Annual Comprehensive Financial Report FOR THE FISCAL YEAR ENDED JUNE 30, 2021 City of Goodyear, Arizona Finance Department CITY OF GOODYEAR ANNUAL COMPREHENSIVE FINANCIAL REPORT For the Year Ended June 30, 2021 Table of Contents I. INTRODUCTORY SECTION Letter of Transmittal GFOA Certificate of Achievement City of Goodyear Officials Organizational Chart Page 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 35 36 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 40 43 44 47 Proprietary Fund Financial Statements Statement of Net Position Statement of Revenues, Expenses and Changes in Fund Net Position Statement of Cash Flows 48 49 50 Fiduciary Fund Financial Statements Statement of Fiduciary Net Position Statement of Changes in Fiduciary Net Position 51 52 Notes to the Financial Statements 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 Page 55 64 67 68 69 69 70 73 74 75 75 76 77 89 89 90 91 91 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 94 96 98 100 102 106 108 112 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 115 116 117 118 Non-Major Governmental Funds – Financial Statements Combining Balance Sheet Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 120 122 Budgetary Comparison Schedules – Non-Major Governmental Funds Page Highway User Revenue Community Facilities Districts - General Office of Tourism Prop 302 Grants Ball Park Debt Service 124 125 126 127 128 129 Budgetary Comparison Schedules – Other Governmental Funds Park and Ride Marquee Court Enhancement Fill-The-Gap JCEF Impound AZ Smart and Safe Officer Safety Equipment 132 133 134 135 136 137 138 Budgetary Comparison Schedules – Enterprise Funds Water & Wastewater Enterprise Fund Sanitation Enterprise Fund 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 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 139 140 Table Page 1 2 3 4 5 6 7 8 9 10 11 12 13 142 144 151 152 154 156 158 162 167 168 170 171 173 14 15 16 17 18 19 174 176 178 179 180 182 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 20 21 22 23 24 183 184 185 186 190 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 193 195 City of Goodyear Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2021 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. CityofGoodyear FinanceDepartment  December3,2021  HonorableMayor,CityCouncil,CityManager,andCitizensoftheCityofGoodyear,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)byafirmoflicensedcertifiedpublicaccountantsbepublishedannuallybycitiesafter thecloseofeachfiscalyear.Pursuanttothatrequirement,weherebyissuetheAnnualComprehensive FinancialReport(ACFR)totheCityofGoodyear,Arizona(City)forthefiscalyearendedJune30,2021.  Managementassumesfullresponsibilityforthecompletenessandreliabilityoftheinformationcontained inthisreport,baseduponacomprehensiveframeworkofinternalcontrolthatithasestablishedforthis purpose.Becausethecostofinternalcontrolshouldnotexceedanticipatedbenefits,theobjectiveisto provide reasonable, rather than absolute, assurance that the financial statements are free from any materialmisstatements.  This document represents management’s report to its governing body, constituents, legislative and oversightbodies,investors,andcreditors.Copiesofthisreportwillbemadeavailabletoelectedofficials, management personnel, bond rating agencies, Municipal Securities Rulemaking Board’s Electronic MunicipalMarketAccesssystem(EMMA),andotheragencieswhichhaveexpressedinterestinthecity’s financialmatters.Copiesofthisfinancialreportwillbeplacedonthecity’swebsiteforusebythegeneral 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”)opinionoftheCityofGoodyear’sfinancialstatementsforthefiscalyearendedJune 30,2021.Theindependentauditor’sreportislocatedatthefrontofthefinancialsectionofthisreport.  Management’sdiscussionandanalysis(MD&A)immediatelyfollowstheindependentauditor’sreporton pages 15Ͳ29 and provides a narrative introduction, overview, and analysis of the basic financial statements.MD&Acomplementsthisletteroftransmittalandshouldbereadinconjunctionwithit.  CITYOFGOODYEARPROFILE  TheCityofGoodyear,incorporatedin1946andcharteredin1988,startedasasmalltowncultivating cottonfortheproductionofrubbertiresduringWorldWarI.Locatedapproximately17mileswestofthe 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 to the central valley, a varietyofhousingoptions,asenseofcommunityandoutstandingschooldistricts.Accordingtothe2020  190 N Litchfield Road goodyearaz.gov Goodyear, AZ 85338 P 623-882-7895 F 623-937-3003 Page 1 census,thepopulationofthecityis95,294.AsofJuly1,2021,theMaricopaAssociationofGovernments (MAG)estimatesthepopulationat101,614.  GoodyearhasaCouncil/ManagerformofgovernmentconsistingoftheMayorandsixcouncilmembers. TheMayorandcouncilmembersareelectedatͲlargetostaggeredfourͲyearterms.TheCityCouncilis vestedwithpolicyandlegislativeauthorityandisresponsibleforpassingordinances,adoptingthebudget, appointingcommittee,commission,andboardmembers,andappointingthepositionsofCityManager, CityAttorney,andCityJudge.TheCityManagerisresponsibleforcarryingoutthepoliciesandordinances oftheCityCouncil,aswellasoverseeingthedayͲtoͲdayoperationsofthecity.  Infiscalyear2021astaffof706.2fullͲtimeequivalentauthorizedemployeesworkingwithin15different 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,communitycenter,swimmingpool,and18parksencompassing206acres.Inaddition, GoodyearcontinuestoattractmajoremployerswithitslocationalongInterstate10andStateRoute303, availabilityofland,accesstotheentireregion,andavailablecommercialspace.  FINANCIALCONTROLS  InternalControls  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, assuranceregarding:1)thesafeguardingofassetsagainstlossfromunauthorizeduseordisposition,and 2)thereliabilityoffinancialrecordsforpreparingfinancialstatementsandmaintainingaccountabilityfor assets.Theconceptofreasonableassurancerecognizes:1)thecostofacontrolshouldnotexceedthe benefitslikelytobederived,and2)thevaluationofcostsandbenefitsrequiresestimatesandjudgments bymanagement.  Thesystemofinternalcontrolissubjecttoperiodicevaluationbymanagementandisalsoconsideredby theindependentauditorsinconnectionwiththeannualauditofthecity’sfinancialstatements.Allinternal 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 financialtransactions.  BudgetaryControls  TheCityofGoodyear,likeallcitiesintheStateofArizona,issubjecttonumerousbudgetandrelatedlegal requirements.ArticleIX,Section20(1)oftheArizonaConstitutionsetslimitsonthecity’slegalbudget capacity. At a general election held on March 11, 2003, citizens of Goodyear approved a permanent adjustmentofthe1979expenditurebaseforpopulationandinflationgrowth.Thecitymayutilizethe additionalexpenditureauthorityforanylocalbudgetarypurposes.Thepermanentadjustmenteliminated theneedforvoterapprovalofHomeRuleeveryfouryears.  190 N Litchfield Road goodyearaz.gov Goodyear, AZ 85338 P 623-882-7897 F 623-937-3003 Page 2  Thecitymaintainsbudgetarycontrolstoensurecompliancewithlegalprovisionsembodiedintheannual appropriatedbudgetapprovedbytheMayorandCouncil.Activitiesofthegeneralfund,specialrevenue funds,debtservicefunds,capitalprojectsfunds,enterprisefunds,andinternalservicefundareincluded in the annual appropriated budget. The legal level of budgetary control (i.e., the level at which expenditurescannotlegallyexceedtheappropriatedamount)isthetotalbudget,asadoptedbytheCity Council.AllfundsoftheCityhavelegallyadoptedbudgets.Theinitialbudgetforthefiscalyearmaybe amendedduringtheyearinalegallypermissiblemanner.TheCityadoptsthebudgetbymajorprogram 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 appropriatedesignee.TheCityManagerisgenerallyauthorizedtotransferbudgetedamountswithinany specificdepartment’sexpenditureappropriationaswellastransferswhichareconsideredadministrative innature.Generally,budgetrevisionsrequiringatransferbetweenmajorprogramareasintheGeneral Fund,fromCityreserves/contingenciesoratransferbetweenfundsmustbeapprovedbytheCityCouncil. In addition to maintaining budgetary control via a formal appropriation, the city maintains an encumbranceaccountingsystem.Encumbrancesaremadeagainstappropriationsupontheissuanceofa purchaseorder.EncumberedappropriationslapseatfiscalyearͲendandarereͲencumberedasneededin thenextfiscalyear.  LOCALECONOMICCONDITIONANDOUTLOOK  Construction activity within the City continues to result in significant growth in local revenue sources. Duringfiscalyear2021,atotalof2,062singleͲfamilyresidentialpermitswereissuedanincreaseof572 permits, or 38%, from the prior fiscal year. In addition to residential growth, Goodyear continues to expand its nonͲresidential base with new commercial construction permits.  This activity has led to increasedpropertytaxvaluationandanincreasedsalestaxbase.Theresultingpopulationexpansionalso increasesthepercentageofstatesharedrevenuesreceivedbytheCity.  Duringfiscalyear2021,nocoronavirusrelatedmandateswereinplacethatwoulddirectlyaffecttheCity’s revenues.  While some revenue categories exhibit potential changes in consumer habits, the overall revenue picture is trending upward with the growth of the City.  The City continues to budget conservatively, with an emphasis on using oneͲtime revenues for oneͲtime expenses.  The City also monitorsthelocal,regional,andnationaleconomies,mostnotablytheconstructionlaborandmaterials markets,inordertobereadytoadapttoanychanges,whilestillpositioningourselvesforfuturegrowth.  SalesTax  Goodyear, like all Arizona cities, places significant reliance on city sales tax revenues.  Fueled by local growth,salestaxrevenuescontinuetoincreaseyearoveryear.Salestaxrevenuesforfiscalyear2021 increasedby20.9%overfiscalyear2020levels.Withtheexceptionofconstruction,allmajorcategories oflocalsalestaxexceedbothlastfiscalyearandpreͲcoronaviruslevels.Afterdoublinginthepriorfiscal year, the construction category held constant for fiscal year 2021.  This is perhaps indicative of the shortages in labor and materials. Though construction activity has not slowed down in the City, the categoryhasbeenconservativelybudgetedtodecreaseinfiscalyear2022.   190 N Litchfield Road goodyearaz.gov Goodyear, AZ 85338 P 623-882-7897 F 623-937-3003 Page 3 StateSharedRevenues  ThecityreceivesrevenueallocationsfromtheState.Thesestatesharedrevenuesincludeallocationsof the state income tax, sales tax, fuel tax, and motor vehicle license taxes.  A significant portion of this revenueisplacedinthecity’sgeneralfundwhereitisusedtosupportdayͲtoͲdayactivities.Thecity’s statesharedrevenuesrepresented15.9%ofthegeneralfundrevenueforfiscalyear2021.Similartolocal salestaxcollections,thecoronaviruspandemichadvariedimpactsonstatesharedrevenueswhichintotal didnotnegativelyimpacttotaldistributionstotheCity.  PropertyTax  Infiscalyear2021,thecity’scombined(primaryandsecondary)propertytaxrateincreasedslightlyfrom $1.7332to$1.7335per$100ofassessedvaluation.Propertytaxcollections,however,increasedbymore than$2.1millionduetoanincreaseintheoverallvaluationfueledbyconstructionthroughouttheCity. Thenearstaticrateandincreasingpropertyvaluationsensuresthecity’sabilitytoserviceoutstanding debtandmaintainbasicinfrastructure.  Forthefiscalyear2022budget,theMayorandCouncilhaveadoptedatotalcombinedpropertytaxrate of$1.7350per$100ofassessedvaluation,whichisnearlythesameasfiscalyear2020.Inaccordance withitsbudgetpolicies,theCityisbelowthetargetedcombinedpropertytaxrateof$1.74per$100of assessedvaluationorless.  LONGͲTERMFINANCIALPLANNING  Onanannualbasis,theCityCouncilreviewsprogressanddeterminesprioritiesfortheCity’slongͲterm strategicplan.Anynewfundingrequestsareevaluatedinthecontextoftheirrelationshiptothestrategic focusareas.TheCityofGoodyear’smissionisasfollows:  TheCityofGoodyearwillprovidethefinestmunicipalservicesandpromoteaqualityenvironment to enhance our community’s prosperity through citizen and employee participation. We are committedtothestewardshipofresourcesandfulfillmentofthepublictrust.  FourfocusprioritiesareidentifiedwithintheStrategicActionPlan:  1.FiscalandResourceManagement:MaintainingalongͲtermview,wemanageourfiscal,human,and physicalresourcesinanefficientandeffectivemanner.Thiseffortisalignedacrosstheorganization withanemphasisontransparency.Thecity’sbusinesspracticeswillbeefficient,businessfriendly,and ensureexceptionalcustomerservicetoallstakeholdersandcitizens.  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 infrastructureandseekhighqualityretailandentertainmentopportunities.   190 N Litchfield Road goodyearaz.gov Goodyear, AZ 85338 P 623-882-7897 F 623-937-3003 Page 4 3.SenseofCommunity:Thecitywillcultivateasenseofpridethroughprograms,gatheringplaces,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 throughcommunityengagement,outstandingcustomerservice,andclear,accessiblecommunication.  4.QualityofLife:WewillcontinuetomakeGoodyearaplacetolive,work,andplaythatprovidesdiverse activities and amenities in a safe and wellͲmaintained environment, while supporting the arts and promotingthehealthandwellnessofourcommunity.  TheStrategicActionPlanestablishesaroadmapofkeystrategicinitiativesthatbestadvancethevision forthecityandisalignedwithotherplanningdocumentsusedbythecity,includingdepartmentalplans (which include specific strategic plans, master plans, and operational plans) which guide department prioritiesandindividualemployeeperformanceevaluationgoals.Foreachofthesefourfocuspriorities, longͲrangegoalshavebeenidentifiedandassignedtovariousdepartmentsforfollowͲup.Thesepriorities arealsoakeyfundamentalfactorinthedevelopmentofthecity’sannualbudget.Withineachofthefour focus areas, Goodyear City Council has adopted Guiding Principles to inform the way city business is carriedoutacrosstheentireorganization.  MAJORINITIATIVES  Goodyear is an awardͲwinning community that provides a high quality of life with its masterͲplanned communities, excellent schools, health care, trail systems and entertainment options, including major leaguesportsvenues. x GoodyearwasrankedbytheU.S.CensusBureauasbeingamongtheninthfastestgrowingcities inthecountry. x The2021CitizenSatisfactionSurveyrevealedthat93%ofresidentssurveyedratedGoodyearas anexcellentͲgoodplacetoliveand4in5residentswouldrecommendandremaininGoodyear. x Moneymagazineand24/7WallSt.bothratedGoodyearoneofthe“BestPlacestoLive.” x MovotorankedGoodyearinitstop10for“BestPlacesNearPhoenixforYoungProfessionals”and “BestPhoenixSuburbforYoungCouples.” x ANerdWalletstudyrankedGoodyearasoneofthebestcitiesinthenationforveterans,based onthelevelofeconomicopportunityforveterans.  Duringfiscalyear2021,thecitynearlyfinalizedtheconstructionoftheGoodyearRecreationCampusthat includes a 30Ͳacre park, recreation center, and an aquatics facility which opened on July 3, 2021. Additionally, work began on the Goodyear Civic Square at Estrella Falls project.  This public/private partnershipincludes100,000squarefeetofClassAofficespaceinadditiontoalibrary,cityhall,andpublic park.  The project is scheduled for completion in June 2022.  Other projects of significance funded in FY2021 include improvements to the Goodyear Water Reclamation Facility, a new surface water treatmentfacility,twofirestations,andseveralstreetsprojects.     190 N Litchfield Road goodyearaz.gov Goodyear, AZ 85338 P 623-882-7897 F 623-937-3003 Page 5 AWARDSANDACKNOWLEDGEMENTS  CertificatesofAchievement  GovernmentFinanceOfficersAssociationoftheUnitedStatesandCanada(GFOA)awardedaCertificate of Achievement for Excellence in Financial Reporting to the City of Goodyear, Arizona, for its comprehensiveannualfinancialreportforthefiscalyearendedJune30,2020.TheCityhasachievedthis 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.  ACertificateofAchievementisvalidforoneyearonly.Webelieveourcurrentcomprehensiveannual financialreportcontinuestomeettheCertificateofAchievementProgram’srequirementsandweare submittingittoGFOAtodetermineitseligibilityforanothercertificate.  Inaddition,thecityalsoreceivedtheGFOA’sDistinguishedBudgetPresentationAward,thehighestform ofrecognitioningovernmentalbudgeting,foritsannualbudgetdocumentforthefiscalyearbeginning July1,2020.TheCityhasreceivedthisawardeveryyearsince1994.  Acknowledgement  The preparation of this Comprehensive Annual Financial Report could not have been accomplished withoutthededicatedcommitmentofeverymemberoftheFinanceDepartment.Wealsowishtothank theMayorandmembersoftheCityCouncil,thecity’sAuditCommittee,andtheCityManager’sOfficefor theircontinuedsupportinplanningandconductingthefinancialaffairsofthecityinaresponsibleand progressivemanner.  Sincerely,     DougSandstrom FinanceDirector   190 N Litchfield Road goodyearaz.gov Goodyear, AZ 85338 P 623-882-7897 F 623-937-3003 Page 6 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, 2020 Executive Director/CEO Page 7 LIST OF PRINCIPAL OFFICIALS MAYOR Georgia Lord VICE MAYOR %UDQQRQ+DPSWRQ 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: April 13, 2021 Citizens Mayor & Council Municipal Judge Mayra Galindo City Manager Julie Karins 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 Economic Development Lori Gary Digital Communications Tammy Vo Fire Paul Luizzi Engineering Sumeet Mohan Human Resources Lyman Locket Information Technology Justin Fair Police Santiago Rodriguez Parks & Recreation Nathan Torres Public Works Javier Setovich Page 9            Page 10 City of Goodyear Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2021 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, 2021, 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, 2021, 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 December , 2021, 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 December , 2021  Page 13 This page intentionally left blank Page 14 MANAGEMENT’SDISCUSSIONANDANALYSIS FortheYearEndedJune30,2021  ManagementispleasedtoprovidereadersoftheCityofGoodyear,Arizona(City)financial statementsthisoverviewandanalysisforthefiscalyearendedJune30,2021.Thisnarrative isdesignedto(1)assistthereaderinfocusingonsignificantfinancialissues,(2)providean overviewoftheCity’sfinancialactivity,(3)identifychangesintheCity’sfinancialposition,(4) identifyanymaterialdeviationsfromthefinancialplan(theapprovedannualbudget),and (5)identifyindividualfundissuesorconcerns.  The management’s discussion and analysis (MD&A) provides a unique focus and serves a differentpurposethantheletteroftransmittal.However,theMD&Aisdesignedtoberead inconjunctionwiththeletteroftransmittal,thefinancialstatementsandtheaccompanying notestothefinancialstatements.  FINANCIALHIGHLIGHTS  i The City’s governmentͲwide assets and deferred outflows exceeded its liabilities and deferredinflowsby$1.011B(netposition)atthecloseoffiscalyear2021.Ofthisamount, $126M represents unrestricted net position, which may be used to meet the City’s ongoingobligationstocitizensandcreditors.  i The$122millionincreaseinnetpositionoftheCityisdrivenbyanincreaseinconstruction inprogressprojects,includingtheSurfaceWaterTreatmentPlant,Well#26,aswellas, increasesinbuildings,vehicles,furnitureandequipment.  i As of the close of fiscal year 2021, the City’s governmental funds reported combined ending fund balances of $253 million, an increase of $26.1 million (11 percent) in comparisonwiththeprioryearfundbalanceof$227million.  i At June 30, 2021, total unassigned fund balance for the governmental funds is $29.1 million,anincreaseof$11.6millionfromthepriorfiscalyear.  OVERVIEWOFFINANCIALSTATEMENTS  This overview provides an introduction to the City’s basic financial statements.  The basic financial statements are comprised of three components:  1) governmentͲwide financial statements,2)fundfinancialstatements,and3)notestothefinancialstatements.Thisreport alsocontainsothersupplementaryinformationinadditiontothebasicfinancialstatements themselves.  GovernmentͲwide financial statements.  The governmentͲwide financial statements are designedtoprovidereaderswithabroadoverviewoftheCity’sfinances,inamannersimilar toaprivatesectorbusiness.AlloftheactivitiesoftheCity,exceptthoseofafiduciarynature, areincludedinthesestatements.TheactivitiesoftheCityareshownintwocolumnsonthese Page 15 statements–governmentalactivitiesandbusinessͲtypeactivities.Atotalcolumn,combining thetwoactivitiesisalsoprovided.  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 categoriesbeingreportedastheCity’snetposition.Overtime,increasesordecreasesinnet position may serve as a useful indicator of whether the financial position of the City is improvingordeteriorating.  TheStatementofActivitiespresentsinformationdemonstratinghowtheCity’snetposition changed during the most recent fiscal year as compared with the previous fiscal year. All changesinnetpositionarereportedassoonastheunderlyingeventgivingrisetothechange occurs,regardlessofthetimingoftherelatedcashflows.Thus,revenuesandexpensesare reportedinthisstatementforsomeitemsthatwillonlyresultincashflowsinfuturefiscal periods (e.g., uncollected taxes and earned but unused compensated absences). The net revenue(expenses)showthefinancialburdenthatwasplacedontheCity’staxpayersbyeach ofthesefunctions.Providingthisinformationallowsourcitizenstoconsiderthecostofeach functionincomparisontothebenefitsthatareprovidedbythatfunction.  x Governmental activities – Most of the City’s basic services are included here, such as generalgovernment(administration),publicsafety(police,fireandcourt),highwaysand streets,publicworks,cultureandrecreation,anddevelopmentservices.Theseactivities aregenerallysupportedbytaxesandgeneralrevenues.  x BusinessͲtype activities – The services provided by the City included here are water, wastewater,andsanitationservices.Theseactivitiesareprimarilysupportedthroughuser chargesorfees.  The governmentͲwide financial statements include not only the City itself (known as the primarygovernment),butalsotheoperationsof10CommunityFacilitiesDistricts.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.  FundFinancialStatements.Afundisagroupingofrelatedaccountsthatisusedtomaintain controloverresourcesthathavebeensegregatedforspecificactivitiesorobjectives.TheCity uses fund accounting to ensure and demonstrate compliance with financeͲrelated legal requirements.AllofthefundsoftheCitycanbedividedintothreecategories:governmental funds,proprietaryfunds,andfiduciaryfunds.  Governmental Funds.  Governmental funds are used to account for essentially the same functionsreportedasgovernmentalactivitiesinthegovernmentͲwidefinancialstatements. However, unlike the governmentͲwide financial statements, governmental fund financial statements focus on nearͲterm inflows of spendable resources, as well as on balances of Page 16 spendableresourcesavailableattheendofthefiscalyear.Suchinformationmaybeusefulin evaluatingtheCity’snearͲtermfinancingrequirements.  SincethefocusofgovernmentalfundsisnarrowerthanthatofthegovernmentͲwidefinancial statements,itisusefultocomparetheinformationpresentedforgovernmentalfundswith similarinformationpresentedforgovernmentalactivitiesinthegovernmentͲwidefinancial statements.Bydoingso,readersmaybetterunderstandthelongͲtermimpactoftheCity’s nearͲterm 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 governmentalactivities.  The City maintains ten (10) individual governmental funds. Information is presented separatelyinthegovernmentalfundbalancesheetandinthegovernmentalfundstatement ofrevenues,expenditures,andchangesinfundbalancesfortheGeneralFund,NonͲUtility Development Impact Fees – Capital Projects, GO Bond – Capital Projects, McDowell Road CommercialCorridorImprovementDistrict–DebtService,andCommunityFacilitiesDistricts –DebtService,allofwhichareconsideredtobemajorfunds.Datafromtheotherfive(5) governmental funds are combined into a single, aggregated NonͲmajor Funds column for presentation. Individual fund data for each of these nonͲmajor governmental funds is providedasSupplementaryInformation,intheformofcombiningstatementsandschedules.  Proprietary Funds.  The City maintains three (3) 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, wastewater,andsanitationservices.Thesefundsareconsideredtobemajorfundsofthe City. Proprietary funds provide the same type of information as the governmentͲwide financial statements, only in more detail. The City has one internal service fund, the SelfͲ InsuranceTrust.TheSelfͲInsuranceTrustFundreportsactivitiesrelatedtoselfͲinsurancefor employeehealthbenefits.Theinternalservicefundactivitiesarereportedasgovernmental activitiesonthegovernmentͲwidestatements.  Fiduciary Funds.  The City maintains five (5) fiduciary funds. Fiduciary funds are used to accountforresourcesheldforthebenefitofpartiesoutsidetheCity.Fiduciaryfundsarenot reflectedinthegovernmentͲwidefinancialstatementsbecausetheresourcesofthosefunds are not available to support the City’s own programs. The accounting method used for fiduciaryfundsissimilartotheaccountingmethodusedforproprietaryfunds.  NotestotheFinancialStatements.Thenotesprovideadditionalinformationthatisessential for a full understanding of the data provided in the governmentͲwide and fund financial statements.  OtherInformation.Inadditiontothebasicfinancialstatementsandaccompanyingnotes, thisreportalsopresentscertainrequiredsupplementaryinformationconcerningtheCity’s Page 17 budgettoactualcomparisonandprogressinfundingitsobligationtoprovidepensionand OPEBbenefitstoitsemployees.  ThecombiningstatementsreferredtoearlierinconnectionwithnonͲmajorgovernmental funds are presented immediately following the Supplementary Information – Budgetary ComparisonSchedules–MajorGovernmentalFunds.  Budget to actual comparison schedules for the enterprise funds are presented in the BudgetaryComparisonSchedules–OtherFundssection.  GOVERNMENTͲWIDEFINANCIALANALYSIS  Thefollowingtables,graphsandanalysisdiscussthefinancialpositionandchangestothe financialpositionoftheCity,asawhole,asoftheyearendedJune30,2021withcomparative informationforthepreviousyear.  NetPosition  ThefollowingtablewasderivedfromthecurrentandprioryearStatementofNetPosition: TheCity’sassetsanddeferredoutflowsofresourcesexceededliabilitiesanddeferredinflows ofresourcesby$1.011billionatthecloseoffiscalyear2021andby$889.4millionin2020, providinganoverallincreaseintheCity’snetpositionof$122million.Herearethemajor factorsdrivingtheoverallincrease:  x Currentandotherassetsdecreasedby$6.4million.Governmentalactivitiesincreased $42.4M due to an increase in cash from the issuance of general obligation bonds, relatedtotheconstructionofCivicSquare.However,thiswasoffsetbya$48.8million decreaseincashforBusinessActivities,relatedtothespendingdownofbondfunds relatedtoWaterandWastewaterCIPprojects. Page 18 x x x Capital assets, net of depreciation, increased by $139 million. An increase in ConstructioninProgressaccountsfor$78millionoftheincrease,withworkcurrently beingperformedonthefollowingprojects:SurfaceWaterTreatmentPlan,Well#26 andtheAdamanWell&Treatmentfacility.AnincreaseinBuildings,relatedtothe acquisition of structures for various Well Sites and the Water Reclamation Facility, accounts for $53 million of the increase. The remainder is due to increases in Infrastructure,Vehicles,FurnitureandEquipment. Deferred outflows increased by $33.1 million, related to pensions and other postͲ employment benefits (OPEB). Note that this is offset by the increase in longͲterm liabilitiesof$29.5millionandadecreaseindeferredinflows$3.1million. Currentandotherliabilitiesincreasedby$17.3million,attributabletoanincreasein accounts payable and deposits received from developers, resulting from the constructioninprocessprojectsnotedabove.  