Annual Comprehensive Financial Report
Extracted text (via pymupdf)
272527 characters
Annual Comprehensive
Financial Report
Fiscal Year Ending
June 30, 2024
Issued by:
Finance Department
TOWN OF WICKENBURG, ARIZONA
WICKENBURG, ARIZONA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED JUNE 30, 2024
TOWN OF WICKENBURG, ARIZONA
TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2024
i
v
vi
GFOA Certificate of Achievement for Excellence in Financial Reporting
vii
1
4
Governmental-wide Financial Statements
12
13
Fund Financial Statements
Governmental Funds - Balance Sheet
14
Reconciliation of the Governmental Funds Balance Sheet to the Statement of
Net Position
15
Governmental Funds - Statement of Revenues, Expenditures, and Changes in
Fund Balances
16
and Changes in Fund Balances to the Statement of Activities
17
Statement of Net Position - Proprietary Funds
18
Statement of Revenues, Expenses, and Changes in Fund Net Position
Proprietary Funds
19
Statement of Cash Flows - Proprietary Funds
20
Statement of Net Position - Fiduciary Funds
21
Statement of Changes in Net Position - Fiduciary Funds
22
Notes to Basic Financial Statements
23
Cost Sharing Pension Plan
49
Agent Pension Plan - PSPRS Police
50
Agent Pension Plan - PSPRS Fire
51
Agent Pension Plan - CORP Dispatchers
52
53
Budget to Actual - General Fund
54
Budget to Actual - Highway User Revenue Fund
55
Budget to Actual - Grants Fund
56
Notes to the Required Supplementary Information
57
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of the Proportionate Share of the Net Pension Liability and Contributions
Statement of Revenues, Expenditures, and Changes in Fund Balance
Statement of Revenues, Expenditures, and Changes in Fund Balance
Schedule of Changes in the Net Pension Liability (Asset) and Related Ratios
Schedule of Changes in the Net Pension Liability (Asset) and Related Ratios
Schedule of Changes in the Net Pension Liability (Asset) and Related Ratios
Schedule of Pension Contributions: PSPRS Police, PSPRS Fire, CORP Dispatchers
Statement of Revenues, Expenditures, and Changes in Fund Balance
Letter of Transmittal
Organizational Chart
Basic Financial Statements:
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures,
INTRODUCTORY SECTION
List of Principal and Elected Officials
FINANCIAL SECTION
Independent Auditors' Report
Management's Discussion and Analysis
Statement of Net Position
Statement of Activities
TOWN OF WICKENBURG, ARIZONA
TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2024
Nonmajor Governmental Fund Descriptions
58
Combining Statements - Nonmajor Governmental Funds:
Combining Balance Sheet - Nonmajor Governmental Funds
59
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
60
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Judicial Court Enhancement Fund
61
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Debt Service Fund
62
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Capital Improvement Fund
63
Internal Service Funds Descriptions
64
Comining Statements - Internal Service Funds
Combining Statement of Net Position - Internal Service Funds
65
Combining Statement of Revenues, Expenses, and Change in Fund Net Position -
Internal Service Funds
66
Combining Statement of Cash Flows - Internal Service Funds
67
Statistical Section Descriptions
68
Financial Trends:
Net Position by Component
69
Expenses, Program Revenues, and Net Expense
70
Changes in Net Position
71
Fund Balances - Governmental Fuds
72
Changes in Fund Balances of Governmental Funds
73
Revenue Capacity:
Governmental Activities Tax Revenue by Source
74
Sales Tax Collection by Category
75
Direct and Overlapping Sales Tax Rates
76
Assessed Value and Estimated Actual Value of Taxable Property
77
Direct and Overlapping Property Tax Rates
78
Principal Property Taxpayers
79
Property Tax Levies and Collections
80
Debt Capacity:
Ratio of Outstanding Debt by Type
81
Direct and Overlapping Governmental Activities Debt
82
Legal Debt Margin Information
83
Calculation of Legal Debt Margin
84
Pledged Revenue Coverage
85
Demographic and Economic Information:
Demographic and Economic Statistics
86
Principal Employers
87
Operating Information:
Full-Time Equivalent Employees by Function
88
Operating Indicators by Function
89
Capital Asset Statistics by Function
90
Utility Customer Statistics by Function
91
OTHER SUPPLEMENTARY INFORMATION
STATISTICAL SECTION
INTRODUCTORY SECTION
i
January 26, 2025
Honorable Mayor, Members of the Town Council, and Citizens of the Town of Wickenburg:
I am pleased to submit the Annual Comprehensive Financial Report (ACFR) of the Town of Wickenburg (Town) for
fiscal year ended June 30, 2024. State law requires that every local government publish within six months of the
close of each fiscal year all audited financial statements. Financial statements are to be presented in conformity
with the United States Generally Accepted Accounting Principles (GAAP), audited in accordance with Generally
Accepted Auditing Standards (GAAS), by a licensed certified public accountant(s). Pursuant to that requirement, we
believe to the best of our knowledge that the data presented herein is accurate in all material respects and is
designed to enable the reader to gain the maximum understanding of the Town's financial affairs.
