SIGNED FINAL REPORT CAFR FY19.PDF

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MARICOPA COUNTY, ARIZONA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED JUNE 30, 2019
Issued by:
Maricopa County – Department of Finance

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MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2019
INTRODUCTORY SECTION
LETTER OF TRANSMITTAL 1
GFOA CERTIFICATE 4
ORGANIZATIONAL CHART 5
LIST OF PRINCIPAL OFFICIALS 6
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT 7
REQUIRED SUPPLEMENTARY INFORMATION
MANAGEMENT’S DISCUSSION AND ANALYSIS 10
BASIC FINANCIAL STATEMENTS
STATEMENT OF NET POSITION 18
STATEMENT OF ACTIVITIES 19
BALANCE SHEET – GOVERNMENTAL FUNDS 20
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION 21
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCES – GOVERNMENTAL FUNDS 22
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO
THE STATEMENT OF ACTIVITIES 23
NOTES TO BASIC FINANCIAL STATEMENTS 24
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCE – BUDGET AND ACTUAL – CHASE FIELD GENERAL FUND 34
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCE – BUDGET AND ACTUAL – CACTUS LEAGUE SPECIAL
REVENUE FUND 35
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION 36
SUPPLEMENTARY INFORMATION – BUDGET TO ACTUAL SCHEDULES –
OTHER MAJOR GOVERNMENTAL FUNDS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCE – BUDGET AND ACTUAL – DEBT SERVICE FUND 37

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS (CONTINUED)
YEAR ENDED JUNE 30, 2019
STATISTICAL SECTION (UNAUDITED)
FINANCIAL TRENDS
NET POSITION BY COMPONENT 38
CHANGES IN NET POSITION 40
REVENUES BY SOURCE – GOVERNMENTAL FUNDS 42
FUND BALANCES OF GOVERNMENTAL FUNDS 44
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS 45
REVENUE CAPACITY
TAX REVENUES BY SOURCE 47
DEBT CAPACITY
PLEDGED REVENUE COVERAGE 48
TOTAL DEBT 49
DEMOGRAPHIC AND ECONOMIC INFORMATION
ARIZONA DIAMONDBACKS ATTENDANCE 50
CACTUS LEAGUE ATTENDANCE 51
DEMOGRAPHIC AND ECONOMIC STATISTICS 53
PRINCIPAL EMPLOYERS 54
OPERATING INFORMATION
FULL-TIME EQUIVALENT EMPLOYEES BY FUNCTION 55
OPERATING INDICATORS BY FUNCTION 56

INTRODUCTORY SECTION

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September 27, 2019
The Honorable Maricopa County Stadium District Board of Directors:
It is our pleasure to submit to you the Comprehensive Annual Financial Report of the Maricopa County
Stadium District (Stadium District) for the year ended June 30, 2019, in accordance with Arizona
Revised Statue §48-4231.D. The Statute requires that the Stadium District receive an independent
financial audit of the accounts and records of the Stadium District within 120 days of the June 30 fiscal
year end.
CliftonLarsonAllen, LLP, a certified public accounting firm, has audited the Stadium District’s financial
statements for the year ended June 30, 2019 and issued an unqualified opinion. The audit was
conducted in accordance with U. S. generally accepted governmental auditing standards; the
Independent Auditors’ Report is located at the front of the financial section of this report.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report. Management of the Stadium District has established a comprehensive internal
control framework that is designed both to protect the Stadium District’s assets from loss, theft, or
misuse and to compile sufficient reliable information for the preparation of the Stadium District’s
financial statements in conformity with accounting principles generally accepted in the United States of
America. Because the cost of internal controls should not outweigh their benefits, the Stadium District’s
comprehensive framework of internal controls has been designed to provide reasonable rather than
absolute assurance that the financial statements will be free from any material misstatement.
Management’s discussion and analysis (MD&A) immediately follows the independent auditors’ report,
provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A
complement this letter of transmittal and should be read in conjunction with it.
PROFILE OF THE STADIUM DISTRICT
The Stadium District was formed in accordance with ARS §48-4202.A. through action of the Maricopa
County Board of Supervisors in September 1991. The Stadium District has a Board of Directors
consisting of the five members of the Maricopa County Board of Supervisors. The County Manager
serves as the Executive Director of the Stadium District. The Stadium District is located in the central
portion of the State of Arizona and has the same boundaries as Maricopa County. The Stadium
District’s boundaries encompass the Greater Metropolitan Phoenix area and includes the cities of
Phoenix, Tempe, Mesa, Scottsdale, Glendale, Peoria, Goodyear, Surprise, Chandler, and the town of
Paradise Valley.
The mission of the Maricopa County Stadium District is to provide fiscal resources and asset
management for the community and visitors to Maricopa County so they can attend Major League
Baseball games and other entertainment in a well maintained facility. From the Stadium District’s
inception through 1996, the Stadium District provided funds for building or renovating seven Cactus
League baseball spring training facilities. On February 17, 1994, the Stadium District entered into an
agreement with the Arizona Professional Baseball Team (AZPB) Limited Partnership to finance a
portion of the acquisition cost and construction for a new major league baseball stadium currently
known as Chase Field.
(1)

The Stadium District owns Chase Field, home of the Arizona Diamondbacks, which opened in 1998
under the name Bank One Ballpark. Bank One was bought by JPMorgan Chase and in the fall of 2005,
the name of the ballpark was changed to Chase Field. On May 9, 2018, the Maricopa County Stadium
District (District) and AZPB Limited Partnership (Team) entered into a Binding Memorandum and
Agreement which provided for the Team to have sole control and responsibility for the operation and
maintenance of Chase Field.
The Stadium District is a blended component unit of Maricopa County. The Stadium District’s financial
information is included in the Maricopa County Comprehensive Annual Financial Report.
The annual operating budget serves as the foundation for the Stadium District’s financial planning and
control. The Stadium District is required by ARS §48-4232 to annually prepare and adopt a balanced
budget. The objective of these budgetary controls is to ensure compliance with legal provisions
embodied in the annual operating budget approved by the Board of Directors not later than June 30
each year. Arizona law further requires that no expenditure shall be made or liability incurred in excess
of the amounts budgeted except as provided by law, however, expenditures can be transferred
between line items within a fund without seeking Board approval. The level at which expenditures may
not legally exceed appropriations is the fund level; however, the Board of Directors may amend the
budget upon a finding of good cause.
A schedule of revenues, expenditures, and changes in fund balance (budget and actual) is provided in
this report for the Chase Field General Fund, Cactus League Special Revenue Fund, and Debt Service
Fund.
ECONOMIC CONDITION
Maricopa County Stadium District’s primary revenue source is the Auto Rental Surcharge of $2.50 per
rental car contract established by ARS §48-4234 for Cactus League purposes. This revenue is
dependent entirely on the number of autos rented within the Stadium District boundaries (Maricopa
County).
FINANCIAL POLICIES AND LONG-TERM FINANCIAL PLANNING
The Board of Directors has a fiscally conservative management philosophy and adopts a fiscally
prudent, balanced budget annually. As part of the budget and financial planning process, the District
prepares financial forecasts that provide an estimate of the District’s fiscal condition given realistic
economic trends, current policies, and existing laws. The annual budget serves as the foundation for
the District’s financial planning and control.
AWARDS AND ACKNOWLEDGMENTS
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the Maricopa County Stadium
District for its comprehensive annual financial report (CAFR) for the fiscal year ended June 30, 2018.
This was the fourteenth consecutive year that the Stadium District has achieved this nationally
prestigious award from GFOA. In order to be awarded a Certificate of Achievement, the Stadium
District had to publish an easily readable and efficiently organized CAFR that satisfied both generally
accepted accounting principles and applicable legal requirements.
(2)

A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to
the GFOA to determine its eligibility for a 2019 certificate.
The preparation of this Comprehensive Annual Financial Report could not have been accomplished
without the efficient and dedicated services of the Department of Finance staff. We appreciate all of
those who assisted in and contributed to the preparation of this report. We also wish to express our
sincere appreciation to the Board of Directors for their support in planning and overseeing the financial
operations of the Stadium District in a responsible and progressive manner.
Respectfully submitted,
Joy Rich
Executive Director
(3)

(4)

(5)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
LIST OF PRINCIPAL OFFICIALS
JUNE 30, 2019
Board of Directors
Chairman....................................................................................................... Bill Gates, District 3
Vice-Chairman.....................................................................................Clint L. Hickman, District 4
Director...................................................................................................... Jack Sellers, District 1
Director..................................................................................................... Steve Chucri, District 2
Director.................................................................................................. Steve Gallardo, District 5
Appointed Officials
Executive Director ...........................................................................................................Joy Rich
(6)

FINANCIAL SECTION

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INDEPENDENT AUDITORS’ REPORT
Board of Directors
Maricopa County Stadium District
Phoenix, Arizona
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities and each major
fund of the Maricopa County Stadium District (Stadium District) (a component unit of Maricopa County),
as of and for the year ended June 30, 2019, and the related notes to the financial statements, which
collectively comprise the Stadium District’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management 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, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditors’ 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 from
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 auditors’ 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 Stadium
District’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 Stadium District’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.
(7)