The largest portion of the City’s net position totaling $737.8 million (72.96% of total net position) reflects its net investment in capital assets (land and improvements, artwork, construction in progress, right of way, water rights, streetscape,infrastructure,buildingsand improvements, vehicles, furniture, and equipment),lessanyrelatedoutstanding debt that was used to acquire those assets.TheCityusesthesecapitalassets to provide a variety of services to its citizens.  Accordingly, these assets are notavailableforfuturespending.  AlthoughtheCity’sinvestmentincapitalassetsisreportednetofrelateddebt,itshouldbe notedthattheresourcestorepaythisdebtmustbeprovidedfromotherresources,sincethe capitalassetsthemselvescannotbeusedtoliquidatetheseliabilities.  Approximately $147.6 million, or 14.6% of governmentͲwide fund balance represents resources that are restricted, meaning that they are subject to internal or external use restrictions.  The remaining balance of $125.8 million, or 12.44%, of governmentͲwide fund balance is unrestricted and may be used to meet the City’s ongoing obligations to its citizens and creditors.  Attheendoffiscalyear2021,theCityreportedpositivebalancesinallthreecategoriesof netposition,forthegovernmentasawhole,aswellasforitsseparategovernmentaland businessͲtypeactivities.Thesamesituationheldtrueforthepriorfiscalyear.  Page 19 GovernmentalActivities  Duringthecurrentfiscalyear,thenetpositionforgovernmentalactivitiesincreased$86.5 millionfromthepriorfiscalyearforanendingbalanceof$689.4million.Thechangewas driven by an increase in cash related to debt proceeds received during the year, and constructioninprogress.  BusinessͲtypeActivities  The City’s businessͲtype activities reported an increase of $35.2 million in net position bringingthetotalnetpositionto $321.8million.Thechangewasdrivenbyanincreasein constructioninprogress,buildings,andinfrastructure,offsetbyadecreaseinrestrictedcash. Restricted cash decreased as debt proceeds were used to finance the acquisition and constructionofthefixedassetsmentioned.  ChangesinNetPosition  Thefollowingtablecomparestherevenuesandexpensesforthecurrentandpreviousfiscal year:   FY21totalrevenuestotaled$341M,anincreaseof$45Mwhencomparedtotheprevious year.ProgramRevenuesaccountedfor$25.9Moftheincrease,withChargesforServicesand CapitalGrants&Contributionsincreasingby$7Mand$27.96M,respectively.Thesewere Page 20 offsetbyadecreaseinOperatingGrantsandContributionsof$8.98M.GeneralRevenues accounted for $18.9M, with the majority of the increase attributable to City Sales Tax Revenue. The pie chart below provides an illustration of governmentͲwide revenues by source.  GovernmentͲWideRevenues  Governmentalactivitiesaccountfor71.51%oftotalrevenues,comparedto74%theprior year. The City’s sales tax revenue increased $18.8 million, to $108.5M, due to increased construction activity and population growth. Capital grants and contributions, charges for services, state shared revenues, and property taxes increased $7.3 million, $4.6 million,$3.7million,and$2.2million, respectively, as a result of the continuedincreaseincommercialand residential development within the City.  BusinessͲtype activities account for 28.49% of total revenues, compared to 26% the prior year.Capitalgrantsandcontributionsandchargesforservicesrevenueincreasedby$20.7 millionand$2.3million,respectively.  GovernmentͲWideExpenses  ThefollowingpiechartillustratesgovernmentͲwideexpensesbyfunction.  Governmentalactivitiesaccountfor74.9%of expenses, and include the General Government (14.1%), Public Safety (27.5%), Highway and Streets (9.8%), Public Works (4.4%), Culture and Recreation (9.0%), DevelopmentServices(5.3%),andIntereston longͲtermdebt(4.7%).  BusinessͲtypeactivitiesaccountfor25.10%of totalexpenses,withWaterandWastewateraccountingfor22.1%andSanitationaccounting for3.0%.  As shown in the Net Position table on the previous page, FY21 total expenses totaled $219.3M,anincreaseof$16.8Mwhencomparedtothepreviousyear.Thetotalchangein expenseswereattributabletothefollowing:  Page 21 x x FY21WaterandWastewaterexpensesof$48.5millionwere$8millionmorethantotal expensesof$40.5millioninFY20.Therewasanincreaseinsalariesandwages,costsof sales,depreciation,andinterestexpense,intheamountof$916K,$5.3M,$1.2M,and $484K. Governmental activities account for $8.4M of the change, with General Government, Public Safety, Development Services and Interest Expense accounting for $4.4 million, $1.1million,$1.2million,and$1.4millionoftheincrease,respectively.  FINANCIALANALYSISOFTHECITY’SFUNDS  The City maintains fund accounting to demonstrate compliance with budgetary and legal requirements.Thefollowingisabriefdiscussionoffinancialhighlightsfromthefundfinancial statements.  GovernmentalFunds  ThefocusoftheCity’sgovernmentalfundsistoprovideinformationonnearͲterminflows, outflows,andbalancesofspendableresources.Allmajorgovernmentalfundsarediscreetly presentedonthesefinancialstatements,whilenonͲmajorfundsarecombinedintoasingle column.  AttheendofFY21,theCity’sgovernmentalfundsreportedcombinedendingfundbalances of$253million,whichisanincreaseof$26.1million,or11%,fromthepreviousyear.The changeinfundbalanceisdueprimarilytoanincreaseinrestrictedcashandinvestments, relatedtobondproceedsreceivedinFY21.Nonspendable,Restricted,Committed,Assigned, andUnassignedFundbalanceschangedby$121thousand,($2.3million),$686thousand,$16 million,and$11.6million,respectively.  Revenuesforgovernmentalfunctionsoveralltotaled$231.2millionforthefiscalyearended June30,2021,whichrepresentsanincreaseof$21.3millionfromthepriorfiscalyear.The increaseisattributabletoTaxRevenue,ChargesforServices,SpecialAssessmentsandLicense and Permits in the amount of $21.7 million, $6.5 million, $1.3 million and $1 million, respectively.ThesewereoffsetbyadecreaseinIntergovernmentalRevenueandInvestment Incomeintheamountof$5millionand$3.5million,respectively.  The expenditures for governmental functions totaled $257.9 million, an increase of $85.2 millionfromtheprioryear.Theincreasecanbeattributedto1)capitaloutlayexpensesthat increasedby$44.2millionovertheprioryear,2)anincreaseinpublicsafetyexpensesof $26.4,drivenpredominatelybya$24millionpaymenttowardstheCity’sunfundedPublic SafetyRetirementSystempensionliability,3)debtservicepaymentswhichincreasedby$6.3 millionduetorecentlyissueddebtand4)generalgovernmentexpensesthatincreasedby $5.4 million, attributable to a developer reimbursement payment related to the Estrella MountainRanchCFD.  Page 22 TheGeneralFundisthechiefoperatingfundoftheCity.Attheendofthecurrentfiscalyear, theunassignedfundbalanceoftheGeneralFundwas$29.3million,whiletotalfundbalance increasedto$147.3million.AsameasureoftheGeneralFund’ssolvency,itmaybeusefulto comparebothunassignedfundbalanceandtotalfundbalancetogeneralfundexpenditures. Theunassignedfundbalancerepresentsapproximately11.34%ofgeneralfundexpenditures, while total fund balance represents approximately 57.09% percent of general fund expenditures.  ThefundbalanceoftheNonͲUtilityDevelopmentImpactFeeCapitalProjectsFundincreased by $12.7 million. The change is attributable to an increase in cash and investments, predominatelydrivenbyanincreaseindevelopmentimpactfeerevenuesandconstruction salestaxof$6.9Mand$1.2M,respectively.  ThefundbalanceoftheGeneralObligation/CapitalExpenditureFunddecreasedby$2.5 million.Whilethefundbalancedecreasewasonly$2.5million,therewassignificantactivity inthisfund.Capitaloutlaysof$70.2millionwere$54.4millionmorethantheprioryeartotal of $15.8 million, attributable to the Recreation Campus, which included the Recreation Center,30ͲacreparkandAquaticsCenter,aswellas,thebeginningoftheCivicSquareproject. InvestmentIncome(Loss)of($58thousand)was$1millionlessthanprioryearincomeof$1.1 million.Therewasalsoadebtissuancewithaparvalueof$39.530millionandapremiumon debtissuanceof$5.86million.Additionally,transfersinof$20.7millionwere$11.8million morethanthepreviousyear.  The fund balance of the McDowell Road Commercial Corridor – Debt Service remained consistentwiththepriorfiscalyear,withonlya$2thousandchangeinfundbalance.There were special assessment collections of $4.1 million, $1 million more than the prior year. Principalandinterestpaymentsof$4.1millionwere$934thousandmorethantheprevious year.  ThefundbalanceoftheCommunityFacilitiesDistrict–DebtServicefunddecreasedby$4.3 million.Principalandinterestpaymentsof$13.6millionwere$4.9millionmorethantheprior year.TheincreaseindebtpaymentswereattributabletopartialdefeasancesontheCenterra CFD,GeneralDistrictNo.1,EstrellaMountain,PalmValleyDistrictNo.3,CFDDistrictNo.1, Wildflower District No.1, Wildflower District No. 2, $90 thousand, $416 thousand, $2.37 million, $246 thousand, $1.5 million, $24 thousand, and $12 thousand, respectively. Revenues of $9.3 million were $410 thousand more than the previous year, with a slight increaseintaxesandspecialassessmentrevenuescollected.  ThefundbalancefortheNonͲMajorfundsdecreasedby$2.6million.FY21expenseswere $2.5millionmorethantheprioryear.GeneralGovernmentexpensestotaled$4.3million morethaninpreviousyears,attributabletodeveloperreimbursementsmadebytheCFDs. Thiswasoffsetbyadecreaseincapitaloutlaysof$2.2millioncomparedtothepreviousyear. The remainder of the difference was attributable to increases in Public Safety, Public Works/Streets,andDebtof$18thousand,$288thousandand$252thousand,respectively.  Page 23 ProprietaryFunds  Theproprietaryfundfinancialstatementsarepreparedonthesameaccountingbasisand measurement focus as the governmentͲwide financial statements, but provide additional detailsinceeachmajorenterprisefundisshowndiscretely.  Theproprietaryfundsnetpositiontotals$321.8million,anincreaseof$35.2millionfromthe previous fiscal year. The net position for Water and Wastewater totaled $316 million, an increaseof $35million whencomparedtotheprioryear.ThenetpositionforSanitation totaled$5.694million,anincreaseof$256thousandwhencomparedtolastyear.  FY21operatingrevenuesfromWaterand&Wastewateractivitiestotaled$62.984million,an increase of $2.59 million from the prior year.  NonͲoperating revenues of $26.482 million were $20.7 million more than the previous year, attributable to developer contributions. FY21 operating expenses of $42.2 million were $7.46 million more than the prior year; salaries,wagesandbenefitswere$917thousandmorethanthepreviousyear;costofsales /serviceswas$5.3millionmorethanthepreviousyear;anddepreciationwas$1.2million more than the previous year.  NonͲoperating interest expense and fiscal charges totaled $6.34million,anincreaseof$484thousandfromthepreviousyear.  FY21operatingrevenuesfromSanitationactivitiestotaled$8.043million,adecreaseof$277 thousand from the previous year. FY21 operating expenses of $6.55 million were $519 thousandlesswhencomparedtotheprioryear.  BUDGETARYHIGHLIGHTS  TheCity’sannualbudgetisthelegallyadoptedexpenditurecontroldocumentoftheCity.The schedulesfiledwiththeAuditorGeneral’sofficelisttheoriginalbudgetadoptedfortheprior year, estimated expenditures through the end of the fiscal year and the adopted current year’sbudget.BudgetarycomparisonschedulesarerequiredfortheGeneralFund,allmajor funds, nonͲmajor 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.  FollowingarethebudgetaryhighlightsfortheGeneralFund:  Asshowninthe“GeneralFundRevenues”chart,FY21actualrevenuesexceededbudgetin theTax,LicensesandPermits,andIntergovernmentalRevenue. x Taxrevenues,whichconsistofCitySalesTax,ConstructionSalesTax,PropertyTaxand Franchisefeesexceededthebudgetby$33.4million.Thevarianceisattributableto increased residential and commercial construction activity, increased property tax valuationandanincreasedsalestax base.  Page 24 x x Licenses and Permits, which consists of inspection fees, engineer permits, plan review, zoning, development services fees, business licenses, liquor licenses, other licenses, permits andfeeswere$9.82millionmore thanplan. Intergovernmental revenues, stateincometax,vehiclelicense tax,andstatesalestaxexceededbudgetby$3.34million.Theresultingpopulation expansion, discussed previously, also increases the percentage of state shared revenuesreceivedbytheCity.  Asshowninthe“GeneralFundExpenditures”chart,FY21actualexpenditureswereless thanbudgetineachcategory.Thethreelargestpositivevarianceswereasfollows: x GeneralGovernmentactualexpendituresof$22.1millionwere$31.6millionless thanabudgetof$53.672million. Thepositivevariancewas attributabletoacontingency reserveof$26.652millionand positivevariancesinallgeneral governmentdepartments. x CapitalOutlaysof$11.75million were$9.72millionlessthana budgetof$21.5million. x PublicSafetyactualexpendituresof $71.5millionwere$5.3millionlessthanabudgetof$76.8million.Expendituresin Fire,PoliceandCourtwere$2.4million,$2.5millionand$470thousandlessthan plan  FollowingarethebudgetaryhighlightsfortheOtherMajorGovernmentalFunds:  x NonͲUtilityDevelopmentImpactFees–Actualrevenuesof$30.6millionare$12.8 millionmorethanafinalbudgetof$17.9million.Taxrevenueanddevelopment impactfeeswere$5.6and$7.3millionmorethanplan. x GOBonds/CapitalProjectFundsͲActualexpendituresare$104millionlessthana finalbudgetof$174million.Thevariancerepresentsatimingdifferencebasedon whenaprojectiscompleted.Forexample,theFY21budgetincludesthetotal capitaloutlayof$85.7millionfortheCivicSquareproject.However,FY21actual expenditurestotaled$15.4million.Thedifferenceof$70.3millionisanticipatedto bespentinFY22,asweanticipateCivicSquareopeningattheendofthenextfiscal year. x McDowellRoadCommercialCorridor–Actualrevenuesof$4.1millionwere$970 thousandmorethanabudgetamountof$3.1million.Thevarianceisattributableto Page 25 x additionalspecialassessmentpaymentsreceivedfromresidentsintheMcDowell RoadCommercialCorridor. CommunityFacilitiesDistricts,DebtServiceFunds–Actualrevenuesof$9.3million were$557thousandlessthanforecasted.Actualexpendituresof$13.6millionwere $3.7millionmorethanplan.ButthiswasoffsetbyapositivevarianceInOther FinancingUsesof$3.9million.  FollowingarethebudgetaryhighlightsforWater,WastewaterandSanitation:  x WaterandWastewater–ChangeinNetPositionof$35millionwas$148million favorabletoaplannedlossof$112million.Revenuesof$63millionwere$19 millionmorethanaplanof$44.3million.Operatingexpensesof$42.2millionwere $108millionlessthanaplanof$150.3 million.Thevarianceinexpendituresis relatedtothebudgetauthority requiredforcapitaloutlayswhichare includedintheexpensebudget.NonͲ operatingexpensesof$6.8million were$5.4millionlessthanaplanto $12.2million,attributabletoapositive varianceinterestanddebtcosts.  x Sanitation–ChangeinNetPositionof $256thousandwas$1.2million favorabletoaplannedlossof$959 thousand.Revenueswere$458 thousandlessthanaplanof$8.5 million.Operatingexpensesof$6.6 millionwere$1.3millionlessthana planof$7.9million.NonͲoperating revenuesof$112thousandwere$51 thousandmorethanplan,duetoa gainonthesaleofassets.   CAPITALASSETSANDDEBTADMINISTRATION  CapitalAssets  TheCity’sinvestmentincapitalassets(netofaccumulateddepreciation)foritsgovernmental and businessͲtype activities as of June 30, 2021 amounts to $1,159 million. Capital assets includelandandimprovements,artwork,constructioninprogress,rightofway,waterrights, streetscape, infrastructure, buildings and improvements and vehicles, furniture and equipment.Intotal,therewasanincreaseof$139millionfromtheprioryear.  Page 26  AdditionalinformationontheCity’scapitalassetscanbefoundinNote4.  DebtAdministration  Attheendofthecurrentfiscalyear,theCityhadtotallongͲtermdebtoutstandingof$459.5 million.Ofthisamount$134.8millionisgeneralobligationbondsbackedbythefullfaithand creditoftheCity,$72.9millionisCommunityFacilitiesDistrictsbondswhicharepaidbythe propertyownerswithinthosedistricts,$249.4millionofrevenuebondswhicharepayable from user fees, assessments, and general fund revenues and $2.5 million loan payable to WaterInfrastructureFinanceAuthorityofArizona(WIFA)whichispayablefromuserfees. ThefollowingscheduleshowstheoutstandingdebtobligationasofJune30,2021and2020:    TheStateconstitutionlimitstheamountofgeneralobligationdebtacitymayissuetosix percent(6%)ofitstotalnetfullcashassessedpropertyvaluation.Thecurrentsixpercent debtlimitationfortheCityis$81.63million.TheCityhas$39.5millionofoutstandingrevenue obligationbondssubjecttothe6%limit.Inaddition,theStateconstitutionlimitallowsacity to issue an additional twenty percent (20%) of its total net full cash assessed property valuationforwater,wastewater,lights,transportation,publicsafety,openspacepreserves, parks,playgroundsandrecreationalfacilities.Thecurrent20%debtlimitationfortheCityis $272.1million.TheCityhas$95.3millionofoutstandinggeneralobligationdebtofwhichall issubjecttothe20%limit.  Duringtheyear,theCitymaintainedthefollowingbondratings,asofJune30,2021:      Page 27 AdditionalinformationontheCity’slongͲtermdebtcanbefoundinNotes5through9.  ECONOMICFACTORSANDNEXTYEAR’SBUDGET  ThemajoreconomicfactorimpactingtheCityiscontinuedgrowthrelatedtoconstruction activity.   Consistent with high levels of building permit activity for new housing, our populationcontinuestogrow.Inadditiontoourresidentialgrowth,manynewbusinesses continuetolocateinGoodyearandarecontributingtobothoneͲtimeandongoingrevenue through permit fees, construction sales taxes, and use tax on equipment. These new and expandingbusinesseswillalsogeneratefuturesales,property,andstateͲsharedtaxrevenues forthecity,aswellaslocaljobsforourresidents. ArizonaandthePhoenixmetropolitanareacontinuetooutperformthenationalaverageon jobgrowth.Accordingtofourthquarter2020reportsusedtodevelopthefiscalyear2022 budget,thestate’sjobsgrewat4.3%,whichrepresentsareboundfrom2.0%inthesecond quarterof2020duringtheinitialmonthsofthepandemic.Localeconomicforecastsforthe metropolitanareapredictannualpersonalincomegrowthof3.5%inboth2021and2022. Personalincomegrowthreflectsafairlysmoothtransitionfromfederalstimulusfundingas themainsupportforgrowthtomorenormaleconomicactivitydrivingtheeconomy.Ona statewide basis, retail sales are projected to grow by 8.4% in 2021 and 4.8% in 2022. Goodyear local sales taxes have consistently performed above these statewide economic measures that are indicative of local taxable spending. Our sales tax projections for retail includegrowthratesof4.5%to5.0%annuallywithactualtotalnonͲconstructionsalestax growthanticipatedtocontinuetoexceedstatewidelevelsoverthenextfiveͲyears. Withnomandatedrestrictionsinplaceduringfiscalyear2021orexpectedin2022,theoverall economicpositionoftheCityofGoodyearwasnotdramaticallyimpactedbytheCoronavirus Pandemic.Fiscalyear2021sawa20.9%increaseincitysalestaxesanda16.8%increasein chargesforservicesfromtheprioryear.Themajorsalestaxgrowthoccurredintheretail andonlinemarketplacecategories.Thisisaresultofhigherpopulation,anincreaseinthe numberofretailestablishmentswithintheCity,andbothanincreaseinonlineshoppingand improvementstotheprocessforcollectingsalestaxesonthosepurchases.Afterdoublingin theprioryear,constructionsalestaxcollectionsremainedconstantforfiscalyear2021.This isindicativethatthehighrateofgrowthisbeingmaintainedwithintheCity,andthepotential ceilingcausedbylaborandmaterialsshortages.Thoughconstructionactivityhasnotslowed downintheCity,thecategoryhasbeenconservativelybudgetedtodecreaseinfiscalyear 2022.  ThelongerͲtermimpactofgrowthoncityrevenuesisalsoevidentinpropertytaxcollections. For FY2022 assessed valuation of newly constructed properties jumped from a fourͲyear averageof$44.2millionannuallyto$88.5million.Existingpropertyvaluationsalsogrewby 4.9%. Thisincreaseisreflectiveof strongreal propertyappreciationandadditionsofnew properties to the tax rolls. These property values serve as the base for both Primary and Secondary property taxes. Primary property tax revenue supports the dayͲtoͲday General Fundoperatingbudgetandisconstrainedtotwopercent(2%)growthovertheprioryearplus Page 28 alevyonnewproperties.SecondarypropertytaxessupportvoterͲapprovedG.O.bonded debtservice. TheCitycontinuestobudgetconservatively,withanemphasisonusingoneͲtimerevenues for oneͲtime expenses.  The fiscal year 2022 budget focuses on providing services to the rapidlygrowingpopulationandbusinessbase.Akeyfeatureistheadditionoffundingfor theoperationsofnewlycompletedandanticipatedcapitalprojectsincludingtheGoodyear RecreationCampusandtwonewfirestations.TheCityalsomonitorsthelocal,regional,and nationaleconomies,mostnotablytheconstructionlaborandmaterialsmarkets,inorderto bereadytoadapttoanychanges,whilestillpositioningourselvesforfuturegrowth. CONTACTINGTHECITY’SFINANCIALMANAGEMENT  Thisfinancialreportisdesignedtoprovideourcitizens,taxpayers,customers,andinvestors andcreditorswithageneraloverviewoftheCity’sfinancesandtodemonstratetheCity’s accountability for the resources it receives.  A copy of the City's Annual Comprehensive FinancialReportisavailableonͲlineatwww.goodyearaz.gov.Ifyouhavequestionsaboutthis reportorneedadditionalinformation,contacttheCityofGoodyear,190N.LitchfieldRoad, bymailatP.O.Box5100,Goodyear,Arizona85338orbyemailatgyfinance@goodyearaz.gov.   Page 29            Page 30 BASIC FINANCIAL STATEMENTS Page 31 Page 32 GOVERNMENT-WIDE FINANCIAL STATEMENTS Page 33 Page 34 CITY OF GOODYEAR, ARIZONA Statement of Net Position June 30, 2021 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 178,802,668 97,441,971 60,886,430 804,522 2,200,521 440,825 $ 26,869,016 2,764,825 9,546,490 812,744 30,295 $ 205,671,684 100,206,796 70,432,920 1,617,266 2,200,521 471,120 23,303,633 1,675,250 47,221,313 - 70,524,946 1,675,250 30,327,071 371,130 90,844,947 9,061,008 86,118,710 201,542,550 261,427,933 1,870,483 25,941,686 - 8,155,895 146,978 111,469,677 135,032,542 170,564,601 7,307,237 18,497,925 38,482,966 518,108 90,844,947 9,061,008 197,588,387 336,575,092 431,992,534 1,870,483 33,248,923 18,497,925 1,073,061,338 538,419,538 1,611,480,876 56,151,747 6,304,842 62,456,589 1,582,449 2,971,703 4,554,152 57,734,196 9,276,545 67,010,741 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 32,424,705 1,284,248 20,861,537 839,168 12,993,023 1,236,532 25,663 45,417,728 1,284,248 22,098,069 864,831 24,450,533 278,458,634 83,656,288 5,615,337 193,912,997 7,290,671 30,065,870 472,371,631 90,946,959 Total liabilities 441,975,113 221,074,223 663,049,336 4,176,583 4,176,583 151,406 151,406 4,327,989 4,327,989 435,167,043 302,551,844 737,718,887 38,019,761 5,643,082 46,045,911 57,862,298 106,628,136 19,196,217 38,019,761 5,643,082 46,045,911 57,862,298 125,824,353 321,748,061 $ 1,011,114,292 Deferred Inflows of Resources Deferred inflows related to pensions/OPEB Total deferred inflows Net Position Net investment in capital assets Restricted for: Capital projects Community facilities Debt service Other purposes Unrestricted Total net position $ 689,366,231 $ The accompanying notes are an integral part of the financial statements. Page 35 CITY OF GOODYEAR, ARIZONA Statement of Activities For the Year Ended June 30, 2021 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 $ 31,006,001 60,372,627 21,439,214 9,655,317 19,716,170 11,665,512 10,360,626 Charges for Services $ 7,070,344 7,421,123 490,969 501,541 2,765,727 19,839,213 - Program Revenues Operating Capital Grants & Grants & Contributions Contributions $ 1,771,706 84,098 6,047,403 62,500 1,621,515 $ 1,237,180 10,149,697 3,109,361 194,290 4,981,819 10,827,141 - 164,215,467 38,088,917 9,587,222 30,499,488 48,483,586 6,547,622 62,983,880 8,042,545 - 26,481,652 - 55,031,208 71,026,425 - 26,481,652 219,246,675 $ 109,115,342 $ 9,587,222 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 36 $ 56,981,140 Net (Expense) Revenue and Changes in Net Position Governmental Activities $ $ Business-type Activities (20,926,771) (42,717,709) (11,791,481) (8,959,486) (11,968,624) 19,063,342 (8,739,111) $ - Total $ (20,926,771) (42,717,709) (11,791,481) (8,959,486) (11,968,624) 19,063,342 (8,739,111) (86,039,840) - (86,039,840) - 40,981,946 1,494,923 40,981,946 1,494,923 - 42,476,869 42,476,869 108,495,439 3,604,030 25,858,467 4,121,551 9,962,516 12,410,649 899,168 309,020 6,900,553 172,561,393 86,521,553 602,844,678 689,366,231 (461,996) 113,950 (6,900,553) (7,248,599) 35,228,270 286,519,791 321,748,061 108,495,439 3,604,030 25,858,467 4,121,551 9,962,516 12,410,649 437,172 422,970 165,312,794 121,749,823 889,364,469 $ 1,011,114,292 $ The accompanying notes are an integral part of the financial statements. Page 37 Page 38 FUND FINANCIAL STATEMENTS Page 39 CITY OF GOODYEAR, ARIZONA Balance Sheet Governmental Funds June 30, 2021 General ASSETS Cash and cash equivalents Investments Receivables: Taxes Interest Other Assessments Intergovernmental Inventories Prepaid items Notes receivable Restricted cash and investments Total assets LIABILITIES Accounts payable Accrued wages and benefits Accrued interest payable Accrued liabilities Deposits held Current bonds payable Unearned revenue $ 79,437,848 78,824,781 Non-Utility Development Impact Fees Capital Projects GO Bonds Capital Projects $ $ 13,656,028 257,726 1,244,069 283,305 2,159,059 1,675,250 - 45,609,971 10,482,959 713,391 24,140 - 31,322,873 5,856,986 35,655 17,353,761 $ 177,538,066 $ 56,830,461 $ 54,569,275 $ 4,693,549 3,594,396 227,079 20,007,380 24,635 $ 453,369 663,949 - $ 16,549,514 - Total liabilities 28,547,039 1,117,318 16,549,514 Unavailable revenue-property taxes Unavailable revenue-special assessments Unavailable revenue-intergovernmental Unavailable revenue-other 62,637 1,675,250 - - Total deferred inflows of resources 1,737,887 - - 2,442,364 2,086,585 113,465,757 29,258,434 55,713,143 - 38,019,761 - 147,253,140 55,713,143 38,019,761 DEFERRED INFLOWS OF RESOURCES FUND BALANCES Nonspendable Restricted Committed Assigned Unassigned Total fund balances Total liabilities, deferred inflows of resources, and fund balances $ 177,538,066 $ 56,830,461 The accompanying notes are an integral part of the financial statements. Page 40 $ 54,569,275 McDowell Road Commercial Corridor ID Debt Service Community Facilities Districts Debt Service $ $ 247,919 23,315,000 - - Non-major Funds $ 172,547 20,453,836 5,949,872 15,537,797 2,277,245 Total Governmental Funds $ 119,237 7,957 4,647 39,290 842,907 521,217 - 172,156,408 97,441,971 14,661,203 325,478 1,248,716 43,808,126 842,907 804,522 2,159,059 1,675,250 23,303,633 $ 23,562,919 $ 26,576,255 $ 19,350,297 $ 358,427,273 $ 4,036 12,194 $ 5,628 1,063,366 3,747,000 - $ 2,161,721 174,283 190,208 802,339 $ 23,867,817 3,768,679 1,063,366 227,079 20,861,537 3,747,000 839,168 $ 16,230 4,815,994 3,328,551 54,374,646 23,315,000 - 47,105 20,453,836 - 55,723 5,374,749 - 165,465 43,768,836 5,374,749 1,675,250 23,315,000 20,500,941 5,430,472 50,984,300 231,689 - 1,259,320 - 521,217 6,491,718 3,729,087 (150,748) 2,963,581 103,802,216 3,729,087 113,465,757 29,107,686 231,689 1,259,320 10,591,274 253,068,327 23,562,919 $ 26,576,255 $ 19,350,297 $ 358,427,273 Page 41 Page 42 CITY OF GOODYEAR, ARIZONA Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position June 30, 2021 Total governmental fund balances $ 253,068,327 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 $ 1,001,033,531 (293,528,013) 707,505,518 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 440,825 $ (295,997,078) 6,304,842 (83,656,288) (6,912,089) (380,260,613) Interest payable on long-term debt does not require current financial resources and therefore, is not reported as a liability in the governmental funds balance sheet. 