Responsibility for the accuracy and completeness of the presented data, including all disclosures, rests with
management. To the best of our knowledge and belief, this report is accurate in all material respects and is
presented in a manner designed to fairly set forth the financial position of the Town. All disclosures necessary to
enable the reader to gain an understanding of the Towns financial activities have been included. To provide a
reasonable basis for making these representations, management has established a comprehensive framework of
internal controls intended to protect the Town's assets from loss, theft, or misuse. Because the cost of internal
controls should not outweigh their benefits, the Town’s comprehensive internal control framework has been
designed to provide a reasonable rather than absolute assurance that the financial statements are free of any
material misstatements.
CWDL, Certified Public Accountants, an independent certified public accounting firm, performed the Town’s annual
financial statement audit and has issued an unqualified opinion on the Town of Wickenburg’s financial statements
for the year ended June 30, 2024. Their independent auditor’s report is located at the front of the financial section
of this report. GAAP requires that management provide a narrative introduction, overview and analysis to
accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). The
MD&A, which immediately follows the Independent Auditors Report, is intended to complement this transmittal
letter and should be read in conjunction with it.
Profile of the Government
Henry Wickenburg along with other settlers founded Wickenburg in 1863. The infant town went through many
trials and tribulations during its first few decades surviving Indian wars, mine closures, desperadoes, drought, and
a disastrous flood in 1890 when the Walnut Creek Dam (1) burst, but through it all the town continued to grow.
On June 19, 1909, the Town of Wickenburg was incorporated.
ii
Located in the Southwest section of the State, in Northwest Maricopa County, the town sits at an elevation of
2,049 feet. With approximately 27.2 square miles of land today compared to only 13 square miles back in 2003,
the Town continues to expand as annexation plans continue. The Town is empowered to levy a property tax on
real property located within its boundaries and continues to keep that levy substantially below the maximum
allowed. The 2020 census population estimate is 7,474 which is almost a 17.5% increase from 2010’s 6,363.
The Town of Wickenburg operates under the Council-Manager form of government, with policymaking and
legislative authority vested in the Town Council. The elected officers of the Town consist of a Mayor and six (6)
Councilmembers. The qualified electors of the Town commencing in 1996 have directly elected the Mayor. The
term of office of the Mayor and Councilmembers is four (4) years, with Councilmembers serving overlapping terms
in the manner provided by State law. Within twenty (20) days after an election where one or more Councilmembers
is elected, the Vice Mayor shall be selected by a majority of the Council, from among its own members, for a term
to run concurrent with that of the Mayor’s term. If the Vice Mayor’s term expires sooner, he/she shall serve until
his/her successor is appointed and qualified. In the absence or disability of both the Mayor and Vice Mayor, the
Council may designate another of its members to serve as acting Mayor who shall have all the powers, duties and
responsibilities of the Mayor during such absence or disability.
The Town Council is responsible for the hiring of the Town Manager, who is responsible for overseeing all local
government-related activities and implementation of the policies of the Town Council. With the exception of the
Town Attorney and Magistrate, the Town Manager appoints all Department Heads subject to ratification by the
Town Council. Together the Council, Management and Staff provide a full range of services including water,
electric, sanitation and wastewater; police and fire protection; a public library, community center, pool, and several
parks; inspections, licenses and permits; construction and maintenance of streets and related infrastructure;
programming of various recreational activities; and enforcement of both the Town and Local Tax Code.