Board of Directors
Maricopa County Stadium District
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities and each major fund of the Maricopa County
Stadium District as of June 30, 2019, and the respective changes in financial position 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 management’s
discussion and analysis and budget to actual schedules for the General Fund and major special
revenue funds, 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 Stadium District’s basic financial statements. The supplementary budget to
actual schedules for other major governmental funds and the introductory and statistical sections are
presented for purposes of additional analysis and are not a required part of the basic financial
statements.
The supplementary budget to actual schedules for other major governmental funds is 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 to 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 supplementary budget to actual schedules for other
major governmental funds 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.
(8)

Board of Directors
Maricopa County Stadium District
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
September 27, 2019, on our consideration of the Maricopa County Stadium District’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 solely to describe the
scope of our testing of internal control over financial reporting and compliance and the result of that
testing, and not to provide an opinion on the effectiveness of Maricopa County Stadium District’s
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 Stadium District’s
internal control over financial reporting and compliance.
a
CliftonLarsonAllen LLP
Phoenix, Arizona
September 27, 2019
(9)

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REQUIRED SUPPLEMENTARY INFORMATION

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MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2019
This section of the Maricopa County Stadium District’s (Stadium District) financial report presents a
discussion and analysis of the Stadium District’s financial performance during the fiscal year ended
June 30, 2019. Please read it in conjunction with the Stadium District’s basic financial statements
following this section.
FINANCIAL HIGHLIGHTS
 The assets of the Stadium District exceeded liabilities at the close of fiscal year ending June 30,
2019 by $235.2 million (net position). Of this amount, $227.5 million is the net investment in
capital assets, $5.1 million is restricted, and $2.6 million is unrestricted.
 The Stadium District’s total net position decreased by $5.9 million primarily due to the annual
recognition of depreciation expense and distributions to the Arizona Tourism and Sports
Authority (AzTSA) for auto surcharge taxes collected in excess of the debt service
requirements, as stipulated in the intergovernmental agreement with the AzTSA.
 The Stadium District’s total long-term debt decreased by $5.8 million, representing the final
payment and retirement of the Revenue Refunding, Series 2012 Bonds.
 As of June 30, 2019, the governmental funds reported combined fund balances of $7.8 million,
a decrease of $4.3 million in comparison with the prior year. Of the combined fund balance, $5.1
million is restricted for Cactus League purposes and $16K is restricted to fund Cactus League
debt service; however, since the bonds have been paid off, it is anticipated that the $16K will be
transferred to the Cactus League Special Revenue Fund. The remaining $2.6 million is
unrestricted for Chase Field General Fund operations.
 At the end of the fiscal year, unassigned fund balance for the Chase Field General Fund was
$2.6 million, or 3,215.1% of total General Fund expenditures. When compared to total
expenditures, the unassigned Chase Field General Fund fund’s balance is 23.9% of total
governmental expenditures during the current fiscal year.
OVERVIEW OF FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the Stadium District’s basic
financial statements. The Stadium District’s basic financial statements comprise three components
1) Government-wide financial statements; 2) Fund financial statements; and 3) Notes to the financial
statements. Required Supplementary Information is included in addition to the basic financial
statements.
Government-Wide Financial Statements
Government-wide Financial Statements are designed to provide readers with a broad overview of the
Stadium District’s finances, in a manner similar to private-sector business. The accrual basis of
accounting is used for the government-wide financial statements.
The statement of net position presents information on all Stadium District assets, deferred outflows,
liabilities, and deferred inflows, with the difference reported as net position. Over time, increases or
decreases in net position may serve as a useful indicator of whether the financial position of the
Stadium District is improving or deteriorating.
(10)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2019
The statement of activities presents information showing how net position changed during the most
recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to
the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are
reported in this statement for some items that will result in cash flows in future fiscal periods.
Both of these government-wide financial statements distinguish functions of the Stadium District that
are principally supported by Chase Field operations and auto rental surcharge revenues (governmental
activities). The governmental activity of the Stadium District is culture and recreation. The Stadium
District has no business-type activities.
The Stadium District is a blended component unit of Maricopa County and is included as such in the
County’s Comprehensive Annual Financial Report.
The Stadium District has no component units.
Fund Financial Statements
Fund Financial Statements are groupings of related accounts that are used to maintain control over
resources that have been segregated for specific activities or objectives. The Stadium District, like other
state and local governments, uses fund accounting to ensure and demonstrate finance-related legal
compliance. All of the funds of the Stadium District are governmental funds.
Governmental Funds – Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements use the modified
accrual basis of accounting and focus on near-term inflows and outflows of spendable resources, as
well as on balances of spendable resources available at the end of the fiscal year. Such information
may be useful in evaluating the Stadium District’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By doing
so, readers may better understand the long-term impact of the government’s near-term financing
decisions. Both the governmental funds balance sheet and the governmental funds statement of
revenues, expenditures and changes in fund balances provide a reconciliation to facilitate the
comparison between governmental funds and governmental activities.
The Stadium District maintains three individual governmental funds, all of which are reported as major
funds. Information is presented separately in the governmental funds balance sheet and in the
governmental funds statement of revenues, expenditures and changes in fund balances for the Chase
Field General Fund, Cactus League Special Revenue Fund, and Debt Service Fund.
The Stadium District has no proprietary or fiduciary funds.
(11)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2019
Notes to Basic Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in
the government-wide and fund financial statements. The notes to the financial statements can be found
immediately following the basic financial statements.
Required Supplementary Information
Required supplementary information is presented for the Stadium District’s budgetary schedules for the
Chase Field General Fund and Cactus League Special Revenue Fund. The Debt Service Fund
budgetary schedule is presented as other supplementary information. The budgetary comparison
schedule has been provided to demonstrate compliance with the budgets.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of a government’s financial
position. In the case of the Stadium District, assets and deferred outflows of resources exceeded
liabilities and deferred inflows of resources by $235.2 million at the close of the current fiscal year.
The following table reflects the condensed statement of net position as of June 30, 2019, and 2018.
Table A-1
Condensed Statement of Net Position
Percent
2019 2018 Change
Assets
Current and Other Assets $ 11,380,843 $ 12,074,648 -5.7%
Capital Assets:
Nondepreciable 35,608,005 35,608,005 0.0%
Depreciable (net) 191,843,433 199,205,024 -3.7%
Total Assets 238,832,281 246,887,677 -3.3%
Deferred Outflows of Resources - 50,290 -100.0%
Liabilities
Other Liabilities 3,610,890 20,686 17355.7%
Long-Term Liabilities:
Due Within One Year - 5,800,000 -100.0%
Total Liabilities 3,610,890 5,820,686 -38.0%
Net Position
Net Investment in Capital Assets 227,451,438 234,813,029 -3.1%
Restricted 5,161,429 9,710,660 -46.8%
Unrestricted 2,608,524 (3,406,408) -176.6%
Total Net Position $ 235,221,391 $ 241,117,281 -2.4%
Other liabilities increased $3.6 million due to the accrual of auto surcharge taxes received in excess of
the debt service requirements on the outstanding bonds that are to be remitted to the Arizona Tourism
and Sports Authority.
(12)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2019
By far the largest portion of the Stadium District’s net position reflects its net investment in capital
assets, mainly Chase Field. The restricted net position represents net position restricted for Cactus
League operations and debt service. The unrestricted net position represents net position that is
available, without restriction, for Chase field operations.
The Stadium District uses the capital assets to provide services to citizens; consequently, these assets
are not available for future spending. The Stadium District’s net investment in its capital assets is
reported net of related debt; however, the Stadium District does not report any related debt.
The decrease of $5.9 million in Stadium District net position is primarily due to the annual recognition of
depreciation expense, reduced charges for services collected from the Arizona Diamondbacks as a
result of the prior year memorandum of understanding, and no repair and maintenance costs for the
stadium.
The following table indicates the changes in net position for governmental activities for the fiscal years
ended June 30, 2019 and 2018.
Table A-2
Condensed Statement of Activities
Percent
2019 2018 Change
REVENUES
Program Revenues:
Charges for Services $ 250,000 $ 4,455,097 -94.4%
Capital Grants and Contributions - 783,243 -100.0%
General Revenues:
Auto Surcharge Tax 6,003,193 5,973,721 0.5%
Investment Earnings (Loss) 361,912 231,123 56.6%
Total Revenues 6,615,251 11,443,184 -42.2%
EXPENSES
Culture and Recreation 12,336,661 28,917,323 -57.3%
Interest on Long-Term Debt 174,480 256,609 -32.0%
Total Expenses 12,511,141 29,173,932 -57.1%
CHANGE IN NET POSITION (5,895,890) (17,730,748) 66.7%
Net Position - Beginning of Year 241,117,281 258,848,029 -6.8%
NET POSITION - END OF YEAR $ 235,221,391 $ 241,117,281 -2.4%
(13)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2019
Total revenues decreased $4.8 million or 42.2%.
 Charges for services decreased by $4.2 million or 94.4% primarily as a result of the Binding
MOU that was entered into with the Team that reduced charges for services collected from
stadium operations.
 Auto surcharge taxes remitted by the State of Arizona remained relatively unchanged from the
prior fiscal year (0.5% increase). This revenue is dependent entirely on the number of autos
rented within the Stadium District boundaries (Maricopa County).
 Investment earnings increased $0.1 million or 56.6% due to transitioning from low yielding to
higher yielding investments.
Total expenses decreased $16.7 million, or 57.1%.
 Culture and recreation expenses decreased by $16.6 million, or 57.3%, primarily due to a
significant decrease in expenses relating to the operations of Chase Field as a result of the
Binding MOU that was entered into with the Team during FY 19.
 Interest expense on long-term debt decreased $82,129 or 32.0% due to the decline in interest
related to the Stadium District’s outstanding bond.
FINANCIAL ANALYSIS OF THE STADIUM DISTRICT’S FUNDS
As noted earlier, the Stadium District uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Governmental Funds – The general government functions are contained in the Chase Field General,
Cactus League Special Revenue, and Debt Service Funds. The focus of the Stadium District’s
governmental funds is to provide information on near-term inflows, outflows, and balances of spendable
resources. Such information is useful in assessing the Stadium District’s financing requirements. In
particular, unassigned fund balance may serve as a useful measure of a government’s net resources
available for spending at the end of the fiscal year.
The Chase Field General Fund is the chief operating fund of the Stadium District. At the end of the
current fiscal year, total fund balance was $2.6 million. As a measure of liquidity, it may be useful to
compare fund balance to total fund expenditures. Unassigned fund balance represents 3,215.1% of
total Chase Field General Fund expenditures.
During the current fiscal year the fund balance of the Stadium District’s Chase Field General Fund
increased by $0.3 million. This increase was mainly due to a decrease in expenditures relating to the
operations of Chase Field as a result of the Binding MOU that was entered into with the Team during
FY 19.
The fund balance of the Cactus League Special Revenue Fund increased by $0.1 million during the
current fiscal year. This change was not significant during the year and was largely due to all of the
auto surcharge tax recognized as revenue being remitted to the Arizona Tourism and Sports Authority.
(14)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2019
The fund balance decrease of $4.7 million in the Debt Service Fund was due to the Stadium District
making the final payment on the outstanding bonds. The retirement of the debt resulted in reduced
revenues as any excess auto surcharge taxes received by the Stadium District were recorded in the
Cactus League Special Revenue Fund and remitted to the Arizona Tourism and Sports Authority. The
Stadium District anticipates the remaining fund balance in the Debt Service Fund will be transferred in
fiscal year 2020 to the Cactus League Special Revenue Fund upon approval by the Board of Directors.
The following table indicates the changes in fund balance for governmental funds for the fiscal year
ended June 30, 2019.
Table A-3
Fund Balances
Increase
(Decrease)
Fund Balance From 2017-18
Chase Field General Fund $ 2,608,524 $ 254,202
Cactus League Special Revenue Fund 5,145,013 119,359
Debt Service Fund 16,416 (4,668,590)
BUDGETARY HIGHLIGHTS
A schedule showing the original and final budget amounts compared to the Stadium District’s actual
financial activity for the Chase Field General Fund is provided in this report as required supplementary
information.
The Stadium District did not amend the budget during the fiscal year.
The favorable variance of $0.09 million in revenues was entirely due to the receipt of unbudgeted
interest earnings. Additionally, the favorable balance of $0.2 million between total budgeted
expenditures and actual expenditures was due to the Stadium District budgeting expenditures at a level
equal to the budgeted revenue, but experiencing less operating costs than originally budgeted.
CAPITAL ASSETS
The Stadium District’s net investment in capital assets for its governmental activities at year-end was
$227.5 million. This net investment in capital assets includes land, buildings and improvements, and
machinery and equipment. The total decrease in the Stadium District’s net investment in capital assets
for the current period was 3.1%, due to depreciation expense recognized in the current year. The
Stadium District did not have any current year additions or disposals.
(15)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2019
Capital assets for the governmental activities are presented below fiscal year 2019 and 2018.
Table A-4
Capital Assets
(Net of Accumulated Depreciation)
Percent
2019 2018 Change
Land $ 35,608,005 $ 35,608,005 0.0%
Buildings and Improvements 189,796,574 196,639,214 -3.5%
Machinery and Equipment 2,046,859 2,565,810 -20.2%
Total Capital Assets $ 227,451,438 $ 234,813,029 -3.1%
Additional information on the Stadium District’s capital assets can be found in the notes to the financial
statements, Note 5.
LONG-TERM DEBT ACTIVITY
At June 30, 2019, the Stadium District had no long-term debt outstanding. The final debt service
payment was made on the 2012 Revenue Refunding Bonds. These revenue bonds, backed by the auto
rental surcharge revenue, were issued to refund all outstanding Cactus League debt in order to take
advantage of favorable interest rates. Auto rental surcharge revenue received in excess of the debt
service requirements are remitted to the Arizona Tourism and Sports Authority (AZSTA), as stipulated
in the intergovernmental agreement with the AZSTA. For additional information, see the notes to the
financial statements Note 6.
Table A-5
Outstanding Long-term Debt
2019 2018
Revenue Refunding Bonds $ - $ 5,800,000
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
 Auto rental surcharge revenue for FY 2019 came in at 24.6% above FY 2019 budget. The
revenue received from the auto rental surcharge is dependent entirely on the number of autos
rented within the Stadium District boundaries (Maricopa County). The revenue bonds backed by
the auto rental surcharge revenue were paid off June 1, 2019. In compliance with the
intergovernmental agreement with the AZSTA auto rental surcharge revenue received in FY
2020 will be remitted to AZSTA.
 The 2019-20 revenue budget was substantially reduced as a result final payment and retirement
of the Revenue Refunding Bonds, Series 2012.
All of these factors were considered in preparing the Stadium District’s budget for fiscal year 2019-20.
(16)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2019
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the Stadium District’s finances for all
those with an interest in the government’s finances. Questions concerning any of the information
provided in this report or requests for additional financial information should be addressed to the
Maricopa County Stadium District, 301 W. Jefferson St., Suite 960, Phoenix, AZ 85003.
(17)