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 (220,882) $ 165,465 43,768,836 5,374,749 1,675,250 50,984,300 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 5,873,592 $ 56,151,747 (4,176,583) 51,975,164 Total net position of governmental activities $ The accompanying notes are an integral part of the financial statements. Page 43 689,366,231 CITY OF GOODYEAR, ARIZONA Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds For the Year Ended June 30, 2021 General REVENUES Taxes Licenses, permits and fees Intergovernmental revenue Charges for services Fines and forfeitures Investment income Special assessments Contributions Other revenues $ Total revenues 112,312,049 19,073,277 28,054,198 2,033,775 1,037,122 1,197,463 2,119,851 1,256,896 Non-Utility Development Impact Fees Captial Projects GO Bonds Capital Projects $ $ 10,305,164 20,476,785 (162,243) - (57,622) 2,070,000 - 167,084,631 30,619,706 2,012,378 22,063,640 71,683,219 3,708,625 9,861,453 10,500,186 11,784,987 2,164,544 70,221,236 1,324,858 85,913 - 281,714 - 131,012,881 2,164,544 70,502,950 36,071,750 28,455,162 (68,490,572) EXPENDITURES Current: General government Public safety Highways and streets Public works Culture and recreation Development services Capital outlay Debt service Debt issuance cost Principal Interest and fiscal charges Total expenditures Excess (deficiency) of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Debt issuance Premium on debt issuance Payments to refunding escrow Refunding bonds issued Sale of assets Transfers out Transfers in Total other financing sources (uses) 213,803 (22,010,535) 8,418,960 (16,999,774) 1,256,445 39,530,000 5,859,505 20,649,441 (13,377,772) (15,743,329) 66,038,946 Net change in fund balances 22,693,978 12,711,833 (2,451,626) Fund balances, beginning of year 124,559,162 43,001,310 40,471,387 Fund balances, end of year $ 147,253,140 $ 55,713,143 The accompanying notes are an integral part of the financial statements. Page 44 $ 38,019,761 McDowell Road Commercial Corridor ID Debt Service Community Facilities Districts Debt Service $ $ $ 4,080,028 619 6,600,555 3,969 2,729,988 - Non-major Funds $ 8,829,128 6,598,741 1,288,686 (82,968) 1,399,069 - Total Governmental Funds $ 138,046,896 19,073,277 34,652,939 23,799,246 1,037,122 898,599 6,810,016 5,588,920 1,257,515 4,080,647 9,334,512 18,032,656 231,164,530 - - 6,125,454 380,943 7,548,526 4,639,317 618,160 28,189,094 72,064,162 7,548,526 3,708,625 14,500,770 10,500,186 84,788,927 3,295,000 783,278 61,494 9,630,000 3,939,793 318,990 11,423,314 5,470,336 662,198 25,673,172 10,279,320 4,078,278 13,631,287 36,525,040 257,914,980 2,369 (4,296,775) (18,492,384) (26,750,450) - - (25,201,010) 25,520,000 (18,900) 15,604,916 39,530,000 5,859,505 (25,201,010) 25,520,000 213,803 (39,029,209) 45,929,762 - - 15,905,006 52,822,851 2,369 (4,296,775) (2,587,378) 26,072,401 229,320 5,556,095 13,178,652 226,995,926 231,689 $ 1,259,320 $ 10,591,274 $ Page 45 253,068,327 Page 46 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, 2021 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 $ 26,072,401 $ 81,839,772 (23,333,592) 58,506,180 Disposals and transfers of capital assets are not reported in the governmental funds. The net effect of these transactions decreased net position. (12,118) 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. 3,109,361 Some revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. Property taxes $ (119,507) Special assessments (5,186,515) 5,209,443 Intergovernmental Other (1,565,979) (1,662,558) 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. (70,909,505) 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 $ 49,188,172 Amortization of deferred charges 125,622 Amortization of premiums and discounts 2,362,162 51,675,956 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 $ 32,882,550 Pension and OPEB expense (13,837,305) 19,045,245 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. (562,004) Accrued interest for long-term debt is not reported as an expenditure for the current period while it is recorded in the statement of activities. (220,882) The net revenues of certain activities of the internal service fund is reported with governmental activities. 1,479,477 Change in net position of governmental activities $ 86,521,553 The accompanying notes are an integral part of the financial statements. Page 47 CITY OF GOODYEAR, ARIZONA Statement of Net Position Proprietary Funds June 30, 2021 Business-type Activities - Enterprise Funds ASSETS Current Assets: Cash Investments Receivables (net of allowance) Interest receivable Inventories Prepaid items Water & Wastewater $ 22,508,442 1,980,717 8,586,979 9,244 812,744 - Sanitation $ 4,360,574 784,108 947,627 2,640 - Totals $ 26,869,016 2,764,825 9,534,606 11,884 812,744 - Governmental Activities Self-Insurance Trust Internal Service Fund $ 6,646,260 41,462 Total current assets 33,898,126 6,094,949 39,993,075 6,687,722 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 47,221,313 25,890 8,155,895 146,978 111,469,677 169,077,874 235,006,036 17,371,702 21,088,078 (112,226,763) 4,405 150,522 1,867,780 (932,924) 47,221,313 30,295 8,155,895 146,978 111,469,677 169,228,396 235,006,036 19,239,482 21,088,078 (113,159,687) - Total noncurrent assets 497,336,680 1,089,783 498,426,463 - 531,234,806 7,184,732 538,419,538 6,687,722 DEFERRED OUTFLOWS OF RESOURCES Loss on refunding Deferred outflows related to pensions/OPEB Total deferred outflows of resources 2,971,703 1,352,379 4,324,082 230,070 230,070 2,971,703 1,582,449 4,554,152 - LIABILITIES Current liabilities: Accounts payable Accrued wages and benefits Claims payable Unearned revenue Customer deposits Compensated absences - current portion Loans payable - current portion Bonds payable - current portion 12,232,413 243,598 25,663 1,227,622 279,277 289,877 4,999,302 475,045 41,967 8,910 46,881 - 12,707,458 285,565 25,663 1,236,532 326,158 289,877 4,999,302 116,536 697,594 - Total Assets Total current liabilities 19,297,752 572,803 19,870,555 814,130 Noncurrent liabilities: Compensated absences Net pension/OPEB liability Loans payable, net of current portion Bonds payable, net of current portion 319,790 6,230,693 2,198,124 191,328,724 66,359 1,059,978 - 386,149 7,290,671 2,198,124 191,328,724 - Total noncurrent liabilities Total liabilities 200,077,331 219,375,083 1,126,337 1,699,140 201,203,668 221,074,223 814,130 129,393 129,393 22,013 22,013 151,406 151,406 - 301,466,466 14,587,946 1,085,378 4,608,271 302,551,844 19,196,217 5,873,592 DEFERRED INFLOWS OF RESOURCES Deferred inflows related to pensions/OPEB Total deferred inflows of resources NET POSITION Net investment in capital assets Unrestricted Total net position $ 316,054,412 $ 5,693,649 $ 321,748,061 The accompanying notes are an integral part of the financial statements. Page 48 $ 5,873,592 CITY OF GOODYEAR, ARIZONA Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds For the Year Ended June 30, 2021 Business-type Activities - Enterprise Funds Water & Wastewater Operating Revenues Charges for services Self insurance premiums Other revenues $ Total operating revenues 62,819,793 164,087 Sanitation $ 8,042,545 - Totals $ 70,862,338 164,087 Governmental Activities Self-Insurance Trust Internal Service Fund $ 10,448,623 574,256 62,983,880 8,042,545 71,026,425 11,022,879 Salaries, wages and benefits Cost of sales and services Claims expense Depreciation 6,728,658 26,064,560 9,353,072 1,208,574 5,112,620 226,428 7,937,232 31,177,180 9,579,500 1,586,063 7,957,908 - Total operating expenses 42,146,290 6,547,622 48,693,912 9,543,971 20,837,590 1,494,923 22,332,513 1,478,908 (464,874) (6,337,296) 4,725 2,878 109,225 (461,996) (6,337,296) 113,950 569 - (6,797,445) 112,103 (6,685,342) 569 14,040,145 1,607,026 15,647,171 1,479,477 Capital contributions Transfers out 26,481,652 (5,549,718) (1,350,835) 26,481,652 (6,900,553) - Change in net position 34,972,079 256,191 35,228,270 1,479,477 281,082,333 5,437,458 286,519,791 4,394,115 Operating Expenses Operating income (loss) Non-operating Revenues (Expenses) Investment income Interest expense and fiscal charges Gain (loss) on sale of assets Total non-operating revenue (expense) Income (loss) before contributions and transfers Total net position, beginning of year Total net position, end of year $ 316,054,412 $ 5,693,649 $ 321,748,061 The accompanying notes are an integral part of the financial statements. Page 49 $ 5,873,592 CITY OF GOODYEAR, ARIZONA Statement of Cash Flows Proprietary Funds For the Year Ended June 30, 2021 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 64,367,238 (27,755,277) (6,663,769) - Sanitation $ 8,105,577 (5,004,789) (1,089,644) - Totals $ 72,472,815 (32,760,066) (7,753,413) - Self-Insurance Trust Internal Service Fund $ 11,022,879 (1,467,731) (7,829,017) 29,948,192 2,011,144 31,959,336 1,726,131 (5,549,718) (1,350,835) (6,900,553) - (5,549,718) (1,350,835) (6,900,553) - Cash Flows From Capital and Related Financing Activities: Purchase of capital assets Proceeds from sale of capital assets Principal paid on long term debt Interest paid Development fees (77,126,074) 5,204 (5,265,879) (7,036,185) 17,121,488 (150,128) 109,225 - (77,276,202) 114,429 (5,265,879) (7,036,185) 17,121,488 - Cash flows from capital and related financing activities (72,301,446) (40,903) (72,342,349) - Cash Flows From Investing Activities: Sale (purchase) of investments Investment income (599,361) 386,635 (18,784) 17,418 (618,145) 404,053 569 Cash flows from investing activities (212,726) (1,366) (214,092) 569 Net change in cash and cash equivalents Cash and cash equivalents, including temporarily restricted cash, beginning of year (48,115,698) 618,040 (47,497,658) 1,726,700 117,845,453 3,742,534 121,587,987 4,919,560 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 $ 69,729,755 $ 4,360,574 $ 74,090,329 $ 6,646,260 $ 20,837,590 $ 1,494,923 $ 22,332,513 $ 1,478,908 9,353,072 895,969 (532,100) 226,428 182,132 (90,522) 9,579,500 1,078,101 (622,622) - 1,358,254 (350,600) (1,340,117) (298,980) 25,104 63,032 98,921 36,230 - 1,421,286 (350,600) (1,241,196) (262,750) 25,104 34,791 212,432 - Net cash flows from operating activities $ 29,948,192 $ 2,011,144 $ 31,959,336 $ 1,726,131 Supplemental Schedule of Non-cash Financing and Investing Activities: Contributed capital assets Unrealized gains and losses on investments $ $ 9,360,164 851,509 $ $ 14,540 $ $ 9,360,164 866,049 $ $ - The accompanying notes are an integral part of the financial statements. Page 50 CITY OF GOODYEAR, ARIZONA Statement of Fiduciary Net Position Fiduciary Funds June 30, 2021 Pension Trust Fund Assets Cash and cash equivalents Mutual funds - equity Mutual funds - income Total assets Net Position Restricted for: Pensions Individuals and organizations Total net position $ 28,813 564,075 129,872 722,760 722,760 $ 722,760 GAIN $ $ 8,679 8,679 8,679 8,679 Custodial Funds Shop with Fill-A-Need a Cop $ $ 14,672 14,672 14,672 14,672 $ $ 36,323 36,323 36,323 36,323 The accompanying notes are an integral part of the financial statements. Page 51 Arizona in Action $ $ 3,230 3,230 3,230 3,230 CITY OF GOODYEAR, ARIZONA Statement of Changes in Fiduciary Net Position Fiduciary Funds For the Year Ended June 30, 2021 Pension Trust GAIN Custodial Funds Shop with Fill-A-Need a Cop Arizona in Action $ $ Additions Investment Income Other income Total additions $ 194,543 2,693 197,236 Deductions Benefits Recipient payments Total deductions 10,750 10,750 - 15,000 15,000 3,086 3,086 - Net increase (decrease) in fiduciary net position 186,486 - (7,034) 8,369 - Net position, beginning of year 536,274 8,679 21,706 27,954 3,230 Net position, end of year $ 722,760 $ $ - 8,679 $ 7,966 7,966 14,672 $ $ 11,455 11,455 36,323 The accompanying notes are an integral part of the financial statements. Page 52 $ - 3,230 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 55 2. Cash and Investments 64 3. Receivables 67 4. Capital Assets 68 5. Loan Payable 69 6. General Obligation Bonds Payable 69 7. Revenue Bonds Payable 70 8. Community Facilities Districts Bonds Payable 73 9. Changes in Long-Term Liabilities 74 10. Interfund Receivables, Payables, and Transfers 75 11. Contingent Liabilities 75 12. Risk Management 76 13. Pensions and Other Postemployment Benefits 77 14. Excess of Expenditures Over Appropriations 89 15. Fund Balance Classifications 89 16. Deficit Fund Balances 90 17. Commitments 91 18. Tax Abatement Agreements 91 Page 53 Page 54 NOTE1SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES ThefinancialstatementsoftheCityofGoodyear,Arizona(City)havebeenpreparedinconformitywith accountingprinciplesgenerallyacceptedintheUnitedStatesofAmericaasappliedtogovernmentunits. The Governmental Accounting Standards Board (GASB) is the accepted standardͲsetting body for establishinggovernmentalaccountingandfinancialreportingprinciples. A.ReportingEntity TheCityisamunicipalentitygovernedbyanelectedmayorandsixͲmembergoverningcouncil(council). AsrequiredbyaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica,thesefinancial statementspresenttheCityanditsblendedcomponentunits,entitiesforwhichtheCityisconsidered financiallyaccountable.InaccordancewithGASBStatementNo.14,andasamendedbyGASBStatement No.61,thecomponentunitsdiscussedbelowhavebeenincludedintheCity’sreportingentitybecauseof thesignificanceoftheiroperationalorfinancialrelationshipwiththecity. Thefinancialreportingentityconsistsofaprimarygovernment,anditscomponentunits.TheCityisa primary government that has a separately elected governing body, is legally separate, and is fiscally independentofotherstateorlocalgovernments.Furthermore,componentunitsarecombinedwiththe City for financial statement presentation purposes and are not included in any other governmental reportingentity.Consequently,theCity’sfinancialstatementsincludethefundsofthoseorganizational entitiesforwhichitselectedgoverningbodyisfinanciallyaccountable. BlendedComponentUnitsͲCommunityFacilitiesDistrictswereformedforthepurposeofacquiringand improvingpublicinfrastructureinspecifiedlandareas.Asspecialpurposedistrictsandseparatepolitical subdivisionsundertheArizonaConstitution,theDistrictscanlevytaxesandissuebondsindependentlyof theCity.PropertyownersinthedesignatedareasareassessedforDistricttaxesandthusforthecostof operatingtheDistricts.TheCityCouncilservesastheBoardofDirectors;however,theCityhasnoliability fortheDistricts’debt.AlthoughitislegallyseparatefromtheCity,theDistrictsarereportedasifitispart of the primary government because the District’s governing body is substantively the same as the governingbodyoftheCityandmanagementoftheCityhasoperationalresponsibilityfortheDistricts. ThefollowingarethecommunityfacilitiesdistrictscurrentlyoperatingintheCityofGoodyear. x x x x x x x x x x GoodyearCommunityFacilitiesGeneralDistrictNo.1 GoodyearCommunityFacilitiesUtilitiesDistrictNo.1 WildflowerRanchCommunityFacilitiesDistrictNo.1 WildflowerRanchCommunityFacilitiesDistrictNo.2 EstrellaMountainRanchCommunityFacilitiesDistrict CottonflowerCommunityFacilitiesDistrict CenterraCommunityFacilitiesDistrict CortinaCommunityFacilitiesDistrict PalmValleyCommunityFacilitiesDistrictNo.3 KingRanchCommunityFacilitiesDistrict Complete financial statements of the individual component units may be obtained at the entities’ administrativeofficesoronlineatwww.goodyearaz.gov/cfd.  Page 55 NOTE1SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES B.GovernmentͲWideandFundFinancialStatements The governmentͲwide 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 activityhas beenremovedfrom thegovernmentͲwidefinancialstatements.Netinterfund activityand balances between the governmental activities and the businessͲtype activities are shown in the governmentͲwidefinancialstatements.The“doublingup”effectofinternalservicefundactivityhasbeen removedfromthegovernmentͲwidestatementswiththeexpensesshowninthevariousfunctionsonthe StatementofActivities.ThesestatementsaretodistinguishbetweenthegovernmentalandbusinessͲtype activities of the City. Governmental activities normally are supported by taxes and intergovernmental revenues,andarereportedseparatelyfrombusinessͲtypeactivities,whichrelytoasignificantextenton feesandcharges. TheStatementofActivitiesdemonstratesthedegreetowhichthedirectexpensesofagivenfunctionor 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 requirementsofaparticularfunctionorsegment.Taxes,stateͲsharedrevenues,investmentincomeand otheritemsnotincludedamongprogramrevenuesarereportedinsteadasgeneralrevenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the governmentͲwide financial statements. Major individualgovernmentalfundsandmajorindividualenterprisefundsarereportedasseparatecolumnsin thefundfinancialstatements. C.FundBalances–GovernmentalFunds AsofJune31,2021,fundbalancesofthegovernmentalfundsareclassifiedasfollows: NonspendableͲamountsthatcannotbespenteitherbecausetheyareinnonspendableformorbecause theyarelegallyorcontractuallyrequiredtobemaintainedintact. RestrictedͲamountsthatcanbespentonlyforspecificpurposesbecauseofconstitutionalprovisionsor enabling legislation or because of constraints that are externally imposed by creditors, grantors, contributors,orthelawsorregulationsofothergovernments. CommittedͲamountsthatcanbeusedonlyforspecificpurposesdeterminedbyaformalactionofCity Council.CityCouncilisthehighestlevelofdecisionͲmakingauthorityfortheCity.Commitmentsmaybe established,modified,orrescindedonlythroughresolutionsapprovedbyCityCouncil. AssignedͲamountsthatdonotmeetthecriteriatobeclassifiedasrestrictedorcommittedbutthatare intendedtobeusedforspecificpurposes.UndertheCity’sadoptedpolicy,theCityappropriatesfunding for information technology (IT) replacement, fleet replacement, risk management, police and fire equipment,parksandtrafficsignalassetmanagementreserves.Inaddition,amountsencumberedrelated Page 56 NOTE1SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES to projects that carry over into the next fiscal year are reported as assigned. The accumulated appropriationsforthesepurposeswhichhavenotbeenspentarereflectedasassignedfundbalances. OnlyCityCouncilortheCity’sFinanceDirectormayassignamountsforspecificpurposes. UnassignedͲincludesallspendableamountsnotcontainedintheotherclassifications.TheGeneralFund istheonlyfundthatcanreportapositiveunassignedfundbalance.Inothergovernmentalfunds,other than the general fund, if expenditures incurred for specific purposes exceed the amounts that are restricted,committed,orassignedtothosepurposes,itmaybenecessarytoreportanegativeunassigned fundbalanceinthatfund. TheGeneralFundhasUnassignedFundsconsistingofacontingencyreserve.Thecontingencyreserveis usedtosetasideresourcestocoverunanticipateddeficitsorrevenuereductionsthatmaybecausedby adverseeconomicconditionsorpublicemergency.Theamountofthecontingencyreserveisequaltoor greaterthan15percentoffiscalyear2021onͲgoingrevenues. Whenanexpenditureisincurredforpurposesforwhichbothrestrictedandunassignedfundbalanceis available,theCityconsidersrestrictedfundstohavebeenspentfirst.Whenanexpenditureisincurred forwhichcommitted,assigned,orunassignedfundbalancesareavailable,theCityconsidersamountsto have been spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed,unlessCityCouncilortheCity’sFinanceDirectorhasprovidedotherwiseinitscommitmentor assignmentactions. D.MeasurementFocus,BasisofAccounting,andFinancialStatementPresentation GovernmentͲwideFinancialStatementsͲThegovernmentͲwidefinancialstatementsarereportedusing theeconomicresourcesmeasurementfocusandtheaccrualbasisofaccounting,asaretheproprietary 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 revenuesintheyearforwhichtheyarelevied.Grantsandsimilaritemsarerecognizedasrevenuesas soonasalleligibilityrequirementsimposedbythegrantororproviderhavebeenmet.Asageneralrule, theeffectoninternalactivityhasbeeneliminatedfromthegovernmentͲwidefinancialstatements. Fund Financial Statements Ͳ Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognizedassoonastheyarebothmeasurableandavailable.Revenuesareconsideredtobeavailable whentheyare collectible withinthecurrentperiod orsoonenough thereaftertopayliabilitiesofthe currentperiod.Forthispurpose,theCityconsidersrevenuestobeavailableiftheyarecollectedwithin 60daysoftheendofthecurrentfiscalperiod. 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 absencesandclaimsandjudgments,arerecordedonlywhenpaymentisdue. Propertytaxes,salestaxes,franchisetaxes,licenses,andpermits,chargesforservice,specialassessments and investment income associated with the current fiscal period are considered to be susceptible to accrualandhavebeenrecognizedasrevenuesofthecurrentfiscalperiod.Grantsandsimilarawardsare recognizedasrevenuesassoonasalleligibilityrequirementsimposedbythegrantororproviderhave Page 57 NOTE1SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES beenmet,andtheamountisreceivedduringtheperiodorwithintheavailabilityperiodforthisrevenue source (within 60 days of yearͲend). All other revenue items are considered to be measurable and availableonlywhencashisreceivedbythegovernment.  TheCityreportsthefollowingmajorgovernmentalfunds: GeneralFundͲThisfundisthegeneraloperatingfundoftheCity.Itaccountsforallfinancialresourcesof theCity,exceptthoseeitherrequiredtobeaccountedforinotherfundsorwhenthecitydetermines thereisanoperationaladvantagetodoso. NonͲUtilityDevelopmentImpactFeesCapitalProjectsͲThisfundaccountsforthecapitalprojectsfunded withdevelopmentimpactfees. GOBondCapitalProjectsFundͲThisfundaccountsforthecapitalprojectsfinancedbygeneralobligation bonddebt. McDowellRoadCommercialCorridorImprovementDistrictDebtServiceFundͲThisfundaccountsforthe debtportionoftheMcDowellRoadImprovementDistrict. CommunityFacilitiesDistrictsͲDebtServiceFundͲThisfundaccountsforthedebtportionoftheCity’s CommunityFacilitiesDistricts,whicharecomponentunitsthatprovidegeneralinfrastructureandcapital assetsforthepropertywithineachDistrict’sboundaries. TheCityreportsthefollowingnonͲmajorgovernmentalfundsareasfollows: Highway User Revenue Fund (HURF) – This fund accounts for the City's share of tax revenues legally restrictedtothemaintenanceofthehighwayswithintheCity'sboundaries.  CommunityFacilitiesDistricts–Thisfundaccountsfortheoperationsandmaintenanceportionofthe City’sspecialdistrictsformedforthepurposeoffinancingtheacquisition,construction,operation,and maintenanceofthepublicinfrastructurebenefitingthecommunity. Office of Tourism Prop 302 – This fund accounts for the funds received to support Maricopa County tourism,marketing,andpromotion GrantsFunds–ThisfundaccountsfortheCity'sfederal,state,localandtribalgrants.  BallparkFund–ThisfundaccountsfortheoperationsoftheCity’sballparkfacilityandoperations.  Debt Service Fund – This fund accounts for debt proceeds and the accumulation of resources for the paymentofprincipalandinterestandrelatedcosts.  Thefocusofgovernmentalfundfinancialstatementsisonmajorfundsratherthanreportingfundsby type.Eachmajorfundispresentedinaseparatecolumn.NonͲmajorfundsareaggregatedandpresented inasinglecolumn.  Page 58 NOTE1SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES TheCityreportsthefollowingmajorproprietaryfunds: WaterandWastewaterFundͲThisfundaccountsfortheCity’swaterandwastewaterutilityoperations, includingtheutilitydevelopmentimpactfees. SanitationFundͲThisfundisusedtoaccountfortheactivitiesoftheCity’ssanitationoperations. Internal Service Fund – This fund is used to account for selfͲinsurance for employee benefits. The Internal service fund activities are reported as governmental activities on the governmentͲwide statements. Proprietary funds distinguish operating revenues and expenses from nonͲoperating items. Operating revenuesandexpensesgenerallyresultfromprovidingservicesandproducinganddeliveringgoodsin connectionwithaproprietaryfund’sprincipalongoingoperations.Theprincipaloperatingrevenuesof the City’s enterprise funds are charges to customers for water, wastewater, and sanitation services. Operatingexpensesforthesefundsincludetheadministrativeexpenses,costofsalesandservices,and depreciation. All revenues and expenses not meeting this definition are reported as nonͲoperating revenuesandexpenses. TheCityreportsthefollowingfiduciaryfunds: PensionTrustFund–ThisfundisusedtoaccountfortheGoodyearVolunteerandReserveFirefighter RetirementTrustPlanFund,adefinedcontributionplanforwhichtheassetsareheldbytheCityina trusteecapacity.ThePensionTrustFundisreportedusingtheaccrualbasisofaccounting. CustodialFunds–TheCityholdstheseassetsasanagentforindividuals,privateorganizationsorothers in a temporary custodial capacity. The City currently maintains four custodial funds. The four funds accountformoniesdonatedbyindividualsfortheGAIN,FillͲAͲNeed,ShopWithACop,andArizonain Actionactivities. FiduciaryfundsaccountforassetsheldbytheCityinatrusteeorcustodialcapacityonbehalfofothers. Thereportingfocusisuponnetpositionandchangesinnetpositionandemploysaccountingprinciples similartoproprietaryfunds. FiduciaryfundsarenotincludedinthegovernmentͲwidefinancialstatementsconsideringtheyarenot assetsoftheCityavailabletosupportCityprograms. E.CashandCashEquivalents Cashrepresentsamountsindemanddepositsandamountsheldintrustbyfinancialinstitutions.Thefunds heldintrustareavailabletotheCityupondemand.TheCityconsidersshortͲterminvestments(including restrictedassets)intheStateofArizonainvestmentpool,mutualfundͲmoneymarket,U.S.Treasurybills andnoteswithmaturitiesofthreemonthsorlessatacquisitiondatetobecashequivalents.   