Local Economy
The last sales tax change was on April 1, 2016, at which time the construction tax rate increased from 2.2% to 3.5%.
The “General” Sales Tax rate remains at 2.2% since June 1, 2009, with Rental and Leasing of Real Property dropping
from 2.2% to 1.7% on October 1, 2009. The Town increased the Transient Lodging “Bed Tax” rate from 2% to 3%
on August 1, 2015. The tiered rate for single item purchases of $5,000 or more remains at 1.69% since September
1, 2012.
The economy in Wickenburg continues to do very well with an overall increase of about 6.6% in local sales tax
over the prior year. All major categories including construction, transient lodging, restaurants & bars have
increased, however retail has slightly decreased by less than 1%. The retail category accounts for approximately
41% of our local tax. In addition to growth in the community (more roof tops), this is primarily attributed to the
changes made by the Arizona Department of Revenue to online shopping.
Though we saw an up-kick in building permits during the prior year with 538 issued in that prior year, construction
was still growing with 570 permits issued in fiscal year ending June 30, 2024.
iii
Long-Term Financial Planning & Major Initiatives
Wickenburg like other governmental jurisdictions in Arizona, is subject to an annual expenditure limit, which is
adjusted each year by population and inflationary growth factors from the base year of 1979-80. That expenditure
base can be adjusted by voters to enable the Town to spend increased revenues received by various sources during
the year. In March 2006, voters approved a $4,794,034 permanent increase to the base, which became effective in
fiscal year 2006-07. The increase in the base is expected to continue accommodating the Town’s budgeted
expenditures for at least another five years, but most likely longer. Permanent adjustments to expenditure limits
do not increase taxes.
To maintain strong long-term financial plans, annually the Town Council has a Retreat with the Town Manager to
create a Strategic Plan for the future of the Town. For the upcoming year the Councils Strategic Plan continues to
focus on five areas: Economic Development, the Downtown Area, Public Safety, Youth & Families, and Natural
Resources & Recreation. Together it is our hope that these initiatives will encourage forward thinking in how the
Town plans and funds the upkeep and growth of the community.
Next Department Heads are required to submit their budgets for the following fiscal year through “zero- based”
budgeting for the majority of their line items, which requires them to extensively analyze and plan projected
expenditures for the year in more depth. To tie the Councils Strategic Plan with the budget, staff also must submit
a Five-Year Capital Improvement Plan.
While an economic downturn is inevitable at some point, we do not assume one in our latest forecast and project
that our healthy fund balances will overcome moderate recessionary trends. Thanks to the Towns long-term
financial planning, Capital Improvements for the new fiscal year are planned to be $15,880,549.
Relevant Financial Policies
The Town of Wickenburg takes pride in having a comprehensive set of financial policies to assure financial stability
and transparency of the Towns finances, by setting guidelines for fund balance, which is an important measure of
the economic stability of the Town. It is essential that the Town of Wickenburg maintain adequate levels of
unassigned fund balance to mitigate financial risk that can occur from unforeseen revenue fluctuations,
unanticipated expenditures, and similar circumstances. The fund balance also provides cash flow liquidity for
general operations. Additionally, the Town has a policy that nonrecurring (e.g., one-time) resources of inflows are
not used for operating purposes.
The annual budget serves as the foundation for the Town of Wickenburg’s financial planning and control. The
Town of Wickenburg's financial planning and control begins with its annual budget, which serves three purposes:
for the Town Council it serves as a policy tool and as an expression of goals and objectives; Management uses the
budget as an operating guide and a control mechanism; and for the citizens of Wickenburg, it presents a picture
of the local government operations and intentions of the year.
Annually each department director is required to submit requests for appropriation to the Finance Director. The
Finance Director then compiles and presents the total budget request, which is prepared by fund and department
to the Town Manager. The Town Manager then uses these requests as the starting point for developing a draft
budget to be presented to the Council for review. Once the Council has reviewed and adjusted the draft budget,
it becomes the tentative budget. The Council is then required to hold public hearings on the tentative budget and
to adopt the budget no later than the third Monday in July of each year.
iv
To ensure compliance with legal provisions applicable to the annual appropriated budget the Town of Wickenburg
maintains several budgetary controls. Department Directors are responsible for ensuring expenditures do not
exceed their approved budget and mid-year budget adjustments are kept to a minimum. Additionally, all transfers
from capital line items or between Funds must be approved by Council. The Council may appropriate contingency
funds to cover emergencies or other unexpected necessary expenditures.