BASIC FINANCIAL STATEMENTS

THIS PAGE BLANK

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
STATEMENT OF NET POSITION
JUNE 30, 2019
Governmental
Activities
ASSETS
Cash and Investments $ 10,236,445
Accounts Receivable 1,144,398
Capital Assets:
Nondepreciable 35,608,005
Depreciable (Net) 191,843,433
Total Assets 238,832,281
LIABILITIES
Accounts Payable 3,610,890
NET POSITION
Net Investment in Capital Assets 227,451,438
Restricted for:
Cactus League Operations 5,145,013
Debt Service 16,416
Unrestricted 2,608,524
Total Net Position $ 235,221,391
See accompanying Notes to Basic Financial Statements.
(18)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2019
Net (Expense)
Revenue
and Changes
Program Revenues in Net Position
Fees, Fines and Operating Capital
Charges for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Activities
Governmental Activities:
Culture and Recreation $ 12,336,661 $ 250,000 $ - $ - $ (12,086,661)
Interest and Fiscal Charges 174,480 - - - (174,480)
Total Governmental Activities $ 12,511,141 $ 250,000 $ - $ - (12,261,141)
General Revenues:
Taxes:
Auto Rental Surcharge 6,003,193
Other Income 146
Investment Earnings 361,912
Total General Revenues 6,365,251
Change in Net Position (5,895,890)
Net Position - Beginning 241,117,281
Net Position - Ending $ 235,221,391
See accompanying Notes to Basic Financial Statements.
(19)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2019
Cactus League Total
Chase Field Special Revenue Debt Service Governmental
General Fund Fund Fund Funds
ASSETS
Cash and Investments $ 2,599,134 $ 7,620,895 $ 16,416 $ 10,236,445
Accounts Receivable 9,390 1,135,008 - 1,144,398
Total Assets $ 2,608,524 $ 8,755,903 $ 16,416 $ 11,380,843
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ 3,610,890 $ - $ 3,610,890
Fund Balances:
Restricted for:
Cactus League Operations - 5,145,013 - 5,145,013
Debt Service - - 16,416 16,416
Unassigned 2,608,524 - - 2,608,524
Total Fund Balances 2,608,524 5,145,013 16,416 7,769,953
Total Liabilities and Fund Balances $ 2,608,524 $ 8,755,903 $ 16,416 $ 11,380,843
See accompanying Notes to Basic Financial Statements.
(20)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
RECONCILIATION OF THE BALANCE SHEET
OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2019
Total Fund Balances for Governmental Funds $ 7,769,953
Amounts reported for governmental activities in the statement of activities are different
because:
Capital assets used in governmental activities are not financial resources and therefore
are not reported in the governmental funds.
Governmental Capital Assets 387,155,164
Less Accumulated Depreciation (159,703,726)
Capital Assets Used in Governmental Activities 227,451,438
Total Net Position of Governmental Activities $ 235,221,391
See accompanying Notes to Basic Financial Statements.
(21)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2019
Cactus League Total
Chase Field Special Revenue Debt Service Governmental
General Fund Fund Fund Funds
REVENUES
Auto Rental Surcharge Tax $ - $ 4,839,634 $ 1,163,559 $ 6,003,193
Chase Field Operations 250,000 - - 250,000
Investment Earnings 85,190 173,661 103,061 361,912
Other 146 - - 146
Total Revenues 335,336 5,013,295 1,266,620 6,615,251
EXPENDITURES
Current:
Culture and Recreation 81,134 4,893,936 - 4,975,070
Debt Service:
Principal Retirement - - 5,800,000 5,800,000
Interest on Long-Term Debt - - 132,240 132,240
Fiscal Charges - - 2,970 2,970
Total Expenditures 81,134 4,893,936 5,935,210 10,910,280
Excess (Deficiency) of Revenues Over
Expenditures 254,202 119,359 (4,668,590) (4,295,029)
FUND BALANCES
Beginning of Year 2,354,322 5,025,654 4,685,006 12,064,982
End of Year $ 2,608,524 $ 5,145,013 $ 16,416 $ 7,769,953
See accompanying Notes to Basic Financial Statements.
(22)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2019
Net Change in Fund Balances of Governmental Funds $ (4,295,029)
Amounts reported for governmental activities in the statement of activities are different
because:
Governmental funds report capital outlays as expenditures. However, in the
statement of activities the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense.
Depreciation Expense (7,361,591)
The issuance of long term debt (e.g. bonds) provides current financial resources to
governmental funds, while the repayment of the principal of long-term debt
consumes the current financial resources of governmental funds. Neither
transaction, however, has any effect on net position. Also, governmental funds
report the effect of premiums, discounts, and similar items when the debt is first
issued, whereas these items are amortized over the term of the long term debt in
the statement of activities.
Principal Payments on Revenue Refunding Bonds 5,800,000
Amortization of Deferred Amounts on Refunding (50,290)
Accrued Interest 11,020
Change in Net Position of Governmental Activities $ (5,895,890)
See accompanying Notes to Basic Financial Statements.
(23)