Page 59 NOTE1SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES F.Investments Goodyear maintains investment accounts for funds that are not legally required to be maintained separately.Eachfund'sequityininvestmentsrepresentsthatfund'spositionintheconsolidatedaccounts and determines that fund's allocation of interest earned. Arizona Revised Statutes regulate the investmentofsurpluscash.GoodyearlimitsitsinvestmentstoU.S.governmentsecurities,certificatesof deposit, bonds, repurchase agreements, corporate notes, commercial paper, and money market accounts.Investmentsarestatedatfairvaluebasedonquotedmarketpricesandcashequivalentsare statedatamortizedcost. G.ReceivablesandPayables Activitybetweenfundsthatarerepresentativeoflending/borrowingarrangementsoutstandingatthe endofthefiscalyeararereferredtoaseither“dueto/fromotherfunds”(i.e.,thecurrentportionofinterͲ fundloans)or“advancesto/fromotherfunds”(i.e.,thenonͲcurrentportionoftheinterͲfundloans). All trade and property tax receivables are shown net of allowance for uncollectibles. Trade accounts receivableinexcessof180dayscomprisethetradeaccountsreceivablesallowanceforuncollectibles. PropertytaxesareleviedbytheCityandcollectedbytheMaricopaCountyTreasurer.Propertytaxesare leviednolaterthanthethirdMondayofAugustandarepayableintwoinstallmentsdueOctober1ofthe currentyearandMarch1ofthesubsequentyear.Taxesbecomedelinquentafterthefirstbusinessday ofNovemberandMay,respectively.Interestattachesoninstallmentsafterthedelinquentdate.Alien attaches to the property on the first day of January preceding the assessment and levy of taxes. Delinquentamountsbearinterestattherateof16percent.MaricopaCounty,atnochargetothetaxing entities, bills and collects all property taxes. Public auctions of properties which have delinquent real estatetaxesareheldinFebruary. H.Inventory InventoriesarevaluedataveragecostusingthefirstͲin,firstͲout(FIFO)flowmethod.Inventory,which consists of expendable supplies and vehicle repair parts, is recorded as an expenditure at the time individualinventoryitemsareconsumedratherthanwhenpurchased. I.PrepaidItems Certainpaymentstovendorsreflectcostsapplicabletofutureaccountingperiodsandarerecordedas prepaiditemsinboththegovernmentͲwideandfundfinancialstatements.Thecostofprepaiditemsis recordedasexpenditureswhenconsumedratherthanwhenpurchased. J.RestrictedAssets Certain proceeds of the City’s bonds, as well as certain resources set aside for their repayment, are classifiedasrestrictedcashandcashequivalentsonthegovernmentͲwideStatementofNetPosition,the BalanceSheetandProprietaryStatementofNetPositionbecausetheiruseislimitedbyapplicablebond covenants. Page 60 NOTE1SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES K.CapitalAssets Capitalassets,whichincludeland,landimprovements,artwork,rightofway,streetscape,buildingsand improvements,vehicles,machinery,equipment,constructioninprogress,andinfrastructureassets(e.g., roads,bridges,sidewalks,andsimilaritems),arereportedintheapplicablegovernmentalorbusinessͲ typeactivitiescolumnsinthegovernmentͲwidefinancialstatements.TheCitydefinescapitalassetsas assetswithaninitial,individualcostof$5,000ormoreandanestimatedusefullifeofmorethanoneyear. Capital assets are recorded at historical cost if purchased or constructed. Donated capital assets are recordedatestimatedacquisitionvalueatthedateofdonation. Thecostsofnormalmaintenanceandrepairsthatdonotaddtothevalueoftheassetormateriallyextend thelifeoftheassetarenotcapitalized.Majoroutlaysforcapitalassetsandimprovementsarecapitalized asprojectsastheyareconstructed.Interestincurredduringtheconstructionphaseofcapitalassetsof businessͲtypeactivitiesisincludedaspartofthecapitalizedvalueoftheassetsconstructed.  Certain capital assets of the City are depreciated using the straightͲline method over the following estimatedusefullives: Assets Infrastructure LandImprovements BuildingsandImprovements Vehicles,FurnitureandEquipment WaterRights    Years 20Ͳ65 15 7Ͳ50 3Ͳ20 100   TheCityhasacollectionofartworkpresentedbothinbuildingsandpublicoutdoorspaces.Thetruevalue oftheartisexpectedtoeitherbemaintainedatcostorappreciateovertime,andthus,theartisnot depreciated.Ifindividualpiecesarelostordestroyed,thelossisrecorded. L.DeferredOutflows/InflowsofResources Inadditiontoassets,thestatementofnetpositionwillsometimesreportaseparatesectionfordeferred outflows of resources. This separate financial statement element, deferred outflows of resources, representsaconsumptionofnetpositionthatappliestoafutureperiod(s)andsowillnotberecognized asanoutflowofresources(expense/expenditure)untilthen.Thegovernmentonlyhastwoitemsthat qualifyforreportinginthiscategory.Itisthedeferredlossonrefundinganddeferredoutflowsrelatedto pensionsandOPEBreportedinthegovernmentͲwidestatementofnetposition. In addition to liabilities, the statement of net position will sometimes report a separate section for deferredinflowsofresources.Thisseparatefinancialstatementelement,deferredinflowsofresources, representsanacquisitionofnetpositionthatappliestoafutureperiod(s)andsowillnotberecognized asaninflowofresources(revenue)untilthattime.Thegovernmentonlyhastwoitemsthatqualifyfor reportinginthiscategory.Itisunavailablerevenue,whicharisesonlyunderamodifiedaccrualbasisof accounting,anddeferredinflowrelatedtopensionsandOPEB.   Page 61 NOTE1SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES M.CompensatedAbsences TheCity’semployeevacationandsickleavepoliciesprovideforgrantingvacationandsickleavewithpay. Sickleaveandvacationbenefitsvestattheemployee’scurrentrateofpay.ThecurrentandlongͲterm liabilities for accumulated vacation and sick leave are reported on the governmentͲwide financial statementsandintheproprietaryfundfinancialstatements.Aliabilityfortheseamountsisreportedin governmentalfundsonlyiftheyhavematured,forexample,asaresultofemployeeleave,resignation andretirements.ResourcesfromtheGeneralFundaregenerallyusedtoliquidatethegovernmentalfunds liabilitiesforcompensatedabsences. N.LongͲtermObligations InthegovernmentͲwidefinancialstatementsandproprietaryfundfinancialstatements,longͲtermdebt and other longͲterm obligations are reported as liabilities on the statement of net position. Bond premiumsanddiscountsareamortizedoverthelifeofthebondsusingthestraightͲlinemethod.Deferred amountsonrefundingresultfromthedifferencebetweenthecarryingvalueofrefundeddebtandits reacquisitionprice.Thisamountisdeferredandamortizedovertheshorterofthelifeoftherefundedor refundingdebt. Inthefundfinancialstatements,governmentalfundtypesrecognizebondpremiumsanddiscounts,as wellasbondissuancecosts,duringthecurrentperiod.Thefaceamountofdebtissuedisreportedas otherfinancingsources.Premiumsreceivedondebtissuancesarereportedasotherfinancingsources whilediscountsondebtissuancesarereportedasotherfinancinguses.Issuancecosts,whetherornot withheldfromtheactualdebtproceedsreceived,arereportedasdebtserviceexpenditures. O.InterͲfundActivity FlowsofcashfromonefundtoanotherwithoutarequirementforrepaymentarereportedasinterͲfund transfers.InterͲfundtransfersbetweengovernmentalfundsareeliminatedintheStatementofActivities. InterͲfund services provided and used are not eliminated in the process of consolidation. InterͲfund transfersinthefundstatementsarereportedasotherfinancingsources/usesingovernmentalfundsand fallbelowthenonͲoperatingrevenues/expensesintheproprietaryfunds. P.Estimates Thepreparationofthefinancialstatementsinconformitywithaccountingprinciplesgenerallyaccepted intheUnitedStatesofAmericarequiresmanagementtomakeestimatesandassumptionsthataffectthe amountsreportedinthefinancialstatementsandaccompanyingnotes.Actualresultsmaydifferfrom thoseestimates. Q.BudgetaryData AccordingtothelawsoftheStateofArizona,alloperatingbudgetsmustbeapprovedbytheirgoverning boardonorbeforethesecondMondayinAugusttoallowsufficienttimeforlegalannouncementsand hearingsrequiredfortheadoptionofthepropertytaxlevyonthethirdMondayinAugust. InApril,theproposedbudgetforthefollowingfiscalyearispresentedbytheCityManagertotheCity Page 62 NOTE1SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES Council.Thebudgetincludesproposedexpendituresandthemeansoffinancingthem.Apublicmeeting isheldtoobtaincitizencomment. PriortoJune30,theCityCouncillegallyenactsthebudget,throughthepassageofanordinance.The ordinance sets the limit for expenditures for the year, within the voter mandated state expenditure limitation.AdditionalexpendituresmaybeauthorizedifdirectlynecessitatedbyanaturalormanͲmade disasterasprescribedinthestateconstitution.Therewerenosupplementalappropriationsmadeduring fiscalyear2021. Themaximumlegalexpenditurepermittedfortheyearisthetotalbudgetasadopted.Allfundsofthe Cityhavelegallyadoptedbudgets.Theinitialbudgetforthefiscalyearmaybeamendedduringtheyear inalegallypermissiblemanner.TheCityadoptsthebudgetbymajorprogramareafortheGeneralFund andbyfundforallothers. 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 amountsarereͲbudgetedinthefollowingyearasdeemedappropriateandnecessaryafterreviewbythe BudgetOffice.BudgetarycarryforwardsareapprovedbytheCityCouncilthroughthebudgetaryprocess. ThebudgetsareadoptedonabasisdifferingfromGAAPinthatforbudgetarypurposes:(1)bondproceeds for enterprise funds are considered revenue; (2) capital outlays for enterprise funds are treated as expenses;(3)debtserviceprincipalpaymentsaretreatedasexpensesforenterprisefunds;(4)accrued compensated absences are not recognized as expenses; (5) depreciation and amortization are not recognizedasexpenses;(6)contributionstopensionplansarerecognizedasanexpenseforenterprise funds. R.PensionsandOtherPostemploymentBenefits For purposes of measuring the net pension and other postemployment benefit (OPEB) assets and liabilities,relateddeferredoutflowsofresourcesanddeferredinflowsofresources,andrelatedexpenses, informationaboutthepensionandOPEBplans’fiduciarynetpositionandadditionsto/deductionsfrom theplans’fiduciarynetpositionhavebeendeterminedonthesamebasisastheyarereportedbythe plan.Forthispurpose,benefitpayments(includingrefundsofemployeecontributions)arerecognized whendueandpayableinaccordancewiththebenefitterms.Investmentsarereportedatfairvalue. S.NewPronouncements For the year ended June 30, 2021, the City implemented the provisions of GASB Statement No. 84, FiduciaryActivities.GASBStatementNo.84improvesguidanceregardingtheidentificationoffiduciary activitiesandhowthoseactivitiesshouldbereported.Implementationofthenewstandardresultedina changeinreporting“AgencyFunds”to“CustodialFunds”andalsorequiredtheinclusionofaStatement ofChangesinFiduciaryNetPosition.   Page 63 NOTE2CASHANDINVESTMENTS OnJune30,2021,cashandcashequivalentsarepresentedasfollows:  The restricted cash and cash equivalents are proceeds from debt issuances that are held in trustee accountsforthepurposeofmajorcapitalimprovementsaswellasfundsheldintrusteeaccountsforthe purposeofdebtservicepayments.TheCityalsorestrictsthecashandcashequivalentsintheCommunity FacilitiesDistrictsDebtServiceFund. 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 governmentͲwide Statement of Net Position, and on the fund financialstatements,as“Cashandcashequivalents”and“Investments”. AtJune30,2021,theCityhad$11,350ofcashonhand.ThecarryingamountoftheCity’sdepositstotaled $86,756,683, and the bank balance was $91,686,804. Of the bank balance, $500,000 was covered by federaldepositoryinsurance,$12,934,538wascoveredbytheStatewidePooledCollateralProgram,and $78,723,774 were securities held by the pledging financial institution’s trust department in the City’s name. CashEquivalents TheCityinvestsintheLocalGovernmentInvestmentPool5andPool7(LGIP)investmentpoolsmanaged bytheStateTreasurer’sOfficethatallowsgovernmentswithintheStatetopooltheirfundsforinvestment purposes.TheLGIPisnotregisteredwiththeSecuritiesExchangeCommissionunderthe1940Investment Advisors Act. The State Board of Investment has oversight responsibilities of the investment pool in accordancewithARS35Ͳ311.Thepool’spolicyistoinvestinfixedͲratesecuritieswithafinalmaturityless than18monthsfromthesettlementdateofthepurchaseandvariableͲratesecuritieswithfinalmaturity lessthan2years.Theweightedaveragetomaturityshallnotexceed90days.Thenetassetvalueper share of the pool at June 30, 2021 was $1.00. The Arizona State Treasurer issues a publicly available financialreportthatincludesfinancialstatementsandrequiredsupplementaryinformation.Copiesmay beobtainedbycontactingtheArizonaStateTreasurer,1700WestWashington,Phoenix,Arizona85007 orwww.aztreasury.gov. FundsheldintheStateTreasurer’sLocalGovernmentInvestmentPoolrepresentaproportionateinterest inthepool’sportfolio;however,theCity’sportionisnotidentifiedwithspecificinvestmentsandisnot subjecttocustodialcreditrisk.AtJune30,2021,theCity’sfundsinvestedwiththeStateTreasurertotaled $189,520,312.  Page 64 NOTE2CASHANDINVESTMENTS TheCity’sinvestmentintheStateofArizona’slocalgovernmentinvestmentpoolisstatedatfairvalue whichalsoapproximatesthevalueoftheinvestmentuponwithdrawal.   InvestmentType LGIP5 LGIP7 Total   InvestmentType LGIP5 LGIP7 Total    Total   $2,331,344 187,188,968   $189,520,312         Total   $2,331,344 187,188,968   $189,520,312  Remaining Maturity (inYears) Lessthan1 $2,331,344 187,188,968 $189,520,312  Ratingasof YearEnd AAA $2,331,344 187,188,968 $189,520,312  Investments TheCity’sportfoliocomplieswithArizonaRevisedStatutes(ARS)andtheCity’sinvestmentpolicy.The ArizonaRevisedStatutesregulatetheinvestmentofsurpluscash.GoodyearlimitsitsinvestmentstoU.S. government securities, certificates of deposit, bonds, repurchase agreements, corporate notes, commercialpaper,andmoneymarketaccounts.TheCitycategorizesitsfairvaluemeasurementswithin thefairvaluehierarchyestablishedbygenerallyacceptedaccountingprinciples.Thehierarchyisbased onthevaluationinputsusedtomeasurethefairvalueoftheasset.Level1inputsarequotedpricesin activemarketsforidenticalassets;Level2inputsaresignificantotherobservableinputs;Level3inputs aresignificantunobservableinputs.U.S.TreasurysecuritiesandMoneyMarketAccountsarevaluedusing quotedmarketprices(Level1inputs);whileFederalAgencySecurities,CorporateNotes,MutualFunds andNegotiableCertificatesofDepositarevaluedusingamatrixpricingmodel(Level2inputs). OnJune30,2021,theCity’sinvestmentsincludedthefollowing:       Total  $53,129,321  26,515,817  15,028,254  InvestmentType  U.S.Treasuries FederalAgencySecurities   CorporateNotes NegotiableCertificatesof  Deposit 5,376,307   MoneyMarketFund 157,098   MutualFunds 726,057   $100,932,854  Total RemainingMaturity(inYears) More  Concentration Lessthan1  1to2  than2 ofCreditRisk $10,997,336  $21,355,871  $20,776,114 53%   13,739,622  12,776,195 26%   4,392,080  10,636,174 15% 1,234,250  157,098  726,057  $13,114,741   Page 65 4,142,057       $43,629,630  $44,188,483 5% 0% 1% 100% NOTE2CASHANDINVESTMENTS   CustodialCreditRisk To control custodial credit risk, State law and the City’s investment policy requires all securities and collateraltobeheldbyanindependentthirdͲpartycustodianintheCity’sname.Thecustodianprovides theCitywithmonthlymarketvalues. InterestRateRisk Interestrateriskistheriskofchangesinmarketinterestratesthatwilladverselyaffectthefairvalueof aninvestment.Inordertolimitinterestrateandmarketrisk,StatelawandtheCity’sinvestmentpolicy setsamaximummaturityonanyinvestmenttofiveyears.Inaddition,theCityhasadoptedanaverage portfoliodurationlimitation(rangingfrom90daystothreeyears)consistentwiththeprimaryinvestment objectiveofsafety,liquidityandyield.AsofJune30,2021,theaveragedurationtomaturityis1.85years. CreditRisk Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment.Thisismeasuredbytheassignmentofaratingbyanationallyrecognizedstatisticalrating organization.AlthoughtheCity’sinvestmentpolicystatesthatitwillmitigatecreditriskitdoesnotimpose anyspecificlimitations. ConcentrationofCreditRisk TheCity’sinvestmentpolicylimitsthediversificationonbothsecuritytypesandlengthofmaturity.Atthe timeofpurchaseamaximumoffivepercentofthemarketvalueoftheportfoliomaybeinvestedindebt issuesbyanysingleentity.DebtbackedbytheU.S.TreasuryorGovernmentSponsoredEnterprises(GSEs) areexemptfromthisconcentrationcriterion.   Page 66 NOTE3RECEIVABLES Receivables, net of allowance for uncollectibles, as of yearͲend for the City’s individual major governmentalfundsandnonͲmajorgovernmentalfundsintheaggregateareasfollows:  AsofJune30,2021,thespecialassessmentandnotesreceivablebalancesarenotexpectedtobecollected within the next year. Special assessment receivables will be collected in conjunction with the debt retirementschedulefortherelatedbondsoutstanding.Thenotesreceivablematurein2044andaccrue interestat3.26percentannum. ThefollowingtablesummarizestheCity’sreceivablesfortheproprietaryfundsasofJune30,2021.  Revenues of the Water & Wastewater Fund and Sanitation Fund are reported net of uncollectible amounts.TotalbaddebtexpenserelatedtotheWater&WastewaterFundrevenuesandSanitationFund revenuesforthecurrentyearare$154,187and$34,972,respectively. Page 67 NOTE4CAPITALASSETS AsummaryofcapitalassetsactivityforthefiscalyearendedJune30,2021follows:   Depreciationexpensewaschargedtofunctions/programsasfollows:  Page 68  NOTE5LOANPAYABLE TheCityreceivedaloanfromtheWaterInfrastructureFinanceAuthority.Theloanwasusedforexpansion ofaneffluentwastewaterfacilityandtorehabilitateanexistingeffluentliftstation.Theloanpayableon June30,2021,isasfollows:  AnnualdebtservicerequirementstomaturityontheloanpayableonJune30,2021issummarizedas follows:   NOTE6GENERALOBLIGATIONBONDSPAYABLE  BondspayableonJune30,2021,consistedoftheoutstandinggeneralobligationandrefundingbonds presentedbelow.ThebondsaregenerallycallablewithinterestpayablesemiͲannually.Ofthetotal amountsoriginallyauthorized,$70,486,616remainsunissued.ThebondspayableonJune30,2021,are presentedbelow.     Page 69 NOTE6GENERALOBLIGATIONBONDSPAYABLE  AnnualdebtservicerequirementstomaturityongeneralobligationbondspayableonJune30,2021,are summarizedasfollows:   OnMay11,2021,theCityissuedgeneralobligationbondswithaparamountof$39,530,000,andcoupon ratesbetween3.00and5.00percent.Thenetproceedsof$45,389,505includedanoriginalissuepremium of $5,859,505 (after payment of $136,731 in underwriting fees and $157,774 in costs of issuance), $45,095,000wasimmediatelydepositedintoaprojectfund.Thegeneralobligationbondswereissuedto fundtheconstructionoftheCityof GoodyearCivic Square, whichwill house cityhall,alibrary,anda park/gatheringplace. NOTE7REVENUEBONDSPAYABLE Revenue bonds payable on June 30, 2021, consisted of the outstanding revenue bonds and refunding bonds presented on the following table. The bonds are generally callable after 10 years with interest payablesemiͲannually.  Page 70 NOTE7REVENUEBONDSPAYABLE Revenuebonddebtservicerequirementstomaturityareasfollows:   OnMay6,2021,theCityissuedrefundingbondswithaparamountof$25,520,000,andcouponrates between .210% and 1.736%. The net proceeds of $25,201,010 included an underwriter’s discount of $103,904andcostsofissuanceof$215,086.Proceedsof$25,416,096,alongwithaCitycontributionof $258,825,wereimmediatelydepositedintoanirrevocabletrust.Thetrustwillholdtheproceedsuntil futuredebtservicepaymentsaremadeontherefundedthePublicImprovementCorporationMunicipal FacilitiesRevenueFundingBonds,Series2011A.Theparamountofrefundedbondstotaled$23,770,000. The refunding was undertaken to reduce total debt service payments by $2,149,042 over the next six yearsandresultedinpresentvaluesavingsof$2,055,039. PledgedRevenue A. RevenueBonds 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. ProceedsofthebondswereusedforimprovementstotheCity’swaterandwastewatersystem. Principal and interest paid for the current year and total water and wastewater customer net revenueswere$7,530,598and$42,476,869,respectively. B. PublicImprovementCorporationMunicipalFacilitiesRevenueBonds 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 trainingfacilityaswellasothermunicipalfacilities.Thelastscheduleddebtservicepaymenton thebondsis7/1/2032.Principalandinterestpaid,includingtherefundedbonds,forthecurrent yearandtotalpledgedrevenueswere$34,515,742and$139,901,726,respectively. C. McDowellRoadCorridorImprovementDistrictBonds TheCityactsasanadministratorfortheMcDowellRoadCorridorImprovementDistrictwhereby Page 71 NOTE7REVENUEBONDSPAYABLE itcollectstheassessmentsleviedagainstownersofpropertywithintheestablisheddistrictand disburses the amounts collected to retire the bonds issued to finance infrastructure improvements.Thelastscheduleddebtservicepaymentonthebondis1/1/2031.OnJune30, 2021,thespecialassessmentsreceivable,togetherwithamountspaidinadvanceandinterestto bereceivedoverthelifeoftheassessmentperiod,isadequateforthescheduledmaturitiesof thebondspayableandtherelatedinterest.Principalandinterestpaidforthecurrentyearand totalrevenuesavailabletoservicethedebtwere$4,077,979and$4,080,647,respectively. TheMcDowellRoadCorridorImprovementDistrictbondsarecollateralizedbypropertieswithin thedistrict.Intheeventofdefaultbythepropertyowner(s),theCitymayenforceanauctionsale tosatisfythedebtservicerequirementsoftheimprovementbonds.TheCityiscontingentlyliable onthebondstotheextentthatproceedsfromauctionsalesareinsufficienttoretireoutstanding bonds. Page 72 NOTE8COMMUNITYFACILITIESDISTRICTSBONDSPAYABLE CommunityFacilitiesDistrictGeneralObligationBondsareissuedbyCommunityFacilitiesDistricts(CFDs), which are special purpose districts created specifically to acquire and improve public infrastructure in specifiedlandareas.CFDbondsarerepaidbyadvaloremtaxeslevieddirectlybythedistrictsandcollected by the county. Property owners in the districts are assessed for district taxes and thus for all costs associatedwiththedistricts.TheCityhasnoliabilityforCFDbonds. CommunityfacilitiesdistrictbondspayableonJune30,2021,consistedofoutstandinggeneralobligation and special assessment bonds. The bonds are generally callable with interest payable semiannually. CommunityfacilitiesdistrictbondspayableonJune30,2021,arepresentedbelow.   Page 73 NOTE8COMMUNITYFACILITIESDISTRICTSBONDSPAYABLE CommunityFacilitiesDistrictbondsdebtservicerequirementstomaturityareasfollows:    NOTE9CHANGESINLONGͲTERMLIABILITIES LongͲtermliabilitiesactivityfortheyearendedJune30,2021wasasfollows:      Page 74  NOTE9CHANGESINLONGͲTERMLIABILITIES TheCity’soutstandingnotesfromdirectborrowingsanddirectplacementsrelatedtocommunityfacilities districts’debtof$15,185,000aresecuredbyeither(1)anadvaloremtaxonalltaxableproperty;(2)an assessmentleviedoneachlotintheassessmentdistrict;or(3)adebtreservefund.Thesenotescontain aprovisionthatintheeventofdefaulttheinterestratewillincrease,andthelegalrightsofthecreditor willbeenforced.  The City’s outstanding notes from direct borrowings and direct placements related to the Public Improvement Corporation’s debt of $9,038,918 are secured by the lease rental payments received pursuanttoaTaxableandaTaxͲExemptLeaseAgreement.Theseoutstandingnotescontainaprovision that in an event of default the interest rate will increase, and the legal rights of the creditor will be enforced.  TheCity’soutstandingnotefromdirectborrowingsanddirectplacementsrelatedtothebusinessͲtype activitiesof$2,488,002issecuredbypledgedwaterandwastewaterrevenues.Thisoutstandingnote containsaprovisionthatinaneventofdefaultalatechargeof6%perannumwillbechargedandthe legalrightsofthecreditorwillbeenforced.   NOTE10INTERFUNDRECEIVABLES,PAYABLES,ANDTRANSFERS  Transfersduringthefiscalyearwereasfollows:  Alltransfersmadeduringtheyearweretocoveroperationsordebtserviceasapprovedduringbudget development. NOTE11CONTINGENTLIABILITIES FederalandStategrantsandloansͲTheCityhasreceivedanumberofgrantsandloansfromboththe Federal and State governments. Although the programs have been audited, not all audits have been approvedasofJune30,2021;however,theCityexpectsnomaterialdisallowancesofexpenditures. Lawsuits Ͳ The City is a defendant in various lawsuits. Although the outcome of these lawsuits is not presentlydeterminable,intheopinionoftheCity’slegalcounsel,theresolutionofthesematterswillnot haveamaterialadverseeffectonthefinancialconditionoftheCity.   Page 75 NOTE11CONTINGENTLIABILITIES CommitmentsͲTheCityiscontingentlyliableforpaymentsfromthegeneralfundtoentitiesthattheCity hasenteredintojobcreditagreementsforestablishingbusinesseswithintheCity.Thesecreditswillbe paidoutwhentheestablishedcriteriaaremetforjobcreationandothereconomicgrowthfactorsas specifiedbythedevelopmentagreements.EachyeartheCityappropriatesfortheseobligationsthrough thebudgetprocess. NOTE12RISKMANAGEMENT TheCityisexposedtovariousrisksoflossrelatedtotorts;theftof,damagetoanddestructionofassets; errors and omissions; and natural disasters. The City’s property and liability insurance protection is providedbytheArizonaMunicipalRiskRetentionPool,ofwhichtheCityisaparticipatingmember.The ArizonaMunicipalRiskRetentionPoolisstructuredsuchthatmemberpremiumsarebasedonanactuarial reviewthatwillprovideadequatereservestoallowthepooltomeetitsexpectedfinancialobligations. Thepoolhasauthoritytoassessitsmembersadditionalpremiumsshouldreserveandannualpremiums beinsufficienttomeetthepool’sobligations. The City established a SelfͲInsurance Trust (an Internal Service Fund) to account for and finance its uninsuredrisklossrelatedtohealthcareclaims.Underthisprogram,theFundprovidescoverageforup toamaximumof$250,000foreachclaim,nottoexceedanannualaggregateof$15,673,387.TheFund purchasescommercialinsuranceforclaimsinexcessofthiscoverage.Settledclaimshavenotexceeded theannualaggregateinanyofthepastfivefiscalyears. Liabilitiesofthefundarereportedwhenitisprobablethatalosshasoccurredandtheamountoftheloss canbereasonablyestimated.Liabilitiesincludeanamountforclaimsthathavebeenincurredbutnot reported(IBNRs).Theresultoftheprocesstoestimatetheclaimsliabilityisnotanexactamountasit 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 settlementtrends(includingfrequencyandamountofpayͲouts),andothereconomicandsocialfactors. The estimate of the claims liability also includes amounts for incremental claim adjustment expenses relatedtospecificclaimsandotherclaimadjustmentexpensesregardlessofwhetherallocatedtospecific claims.Estimatedrecoveries,forexamplefromsubrogation,areanothercomponentoftheclaimsliability estimate.Changesinthebalancesofclaimsliabilitiesduringthepasttwoyearsareasfollows: CurrentYear Claimsand Changesin Estimates ClaimsPayable Beginningof Claim ClaimsPayable  Year   Payments  atEndofYear    $568,703  $8,509,024  $8,380,133 $697,594  HealthcareBenefits 2020Ͳ21  The City continues to carry commercial insurance for workers compensation. Settled claims have not exceededcommercialinsurancecoverageinanyofthepastfivefiscalyears.   