Awards & Acknowledgements
The Government Finance Officers Association (GFOA) of the United States and Canada awarded a Certificate of
Achievement for Excellence in Financial Reporting to the Town of Wickenburg for its ACFR for fiscal year ended
June 30, 2023, making this the 13th consecutive year the Town has achieved this prestigious award. Because of
budget cuts, the Town discontinued participating in this program effective fiscal year ending June 30, 2006, at
which time 11 consecutive awards had been achieved, this latest award brings the total awards to date to 24. To
be awarded this certificate of achievement, the Town must publish an easily readable and efficiently organized
ACFR that satisfies both GAAP and applicable program requirements. This Certificate of Achievement is valid for a
period of one year only. Achieving this certificate shows our commitment to encouraging transparency in
government for the Town. We believe our current ACFR continues to conform to the programs requirements, and
we are therefore submitting it to the GFOA to determine its eligibility for another certificate.
The Town has also resumed submitting its annual budget for the GFOA’s Distinguished Budget Presentation Award
and is happy to report the award was received for fiscal year beginning July 1, 2024. To qualify for the Distinguished
Budget Presentation Award the government’s budget document had to be judged proficient as a policy document,
a financial plan, an operations guide, and a communication device.
The preparation of this report would not have been possible without the efficient and dedicated service of the
entire staff of the Finance Department; and I wish to thank each member for their assistance in providing the data
necessary to prepare this report. Credit is also given to the Mayor, Town Council, and Town Manager for their
continued support in maintaining the highest standards of professionalism in the management of the Town’s
finances.
Respectfully submitted,
Robert L. Martinez II
Finance Director
TOWN OF WICKENBURG, ARIZONA
ORGANIZATIONAL CHART
YEAR ENDED JUNE 30, 2024
i
TOWN OF WICKENBURG, ARIZONA
LIST OF PRINCIPAL AND ELECTED OFFICIALS
YEAR ENDED JUNE 30, 2024
ii
Mayor
Rui Pereira
Vice-Mayor
Kristi Henson
Councilmember
Kristy Bedoian
Councilmember
BG Bratcher
Councilmember
Brian Jones
Councilmember
Rebecca Rovey
Councilmember
Art Rubash
Interim Town Manager
Andy Granger
Finance Director
Robert Martinez
Town Clerk
Amy Brown
Public Services Director
Herschel Workman
Community Development Director
Steve Boyle
Economic Dev & Deputy Town Manager
Timothy Suan
Chief of Police
Les Brown
Fire Chief
Ed Temerowski
ELECTED OFFICIALS
DEPARTMENT DIRECTORS
iii
FINANCIAL SECTION
480-608-1750
www.cwdl.com
1
See what’s possible.
INDEPENDENT AUDITORS’ REPORT
Honorable Mayor and the Town Council
Town of Wickenburg, Arizona
Wickenburg, Arizona
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of Town of Wickenburg, Arizona (the “Town”), as of and for
the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the
Town’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements present fairly, in all material respects, the respective
financial position of the governmental activities, the business-type activities, each major fund, and the aggregate
remaining fund information of Town of Wickenburg, Arizona, as of June 30, 2024, 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 Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to
be independent of the Town 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
The Town’s 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 Town’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.
2
Auditor’s 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 auditor’s 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 Town’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 Town’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.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, pension schedules, and budgetary comparison information, as listed within the table of
contents, 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 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.
480-608-1750
www.cwdl.com
3
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Town’s basic financial statements. The combining and individual nonmajor fund financial statements
are presented for purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor fund financial statements and schedules are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records used to
prepare the basic financial statements. Such information has been subjected to the auditing procedures applied
in the audit of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the basic
financial statements or 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
combining and individual nonmajor fund financial statements and schedules are fairly stated, in all material
respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual comprehensive financial report. The
other information comprises the introductory and statistical sections but does not include the financial statements
and our auditor's report thereon. Our opinions on the 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 financial
statements, our responsibility is to read the other information and consider whether a material inconsistency exists
between the other information and the 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 January 26, 2025, on our
consideration of the Town’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 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 Town’s internal control over financial reporting and compliance.
