285
-

529,285
15,786,390

Total other financing
sources (uses):

1,422,513

-

-

14,363,877

529,285

16,315,675

Net change in fund balances

(489,654)

(185,969)

(3,332)

487,864

(59,204)

(250,295)

Fund balances, beginning of year

489,654

10,164,456

249

2,555,378

219,210

13,428,947

EXPENDITURES
Current:
General government
Public safety
Public works/streets
Culture and recreation
Capital outlay
Debt service:
Principal
Interest and fiscal charges
Total expenditures

Fund balances, end of year

$

-

$

9,978,487

$

(3,083)

Page 109

$

3,043,242

$

160,006

$

13,178,652

CITY OF GOODYEAR, ARIZONA
HIGHWAY USER REVENUE
Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Variance with
Final Budget

Actual

REVENUES
Intergovernmental revenue
Charges for services
Investment income

$

Total revenues

5,583,600
15,000
10,000

$

5,583,600
15,000
10,000

$

5,957,240
15,652
54,029

$

373,640
652
44,029

5,608,600

5,608,600

6,026,921

418,321

Current:
Highways and streets
Capital outlay

8,073,600
1,459,300

8,419,900
1,191,300

7,190,455
748,633

1,229,445
442,667

Total expenditures

9,532,900

9,611,200

7,939,088

1,672,112

(3,924,300)

(4,002,600)

(1,912,167)

2,090,433

EXPENDITURES

Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING
SOURCES (USES)
Transfers in
Total other financing
sources (uses)

3,800,400

3,800,400

1,422,513

(2,377,887)

3,800,400

3,800,400

1,422,513

(2,377,887)

Net change in fund balance

(123,900)

(202,200)

(489,654)

(287,454)

Fund balance, beginning of year

489,654

489,654

489,654

-

Fund balance, end of year

$

365,754

$

Page 110

287,454

$

-

$

(287,454)

CITY OF GOODYEAR, ARIZONA
COMMUNITY FACILITIES DISTRICTS
Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Actual

Variance with
Final Budget

REVENUES
Taxes
Investment income
Contributions

$

Total revenues

1,620,600
13,600
90,000

$

1,620,600
13,600
90,000

$

1,410,388
128,178
95,016

$

(210,212)
114,578
5,016

1,724,200

1,724,200

1,633,582

(90,618)

8,442,200

8,442,200

1,819,551

6,622,649

Total expenditures

8,442,200

8,442,200

1,819,551

6,622,649

Net change in fund balance

(6,718,000)

(6,718,000)

(185,969)

6,532,031

Fund balance, beginning of year

10,164,456

10,164,456

10,164,456

-

EXPENDITURES
Current:
General government

Fund balance, end of year

$

3,446,456

$

Page 111

3,446,456

$

9,978,487

$

6,532,031

CITY OF GOODYEAR, ARIZONA
GRANTS
Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Actual

Variance with
Final Budget

REVENUES
Intergovernmental revenue
Investment income

$

Total revenues

460,000
-

$

460,000
-

$

493,969
(405)

$

33,969
(405)

460,000

460,000

493,564

33,564

Current:
Public safety
Highways and streets
Capital outlay

381,300
160,800
-

577,500
172,400
111,100

362,543
69,891
64,462

214,957
102,509
46,638

Total expenditures

542,100

861,000

496,896

364,104

Net change in fund balance

(82,100)

(401,000)

(3,332)

397,668

Fund balance, beginning of year

249

249

249

-

EXPENDITURES

Fund balance, end of year

$

(81,851)

$

Page 112

(400,751)

$

(3,083)

$

397,668

CITY OF GOODYEAR, ARIZONA
BALL PARK
Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Actual

Variance with
Final Budget

REVENUES
Charges for services
Investment income
Contributions
Miscellaneous

$

Total revenues

2,504,900
2,100
1,339,700
-

$

2,504,900
2,100
1,339,700
-

$

1,561,872
221,853
1,284,488
31,595

$

(943,028)
219,753
(55,212)
31,595

3,846,700

3,846,700

3,099,808

(746,892)

EXPENDITURES
Current:
Culture and recreation
Capital outlay
Debt Service:
Principal
Interest

5,106,300
3,633,400

5,196,300
3,649,600

4,821,713
1,983,287

374,587
1,666,313

5,865,000
4,307,700

5,865,000
4,307,700

5,865,000
4,305,821

1,879

Total expenditures

18,912,400

19,018,600

16,975,821

2,042,779

(15,065,700)

(15,171,900)

(13,876,013)

1,295,887

Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING
SOURCES (USES)
Transfers in
Total other financing
sources (uses)

14,637,700

14,637,700

14,363,877

(273,823)

14,637,700

14,637,700

14,363,877

(273,823)

Net change in fund balance

(428,000)

(534,200)

487,864

1,022,064

Fund balance, beginning of year

2,555,378

2,555,378

2,555,378

-

Fund balance, end of year

$

2,127,378

$

2,021,178

Page 113

$

3,043,242

$

1,022,064

CITY OF GOODYEAR, ARIZONA
DEBT SERVICE FUND
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Variance with
Final Budget

Original

Final

Actual

$ 6,175,100
6,175,100

$ 6,175,100
6,175,100

$ 6,095,473
106,103
6,201,576

Debt service
Bond issuance cost
Principal
Interest and fiscal charges
Total expenditures

294,000
3,515,100
2,366,000
6,175,100

294,000
4,131,000
2,366,000
6,791,000

4,724,907
2,065,158
6,790,065

294,000
(593,907)
300,842
935

Excess (deficiency) of revenues
over (under) expenditures

-

(615,900)

(588,489)

27,411

REVENUES
Taxes
Investment income
Total revenues

$

(79,627)
106,103
26,476

EXPENDITURES

OTHER FINANCING
SOURCES (USES)
Premium on debt issuance
Total other financing
sources (uses)

-

-

529,285

529,285

-

-

529,285

529,285

Net change in fund balance

-

(615,900)

(59,204)

556,696

Fund balance, beginning of year

219,210

219,210

219,210

-

Fund balance, end of year

$

219,210

$

Page 114

(396,690)

$

160,006

$

556,696

BUDGETARY COMPARISON SCHEDULES
OTHER FUNDS

Page 115

CITY OF GOODYEAR, ARIZONA
PARK AND RIDE MARQUEE
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Non-GAAP
Actual

Variance with
Final Budget

$

$

REVENUES
Charges for services
Investment income
Total revenues

$

120,000
-

$

120,000
-

90,856
15,951

(29,144)
15,951

120,000

120,000

106,807

(13,193)

Current:
Highways and streets

-

200,000

139,316

60,684

Total expenditures

-

200,000

139,316

60,684

Net change in fund balances

120,000

(80,000)

(32,509)

47,491

Fund balance, beginning of year

1,189,336

1,189,336

1,189,336

-

$ 1,309,336

$ 1,109,336

$ 1,156,827

EXPENDITURES

Fund balance, end of year

Page 116

$

47,491

CITY OF GOODYEAR, ARIZONA
COURT ENHANCEMENT
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Non-GAAP
Actual

Variance with
Final Budget

$

$

REVENUES
Fines and forfeits
Investment income

$

Total revenues

50,000
-

$

50,000
-

69,262
1,390

19,262
1,390

50,000

50,000

70,652

20,652

55,000

55,000

38,617

16,383

Total expenditures

55,000

55,000

38,617

16,383

Net change in fund balances

(5,000)

(5,000)

32,035

37,035

Fund balance, beginning of year

184,333

184,333

184,333

-

EXPENDITURES
Current:
Public safety

Fund balance, end of year

$

179,333

Page 117

$

179,333

$

216,368

$

37,035

CITY OF GOODYEAR, ARIZONA
FILL-THE-GAP
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Non-GAAP
Actual

Variance with
Final Budget

$

$

REVENUES
Fines and forfeits
Investment income

$

Total revenues

7,500
-

$

7,500
-

10,744
825

3,244
825

7,500

7,500

11,569

4,069

Net change in fund balances

7,500

7,500

11,569

4,069

Fund balance, beginning of year

109,991

109,991

109,991

-

Fund balance, end of year

$

117,491

Page 118

$

117,491

$

121,560

$

4,069

CITY OF GOODYEAR, ARIZONA
JCEF
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Non-GAAP
Actual

Variance with
Final Budget

$

$

REVENUES
Fines and forfeits
Investment income

$

Total revenues

16,000
-

$

16,000
-

13,290
2,695

(2,710)
2,695

16,000

16,000

15,985

(15)

40,000

40,000

18,701

21,299

Total expenditures

40,000

40,000

18,701

21,299

Net change in fund balances

(24,000)

(24,000)

(2,716)

21,284

Fund balance, beginning of year

110,262

110,262

110,262

-

EXPENDITURES
Current:
Public Safety

Fund balance, end of year

$

86,262

Page 119

$

86,262

$

107,546

$

21,284

CITY OF GOODYEAR, ARIZONA
IMPOUND
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Non-GAAP
Actual

Variance with
Final Budget

$

$

REVENUES
Charges for services
Investment income

$

Total revenues

160,000
-

$

160,000
-

61,650
4,095

(98,350)
4,095

160,000

160,000

65,745

(94,255)

147,100
-

147,100
-

89,752
2,608

57,348
(2,608)

Total expenditures

147,100

147,100

92,360

54,740

Net change in fund balances

12,900

12,900

(26,615)

(39,515)

Fund balance, beginning of year

308,834

308,834

308,834

-

EXPENDITURES
Current:
Public safety
Capital outlay

Fund balance, end of year

$

321,734

Page 120

$

321,734

$

282,219

$

(39,515)

CITY OF GOODYEAR, ARIZONA
OFFICER SAFETY EQUIPMENT
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Final

Non-GAAP
Actual

Variance with
Final Budget

$

$

REVENUES
Fines and forfeits

$

Total revenues
Current:
Public safety

18,000

$

18,000

18,553

553

18,000

18,000

18,553

553

25,000

25,000

24,961

39

Total expenditures

25,000

25,000

24,961

39

Net change in fund balances

(7,000)

(7,000)

(6,408)

592

Fund balance, beginning of year

52,023

52,023

52,023

-

Fund balance, end of year

$

45,023

Page 121

$

45,023

$

45,615

$

592

CITY OF GOODYEAR, ARIZONA
WATER AND WASTEWATER
Enterprise Fund
Schedule of Operations
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Operating Revenues
Charges for services
Contributions
Other revenues

$

Total operating revenues

79,176,900
18,300

Final
$

79,176,900
18,300

Actual
$

60,108,947
200,000
83,960

Variance with
Final Budget
$

(19,067,953)
200,000
65,660

79,195,200

79,195,200

60,392,907

(18,802,293)

Salaries, wages and benefits
Cost of sales and services
Depreciation

6,306,800
188,151,100
-

6,306,800
182,466,600
-

5,812,187
20,740,600
8,134,195

494,613
161,726,000
(8,134,195)

Total operating expenses

194,457,900

188,773,400

34,686,982

154,086,418

(115,262,700)

(109,578,200)

25,705,925

135,284,125

Grant revenue
Investment income
Interest and debt cost
Gain (loss) on sale of assets

119,400
156,300
(10,487,300)
13,700

119,400
156,300
(12,435,100)
13,700

1,734,042
(5,853,300)
-

(119,400)
1,577,742
6,581,800
(13,700)

