10.19.2022 MARICOPA COUNTY STADIUM DISTRICT ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30 2022.PDF
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Fiscal Year Ended
June 30, 2022
Financial Statements
Maricopa County
Stadium District
A Component Unit of Maricopa County, Arizona
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MARICOPA COUNTY, ARIZONA
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2022
Issued by:
Maricopa County – Office of Budget and Finance
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
FINANCIAL STATEMENTS
TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2022
LETTER OF TRANSMITTAL
1
ORGANIZATIONAL CHART
3
LIST OF PRINCIPAL OFFICIALS
4
INDEPENDENT AUDITORS’ REPORT
5
REQUIRED SUPPLEMENTARY INFORMATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
9
BASIC FINANCIAL STATEMENTS
STATEMENT OF NET POSITION
15
STATEMENT OF ACTIVITIES
16
BALANCE SHEET – GOVERNEMENTAL FUNDS
17
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL
FUNDS TO THE STATEMENT OF NET POSITION
18
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES – GOVERNMENTAL FUNDS
19
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCE OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
20
NOTES TO THE BASIC FINANCIAL STATEMENTS
21
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
29
NOTE TO BUDGETARY COMPARISON SCHEDULES
31
1
September 26, 2022,
The Honorable Maricopa County Stadium District Board of Directors:
It is our pleasure to submit to you the Financial Statements of the Maricopa County Stadium District
(Stadium District) for the year ended June 30, 2022, in accordance with Arizona Revised Statute
(A.R.S.) §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, 2022, and issued an unmodified opinion. The audit was
conducted in accordance with U. S. generally accepted governmental auditing standards; the
Independent Auditors’ Report is included in 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.
PROFILE OF THE STADIUM DISTRICT
The Stadium District was formed in accordance with A.R.S. §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 towns of
Paradise Valley and Queen Creek.
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.
2
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 and AZPB Limited Partnership 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 Annual Comprehensive 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 A.R.S §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 and Cactus League Special Revenue 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 A.R.S. §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.
The preparation of these financial statements could not have been accomplished without the efficient
and dedicated services of the Office of Budget and 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
STADIUM DISTRICT
Maricopa County Stadium District
Chase Field
CITIZENS
BOARD OF DIRECTORS
(ELECTED)
EXECUTIVE DIRECTOR
JOY RICH
4
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
LIST OF PRINCIPAL OFFICIALS
JUNE 30, 2022
Board of Directors
Chairman……................................................................................................Bill Gates, District 3
Vice-Chairman.................................................................................... Clint L. Hickman, District 4
Director….................................................................................................. Jack Sellers, District 1
Director................................................................................................. Thomas Galvin, District 2
Director.................................................................................................. Steve Gallardo, District 5
Appointed Officials
Executive Director ...........................................................................................................Joy Rich
INDEPENDENT AUDITORS’ REPORT
Board of Directors
Maricopa County Stadium District
Phoenix, Arizona
Report on the Audit of the Financial Statements
Opinions
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, 2022, 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.
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 Stadium District,
as of June 30, 2022, 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.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the Stadium District and to
meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to
our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for 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.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the Stadium District’s ability
to continue as a going concern for twelve months beyond the financial statement date, including any
currently known information that may raise substantial doubt shortly thereafter.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.
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Board of Directors
Maricopa County Stadium District
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
Obtain an understanding of internal control relevant to the audit 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, no such
opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the Stadium District’s ability to continue as a going concern
for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control related
matters that we identified during the audit.
Board of Directors
Maricopa County Stadium District
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
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 is
the responsibility of management and, 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 GAAS, 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
Management is responsible for the other information included in the annual report. The other
information comprises the letter of transmittal, organizational chart, and list of principal officials, but
does not include the basic financial statements and our auditors’ report thereon. Our opinions on the
basic financial statements do not cover the other information, and we do not express an opinion or any
form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
September 26, 2022, 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 results of that
testing, and not to provide an opinion on the effectiveness of the 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.