NOTES TO BASIC FINANCIAL STATEMENTS

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MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2019
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Maricopa County Stadium District (the Stadium District)
have been prepared in conformity with accounting principles generally accepted in the
United States of America as applied to government units. The Governmental Accounting
Standards Board (GASB) is the accepted standard-setting body for establishing
governmental accounting and financial reporting principles. The more significant of the
Stadium District’s accounting policies are described below.
A. Reporting Entity
The Stadium District is a component unit of Maricopa County. Component units are
legally separate entities for which the County is considered to be financially
accountable.
The Stadium District was formed through action of the Maricopa County Board of
Supervisors in September 1991 pursuant to Title 48, Chapter 26, Arizona Revised
Statutes (the Act). The Stadium District and the County have the same boundaries. The
Stadium District may acquire land and construct, finance, furnish, maintain, improve,
operate, market and promote the use of existing or proposed major league baseball
spring training facilities or stadiums and other structures, utilities, roads, parking areas
or buildings necessary for full use of the training facilities or stadiums for sports and
other purposes. The Stadium District has authority to issue special obligation bonds for
this purpose.
The Stadium District has a Board of Directors consisting of the five members of the
Maricopa County (the County) Board of Supervisors, with the County Manager serving
as the Executive Director of the Stadium District.
From the Stadium District’s inception through 1996, the Stadium District provided funds
for building or renovating seven Cactus League facilities within the County. Fifteen
major league baseball teams hold spring training games in the County as part of the
Cactus League: California Angels, Chicago Cubs, Milwaukee Brewers, Oakland
Athletics, San Diego Padres, San Francisco Giants, Seattle Mariners, Arizona
Diamondbacks, Chicago White Sox, Colorado Rockies, Kansas City Royals, Texas
Rangers, Los Angeles Dodgers, Cleveland Indians, and Cincinnati Reds.
The Stadium District owns Chase Field, home of the Arizona Diamondbacks, which
opened in 1998. On February 17, 1994, the Stadium District entered into an agreement
with the Arizona Professional Baseball Team Limited Partnership (the Team) to provide
for the financing of a portion of the costs of acquisition and construction of a new major
league baseball stadium.
On May 9, 2018, the Stadium District and the Team entered into a Binding MOU which
provided for the Team to have sole control and responsibility for the operation and
maintenance of Chase Field.
(24)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2019
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the
statement of activities) present financial information about the Stadium District as a
whole. The reported information includes all of the activities of the Stadium District.
Governmental activities normally are supported by taxes and intergovernmental
revenues, and are reported separately from business-type activities, which rely to a
significant extent on fees and charges for support. The Stadium District does not have
any business-type activities.
The statement of activities demonstrates the degree to which the direct expenses of a
given function or segment is offset by program revenues. Direct expenses are those
that are clearly identifiable with a specific function or segment. Program revenues
include 1) charges to customers or applicants who purchase, use, or directly benefit
from goods, services, or privileges provided by a given function or segment and
2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Sales taxes, auto rental surcharges
and other items not included among program revenues are reported instead as general
revenues. Separate financial statements are provided for governmental funds and major
individual governmental funds are reported as separate columns in the fund financial
statements.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
Government-Wide Financial Statements
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting. Revenues are recorded when
earned and expenses are recorded when a liability is incurred, regardless of the timing
of related cash flows. Sales taxes and auto rental surcharges are recognized as
revenues in the year in which the underlying exchange transaction occurs. Grants and
similar items are recognized as revenue as soon as all eligibility requirements imposed
by the grantor or provider have been met. As a general rule, the effect of internal activity
has been eliminated from the government-wide financial statements; however, the
effect of interfund services provided and used between functions is reported as
expenses and program revenues at amounts approximating their external exchange
value.
(25)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2019
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Fund Financial Statements
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. Revenues
are recognized as soon as they are both measurable and available. Revenues are
considered to be available when they are collectible within the current period or soon
enough thereafter to pay liabilities of the current period. For this purpose, the Stadium
District considers revenues to be available if they are collected within 60 days of the
end of the current fiscal period. Expenditures generally are recorded when a liability is
incurred, as under accrual accounting. Compensated absences are recorded only when
payment is due.
Chase Field operations, auto rental surcharges, and investment income associated with
the current fiscal period are all considered to be susceptible to accrual and so have
been recognized as revenues of the current fiscal period. Grants and similar awards are
recognized as revenue as soon as all eligibility requirements imposed by the grantor or
provider have been met.
Receivables that will not be collected within the available period are also reported as
deferred inflows of resources on the governmental fund financial statements.
When both restricted and unrestricted resources are available for use, it is the Stadium
District’s policy to use restricted resources first, then unrestricted resources as they are
needed.
The focus of governmental fund financial statements is on major funds rather than
reporting funds by type. Each major fund is presented in a separate column. All funds of
the Stadium District are considered major.
The Stadium District will report governmental fund balances as either nonspendable,
restricted, committed, assigned, or unassigned. The Stadium District can only commit
funds through the Board of Directors (the highest level of decision making authority) by
resolution and can only un-commit funds through the same procedure. Additionally, the
Stadium District will report all General Fund ending balances as unassigned as they can
be used for Stadium District operations allocated by the executive director. The Stadium
District does not currently have a minimum fund balance policy or policy to assign funds
and will not present any assigned fund balances.
(26)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2019
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Fund Financial Statements (Continued)
The Stadium District reports the following major governmental funds:
Major Governmental Funds
Chase Field General Fund
The Chase Field General Fund accounts for all resources used to finance Stadium
District operations except those required to be accounted for in other funds and is
considered the main operating fund. The Fund’s main revenue source is derived from
use agreements with the Arizona Diamondbacks.
Cactus League Special Revenue Fund
The Cactus League Special Revenue Fund accounts for specific revenue resources
that are legally restricted to expenditures for specified purposes. The Fund’s main
revenue source for Cactus League purposes is the Auto Rental Surcharge of $2.50 per
rental car contract.
Debt Service Fund
The Debt Service Fund accounts for resources accumulated for the payment of long-
term debt principal, interest, and related costs. The Fund’s main revenue source for
Cactus League Bond repayment is the Auto Rental Surcharge of $2.50 per rental car
contract.
D. Cash and Investments
The Stadium District’s cash and cash equivalents are considered to be cash on hand,
demand deposits, cash and investments held by the State Treasurer, and investments.
The Stadium District deposits certain cash with the County Treasurer. That cash is
pooled for investment purposes. Interest earned from investments purchased with such
pooled monies is allocated to each of the funds based on their average daily cash
balances on a quarterly basis. All investments are stated at fair value.
E. Investment Income
Investment income is composed of interest, dividends, and net changes in the fair value
of applicable investments.
(27)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2019
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
F. Receivables and Payables
Accounts receivables reported in the statement of net position represent revenues
earned, but not yet received by the Stadium District. See Note 4 for a summary of the
Stadium District’s account receivables.
Accounts payable represents amounts due for goods, services, or contract obligations
that are due as of the end of the fiscal year, but paid subsequent to year-end. The
balance of accounts payable reported at June 30, 2019 is almost entirely composed of
amounts due to the Arizona Tourism and Sports Authority for auto surcharge revenue
received in excess of the debt service requirements on the outstanding bonds.
G. Capital Assets
Capital assets, which include land, buildings and improvements; machinery and
equipment, are reported in the government-wide financial statements.
Capital assets are defined by the Stadium District as assets with an initial, individual
cost in excess of $5,000 and an estimated useful life of more than one year. Such
assets are recorded at historical cost, or estimated historical cost if purchased or
constructed. Donated capital assets, donated works of art and capital assets received
through a service concession arrangement are recorded at acquisition value.