Total non-operating
revenue (expense)

(10,197,900)

(12,145,700)

(4,119,258)

8,026,442

(125,460,600)

(121,723,900)

21,586,667

143,310,567

Capital contributions
Debt issuance
Transfers out
Transfers in

4,972,000
116,000,000
(5,151,300)
-

4,972,000
116,000,000
(4,767,500)
-

5,765,107
(2,898,100)
330,356

793,107
(116,000,000)
1,869,400
330,356

Change in net position

(9,639,900)

(5,519,400)

24,784,030

30,303,430

256,298,303

256,298,303

256,298,303

-

Operating Expenses

Operating income (loss)
Non-operating Revenues (Expenses)

Income (loss) before contributions
and transfers

Total net position, beginning of year
Total net position, end of year

$

246,658,403

$

Page 122

250,778,903

$

281,082,333

$

30,303,430

CITY OF GOODYEAR, ARIZONA
SANITATION
Enterprise Fund
Schedule of Operations
Budget and Actual
For the Year Ended June 30, 2020

Budgeted Amounts
Original

Operating Revenues
Charges for services
Other revenues

$

Total operating revenues

8,502,800
-

Final
$

8,502,800
-

Actual
$

8,316,320
3,030

Variance with
Final Budget
$

(186,480)
3,030

8,502,800

8,502,800

8,319,350

(183,450)

Salaries, wages and benefits
Cost of sales and services
Depreciation

968,500
7,428,500
-

968,500
7,398,900
-

1,103,726
4,723,161
201,893

(135,226)
2,675,739
(201,893)

Total operating expenses

8,397,000

8,367,400

6,028,780

2,338,620

105,800

135,400

2,290,570

2,155,170

Investment income

8,400

8,400

66,135

57,735

Total non-operating
revenue (expense)

8,400

8,400

66,135

57,735

114,200

143,800

2,356,705

2,212,905

Transfers out

(931,500)

(931,500)

(931,500)

-

Change in net position

(817,300)

(787,700)

1,425,205

2,212,905

4,012,253

4,012,253

4,012,253

-

Operating Expenses

Operating income (loss)
Non-operating Revenues (Expenses)

Income (loss) before contributions
and transfers

Total net position, beginning of year
Total net position, end of year

$

3,194,953

$

Page 123

3,224,553

$

5,437,458

$

2,212,905

Page 124

AGENCY FUNDS

x

G.A.I.N.

x

Fill-A-Need

x

Shop With a Cop

x

Arizona in Action

Page 125

CITY OF GOODYEAR, ARIZONA
Combining Statement of Assets and Liabilities
Agency Funds
June 30, 2020

GAIN

Fill-A-Need

Shop with
a Cop

Arizona
in Action

Totals

Assets
Cash and cash equivalents
Total assets

$
$

8,679
8,679

$
$

21,706
21,706

$ 27,954
$ 27,954

$ 3,230
$ 3,230

$ 61,569
$ 61,569

Liabilities
Deposits held for others
Total liabilities

$
$

8,679
8,679

$
$

21,706
21,706

$ 27,954
$ 27,954

$ 3,230
$ 3,230

$ 61,569
$ 61,569

Page 126

CITY OF GOODYEAR, ARIZONA
Combining Statement of Changes in Assets and Liabilities
Agency Funds
For the Year Ended June 30, 2020

Beginning
Balance

Additions

Ending
Balance

Deductions

GAIN
Assets
Cash and cash equivalents

$

8,679

$

-

$

-

$

8,679

Liabilities
Deposits held for others

$

8,679

$

-

$

-

$

8,679

FILL-A-NEED
Assets
Cash and cash equivalents

$

13,536

$

14,713

$

6,543

$

21,706

Liabilities
Deposits held for others

$

13,536

$

14,713

$

6,543

$

21,706

SHOP WITH A COP
Assets
Cash and cash equivalents

$

28,160

$

10,445

$

10,651

$

27,954

Liabilities
Deposits held for others

$

28,160

$

10,445

$

10,651

$

27,954

ARIZONA IN ACTION
Assets
Cash and cash equivalents

$

3,230

$

-

$

-

$

3,230

Liabilities
Deposits held for others

$

3,230

$

-

$

-

$

3,230

TOTAL AGENCY FUNDS
Assets
Cash and cash equivalents

$

53,605

$

25,158

$

17,194

$

61,569

Liabilities
Deposits held for others

$

53,605

$

25,158

$

17,194

$

61,569

Page 127

Page 128

City of Goodyear Comprehensive Annual Financial Report for the Fiscal Year
Ended June 30, 2020

STATISTICAL SECTION

STATISTICAL SECTION















STATISTICAL SECTION

The statistical section presents financial statement trends as well as detailed financial and operational
information not available elsewhere in the report. The statistical section is intended to enhance the
reader’s understanding of the information presented in the financial statements, notes to the financial
statements, and other supplementary information presented in this report. The statistical section is
comprised of the five categories of statistical information presented below.
Financial Trends
These schedules contain trend information to help the reader understand how the City’s financial
position and financial activities have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the factors affecting the City’s
ability to generate revenue.
Debt Capacity
These schedules present information to help the reader assess the affordability of the City’s
current levels of outstanding debt and the government’s ability to issue additional debt in the
future.
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.
Operating Information
These schedules contain information about the City’s operations and various resources to help the
reader understand how the information in the City’s financial report relates to the services the
government provides and the activities it performs.
Due to cost considerations for the accumulation of data, the City has elected to present less than ten years
of data, or data from less than nine year prior, for certain statistical schedules. This information will be
accumulated and reported each year until the complete ten years of data is presented.
Note: For locally assessed property (i.e., excluding mines, utilities, etc.) Proposition 117, approved by
voters in 2012, amended the Arizona Constitution to require that all property taxes after fiscal year 201415 be based upon property values limited to five percent in annual growth. The aggregate assessed value
of all taxable properties within a taxing jurisdiction (i.e., after applying assessment ratios based on the use
of a property), including property values with a growth limit, is currently referred to as net limited
assessed value and formerly as primary assessed value. In accordance with Proposition 117, this value is
used for all taxing purposes beginning fiscal year 2015-16. Aggregate assessed value without a growth
limit is currently referred to as net full cash assessed value and formerly as secondary assessed value. This
remains the value utilized for determining debt capacity limits.

Page 129

City of Goodyear
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
(Unaudited)

Fiscal Year
2011

2012*

2013

2014**

2015

Governmental Activities
Net investment in capital assets
Restricted
Unrestricted
Total Governmental Activities Net Position

$ 327,503,686
110,105,296
18,249,626
455,858,608

$ 329,064,345
108,246,415
20,147,669
457,458,429

$ 333,034,884
99,128,020
35,820,702
467,983,606

$ 345,513,895
85,246,465
9,672,461
440,432,821

$ 365,019,949
92,247,738
5,722,007
462,989,694

Business-type Activities
Net investment in capital assets
Restricted
Unrestricted
Total Business-type Activities Net Position

179,254,929
3,567,237
9,263,439
192,085,605

178,432,900
3,799,026
11,229,680
193,461,606

178,456,590
3,196,131
16,616,254
198,268,975

177,274,142
5,640,492
9,860,573
192,775,207

176,380,867
7,607,902
14,190,297
198,179,066

Primary Government
Net investment in capital assets
Restricted
Unrestricted
Total Primary Government Net Position

506,758,615
113,672,533
27,513,065
$ 647,944,213

507,497,245
112,045,441
31,377,349
$ 650,920,035

511,491,474
102,324,151
52,436,956
$ 666,252,581

522,788,037
90,886,957
9,112,875
$ 622,787,869

541,400,816
99,855,640
19,912,304
$ 661,168,760

Notes:
*Net position adjusted for adoption of GASB Statement No. 65
**Net position adjusted for adoption of GASB Statement No. 68
Source: Statement of Net Position

Page 130

Table 1

Fiscal Year
2016

2017

2018

2019

2020

$ 361,739,970
92,276,066
19,147,997
473,164,033

$ 379,899,821
90,497,505
16,944,442
487,341,768

$ 381,473,262
87,435,376
29,981,817
498,890,455

$ 342,610,234
149,077,511
43,643,472
535,331,217

$ 334,972,021
155,095,665
112,776,992
602,844,678

180,640,162
18,131,719
7,380,491
206,152,372

181,242,982
21,072,234
15,974,822
218,290,038

199,032,946
13,468,708
24,366,584
236,868,238

227,004,152
6,346,204
26,960,200
260,310,556

254,623,951
31,895,840
286,519,791

542,380,132
110,407,785
26,528,488
$ 679,316,405

561,142,803
111,569,739
32,919,264
$ 705,631,806

580,506,208
100,904,084
54,348,401
$ 735,758,693

569,614,386
155,423,715
70,603,672
$ 795,641,773

589,595,972
155,095,665
144,672,832
$ 889,364,469

Page 131

City of Goodyear
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
(Unaudited)

2011

2012

2013

2014

2015

Expenses**
Governmental Activities:
General government
Public safety
Highways and streets
Public works
Culture and recreation
Development services
Interest on long-term debt
Total Governmental Activities Expenses

$ 17,207,556
28,032,217
14,798,670
3,658,756
4,439,181
5,150,677
10,710,302
$ 83,997,359

$ 18,353,630
25,423,233
13,179,678
4,168,252
4,962,070
6,225,917
10,441,684
$ 82,754,464

$ 17,652,646
27,987,404
14,355,644
3,090,345
5,539,612
7,194,428
10,411,562
$ 86,231,641

$ 18,216,169
30,710,193
19,368,539
2,773,348
5,827,309
5,836,254
9,282,269
$ 92,014,081

$ 19,624,056
31,834,683
17,941,162
3,361,822
6,422,764
7,005,308
8,763,353
$ 94,953,148

Business-type Activities
Water and wastewater
Sanitation
Stadium*
Total Business-type Activities Expenses

$ 20,733,932
4,815,314
11,958,862
$ 37,508,108

$ 20,654,800
5,154,201
11,634,491
$ 37,443,492

$ 21,912,587
5,246,666
12,204,354
$ 39,363,607

$ 23,511,395
5,472,534
12,529,987
$ 41,513,916

$ 25,489,522
5,802,163
12,407,494
$ 43,699,179

Total Primary Government Expenses

$ 121,505,467

$ 120,197,956

$ 125,595,248

$ 133,527,997

$ 138,652,327

Notes:
* Stadium Fund was reclassified to governmental activities in 2017
** Beginning in fiscal year 2016 expense functions were consolidated to align with the basic financial statements
Source: Statement of Activities

Page 132

Table 2

2017

2018

2019

2020

19,824,313
34,823,588
20,753,487
7,920,958
6,880,654
7,981,904
8,479,284
106,664,188

$ 20,151,975
47,535,184
19,181,162
3,569,658
15,363,752
7,316,935
12,131,284
$ 125,249,950

$ 23,781,937
45,439,446
26,460,464
4,232,567
19,080,188
6,591,111
11,582,014
$ 137,167,727

$ 23,478,993
52,241,594
21,330,274
7,972,935
19,083,232
8,380,985
8,797,275
$ 141,285,288

$ 26,604,672
59,271,160
21,599,888
10,177,808
18,739,373
10,466,142
9,009,554
$ 155,868,597