CliftonLarsonAllen LLP
Phoenix, Arizona
September 26, 2022
8
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2022
9
This section of the Maricopa County Stadium District’s (Stadium District) financial statements presents a
discussion and analysis of the Stadium District’s financial performance during the fiscal year ended June
30, 2022. 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,
2022, by $214.3 million (net position). Of this amount, $207.6 million is the net investment in capital
assets, $5.1 million is restricted, and $1.6 million is unrestricted.
♦
The Stadium District’s total net position decreased by $6.9 million primarily due to the annual
recognition of depreciation expense.
♦
As of June 30, 2022, the governmental funds reported combined fund balances of $6.7 million, no
change in comparison with the prior year. Of the combined fund balance, $5.1 million is restricted
for Cactus League purposes and the remaining $1.6 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 $1.6
million, or 2,950.4% of total General Fund expenditures. When compared to total expenditures, the
unassigned Chase Field General Fund fund’s balance is 24.0% 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.
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.
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2022
10
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 Annual Comprehensive 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 two individual governmental funds, both 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 and Cactus
League Special Revenue Fund.
The Stadium District has no proprietary or fiduciary funds.
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.
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2022
11
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 $214.3 million at the close of the current fiscal year.
The following table reflects the condensed statement of net position as of June 30, 2022, and 2021.
Table A-1
Condensed Statement of Net Position
2022
2021
Percent
Change
ASSETS
Current and Other Assets
$
7,860,734
$
7,583,262
3.7%
Capital Assets:
Nondepreciable
35,608,005
35,608,005
0.0%
Depreciable (net)
171,986,651
178,890,163
-3.9%
Total Assets
215,455,390
222,081,430
-3.0%
LIABILITIES
Other Liabilities
1,123,819
846,283
32.8%
NET POSITION
Net Investment in Capital Assets
207,594,656
214,498,168
-3.2%
Restricted
5,148,130
5,298,525
-2.8%
Unrestricted
1,588,785
1,438,454
10.5%
Total Net Position
$
214,331,571
$
221,235,147
-3.1%
Current and other assets increased by $277.4 thousand and other liabilities increased $277.5 thousand
primarily due to an increase in the outstanding auto surcharge tax receivable revenue that is subsequently
remitted to the Arizona Tourism and Sports Authority (recorded as a payable). The outstanding receivable
and corresponding payable to AZSTA increased at June 30, 2022, due to an increase in auto rental
surcharge tax revenues from the prior year.
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. 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 $6.9 million in Stadium District net position is primarily due to the annual recognition of
depreciation expense.
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2022
12
The following table indicates the changes in net position for governmental activities for the fiscal years
ended June 30, 2022, and 2021.
Table A-2
Condensed Statement of Activities
2022
2021
Percent
Change
REVENUES
Program Revenues:
Charges for Services
$
250,000
$
250,000
0.0%
General Revenues:
Auto Surcharge Tax
6,558,390
3,842,556
70.7%
Other Income
11
100.0%
Investment Loss
(196,226)
(12,684)
-1,447.0%
Total Revenues
6,612,175
4,079,872
62.1%
EXPENSES
Culture and Recreation
13,515,751
12,532,515
7.8%
Total Expenses
13,515,751
12,532,515
7.8%
CHANGE IN NET POSITION
(6,903,576)
(8,452,643)
18.3%
Net Position – Beginning of Year
$
221,235,147
229,687,790
-3.7%
NET POSITION – END OF YEAR
$
214,331,571
$
221,235,147
-3.1%
Total revenues increased $2.5 million or 62.1%.
♦
Auto surcharge taxes remitted by the State of Arizona increased $2.7 million or 70.7% from the prior
fiscal year. This revenue is dependent entirely on the number of autos rented within the Stadium
District boundaries (Maricopa County). The increase in autos rented and resulting auto surcharge
tax revenues is primarily due to the COVID-19 pandemic subsiding and the increase in tourism due
to the reduction of travel restrictions.
♦
Investment earnings decreased by $183.5 thousand or 1,447.0% due to interest rate fluctuations in
the market during the fiscal year.