The costs of normal maintenance and repairs that do not add to the value of the asset
or materially extend the life of the asset are not capitalized.
Capital assets are depreciated using the straight-line method over the following
estimated useful lives:
Buildings and Improvements 20 to 50 Years
Machinery and Equipment 3 to 10 Years
H. Deferred Outflows of Resources
Deferred outflows of resources are a consumption of net position that are applicable to
a future period. The Stadium District refunded bonds in fiscal year 2013 resulting in a
deferred outflow of resources on that refunding. The deferred outflow related to the
2013 refunding was fully amortized in the current fiscal year.
I. Long-Term Obligations
In the government-wide financial statements, long-term debt and other long-term
obligations are reported as liabilities on the statement of net position. The outstanding
bonds were retired in the current fiscal year.
(28)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2019
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
I. Long-Term Obligations (Continued)
In the fund financial statements, governmental fund types recognize bond premiums
and discounts, as well as bond issuance costs, during the current period. The face
amount of debt issued is reported as other financing sources. Premiums received on
debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs, whether or not withheld
from the actual debt proceeds received, are reported as debt service expenditures.
J. Net Position
In the government-wide financial statements, net position is reported in three
categories: net investment in capital assets; restricted net position; and unrestricted net
position. Net investment in capital assets is separately reported because capital assets
make up a significant portion of total net position. Restricted net position accounts for
the portion of net position restricted by parties outside the Stadium District. Unrestricted
net position is the remaining net position not included in the previous two categories.
K. Fund Equity
In the fund financial statements, governmental funds report nonspendable, restricted,
committed, assigned, and unassigned fund balances. The Stadium District uses
restricted funds first, then committed, assigned and unassigned. The Stadium District
reports restricted fund balances for those funds that are restricted by an outside party.
The Stadium District also reports unassigned fund balance in the Chase Field General
Fund to be used for Stadium District operations.
L. Interfund Activity
Flows of cash from one fund to another without a requirement for repayment are
reported as interfund transfers. Interfund transfers between governmental funds are
eliminated in the Statement of Activities. Interfund transfers in the fund financial
statements are reported as other financing sources/uses in governmental funds. The
Stadium District did not report any interfund activity in the current fiscal year.
M. Estimates
The preparation of the financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the amounts reported in the financial statements
and accompanying notes. Actual results may differ from those estimates.
(29)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2019
NOTE 2 STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Budgetary Information
The Stadium District is required by Arizona law to prepare and adopt a budget annually for
the Chase Field General, Cactus League Special Revenue, and Debt Service Funds.
Arizona law further requires that no expenditure shall be made or liability incurred in excess
of the amounts budgeted except as provided by law. Budget amounts are reported as
originally adopted and as amended by authorization from the Board of Directors.
Appropriations lapse at year-end.
The Stadium District budgets for governmental funds on a basis consistent with generally
accepted accounting principles (GAAP).
NOTE 3 CASH AND INVESTMENTS
Deposits and investments at June 30, 2019, consisted of $10,236,445 invested in the
CountyTreasurer’s investment pool:
Deposits
A.R.S. authorize the Stadium District to invest public monies in obligations of the U.S.
Government and its agencies, obligations of the State and certain local government
subdivisions, interest-bearing savings accounts and certificates of deposit, collateralized
repurchase agreements, certain obligations of U.S. corporations, and certain other
securities. The statutes do not include any requirements for credit risk, custodial credit risk,
concentration of credit risk, interest rate risk, or foreign currency risk for the Stadium
District’s investments.
Custodial Credit Risk – Custodial credit risk is the risk that in the event of bank failure the
Stadium District’s deposits may not be returned to the Stadium District. It is the Stadium
District’s policy to collateralize all deposits by at least 101% of the deposits not covered by
depository insurance. At year-end, the Stadium District did not have any cash on deposit
with a local financial institution.
Investments
The County Treasurer’s investment pool is an internal investment pool and is not registered
with the Securities Exchange Commission as an investment company and there is no
regulatory oversight of its operations. The pool’s structure does not provide for shares, and
the County has not provided or obtained any legally binding guarantees to support the
value of the participant’s investments. The Treasurer allocates interest earnings to each of
the pool’s participants. The Counties investments are valued at fair value; however, the
District’s investments are not identified with specific shares.
(30)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2019
NOTE 3 CASH AND INVESTMENTS (CONTINUED)
Investments (Continued)
Interest Rate Risk. The Stadium District does not have a formal investment policy that limits
investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest rates. However, state statutes do limit the maturity of investments to five
years or less. The Stadium District is allowed by statute to invest monies not held for
operations, such as the long-term reserves, for longer periods of time as long as the
maturities are matched with the expected need for the monies to be available for
improvements to the facility.
Credit Risk. The Stadium District has no investment policy that would further limit its
investment choices. As of year-end, the Stadium District’s investment in the County
Treasurer’s investment pool did not receive a credit quality rating from a national rating
agency, however, the investments held by the County Treasurer at year end were primarily
cash, bonds and U.S. agencies.
Custodial Credit Risk - The Stadium District’s investment in the County Treasurer’s
investment pool represents a proportionate interest in the pool’s portfolio; however, the
Stadium District’s portion is not identified with specific investments and is not subject to
custodial credit risk.
NOTE 4 RECEIVABLES
Receivable balances for the year ended June 30, 2019, were as follows:
Cactus League
Chase Field Special Revenue Debt Service
General Fund Fund Fund Total
Interest $ 9,390 $ 27,588 $ - $ 36,978
Due from State Government - 1,107,420 - 1,107,420
Net Total Receivables $ 9,390 $ 1,135,008 $ - $ 1,144,398
Amounts due from State Government at year-end include $1,107,420 of auto rental
surcharges in the Cactus League Special Revenue Fund collected by the State of Arizona
but not received by the Stadium District.
(31)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2019
NOTE 5 CAPITAL ASSETS
Capital assets for the year ended June 30, 2019, were as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental Activities:
Capital Assets, Not Being Depreciated:
Land $ 35,608,005 $ - $ - $ 35,608,005
Capital Assets, Being Depreciated:
Buildings and Improvements 333,667,855 - - 333,667,855
Machinery and Equipment 17,879,304 - - 17,879,304
Total Capital Assets, Being
Depreciated 351,547,159 - - 351,547,159
Accumulated Depreciation for:
Buildings and Improvements (137,028,641) (6,842,640) - (143,871,281)
Machinery and Equipment (15,313,494) (518,951) - (15,832,445)
Total Accumulated Depreciation (152,342,135) (7,361,591) - (159,703,726)
Total Capital Assets, Being
Depreciated, Net 199,205,024 (7,361,591) - 191,843,433
Governmental Activities Capital
Assets, Net $ 234,813,029 $ (7,361,591) $ - $ 227,451,438
Depreciation expense was charged to a single governmental function as follows:
Governmental Activities:
Culture and Recreation $ 7,361,591
NOTE 6 LONG-TERM OBLIGATIONS
Bonds Payable
The Stadium District made the final payment on the $25,140,000 Revenue Refunding Bond
Series 2012 during the fiscal year. Proceeds from the bond issuance provided financing to
refund previously issued bonded debt for the construction of Cactus League facilities. The
bond was paid solely from auto rental surcharge revenues. The current fiscal year total auto
rental surcharge revenues were $6.0 million and the total principal and interest paid on the
bond was $5.9 million, or 98.3% of auto rental surcharge revenues. The remaining balance
after debt service payments were distributed to the Arizona Tourism and Sports Authority.
Changes in long-term obligations for the year ended June 30, 2019, are as follows:
Due Within
July 1, 2018 Increases Decreases June 30, 2019 One Year
Governmental Activities
Bonds
Revenue Refunding Bond $ 5,800,000 $ - $ (5,800,000) $ - $ -
(32)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2019
NOTE 7 RISK MANAGEMENT
The Stadium District is exposed to various risks of loss related to torts; theft of, damage to,
and destruction of assets; errors and omissions; injuries to employees; and natural
disasters.
Under the agreements between the Stadium District and the Team, the facility insurance for
Chase Field is carried by the facility manager and includes the Stadium District as a named
insured. The caterer and all suite holders also are required to carry insurance naming the
Stadium District as insured. In addition, events other than Diamondbacks baseball games
are required to obtain their own insurance also naming the Stadium District as insured. The
Stadium District has been indemnified against all claims arising from events held in the
Ballpark.
The Stadium District continues to be covered by Maricopa County through their Risk
Management and Health Benefits Self-Insurance Fund for all risks of loss, including
workers’ compensation and employee health and accident insurance. Settled claims
resulting from these risks have not exceeded insurance coverage in any of the past three
fiscal years.
(33)