$

27,647,487
6,444,459
12,647,134
46,739,080

$ 30,139,626
5,868,228
$ 36,007,854

$ 26,853,794
6,206,843
$ 33,060,637

$ 31,493,180
6,681,134
$ 38,174,314

$ 40,540,282
6,028,780
$ 46,569,062

$

153,403,268

$ 161,257,804

$ 170,228,364

$ 179,459,602

$ 202,437,659

2016

$

$

$

continued

Page 133

City of Goodyear
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
(Unaudited)

Fiscal Year
2011
Program Revenue*
Governmental Activities:
Charges for Services:
General government
Public safety
Highway and streets
Public works
Culture and recreation
Developmental services
Operating Grants and Contributions
Capital Grants and Contributions
Total Governmental Activities Program Revenues

1,977,735
628,671
325,552
3,879,823
5,818,158
13,951,581
26,581,520

$

$

17,634,821
5,774,010
1,564,324
4,570,849
29,544,004

Total Primary Government Revenues

$

56,125,524

Net (Expense)/Revenue
Governmental Activities
Business-type Activities
Total Primary Government Net Revenues

Business-type Activities
Charges for Services:
Water and wastewater
Sanitation
Stadium*
Operating Grants and Contributions
Capital Grants and Contributions
Total Business-type Activities Revenues

$

2012

2013

$

$

$

20,105,006
6,115,977
1,633,230
9,252,599
37,106,812

$

24,767,428
6,641,318
2,182,278
5,962,050
39,553,074

$

24,650,687
6,922,425
2,237,359
14,454,883
48,265,354

$

61,428,975

$

63,940,538

$

77,456,723

$ (57,415,839) $ (58,432,301) $ (59,646,481) $ (67,626,617) $
(7,964,104)
(336,680)
(597,997)
(1,960,842)
$ (65,379,943) $ (58,768,981) $ (60,244,478) $ (69,587,459) $

(65,761,779)
4,566,175
(61,195,604)

$

2,884,854
1,176,336
304,128
6,206,750
4,654,268
11,358,824
26,585,160

$

$

22,667,401
6,368,920
1,741,609
7,987,680
38,765,610

$

65,350,770

2015

2,603,723
714,614
433,384
6,899,047
7,565,511
6,171,185
24,387,464

$

1,691,455
807,498
322,215
4,163,050
7,636,691
9,701,254
24,322,163

2014

$

$

Note:
* Beginning in fiscal year 2016 program revenues were consolidated to align with the basic financial statements
Source: Statement of Activities

Page 134

$

2,766,974
1,624,427
416,607
5,353,778
10,777,134
8,252,449
29,191,369

Table 2

Fiscal Year
2017

2016

$

2,398,256
1,713,627
386,041
7,043,227
9,518,206
12,134,476
33,193,833

$

$

27,724,410
7,125,427
2,234,046
110,837
11,692,490
48,887,210

$

82,081,043

$

2018

2,368,056
1,313,160
3,135,416
9,079,431
10,546,333
12,246,216
38,688,612

$

$

31,358,803
7,577,840
110,718
13,317,172
52,364,533

$

91,053,145

$

$ (73,470,355) $
2,148,130
$ (71,322,225) $

2019

2,592,414
1,373,556
81,727
2,984,530
10,416,143
16,164,698
7,442,815
41,055,883

$

$

35,203,483
7,812,267
12,237,823
55,253,573

$

42,658,585
8,058,461
12,962,807
63,679,853

$

60,392,907
8,319,350
5,765,107
74,477,364

$

96,309,456

$

124,463,452

$

149,761,057

(80,501,689) $
25,505,539
(54,996,150) $

(80,584,904)
27,908,302
(52,676,602)

$

(86,561,338) $
16,356,679
(70,204,659) $

$

(96,111,844) $
22,192,936
(73,918,908) $

4,965,435
6,987,626
382,531
405,393
4,008,274
12,993,399
9,809,818
21,231,123
60,783,599

2020

$

$

3,509,152
7,243,340
440,190
583,405
2,916,950
18,765,859
18,571,098
23,253,699
75,283,693

continued

Page 135

City of Goodyear
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
(Unaudited)

Fiscal Year
2011
Revenues and Other Changes in
Net Position
Governmental Activities:
Taxes
Intergovernmental
Investment income
Special assessments*
Miscellaneous
Transfers
Special item - Loss on debt extinguishment
Total Governmental Activities
Business-type Activities
Investment income
Proceeds from the sale of water rights
Miscellaneous
Transfers
Total Business-type Activities
Total Primary Government
Changes in Net Position
Governmental Activities
Business-type Activities
Total Primary Government

2012

2013

2014

2015

$ 53,595,119 $ 55,301,512 $ 58,957,595 $ 63,495,983 $ 66,223,459
9,699,146
12,704,826
14,194,960
15,285,440
16,361,588
227,446
319,017
439,982
414,689
361,146
2,189,906
4,980,000
827,619
493,244
1,455,665
1,183,618
975,258
(3,390,940)
(3,892,665)
(4,876,544)
(5,138,252)
(582,797)
$ 60,958,390 $ 64,925,934 $ 70,171,658 $ 77,431,384 $ 88,318,654

$

71,819
638,611
3,390,940
$ 4,101,370

$

92,945
117,103
3,892,665
$ 4,102,713

$

$ 65,059,760

$ 69,028,647

$ 75,577,024

$ 82,929,078

$ 89,156,338

$ 3,542,551 $ 6,493,633
(3,862,734)
3,766,033
$ (320,183) $ 10,259,666

$ 10,525,177
4,807,369
$ 15,332,546

$

$ 22,556,875
5,403,859
$ 27,960,734

$

95,839
432,983
4,876,544
5,405,366

$

$

136,531
222,911
5,138,252
5,497,694

9,804,767
3,536,852
$ 13,341,619

Note:
* Prior to fiscal year 2014 Special Assessments were shown in Public Works-Capital Grants and Contributions
Source: Statement of Activities

Page 136

$

$

151,405
103,482
582,797
837,684

Table 2

Fiscal Year
2017

2016

$ 71,256,446 $ 74,899,373
16,848,837
20,019,457
710,040
560,547
393,977
886,502
(5,564,606)
2,800,000
$ 83,644,694 $ 99,165,879

$

$

237,615
22,955
5,564,606
5,825,176

$

$

2018

2019

2020

$ 82,662,446 $ 90,314,174
19,967,694
21,244,412
1,196,857
4,661,685
341,814
934,949
3,700,000
3,700,000
(36,893)
$ 107,868,811 $ 120,855,220

123,100 $
31,081
(2,800,000)
(2,645,819) $

47,246 $
37,024
(3,700,000)
(3,615,730) $

$ 116,603,604
22,785,856
4,412,256
797,405
3,499,244
$ 148,098,365

1,595,877 $
40,902
(3,700,000)
(2,063,221) $

1,800,177
(3,499,244)
(1,699,067)

$ 89,469,870

$ 96,520,060

$ 104,253,081

$ 118,791,999

$ 146,399,298

$ 10,174,339
7,973,306
$ 18,147,645

$ 12,604,541
13,710,860
$ 26,315,401

$ 11,756,967
18,577,206
$ 30,334,173

$ 40,353,531
23,442,318
$ 63,795,849

$ 67,513,461
26,209,235
$ 93,722,696
concluded

Page 137

Page 138

Table 3
City of Goodyear
Governmental Activities Tax Revenues By Source
Last Ten Fiscal Years
(accrual basis of accounting)
(Unaudited)

Fiscal
Year

Property
Taxes

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

18,862,731
16,572,825
16,218,397
17,109,458
18,171,606
19,114,087
19,875,628
20,649,103
22,099,698
23,673,696

Sales &
Use Taxes
32,729,749
36,364,557
40,222,752
43,775,464
45,333,649
49,309,600
52,085,570
58,831,503
64,940,363
89,722,744

Franchise
Taxes
2,316,821
2,460,521
2,529,456
2,611,061
2,718,204
2,832,759
2,941,175
3,181,840
3,274,113
3,207,164

State Shared Revenues - not
Restricted for Specific Programs
State Shared State Revenue Highway User
Sales
Sharing
Revenue
5,201,106
7,195,568
7,527,259
8,009,713
8,459,645
8,988,686
10,324,010
10,354,186
11,573,618
12,074,091

Source: City Financial Records and Reports

Page 139

4,498,039
5,509,258
6,667,701
7,275,727
7,901,942
7,859,101
9,665,448
9,613,508
9,670,794
10,711,765

2,752,001
3,269,285
3,575,158
3,681,156
4,041,402
4,264,827
5,066,574
5,042,068
5,463,045
5,622,730

City of Goodyear
Excise Tax Collections
Last Ten Fiscal Years
(accrual basis of accounting)
(Unaudited)

Fiscal Year
2011

2012

2013

2014

City Privilege (Sales) Tax
State-Shared Sales Tax
State-Shared Income Tax
State-Share Vehicle License Tax
Fines and Forfeitures
Franchise Taxes

$ 32,729,749
3,661,678
4,498,039
1,539,429
849,060
2,316,820

$ 36,364,557
5,100,608
5,509,258
2,094,960
825,971
2,460,521

$ 40,222,752
5,342,879
6,667,701
2,184,380
809,334
2,529,456

$ 43,775,464
5,681,717
7,275,727
2,327,996
884,735
2,611,016

Total

$ 45,594,775

$ 52,355,875

$ 57,756,502

$ 62,556,655

Source: City Financial Records and Reports

Page 140

Table 4

Fiscal Year
2015

2016

2017

2018

2019

2020

$ 45,333,649
5,965,400
7,901,942
2,494,245
860,313
2,718,204

$ 49,309,600
6,258,721
7,859,101
2,729,966
839,108
2,832,759

$ 52,085,570
7,217,395
9,665,448
3,106,615
925,314
2,941,175

$ 58,831,503
7,151,224
9,613,508
3,202,962
1,044,317
3,181,840

$ 64,940,363
8,121,305
9,670,794
3,452,313
1,044,516
3,274,113

$ 89,722,744
8,558,218
10,711,765
3,515,873
869,101
3,207,164

$ 65,273,754

$ 69,829,255

$ 75,941,517

$ 83,025,354

$ 90,503,404

$ 116,584,865

Page 141

City of Goodyear
Sales & Use Taxes
by Industry Classification
Last Ten Fiscal Years
(Unaudited)

Fiscal Year
2011
Mining & Government
Construction
Manufacturing
Utilities
Wholesale Trade
Retail Trade
Restaurant & Bar
Real Estate
Hotels
Services
Miscellaneous

$

5,234
3,251,977
642,255
3,275,325
598,098
12,950,291
4,415,910
3,510,263
764,996
1,771,527
1,055,398

Total*

$ 32,241,274

2012
$

9,534
4,755,592
701,876
3,469,559
924,842
13,576,350
4,763,951
3,480,031
873,241
1,640,296
1,414,929

$ 35,610,202

2013
$

970
7,027,296
759,858
3,656,309
977,475
14,265,735
5,079,528
4,405,695
885,571
1,700,258
873,005

$ 39,631,700

2014
$

4,024
7,988,471
931,362
3,819,536
1,072,608
15,787,043
5,450,424
4,467,373
849,052
1,764,488
968,896

$ 43,103,277

2015
$

7,159
5,559,142
1,318,999
4,051,837
1,130,527
16,348,224
6,343,415
5,480,481
1,067,357
2,424,312
1,032,464