Mesa, Arizona
January 26, 2025
REQUIRED SUPPLEMENTARY INFORMATION
TOWN OF WICKENBURG, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2024
4
As management of the Town of Wickenburg, Arizona (Town), we offer the readers of the Town’s financial
statements this narrative overview and analysis of the financial activities of the Town for the fiscal year ended June
30, 2024.
FINANCIAL HIGHLIGHTS
•
The assets and deferred outflows of resources of the Town exceeded its liabilities and deferred inflows of
resources at the close of the most recent fiscal year by $145.2 million (net position). The Town’s total net
position increased by $11.6 million.
•
As of the close of the current fiscal year, the Town’s governmental funds reported combined ending fund
balances of $32.8 million, an increase of $4.9 million in comparison with the prior year.
•
At the end of the current fiscal year, unassigned fund balance for the General Fund was $27.1 million, or
157% of total General Fund expenditures.
•
The Town’s net capital assets increased $2.7 million in the current year.
•
The Town’s long-term liabilities did not have a significant change in activity during the current year. The
decreases were the result of routinely scheduled principal payments on notes and loans payable as well as
a payment made on the commitments payable. These payments were offset by an increase in the net
pension liability.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the Town’s basic financial statements. The
Town’s basic financial statements are comprised of three components: 1) government-wide financial statements,
2) fund financial statements, and 3) notes to basic financial statements. This report also contains other
supplementary information in addition to the basic financial statements themselves.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
The government-wide financial statements are designed to provide readers with a broad overview of the Town’s
finances, in a manner like private-sector business. The statement of net position presents information on all the
Town’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, with the difference
reported as net position. Over time, increases or decreases in net position may serve as useful indicators of whether
the financial position of the Town is improving or deteriorating.
The statement of activities presents information showing how the government’s 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 only result in cash flows in future fiscal periods (e.g., uncollected taxes and
earned but unused vacation leave).
Both government-wide financial statements distinguish functions of the Town that are principally supported by
taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover
all or a significant portion of their costs through user fees and charges (business-type activities). The governmental
activities of the Town include general government, public safety, highways and streets, and parks, recreation, and
facilities. The business-type activities include water, electric, sanitation, wastewater, and airport. The government-
wide financial statements can be found directly following the management’s discussion and analysis.
TOWN OF WICKENBURG, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2024
5
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated
for specific activities or objectives. The Town, like other state and local governments, uses fund accounting to
ensure and demonstrate compliance with finance-related legal requirements. All the funds of the Town can be
divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds – Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide
financial statements, governmental fund financial statements focus on near-term inflows and outflows of
spendable resources, as well as balances of spendable resources available at the end of the fiscal year. Such
information may be useful in evaluating a government’s near-term financing requirements. Since the
governmental fund financial statements focus on near-term spendable resources, while the governmental activities
on the government-wide financial statements have a longer-term focus, a reconciliation of the differences between
the two is provided with the fund financial statements.
The Town maintains six individual governmental 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 General Fund, Highway User Revenue Fund, and Grants Fund which are major funds. Data from
the other three governmental funds are combined into a single, aggregate presentation. Individual fund data for
each of the non-major governmental funds is provided in the form of combining statements elsewhere in this
report. The basic governmental fund financial statements can be found on pages 14 – 17 of this report.
Proprietary Funds – The Town maintains two different types of proprietary funds known as Enterprise and Internal
Service Funds.
Enterprise Funds are used to report the same functions presented as business-type activities in the government-
wide financial statements only in more detail. The Town uses Enterprise Funds to account for its water, electric,
sanitation, wastewater, and airport operations, all of which are major funds.
Internal Service Funds are an accounting device used to accumulate and allocate costs internally among the Town’s
various functions. The Town uses Internal Service Funds to account for its maintenance shop and fuel facility funds.
Though combined into a single aggregate presentation in the financial statements, individual fund data can be
found elsewhere in this report. The Internal Service Funds have been included within governmental activities and
business-type activities in the government-wide financial statements based on the operations they benefit.