REQUIRED SUPPLEMENTARY INFORMATION

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MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
CHASE FIELD GENERAL FUND
YEAR ENDED JUNE 30, 2019
Variance with
Budget
Original and Positive
Final Actual (Negative)
REVENUES
Chase Field Operations $ 250,000 $ 250,000 $ -
Investment Earnings - 85,190 85,190
Other - 146 146
Total Revenues 250,000 335,336 85,336
EXPENDITURES
Current:
Culture and Recreation 250,000 81,134 168,866
Excess (Deficiency) of Revenues Over
Expenditures - 254,202 254,202
Fund Balance - Beginning 1,493,714 2,354,322 860,608
FUND BALANCE - END $ 1,493,714 $ 2,608,524 $ 1,114,810
See accompanying Notes to Required Supplementary Information.
(34)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
CACTUS LEAGUE SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2019
Variance with
Final Budget
Original and Positive
Final Actual (Negative)
REVENUES
Auto Surcharge Tax $ 1,393,139 $ 4,839,634 $ 3,446,495
Investment Earnings 20,000 173,661 153,661
Total Revenues 1,413,139 5,013,295 3,600,156
EXPENDITURES
Current:
Culture and Recreation 1,371,198 4,893,936 (3,522,738)
Excess (Deficiency) of Revenues
Over Expenditures 41,941 119,359 77,418
Fund Balance - Beginning 4,941,551 5,025,654 84,103
FUND BALANCE - END $ 4,983,492 $ 5,145,013 $ 161,521
See accompanying Notes to Required Supplementary Information.
(35)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2019
NOTE 1 BUDGETARY BASIS OF ACCOUNTING
Budgets are prepared on a basis of accounting consistent with accounting principles
generally accepted in the United Statements of America.
The Stadium District had the following expenditures in excess of the budget for the current
year:
Expenditures Final Budget Excess
Cactus League Special Revenue Fund $ 4,893,936 $ 1,371,198 $ (3,522,738)
The excess of $3,522,738 in expenditures over the final budget was due to auto surcharge
tax revenues collected in excess of the debt service requirements. Prior to fiscal year end,
the Stadium District paid the excess auto surcharge tax to the Arizona Tourism and Sports
Authority in an amount equal to the budget and accrued $3,589,810 of excess auto
surcharge tax that was due to the Arizona Tourism and Sports Authority.
(36)

THIS PAGE BLANK

SUPPLEMENTARY INFORMATION –
BUDGET TO ACTUAL SCHEDULES
OTHER MAJOR GOVERNMENTAL FUNDS

THIS PAGE BLANK

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
DEBT SERVICE FUND
YEAR ENDED JUNE 30, 2019
Variance with
Final Budget
Original and Positive
Final Budget Actual (Negative)
REVENUES
Auto Rental Surcharge $ 3,424,766 $ 1,163,559 $ (2,261,207)
Investment Earnings 17,000 103,061 86,061
Total Revenues 3,441,766 1,266,620 (2,175,146)
EXPENDITURES
Debt Service:
Principal Retirement 5,800,000 5,800,000 -
Interest on Long-Term Debt 132,240 132,240 -
Fiscal Charges 11,595 2,970 8,625
Total Expenditures 5,943,835 5,935,210 8,625
Excess (Deficiency) of Revenues
Over Expenditures (2,502,069) (4,668,590) (2,166,521)
Fund Balance - Beginning 4,353,191 4,685,006 331,815
FUND BALANCE - END $ 1,851,122 $ 16,416 $ (1,834,706)
(37)

THIS PAGE BLANK

STATISTICAL SECTION
(UNAUDITED)
This section of the Maricopa County Stadium District’s comprehensive annual financial report presents
detailed information as a context for understanding what the information in the financial statements,
note disclosures, and required supplementary information says about the Stadium District’s overall
financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the government’s
financial performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the government’s most significant
local revenue source, the auto surcharge tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the government’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 government’s financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the
information in the government’s financial report relates to the services the government provides and
the activities it performs.
See the table of contents for page numbers of the schedules that encompass the above sections.

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(UNAUDITED)
Fiscal Year
(1)
2010 2011 2012 2013 2014
Governmental Activities:
Net Investment in Capital Assets $ 290,286,897 $ 284,184,850 $ 277,867,942 $ 271,386,110 $ 268,525,161
Restricted - 22,131,926 21,863,485 17,624,621 16,077,822
Unrestricted (7,266,370) (26,151,409) (21,462,781) (11,670,375) (12,001,361)
Total Governmental Activities
Net Position $ 283,020,527 $ 280,165,367 $ 278,268,646 $ 277,340,356 $ 272,601,622
Source: Maricopa County Stadium District’s records.
(1) During the fiscal year 2010-2011 the Stadium District implemented GASB Statement No. 54. Therefore,
starting in the fiscal year ended June 30, 2011 restricted net position will be presented in accordance with GASB
Statement No. 54.
(38)

Fiscal Year
2015 2016 2017 2018 2019
$ 260,085,786 $ 251,499,297 $ 243,177,375 $ 234,813,029 $ 227,451,438
16,477,713 16,945,279 18,327,927 9,710,660 5,161,429
(7,931,077) (5,382,234) (2,657,273) (3,406,408) 2,608,524
$ 268,632,422 $ 263,062,342 $ 258,848,029 $ 241,117,281 $ 235,221,391
(39)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(UNAUDITED)
Fiscal Year
2010 2011 2012 2013 2014
Expenses
Governmental Activities:
Culture and Recreation $ 9,164,730 $ 11,549,002 $ 10,810,878 $ 11,607,960 $ 15,016,795
Interest on Long-Term Debt 2,460,689 2,066,658 1,887,966 564,693 557,127
Total Governmental
Activities Expenses 11,625,419 13,615,660 12,698,844 12,172,653 15,573,922
Program Revenues
Governmental activities:
Charges for Services 4,318,917 4,250,004 4,395,005 4,385,236 4,513,842
Capital Grants and Contributions 1,064,751 1,093,751 789,141 801,945 794,821
Total Governmental Activities
Program Revenues 5,383,668 5,343,755 5,184,146 5,187,181 5,308,663
Excess of Revenues
Over (Under) Expenditures (6,241,751) (8,271,905) (7,514,698) (6,985,472) (10,265,259)
General Revenues and Other
Changes in Net Position
Governmental Activities:
Taxes:
Sales Tax 131 1,667 322 42 -
Auto Rental Surcharge 4,668,573 4,988,266 5,191,681 5,217,411 5,394,706
Investment Earnings (Loss) 733,350 426,812 425,974 145,657 56,819
Other - - - 694,072 75,000
Loss on Disposal of Assets (1,915,983) - Loss on Disposa - Loss on Dispos
Total Governmental Activities 3,486,071 5,416,745 5,617,977 6,057,182 5,526,525
Change in Net Position
Governmental Activities (2,755,680) (2,855,160) (1,896,721) (928,290) (4,738,734)
Total Primary Government $ (2,755,680) $ (2,855,160) $ (1,896,721) $ (928,290) $ (4,738,734)
Source: Maricopa County Stadium District’s records.
(40)

Fiscal Year
2015 2016 2017 2018 2019
$ 13,311,717 $ 15,767,499 $ 14,602,465 $ 28,917,323 $ 12,336,661
485,058 410,348 334,384 256,609 174,480
13,796,775 16,177,847 14,936,849 29,173,932 12,511,141
4,661,308 4,985,983 5,149,600 4,455,097 250,000
775,414 785,400 772,981 783,243 -
5,436,722 5,771,383 5,922,581 5,238,340 250,000
(8,360,053) (10,406,464) (9,014,268) (23,935,592) (12,261,141)
- - - - -
4,915,665 4,772,583 4,740,138 5,973,721 6,003,193
(29,644) 63,801 59,817 231,123 361,912
- - - - 146
- - - - -
4,886,021 4,836,384 4,799,955 6,204,844 6,365,251
(3,474,032) (5,570,080) (4,214,313) (17,730,748) (5,895,890)
$ (3,474,032) $ (5,570,080) $ (4,214,313) $ (17,730,748) $ (5,895,890)
(41)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
REVENUES BY SOURCE – GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(UNAUDITED)
Fiscal Year
2010 2011 2012 2013 2014
Intergovernmental $ 131 $ 1,667 $ 3,768 $ 1,316 $ 1
Auto Rental Surcharge 4,668,573 4,988,266 5,191,681 5,217,411 5,394,705
Chase Field Ballpark Operations 5,356,908 5,274,846 5,180,700 5,185,907 5,308,663
Investment Income (Loss) 473,685 426,812 425,974 145,657 56,819
Other - - - 694,072 75,000
Total Primary Government $ 10,499,297 $ 10,691,591 $ 10,802,123 $ 11,244,363 $ 10,835,188
Source: Maricopa County Stadium District’s records.
(42)