$ 44,763,917

Note: Total may differ from Governmental Activities Tax Revenues By Source because of
difference in reporting periods.
Source: Arizona Department of Revenue North American Industry Code System (NAICS) Summary

Page 142

Table 5

Fiscal Year
2016
$

6,534
7,545,663
1,410,894
4,077,652
1,032,679
17,279,498
7,032,111
5,575,550
1,096,710
2,833,590
839,592

$ 48,730,473

2017
$

1,411
7,276,208
1,430,501
4,088,382
1,071,275
18,204,620
7,551,936
6,043,628
1,054,997
2,900,952
1,256,834

$ 50,880,744

2018
$

2,064
9,248,956
1,195,577
4,143,475
1,432,261
19,381,848
8,567,822
6,485,025
1,142,972
3,209,135
1,804,279

$ 56,613,413

2019
$

4,740
13,142,689
1,806,767
4,257,678
1,671,721
21,332,016
8,765,915
7,313,314
1,154,739
3,820,523
1,936,161

$ 65,206,263

Page 143

2020
$

1,344
26,950,513
1,852,747
4,274,132
2,414,857
28,447,707
9,162,844
8,406,177
993,091
4,010,399
2,574,593

$ 89,088,402

City of Goodyear
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
(Unaudited)

Fiscal Year
2011 *
General Fund
Nonspendable:
Advances to other funds
Inventories
Prepaid items
Restricted by:
Charter mandates
Court
Law enforcement
Transit
Assigned to:
IT replacement
Fleet replacement
Risk management
Parks management
Police asset reserve
Fire asset reserve
Traffic signal reserve
General Fund FY2021 Budget
Unassigned
Total General Fund

$

961,840
3,627
422,681

2012

$

961,840
16,258
500,911

2013

$

961,840
8,916
486,842

2014

$

961,840
25,261
504,865

2015

$

961,840
21,656
573,473

3,209,321
198,457
129,231
-

3,377,572
261,229
125,812
-

3,528,982
234,813
208,085
543,022

3,676,547
221,290
274,392
644,135

3,841,444
240,631
309,112
745,210

407,961
383,225
558,310
21,481,088

437,873
1,730,168
811,244
23,074,844

170,684
3,032,429
357,741
33,325,255

1,484,148
1,502,483
792,947
43,707,677

108,301
2,508,319
1,088,234
49,783,760

$ 42,858,609

$ 53,795,585

$ 60,181,980

$

$

$

$

27,755,741

$

31,297,751

$

289,782
46,238

$

412,916
45,225

All Other Governmental Funds
Nonspendable:
Inventories
Prepaid items
Restricted by:
Debt service
Development impact fees
Highway user funds
Transit
Capital projects
Community facilities districts operations
Committed
Ball Park
Unassigned
Total All Other Governmental Funds

15,113,512
21,992,019
285,914
536,230
(2,336,765)
$

35,926,930

$

595,675
36,182

650,344
-

487,413
-

15,663,838
21,720,718
400,610
538,410
(9,854)

15,482,259
16,241,644
493,395
1,695,700
711,980
(26,073)

14,848,703
7,892,792
47,570
274,106
803,837
(73,354)

13,810,210
9,833,566
174,025
4,414,851
1,109,573
(66,487)

38,771,863

$ 35,230,762

$ 24,443,998

$ 29,763,151

Note:

*Starting with fiscal year 2011, fund balances were stated in classification required by GASB Statement No. 54
Source: City Financial Records and Reports

Page 144

Table 6

Fiscal Year
2016

$

961,840
667,798

2017

$

1,251,242
683,056

2018

$

1,045,531
758,946

2019

$

311,940
1,402,473

2020

$

210,154
2,134,415

4,009,183
178,351
427,243
847,446

4,186,816
200,753
384,144
952,239

4,377,576
238,965
432,662
1,064,752

4,582,213
294,594
470,847
1,189,336

4,813,576
445,474
327,832
1,156,827

498,851
3,196,101
1,077,452
1,271,367
52,620,845

1,829,656
1,251,242
933,704
2,729,350
2,147,582
403,209
53,399,369

1,956,201
4,504,416
888,212
3,033,620
134,146
454,872
74,699
60,552,115

1,988,219
3,910,722
805,987
3,280,541
156,142
738,260
1,362,099
55,747,287
16,546,219

2,656,884
3,455,394
475,484
2,421,309
892,018
1,299,118
86,240,624
18,030,053

$ 65,756,477

$ 70,352,362

$ 79,516,713

$

92,786,879

$ 124,559,162

$

$

$

$

678,548
-

564,639
-

533,304
-

553,663
-

12,989,198
12,882,857
721
1,434,106
(28,737)

13,219,610
12,428,141
37,130
9,869,218
1,846,863
1,647,416
(105,729)

5,576,920
19,453,023
35,863
21,876,083
2,442,864
1,963,850
(22,755)

$ 27,842,784

$ 39,475,953

$ 51,879,511

$

$

497,974
-

5,913,772
29,633,601
249
43,953,339
10,164,456
2,555,378
(188,894)

5,945,421
43,001,310
40,471,387
9,978,487

92,710,449

$ 102,436,764

3,043,242
(501,057)

Page 145

City of Goodyear
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
(Unaudited)

Fiscal Year

Revenues
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Investment income
Special assessments
Contributions
Miscellaneous
Total Revenues

2011

2012

2013

2014

2015

$ 53,909,300
4,541,951
15,825,858
3,978,325
849,060
225,588
4,859,749
2,707,926
157,090
87,054,847

$ 55,397,903
4,729,946
19,319,623
3,876,918
825,971
319,017
5,844,915
3,099,952
361,202
93,775,447

$ 58,970,605
6,793,070
18,723,318
6,322,025
809,334
439,982
5,845,306
4,024,175
567,839
102,495,654

$ 63,577,425
7,460,830
19,325,653
4,658,927
884,735
414,689
5,839,886
2,408,357
1,327,008
105,897,510

$ 66,203,440
6,558,607
21,749,386
4,576,618
860,313
361,146
5,762,295
2,976,642
243,473
109,291,920

Expenditures *
General government
Public safety
Highways and streets
Public works
Culture and recreation
Development services
Capital outlay
Debt Service:
Principal retirement
Interest and debt cost
Payment to refunded bond escrow agent
Total Expenditures

15,913,718
24,045,015
3,808,328
3,047,742
3,936,203
4,376,985
9,234,659

16,953,769
24,862,833
3,340,208
2,967,386
4,115,701
4,557,391
6,437,600

17,376,427
26,764,289
4,674,325
2,093,312
4,884,349
5,232,999
18,252,039

16,895,276
28,310,822
5,585,966
2,045,578
4,975,947
5,823,318
18,496,444

18,081,622
29,505,746
5,494,087
2,268,109
5,265,454
6,933,854
11,326,103

11,254,524
10,645,162
86,262,336

12,433,024
10,687,152
86,355,064

10,226,228
10,987,906
100,491,874

9,441,923
9,765,514
101,340,788

9,291,703
9,323,202
97,489,880

Excess of Revenues over (under)
Expenditures

792,511

7,420,383

2,003,780

4,556,722

11,802,040

Notes:
* Beginning in fiscal year 2016 expenditure functions were consolidated to align with the basic financial statements
Source: Statement of Revenues, Expenditures and Changes in Fund Balances

Page 146

Table 7

Fiscal Year
2016

2017

2018

2019

2020

$ 71,287,200
7,357,205
21,811,572
5,792,947
839,108
710,040
6,096,012
1,346,713
728,930
115,969,727

$ 74,924,078
9,302,729
25,780,719
9,227,037
925,314
560,547
6,009,405
1,638,229
516,160
128,884,218

$ 82,602,447
10,636,668
26,773,324
10,418,539
1,044,317
1,196,857
5,968,798
6,358,002
2,485,672
147,484,624

90,300,757
12,314,128
27,458,465
12,234,549
1,044,516
4,606,033
9,868,376
4,036,766
1,192,520
163,056,110

$ 116,390,115
18,061,371
39,616,094
17,351,117
869,101
4,351,915
5,509,308
6,247,217
1,504,393
209,900,631

17,968,635
32,881,648
5,680,917
2,255,101
5,712,191
7,933,367
15,988,901

19,191,902
36,905,961
5,748,952
2,598,519
12,090,866
7,187,389
17,628,611

20,825,896
39,779,006
5,517,174
2,897,716
11,315,720
7,159,767
30,366,883

20,801,270
43,459,463
7,563,123
2,827,608
14,108,472
7,641,804
17,066,876

22,828,171
45,641,389
7,399,662
4,044,509
13,042,653
8,916,314
40,565,230

9,772,183
9,046,458
107,239,401

14,581,544
12,968,581
128,902,325

19,642,573
15,708,001
4,622,056
157,834,792

21,763,951
12,599,646
147,832,213

19,465,657
10,818,794
172,722,379

8,730,326

(18,107)

(10,350,168)

15,223,897

37,178,252

$

continued

Page 147

City of Goodyear
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
(Unaudited)

Fiscal Year
2011
Other Financing Sources and (Uses)
Transfer in
Transfer out
Sale of assets*
Debt issuance
Debt premium
Refunding bonds
Refunding bonds premium
Payment to refunded bond escrow agent
Total Other Financing Sources
and (Uses)
Net Change in Fund Balances
Debt Service as a Percentage of
Noncapital Expenditures

2012

2013

2014

2015

$ 8,388,300 $ 5,504,462 $ 4,726,150 $ 5,356,364 $ 4,588,019
(10,837,705) (9,397,127)
(9,602,694) (10,494,616)
(9,923,248)
1,780,000
10,500,000
4,980,000
129,958
(39,461)
11,530,000
10,685,000
14,755,000
7,015,000
949,267
672,545
1,114,908
452,099
- (11,530,000) (10,965,024) (15,138,166)
(7,168,901)

(2,449,405)

(1,033,440)

$ (1,656,894) $ 6,386,943

27.3%

28.9%

6,015,977
$

8,019,757

25.8%

$

(4,406,510)

(96,492)

150,212

$ 11,705,548

22.3%

20.6%

Notes:
* Beginning in fiscal year 2019 sales of assets was broken out to align with the basic financial statements.