Proprietary funds provide the same type of information as the government-wide financial statements, only in more
detail. The proprietary fund financial statements provide separate information for the water, electric, sanitation,
wastewater, and airport funds. Conversely, internal service funds are combined into a single, aggregated
presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is
provided in the form of combining statements elsewhere in this report.
The basic Proprietary Fund financial statements can be found on pages 18 – 20 of this report.
TOWN OF WICKENBURG, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2024
6
Fiduciary Fund – Fiduciary Funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary Funds are not reflected in the government-wide financial statement because the resources
of those funds are not available to support the Town’s own programs. The accounting used for Fiduciary Funds is
much like that used for Proprietary Funds.
The basic Fiduciary Fund financial statements can be found on pages 21 – 22 of this report.
Notes to Basic Financial Statements
The notes to basic financial statements 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 basic financial statements
can be found on pages 23 – 48 of this report.
Required Supplementary Information Other than MD&A
Governments are required to disclose certain information about employee pension and other postemployment
benefit plans. The Town has disclosed this information on pages 49 – 53. Additionally, governments have an option
of including the budgetary comparison statements for the General Fund and major Special Revenue Funds as
either part of the fund financial statements within the basic financial statements or as required supplementary
information after the footnotes. The Town has chosen to present these budgetary statements as required
supplementary information on pages 54 – 56. Following the budgetary statements are the notes to the required
supplementary information.
Other information
The combining statements in connection with nonmajor governmental funds and internal service funds are
presented immediately following the required supplementary information other than the MD&A. Combining and
individual fund statements and schedules can be found on pages 58 – 67 of this report.
The statistical section includes selected financial and demographic information, generally presented on a multi-
year basis. The statistical section can be found on pages 68 – 91 of this report.
Government-Wide Financial Analysis
As noted earlier, net position may serve over time as useful indicators of a government’s financial position. In the
case of the Town, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources
by $145.2 million at the close of the most recent fiscal year.
A summary of the Town’s statement of net position is presented on the following page.
TOWN OF WICKENBURG, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2024
7
2024
2023
Net Change
2024
2023
Net Change
ASSETS
Current and other assets
35,915,102
$
32,589,228
$
3,325,874
$
20,168,910
$
14,612,952
$
5,555,958
$
Capital assets
41,227,735
39,383,213
1,844,522
64,260,493
63,387,731
872,762
Total Assets
77,142,837
71,972,441
5,170,396
84,429,403
78,000,683
6,428,720
DEFERRED OUTFLOWS OF RESOURCES
3,680,864
2,849,260
831,604
215,938
192,037
23,901
Total Assets and Deferred Outflows
80,823,701
74,821,701
6,002,000
84,645,341
78,192,720
6,452,621
LIABILITIES
Current liabilities
2,765,390
4,278,793
(1,513,403)
2,440,438
546,606
1,893,832
Long-term liabilities
6,600,146
6,248,463
351,683
6,203,150
6,549,545
(346,395)
Total Liabilities
9,365,536
10,527,256
(1,161,720)
8,643,588
7,096,151
1,547,437
DEFERRED INFLOWS OF RESOURCES
1,140,784
562,690
578,094
1,112,594
1,173,393
(60,799)
Total Liabilities and Deferred Inflows
10,506,320
11,089,946
(583,626)
9,756,182
8,269,544
1,486,638
NET POSITION
Net investment in capital assets
39,768,323
36,913,489
2,854,834
59,130,432
58,082,210
1,048,222
Restricted
3,517,018
2,866,904
650,114
-
-
-
Unrestricted
27,032,040
23,951,362
3,080,678
15,758,727
11,840,966
3,917,761
Total Net Position
70,317,381
$
63,731,755
$
6,585,626
$
74,889,159
$
69,923,176
$
4,965,983
$
Governmental Activities
Business-type Activities
Net position consists of three components. The largest portion of the Town of Wickenburg, Arizona’s net position
(68%) reflects its investment in capital assets (e.g., land, buildings, infrastructure, furniture, equipment, etc.) less
any related debt used to acquire those assets that is still outstanding. The Town of Wickenburg, Arizona uses these
capital assets to provide services to citizens; consequently, these assets are not available for future spending.