Page 76 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS TheCitycontributestotheplansdescribedbelow.TheplansarecomponentunitsoftheStateofArizona. Aggregate Amounts. At June 30, 2021, the City reported the following aggregate amounts related to pensionsandotherpostemploymentbenefits(OPEB)forallplanstowhichitcontributes.  TheCityreported$13,876,020ofpensionandOPEBcontributionsasexpendituresinthegovernmental fundsrelatedtoallplanstowhichitcontributes. A. ArizonaStateRetirementSystem PlanDescription.CityemployeesparticipateintheArizonaStateRetirementSystem(ASRS).The ASRSadministersacostͲsharingmultipleͲemployerdefinedbenefitpensionplan,acostͲsharing multipleͲemployer defined benefit health insurance premium benefit (OPEB) plan, and a costͲ sharing multipleͲemployer defined benefit longͲterm disability (OPEB) plan. The Arizona State RetirementSystemBoardgovernstheASRSaccordingtotheprovisionsofA.R.S.Title38,Chapter 5,Articles2and2.1.TheASRSissuesapubliclyavailablefinancialreportthatincludesitsfinancial statementsandrequiredsupplementaryinformation.ThereportisavailableontheASRSwebsite atwww.azasrs.gov. BenefitsProvided.TheASRSprovidesretirement,healthinsurancepremiumsupplement,longͲ termdisability,andsurvivorbenefits.Statestatuteestablishesbenefitterms.Retirementbenefits arecalculatedonthebasisofage,averagemonthlycompensation,andservicecreditasfollows:   Yearsofserviceandage requiredtoreceivebenefit  Finalaveragesalaryisbasedon  Benefitpercentperyearof service  RetirementInitial  MembershipDate:  BeforeJuly1,2011  OnorAfterJuly1,2011  Sum of years and age equals  30years,age55 8010years,age62 25years,age60 5years,age50* 10years,age62 Anyyears,age65 5years,age50* Anyyears,age65      Highest36monthsoflast  Highest60monthsoflast 120months 120months      2.1%to2.3%  2.1%to2.3%  *Withactuariallyreducedbenefits  Page 77 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS RetirementbenefitsformemberswhojoinedtheASRSpriortoSeptember13,2013,aresubject toautomaticcostͲofͲlivingadjustmentsbasedonexcessinvestmentearnings.Memberswitha membershipdateonorafterSeptember13,2013,arenoteligibleforcostͲofͲlivingadjustments. Survivorbenefitsarepayableuponamember’sdeath.Forretiredmembers,thesurvivorbenefit isdeterminedbytheretirementbenefitoptionchosen.Forallothermembers,thebeneficiaryis entitled to the member’s account balance that includes the member’s contributions and employer’scontributions,plusinterestearned. Retiredanddisabledmembers,withatleastfiveyearsofcreditedservice,areeligibletoreceive health insurance premium benefits. The benefits are payable only with respect to allowable healthinsurancepremiumsforwhichthememberisresponsible.Formemberswith10ormore yearsofservice,benefitsrangefrom$100permonthto$260permonthdependingontheageof thememberanddependents.Formemberswithfivetonineyearsofservice,thebenefitsarethe same dollar amounts as above multiplied by a vesting fraction based on completed years of service. ActivemembersareeligibleforalongͲtermdisabilitybenefitintheeventtheybecomeunableto perform their work. The monthly benefit is equal to twoͲthirds of their monthly earnings. Membersreceivingbenefitscontinuetoearnservicecredituptotheirnormalretirementdates. MemberswithlongͲtermdisabilitycommencementdatesafterJune30,1999arelimitedto30 yearsofserviceortheserviceonrecordasoftheeffectivedisabilitydate,iftheirserviceisgreater than30years. Contributions. In accordance with state statutes, annual actuarial valuations determine active memberandemployercontributionrequirements.Thecombinedactivememberandemployer contributionratesareexpectedtofinancethecostsofbenefitsemployeesearnduringtheyear, withanadditionalamounttofinanceanyunfundedaccruedliability.Forthecurrentfiscalyear, activeASRSmemberswererequiredbystatutetocontributeattheactuariallydeterminedrate of12.22percent(12.04percentforretirementand0.18percentforlongͲtermdisability)ofthe members’ annual covered payroll, and the City was required by statute to contribute at the actuarially determined rate of 12.22 percent (11.65 percent for retirement, 0.39 percent for health insurance premium benefit, and 0.18 percent for longͲterm disability) of the active members’annualcoveredpayroll.  EmployersarealsorequiredtopayanAlternateContributionRate(ACR),forretiredmembers whoreturntoworkinpositionsthatwouldtypicallybefilledbyanemployeewhocontributesto ASRS.TheCitywasrequiredbystatutetocontributeattheactuariallydeterminedrateof10.21 percent(10.14forretirementand0.07percentforlongͲtermdisability).ACRcontributionsare includedinemployercontributionspresentedabove. Page 78 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS TheCity’spensionandOPEBcontributionsarepaidbythesamefundsastheemployee’ssalary, withthelargestcomponentscomingfromtheGeneralFundandtheWaterandWastewaterFund. PensionandOPEBAssets/Liability.ThenetpensionandOPEBassets/liabilityweremeasuredas ofJune30,2020.Thetotalliabilityusedtocalculatethenetassetornetliabilitywasdetermined usingupdateprocedurestorollforwardthetotalliabilityfromanactuarialvaluationasofJune 30, 2019, to the measurement date of June 30, 2020. The City’s proportion of the net asset/liabilitywasbasedontheCity’sactualcontributionstotheapplicableplanrelativetothe totalofallparticipatingemployers’contributionstotheplanfortheyearendedJune30,2020. AtJune30,2021,theCityreportedthefollowingamountsforitsproportionateshareoftheASRS plansnetassets/liability.Inaddition,atJune30,2020,theCity’spercentageproportionforeach planandtherelatedchangefromitsproportionmeasuredasofJune30,2019was:  Pension/OPEB Expense and Deferred Outflows/Inflows of Resources. The City has deferred outflowsandinflowsofresourcesrelatedtothenetpensionandOPEBassets/liability.Certain changesinthenetpensionandOPEBassets/liabilityarerecognizedaspensionandOPEBexpense overaperiodoftimeratherthantheyearofoccurrence.FortheyearendedJune30,2021,the CityrecognizedpensionandOPEBexpenseasfollows:  TheCityreporteddeferredoutflowsofresourcesanddeferredinflowsofresourcesrelatedto pensionsandOPEBfromthefollowingsources:   Page 79 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS         Theamountsofdeferredoutflowsofresourcesresultingfromcontributionssubsequenttothe measurementdateasreportedinthetableabovewillberecognizedasanadjustmentofthenet pensionandOPEBassets/liabilityintheyearendedJune30,2022.Otheramountsreportedas deferredoutflowsofresourcesanddeferredinflowsofresourcesrelatedtopensionsandOPEB willberecognizedinpensionandOPEBexpenseasfollows:  ActuarialAssumptions.Thesignificantactuarialassumptionsusedtomeasurethetotalpension andOPEBliabilityareasfollows: Actuarialvaluationdate Actuarialrollforwarddate Actuarialcostmethod Investmentrateofreturn Projectedsalaryincreases Inflation Permanentbaseincreases Mortalityrates Recoveryrates Healthcarecosttrendrate June30,2019 June30,2020 Entryagenormal 7.5% 2.7Ͳ7.2%forpensions/notapplicableforOPEB 2.3% Includedforpensions/notapplicableforOPEB 2017SRAScaleUͲMPforpensionsandhealth insurancepremiumbenefit 2012GLDTforlongͲtermdisability Notapplicable  TheactuarialassumptionsusedintheJune30,2019valuationwerebasedontheresultsofan actuarialexperiencestudyforthefiveͲyearperiodendedJune30,2016.Thepurposeofthe Page 80 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS experience study was to review actual experience in relation to the actuarial assumptions in effect.TheASRSBoardadoptedtheexperiencestudyrecommendedchangeswhichwereapplied totheJune30,2017,actuarialvaluation.Thestudydidnotincludeananalysisoftheassumed investmentrateofreturn. The longͲterm expected rate of return on ASRS plan investments was determined to be 7.5 percentusingabuildingͲblockmethodinwhichbestͲestimaterangesofexpectedfuturerealrates of return (expected returns, net of investment expense and inflation) are developed for each majorassetclass.TheserangesarecombinedtoproducethelongͲtermexpectedrateofreturn byweightingtheexpectedfuturerealratesofreturnbythetargetassetallocationpercentage andbyaddingexpectedinflation. Thetargetallocationandbestestimatesofarithmeticrealratesofreturnforeachmajorasset classforallASRSplansaresummarizedinthefollowingtable:  AssetClass TargetAllocation  Equity 50%  FixedincomeͲcredit 20%  FixedincomeͲinterestratesensitive 10%  Realestate 20%  Total 100% LongͲTermGeometricReal RateofReturn 6.39% 5.44% 0.22% 5.85%  DiscountRate.ThediscountrateusedtomeasuretheASRStotalpensionandOPEBliabilitywas 7.5percent,whichwasthesamediscountrateusedasofJune30,2020.Theprojectionofcash flows used to determine the discount rate assumed that contributions from participating employerswillbemadebasedontheactuariallydeterminedratesbasedontheASRSBoard’s fundingpolicy,whichestablishesthecontractuallyrequiredrateunderArizonastatute.Basedon those assumptions, the plans’ fiduciary net position was projected to be available to make all projectedfuturebenefitpaymentsofcurrentplanmembers.Therefore,thelongͲtermexpected rate of return on investments was applied to all periods of projected benefit payments to determinethetotalpensionandOPEBliability. SensitivityoftheProportionateShareoftheNetPensionandOPEBAssets/LiabilitytoChanges intheDiscountRate.ThefollowingpresentstheCity’sproportionateshareofthenetpension andOPEBassets/liabilitycalculatedusingthediscountrateof7.5percent,aswellaswhatthe proportionateshareofthenetpensionandOPEBassets/liabilitywouldbeifitwerecalculated using a discount rate that is 1ͲpercentageͲpoint lower or 1ͲpercentageͲpoint higher than the currentrate: Page 81 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS PensionandOPEBPlanFiduciaryNetPosition.DetailedinformationaboutthepensionandOPEB plan’sfiduciarynetpositionisavailableintheseparatelyissuedASRSfinancialreport.Thereport isavailableontheASRSwebsiteatwww.azasrs.gov. B. PublicSafetyPersonnelRetirementSystem  Plan Descriptions. City public safety employees who are regularly assigned hazardous duty participateinthePublicSafetyPersonnelRetirementSystem(PSPRS).ThePSPRSadministersan agentmultipleͲemployerdefinedbenefitpensionplanandanagentmultipleͲemployerdefined benefithealthinsurancepremiumbenefit(OPEB)plan.AnineͲmemberboardknownastheBoard ofTrusteesandtheparticipatinglocalboardsgovernthePSPRSaccordingtotheprovisionsof A.R.S.Title38,Chapter5,Article4.EmployeeswhowerePSPRSmembersbeforeJuly1,2017, participateintheagentplans,andthosewhobecamePSPRSmembersonorafterJuly1,2017, participateinthecostͲsharingplans(PSPRSTier3RiskPool).  ThePSPRSissuesapubliclyavailablefinancialreportthatincludestheirfinancialstatementsand required supplementary information. The report is available on the PSPRS website at www.psprs.com. Benefits Provided.  The PSPRS provides retirement, health insurance premium supplement, disability, and survivor benefits. State statute establishes benefits terms. Certain retirement, disability,andsurvivorbenefitsarecalculatedonthebasisofage,averagemonthlycompensation, and service credit as follows. See the publicly available PSPRS financial report for additional benefitsinformation.   Yearsofservice andagerequired toreceivebenefit  Finalaverage salaryisbasedon  Normal retirement RetirementInitialMembershipDate:    Tier1  Tier2 Tier3  20yearsofservice,any  25yearsor15years 15yearsofcredited service,age52.5or15 ofcreditedservice, ageor15yearsof ormoreyearsof age52.5 service,age62 service,age55    Highest60consecutive  Highest36consecutive  Highest60 monthsoflast20years consecutivemonths monthsoflast15years oflast20years     50%less4.0%foreach  1.5%to2.5%peryear 1.5%to2.5%peryear ofcreditedservice,not yearofcreditedservice ofcreditedservice, toexceed80% nottoexceed80% lessthan20yearsor plus2.0%to2.5%for eachyearofcredited serviceover20years, nottoexceed80%   Page 82 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS    Accidental disability retirement  50%ornormalretirement,whicheverisgreater  Catastrophic disability retirement  90%ofthefirst60monthsthenreducedtoeither62.5%ornormal retirement,whicheverisgreater  Ordinarydisability retirement  Normalretirementcalculatedwithactualyearsofcreditedserviceor 20yearsofcreditedservice,whicheverisgreater,multipliedbyyears ofcreditedservice(nottoexceed20years)dividedby20  Survivorbenefit: Retiredmembers Activemembers   80%to100%ofretiredmember’spensionbenefit  80%ofaccidentaldisabilityretirementbenefitor100%ofaverage monthlycompensationifdeathwastheresultofinjuriesreceivedon thejob     RetirementandsurvivorbenefitsaresubjecttoautomaticcostͲofͲlivingadjustmentsbasedon inflation. PSPRS also provides temporary disability benefits of 50 percent of the member's compensationforupto12months. Healthinsurancepremiumbenefitsareavailabletoretiredordisabledmemberswith5yearsof credited service. The benefits are payable only with respect to allowable health insurance premiumsforwhichthememberisresponsible.Benefitsrangefrom$100permonthto$260per monthdependingontheageofthememberanddependents. EmployeesCoveredbyBenefitTerms.AtJune30,2021thefollowingemployeeswerecovered bytheagentplan’sbenefitterms:  Contributions.StatestatutesestablishthepensioncontributionrequirementsforactivePSPRS employees.Inaccordancewithstatestatutes,annualactuarialvaluationsdetermineemployer contribution requirements for PSPRS pension and health insurance premium benefits. The combinedactivememberandemployercontributionratesareexpectedtofinancethecostsof benefits employees earn during the year, with an additional amount to finance any unfunded accruedliability.ContributionsratesfortheyearendedJune30,2021,areindicatedbelow.Rates areapercentageofactivemembers’annualcoveredpayroll. Page 83 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS  EmployersarealsorequiredtopayanAlternateContributionRate(ACR),forretiredmembers whoreturntoworkinpositionsthatwouldtypicallybefilledbyanemployeewhocontributesto PSPRS.TheCitywasrequiredbystatutetocontributeattheactuariallydeterminedrateof11.51 percent for fire PSPRS and 14.38 percent for Police PSPRS. ACR contributions are included in employercontributionspresentedabove. In addition to the current contributions shown below, the City made a $12,000,000 payment towardsitsunfundedliabilitywithPSPRSPolice,and$12,000,000paymenttowardsitsPSPRSFire unfundedliability. ThecontributionstothepensionandOPEBplansfortheyearendedwere:  TheCity’spensionandOPEBcontributionsarepaidbythesamefundsastheemployee’ssalary, withthelargestcomponentcomingfromtheGeneralFund. PensionandOPEBAssets/Liability.AtJune30,2021,theCityreportedthefollowingassetsand liabilities.  ThenetpensionandOPEBassets/liabilityweremeasuredasofJune30,2020.Thetotalliability usedtocalculatethenetassetorliabilitywasdeterminedbyanactuarialvaluationasofthatdate. The total liability as of June 30, 2020, reflects no changes of actuarial assumptions to the investmentrateofreturnof7.3percentorthemortalityrates.   Page 84 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS Actuarial Assumptions. The significant actuarial assumptions used to measure the total pension/OPEBliabilityareasfollows:  ActuarialassumptionsusedintheJune30,2020,valuationwerebasedontheresultsofanactuarial experiencestudyforthe5ͲyearperiodendedJune30,2017. The longͲterm expected rate of return on PSPRS plan investments was determined to be 7.30 percentusingabuildingͲblockmethodinwhichbestͲestimaterangesofexpectedfuturerealrates ofreturn(expectedreturns,netofplaninvestmentexpensesandinflation)aredevelopedforeach majorassetclass.Thetargetallocationandbestestimatesofgeometricrealratesofreturnforeach majorassetclassaresummarizedinthefollowingtable: AssetClass U.S.publicEquity InternationalPublicEquity GlobalPrivateEquity OtherAssets CoreBonds PrivateCredit DiversifyingStrategies Cash–Mellon Total           Target Allocation 23% 15% 18% 7% 2% 22% 12% 1% 100%           LongͲTermExpected GeometricRealRateof Return 4.93% 6.09% 8.42% 5.61% 0.22% 5.31% 3.22% (0.60)%   DiscountRate.AtJune30,2020,thediscountrateusedtomeasurethetotalpensionandOPEB liabilitywas7.3percent,whichwaswhichisthesamediscountrateusedinthepreviousyear, June30,2019. 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 contributionswillbemadeatratesequaltothedifferencebetweentheactuariallydetermined contributionrateandthememberrate. Basedonthoseassumptions,theplans’fiduciarynetpositionwasprojectedtobeavailableto makeallprojectedfuturebenefitpaymentsofcurrentplanmembers.Therefore,thelongͲterm Page 85 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS expected rate of return on plan investments was applied to all periods of projected benefit paymentsfortheseplanstodeterminethetotalpensionandOPEBliability. ChangesinNet(Assets)/Liability   Page 86 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS SensitivityoftheNetPensionandOPEBAssets(Liability)toChangesintheDiscountRate.The followingpresentstheCity/Town’snetpensionandOPEBassets(liability)calculatedusingthe discountratesnotedabove,aswellaswhatthenetassets(liability)wouldbeifitwerecalculated using a discount rate that is 1ͲpercentageͲpoint lower or 1ͲpercentageͲpoint higher than the currentrate:  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 websiteatwww.psprs.com. Expense.FortheyearendedJune30,2021,theCityrecognizedthefollowingaspensionandOPEB expense:  DeferredOutflows/InflowsofResources.AtJune30,2021,theCityreporteddeferredoutflows ofresourcesanddeferredinflowsofresourcesrelatedtopensionsandOPEBfromthefollowing sources:  Page 87 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS  The amounts of deferred outflows of resources resulting from contributions subsequent to the measurementdateasreportedinthetableabovewillberecognizedasanadjustmentofthenetpension andOPEBassets/liabilityintheyearendedJune30,2022.Otheramountsreportedasdeferredoutflows ofresourcesanddeferredinflowsofresourcesrelatedtopensionsandOPEBwillberecognizedinpension andOPEBexpenseasfollows:  C.GoodyearVolunteerandReserveFirefighterRetirementTrustPlan The Goodyear Volunteer and Reserve Firefighter Retirement Trust Plan is a singleͲemployer definedcontributionplan,whichwasapprovedbytheCityCouncilonFebruary27,1990,under ArizonaRevisedStatutesSection9Ͳ981.Theauthoritytoestablishandamendbenefitprovisions rests with the City Council. In December 1999, the council revised the pension and benefit program for the partͲtime firefighters. The City discontinued using partͲtime firefighters as of December1,2005. 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 administrationfees,benefitpayments,andrefundstothosefirefighterswholeavetheserviceof theFireDepartmentbeforebecomingeligibleforpensionbenefits.Thecostofadministeringthe planisfinancedfrominvestmentearnings.Retirementwithfullbenefitscanbeatagefifty(50) orfifteenyearsofcreditedservice.ThisplanwasfullyvestedasofJune30,2021.AsofJune30, 2021,therewerefiveeligibleemployeesparticipatingintheplan.Theplanwasadministeredby InnesAssociatesLTD.  Page 88 NOTE13PENSIONSANDOTHERPOSTEMPLOYMENTBENEFITS AsofJune30,2021,theplan’sassetsconsistedofthefollowing:  Theplanhasneverhadanactuarialvaluation;however,benefitscannotexceedplanassets.The marketvaluesofmutualfundsaredeterminedfromreadilyavailablemarketquotations.Thefund 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 benefitplanarenotavailable. NOTE14EXCESSOFEXPENDITURESOVERAPPROPRIATIONS Fortheyearended,June30,2021,expendituresdidnotexceedbudgetatthefundlevelinanyfunds.  NOTE15FUNDBALANCECLASSIFICATIONS    Page 89  NOTE16DEFICITFUNDBALANCES  AsofJune30,2021,theGrantsFundhadadeficitfundbalanceof$150,748.Thedeficitexistsdueto 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 supplementalinformation.  NOTE17COMMITMENTS  ConstructionCommitments TheCityhasactiveconstructionprojectsasofJune30,2021.Thecommitmentsfortheseactiveprojects arebeingfinancedfromexistingfundbalances.ThebalancesforworknotyetcompleteasofJune30, 2021wereasfollows:      Page 90 NOTE17COMMITMENTS  Encumbrances  Inordertofacilitateeffectiveplanningandcontroloffunds,encumbrancesareusedtoplanforcertain items.  Encumbrance amounts have been classified as assigned, unless classified as restricted or committedduetothenatureofthefund.AsofJune30,2021,theencumbrancestobehonoredinthe nextfiscalyearareasfollows:       NOTE18TAXABATEMENTAGREEMENTS  GPLET TheCityentersintogovernmentpropertyleaseagreementswithprivateparties.Allpropertytaxesare abatedontheseleaseagreements;however,theprivatepartymaybesubjecttoagovernmentproperty 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 partiesdevelopingandoccupyingagovernmentpropertyforatleast30consecutivedays. Under the City’s government property lease agreements, private parties are committed to the constructionofanyimprovementsandtheoperationandmaintenanceoftheimprovements.TheCityhas nocommitmentsundertheseagreementsotherthantoabatetaxes. FortheyearendedJune30,2021,governmentpropertyleaseagreementstheCityenteredintoreduced theCitytaxrevenuesby$397,330. ForeignTradeZone TheCityhasaforeigntradezonewithinitslimits.Arizonastatelawallowsforanypropertywithinaforeign tradezonetobesubjecttoareducedpropertyvaluationrateof5%downfrom18%.UndertheCity’s foreigntradezones,businesscanqualifyoneoffourways: 1. DeveloperscanconstructazoneIͲ1siteofatleast200,000squarefeetinaforeigntradezone. 2. Qualifyingmanufacturingcompaniescaninvestatleast$25millionincapitalequipmentandreal property,constructa75,000squarefeetbuilding,employaminimumof75fullͲtimeemployees with 51% paid 125% of the state median annual wage and paid 75% of employees’ health insurancepremiums. Page 91 NOTE18TAXABATEMENTAGREEMENTS 3. Internet fulfillment companies can locate within a designated foreign trade zone building, generateaminimumof$25millionofArizonaendͲusersalesandinvestatleast$25millionin capitalequipmentandrealproperty. 4. Businesses can locate within one of the federally approved Magnet foreign trade zones and complywiththeCity’sForeignTradeZonepolicyandfederalrequirements. FortheyearendedJune30,2021,propertieswithintheforeigntradezonesreducedtheCitytaxrevenues by$310,971. SalesTaxAbatements The City has entered into agreements with developers to reimburse for the construction of public infrastructurethatwillbenefitthecommunity.Thesereimbursementsarepaidtodevelopersovertime from the collection of sales taxes.  Payments to developers are considered during the City's budget process.FortheyearendedJune30,2021,theonedeveloperagreementreducedCitysalestaxrevenues by$2,024,577. Page 92 REQUIRED SUPPLEMENTARY INFORMATION Page 93 CITY OF GOODYEAR, ARIZONA GENERAL FUND Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual For the Year Ended June 30, 2021 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 $ 78,932,400 8,271,800 23,731,000 1,748,600 958,400 600,000 4,465,400 643,000 119,350,600 Final $ 78,932,400 9,253,700 24,631,000 1,748,600 958,400 600,000 3,565,400 643,000 120,332,500 $ Actual Variance with Final Budget 112,312,049 19,073,277 27,970,101 1,847,765 912,150 1,196,889 2,119,851 1,256,896 166,688,978 $ 33,379,649 9,819,577 3,339,101 99,165 (46,250) 596,889 (1,445,549) 613,896 46,356,478 2,006,300 963,200 2,563,600 1,105,100 4,334,900 4,588,100 6,485,200 370,300 3,406,000 34,162,900 2,020,300 969,300 2,583,400 1,119,500 4,480,100 5,154,500 6,916,400 370,300 3,406,000 26,651,800 1,897,395 813,966 2,439,894 1,064,595 3,819,601 4,188,005 5,574,370 236,422 2,029,395 - 122,905 155,334 143,506 54,905 660,499 966,495 1,342,030 133,878 1,376,605 26,651,800 59,985,600 53,671,600 22,063,643 31,607,957 22,282,400 1,468,200 27,355,400 35,157,000 1,576,300 40,068,800 32,757,934 1,106,107 37,617,702 2,399,066 470,193 2,451,098 51,106,000 76,802,100 71,481,743 5,320,357 Public works: Administration Building services Fleet services Program management 566,800 2,748,500 100,000 511,200 571,800 2,621,900 403,500 514,200 651,046 2,331,584 176,585 549,411 (79,246) 290,316 226,915 (35,211) Total public works 3,926,500 4,111,400 3,708,626 402,774 Total general government Public safety: Fire Municipal Court Police Total public safety (Continued) Page 94 CITY OF GOODYEAR, ARIZONA GENERAL FUND Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual For the Year Ended June 30, 2021 Budgeted Amounts Original Culture and recreation: Arts and culture Parks Recreation Final Actual Variance with Final Budget 254,100 8,009,800 3,348,200 309,500 8,843,200 3,632,000 245,529 7,238,657 2,377,267 63,971 1,604,543 1,254,733 11,612,100 12,784,700 9,861,453 2,923,247 3,778,500 3,077,100 4,265,000 4,639,900 3,087,900 5,763,700 4,048,374 1,318,817 5,132,994 591,526 1,769,083 630,706 11,120,600 13,491,500 10,500,185 2,991,315 Capital Outlay 18,829,900 21,464,300 11,747,257 9,717,043 Debt Service Principal Interest 1,324,800 85,900 1,324,800 85,900 1,324,858 85,913 (58) (13) 1,410,700 1,410,700 1,410,771 (71) 157,991,400 183,736,300 130,773,678 52,962,622 Excess of revenues over expenditures (38,640,800) (63,403,800) 35,915,300 99,319,100 OTHER FINANCING SOURCES (USES) Sale of capital assets Transfers out Transfers in Total other financing sources and (uses) (59,192,000) 6,444,500 (52,747,500) (56,376,200) 6,444,500 (49,931,700) 213,803 (22,010,535) 8,418,960 (13,377,772) 213,803 34,365,665 1,974,460 36,553,928 Net change in fund balance (91,388,300) (113,335,500) 22,537,528 135,873,028 Fund balance, beginning of year 122,629,028 122,629,028 122,629,028 - 145,166,556 $ 135,873,028 Total culture and recreation Development services: Development services Economic development Engineering Total development services Total debt service Total expenditures Fund balance, end of year $ 31,240,728 Page 95 $ 9,293,528 $ CITY OF GOODYEAR, ARIZONA Notes to Budget and Actual Schedules For the Year Ended June 30, 2021 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 $ 124,559,162 $ 175,717,394 $ 153,023,416 $ 147,253,140 (1,930,134) (395,653) (239,203) (2,086,584) $ 122,629,028 $ 175,321,741 $ 152,784,213 $ 145,166,556 Page 96 Page 97 CITY OF GOODYEAR, ARIZONA Required Supplementary Information Schedule of the Proportionate Share of the Net Pension Liability June 30, 2021 Reporting Fiscal Year (Measurement Date) ASRS - Pension 2021 (2020) 2020 (2019) 2019 (2018) Proportion of the net pension liability (asset) 0.26321% 0.25462% 0.26689% Proportionate share of the net pension liability (asset) $ 45,605,133 $ 37,050,173 $ 37,221,762 Covered payroll $ 28,572,110 $ 26,747,686 $ 25,325,110 Proportionate share of the net pension liability (asset) as a percentage of its covered payroll 159.61% 138.52% 146.98% Plan fiduciary net position as a percentage of the total pension liability 69.33% 73.24% 73.40% Note: The City implemented GASB 68 in fiscal year 2015. Prior year information is not available Page 98 2018 (2017) 2017 (2016) 2016 (2015) 2015 (2014) 0.24000% 0.24000% 0.24000% 0.22000% $ 37,471,443 $ 39,085,443 $ 36,986,742 $ 33,264,817 $ 23,806,419 $ 22,599,315 $ 21,761,494 $ 20,166,769 157.40% 172.95% 169.96% 164.95% 69.92% 67.06% 68.35% 69.49% Page 99 CITY OF GOODYEAR, ARIZONA Required Supplementary Information Schedule of the Proportionate