Source: City Financial Records and Reports

Page 148

Table 7

2016

2017

2018

2019

2020

$ 3,539,227 $ 12,768,632 $ 13,901,429 $ 17,954,246 $ 28,400,983
(9,091,060)
(9,968,632) (10,201,429) (14,254,246)
(24,901,739)
346,124
291,817
10,968,000
25,015,000
33,873,000
529,285
958,083
18,535,000
118,130,941
51,537,627
2,047,350
14,546,606
722,171
(20,106,713) (130,387,703) (49,056,702)

(5,076,196)

16,057,844

31,918,096

38,877,207

$ 3,654,130

$ 16,039,737

$ 21,567,928

$ 54,101,104

18.4%

24.7%

27.8%

26.3%

4,320,346
$

41,498,598

22.9%
concluded

Page 149

City of Goodyear
Property Tax Rates
Direct and Overlapping Governments
Last Ten Fiscal Years
(Unaudited)

City Direct Rate

Overlapping Rates
County-Wide Jurisdictions

Fiscal
Year
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

Debt
Operating Service
Rate
Rate
0.7603
0.6630
0.9446
0.6554
1.1115
0.6635
1.1994
0.7006
1.1836
0.6864
1.1637
0.7063
1.1598
0.7025
1.1344
0.6005
1.1084
0.6266
1.0619
0.6713

Total
County
City
Operating
Rate
Rate
1.4233
1.0508
1.6000
1.2407
1.7750
1.2407
1.9000
1.2807
1.8700
1.3209
1.8700
1.3609
1.8623
1.4009
1.7349
1.4009
1.7350
1.4009
1.7332
1.4009

County
Library Fire District
District Assistance
Rate
Rate
0.0412
0.0066
0.0492
0.0084
0.0492
0.0110
0.0438
0.0121
0.0556
0.0113
0.0556
0.0116
0.0556
0.0112
0.0556
0.0102
0.0556
0.0107
0.0556
0.0095

Source: Maricopa County Assessor's Office

County
County
Flood
Education
District Equalization
Rate
Rate
0.1489
0.3564
0.1780
0.4259
0.1780
0.4717
0.1392
0.5123
0.1392
0.5089
0.1592
0.5054
0.1792
0.5010
0.1792
0.4875
0.1792
0.4741
0.1792
0.4566
continued

Page 150

Table 8

Overlapping Rates
County-Wide Jurisdictions

Fiscal
Year
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

Community
College
Rate
0.9728
1.2082
1.3778
1.5340
1.5187
1.4940
1.4651
1.4096
1.1708
1.1585

Central
Arizona
Project
Rate
0.1000
0.1000
0.1000
0.1400
0.1400
0.1400
0.1400
0.1400
0.1400
0.1400

Special
Health
Care
District
Rate
0.1122
0.1494
0.3053
0.2941
0.2941
0.1871

School Districts

Total
Agua Fria/
Buckeye/ Tolleson/
County Avondale Litchfield
Liberty
Littleton
Rate
Rate
Rate
Rate
Rate
2.7889
5.3923
5.3658
6.1069
6.1935
3.3598
7.4753
3.2590
6.2698
7.8626
3.4284
7.4945
3.8863
6.9607
9.2259
3.6621
8.2090
3.9772
7.1092 11.4641
3.6946
10.0022
3.7780
8.0102 10.4333
3.7267
9.4960
3.8352
7.6149
9.9303
4.0583
9.8771
3.8142
7.0163
9.5342
3.9771
8.9315
3.4763
7.0616
9.8185
3.7254
8.4894
3.8499
6.8080 10.0261
3.5874
7.8709
3.6716
6.6742 10.6716

Mobile
Rate
5.4994
4.9490
6.9350
7.7572
7.8876
7.8876
8.1213
7.8876
7.8876
7.8876
continued

Page 151

City of Goodyear
Property Tax Rates
Direct and Overlapping Governments
Last Ten Fiscal Years
(Unaudited)

Overlapping Rates
Other Special Taxing Districts

Fiscal
Year
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

West
Maricopa
Education
Center
District
Rate
0.5000
0.0500
0.0500
0.0592
0.0810
0.0698
0.0840
0.1780
0.1494
0.1634

Central
Arizona
GRD
Rate
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000

Estrella
Centerra
Cortina
Cottonflower Mtn. Ranch
Roosevelt Community Community Community Community
Irrigation
Facilities
Facilities
Facilities
Facilities
District
District
District
District
District
Rate
Rate
Rate
Rate
Rate
17.1000
2.3797
2.2087
2.9776
1.3000
17.1000
2.1961
2.7298
3.4033
1.3000
17.1000
3.2961
2.8500
3.8528
1.3000
17.1000
3.3559
2.8500
3.9890
1.3000
27.1000
3.0361
2.6034
3.2768
1.3000
27.1000
3.1327
2.5999
3.3377
1.3000
27.1000
2.7404
2.3824
3.0482
1.3000
27.1000
2.6706
1.8877
2.5714
1.3000
29.8100
2.5823
1.8664
2.5413
1.3000
29.8100
2.4421
1.8994
2.5400
1.3000
continued

Page 152

Table 8

Overlapping Rates

Fiscal
Year
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

Other Special Taxing Districts
Palm
King
Wildflower Wildflower
Goodyear Goodyear
Community Community
Valley
Ranch
Community Community
Facilities
Facilities Community Community Facilities
Facilities
General
Utilities
Facilities
Facilities
General
General
District #1 District #1 District #3
District
District #1 District #2
Rate
Rate
Rate
Rate
Rate
Rate
0.7570
1.0000
1.2952
0.3000
2.2891
2.5496
0.8034
1.0000
1.2684
0.3000
2.8718
2.9933
1.0000
1.0000
1.8035
0.3000
3.3150
3.3467
1.0000
1.0000
1.7844
0.3000
3.4365
3.8922
0.7334
1.0162
1.2592
0.3000
2.7761
3.0227
0.7075
1.1497
1.1097
0.3000
2.9103
3.1070
0.8466
1.1500
0.9308
0.3000
2.7230
2.9330
0.9600
1.1500
0.8682
0.3000
2.8882
3.0463
0.8896
1.1480
0.8085
0.3000
2.8489
2.7801
0.8903
0.9390
0.6107
0.3000
2.6309
2.7362
concluded

Page 153

Page 154

Table 9
City of Goodyear
Principal Property Tax Payers
Current Fiscal Year and Nine Years Prior
(Unaudited)

Fiscal Year
2011

2020

Rank

Percentage of
Total Taxable
Assessed
Value

19,901,824

1

2.34%

VHS of South Phoenix, Inc.

10,274,957

2

FR PV 303 LLC

9,129,596

3

Taxable
Assessed
Value

Taxpayer
Arizona Public Service Company

$

Taxable
Assessed
Value
$

Rank

Percentage of
Total Taxable
Assessed
Value

27,174,825

1

2.65%

1.21%

19,023,489

2

1.85%

1.08%

12,466,278

3

1.21%

Macys Logistics LLC

11,290,901

4

1.10%

ILPT Properties LLC

8,765,133

5

0.85%

HUHTAMAKI Inc

8,650,527

6

0.84%

Nike IHM Inc

8,352,540

7

0.81%

FR PV 303 Phase 2 LLC

8,348,987

8

0.81%

Anderson Regional Manufacturing Inc

8,311,371

9

0.81%

Lex Goodyear II LP

8,041,410

10

0.78%

10

0.60%

DH Goodyear LLC

7,883,791

4

0.93%

NNP III EMR 3 LLC

5,990,623

5

0.71%

The Market at Estrella Falls LLC

5,985,139

6

0.71%

First American Title Ins Co TR 7854

5,417,193

7

0.64%

Vestar Arizona XL III LLC

5,185,479

8

0.61%

Cardinal Capital Co

5,097,035

9

0.60%

Southwest Gas Corporation (T&D)

4,417,557

10

0.52%

5,511,428

8.82%

$ 120,425,461

Total

$

74,865,637

Source: Maricopa County Treasurer

Page 155

11.73%

City of Goodyear
Assessed Value and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
(Unaudited)

Total
Assessed
Value
Residential
Property

Fiscal
Year
Ended
June 30

Total
Assessed
Value
Commercial
Property

Agricultural/
Vacant Land

Other

Less:
Tax-Exempt
Property

Net
Assessed
Value

2011

Primary
Secondary

404,164,550
405,850,285

265,580,527
297,842,341

246,048,945
308,078,489

70,064
33,349

126,711,288
163,045,578

789,152,798
848,758,886

2012

Primary
Secondary

357,230,458
357,367,570

238,218,141
252,752,614

194,223,071
206,673,571

226,506
214,401

122,548,914
144,006,328

667,349,262
673,001,828

2013

Primary
Secondary

338,747,451
339,165,652

220,657,668
228,812,312

163,082,414
167,084,029

240,243
244,254

120,560,037
129,664,064

602,167,739
605,642,183

2014

Primary
Secondary

340,280,668
342,294,870

205,111,305
211,390,271

161,905,429
165,979,539

273,421
275,521

122,898,455
129,681,549

584,672,368
590,258,652

2015

Primary
Secondary

393,827,703
416,834,896

192,119,198
196,638,563

158,537,781
169,043,455

1,158,177
1,167,249

115,918,333
122,400,093

629,724,526
661,284,070

2016

Limited Property Value

427,218,918

223,077,763

149,242,505

1,127,677

129,713,965

670,952,898

2017

Limited Property Value

457,689,029

227,887,800

146,856,414

6,601,784

128,500,705

710,534,322

2018

Limited Property Value

499,088,340

234,739,156

159,566,464

6,975,609

137,331,297

763,038,272

2019

Limited Property Value

538,457,161

256,367,234

152,787,152

7,383,730

132,980,202

822,015,075

2020

Limited Property Value

590,823,853

299,172,489

163,622,803

7,807,328

139,439,679

921,986,794

Notes: Beginning in fiscal year 2016, the Net Assessed Limited Property Value is statutorily required to be used for the calculation of
primary and secondary property taxes. Prior to fiscal year 2016, the primary levy was calculated using the limited assessed
valuation and the secondary levy was calculated using the full cash assessed valuation. Detail data prior to 2009 for "primary" is not
available.
Source: Maricopa County Assessor's Office

Page 156

Table 10

Total Direct
Tax Rate

Estimated
Actual Taxable
Value

Assessed
Value as
Percentage of
Actual Value

0.7603
0.6630

6,843,890,271
7,401,814,203

11.5%
11.5%

0.9446
0.6554

5,978,258,706
6,130,095,795

11.2%
11.0%

1.1115
0.6635

5,513,086,956
5,583,052,641

10.9%
10.8%

1.1994
0.7006

5,485,036,603
5,562,951,789

10.7%
10.6%

1.1836
0.6864

6,012,798,998
6,332,435,414

10.5%
10.4%

1.8700

6,479,932,484

10.4%

1.8623

6,951,354,974

10.2%

1.7349

7,490,466,600

10.2%

1.7350

7,985,016,888

10.3%

1.7332

8,822,931,900

10.4%

Page 157

Table 11
City of Goodyear
Property Tax Levies and Collections
Last Ten Fiscal Years
(Unaudited)

Fiscal
Year
Taxes Levied
Ended
for the
June 30 Fiscal Year (a)

Collected within the
Collection in
Fiscal Year of the Levy
Percentage Subsequent
Amount
of Levy
Years

Total Collections to Date
Percentage
Amount
of Levy

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

11,291,963
10,454,308
10,523,654
10,949,615
11,808,563
12,392,149
13,024,932
13,071,185
14,097,133
15,760,028

11,316,702
10,556,037
10,571,359
11,001,355
11,921,870
12,392,149
12,971,467
13,071,185
14,097,133
15,760,028

11,650,452
10,743,752
10,714,099
11,185,149
11,992,446
12,599,829
13,157,209
13,232,702
14,263,392
15,981,505

96.92%
97.31%
98.22%
97.89%
98.47%
98.35%
98.99%
98.78%
98.83%
98.61%

24,739
101,729
47,705
51,739
113,307
(0)
(53,465)
-

(a) Tax levy is reported by the Treasurer as of August of each fiscal year. Amount does not
include adjustments made to levy amounts after the August report.
Source: Maricopa County Treasurer's Office

Page 158

97.14%
98.25%
98.67%
98.36%
99.41%
98.35%
98.59%
98.78%
98.83%
98.61%

Table 12
City of Goodyear
Utility Statistical Data
Ten Largest Water Users
Current Fiscal Year and Nine Fiscal Years Ago
(Unaudited)