Fiscal Year
2015 2016 2017 2018 2019
$ 39 $ 13 $ 1,716 $ - $ -
4,915,665 4,772,583 4,740,138 5,973,721 6,003,193
5,436,683 5,771,370 5,920,865 5,238,340 250,000
(29,644) 63,801 59,817 231,123 361,912
- - - - 146
$ 10,322,743 $ 10,607,767 $ 10,722,536 $ 11,443,184 $ 6,615,251
(43)

THIS PAGE BLANK

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(UNAUDITED)
Fiscal Year
2010 2011
General Fund:
Unreserved $ 7,688,448 $ 8,539,623
Total General Fund $ 7,688,448 $ 8,539,623
All Other Governmental
Funds:
Reserved, Reported in:
Special Revenue Funds $ 3,448,497 $ 3,571,575
Capital Projects Funds 10,002,436 9,150,448
Debt Service Funds 9,468,739 9,255,676
Total All Other
Governmental Funds $ 22,919,672 $ 21,977,699
Fiscal Year (1)
2012 2013 (2) 2014 (3) 2015 2016 2017 2018 (4) 2019 (5)
General Fund:
Unassigned $ 9,543,662 $ 10,540,192 $ 7,081,570 $ 8,452,344 $ 7,728,606 $ 7,035,933 $ 2,354,322 $ 2,608,524
Total General Fund $ 9,543,662 $ 10,540,192 $ 7,081,570 $ 8,452,344 $ 7,728,606 $ 7,035,933 $ 2,354,322 $ 2,608,524
All Other Governmental
Funds:
Special Revenue Funds
Restricted $ 3,666,764 $ 4,430,470 $ 4,556,371 $ 4,640,699 $ 4,759,344 $ 4,878,649 $ 5,025,654 $ 5,145,013
Capital Projects Funds
Restricted 8,951,563 8,833,977 7,120,142 7,561,995 8,107,194 9,279,281 - -
Debt Service Funds
Restricted 9,245,158 4,360,174 4,401,309 4,275,019 4,078,741 4,169,997 4,685,006 16,416
Total All Other
Governmental Funds $ 21,863,485 $ 17,624,621 $ 16,077,822 $ 16,477,713 $ 16,945,279 $ 18,327,927 $ 9,710,660 $ 5,161,429
Source: Maricopa County Stadium District’s records.
(1) During fiscal year 2011-12 the Stadium District implemented GASB Statement No. 54. Therefore, starting in
the fiscal year ended June 30, 2012, governmental fund balances will be presented based on the GASB
Statement No. 54 hierarchy.
(2) The decrease in Debt Service Funds fund balance in fiscal year 2013 was due to advance refunding of
Revenue Refunding Bonds, Series 2002, along with the issuance of Revenue Refunding Bonds, series 2012.
(3) The decrease in General Fund fund balance in fiscal year 2014 was due to a transfer to the Debt Service
Fund to pay off the commitments payable.
(4) The decrease in Capital Projects Fund fund balance in fiscal year 2018 was due to the elimination of the fund
based on the binding MOU entered into with the Team on May 9, 2018.
(5) The decrease in Debt Service Fund fund balance in fiscal year 2019 was due to the final debt service
payment and retirement of outstanding bonds.
(44)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(UNAUDITED)
Fiscal Year
2010 2011 2012 2013 2014
Revenues
Intergovernmental $ 131 $ 1,667 $ 3,768 $ 1,316 $ 1
Auto Rental Surcharge 4,668,573 4,988,266 5,191,681 5,217,411 5,394,705
Chase Field Operations 5,356,908 5,274,846 5,180,700 5,185,907 5,308,663
Investment Income 473,685 426,812 425,974 145,657 56,819
Other - - - 694,072 75,000
Total Revenues 10,499,297 10,691,591 10,802,123 11,244,363 10,835,188
Expenditures
Culture and Recreation 1,094,196 3,038,132 2,292,998 2,840,858 6,440,870
Capital Outlay 3,718 1,145,073 997,261 896,157 -
Debt Service
Principal 4,439,241 4,569,241 4,770,000 3,900,000 8,886,857
Interest 2,160,344 2,029,943 1,852,039 477,660 511,632
Fiscal Charges - - - 132,718 1,250
Payment to Escrow Agent - - - 6,381,485 -
Total Expenditures 7,697,499 10,782,389 9,912,298 14,628,878 15,840,609
Excess of Revenues
Over (Under) Expenditures 2,801,798 (90,798) 889,825 (3,384,515) (5,005,421)
Other Financing Sources (Uses)
Transfers In 2,611,586 5,236,726 2,169,847 2,717,162 6,698,594
Transfers Out (2,611,586) (5,236,726) (2,169,847) (2,717,162) (6,698,594)
Proceeds from Sale of Bonds - - - 25,140,000 -
Payment to Escrow Agent - - - (24,997,819) -
Total Other Financing
Sources (Uses) - - - 142,181 -
Net Change in Fund Balance $ 2,801,798 $ (90,798) $ 889,825 $ (3,242,334) $ (5,005,421)
Debt Service as a Percentage of
Noncapital Expenditures 85.7% 68.5% 74.3% 79.1% 59.3%
Source: Maricopa County Stadium District’s records.
(45)