Share of the Net OPEB Liability June 30, 2021 ASRS - Health insurance premium benefit Reporting Fiscal Year (Measurement Date) 2021 2020 (2020) (2019) Proportion of the net OPEB (asset) 0.268850% 0.260420% Proportionate share of the net OPEB (asset) $ (190,345) $ (71,968) Covered payroll $ 28,572,110 $ 26,747,686 Proportionate share of the net OPEB (asset) as a percentage of its covered payroll -0.67% -0.27% Plan fiduciary net position as a percentage of the total OPEB liability 104.33% 102.20% ASRS - Long-term disability Reporting Fiscal Year (Measurement Date) 2021 2020 (2020) (2019) Proportion of the net OPEB (asset) 0.266340% 202,049 0.258210% Proportionate share of the net OPEB (asset) $ $ 168,210 Covered payroll $ 28,572,110 $ 26,747,686 Proportionate share of the net OPEB (asset) as a percentage of its covered payroll 0.71% 0.63% Plan fiduciary net position as a percentage of the total OPEB liability 68.01% 77.83% Note: The City implemented GASB 75 in fiscal year 2018. Prior year information is not available. Page 100 2019 (2018) 2018 (2017) 0.271700% 0.243230% (97,837) $ (132,414) $ 25,325,110 $ 23,806,419 -0.39% -0.56% 102.20% 103.57% 2019 (2018) 2018 (2017) 0.267470% 0.241210% $ $ 139,754 $ 87,433 $ 25,325,110 $ 23,806,419 0.55% 0.37% 77.83% 84.44% Page 101 CITY OF GOODYEAR, ARIZONA Required Supplementary Information Schedule of Changes in the Net Pension Liability and Related Ratios June 30, 2021 PSPRS Police - Pension 2021 (2020) 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) $ Reporting Fiscal Year (Measurement Date) 2020 2019 (2019) (2018) 2,269,992 4,141,357 - $ 2,184,422 3,834,071 - $ 2,123,570 3,331,300 - 1,426,978 - (759,999) 1,323,823 1,802,331 - (1,609,732) 6,228,595 55,265,788 $ 61,494,383 (1,887,751) 4,694,566 50,571,222 $ 55,265,788 (1,283,523) 5,973,678 44,597,544 $ 50,571,222 $ $ $ 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) (1,609,732) (39,094) 17,383 2,619,191 34,888,797 2 $ 37,507,990 (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 Net pension liability - ending (a) - (b) $ 23,986,393 $ 20,376,991 $ 19,361,024 Plan fiduciary net position as a percentage of the total pension liability 60.99% 63.13% 61.72% Covered payroll $ Net pension liability as a percentage of covered payroll 2,900,958 870,194 479,482 9,220,411 260.14% $ 3,042,548 785,605 1,784,598 9,600,397 212.25% $ 3,953,950 947,565 1,918,567 9,388,019 206.23% Note: The City implemented GASB 68 in fiscal year 2015. Information prior to 2015 is not available. Page 102 2018 (2017) $ 1,914,605 2,971,515 456,529 2017 (2016) $ 1,437,416 2,477,882 3,357,342 2016 (2015) $ 2015 (2014) 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 (1,454,686) 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 $ $ $ $ 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 (1,454,686) (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 $ 17,824,499 $ 16,844,921 $ 10,363,865 $ 60.03% 57.24% 67.15% $ 8,331,614 213.94% $ 7,375,148 228.40% $ 7,012,489 67.33% $ 147.79% 9,549,374 6,630,426 144.02% Page 103 CITY OF GOODYEAR, ARIZONA Required Supplementary Information Schedule of Changes in the Net Pension Liability and Related Ratios June 30, 2021 PSPRS Fire - Pension 2021 (2020) 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) $ Reporting Fiscal Year (Measurement Date) 2020 2019 (2019) (2018) 1,996,708 4,060,626 - $ 1,979,628 3,813,916 - $ 2,044,963 3,111,423 - 3,164,096 - (2,153,410) 1,175,572 4,118,805 - (885,597) 8,335,833 54,071,103 $ 62,406,936 (608,760) 4,206,946 49,864,157 $ 54,071,103 (869,611) 8,405,580 41,458,577 $ 49,864,157 $ $ $ 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) (885,597) (43,297) 2,719,069 38,563,377 3 $ 41,282,449 (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 Net pension liability - ending (a) - (b) $ 21,124,487 $ 15,507,726 $ 15,312,345 Plan fiduciary net position as a percentage of the total pension liability 66.15% 71.32% 69.29% Covered payroll $ Net pension liability as a percentage of covered payroll 2,448,698 668,206 531,059 8,191,627 257.88% $ 2,107,184 598,158 1,962,666 8,445,713 183.62% $ 3,893,514 905,341 2,135,563 8,787,982 174.24% Note: The City implemented GASB 68 in fiscal year 2015. Information prior to 2015 is not available. Page 104 2018 (2017) $ 1,819,328 2,846,014 208,024 2017 (2016) $ 1,558,056 2,121,084 4,046,976 2016 (2015) $ 2015 (2014) 1,409,380 1,822,450 - $ 1,405,013 1,640,015 (18,156) (389,024) 222,373 1,915,498 1,632,401 1,030,908 - (813,497) 619,565 (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 $ $ $ $ 1,153,600 1,109,821 3,112,669 1,173,975 992,221 141,788 968,726 848,048 791,715 948,481 754,465 2,374,446 (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 $ 11,567,398 $ 12,209,132 $ $ 72.10% 67.29% $ 8,028,810 144.07% $ 8,217,597 148.57% 3,500,511 86.76% $ 7,822,842 90.68% $ 44.75% 2,130,691 7,338,829 29.03% Page 105 CITY OF GOODYEAR, ARIZONA Required Supplementary Information Schedule of Changes in the Net OPEB Liability and Related Ratios June 30, 2021 Reporting Fiscal Year (Measurement Date) 2020 2019 (2019) (2018) PSPRS Police Health Insurance Premium Benefit 2021 (2020) 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) Plan fiduciary net position as a percentage of the total OPEB liability Covered payroll Net OPEB (asset) liability as a percentage of covered payroll $ 40,698 57,502 - $ 27,225 64,999 - $ 30,980 57,711 - $ 27,494 57,481 3,790 (103,246) (7,405) (12,451) 740,060 $ 727,609 (210,833) 14,776 (14,484) (118,317) 858,377 $ 740,060 $ $ 28,426 12,337 (7,405) (1,003) 32,355 976,029 $ 1,008,384 $ 30,174 48,982 (14,484) (846) 63,826 897,807 14,396 976,029 $ $ (280,775) $ (235,969) 138.59% 131.89% 104.59% 108.50% $ 9,220,411 $ 9,600,397 $ 9,388,019 $ 8,331,614 -3.05% -2.46% -0.42% -0.79% $ 11,892 (13,196) 87,387 770,990 858,377 2018 (2017) $ $ $ 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) Note: The City implemented GASB 75 in fiscal year 2018. Information prior to 2018 is not available. Page 106 4,452 (66,210) (17,372) 9,635 761,355 770,990 CITY OF GOODYEAR, ARIZONA Required Supplementary Information Schedule of Changes in the Net OPEB Liability and Related Ratios June 30, 2021 PSPRS Fire Health Insurance Premium Benefit 2021 (2020) 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) $ 31,919 60,500 - Reporting Fiscal Year (Measurement Date) 2020 2019 (2019) (2018) $ 19,334 62,411 - $ 22,849 57,087 - 2018 (2017) $ 20,875 58,459 375 (61,104) (10,499) 20,816 790,892 $ 811,708 (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) 26,821 9,500 (10,499) (773) 25,049 757,762 $ 782,811 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 96.44% 95.81% 83.35% 84.05% $ 8,191,627 $ 8,445,713 $ 8,787,982 $ 8,028,810 0.35% 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 28,897 Note: The City implemented GASB 75 in fiscal year 2018. Information prior to 2018 is not available. Page 107 CITY OF GOODYEAR, ARIZONA Required Supplementary Information Schedule of Pension/OPEB Contributions June 30, 2021 ASRS - Pension Reporting Fiscal Year 2021 2020 2019 Contractually required contribution $ 3,729,453 $ 3,294,032 $ 3,002,190 Contributions in relation to the contractually required contribution $ (3,729,453) $ (3,294,032) $ (3,002,190) Contribution deficiency (excess) $ $ $ Covered payroll $ 32,091,131 $ 28,572,110 $ 26,747,686 11.62% 11.53% 11.22% Contributions as a percentage of covered payroll PSPRS Police-Pension 2021 - - Reporting Fiscal Year 2020 3,071,063 $ Contributions in relation to the actuarially determined contribution $ (15,071,063) $ (2,900,958) $ (3,042,548) Contribution deficiency (excess) $ (12,000,000) $ - $ - Covered payroll $ 10,490,267 $ 9,220,411 $ 9,600,397 143.67% PSPRS Fire-Pension 2021 Actuarially determined contribution $ Contributions in relation to the actuarially determined contribution 2,900,958 $ 2019 Actuarially determined contribution Contributions as a percentage of covered payroll $ - 31.46% 31.69% Reporting Fiscal Year 2020 2,490,266 $ (14,490,266) 2,448,698 3,042,548 $ (2,448,698) 2019 2,107,184 (2,107,184) Contribution deficiency (excess) $ (12,000,000) $ - $ - Covered payroll $ $ 8,191,627 $ 8,445,713 Contributions as a percentage of covered payroll 9,424,909 153.74% 29.89% 24.95% Note: The City implemented GASB 68 in fiscal year 2015. Prior year information is not available Page 108 2018 2017 2016 2015 $ 2,760,437 $ 2,566,332 $ 2,452,025 $ 2,369,823 $ (2,760,437) $ (2,566,332) $ (2,452,025) $ (2,369,823) $ $ $ $ - - - - $ 25,325,110 $ 23,806,419 $ 22,599,315 $ 21,761,494 10.90% 10.78% 10.85% 10.89% 2018 2017 $ 3,953,950 $ 2016 1,633,633 $ 2015 1,597,875 $ 1,173,950 $ (3,953,950) $ (1,633,633) $ (1,597,875) $ (1,173,950) $ - $ - $ - $ - $ 9,388,019 $ 8,331,614 $ 7,375,148 $ 7,012,489 42.12% 19.61% 2018 $ 21.67% 2017 3,893,514 $ (3,893,514) 16.74% 2016 1,153,600 $ (1,153,600) 2015 1,173,975 $ (1,173,975) 968,726 (968,726) $ - $ - $ - $ - $ 8,787,982 $ 8,028,810 $ 8,217,597 $ 7,822,842 44.30% 14.37% 14.29% Page 109 12.38% CITY OF GOODYEAR, ARIZONA Required Supplementary Information Schedule of Pension/OPEB Contributions June 30, 2021 Reporting Fiscal Year 2020 2019 ASRS - Health insurance premium benefit 2021 Contractually required contribution $ Contributions in relation to the contractually required contribution 124,849 $ (124,849) 140,567 $ (140,567) 2018 123,288 $ (123,288) 143,399 (143,399) Contribution deficiency (excess) $ Covered payroll $ 32,091,131 $ 28,572,110 $ 26,747,686 $ 25,325,110 0.39% 0.49% 0.46% 0.57% Contributions as a percentage of covered payroll - $ 2021 $ Contributions in relation to the contractually required contribution $ - $ Reporting Fiscal Year 2020 2019 ASRS - Long-term disability Contractually required contribution - 57,622 $ (57,622) 48,822 $ (48,822) - 2018 42,908 $ (42,908) 40,972 (40,972) Contribution deficiency (excess) $ Covered payroll $ 32,091,131 $ 28,572,110 $ 26,747,686 $ 25,325,110 0.18% 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 110 CITY OF GOODYEAR, ARIZONA Required Supplementary Information Schedule of Pension/OPEB Contributions June 30, 2021 PSPRS Police Health Insurance Premium Benefit 2021 2020 Reporting Fiscal Year 2019 2018 2017 Actuarially determined contribution $ 40,698 $ 28,426 $ 30,174 $ 17,033 $ 30,113 Contributions in relation to the actuarially determined contribution $ (40,698) $ (28,426) $ (30,174) $ (17,033) $ (30,113) Contribution deficiency (excess) $ - $ - $ - $ - $ - Covered payroll $ 10,490,267 $ 9,220,411 $ 9,600,397 $ 9,388,019 $ 8,331,614 0.39% 0.31% 0.31% 0.18% 0.36% 2021 Reporting Fiscal Year 2020 2019 2018 Contributions as a percentage of covered payroll PSPRS Fire Health Insurance Premium Benefit 2017 Actuarially determined contribution $ 31,919 $ 26,821 $ 28,091 $ 22,840 $ 31,049 Contributions in relation to the actuarially determined contribution $ (31,919) $ (26,821) $ (28,091) $ (22,840) $ (31,049) Contribution deficiency (excess) $ - $ - $ - $ - $ - Covered payroll $ 9,424,909 $ 8,191,627 $ 8,445,713 $ 8,787,982 $ 8,028,810 0.34% 0.33% 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 111 CITY OF GOODYEAR, ARIZONA Required Supplementary Information Notes to Pension/OPEB Plan Schedules June 30, 2021 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 2019 actuarial valuation Entry Age Normal Level percent-of-pay, closed 17 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 112 CITY OF GOODYEAR, ARIZONA Required Supplementary Information Notes to Pension/OPEB Plan Schedules June 30, 2021 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 113 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 114 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, 2021 Budgeted Amounts Variance with Final Budget Original Final Actual $ 4,689,300 13,152,600 25,000 $ 4,689,300 13,152,600 25,000 $ 10,305,164 20,476,785 (162,243) 17,866,900 17,866,900 30,619,706 12,752,806 4,019,700 3,453,700 2,164,544 1,289,156 4,019,700 3,453,700 2,164,544 1,289,156 13,847,200 14,413,200 28,455,162 14,041,962 (29,928,300) - (23,601,600) 3,100 (16,999,774) 1,256,445 6,601,826 1,253,345 (29,928,300) (23,598,500) (15,743,329) 7,855,171 Net change in fund balances (16,081,100) (9,185,300) 12,711,833 21,897,133 Fund balance, beginning of year 43,001,310 43,001,310 43,001,310 - $ 26,920,210 $ 33,816,010 $ 55,713,143 $ 21,897,133 REVENUES Taxes Charges for services Investment income Total revenues $ 5,615,864 7,324,185 (187,243) EXPENDITURES Capital outlay Total expenditures Excess (deficiency) of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Transfers out Transfers in Total other financing Sources (Uses) Fund balance, end of year Page 115 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, 2021 Budgeted Amounts Original Final Actual Variance with Final Budget REVENUES Investment income Contributions $ Total revenues - $ - $ (57,622) 2,070,000 $ (57,622) 2,070,000 - - 2,012,378 2,012,378 201,291,900 174,604,300 70,221,236 104,383,064 - 158,000 281,714 (123,714) 201,291,900 174,762,300 70,502,950 104,259,350 (201,291,900) (174,762,300) (68,490,572) 106,271,728 87,300,000 72,886,500 86,318,100 63,053,300 39,530,000 5,859,505 20,649,441 (46,788,100) 5,859,505 (42,403,859) 160,186,500 149,371,400 66,038,946 (83,332,454) Net change in fund balances (41,105,400) (25,390,900) (2,451,626) 22,939,274 Fund balance, beginning of year 40,471,387 40,471,387 40,471,387 - (634,013) $ 15,080,487 $ 38,019,761 $ 22,939,274 EXPENDITURES Capital outlay Debt service Debt issuance cost Total expenditures Excess (deficiency) of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Debt issuance Premium on debt issuance Transfers in Total other financing Sources (Uses) Fund balance, end of year $ Page 116 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, 2021 Budgeted Amounts Original Final Actual Variance with Final Budget REVENUES Special assessments Other revenues $ Total revenues 3,111,000 - $ 3,111,000 - $ 4,080,028 619 $ 969,028 619 3,111,000 3,111,000 4,080,647 969,647 2,290,000 793,900 3,285,000 793,900 3,295,000 783,278 (10,000) 10,622 3,083,900 4,078,900 4,078,278 622 Excess (deficiency) of revenues over (under) expenditures 27,100 (967,900) 2,369 970,269 Fund balance, beginning of year 229,320 229,320 229,320 - EXPENDITURES Debt service: Principal Interest and fiscal charges Total expenditures Fund balance, end of year $ 256,420 $ Page 117 (738,580) $ 231,689 $ 970,269 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, 2021 Budgeted Amounts Original Final Variance with Final Budget Actual REVENUES Taxes Investment income Special assessments Contributions $ Total revenues 6,568,000 31,000 3,224,200 67,800 $ 6,568,000 31,000 3,224,200 67,800 $ 6,600,555 3,969 2,729,988 - $ 32,555 (27,031) (494,212) (67,800) 9,891,000 9,891,000 9,334,512 (556,488) 6,260,000 3,276,900 6,685,000 3,276,900 61,494 9,630,000 3,939,793 (61,494) (2,945,000) (662,893) 9,536,900 9,961,900 13,631,287 (3,669,387) 354,100 (70,900) (4,296,775) (4,225,875) EXPENDITURES Debt service: Debt issuance costs 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) (3,859,300) (3,859,300) - 3,859,300 (3,859,300) (3,859,300) - 3,859,300 Net change in fund balance (3,505,200) (3,930,200) (4,296,775) (366,575) Fund balance, beginning of year 5,556,095 5,556,095 5,556,095 - Fund balance, end of year $ 2,050,895 $ Page 118 1,625,895 $ 1,259,320 $ (366,575) 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 Office of Tourism Prop 302 – Used to account for restricted funds to support Maricopa County tourism, marketing, and promotion. 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 119 CITY OF GOODYEAR, ARIZONA Combining Balance Sheet Nonmajor Governmental Funds June 30, 2021 Special Revenue Highway User Community Office of Tourism Revenue Facilities District Prop 302 ASSETS Cash Investments Receivables: Taxes Interest Assessments Intergovernmental Accounts Inventories $ 2,517,761 - $ 545,972 335 521,217 Total assets LIABILITIES Accounts payable Accrued wages and salaries Deposits held for others Unearned revenues 34,069 4,312 - 62,500 - 3,585,285 $ 5,675,278 $ 62,500 $ 2,011,066 60,520 190,208 802,204 $ 21,935 - $ - 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 $ Page 120 $ $ Total liabilities Total liabilities, deferred inflows of resources, and fund balances 5,636,897 - 3,063,998 21,935 - - 10,261 - - - 10,261 - 521,217 70 - 5,643,082 - 62,500 - 521,287 5,643,082 62,500 3,585,285 $ 5,675,278 $ 62,500 Grants $ 4,992,268 - Ball Park Special Revenue Debt Service $ $ 296,935 - 1,582,103 2,277,245 7,865 39,290 - 746,268 - $ 15,537,797 2,277,245 85,168 92 - 119,237 7,957 39,290 842,907 4,647 521,217 $ 19,350,297 $ 5,289,203 $ 3,906,503 $ 831,528 $ 56,008 9,194 - $ 72,712 104,569 135 $ - $ Total $ 2,161,721 174,283 190,208 802,339 65,202 177,416 - 3,328,551 5,374,749 - 45,462 - 55,723 5,374,749 5,374,749 - 45,462 5,430,472 (150,748) 3,729,087 - 786,066 - 521,217 6,491,718 3,729,087 (150,748) (150,748) 3,729,087 786,066 10,591,274 831,528 $ 19,350,297 5,289,203 $ 3,906,503 $ Page 121 CITY OF GOODYEAR, ARIZONA Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds For the Year Ended June 30, 2021 Special Revenue Highway User Revenue REVENUES Taxes Intergovernmental Charges for services Investment income Contributions $ Total revenues 6,047,403 34,727 1,800 - Community Facilities Districts $ 1,679,889 4,449 105,711 Office of Tourism Prop 302 $ 62,500 - 6,083,930 1,790,049 62,500 7,484,210 175,134 6,125,454 - - - - - 7,659,344 6,125,454 - Excess (deficiency) of revenues over (under) expenditures (1,575,414) (4,335,405) 62,500 OTHER FINANCING SOURCES (USES) Payments to refunding escrow Refunding bonds issued Transfers out Transfers in (18,900) 2,115,601 - - Total other financing sources (uses): 2,096,701 - - Net change in fund balances 521,287 (4,335,405) 62,500 - 9,978,487 - EXPENDITURES Current: General government Public safety Public works/streets Culture and recreation Capital outlay Debt service: Bond issuance costs Principal Interest and fiscal charges Total expenditures Fund balances, beginning of year Fund balances, end of year $ 521,287 Page 122 $ 5,643,082 $ 62,500 Grants $ $ 488,838 - Ball Park Special Revenue Debt Service $ $ 1,253,959 (39,875) 1,293,358 7,149,239 (49,342) - Total $ 8,829,128 6,598,741 1,288,686 (82,968) 1,399,069 488,838 2,507,442 7,099,897 18,032,656 380,943 64,316 191,244 4,639,317 251,782 - 6,125,454 380,943 7,548,526 4,639,317 618,160 - 318,990 6,920,000 3,499,813 4,503,314 1,970,523 318,990 11,423,314 5,470,336 636,503 15,629,902 6,473,837 36,525,040 (147,665) (13,122,460) 626,060 (18,492,384) - (25,201,010) 25,520,000 13,489,315 - (25,201,010) 25,520,000 (18,900) 15,604,916 - 13,808,305 - 15,905,006 (147,665) 685,845 626,060 (2,587,378) (3,083) 3,043,242 160,006 13,178,652 (150,748) $ 3,729,087 $ 786,066 $ Page 123 10,591,274 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, 2021 Budgeted Amounts Original Final Variance with Final Budget Actual REVENUES Intergovernmental revenue Charges for services Investment income $ Total revenues 5,283,600 - $ 5,283,600 - $ 6,047,403 34,727 1,800 $ 763,803 34,727 1,800 5,283,600 5,283,600 6,083,930 800,330 9,028,200 71,000 9,190,500 967,900 7,484,210 175,134 1,706,290 792,766 9,099,200 10,158,400 7,659,344 2,499,056 (3,815,600) (4,874,800) (1,575,414) 3,299,386 EXPENDITURES Current: Highways and streets Capital outlay Total expenditures Excess (deficiency) of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Transfers out Transfers in Total other financing sources (uses) (251,900) 3,909,400 (18,900) 4,290,300 (18,900) 2,115,601 (2,174,699) 3,657,500 4,271,400 2,096,701 (2,174,699) Net change in fund balance (158,100) (603,400) 521,287 1,124,687 Fund balance, beginning of year - - - - Fund balance, end of year $ (158,100) Page 124 $ (603,400) $ 521,287 $ 1,124,687 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, 2021 Budgeted Amounts Original Final Actual Variance with Final Budget REVENUES Taxes Investment income Contributions $ Total revenues 1,813,400 63,600 102,000 $ 1,813,400 63,600 102,000 $ 1,679,889 4,449 105,711 $ (133,511) (59,151) 3,711 1,979,000 1,979,000 1,790,049 (188,951) 7,676,400 7,676,400 6,125,454 1,550,946 Total expenditures 7,676,400 7,676,400 6,125,454 1,550,946 Net change in fund balance (5,697,400) (5,697,400) (4,335,405) 1,361,995 Fund balance, beginning of year 9,978,487 9,978,487 9,978,487 - EXPENDITURES Current: General government Fund balance, end of year $ 4,281,087 Page 125 $ 4,281,087 $ 5,643,082 $ 1,361,995 CITY OF GOODYEAR, ARIZONA OFFICE OF TOURISM PROP 302 Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended June 30, 2021 Budgeted Amounts Original Final Variance with Final Budget Actual REVENUES Intergovernmental revenue $ - $ - $ 62,500 $ 62,500 Total revenues - - 62,500 62,500 Net change in fund balance - - 62,500 62,500 Fund balance, beginning of year - - - - Fund balance, end of year $ - $ Page 126 - $ 62,500 $ 62,500 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, 2021 Budgeted Amounts Original Final Variance with Final Budget Actual REVENUES Intergovernmental revenue $ Total revenues 232,100 $ 232,100 $ 488,838 $ 256,738 232,100 232,100 488,838 256,738 Current: Public safety Highways and streets Capital outlay 519,300 138,400 33,000 760,400 102,500 288,600 380,943 64,316 191,244 379,457 38,184 97,356 Total expenditures 690,700 1,151,500 636,503 514,997 (458,600) (919,400) (147,665) 771,735 EXPENDITURES Excess (deficiency) of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Transfers out Total other financing sources (uses) - (785,100) - 785,100 - (785,100) - 785,100 Net change in fund balance (458,600) (1,704,500) (147,665) 1,556,835 Fund balance, beginning of year (3,083) (3,083) (3,083) - (461,683) $ (1,707,583) Fund balance, end of year $ Page 127 $ (150,748) $ 1,556,835 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, 2021 Budgeted Amounts Original Final Actual Variance with Final Budget REVENUES Charges for services Investment income Contributions $ Total revenues 3,578,600 2,100 64,500 $ 2,295,200 2,100 1,347,900 $ 1,253,959 (39,875) 1,293,358 $ (1,041,241) (41,975) (54,542) 3,645,200 3,645,200 2,507,442 (1,137,758) EXPENDITURES Current: Culture and recreation Capital outlay Debt Service: Bond issuance cost Principal Interest 5,153,500 1,138,300 5,903,400 1,460,800 4,639,317 251,782 1,264,083 1,209,018 6,135,000 4,026,100 319,100 6,135,000 4,026,100 318,990 6,920,000 3,499,813 110 (785,000) 526,287 Total expenditures 16,452,900 17,844,400 15,629,902 2,214,498 (12,807,700) (14,199,200) (13,122,460) 1,076,740 Excess (deficiency) of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Payments to refunding escrow Refunding bonds issued Transfers in Total other financing sources (uses) 13,711,700 (25,201,100) 14,542,600 (25,201,010) 25,520,000 13,489,315 90 25,520,000 (1,053,285) 13,711,700 (10,658,500) 13,808,305 24,466,805 Net change in fund balance 904,000 (24,857,700) 685,845 25,543,545 Fund balance, beginning of year 3,043,242 3,043,242 3,043,242 - 3,947,242 $ (21,814,458) 3,729,087 $ 25,543,545 Fund balance, end of year $ Page 128 $ 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, 2021 Budgeted Amounts Variance with Final Budget Original Final Actual $ 7,193,200 7,193,200 $ 7,193,200 7,193,200 $ 7,149,239 (49,342) 7,099,897 Debt service Principal Interest and fiscal charges Total expenditures 5,323,700 1,975,000 7,298,700 5,323,700 1,975,000 7,298,700 4,503,314 1,970,523 6,473,837 820,386 4,477 824,863 Net change in fund balance (105,500) (105,500) 626,060 731,560 Fund balance, beginning of year 160,006 160,006 160,006 - REVENUES Taxes Investment income Total revenues $ (43,961) (49,342) (93,303) EXPENDITURES Fund balance, end of year $ 54,506 $ Page 129 54,506 $ 786,066 $ 731,560 Page 130 BUDGETARY COMPARISON SCHEDULES OTHER FUNDS Page 131 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, 2021 Budgeted Amounts Original Final Non-GAAP Actual Variance with Final Budget $ $ REVENUES Charges for services Investment income Total revenues $ 120,000 - $ 120,000 - 103,507 167 (16,493) 167 120,000 120,000 103,674 (16,326) 200,000 200,000 - 200,000 Total expenditures 200,000 200,000 - 200,000 Net change in fund balances (80,000) (80,000) 103,674 183,674 Fund balance, beginning of year 1,156,827 1,156,827 1,156,827 - $ 1,076,827 $ 1,076,827 $ 1,260,501 EXPENDITURES Current: Highways and streets Fund balance, end of year Page 132 $ 183,674 CITY OF GOODYEAR, ARIZONA COURT ENHANCEMENT Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended June 30, 2021 Budgeted Amounts Original Final Non-GAAP Actual Variance with Final Budget $ $ REVENUES Fines and forfeits Investment income $ Total revenues 55,000 - $ 55,000 - 89,135 89 34,135 89 55,000 55,000 89,224 34,224 47,800 48,200 35,112 13,088 Total expenditures 47,800 48,200 35,112 13,088 Net change in fund balances 7,200 6,800 54,112 47,312 Fund balance, beginning of year 216,368 216,368 216,368 - EXPENDITURES Current: Public safety Fund balance, end of year $ 223,568 Page 133 $ 223,168 $ 270,480 $ 47,312 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, 2021 Budgeted Amounts Original Final Non-GAAP Actual Variance with Final Budget $ $ REVENUES Fines and forfeits Investment income $ Total revenues 7,500 - $ 7,500 - 7,263 61 (237) 61 7,500 7,500 7,324 (176) 100,000 100,000 65,671 34,329 Total expenditures 100,000 100,000 65,671 34,329 Net change in fund balances (92,500) (92,500) (58,347) 34,153 Fund balance, beginning of year 121,560 121,560 121,560 - EXPENDITURES Current: Public Safety Fund balance, end of year $ 29,060 Page 134 $ 29,060 $ 63,213 $ 34,153 CITY OF GOODYEAR, ARIZONA JCEF Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended June 30, 2021 Budgeted Amounts Original Final Non-GAAP Actual Variance with Final Budget $ $ REVENUES Fines and forfeits Investment income $ Total revenues 16,000 - $ 16,000 - 12,360 215 (3,640) 215 16,000 16,000 12,575 (3,425) 80,000 80,000 - 80,000 Total expenditures 80,000 80,000 - 80,000 Net change in fund balances (64,000) (64,000) 12,575 76,575 Fund balance, beginning of year 107,546 107,546 107,546 - EXPENDITURES Current: Public Safety Fund balance, end of year $ 43,546 Page 135 $ 43,546 $ 120,121 $ 76,575 CITY OF GOODYEAR, ARIZONA IMPOUND Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended June 30, 2021 Budgeted Amounts Original Final Non-GAAP Actual Variance with Final Budget $ $ REVENUES Charges for services Investment income $ Total revenues 76,000 4,000 $ 76,000 4,000 82,500 43 6,500 (3,957) 80,000 80,000 82,543 2,543 127,400 67,300 128,300 67,300 86,170 37,730 42,130 29,570 Total expenditures 194,700 195,600 123,900 71,700 Net change in fund balances (114,700) (115,600) (41,357) 74,243 Fund balance, beginning of year 282,219 282,219 282,219 - EXPENDITURES Current: Public safety Capital outlay Fund balance, end of year $ 167,519 Page 136 $ 166,619 $ 240,862 $ 74,243 CITY OF GOODYEAR, ARIZONA AZ SMART AND SAFE Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended June 30, 2021 Budgeted Amounts Original Final Non-GAAP Actual Variance with Final Budget $ $ REVENUES Intergovernmental revenue $ Total revenues - $ - 84,098 84,098 - - 84,098 84,098 Net change in fund balances - - 84,098 84,098 Fund balance, beginning of year - - - - Fund balance, end of year $ - Page 137 $ - $ 84,098 $ 84,098 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, 2021 Budgeted Amounts Original Final Non-GAAP Actual Variance with Final Budget $ $ REVENUES Fines and forfeits $ Total revenues 20,000 $ 20,000 16,215 (3,785) 20,000 20,000 16,215 (3,785) 11,500 28,500 14,520 13,980 Total expenditures 11,500 28,500 14,520 13,980 Net change in fund balances 8,500 (8,500) 1,695 10,195 Fund balance, beginning of year 45,615 45,615 45,615 - EXPENDITURES Current: Public safety Fund balance, end of year $ 54,115 Page 138 $ 37,115 $ 47,310 $ 10,195 CITY OF GOODYEAR, ARIZONA WATER AND WASTEWATER Enterprise Fund Schedule of Operations Budget and Actual For the Year Ended June 30, 2021 Budgeted Amounts Original Operating Revenues Charges for services Other revenues $ Total operating revenues 43,284,100 1,015,200 Final $ 43,284,100 1,015,200 Actual $ 62,819,793 164,087 Variance with Final Budget $ 19,535,693 (851,113) 44,299,300 44,299,300 62,983,880 18,684,580 Salaries, wages and benefits Cost of sales and services Depreciation 6,983,800 171,589,800 - 7,039,200 143,225,900 - 6,728,658 26,064,560 9,353,072 310,542 117,161,340 (9,353,072) Total operating expenses 178,573,600 150,265,100 42,146,290 108,118,810 (134,274,300) (105,965,800) 20,837,590 126,803,390 Investment income Interest and debt cost Gain (loss) on sale of assets 573,900 (12,743,600) - 573,900 (12,743,600) - (464,874) (6,337,296) 4,725 (1,038,774) 6,406,304 4,725 Total non-operating revenue (expense) (12,169,700) (12,169,700) (6,797,445) 5,372,255 (146,444,000) (118,135,500) 14,040,145 132,175,645 Capital contributions Transfers out 11,244,000 (5,970,400) 11,244,000 (5,927,000) 26,481,652 (5,549,718) 15,237,652 377,282 Change in net position (141,170,400) (112,818,500) 34,972,079 147,790,579 281,082,333 281,082,333 281,082,333 - 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 $ 139,911,933 Page 139 $ 168,263,833 $ 316,054,412 $ 147,790,579 CITY OF GOODYEAR, ARIZONA SANITATION Enterprise Fund Schedule of Operations Budget and Actual For the Year Ended June 30, 2021 Budgeted Amounts Original Operating Revenues Charges for services Other revenues $ Total operating revenues 8,491,300 9,000 Final $ 8,491,300 9,000 Actual $ 8,042,545 - Variance with Final Budget $ (448,755) (9,000) 8,500,300 8,500,300 8,042,545 (457,755) Salaries, wages and benefits Cost of sales and services Depreciation 1,134,900 6,650,000 - 1,144,400 6,750,800 - 1,208,574 5,112,620 226,428 (64,174) 1,638,180 (226,428) Total operating expenses 7,784,900 7,895,200 6,547,622 1,347,578 715,400 605,100 1,494,923 889,823 Investment income Gain (loss) on sale of assets 61,000 - 61,000 - 2,878 109,225 (58,122) 109,225 Total non-operating revenue (expense) 61,000 61,000 112,103 51,103 776,400 666,100 1,607,026 940,926 Transfers out (1,609,500) (1,625,000) (1,350,835) 274,165 Change in net position (833,100) (958,900) 256,191 1,215,091 5,437,458 5,437,458 5,437,458 - 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 $ 4,604,358 $ Page 140 4,478,558 $ 5,693,649 $ 1,215,091 City of Goodyear Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2021 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. 