Fiscal Year

Entity
City of Goodyear
Las Brisas
Sarival Paseo Joint Community
Avondale School
Canyon Trails Unit HOA 3A
Buesing Corp
Canyon Trails HOA
Canyon Trails Unit HOA 4A
Shepard Investment
Canyon Trails 4 - South
Agua Fria Union High School Dist.
JB Park Shadows
Cottonflower Goodyear Community
Cancer Treatment Center of America

Type of User
Multi Purpose
Homeowner's Association
Homeowner's Association
School
Homeowner's Association
Commercial
Homeowner's Association
Homeowner's Association
Apartments
Homeowner's Association
School
Apartments
Homeowner's Association
Multi Purpose

2011
2020
Fees &
Fees &
Rank
Charges
Rank
Charges
$
1
$
749,803
$
2
$
577,355
7
$
81,057
3
$
407,678
4
$
124,054
4
$
338,688
1
$
194,610
5
$
313,245
$
6
$
288,333
2
$
188,461
7
$
281,795
3
$
138,598
8
$
271,777
$
9
$
259,624
5
$
109,247
10 $
254,561
6
$
103,049
$
8
$
76,277
$
9
$
69,994
$
10 $
66,878
$
-

Total
Total as a percent of total Water System Operating Revenue

Source: City customer service and billing records

Page 159

$ 1,152,225

$ 3,742,858

12.52%

21.77%

Page 160

Table 13
City of Goodyear
Utility Statistical Data
Ten Largest Wastewater Users
Current Fiscal Year and Nine Fiscal Years ago
(Unaudited)

Fiscal Year

Entity
Arizona State Prison/Perryville
Cancer Treatment Center
Shepard Inv Apartments
JB Park Shadows
Schoeller Arca Systems NC
Huhtamaki
Poore Brothers, Inc.
Sundt Construction
3 Minute Car Wash
HCL Encantada Goodyear LLC
Fairfield Development
Fairfield Centerra LLC
Airport Training Center
Avondale Elementary
Pem Investments
Alliance Residential

Type of User
Prison
Hospital
Apartments
Apartments
Industrial
Irrigation
Food Manufacturer, Snacks
Hydrant F&D
Car Wash
Commercial
Real Estate
Real Estate
Airport
Education
Real Estate
Real Estate

2011
2020
Fees &
Fees &
Rank
Charges
Rank
Charges
1
$
287,556
1
$ 1,385,142
4
$
58,978
2
$
94,054
3
$
75,732
2
$
65,937
4
$
71,279
5
$
69,619
6
$
68,496
6
$
43,509
7
$
57,363
8
$
52,798
9
$
52,249
10 $
43,834
3
$
59,617
5
$
53,771
7
$
37,031
8
$
35,052
9
$
34,657
10 $
34,442

Total

$

Total as a percent of total Wastewater System Operating Revenue

Source: City customer service and billing records

Page 161

710,550
8.47%

$ 1,970,566
$

0.12

City of Goodyear
Schedule of Existing and Adopted
Monthly Water & Wastewater Service Charges (2012 - 2020)
(Unaudited)

Description of Water System Services

Adopted

Adopted

Adopted

Adopted

Adopted

Adopted

Adopted

Adopted

2012

2013

2015

2016

2017

2018

2019

2020

Existing Fees

Base Charge
(Meter Size)
3/4 Inch

12.70

$ 10.05

$ 10.23

$ 11.24

$ 12.70

$ 14.73

$ 16.35

$ 17.49

$ 18.54

1 Inch

$

17.56

12.74

14.14

15.54

17.56

20.37

22.61

24.19

25.64

1 1/2 Inch

28.39

19.74

22.86

25.12

28.39

32.93

36.55

39.11

41.46

2 Inches

45.96

32.02

37.01

40.67

45.96

53.31

59.17

63.31

67.11

3 Inches

77.67

61.64

70.67

77.67

77.67

77.67

77.67

77.67

77.67

4 Inches

126.65

99.58

115.24

126.65

126.65

126.65

126.65

126.65

126.65

6 Inches

240.36

189.08

218.71

240.36

240.36

240.36

240.36

240.36

240.36

Monthly Volume Charge - Residential
0 - 6,000 gallons (per thousand)

1.47 (2) $

1.46

6,001 - 12,000 (per thousand)

$

2.93 (3)

2.92

$

1.18
2.36

$

1.30
2.59

$

1.47
2.93

$

1.71
3.40

$

1.90
3.77

$

2.03
4.03

$

2.15

12,001 - 30,000 (per thousand)

4.40 (4)

4.38

3.54

3.89

4.40

5.10

5.66

6.06

6.42

30,001+ gallons (per thousand)

7.06 (5)

5.69

5.69

6.25

7.06

8.19

9.09

9.73

10.31

4.27

Monthly Volume Charge - Commercial
0 - 40,000 gallons (per thousand)

$

3.73

$

2.60

$

3.00

$

3.30

$

3.73

$

4.29

$

4.72

$

4.91

$

5.06

40,001 - 100,000 gallons (per thousand)

5.97

4.16

4.80

5.28

5.97

6.87

7.56

7.86

8.10

100,001+ gallons (per thousand)

7.75

5.41

6.24

6.86

7.75

8.91

9.80

10.19

10.50

Note: Rates shown are for customers within city limits. The rates for customers outside of the city limits are 25% greater
than the customers within city limits. Rate increases are adopted at the direction of City Council.
(1) Rates were updated during January 2017
(2) Monthly volume change for fees is 0 - 6,000 gallons (per thousand).
(3) Monthly volume change for fees is 6,001 - 12,000 gallons (per thousand).
(4) Monthly volume change for fees is 12,001 - 30,000 gallons (per thousand).
(5) Monthly volume change for fees is 30,001 - and over gallons (per thousand).

Schedule of Water System Rate Increases (2011-2020)
Rate
Date

Increase

Fiscal Year 2011

7.5%

Fiscal Year 2012

9.4%

Fiscal Year 2013
Fiscal Year 2014

0.0%
N/A

Fiscal Year 2015

10.0%

Fiscal Year 2016

13.0%

Fiscal Year 2017

16.0%

Fiscal Year 2018

11.0%

Fiscal Year 2019

7.0%

Fiscal Year 2020

6.0%

Source: City Financial Records, Reports and Water & Wastewater Rate Study.
The table above reflects only certain fees and charges of the
City's water system and is not a comprehensive statement of all such fees.

Page 162

Table 14

Existing Fees

Description of Wastewater System Services

Adopted

Adopted

Adopted

Adopted

Adopted

Adopted

Adopted

2012

2013

2016

2017

2018

2019

2020

Residential Wastewater Service
Base Charge

(See below)

Volume Charge (per 1,000 gallons)

$

5.78

$

4.90

$

5.78

$

5.95

$

6.13

$

6.25

$

6.38

$

6.51

General Commercial Wastewater Service
Base Charge

(See below)

Volume Charge (per 1,000 gallons)

$

5.78

$

4.90

$

5.78

$

5.95

$

6.13

$

6.25

$

6.38

$

6.51

$

21.12

$

18.96

$

21.12

$

21.75

$

22.40

$

22.85

$

23.31

$

23.78

Base Charge
(Meter Size)
3/4 Inch
1 Inch

32.41

28.02

32.41

33.38

34.38

35.07

35.77

36.49

1 1/2 Inch

39.94

34.61

39.94

41.14

42.37

43.22

44.08

44.96

2 Inches

77.58

67.16

77.58

79.91

82.31

83.96

85.64

87.35

3 Inches

115.22

99.68

115.22

115.22

115.22

115.22

115.22

115.22

4 Inches

152.86

139.10

152.86

152.86

152.86

152.86

152.86

152.86

6 Inches

378.70

328.83

378.70

378.70

378.70

378.70

378.70

378.70

Schedule of Wastewater System Rate Increases (2011-2020)
Rate
Date
Fiscal Year 2011

Increase
9.3%

Fiscal Year 2012

9.5%

Fiscal Year 2013

15.2%

Fiscal Year 2014

N/A

Fiscal Year 2015

N/A

Fiscal Year 2016

3.0%

Fiscal Year 2017

3.0%

Fiscal Year 2018

2.0%

Fiscal Year 2019

2.0%

Fiscal Year 2020

2.0%

Page 163

City of Goodyear
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(Unaudited)

Fiscal
Year
Ended
June 30

General
Obligation
Bonds

Governmental Activities
Public
Improvement
McDowell
Corporation
Road
Municipal
Corridor
Contract
Facilities
Improvement
Payable
Revenue Bond
District

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

31,358,457
29,000,636
26,555,569
24,616,149
21,638,323
18,564,501
21,987,761
43,983,309
64,022,774
61,007,711

3,755,628
1,755,628
-

4,510,000
2,940,000
12,431,467
11,047,495
10,037,745
8,859,189
127,152,711
121,145,790
100,376,526
102,722,600

44,900,000
43,675,000
42,390,000
42,383,378
40,881,328
39,304,278
37,647,228
34,870,000
28,910,000
26,610,000

Community
Facilities
District
Bonds
117,182,000
113,555,000
109,823,000
107,194,657
108,520,857
106,289,435
103,870,391
94,683,268
87,776,000
86,300,170

Source: US Census Bureau, Applied Geographic Solutions/TIGER Geography, and City
Financial Records

Page 164

Table 15

General
Obligation
Bonds
91,121,543
89,394,364
85,384,431
82,113,973
77,607,211
73,018,360
66,702,679
58,226,165
48,957,226
48,509,399

Business-Type Activities
Public
Improvement
Corporation
Municipal
Facilities
Revenue
Revenue Bond
Bonds
102,300,000
102,180,000
102,180,000
104,096,689
103,970,274
104,164,132
-

32,245,000
31,985,000
31,390,000
30,596,520
30,114,933
42,413,304
41,924,131
40,489,966
37,175,000
153,719,816

Water
Infrastructure
Finance
Authority
Loan

Water
Rights

12,554,096
11,908,603
10,998,942
10,064,007
9,096,237
3,854,322
3,591,773
3,323,972
3,050,815
2,772,195

-

Page 165

Total
439,926,724
426,394,231
421,153,409
412,112,868
401,866,908
396,467,521
402,876,674
396,722,470
370,268,341
481,641,891

Percentage
of Personal
Income

Per
Capita

24.49%
20.10%
22.13%
20.81%
21.38%
19.80%
21.52%
16.23%
14.16%
16.75%

6,740
6,430
6,264
5,773
5,443
5,304
5,180
4,750
4,374
5,420

Table 16
City of Goodyear
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
(Unaudited)

Less: Amounts
Available
in Debt
Service Fund

Percentage
Estimated
Actual Taxable
Value of
Property

Fiscal
Year
Ended
June 30

General
Obligation
Bonds

2011
2012
2013
2014
2015
2016

122,480,000
118,395,000
111,940,000
106,730,122
99,245,534
91,582,861

668,186
1,246,110
841,716
98,876
13,202

121,811,814
117,148,890
111,098,284
106,631,246
99,245,534
91,569,659

14.35%
17.41%
18.34%
18.07%
15.01%
13.65%

1,866
1,767
1,652
1,494
1,344
1,225

2017
2018
2019
2020

88,690,440
102,209,474
112,980,000
109,517,110

703,557
778,715
229,724
229,320

87,986,883
101,430,759
112,750,276
109,287,790

12.38%
13.29%
13.72%
11.85%

1,131
1,215
1,332
1,230

Total

Source: City Financial Records and Reports

Page 166

Per
Capita

Table 17
City of Goodyear
Direct and Overlapping Governmental Activities Debt
As of June 30, 2020
(Unaudited)