Total expenses increased $1.0 million, or 7.8%.
♦
Culture and recreation expenses increased by $1.0 million, or 7.8%, primarily due to an increase
in distributions of $2.7 million made to the Arizona Tourism and Sports Authority (AZSTA) for auto
surcharge taxes collected, in compliance with the intergovernmental agreement with AZSTA. This
increase in distributions was offset by a decrease in expenses of $1.6 million as a result of
distributions to the Arizona Diamondbacks pursuant to the Memorandum of Understanding (MOU)
required in fiscal year 2021 which were not required in fiscal year 2022.
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2022
13
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 Fund
and Cactus League Special Revenue Fund. 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 $1.6 million. As a measure of liquidity, it may be useful to compare fund
balance to total fund expenditures. Unassigned fund balance represents 2,950.4% 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 $0.2 million. This change was primarily due to payments received from the Arizona
Diamondbacks of $250,000 pursuant to the binding MOU that was entered into during fiscal year 2019.
The fund balance of the Cactus League Special Revenue Fund decreased by $0.2 million during the current
fiscal year. This change was not significant and was largely due to decreased interest earnings as a result
of interest rate fluctuations in the market.
The following table indicates the changes in fund balance for governmental funds for the fiscal year ended
June 30, 2022.
Table A-3
Fund Balances
Fund
Balance at
June 30, 2022
Increase
(Decrease)
From June 30, 2021
Chase Field General Fund
$
1,588,785
$
150,331
Cactus League Special Revenue Fund
5,148,130
(150,395)
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 District did not amend the Chase Field General Fund budget during the fiscal year.
The unfavorable variance of $0.1 million in revenues was entirely due to the decline in investment earnings.
Additionally, the favorable balance of $.2 million between total budgeted and actual expenditures was due
to the Stadium District experiencing less operating costs than originally budgeted.
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2022
14
CAPITAL ASSETS
The Stadium District’s net investment in capital assets for its governmental activities at year-end was $207.6
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 3.2%, due to depreciation expense recognized in the current year. The Stadium District did not have
any current year additions or disposals. Capital assets for the governmental activities are presented below
fiscal year 2022 and 2021.
Table A-4
Capital Assets
(Net of Accumulated Depreciation)
2022
2021
Percent
Change
Land
$
35,608,005
$
35,608,005
0.0%
Buildings and Improvements
171,933,638
178,674,608
-3.8%
Machinery and Equipment
53,013
215,555
-75.4%
Total Capital Assets
$ 207,594,656
$ 214,498,168
-3.2%
Additional information on the Stadium District’s capital assets can be found in the notes to the financial
statements, Note 5.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
♦ In compliance with the intergovernmental agreement with the Arizona Sports and Tourism Authority
(AZSTA) auto rental surcharge revenue received in fiscal year 2022 was remitted to AZSTA.
♦ Auto rental surcharge revenue for fiscal year 2022 came in at 0.9% above fiscal year 2022 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). This increase can be contributed
to the increase in Arizona tourism as a result of the subsidence of the coronavirus and reduction of
mandated travel restrictions.
These factors were considered in preparing the Stadium District’s budget for fiscal year 2023.
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., 9th Floor, Phoenix, AZ 85003.
15
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
STATEMENT OF NET POSITION
JUNE 30, 2022
Governmental
Activities
ASSETS
Cash and Investments
$
6,724,642
Accounts Receivable
1,136,092
Capital Assets:
Nondepreciable
35,608,005
Depreciable (Net)
171,986,651
Total Assets
215,455,390
LIABILITIES
Accounts Payable
1,123,819
NET POSITION
Net Investment in Capital Assets
207,594,656
Restricted for:
Cactus League Operations
5,148,130
Unassigned
1,588,785
Total Net Position
$
214,331,571
See accompanying notes to the Basic Financial Statements.