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 141 CityofGoodyear NetPositionbyComponent LastTenFiscalYears (accrualbasisofaccounting) (Unaudited) FiscalYear 2012* 2013 2014** 2015 GovernmentalActivities Netinvestmentincapitalassets Restricted Unrestricted TotalGovernmentalActivitiesNetPosition $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 BusinessͲtypeActivities Netinvestmentincapitalassets Restricted Unrestricted TotalBusinessͲtypeActivitiesNetPosition 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 PrimaryGovernment Netinvestmentincapitalassets Restricted Unrestricted TotalPrimaryGovernmentNetPosition 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: *NetpositionadjustedforadoptionofGASBStatementNo.65 **NetpositionadjustedforadoptionofGASBStatementNo.68 Source:StatementofNetPosition Page 142 Table1 FiscalYear 2016 2017 2018 2019 2020 2021 $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 $435,167,043 147,571,052 106,628,136 689,366,231 180,640,162 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  Ͳ 31,895,840 286,519,791 302,551,844  Ͳ 19,196,217 321,748,061 542,380,132 110,407,785 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 $889,364,469 737,718,887 147,571,052 125,824,353 $1,011,114,292 Page 143 CityofGoodyear ChangesinNetPosition LastTenFiscalYears (accrualbasisofaccounting) (Unaudited) 2012 2013 2014 2015 2016 Expenses** GovernmentalActivities: Generalgovernment Publicsafety Highwaysandstreets Publicworks Cultureandrecreation Developmentservices InterestonlongͲtermdebt TotalGovernmentalActivitiesExpenses $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 $19,824,313 34,823,588 20,753,487 7,920,958 6,880,654 7,981,904 8,479,284 $106,664,188 BusinessͲtypeActivities Waterandwastewater Sanitation Stadium* TotalBusinessͲtypeActivitiesExpenses $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 $27,647,487 6,444,459 12,647,134 $46,739,080 TotalPrimaryGovernmentExpenses $120,197,956 $125,595,248 $133,527,997 $138,652,327 $153,403,268 Notes: *StadiumFundwasreclassifiedtogovernmentalactivitiesin2017 ** Beginninginfiscalyear2016expensefunctionswereconsolidatedtoalignwiththebasicfinancialstatement Source:StatementofActivities Page 144 Table2 2017 2018 2019 2020 2021 $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 $31,006,001 60,372,627 21,439,214 9,655,317 19,716,170 11,665,512 10,360,626 $164,215,467 $30,139,626 5,868,228 Ͳ $36,007,854 $26,853,794 6,206,843 Ͳ $33,060,637 $31,493,180 6,681,134 Ͳ $38,174,314 $40,540,282 6,028,780 Ͳ $46,569,062 $48,483,586 6,547,622 Ͳ $55,031,208 $161,257,804 $170,228,364 $179,459,602 $202,437,659 $219,246,675 continued Page 145 CityofGoodyear ChangesinNetPosition LastTenFiscalYears (accrualbasisofaccounting) (Unaudited) FiscalYear 2012 2013 2014 2015 2016 ProgramRevenue* GovernmentalActivities: ChargesforServices: Generalgovernment Publicsafety Highwayandstreets Publicworks Cultureandrecreation Developmentalservices OperatingGrantsandContributions CapitalGrantsandContributions TotalGovernmentalActivitiesProgramRevenues $1,691,455 807,498 Ͳ Ͳ 322,215 4,163,050 7,636,691 9,701,254 $24,322,163 $2,884,854 1,176,336 Ͳ Ͳ 304,128 6,206,750 4,654,268 11,358,824 $26,585,160 $2,603,723 714,614 Ͳ Ͳ 433,384 6,899,047 7,565,511 6,171,185 $24,387,464 $2,766,974 1,624,427 Ͳ Ͳ 416,607 5,353,778 10,777,134 8,252,449 $29,191,369 $2,398,256 1,713,627 Ͳ Ͳ 386,041 7,043,227 9,518,206 12,134,476 $33,193,833 BusinessͲtypeActivities ChargesforServices: Waterandwastewater Sanitation Stadium* OperatingGrantsandContributions CapitalGrantsandContributions TotalBusinessͲtypeActivitiesRevenues $20,105,006 6,115,977 1,633,230 Ͳ 9,252,599 37,106,812 $22,667,401 6,368,920 1,741,609 Ͳ 7,987,680 38,765,610 $24,767,428 6,641,318 2,182,278 Ͳ 5,962,050 39,553,074 $24,650,687 6,922,425 2,237,359 Ͳ 14,454,883 48,265,354 $27,724,410 7,125,427 2,234,046 110,837 11,692,490 48,887,210 TotalPrimaryGovernmentRevenues $61,428,975 $65,350,770 $63,940,538 $77,456,723 $82,081,043 Net(Expense)/Revenue GovernmentalActivities BusinessͲtypeActivities TotalPrimaryGovernmentNetRevenues $(58,432,301) $(59,646,481) $(67,626,617) $(65,761,779) $(73,470,355) (336,680) (597,997) (1,960,842) 4,566,175 2,148,130 $(58,768,981) $(60,244,478) $(69,587,459) $(61,195,604) $(71,322,225) Note: *Beginninginfiscalyear2016programrevenueswereconsolidatedtoalignwiththebasicfinancialstatements Source:StatementofActivities Page 146 Table2 FiscalYear 2017 2018 2019 2020 2021 $2,368,056 1,313,160 Ͳ Ͳ 3,135,416 9,079,431 10,546,333 12,246,216 $38,688,612 $2,592,414 1,373,556 81,727 Ͳ 2,984,530 10,416,143 16,164,698 7,442,815 $41,055,883 $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 $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 $7,070,344 7,421,123 490,969 501,541 2,765,727 19,839,213 9,587,222 30,499,488 $78,175,627 $31,358,803 7,577,840 Ͳ 110,718 13,317,172 52,364,533 $35,203,483 7,812,267 Ͳ Ͳ 12,237,823 55,253,573 $42,658,585 8,058,461 Ͳ Ͳ 12,962,807 63,679,853 $60,392,907 8,319,350 Ͳ Ͳ 5,765,107 74,477,364 $62,983,880 8,042,545 Ͳ Ͳ 26,481,652 97,508,077 $91,053,145 $96,309,456 $124,463,452 $149,761,057 $175,683,704 $(86,561,338) $(96,111,844) $(80,501,689) $(80,584,904) $(86,039,840) 16,356,679 22,192,936 25,505,539 27,908,302 42,476,869 $(70,204,659) $(73,918,908) $(54,996,150) $(52,676,602) $(43,562,971) continued Page 147 CityofGoodyear ChangesinNetPosition LastTenFiscalYears (accrualbasisofaccounting) (Unaudited) FiscalYear 2012 RevenuesandOtherChangesin NetPosition GovernmentalActivities: Taxes Intergovernmental Investmentincome Specialassessments* Miscellaneous Transfers SpecialitemͲLossondebtextinguishment TotalGovernmentalActivities 2013 2014 2015 2016 $55,301,512 $58,957,595 $63,495,983 $66,223,459 $71,256,446 12,704,826 14,194,960 15,285,440 16,361,588 16,848,837 319,017 439,982 414,689 361,146 710,040 Ͳ Ͳ 2,189,906 4,980,000 Ͳ 493,244 1,455,665 1,183,618 975,258 393,977 (3,892,665) (4,876,544) (5,138,252) (582,797) (5,564,606) Ͳ Ͳ Ͳ Ͳ Ͳ $64,925,934 $70,171,658 $77,431,384 $88,318,654 $83,644,694 BusinessͲtypeActivities Investmentincome Proceedsfromthesaleofwaterrights Miscellaneous Transfers TotalBusinessͲtypeActivities $92,945 Ͳ 117,103 3,892,665 $4,102,713 TotalPrimaryGovernment $69,028,647 $75,577,024 $82,929,078 $89,156,338 $89,469,870 ChangesinNetPosition GovernmentalActivities BusinessͲtypeActivities TotalPrimaryGovernment $6,493,633 $10,525,177 $9,804,767 $22,556,875 $10,174,339 3,766,033 4,807,369 3,536,852 5,403,859 7,973,306 $10,259,666 $15,332,546 $13,341,619 $27,960,734 $18,147,645 $95,839 Ͳ 432,983 4,876,544 $5,405,366 $136,531 Ͳ 222,911 5,138,252 $5,497,694 Note: *Priortofiscalyear2014SpecialAssessmentswereshowninPublicWorksͲCapitalGrantsandContributions Source:StatementofActivities Page 148 $151,405 Ͳ 103,482 582,797 $837,684 $237,615 Ͳ 22,955 5,564,606 $5,825,176 Table2 FiscalYear 2017 $74,899,373 20,019,457 560,547 Ͳ 886,502 2,800,000 Ͳ $99,165,879 2018 2019 $82,662,446 $90,314,174 19,967,694 21,244,412 1,196,857 4,661,685 Ͳ Ͳ 341,814 934,949 3,700,000 3,700,000 (36,893) Ͳ $107,868,811 $120,855,220 2020 2021 $116,603,604 22,785,856 4,412,256 Ͳ 797,405 3,499,244 Ͳ $148,098,365 $137,957,936 26,494,716 899,168 Ͳ 309,020 6,900,553 Ͳ $172,561,393 $123,100 $47,246 $1,595,877 $1,800,177 $(461,996) Ͳ Ͳ Ͳ Ͳ Ͳ 31,081 37,024 40,902 Ͳ 113,950 (2,800,000) (3,700,000) (3,700,000) (3,499,244) (6,900,553) $(2,645,819) $(3,615,730) $(2,063,221) $(1,699,067) $(7,248,599) $96,520,060 $104,253,081 $118,791,999 $146,399,298 $165,312,794 $12,604,541 $11,756,967 $40,353,531 $67,513,461 $86,521,553 13,710,860 18,577,206 23,442,318 26,209,235 35,228,270 $26,315,401 $30,334,173 $63,795,849 $93,722,696 $121,749,823 concluded Page 149 Page 150 Table3 CityofGoodyear GovernmentalActivitiesTaxRevenuesBySource LastTenFiscalYears (accrualbasisofaccounting) (Unaudited) StateSharedRevenuesͲnot RestrictedforSpecificPrograms Fiscal Year Property Taxes Sales& UseTaxes Franchise Taxes StateShared Sales StateRevenue Sharing HighwayUser Revenue 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 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 25,858,467 36,364,557 40,222,752 43,775,464 45,333,649 49,309,600 52,085,570 58,831,503 64,940,363 89,722,744 108,495,439 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 3,604,030 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 14,084,067 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 12,410,649 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 6,020,431 Source:CityFinancialRecordsandReports  Page 151 CityofGoodyear ExciseTaxCollections LastTenFiscalYears (accrualbasisofaccounting) (Unaudited) FiscalYear 2012 2013 2014 2015 2016 CityPrivilege(Sales)Tax StateͲSharedSalesTax StateͲSharedIncomeTax StateͲShareVehicleLicenseTax FinesandForfeitures FranchiseTaxes $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 $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 Total $52,355,875 $57,756,502 $62,556,655 $65,273,754 $69,829,255 Source:CityFinancialRecordsandReports Page 152 Table4 FiscalYear 2017 2018 2019 2020 2021 $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 $108,495,439 9,962,516 12,410,649 4,121,551 1,037,122 3,604,030 $75,941,517 $83,025,354 $90,503,404 $116,584,865 $139,631,307 Page 153 CityofGoodyear Sales&UseTaxes byIndustryClassification LastTenFiscalYears (Unaudited) FiscalYear 2012 2013 2014 2015 2016 RetailTrade FoodforHomeComsumption RetailSalesSingleItemOver$5,000 OnlineMarketplace Construction Restaurant&Bar Utilities RealEstate UseTax Hotels Miscellaneous Services Mining&Government Manufacturing WholesaleTrade $13,576,350 N/A N/A N/A 4,755,592 4,763,951 3,469,559 3,480,031 N/A 873,241 1,414,929 1,640,296 9,534 701,876 924,842 $14,265,735 N/A N/A N/A 7,027,296 5,079,528 3,656,309 4,405,695 N/A 885,571 873,005 1,700,258 970 759,858 977,475 $15,787,043 N/A N/A N/A 7,988,471 5,450,424 3,819,536 4,467,373 N/A 849,052 968,896 1,764,488 4,024 931,362 1,072,608 $16,348,224 N/A N/A N/A 5,559,142 6,343,415 4,051,837 5,480,481 N/A 1,067,357 1,032,464 2,424,312 7,159 1,318,999 1,130,527 $17,279,498 N/A N/A N/A 7,545,663 7,032,111 4,077,652 5,575,550 N/A 1,096,710 839,592 2,833,590 6,534 1,410,894 1,032,679 Total* $35,610,202 $39,631,700 $43,103,277 $44,763,917 $48,730,473 Note:TotalmaydifferfromGovernmentalActivitiesTaxRevenuesBySourcebecauseof differenceinreportingperiods. Source:ArizonaDepartmentofRevenueNorthAmericanIndustryCodeSystem(NAICS)&BusinessClassSummary Page 154 Table5 FiscalYear 2017 2018 2019 2020 2021 $15,858,660 3,025,758 1,467,287 N/A 10,836,043 8,506,564 3,606,813 4,772,566 1,185,539 1,109,804 511,710 N/A N/A N/A N/A $17,225,692 3,010,974 1,551,211 N/A 13,341,879 9,225,969 3,804,722 5,005,280 1,530,696 1,269,275 647,714 N/A N/A N/A N/A $19,005,260 3,521,946 1,572,031 N/A 16,452,327 9,958,478 3,882,328 5,690,265 3,025,135 1,408,405 690,088 N/A N/A N/A N/A $23,110,619 4,244,991 1,808,400 1,420,681 32,982,384 10,088,705 3,880,600 6,518,205 3,013,942 1,302,400 717,475 N/A N/A N/A N/A $33,935,084 4,934,402 2,235,620 4,453,219 32,360,764 11,978,934 4,325,833 8,006,495 3,414,172 1,682,639 436,584 N/A N/A N/A N/A $50,880,744 $56,613,413 $65,206,263 $89,088,402 $107,763,744 Page 155 CityofGoodyear FundBalancesofGovernmentalFunds LastTenFiscalYears (modifiedaccrualbasisofaccounting) (Unaudited) FiscalYear 2012 GeneralFund Nonspendable: Advancestootherfunds Inventories Prepaiditems Restrictedby: Chartermandates Court Lawenforcement Transit Assignedto: ITreplacement Fleetreplacement Riskmanagement Parksmanagement Policeassetreserve Fireassetreserve Trafficsignalreserve GeneralFundFY2021Budget Unassigned TotalGeneralFund 2013 2014 2015 2016 $961,840 $961,840 $961,840 $961,840 $961,840 16,258 8,916 25,261 21,656  Ͳ 500,911 486,842 504,865 573,473 667,798 3,377,572 261,229 125,812  Ͳ 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 4,009,183 178,351 427,243 847,446 437,873 1,730,168 811,244  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ 23,074,844 $31,297,751 170,684 3,032,429 357,741  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ 33,325,255 1,484,148 1,502,483 792,947  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ 43,707,677 108,301 2,508,319 1,088,234  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ 49,783,760 498,851 3,196,101 1,077,452 1,271,367  Ͳ  Ͳ  Ͳ  Ͳ 52,620,845 $42,858,609 $53,795,585 $60,181,980 $65,756,477 AllOtherGovernmentalFunds Nonspendable: Inventories $412,916 $595,675 $650,344 $487,413 $564,639 Prepaiditems 45,225 36,182  Ͳ  Ͳ  Ͳ Restrictedby: Debtservice 15,663,838 15,482,259 14,848,703 13,810,210 12,989,198 Developmentimpactfees 21,720,718 16,241,644 7,892,792 9,833,566 12,882,857 Highwayuserfunds 400,610 493,395 47,570 174,025 721 Tourism  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ Transit  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ Capitalprojects  Ͳ 1,695,700 274,106 4,414,851  Ͳ Communityfacilitiesdistrictsoperations 538,410 711,980 803,837 1,109,573 1,434,106 Committed  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ BallPark  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ Unassigned (9,854) (26,073) (73,354) (66,487) (28,737) TotalAllOtherGovernmentalFunds $38,771,863 $35,230,762 $24,443,998 $29,763,151 $27,842,784 Note: *Startingwithfiscalyear2011,fundbalanceswerestatedinclassificationrequiredbyGASBStatementNo.54 Source:CityFinancialRecordsandReports Page 156 Table6 FiscalYear 2017 2018 2019 2020 2021 $1,251,242 $1,045,531 $ Ͳ $ Ͳ $ Ͳ  Ͳ  Ͳ 311,940 210,154 283,305 683,056 758,946 1,402,473 2,134,415 2,159,059 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  Ͳ 453,814 372,270 1,260,501 1,829,656 1,251,242 933,704 2,729,350 2,147,582 403,209  Ͳ  Ͳ 53,399,369 $70,352,362 1,956,201 4,504,416 888,212 3,033,620 134,146 454,872 74,699  Ͳ 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  Ͳ 892,018 1,299,118 86,240,624 18,030,053 3,209,868 5,953,763 750,000 3,103,501  Ͳ 987,419 1,387,206 98,074,000 29,258,434 $79,516,713 $92,786,879 $124,559,162 $147,253,140 $533,304 $553,663 $678,548 $497,974 $521,217  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ 13,219,610 5,576,920 5,913,772 5,945,421 2,277,075 12,428,141 19,453,023 29,633,601 43,001,310 55,713,143 37,130  Ͳ  Ͳ  Ͳ  70  Ͳ  Ͳ  Ͳ  Ͳ 62,500  Ͳ 35,863 249  Ͳ  Ͳ 9,869,218 21,876,083 43,953,339 40,471,387 38,019,761 1,846,863 2,442,864 10,164,456 9,978,487 5,643,082 1,647,416 1,963,850 2,555,378  Ͳ  Ͳ  Ͳ 3,043,242 3,729,087 (105,729) (22,755) (188,894) (501,057) (150,748) $39,475,953 $51,879,511 $92,710,449 $102,436,764 $105,815,187 Page 157 CityofGoodyear ChangesinFundBalancesofGovernmentalFunds LastTenFiscalYears (modifiedaccrualbasisofaccounting) (Unaudited) FiscalYear Revenues Taxes Licensesandpermits Intergovernmental Chargesforservices Finesandforfeits Investmentincome Specialassessments Contributions Miscellaneous TotalRevenues 2012 2013 2014 2015 2016 $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 $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 Expenditures* Generalgovernment Publicsafety Highwaysandstreets Publicworks Cultureandrecreation Developmentservices Capitaloutlay DebtService: Principalretirement Interestanddebtcost Paymenttorefundedbondescrowagent TotalExpenditures 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 17,968,635 32,881,648 5,680,917 2,255,101 5,712,191 7,933,367 15,988,901 12,433,024 10,687,152 Ͳ 86,355,064 10,226,228 10,987,906 Ͳ 100,491,874 9,441,923 9,765,514 Ͳ 101,340,788 9,291,703 9,323,202 Ͳ 97,489,880 9,772,183 9,046,458 Ͳ 107,239,401 ExcessofRevenuesover(under) Expenditures 7,420,383 2,003,780 4,556,722 11,802,040 8,730,326 Notes: * Beginninginfiscalyear2016expenditurefunctionswereconsolidatedtoalignwiththebasicfinancialstatements Source:StatementofRevenues,ExpendituresandChangesinFundBalances Page 158 Table7 FiscalYear 2017 2018 2019 2020 2021 $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 $138,046,896 19,073,277 34,652,939 23,799,246 1,037,122 898,599 6,810,016 5,588,920 1,257,515 231,164,530 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 28,189,094 72,064,162 7,548,526 3,708,625 14,500,770 10,500,186 84,788,927 14,581,544 12,968,581 Ͳ 128,902,325 19,642,573 15,708,001 4,622,056 157,834,792 21,763,951 12,599,646 Ͳ 147,832,213 19,465,657 10,818,794 Ͳ 172,722,379 662,198 25,673,172 10,279,320 257,914,980 (18,107) (10,350,168) 15,223,897 37,178,252 (26,750,450) continued Page 159 CityofGoodyear ChangesinFundBalancesofGovernmentalFunds LastTenFiscalYears (modifiedaccrualbasisofaccounting) (Unaudited) FiscalYear 2012 2013 2014 2015 2016 OtherFinancingSourcesand(Uses) Transferin Transferout Saleofassets* Debtissuance Debtpremium Refundingbonds Refundingbondspremium Paymenttorefundedbondescrowagent $5,504,462 $4,726,150 $5,356,364 $4,588,019 $3,539,227 (9,397,127) (9,602,694) (10,494,616) (9,923,248) (9,091,060)  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ 1,780,000 10,500,000  Ͳ 4,980,000  Ͳ 129,958  Ͳ  Ͳ (39,461)  Ͳ 11,530,000 10,685,000 14,755,000 7,015,000 18,535,000 949,267 672,545 1,114,908 452,099 2,047,350 (11,530,000) (10,965,024) (15,138,166) (7,168,901) (20,106,713) TotalOtherFinancingSources and(Uses) (1,033,440) 6,015,977 (4,406,510) (96,492) (5,076,196) NetChangeinFundBalances $6,386,943 $8,019,757 $150,212 $11,705,548 $3,654,130 DebtServiceasaPercentageof NoncapitalExpenditures 28.9% 25.8% 22.3% 20.6% Notes: * Beginninginfiscalyear2019salesofassetswasbrokenouttoalignwiththebasicfinancialstatements. Source:CityFinancialRecordsandReports Page 160 18.4% Table7 FiscalYear 2017 2018 2019 2020 2021 $12,768,632 $13,901,429 $17,954,246 $28,400,983 $45,929,762 (9,968,632) (10,201,429) (14,254,246) (24,901,739) (39,029,209)  Ͳ  Ͳ 346,124 291,817 213,803 10,968,000 25,015,000 33,873,000 529,285 39,530,000  Ͳ  Ͳ 958,083  Ͳ  Ͳ 118,130,941 51,537,627  Ͳ  Ͳ 25,520,000 14,546,606 722,171  Ͳ  Ͳ 5,859,505 (130,387,703) (49,056,702)  Ͳ  Ͳ (25,201,010) 16,057,844 31,918,096 38,877,207 4,320,346 52,822,851 $16,039,737 $21,567,928 $54,101,104 $41,498,598 $26,072,401 24.7% 27.8% 26.3% 22.9% 21.1% concluded Page 161 CityofGoodyear PropertyTaxRates DirectandOverlappingGovernments LastTenFiscalYears (Unaudited) CityDirectRate OverlappingRates CountyͲWideJurisdictions Fiscal Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Operating Rate 0.9446 1.1115 1.1994 1.1836 1.1637 1.1598 1.1344 1.1084 1.0619 1.0330 Debt Service Rate 0.6554 0.6635 0.7006 0.6864 0.7063 0.7025 0.6005 0.6266 0.6713 0.7005 Total City Rate 1.6000 1.7750 1.9000 1.8700 1.8700 1.8623 1.7349 1.7350 1.7332 1.7335 County Operating Rate 1.2407 1.2407 1.2807 1.3209 1.3609 1.4009 1.4009 1.4009 1.4009 1.4009 County Library District Rate 0.0492 0.0492 0.0438 0.0556 0.0556 0.0556 0.0556 0.0556 0.0556 0.0556 Source:MaricopaCountyAssessor'sOffice FireDistrict Assistance Rate 0.0084 0.0110 0.0121 0.0113 0.0116 0.0112 0.0102 0.0107 0.0095 0.0090 County County Flood Education District Equalization Rate Rate 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 0.1792 0.4426 continued Page 162 Table8 OverlappingRates CountyͲWideJurisdictions Fiscal Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Community College Rate 1.2082 1.3778 1.5340 1.5187 1.4940 1.4651 1.4096 1.1708 1.1565 1.1250 Central Arizona Project Rate 0.1000 0.1000 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400 Special Health Care District Rate 0.1494 Ͳ Ͳ Ͳ Ͳ 0.3053 0.2941 0.2941 0.1871 0.1838 SchoolDistricts Total AguaFria/ County Avondale Rate Rate 3.3598 7.4753 3.4284 7.4945 3.6621 8.2090 3.6946 10.0022 3.7267 9.4960 4.0583 9.8771 3.9771 8.9315 3.7254 8.4894 3.5854 7.8709 3.5361 7.6157 Litchfield Rate 3.2590 3.8863 3.9772 3.7780 3.8352 3.8142 3.4763 3.8499 3.6716 3.5229 Buckeye/ Liberty Rate 6.2698 6.9607 7.1092 8.0102 7.6149 7.0163 7.0616 6.8080 6.6742 8.8758 Tolleson/ Littleton Rate 7.8626 9.2259 11.4641 10.4333 9.9303 9.5342 9.8185 10.0261 10.6716 10.2551 Mobile Rate 4.9490 6.9350 7.7572 7.8876 7.8876 8.1213 7.8876 7.8876 7.8876 7.8876 continued Page 163 CityofGoodyear PropertyTaxRates DirectandOverlappingGovernments LastTenFiscalYears (Unaudited) OverlappingRates OtherSpecialTaxingDistricts Fiscal Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 West Maricopa Education Center District Rate 0.0500 0.0500 0.0592 0.0810 0.0698 0.0840 0.1780 0.1494 0.1634 0.1655 Central Arizona GRD Rate 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 Roosevelt Irrigation District Rate 17.1000 17.1000 17.1000 27.1000 27.1000 27.1000 27.1000 29.8100 29.8100 29.8100 Centerra Community Facilities District Rate 2.1961 3.2961 3.3559 3.0361 3.1327 2.7404 2.6706 2.5823 2.4421 2.1576 Estrella Cortina Cottonflower Mtn.Ranch Community Community Community Facilities Facilities Facilities District District District Rate Rate Rate 2.7298 3.4033 1.3000 2.8500 3.8528 1.3000 2.8500 3.9890 1.3000 2.6034 3.2768 1.3000 2.5999 3.3377 1.3000 2.3824 3.0482 1.3000 1.8877 2.5714 1.3000 1.8664 2.5413 1.3000 1.8994 2.5400 1.3000 1.9843 2.5443 1.3000 continued Page 164 Table8 OverlappingRates Fiscal Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Goodyear Community Facilities General District#1 Rate 0.8034 1.0000 1.0000 0.7334 0.7075 0.8466 0.9600 0.8896 0.8903 0.9040 OtherSpecialTaxingDistricts Goodyear Palm King Wildflower Community Valley Ranch Community Facilities Community Community Facilities Utilities Facilities Facilities General District#1 District#3 District District#1 Rate Rate Rate Rate 1.0000 1.2684 0.3000 2.8718 1.0000 1.8035 0.3000 3.3150 1.0000 1.7844 0.3000 3.4365 1.0162 1.2592 0.3000 2.7761 1.1497 1.1097 0.3000 2.9103 1.1500 0.9308 0.3000 2.7230 1.1500 0.8682 0.3000 2.8882 1.1480 0.8085 0.3000 2.8489 0.9390 0.6107 0.3000 2.6309 0.9039 0.5450 0.3000 2.5582 Wildflower Community Facilities General District#2 Rate 2.9933 3.3467 3.8922 3.0227 3.1070 2.9330 3.0463 2.7801 2.7362 2.7278 concluded Page 165 Page 166 Table9 CityofGoodyear PrincipalPropertyTaxPayers CurrentFiscalYearandNineYearsPrior (Unaudited) FiscalYear 2021 2012 Taxpayer Taxable Assessed Value Percentageof TotalTaxable Assessed Rank Value Taxable Assessed Value Rank Percentageof TotalTaxable Assessed Value ArizonaPublicServiceCompany $20,811,415 1 3.09% $29,968,055 1 2.56% VHSofSouthPhoenix,Inc. $9,298,057 2 1.38% 19,592,567 2 1.67% MicrosoftCorporation 22,656,398 3 1.94% PrologisCommercePark 18,276,038 4 1.56% MacysLogisticsLLC $7,444,200 3 1.11% 11,501,964 5 0.98% SouthwestGasCorporation(T&D) $4,930,436 8 0.73% 8,140,020 6 0.70% HUHTAMAKIInc 8,739,891 7 0.75% NikeIHMInc 8,692,668 8 0.74% LexGoodyearIILP 8,213,058 9 0.70% HCLGoodyearCenterpointeLLC 6,953,659 10 0.59% DHGoodyearLLC $6,500,014 4 0.97% NNPIIIEMR3LLC $5,517,187 5 0.82% CardinalCapitalCo $5,225,632 6 0.78% TheMarketatEstrellaFallsLLC $5,140,140 7 0.76% FirstAmericanTitleInsCoTR7854 $4,549,096 9 0.68% BTGoodyearLLC $4,210,347 10 0.63% Total $73,626,524 10.94% Source:MaricopaCountyTreasurer