Net Assessed
Limited
Property Value

Overlapping Jurisdiction

Debt
Outstanding

Net Debt
Amount

Maricopa County
Maricopa County Community College District
Maricopa Special Healthcare District
Western Maricopa Education Center
Liberty Elementary School District No. 25
Avondale Elementary School District No. 44
Littleton Elementary School District No. 65
Litchfield Elementary School District No. 79
Mobile Elementary School District No. 86
Buckeye Union High School District No. 201
Tolleson Union High School District No. 214
Agua Fria Union High School District No. 216
Wildflower Ranch Community Facilities District No. 1
Wildflower Ranch Community Facilities District No. 2
Community Facilities General District No. 1
Community Facilities Utility District No. 1
Estrella Mountain Ranch Community Facilities District
Cottonflower Community Facilities District
Centerra Community Facilities District
Cortina Community Facilities District
Palm Valley Community Facilities District
Subtotal of overlapping debt:

$ 43,194,326,395
43,194,326,395
42,997,577,641
15,894,829,755
276,988,483
409,263,727
271,421,355
902,684,659
8,679,355
775,635,716
1,249,874,282
1,311,948,386
5,225,408
5,262,248
128,892,161
381,577,175
104,760,225
9,964,182
12,641,968
11,016,717
104,879,935
$ 151,251,776,168

312,450,000
459,125,000
169,545,000
35,670,000
36,225,000
26,885,000
46,335,000
75,135,000
180,090,000
138,175,000
390,000
625,000
7,740,000
31,350,000
11,925,000
1,700,000
2,910,000
1,745,000
5,320,000
$ 1,543,340,000

2.13 % $
2.13
6,669,273
2.14
9,844,908
5.80
9,834,534
58.79
20,970,218
83.28
30,169,485
0.03
7,053
44.76
20,740,790
44.02
19.89
14,941,285
0.01
10,338
56.76
78,422,226
100.00
390,000
100.00
625,000
100.00
7,740,000
100.00
31,350,000
100.00
11,925,000
100.00
1,700,000
100.00
2,910,000
100.00
1,745,000
100.00
5,320,000
$ 255,315,111

Direct Debt:
City of Goodyear

$

$

100.00 % $ 276,637,904

921,986,794

$

Estimated
Percentage
Applicable (a)

276,637,904

Total Direct and Overlapping Debt

$ 531,953,015

Total Governmental and Business-Type General Obligation Bonds

$

109,517,110

100.00 % $ 109,517,110

(a) Proportion applicable to the City of Goodyear, Arizona is computed on the ratio of net assessed limited property value
for 2019/20
Sources: Maricopa County Assessor's Office and Official Statements

Note: Overlapping governments are those that coincide, at least in part, with the geographic
boundaries of the city. This schedule estimates the portion of the outstanding debt of those
overlapping governments that is borne by the residents and businesses of the City of Goodyear.
This process recognizes that when considering the government's ability to issue and repay
long-term debt, the entire debt burden borne by the residents and businesses should be taken
into account. However, this does not imply that every taxpayer is a resident, and therefore
responsible for repaying the debt, of each overlapping government
The percentage of overlapping debt applicable is estimated using taxable assessed property values.
Applicable percentages were estimated by determining the portion of the county's taxable assessed
value that is within the government's boundaries and dividing it by the county's total taxable
assessed value.

Page 167

City of Goodyear
Legal Debt Margin Information
As of June 30, 2020
(Unaudited)

Fiscal Year
2011

2012

$ 848,758,886

$ 673,001,828

20% Limitation
Debt Limit Equal to 20% of Assessed
Valuation

169,751,777

134,600,366

Total Debt Applicable to 20% Limit

122,205,000

118,130,000

Legal 20% Debt Margin (Available
Borrowing Capacity)

$ 47,546,777

$ 16,470,366

Total net debt applicable to the limit
as a percentage of debt limit

71.99%

87.76%

6% Limitation
Debt Limit Equal to 6% of Assessed
Valuation

$ 50,925,533

$ 40,380,110

Total Debt Applicable to 6% Limit

275,000

265,000

Legal 6% Debt Margin (Available
Borrowing Capacity)

$ 50,650,533

$ 40,115,110

0.54%

0.66%

Net Full Cash Assessed Value

Total net debt applicable to the limit
as a percentage of debt limit

2013
$

605,642,183

$ 659,588,897

121,128,437

118,051,730

131,917,779

111,690,000

104,775,000

97,570,000

13,276,730

$ 34,347,779

88.75%

73.96%

35,415,519

$ 39,575,334

250,000

220,000

35,165,519

$ 39,355,334

0.71%

0.56%

$

9,438,437

$

2015

590,258,652

$

92.21%

$

36,338,531

$

250,000

$

Source: Maricopa County Treasurer's Office and City financial records and reports

Page 168

2014

36,088,531

0.69%

$

Table 18

Fiscal Year
2016

2017

$ 670,952,898

$ 871,205,504

134,190,580

2018

2019

2020

964,201,508

$ 1,043,418,163

$ 1,183,659,155

174,241,101

192,840,302

208,683,633

236,731,831

90,065,000

106,130,000

97,065,000

112,980,000

102,605,000

$ 44,125,580

$ 68,111,101

67.12%

60.91%

$ 40,257,174

$ 52,272,330

205,000

190,000

$ 40,052,174

$ 52,082,330

0.51%

0.36%

$

$

95,775,302

$

50.33%

$

57,852,090

57,852,090

0.00%

$

134,126,831

54.14%

$

-

$

95,703,633

62,605,090

43.34%

$

71,019,549

-

$

62,605,090

-

$

71,019,549

0.00%

Page 169

0.00%

Table 19
City of Goodyear
Pledged-Revenue Coverage
As of June 30, 2020
(Unaudited)

Public Improvement Corporation Municipal Facilities Revenue Bonds
Fiscal
Year
Ended
June 30

Operating
Revenue

Pledged
Revenue

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

57,697,609
65,501,422
76,004,072
81,109,035
82,672,164
87,880,128
95,623,345
107,069,770
116,486,271
152,851,661

45,808,725
52,566,675
57,969,777
62,768,755
59,861,110
67,903,484
68,619,826
69,446,051
90,707,954
116,812,121

Debt Service
Principal
Interest
745,000
570,000
590,000
85,000
230,000
235,000
3,220,000
3,500,000
5,840,000
6,110,000

Coverage

5,562,612
4,925,626
5,505,685
5,702,661
5,458,563
5,451,663
3,674,649
4,710,941
4,563,216
4,299,271

7.26
9.57
9.51
10.85
10.52
11.94
9.95
8.46
8.72
11.22

Debt Service
Principal
Interest
1,167,815
1,802,534
1,139,026
5,554,656
1,504,661
5,819,924
1,439,935
2,212,948
1,467,770
2,207,414
1,496,834
2,159,000
1,682,550
2,268,124
1,742,801
2,292,417
1,613,157
2,014,361
2,283,620
1,199,376

Coverage
3.13
1.72
1.68
3.37
3.09
3.49
3.27
5.37
6.36
9.72

Water & Sewer Bonds & Loans
Fiscal
Year
Ended
June 30
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

Operating
Revenue
18,271,778
20,221,750
23,133,152
24,989,997
24,748,802
27,964,881
31,380,884
35,230,057
42,658,585
60,392,907

Less:
Operating
Expenses
8,965,363
8,703,445
10,837,296
12,684,374
13,405,653
15,205,094
18,471,783
13,551,129
19,584,574
26,552,787

Net
Operating
Revenue
9,306,415
11,518,305
12,295,856
12,305,623
11,343,149
12,759,787
12,909,101
21,678,928
23,074,011
33,840,120

Source: City Financial Records and Reports

Page 170

Table 20
City of Goodyear
Demographic and Economic Statistics
Last Ten Fiscal Years
(Unaudited)

Fiscal
Year

Population

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

66,309
67,239
71,381
73,832
74,743
77,776
78,189
83,512
84,659
88,870

Personal
Income
(in thousands)
$
$
$
$
$
$
$
$
$
$

2,120,960
1,903,133
1,980,537
1,879,673
2,001,907
1,871,990
2,157,938
2,443,812
2,615,370
2,875,389

Per Capita
Personal
Income
$
$
$
$
$
$
$
$
$
$

31,986
28,304
27,746
25,459
26,784
24,069
27,599
29,263
30,893
32,355

Median
Age

Education
Level in Years
of Schooling

33.5
35.2
38.4
36.5
35.6
36.7
36.7
37.1
37.1
38.2

Source: Bureau of Labor Statistics and City Financial Records

Page 171

13 to 16
13 to 16
13 to 16
13 to 16
13 to 16
13 to 16
13 to 16
13 to 16
13 to 16
13 to 16

Unemployment
Rate
9.8%
8.2%
8.3%
7.2%
5.7%
5.5%
4.4%
4.2%
4.8%
9.4%

Table 21
City of Goodyear
Principal Employers
Current Fiscal Year and Nine Fiscal Years Prior
(Unaudited)

Major Corporation

Fiscal Year
2011
Percentage
of Total City
Employees Rank Employment*

UPS - Regional Ops Center
Amazon.com

357

7

1.19%

Chewy.com

Fiscal Year
2020
Percentage
of Total City
Employees Rank Employment*
1,852

1

4.54%

1,355

2

3.32%

1,200

3

2.94%

(Abrazo Healthcare) West Valley Hospital

670

3

2.23%

1,009

4

2.47%

Macy's Inc

532

4

1.77%

1,008

5

2.47%

Cancer Treatment Center's of America

325

9

1.08%

768

6

1.88%

Subzero Freezer Co

284

10

0.95%

590

7

1.45%

McLane Sunwest

374

6

1.25%

345

8

0.85%

Huhtamaki

330

9

0.81%

REI

325

10

0.80%

Cavco

325

10

0.80%

Arizona State Prison/Perryville

956

1

3.19%

Lockheed Martin

870

2

2.90%

City of Goodyear

511

5

1.70%

Walmart Supercenter

340

8

1.13%

Total

5,219

17.41%

Source: City Records
*2019 labor force = 40791 ; 2011 labor force = 29984

Page 172

9,107

22.33%

Table 22
City of Goodyear
Full-time Equivalent City Government Employees by Function
Last Ten Fiscal Years
(Unaudited)

2011
General Government
Financial Services
Information Services
Police
Officers
Civilians
Planning and Development
Fire
Firefighters and Officers
Civilians
Human Resources
Community Services
Economic Development
Municipal Services
Public Works
Water
Wastewater
Sanitation
Total