16
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2022
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
$
13,515,751
$
250,000 $
$
$ (13,265,751)
Total Governmental Activities
$
13,515,751
$
250,000 $
$
$ (13,265,751)
General Revenues:
Taxes:
Auto Rental Surcharge
6,558,390
Other Income
11
Investment Loss
(196,226)
Total General Revenues
6,362,175
Change in Net Position
(6,903,576)
Net Position – Beginning
221,235,147
Net Position – Ending
$ 214,331,571
See accompanying notes to the Basic Financial Statements.
17
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2022
Chase Field
General Fund
Cactus League
Special
Revenue Fund
Total
Governmental
Funds
ASSETS
Cash and Investments
$
1,586,413
$
5,138,229
$
6,724,642
Accounts Receivable
3,057
1,133,035
1,136,092
Total Assets
$
1,589,470
$
6,271,264
$
7,860,734
LIABILITIES AND FUND BALANCES
Liabilities:
$
685
$
1,123,134
$
1,123,819
Accounts Payable
Fund Balances:
Restricted for:
Cactus League Operations
5,148,130
5,148,130
Unassigned
1,588,785
1,588,785
Total Fund Balances
1,588,785
5,148,130
6,736,915
Total Liabilities and Fund Balances
$
1,589,470
$
6,271,264
$
7,860,734
See accompanying notes to the Basic Financial Statements.
18
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, 2022
Total Fund Balances for Governmental Funds
$
6,736,915
Amounts reported for governmental activities in the statement of activities are different
because:
Capital assets used in the governmental activities are not financial resources and
therefore, are not reported in the governmental funds.
Governmental Capital Assets
387,155,164
Less Accumulated Depreciation
(179,560,508)
Capital Assets Used in Governmental Activities
207,594,656
Total Net Position of Governmental Activities
$
214,331,571
See accompanying notes to the Basic Financial Statements.
19
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 31, 2022
Chase Field
General Fund
Cactus League
Special
Revenue Fund
Total
Governmental
Funds
REVENUES
Auto Rental Surcharge Tax
$
$
6,558,390
$
6,558,390
Chase Field Operations
250,000
250,000
Investment Loss
(45,831)
(150,395)
(196,226)
Miscellaneous
11
11
Total Revenues
204,180
6,407,995
6,612,175
EXPENDITURES
Current:
Culture and Recreation
53,849
6,558,390
6,612,239
Deficiency of Revenues Over Expenditures
150,331
(150,395)
(64)
FUND BALANCES
Beginning of Year
1,438,454
5,298,525
6,736,979
End of Year
$
1,588,785
$
5,148,130
$
6,736,915
See accompanying notes to the Basic Financial Statements.
20
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, 2022
Net Change in Fund Balances of Governmental Funds
$
(64)
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
(6,903,512)
Change in Net Position of Governmental Activities
$
(6,903,576)
See accompanying notes to the Basic Financial Statements.
21
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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.
For the year ended June 30, 2022, the Stadium District implemented the provisions of GASB
Statement No. 87, Leases, as amended, which establishes a single model for lease
accounting based on the foundational principle that leases are financings of the right to use
an underlying asset.
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 Guardians, 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.
22
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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.
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.
23
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Fund Financial Statements (Continued)
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 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.
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.
24
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. Investment Income
Investment income is composed of interest, dividends, and net changes in the fair value
of applicable investments.
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, 2022 is almost entirely composed of
amounts due to the Arizona Tourism and Sports Authority for auto surcharge revenue.
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. Net Position/Fund Equity
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 the District reports all District
assets which make up a significant portion of total net position. Restricted net position
accounts for the portion of net position restricted by parties outside the District.
Unrestricted net position is the remaining net position not included in the previous two
categories.
25
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Fund balances of the governmental funds are reported separately within classifications
based on a hierarchy of the constraints placed on the use of those resources. The
classifications are based on the relative strength of the constraints that control how the
specific amounts can be spent. The classifications are nonspendable, restricted,
committed, assigned and unassigned fund balance classifications.
The nonspendable fund balance classification includes amounts that cannot be spent
because they are either not in spendable form, such as inventories, or are legally or
contractually required to be maintained intact.