Fiscal Year
2015 2016 2017 2018 2019
$ 39 $ 13 $ 1,716 $ - $ -
4,915,665 4,772,583 4,740,138 5,973,721 6,003,193
5,436,683 5,771,370 5,920,865 5,238,340 250,000
(29,644) 63,801 59,817 231,123 361,912
- - - - 146
10,322,743 10,607,767 10,722,536 11,443,184 6,615,251
4,861,132 7,172,561 6,336,994 21,049,128 4,975,070
- - - - -
3,250,000 3,325,000 3,405,000 3,480,000 5,800,000
439,128 365,028 289,218 211,584 132,240
1,818 1,350 1,349 1,350 2,970
- - - - -
8,552,078 10,863,939 10,032,561 24,742,062 10,910,280
1,770,665 (256,172) 689,975 (13,298,878) (4,295,029)
1,619,986 3,995,380 4,135,821 7,473,851 -
(1,619,986) (3,995,380) (4,135,821) (7,473,851) -
- - - - -
- - - - -
- - - - -
$ 1,770,665 $ (256,172) $ 689,975 $ (13,298,878) $ (4,295,029)
43.2% 34.0% 36.8% 14.9% 54.4%
(46)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
TAX REVENUES BY SOURCE
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(UNAUDITED)
Fiscal Baseball Stadium Auto Rental
Year Tax Surcharge (1)
2019 $ - $ 6,003,193
2018 - 5,973,721
2017 1,716 4,740,138
2016 13 4,772,583
2015 39 4,915,665
2014 1 5,394,705
2013 1,316 5,217,411
2012 3,768 5,191,681
2011 1,667 4,988,266
2010 131 4,668,573
Source: Maricopa County Stadium District’s records.
Note: The baseball stadium tax ended in November 1997, but amounts continued to be collected based on audits.
(1) The Auto Rental Surcharge is a surcharge imposed on car rental contracts made in Maricopa County. The
Maricopa County Stadium District receives $2.50 per auto rental contract processed.
(47)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
PLEDGED REVENUE COVERAGE
LAST TEN FISCAL YEARS
(UNAUDITED)
Total
Revenue
Fiscal Current Available for Current Total
Year Revenue Debt Service Principal Interest Total Coverage Coverage
2019 $ 6,106,254 $ 1,266,620 $ 5,800,000 $ 132,240 $ 5,932,240 0.21 1.03
2018 6,013,152 4,207,943 3,480,000 211,584 3,691,584 1.14 1.63
2017 4,743,664 3,786,823 3,405,000 289,218 3,694,218 1.03 1.28
2016 4,772,583 3,495,100 3,325,000 365,028 3,690,028 0.95 1.29
2015 4,915,665 3,564,212 3,250,000 439,128 3,689,128 0.97 1.33
2014 5,394,706 3,734,018 3,180,000 511,632 3,691,632 1.01 1.46
2013 5,217,411 4,444,471 2,700,000 477,660 3,177,660 1.40 1.64
2012 5,191,681 5,076,181 3,570,000 1,852,039 5,422,039 0.94 0.96
2011 4,988,266 4,872,766 3,390,000 2,028,694 5,418,694 0.90 0.92
2010 4,668,573 4,558,573 3,260,000 2,159,094 5,419,094 0.84 0.86
Source: Maricopa County Stadium District records.
(48)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
TOTAL DEBT
LAST TEN FISCAL YEARS
(UNAUDITED)
Revenue Contractual Percentage of
Bonds Obligation Personal Debt Per
Fiscal Year Payable* (Loan) Total Debt Income*** Capita***
2019 $ - $ - $ - ** **
2018 5,800,000 - 5,800,000 ** **
2017 9,280,000 - 9,280,000 4.73% 2.20
2016 12,685,000 - 12,685,000 6.85% 2.99
2015 16,010,000 - 16,010,000 8.99% 3.84
2014 19,260,000 - 19,260,000 11.43% 4.71
2013 22,440,000 5,706,857 28,146,857 17.53% 7.01
2012 31,464,329 6,906,857 38,371,186 24.07% 9.73
2011 35,293,994 8,106,857 43,400,851 28.74% 11.21
2010 38,943,659 9,286,098 48,229,757 33.80% 12.61
Source: Maricopa County Stadium District records.
* Includes unamortized premium on refunding bonds
** See the Schedule of Demographics and Economic Statistics on page 53 for personal income and population
data.
*** Personal income and debt per capita estimates were not available after fiscal year 2017.
Note: Debt as a percentage of personal income and debt per capita is shown for reference purposes only since
the revenue bonds are repaid from an auto rental surcharge and the contractual obligation is repaid from
revenue generated from ballpark usage. Revenue bonds were paid off in fiscal year 2019.
(49)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
ARIZONA DIAMONDBACKS ATTENDANCE
LAST TEN CALENDAR YEARS
(UNAUDITED)
Attendance
Calendar Year Game Avg Season Total League Avg
2019 26,364 2,135,510 2,282,622
2018 27,687 2,242,695 2,321,658
2017 26,350 2,134,375 2,422,347
2016 25,138 2,036,216 2,438,636
2015 25,680 2,080,145 2,458,668
2014 25,601 2,073,730 2,457,987
2013 26,355 2,134,857 2,467,563
2012 26,884 2,177,591 2,495,309
2011 25,992 2,105,432 2,448,384
2010 25,496 2,057,242 2,336,844
2009 26,286 2,129,183 2,384,653
Source: Major League Baseball and Maricopa County Stadium District records.
(50)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
CACTUS LEAGUE ATTENDANCE
LAST TEN FISCAL YEARS
(UNAUDITED)
Fiscal Year
Fiscal Year 2019 2018 2017 2016 2015
Arizona Diamondbacks 148,793 166,063 176,883 183,123 198,504
Los Angeles Angels 111,227 105,808 114,780 112,826 111,672
Los Angeles Dodgers* 154,884 152,305 165,911 155,841 147,066
Cleveland Indians* 88,812 97,010 101,517 87,079 85,874
Chicago Cubs 250,893 222,023 251,899 226,163 222,415
Chicago White Sox 89,936 86,478 91,698 89,829 87,294
Cincinnati Reds** 77,648 65,975 72,852 72,201 64,228
Colorado Rockies 139,030 151,234 152,985 147,878 154,099
Kansas City Royals 80,250 100,761 98,487 126,108 105,271
Milwaukee Brewers 111,504 76,418 80,285 78,241 85,022
Oakland Athletics 68,991 104,693 102,212 100,614 110,059
San Diego Padres 87,153 82,421 92,245 89,265 106,328
San Francisco Giants 149,646 155,656 182,518 177,699 177,817
Seattle Mariners 93,037 118,851 135,401 150,846 132,519
Texas Rangers 86,171 89,282 98,934 86,437 96,353
Total*** 1,737,975 1,774,978 1,686,908 1,686,908 1,884,521
Source: Cactus League records.
* 2009 was the first year in the Cactus League; previously in the Grapefruit League.
** 2010 was the first year in the Cactus League, previously in the Grapefruit League.
*** 2014 attendance includes (2) games played in Las Vegas, NV. Total attendance for those games was 19,514.
(51)

Fiscal Year
2014 2013 2012 2011 2010
144,434 182,447 186,828 189,737 99,698
109,598 122,587 130,126 88,413 111,038
114,402 133,460 121,769 103,114 124,502
67,445 77,590 74,836 59,744 61,240
213,815 148,296 153,281 160,536 152,493
87,759 90,729 109,092 91,749 81,634
69,478 68,652 61,878 53,050 66,725
169,663 139,509 182,565 169,571 78,638
93,987 86,029 76,238 72,900 79,249
75,041 75,370 89,176 74,330 79,651
78,011 90,228 57,981 80,145 89,493
75,916 84,688 92,828 75,906 79,671
156,067 168,820 168,320 160,574 155,819
116,597 112,193 102,681 112,338 120,328
95,181 111,728 104,443 103,507 90,513
1,667,394 1,692,326 1,712,042 1,595,614 1,470,692
(52)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
(UNAUDITED)
Personal Income
(thousands of Per Capita Unemployment
Fiscal Year Population dollars) Personal Income Rate
2019 4,366,583 (1) (1) 4.5 %
2018 4,315,627 (1) (1) 4.2
2017 4,221,684 $ 196,286,191 $ 46,495 4.3
2016 4,242,997 185,111,698 43,628 4.6
2015 4,076,438 175,437,829 42,092 5.4
2014 4,087,191 168,483,421 41,222 5.8
2013 4,013,164 160,537,029 40,003 6.6
2012 3,942,868 159,384,756 40,424 7.3
2011 3,870,076 151,026,789 39,024 8.6
2010 3,823,609 142,690,740 37,318 9.5
Source: Office of Economic Opportunity – State of Arizona at https://oeo.az.gov and Bureau of Economic
Analysis at https://www.Bea.gov for unemployment rate, population, income, and per capita statistics.
Note: Data from this source for previous years is subject to periodic update.
(1) Personal Income and per capita estimates were not yet available for fiscal years 2018 and 2019.
(53)

MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
PRINCIPAL EMPLOYERS
CURRENT AND NINE YEARS PRIOR
(UNAUDITED)
2019* 2010*
Percentage
Percentage of of Total
Total County County
Employer Employees Rank Employment Employees Rank Employment
State of Arizona 37,655 1 1.70 % 52,420 1 3.02 %
Banner Health 36,213 2 1.63 27,431 3 1.58
Wal-Mart Inc. 33,814 3 1.52 31,280 2 1.80
Wells Fargo 15,062 4 0.68 14,000 5 0.81
City of Phoenix 13,894 5 0.63 16,375 4 0.94
Arizona State University 13,480 6 0.61 12,043 8 0.69
Raytheon Missile Systems 12,000 7 0.54 11,500 9 0.66
Honor Health 11,308 8 0.51
Dignity Health 11,206 9 0.51
University of Arizona 10,659 10 0.48
Maricopa County 12,996 6 0.75
Apollo Inc. 12,299 7 0.71
Honeywell International 10,145 10 0.58
Total for Principal Employers 195,291 8.80 % 200,489 11.54 %
Total Employment in Maricopa
County ** 2,218,046 1,736,779
Source: * The Phoenix Business Journal, Book of Lists.
** Arizona’s Economic Department – azstate.gov.
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MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
FULL-TIME EQUIVALENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
(UNAUDITED)
Year Ending June 30, Culture and Recreation
2019 0.00
2018 2.00
2017 3.00
2016 4.00
2015 4.00
2014 4.00
2013 4.00
2012 4.00
2011 4.00
2010 3.00
Source: Maricopa County Stadium District records.
Note: Starting in fiscal year 2018, all employees that worked at the Maricopa County Stadium District were
allocated and charged to other County departments. However, those that performed significant functions for the
Stadium District were counted within the 2018 figure.
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MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
(UNAUDITED)
Fiscal Year
2010 2011 2012 2013 2014
Culture and Recreation:
Baseball Stadium 1 1 1 1 1
Baseball Stadium Appx. Sq. Ft. 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000
Baseball Stadium Parking Garage Appx. Sq. Ft. 534,692 534,692 534,692 534,692 534,692
Baseball Stadium Plaza Building Appx. Sq. Ft. 23,000 23,000 23,000 23,000 23,000
Seating Capacity 49,500 49,500 49,500 49,500 49,500
Baseball Games 81 81 81 81 81
Baseball Games Attendance 2,057,242 2,105,432 2,177,591 2,134,857 2,073,730
Stadium District Events* 2 5 5 9 4
Stadium District Events Attendance* 72,174 98,305 109,679 190,783 108,708
Source: Maricopa County Stadium District records and Major League Baseball.
* All rights concerning booking for the non-baseball use of the Stadium was assigned to the Arizona
Diamondbacks as a result of the Binding Memorandum of Understanding that took effect at the end of
fiscal year 2018.
Note: All capital assets are used for the Culture and Recreation function, which is the operation of Chase Field.
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Fiscal Year
2015 2016 2017 2018 2019
1 1 1 1 1
1,250,000 1,250,000 1,250,000 1,250,000 1,250,000
534,692 534,692 534,692 534,692 534,692
23,000 23,000 23,000 23,000 23,000
49,500 49,500 49,500 49,500 49,500
81 81 81 81 81
2,080,145 2,036,216 2,134,375 2,242,695 2,135,510
5 5 2 2 -
132,481 133,508 96,800 84,125 -
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