2012

2013

2014

Fiscal Year
2015

2016

2017

2018

2019

2020

52
30
13

52
28
14

55
29
14

55
27
15

69
28
18

55
29
18

62
31
18

50
31
19

83
31
23

83
32
24

94
29
9

94
27
9

94
30
25

91
29
23

93
30
21

96
35
50

103
38
50

108
42
49

111
43
46

114
49
50

87
24
7
0
7
8
78
22
17
9

91
20
9
0
6
13
65
21
18
7

90
7
10
0
4
13
73
23
17
5

91
8
10
0
4
10
75
24
20
5

90
12
10
0
5
13
87
26
19
6

92
10
10
0
6
13
63
27
19
8

92
10
11
0
6
13
63
27
17
7

92
17
10
0
6
14
81
28
18
7

106
19
11
0
6
15
93
29
19
9

106
20
14
0
8
16
95
33
25
10

486

474

489

487

527

531

548

572

644

680

Source: City Financial Records and Reports

Page 173

City of Goodyear
Operating Indicators by Function
Last Ten Fiscal Years
(Unaudited)

2011

Function
General Government
City Clerk's Office
# of records requests
City Prosecutor's Office
Charges filed/charges adjudicated (resolved)
City Manager's Office
% of survey respondents rating "Your Neighborhood as
a Place to Live" as good to excellent
Digital Communications
News releases/media updates
Growth of Digital assets (Facebook, Twitter, Instagram, & Linkedin combined
Total newsletter pages sent to citizens
Number of visits to website
Number of web pages viewed
Number of graphics/photography projects completed

2012

2013

2014

2015

550

484

470

504

598

3,380

3,827

2,514

3,170

3,623

90%

94%

94%

95%

95%

150

49

59

76

144
703,174
2,104,553
230

136
771,938
2,203,995
262

112
804,542
2,185,489
254

114
491,540
1,850,471
275

136
633,643
1,855,914
135

Police
# of total arrests
# of moving violations citations

2,254
12,581

2,402
11,468

2,532
10,259

2,612
10,586

2,846
5,919

Fire
# of emergency responses
# of fires extinguished
# of inspections

6,597
235
3,229

7,195
271
212

5,604
243
969

8,298
242
752

6,972
205
1,539

6,413
1,344
170,657

6,132
1,229
178,466

6,298
1,238
184,638

6,403
1,091
191,189

6,254
1,009
196,863

<3
3,269

<1
3,576

<1
3,529

<1
3,580

<1
2,868

1
1

1
0.7

1
1

1
1

1
0.96

125
4.11%

118
4.86%

178
5.01%

180
4.85%

144
5.05%

54,428
22,696,736

63,256
23,151,438

69,596
23,151,438

74,527
23,151,438

74,527
23,151,438

4.42%
-7.31%

10.45%
14.15%

11.29%
1.41%

8.76%
-4.12%

3.85%
25.71%

Financial Services
# accounts payable checks issued
# purchase orders
# water meters read annually
Planning and Development
Customer wait-time (in minutes) at One Stop Shop
Total number of permits issued
Provide applicant with pre-application meeting within 30 days
of submitting request %
% of inspections performed within 24 hours of request
Human Resources
# of new hires (FT & PT) (1)
HR budgeted operating cost as a % of City budgeted payroll
Parks and Recreation
# attending Park & Recreation facilities and Libraries annually (2)
# of square feet of medians and rights of way maintained
Economic Vitality
Sales Tax growth (% annual change)
Bed Tax growth (% annual change)

Page 174

NA

Table 23

2017

2016

2018

2019

2020

629

770

904

767

898

3,608

4,261

4,031

3,656

3,032

93%

93%

91%

95%

95%

88

126

144
543,565
1,472,765
103

128
302,777
1,500,539
157

132
9,650
232
588,580
1,271,883
318

NA
14,380
192
1,407,259
1,123,076
143

132
22,307
206
1,160,619
1,450,461
485

2,661
3,479

3,296
4,382

2,808
2,281

1,585
2,327

1,478
2,465

6,002
165
1,253

7,498
214
2,050

9,115
252
853

9,583
204
909

9,671
182
2,024

5,914
1,442
201,704

5,772
1,512
208,083

5,254
1,166
217,700

4,941
1,309
226,869

5,205
1,407
233,432

NA
5,610

NA
5,732

NA
5,228

NA
5,137

NA
1,490

1
1

1
1

1
1

1
1

1
1

362
5.06%

204
6.00%

220
3.12%

234
2.23%

143
4.44%

188,000
23,151,438

249,000
23,151,438

275,000
23,151,438

299,000
23,151,438

283,093
23,250,000

8.86%
2.75%

4.04%
-3.80%

11.66%
14.37%

13.50%
9.60%

37.90%
-6.60%

Page 175

City of Goodyear
Operating Indicators by Function
Last Ten Fiscal Years
(Unaudited)

Function

2011

2012

2013

2014

2015

21,489

22,363

23,387

24,346

25,320

729

503

546

550

536

Water Service
# of residential customers
# of multifamily customers
# of commercial customers
Water Service Connections
Water production daily peak demand (million gallons per day)
Reclaimed Water Supplied (million gallons per day)

13,319
36
963
14,588
11.40
0.37

13,755
36
976
16,809
11.60
0.32

14,430
36
999
17,533
9.60
0.39

14,959
35
1,025
17,533
11.70
0.32

15,404
36
1,055
17,533
12.70
0.63

Wastewater
# of residential customers
# of multifamily customers
# of commercial customers
Sewer Service Connections
Sewage Treated (millions gallons per day)

13,298
36
363
16,743
3.73

13,599
36
364
16,856
3.82

14,231
38
382
16,918
4.15

14,877
36
370
16,918
4.20

15,335
69
373
17,139
3.81

Other Public Works
Street resurfacing (miles)
Potholes repaired

12.50
260

24.00
264

30.00
296

19.20
1,166

83.23
1,253

Citizen & Neighborhood Resources
# of new Code Enforcement cases processed per year

2,016

2,069

2,841

3,018

2,863

Municipal Services
# of homes serviced by Residential Refuse Collection
# of citizens serviced by Household Hazardous Waste
collection program

Source: City Financial Records and Reports
NA - information is not readily available at time of production
(1) Large increase is due to a one-time hiring of special census employees
(2) Large increase is due to inclusion of library visitors in FY2016

Page 176

Table 23

2016

2017

2018

2019

2020

26,323

26,792

29,911

29,673

30,440

503

592

816

631

418

16,132
36
865
17,034
11.70
0.63

16,713
36
846
17,899
12.90
0.38

17,733
36
839
18,552
12.90
0.13

19,333
38
621
19,992
12.40
NA

19,374
38
636
20,048
13.60
NA

16,064
36
382
18,236
4.15

16,649
36
381
18,980
4.36

17,886
36
381
19,340
4.47

19,325
16
270
20,292
4.70

20,383
16
271
20,670
4.69

109.00
1,339

70.33
756

105.27
1,344

51.56
586

133.41
60

3,544

3,212

2,738

2,615

1,943

Page 177

Table 24
City of Goodyear
Capital Asset Statistics by Function
Last Ten Fiscal Years
(Unaudited)

Fiscal Year
2015
2016

2011

2012

2013

2014

3
130
6

3
125
6

3
126
6

3
119
6

4
133
6

Highways and Streets
Street (miles)
Streetlights
Traffic signals

704
8,438
72

934
8,465
77

934
8,660
84

934
8,832
86

Culture and Recreation
Parks
Parks Acreage
Swimming Pools
Tennis Courts
Community Centers

17
204
1
6
1

17
204
1
6
1

17
204
1
6
1

308
2,791
16

308
2,791
16

229
57
5.6

227
57
5.6

Function
Public Safety
Police:
Stations
Police Vehicles
Fire Stations

Water
Water Mains (miles)
Fire Hydrants
Storage capacity (Millons of Gallons)
Wastewater
Sanitary Sewers (miles)
Storm Sewers (miles)
Treatment capacity (MGD) (thousands of gallons)

2017

2018

2019

2020

4
134
7

6
150
6

5
133
6

5
139
5

4
147
5

934
8,832
86

934
9,041
89

934
8,651
89

939
9,184
92

945
9,635
93

1,012
9,635
95

17
204
1
6
1

18
206
1
6
1

18
206
1
6
1

18
206
1
6
1

18
206
1
6
1

18
206
1
6
1

18
206
1
6
1

308
2,796
16

308
2,808
16

308
2,951
16

330
3,031
16

336
3,152
16

326
3,177
16

330
3,348
16

331
3,461
18

229
57
5.6

239
63
5.6

242
55
5.6

254
54
5.6

260
55
5.6

265
N/A
5.6

276
N/A
5.6

270
N/A
5.6

Source: City Financial Records and Reports

Page 178

FEDERAL AND STATE REPORTS

Page 179

Page 180




Independent Auditors’ Report on Internal Control Over
Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards
The Honorable Mayor and
City Council
Goodyear, Arizona

We have audited, in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States, the financial statements of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining fund information of
the City of Goodyear, Arizona as of and for the year ended June 30, 2020, and the related notes to the
financial statements, which collectively comprise the City of Goodyear, Arizona’s basic financial
statements, and have issued our report thereon dated November 30, 2020.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City of Goodyear,
Arizona’s internal control over financial reporting (internal control) as a basis for designing audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the
financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City of
Goodyear, Arizona’s internal control. Accordingly, we do not express an opinion on the effectiveness of
the City of Goodyear, Arizona’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. A
significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less
severe than a material weakness, yet important enough to merit attention by those charged with
governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.



Page 181



Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City of Goodyear, Arizona’s financial

statements are free of material misstatement, we performed tests of its compliance with certain provisions
of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the financial statements. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.

HintonBurdick, PLLC
Gilbert, Arizona
November 30, 2020



Page 182




Independent Auditors’ Report on
State Legal Compliance
The Honorable Mayor and
City Council
Goodyear, Arizona
We have audited the basic financial statements of the City of Goodyear, Arizona for the year ended June
30, 2020, and have issued our report thereon dated November 30, 2020. Our audit also included test work
on the City of Goodyear’s compliance with selected requirements identified in the State of Arizona
Revised Statutes and the Arizona State Constitution including, but not limited to, Title 28, Chapter 18,
Article 2.
The management of the City of Goodyear is responsible for the City's compliance with all requirements
identified above. Our responsibility is to express an opinion on compliance with those requirements based
on our audit; accordingly, we make the following statements:
The City of Goodyear established separate funds to account for Highway User Revenue funds and
Local Transportation Assistance funds. Highway user revenue fund monies received by the City
of Goodyear pursuant to Title 28, Chapter 18, Article 2 and other dedicated state transportation
revenues received during the current fiscal year appear to have been used solely for authorized
purposes. The funds are administered in accordance with Generally Accepted Accounting
Principles. Sources of revenues available and fund balances are reflected in the individual fund
financial statements.
Our opinion regarding the City’s compliance with annual expenditure limitations has been issued
separately with the City’s Annual Expenditure Limitation Report.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and Government Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
material noncompliance with the requirements referred to above occurred. An audit includes examining,
on a test basis, evidence about the City's compliance with those requirements. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, The City of Goodyear complied, in all material respects, with the requirements identified
above for the year ended June 30, 2020.
The purpose of this report is solely to describe the scope of our testing of the applicable compliance
requirements identified in the Arizona Revised Statutes as noted above and the results of that testing
based on the state requirements. Accordingly, this report is not suitable for any other purpose.

HintonBurdick, PLLC
Gilbert, Arizona
November 30, 2020



Page 183

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Page 184

COMPREHENSIVE ANNUAL FINANCIAL REPORT
City of Goodyear, Arizona
Finance Department
190 North Litchfield Road
Goodyear, Arizona 85338
623-932-3015