Restricted fund balances are those that have externally imposed restrictions on the usage
by creditors (such as through debt covenants), grantors, contributors, or laws and
regulations.
The committed fund balances are self-imposed limitations committed by the Board of
Directors (the highest level of decision making authority) by resolution and can only un-
commit funds through the same procedure. The Board of Directors must commit and/or
uncommit fund balances before the end of the fiscal year.
Assigned fund balances are resources constrained by the District’s intent to be used for
specific purposes, but are neither restricted nor committed. 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. The unassigned fund balance is the residual classification
for the General Fund and includes all spendable amounts not reported in the other
classifications. Also, deficits in fund balances of the other governmental funds (if any) are
reported as unassigned.
The District’s policy is to utilize restricted balances first, followed by committed, assigned, and
lastly unassigned amounts.
I.
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. There
was no interfund activity for fiscal year ended June 30, 2022.
J. 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.
26
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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 and Cactus League Special Revenue 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, 2022, consisted of $6,724,642 invested in the
County Treasurer’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.
27
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 3
CASH AND 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, 2022, were as follows:
Chase Field
Cactus League
General Fund
Special Revenue Fund
Total
Interest
$
3,057
$
9,901
$
12,958
Due from State Government
1,123,134
1,123,134
Net Total Receivables
$
3,057
$
1,133,035
$ 1,136,092
Amounts due from State Government at year-end include $1,123,134 of auto rental
surcharges in the Cactus League Special Revenue Fund collected by the State of Arizona
but not received by the Stadium District.
28
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 5
CAPITAL ASSETS
Capital assets for the year ended June 30, 2022, 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
(154,993,247)
(6,740,970)
(161,734,217)
Machinery Equipment
(17,663,749)
(162,542)
(17,826,291)
Total Accumulated Depreciation
(172,656,996)
(6,903,512)
(179,560,508)
Total Capital Assets, Being
Depreciated, Net
178,890,163
(6,903,512)
171,986,651
Governmental Activities Capital
Assets, Net
$
214,498,168
$
(6,903,512)
$
$
207,594,656
Depreciation expense was charged to a single governmental function as follows:
Governmental Activities:
Culture and Recreation
$ 6,903,512
NOTE 6
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.
29
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
CHASE FIELD GENERAL FUND
YEAR ENDED JUNE 30, 2022
Variance with
Budget
Original and
Positive
Final
Actual
(Negative)
REVENUES
Chase Field Operations
$
250,000
$
250,000
$
Investment Loss
(45,831)
(45,831)
Miscellaneous
11
11
Total Revenues
250,000
204,180
(45,820)
EXPENDITURES
Current:
Culture and Recreation
250,000
53,849
196,151
Excess of Revenues Over Expenditures
-
150,331
150,331
Fund Balance – Beginning
2,126,310
1,438,454
(687,856)
FUND BALANCE - END
$ 2,126,310
$
1,588,785
$
(537,525)
30
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
CACTUS LEAGUE SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Original and
Positive
Final
Actual
(Negative)
REVENUES
Auto Surcharge Tax
$
6,500,000
$ 6,558,390
$
58,390
Investment Loss
(150,395)
(150,395)
Total Revenues
6,500,000
6,407,995
(92,005)
EXPENDITURES
Current:
Culture and Recreation
11,800,000
6,558,390
5,241,610
Deficiency of Revenues Under Expenditures
(5,300,000)
(150,395)
5,149,605
Fund Balance – Beginning
5,427,926
5,298,525
(129,401)
FUND BALANCE – END
$
127,926
$ 5,148,130
$
5,020,204
31
MARICOPA COUNTY STADIUM DISTRICT
(A COMPONENT UNIT OF MARICOPA COUNTY)
REQUIRED SUPPLEMENTARY INFORMATION
NOTE TO BUDGETARY COMPARISON SCHEDULES
JUNE 30, 2022
NOTE 1
BUDGETARY BASIS OF ACCOUNTING
Budgets are prepared on a basis of accounting consistent with accounting principles generally
accepted in the United States of America