Page 167 $142,734,318 12.19% CityofGoodyear AssessedValueandEstimatedActualValueofTaxableProperty LastTenFiscalYears (Unaudited) Total Assessed Value Residential Property Fiscal Year Ended June30 Total Assessed Value Commercial Property Agricultural/ VacantLand Other Less: TaxͲExempt Property Net Assessed Value 2012 Primary Secondary 357,230,458 238,218,141 194,223,071 226,506 122,548,914 667,349,262 357,367,570 252,752,614 206,673,571 214,401 144,006,328 673,001,828 2013 Primary Secondary 338,747,451 220,657,668 163,082,414 240,243 120,560,037 602,167,739 339,165,652 228,812,312 167,084,029 244,254 129,664,064 605,642,183 2014 Primary Secondary 340,280,668 205,111,305 161,905,429 273,421 122,898,455 584,672,368 342,294,870 211,390,271 165,979,539 275,521 129,681,549 590,258,652 2015 Primary Secondary 393,827,703 192,119,198 158,537,781 1,158,177 115,918,333 629,724,526 416,834,896 196,638,563 169,043,455 1,167,249 122,400,093 661,284,070 2016 LimitedPropertyValue 427,218,918 223,077,763 149,242,505 1,127,677 129,713,965 670,952,898 2017 LimitedPropertyValue 457,689,029 227,887,800 146,856,414 6,601,784 128,500,705 710,534,322 2018 LimitedPropertyValue 499,088,340 234,739,156 159,566,464 6,975,609 137,331,297 763,038,272 2019 LimitedPropertyValue 538,457,161 256,367,234 152,787,152 7,383,730 132,980,202 822,015,075 2020 LimitedPropertyValue 590,823,853 299,172,489 163,622,803 7,807,328 139,439,679 921,986,794 2021 LimitedPropertyValue 650,949,118 344,929,979 177,112,944 8,038,693 150,205,990 1,030,824,744 Notes:Beginninginfiscalyear2016,theNetAssessedLimitedPropertyValueisstatutorilyrequiredtobeusedforthecalculationof primaryandsecondarypropertytaxes.Priortofiscalyear2016,theprimarylevywascalculatedusingthelimitedassessedvaluation andthesecondarylevywascalculatedusingthefullcashassessedvaluation.Detaildatapriorto2009for"primary"isnotavailable. Source:MaricopaCountyAssessor'sOffice Page 168 Table10 TotalDirect TaxRate Estimated ActualTaxable Value Assessed Valueas Percentageof ActualValue 0.9446 5,978,258,706 0.6554 6,130,095,795 11.2% 11.0% 1.1115 5,513,086,956 0.6635 5,583,052,641 10.9% 10.8% 1.1994 5,485,036,603 0.7006 5,562,951,789 10.7% 10.6% 1.1836 6,012,798,998 0.6864 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% 1.7335 9,758,686,383 10.6% Page 169 Table11 CityofGoodyear PropertyTaxLeviesandCollections LastTenFiscalYears (Unaudited) Fiscal Year TaxesLevied Ended forthe June30 FiscalYear(a) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 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 17,871,100 Collectedwithinthe FiscalYearoftheLevy Amount 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 17,528,715 Collectionin Percentage Subsequent ofLevy Years 97.31% 98.22% 97.89% 98.47% 98.35% 98.99% 98.78% 98.83% 98.61% 98.08% TotalCollectionstoDate Amount 101,729 10,556,037 47,705 10,571,359 51,739 11,001,355 113,307 11,921,870 (0) 12,392,149 (53,465) 12,971,467 Ͳ 13,071,185 Ͳ 14,097,133 Ͳ 15,760,028 Ͳ 17,528,715 Percentage ofLevy 98.25% 98.67% 98.36% 99.41% 98.35% 98.59% 98.78% 98.83% 98.61% 98.08% (a)TaxlevyisreportedbytheTreasurerasofAugustofeachfiscalyear.Amountdoesnot includeadjustmentsmadetolevyamountsaftertheAugustreport. Source:MaricopaCountyTreasurer'sOffice Page 170 Table12 CityofGoodyear UtilityStatisticalData TenLargestWaterUsers CurrentFiscalYearandNineFiscalYearsAgo (Unaudited) FiscalYear  Entity CityofGoodyear LasBrisas SarivalPaseoJointCommunity CanyonTrailsHOA AvondaleSchool CanyonTrails4ͲSouth CanyonTrailsUnitHOA4A MicrosoftCorporation AguaFriaUnionHighSchoolDist. ShepardInvestment EstrellaJointCommittee CottonflowerGoodyearCommunity CanyonTrailsUnitHOA3A CancerTreatmentCenterofAmerica JBParkShadows TypeofUser MultiPurpose Homeowner'sAssociation Homeowner'sAssociation Homeowner'sAssociation School Homeowner'sAssociation Homeowner'sAssociation Commercial School Apartments Homeowner'sAssociation Homeowner'sAssociation Homeowner'sAssociation MultiPurpose Apartments Total TotalasapercentoftotalWaterSystemOperatingRevenue Source:Citycustomerserviceandbillingrecords Page 171 2012 2021 Fees& Fees& Rank Charges Rank Charges $Ͳ 1 $798,778 $Ͳ 2 $698,670 8 $129,625 3 $479,523 1 $205,109 4 $437,426 $Ͳ 5 $383,729 4 $163,706 6 $342,012 7 $335,814 2 $186,669 $Ͳ 8 $293,583 7 $132,095 9 $280,331 $Ͳ 10 $258,833 3 $176,348 5 $145,798 $Ͳ 6 $136,309 9 $103,135 $Ͳ 10 $102,081 $Ͳ $1,480,877 $4,308,699 13.85% 23.26% Page 172 Table13 CityofGoodyear UtilityStatisticalData TenLargestWastewaterUsers CurrentFiscalYearandNineFiscalYearsago (Unaudited) FiscalYear Entity ArizonaStatePrison/Perryville MicrosoftCorporation GoodyearPartners ChristopherToddEstrella GraysonPlaceApartments Huhtamaki ShepardInvApartments SchoellerArcaSystemsNC JBParkShadows 3MinuteCarWash CancerTreatmentCenterofAmerica JBParkShadows FairfieldDevelopment FairfieldCenterraLLC PooreBrothers,Inc. AirportTrainingCenter AvondaleElementary AllianceResidential PemInvestments TypeofUser Prison Commercial Commercial Irrigation Apartments Irrigation Apartments Industrial Apartments CarWash MultiPurpose Apartments Apartments RealEstate FoodManufacturer Airport Education RealEstate RealEstate Total TotalasapercentoftotalWastewaterSystemOperatingRevenue Source:Citycustomerserviceandbillingrecords Page 173 2012 2021 Fees& Fees& Rank Charges Rank Charges 1 $386,204 1 $1,423,685 $Ͳ 2 $193,237 $Ͳ 3 $119,987 $Ͳ 4 $110,934 $Ͳ 5 $105,972 $Ͳ 6 $97,701 $Ͳ 7 $95,987 $Ͳ 8 $85,131 $Ͳ $82,845 9 $Ͳ 10 $78,673 2 $79,460 3 $77,420 4 $69,594 5 $67,368 6 $56,918 7 $46,463 8 $39,070 9 $38,381 10 $37,088 $897,966 $2,394,152 9.33% 13.28% CityofGoodyear ScheduleofExistingandAdopted MonthlyWater&WastewaterServiceCharges(2012Ͳ2021) (Unaudited) ExistingFees Adopted 2012 Adopted 2013 Adopted 2015 Adopted 2016 Adopted 2017 Adopted 2018 Adopted 2019 Adopted 2020 Adopted 2021 $12.70 17.56 28.39 45.96 77.67 126.65 240.36 $10.05 12.74 19.74 32.02 61.64 99.58 189.08 $10.23 14.14 22.86 37.01 70.67 115.24 218.71 $11.24 15.54 25.12 40.67 77.67 126.65 240.36 $12.70 17.56 28.39 45.96 77.67 126.65 240.36 $14.73 20.37 32.93 53.31 77.67 126.65 240.36 $16.35 22.61 36.55 59.17 77.67 126.65 240.36 $17.49 24.19 39.11 63.31 77.67 126.65 240.36 $18.54 25.64 41.46 67.11 77.67 126.65 240.36 $18.54 25.64 41.46 67.11 77.67 126.65 240.36 MonthlyVolumeChargeͲResidential 0Ͳ6,000gallons(perthousand) 6,001Ͳ12,000(perthousand) 12,001Ͳ30,000(perthousand) 30,001+gallons(perthousand) $1.47 (2) $1.46 2.93 (3) 2.92 4.40 (4) 4.38 7.06 (5) 5.69 $1.18 2.36 3.54 5.69 $1.30 2.59 3.89 6.25 $1.47 2.93 4.40 7.06 $1.71 3.40 5.10 8.19 $1.90 3.77 5.66 9.09 $2.03 4.03 6.06 9.73 $2.15 4.27 6.42 10.31 $2.15 4.27 6.42 10.31 MonthlyVolumeChargeͲCommercial 0Ͳ40,000gallons(perthousand) 40,001Ͳ100,000gallons(perthousand) 100,001+gallons(perthousand) $3.73 5.97 7.75 $3.00 4.80 6.24 $3.30 5.28 6.86 $3.73 5.97 7.75 $4.29 6.87 8.91 $4.72 7.56 9.80 $4.91 7.86 10.19 $5.06 8.10 10.50 $5.06 8.10 10.50 DescriptionofWaterSystemServices BaseCharge (MeterSize) 3/4Inch 1Inch 11/2Inch 2Inches 3Inches 4Inches 6Inches $2.60 4.16 5.41 Note:Ratesshownareforcustomerswithincitylimits.Theratesforcustomersoutsideofthecitylimitsare25%greater thanthecustomerswithincitylimits.RateincreasesareadoptedatthedirectionofCityCouncil. (1)RateswereupdatedduringJanuary2017 (2)Monthlyvolumechangeforfeesis0Ͳ6,000gallons(perthousand). (3)Monthlyvolumechangeforfeesis6,001Ͳ12,000gallons(perthousand). (4)Monthlyvolumechangeforfeesis12,001Ͳ30,000gallons(perthousand). (5)Monthlyvolumechangeforfeesis30,001Ͳandovergallons(perthousand). ScheduleofWaterSystemRateIncreases(2012Ͳ2021) Date FiscalYear2012 FiscalYear2013 FiscalYear2014 FiscalYear2015 FiscalYear2016 Rate Increase 9.4% 0.0% N/A 10.0% 13.0% Date FiscalYear2017 FiscalYear2018 FiscalYear2019 FiscalYear2020 FiscalYear2021 Source:CityFinancialRecords,ReportsandWater&WastewaterRateStudy. Thetableabovereflectsonlycertainfeesandchargesofthe City'swatersystemandisnotacomprehensivestatementofallsuchfees. Page 174 Rate Increase 16.0% 11.0% 7.0% 6.0% 0.0% Table14 DescriptionofWastewaterSystemServices ResidentialWastewaterService BaseCharge VolumeCharge(per1,000gallons) ExistingFees Adopted Adopted Adopted Adopted Adopted Adopted Adopted Adopted 2012 2013 2016 2017 2018 2019 2020 2021 (Seebelow) $5.78 $4.90 $5.78 $5.95 $6.13 $6.25 $6.38 $6.51 $6.51 GeneralCommercialWastewaterService BaseCharge VolumeCharge(per1,000gallons) (Seebelow) $5.78 $4.90 $5.78 $5.95 $6.13 $6.25 $6.38 $6.51 $6.51 BaseCharge (MeterSize) 3/4Inch 1Inch 11/2Inch 2Inches 3Inches 4Inches 6Inches $21.12 32.41 39.94 77.58 115.22 152.86 378.70 $18.96 28.02 34.61 67.16 99.68 139.10 328.83 $21.12 32.41 39.94 77.58 115.22 152.86 378.70 $21.75 33.38 41.14 79.91 115.22 152.86 378.70 $22.40 34.38 42.37 82.31 115.22 152.86 378.70 $22.85 35.07 43.22 83.96 115.22 152.86 378.70 $23.31 35.77 44.08 85.64 115.22 152.86 378.70 $23.78 36.49 44.96 87.35 115.22 152.86 378.70 ScheduleofWastewaterSystemRateIncreases(2012Ͳ2021) Date FiscalYear2012 FiscalYear2013 FiscalYear2014 FiscalYear2015 FiscalYear2016 FiscalYear2017 FiscalYear2018 FiscalYear2019 FiscalYear2020 FiscalYear2021 Rate Increase 9.5% 15.2% N/A N/A 3.0% 3.0% 2.0% 2.0% 2.0% 0.0% Page 175 $23.78 36.49 44.96 87.35 115.22 152.86 378.70 CityofGoodyear RatiosofOutstandingDebtbyType LastTenFiscalYears (Unaudited) GovernmentalActivities Public Fiscal Improvement McDowell Corporation Road Year Ended June30 General Obligation Bonds Revenue Bonds Contract Payable Municipal Corridor Facilities Improvement RevenueBond District 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 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 94,324,553  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ 24,735,000 1,755,628 Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ 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 62,248,918 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 23,315,000 Source:USCensusBureau,AppliedGeographicSolutions/TIGERGeography,andCity FinancialRecords Page 176 Community Facilities District Bonds 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 72,858,000 Table15 BusinessͲTypeActivities Public Improvement Water Corporation Infrastructure General Obligation Bonds Municipal Facilities RevenueBond Revenue Bonds Finance Authority Loan Water Rights Total 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 40,480,447 102,180,000 102,180,000 104,096,689 103,970,274 104,164,132  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ 31,985,000 31,390,000 30,596,520 30,114,933 42,413,304 41,924,131 40,489,966 37,175,000 153,719,816 139,065,000 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 2,488,002  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ  Ͳ 426,394,231 421,153,409 412,112,868 401,866,908 396,467,521 402,876,674 396,722,470 370,268,341 481,641,891 459,514,920 Page 177 Percentage ofPersonal Income Per Capita 20.10% 6,430 22.13% 6,264 20.81% 5,773 21.38% 5,443 19.80% 5,304 21.52% 5,180 16.23% 4,750 14.16% 4,374 16.75% 5,420 14.90% 4,822.08 Table16 CityofGoodyear RatiosofGeneralBondedDebtOutstanding LastTenFiscalYears (Unaudited) Percentage Fiscal Year Ended June30 General Obligation Bonds Less:Amounts Available inDebt ServiceFund Total 2012 2013 2014 2015 2016 118,395,000 111,940,000 106,730,122 99,245,534 91,582,861 1,246,110 841,716 98,876 Ͳ 13,202 117,148,890 111,098,284 106,631,246 99,245,534 91,569,659 17.41% 18.34% 18.07% 15.01% 13.65% 1,767 1,652 1,494 1,344 1,225 2017 2018 2019 2020 2021 88,690,440 102,209,474 112,980,000 109,517,110 134,805,000 703,557 778,715 229,724 229,320 786,066 87,986,883 101,430,759 112,750,276 109,287,790 134,018,934 12.38% 13.29% 13.72% 11.85% 13.00% 1,131 1,215 1,332 1,230 1,406 Source:CityFinancialRecordsandReports Page 178 Estimated ActualTaxable Valueof Property Per Capita Table17 CityofGoodyear DirectandOverlappingGovernmentalActivitiesDebt AsofJune30,2021 (Unaudited) OverlappingJurisdiction NetAssessed Limited PropertyValue  Debt Outstanding Estimated Percentage Applicable(a) NetDebt Amount MaricopaCounty MaricopaCountyCommunityCollegeDistrict MaricopaSpecialHealthcareDistrict WesternMaricopaEducationCenter LibertyElementarySchoolDistrictNo.25 AvondaleElementarySchoolDistrictNo.44 LittletonElementarySchoolDistrictNo.65 LitchfieldElementarySchoolDistrictNo.79 MobileElementarySchoolDistrictNo.86 BuckeyeUnionHighSchoolDistrictNo.201 TollesonUnionHighSchoolDistrictNo.214 AguaFriaUnionHighSchoolDistrictNo.216 WildflowerRanchCommunityFacilitiesDistrictNo.1 WildflowerRanchCommunityFacilitiesDistrictNo.2 CommunityFacilitiesGeneralDistrictNo.1 CommunityFacilitiesUtilityDistrictNo.1 EstrellaMountainRanchCommunityFacilitiesDistrict CottonflowerCommunityFacilitiesDistrict CenterraCommunityFacilitiesDistrict CortinaCommunityFacilitiesDistrict PalmValleyCommunityFacilitiesDistrict Subtotalofoverlappingdebt: $45,704,969,813 $Ͳ 45,704,969,813 250,065,000 45,822,046,238 673,195,000 16,833,710,370 157,075,000 305,237,516 41,265,000 455,199,405 33,510,000 292,443,518 24,975,000 999,689,119 48,220,000 8,581,942 Ͳ 815,567,619 72,010,000 1,351,671,228 169,815,000 1,454,888,363 132,210,000 5,495,591 300,000 5,544,199 545,000 135,154,459 6,700,000 422,333,774 28,805,000 118,823,073 9,325,000 10,444,092 1,530,000 15,278,103 2,653,000 11,666,407 1,625,000 125,512,768 4,785,000 $160,599,227,410 $1,658,608,000 2.25 % $Ͳ 2.25 5,618,561 2.24 15,086,971 6.10 9,582,148 59.78 24,667,665 84.29 28,246,996 0.02 4,726 45.80 22,083,522 45.40 Ͳ 22.37 16,105,162 0.00 6,977 58.04 76,738,950 100.00 300,000 100.00 545,000 100.00 6,700,000 100.00 28,805,000 100.00 9,325,000 100.00 1,530,000 100.00 2,653,000 100.00 1,625,000 100.00 4,785,000 $254,409,678 DirectDebt: CityofGoodyear $1,026,917,731 100.00 % $250,132,639 $250,132,639 TotalDirectandOverlappingDebt TotalGovernmentalandBusinessͲTypeGeneralObligationBonds $504,542,317 $134,805,000 100.00 % $134,805,000 (a)ProportionapplicabletotheCityofGoodyear,Arizonaiscomputedontheratioofnetassessedlimitedpropertyvalue for2019/20 Sources:MaricopaCountyAssessor'sOfficeandOfficialStatements Note:Overlappinggovernmentsarethosethatcoincide,atleastinpart,withthegeographic boundariesofthecity.Thisscheduleestimatestheportionoftheoutstandingdebtofthose overlappinggovernmentsthatisbornebytheresidentsandbusinessesoftheCityofGoodyear. Thisprocessrecognizesthatwhenconsideringthegovernment'sabilitytoissueandrepay longͲtermdebt,theentiredebtburdenbornebytheresidentsandbusinessesshouldbetaken intoaccount.However,thisdoesnotimplythateverytaxpayerisaresident,andtherefore responsibleforrepayingthedebt,ofeachoverlappinggovernment Thepercentageofoverlappingdebtapplicableisestimatedusingtaxableassessedpropertyvalues. Applicablepercentageswereestimatedbydeterminingtheportionofthecounty'staxableassessed valuethatiswithinthegovernment'sboundariesanddividingitbythecounty'stotaltaxable assessedvalue. TheoutstandinggeneralobligationdebtdoesnotreflecttheWildflowerCommunityFacilitiesDistrictNo.1’s$25,000defeasance onJuly29,2021. TheoutstandinggeneralobligationdebtdoesnotreflecttheWildflowerCommunityFacilitiesDistrictNo.2’s$10,000defeasance onJuly29,2021. Page 179 CityofGoodyear LegalDebtMarginInformation AsofJune30,2021 (Unaudited) FiscalYear 2012 2013 2014 2015 NetFullCashAssessedValue $673,001,828 $605,642,183 $590,258,652 $659,588,897 20%Limitation DebtLimitEqualto20%ofAssessed Valuation 134,600,366 121,128,437 118,051,730 131,917,779 TotalDebtApplicableto20%Limit 118,130,000 111,690,000 104,775,000 97,570,000 Legal20%DebtMargin(Available BorrowingCapacity) $16,470,366 $9,438,437 $13,276,730 $34,347,779 Totalnetdebtapplicabletothelimit asapercentageofdebtlimit 87.76% 92.21% 88.75% 73.96% 6%Limitation DebtLimitEqualto6%ofAssessed Valuation $40,380,110 $36,338,531 $35,415,519 $39,575,334 TotalDebtApplicableto6%Limit 265,000 250,000 250,000 220,000 Legal6%DebtMargin(Available BorrowingCapacity) $40,115,110 $36,088,531 $35,165,519 $39,355,334 0.66% 0.69% 0.71% 0.56% Totalnetdebtapplicabletothelimit asapercentageofdebtlimit Source:MaricopaCountyTreasurer'sOfficeandCityfinancialrecordsandreports Page 180 Table18 FiscalYear 2016 2017 2018 2019 2020 2021 $670,952,898 $871,205,504 $964,201,508 $1,043,418,163 $1,183,659,155 $1,360,568,112 134,190,580 174,241,101 192,840,302 208,683,633 236,731,831 272,113,622 90,065,000 106,130,000 97,065,000 112,980,000 102,605,000 95,275,000 $44,125,580 $68,111,101 $95,775,302 $95,703,633 $134,126,831 $176,838,622 67.12% 60.91% 50.33% 54.14% 43.34% 35.01% $40,257,174 $52,272,330 $57,852,090 $62,605,090 $71,019,549 $81,634,087 205,000 190,000 Ͳ Ͳ Ͳ 39,530,000 $40,052,174 $52,082,330 $57,852,090 $62,605,090 $71,019,549 $42,104,087 0.51% 0.36% 0.00% 0.00% 0.00% 48.42% Page 181 Table19 CityofGoodyear PledgedͲRevenueCoverage AsofJune30,2021 (Unaudited) PublicImprovementCorporationMunicipalFacilitiesRevenueBonds Fiscal Year Ended Operating Pledged June30 Revenue Revenue Principal Interest 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 65,501,422 76,004,072 81,109,035 82,672,164 87,880,128 95,623,345 107,069,770 116,486,271 152,851,661 167,084,631 52,566,675 57,969,777 62,768,755 59,861,110 67,903,484 68,619,826 69,446,051 90,707,954 116,812,121 139,901,726 570,000 590,000 85,000 230,000 235,000 3,220,000 3,500,000 5,840,000 6,110,000 6,920,000 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 3,493,813 DebtService Coverage 9.57 9.51 10.85 10.52 11.94 9.95 8.46 8.72 11.22 13.43 Water&SewerBonds&Loans Fiscal Year Less: Net DebtService Ended Operating Operating Operating June30 Revenue Expenses Revenue Principal Interest 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 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 62,983,880 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 32,793,218 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 30,190,662 1,139,026 1,504,661 1,439,935 1,467,770 1,496,834 1,682,550 1,742,801 1,613,157 2,283,620 2,439,193 5,554,656 5,819,924 2,212,948 2,207,414 2,159,000 2,268,124 2,292,417 2,014,361 1,199,376 5,071,602 Source:CityFinancialRecordsandReports Page 182 Coverage 1.72 1.68 3.37 3.09 3.49 3.27 5.37 6.36 9.72 4.02 Table20 CityofGoodyear DemographicandEconomicStatistics LastTenFiscalYears (Unaudited) Personal PerCapita Education Fiscal Year Population Income (inthousands) Personal Income Median Age 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 67,239 71,381 73,832 74,743 77,776 78,189 83,512 84,659 88,870 95,294 $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 $3,083,237 $28,304 $27,746 $25,459 $26,784 $24,069 $27,599 $29,263 $30,893 $32,355 $32,355 35.2 38.4 36.5 35.6 36.7 36.7 37.1 37.1 38.2 38.7 Source:BureauofLaborStatisticsandCityFinancialRecords Page 183 LevelinYears ofSchooling Unemployment Rate 13to16 13to16 13to16 13to16 13to16 13to16 13to16 13to16 13to16 13to16 8.2% 8.3% 7.2% 5.7% 5.5% 4.4% 4.2% 4.8% 9.4% 6.9% Table21 CityofGoodyear PrincipalEmployers CurrentFiscalYearandNineFiscalYearsPrior (Unaudited) MajorCorporation Amazon.com UPSͲRegionalOpsCenter Macy'sInc FiscalYear FiscalYear 2012 2021 Percentage ofTotalCity Employees Rank Employment* Percentage ofTotalCity Employees Rank Employment* 357 4,165 1 9.39% 1,852 2 4.18% 1,550 3 3.50% 1,547 4 3.49% 8 0.70%  600 3 1.17% Chewy.com (AbrazoHealthcare)WestValleyHospital 550 4 1.07% 1,003 5 2.26% CancerTreatmentCenter'sofAmerica 430 6 0.84% 768 6 1.73% SubzeroFreezerCo 334 9 0.65% 693 7 1.56% 385 8 0.87% 375 9 0.85% 358 10 0.81% CavcoIndustries McLaneSunwest 373 7 0.73% AerSale LockheedMartin 1,050 1 2.04% ArizonaStatePrison/Perryville 1,009 2 1.96% CityofGoodyear 511 5 1.00% WalmartSupercenter 328 10 0.64% Total 5,542 10.79% 12,696 Source:CityRecords(EmploymentnumbersareselfͲreported;doesnotincludegrocery/retailstores) 2021laborforce=44,339;2012laborforce=51,350 *Companydidnotrespond,previousyeardataused Page 184 28.63% Table22 CityofGoodyear FullͲtimeEquivalentCityGovernmentEmployeesbyFunction LastTenFiscalYears (Unaudited) FiscalYear 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 GeneralGovernment FinancialServices InformationServices Police Officers Civilians PlanningandDevelopment Fire FirefightersandOfficers Civilians HumanResources CommunityServices EconomicDevelopment MunicipalServices PublicWorks Water Wastewater Sanitation Total 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 83 32 24 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 50 114 49 52 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 10 106 20 14 0 8 16 111 35 28 14 474 489 487 527 531 548 572 644 680 706 Source:CityFinancialRecordsandReports Page 185 CityofGoodyear OperatingIndicatorsbyFunction LastTenFiscalYears (Unaudited) Function 2012 2013 2014 2015 GeneralGovernment CityClerk'sOffice #ofrecordsrequests 484 470 504 598 CityProsecutor'sOffice Chargesfiled/chargesadjudicated(resolved) 3,827 2,514 3,170 3,623 CityManager'sOffice %ofsurveyrespondentsrating"YourNeighborhoodas aPlacetoLive"asgoodtoexcellent 94% 94% 95% 95% DigitalCommunications Newsreleases/mediaupdates 49 59 76 NA GrowthofDigitalassets(Facebook,Twitter,Instagram,&Linkedincombined 136 112 114 136 Totalnewsletterpagessenttocitizens Numberofvisitstowebsite 771,938 804,542 491,540 633,643 Numberofwebpagesviewed 2,203,995 2,185,489 1,850,471 1,855,914 Numberofgraphics/photographyprojectscompleted 262 254 275 135 Police #oftotalarrests #ofmovingviolationscitations 2,402 11,468 2,532 10,259 2,612 10,586 2,846 5,919 Fire #ofemergencyresponses #offiresextinguished #ofinspections 7,195 271 212 5,604 243 969 8,298 242 752 6,972 205 1,539 6,132 1,229 178,466 6,298 1,238 184,638 6,403 1,091 191,189 6,254 1,009 196,863 <1 3,576 <1 3,529 <1 3,580 <1 2,868 1 0.7 1 1 1 1 1 0.96 118 4.86% 178 5.01% 180 4.85% 144 5.05% FinancialServices #accountspayablechecksissued #purchaseorders #watermetersreadannually PlanningandDevelopment CustomerwaitͲtime(inminutes)atOneStopShop Totalnumberofpermitsissued ProvideapplicantwithpreͲapplicationmeetingwithin30days ofsubmittingrequest% %ofinspectionsperformedwithin24hoursofrequest HumanResources #ofnewhires(FT&PT)(1) HRbudgetedoperatingcostasa%ofCitybudgetedpayroll ParksandRecreation #attendingPark&RecreationfacilitiesandLibrariesannually(2) #ofsquarefeetofmediansandrightsofwaymaintained EconomicVitality SalesTaxgrowth(%annualchange) BedTaxgrowth(%annualchange) 63,256 69,596 74,527 74,527 23,151,438 23,151,438 23,151,438 23,151,438 10.45% 14.15% Page 186 11.29% 1.41% 8.76% Ͳ4.12% 3.85% 25.71% Table23 2017 2016 2018 2019 2020 2021 629 770 904 767 898 1,106 3,608 4,261 4,031 3,656 3,032 3,959 93% 93% 91% 95% 95% 93% 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 14,380 192 480,518 1,407,259 143 132 22,307 206 533,395 1,450,461 485 114 28,466 194 685,787 1,615,332 177 2,661 3,479 3,296 4,382 2,808 2,281 1,585 2,327 1,478 2,465 2,456 2,844 6,002 165 1,253 7,498 214 2,050 9,115 252 853 9,583 204 909 9,671 182 2,024 9,681 210 4,183 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 4,146 1,379 256,488 NA 5,610 NA 5,732 NA 5,228 NA 5,137 NA 1,490 NA 60 1 1 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% 258 4.45% 188,000 249,000 275,000 299,000 283,093 266,262 23,151,438 23,151,438 23,151,438 23,151,438 23,250,000 23,295,000 8.86% 2.75% 4.04% Ͳ3.80% 11.66% 14.37% 13.50% 9.60% 37.90% Ͳ6.60% Page 187 21.00% 29.20% CityofGoodyear OperatingIndicatorsbyFunction LastTenFiscalYears (Unaudited) Function 2012 MunicipalServices #ofhomesservicedbyResidentialRefuseCollection #ofcitizensservicedbyHouseholdHazardousWaste collectionprogram 2013 2014 2015 22,363 23,387 24,346 25,320 503 546 550 536 WaterService #ofresidentialcustomers #ofmultifamilycustomers #ofcommercialcustomers WaterServiceConnections Waterproductiondailypeakdemand(milliongallonsperday) ReclaimedWaterSupplied(milliongallonsperday) 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 #ofresidentialcustomers #ofmultifamilycustomers #ofcommercialcustomers SewerServiceConnections SewageTreated(millionsgallonsperday) 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 OtherPublicWorks Streetresurfacing(miles) Potholesrepaired 24.00 30.00 19.20 83.23 264 296 1,166 1,253 Citizen&NeighborhoodResources #ofnewCodeEnforcementcasesprocessedperyear 2,069 2,841 3,018 2,863 Source:CityFinancialRecordsandReports NAͲinformationisnotreadilyavailableattimeofproduction (1)LargeincreaseisduetoaoneͲtimehiringofspecialcensusemployees (2)LargeincreaseisduetoinclusionoflibraryvisitorsinFY2016 Page 188  Table23 2017 2016 2018 2019 2020 2021 26,323 26,792 29,911 29,673 29,673 31,864 503 592 816 631 418 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 19,374 20,284 38 38 39 621 636 1,054 19,992 20,048 21,377 12.40 13.60 15.30 NA NA 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 4.69 469 20,383 16 271 20,670 4.69 109.00 70.33 105.27 51.56 133.41 116.00 1,339 756 1,344 586 60 103 3,544 3,212 2,738 2,615 1,943 2,488 Page 189 Table24 CityofGoodyear CapitalAssetStatisticsbyFunction LastTenFiscalYears (Unaudited) Function 2012 2013 2014 FiscalYear 2015 2016 2017 2018 2019 2020 2021 PublicSafety Police: Stations PoliceVehicles FireStations 3 3 3 4 4 6 5 5 4 2 125 126 119 133 134 150 133 139 147 155 6 6 6 6 7 6 6 5 5 7 HighwaysandStreets Street(miles) Streetlights Trafficsignals 934 934 934 934 934 934 939 945 1,012 1,041 8,465 8,660 8,832 8,832 9,041 8,651 9,184 9,635 9,635 9,991 77 84 86 86 89 89 92 93 95 102 CultureandRecreation Parks ParksAcreage SwimmingPools TennisCourts CommunityCenters 17 204 1 6 1 Water WaterMains(miles) FireHydrants Storagecapacity(MillonsofGallons) 308 308 308 308 330 336 326 330 331 353 2,791 2,796 2,808 2,951 3,031 3,152 3,177 3,348 3,461 3,475 16 16 16 16 16 16 16 16 18 18 Wastewater SanitarySewers(miles) StormSewers(miles) Treatmentcapacity(MGD)(thousandsofgallons) 227 229 239 242 254 260 265 276 270 276 57 57 63 55 54 55 N/A N/A N/A N/A 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.3 17 204 1 6 1 17 204 1 6 1 18 206 1 6 1 Source:CityFinancialRecordsandReports Page 190 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 FEDERAL AND STATE REPORTS Page 191 Page 192   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, 2021, 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 December , 2021. 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 193  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 December , 2021  Page 194   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, 2021, and have issued our report thereon dated December , 2021. 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, 2021. 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 December , 2021  Page 195 This page intentionally left blank Page 196 ANNUAL COMPREHENSIVE FINANCIAL REPORT City of Goodyear, Arizona Finance Department 190 North Litchfield Road Goodyear, Arizona 85338 623-932-3015