Although the Town’s investment in its capital assets is reported net of related debt, it should be noted that the
resources needed to repay this debt must be provided from other sources, since the capital assets themselves
cannot be used to liquidate these liabilities. The Town’s net investment in capital assets increased $3.9 million. The
increase was largely due to an increase in capital asset additions for infrastructure and airport improvements. The
Town also had a decrease in ending long-term debt related to capital assets that led to the increase in the net
investment in capital assets.
An additional portion of the Town’s net position ($3.5 million) or (2%) represents resources that are subject to
external restrictions on how they may be used. The remaining balance of unrestricted net position ($42.8 million)
or (30%) may be used to meet the government’s ongoing obligations to citizens and creditors. Restricted net
position increased in the current year due to increases in restricted funding that will be spent in future periods.
The increase in unrestricted net position is largely due to normal Town operations and is discussed on the following
pages in the discussion on changes in net position. At the end of the current fiscal year, the Town reported positive
balances in all three categories of net position.
The Town’s net position increased by $11.6 million during the current fiscal year. Key elements of this increase are
presented in the following condensed statement of changes in net position on the following page.
TOWN OF WICKENBURG, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2024
8
2024
2023
Net Change
2024
2023
Net Change
REVENUES
Program revenues
Fees, fines, and charges for services
3,320,736
$
3,249,095
$
71,641
$
10,957,678
$
10,613,729
$
343,949
$
Operating grants and contributions
3,244,521
1,629,575
1,614,946
-
-
-
Capital grants and contributions
3,400,000
-
3,400,000
3,367,268
640,019
2,727,249
General revenues
Local taxes
12,023,139
11,577,332
445,807
-
-
-
State shared revenues
3,716,039
3,009,418
706,621
-
-
-
Investment earnings
1,546,820
972,078
574,742
746,247
508,211
238,036
Other revenues and expenses
374,400
312,710
61,690
301,651
115,185
186,466
Total Revenues
27,625,655
20,750,208
6,875,447
15,372,844
11,877,144
3,495,700
EXPENSES
General government
6,476,918
4,910,943
1,565,975
-
-
-
Public safety
10,080,766
6,189,223
3,891,543
-
-
-
Highways and streets
1,638,819
1,445,172
193,647
-
-
-
Parks, recreation, and facilities
3,043,526
2,165,428
878,098
-
-
-
Water system-1
-
-
-
1,415,713
1,270,403
145,310
Water system-2
-
-
-
997,604
963,537
34,067
Electric
-
-
-
2,405,724
3,555,335
(1,149,611)
Sanitation
-
-
-
1,099,104
1,121,652
(22,548)
Wastewater system-1
-
-
-
1,403,505
1,164,357
239,148
Wastewater system-2
-
-
-
1,765,733
1,676,047
89,686
Airport
-
-
-
1,119,478
1,108,020
11,458
Total Expenses
21,240,029
14,710,766
6,529,263
10,206,861
10,859,351
(652,490)
Change in net position before transfers
6,385,626
6,039,442
346,184
5,165,983
1,017,793
4,148,190
Transfers in (out)
200,000
50,000
150,000
(200,000)
(50,000)
(150,000)
Change in net position
6,585,626
6,089,442
496,184
4,965,983
967,793
3,998,190
Net Position - Beginning
63,731,755
57,642,313
6,089,442
69,923,176
68,955,383
967,793
Net Position - Ending
70,317,381
$
63,731,755
$
6,585,626
$
74,889,159
$
69,923,176
$
4,965,983
$
Governmental Activities
Business-type Activities
Governmental Activities
The governmental activities’ net position increased $6.6 million in the current year. Key elements of that increase
are discussed below.
Program Revenues
The Town’s program revenues consist of fees, fines, and charges for services, as well as operating and capital
grants and contributions. The Town saw an increase in operating and capital grants and contributions of $5.0
million due to a $1 million increase in federal funding from COVID-19 related grant activity and $3.4 million of
state appropriations received for police and fire department renovations.
General Revenues
The Town reports general revenues from local taxes, state shared revenues, investment earnings, and other income
and transfers. Local taxes increased $0.5 million or (4%) due to increases in economic activity at the Town resulting
in larger sales tax collections. State shared revenues increased $0.7 million due to increased distributions from the
state as economic activity had also increased at the state level. Additionally, investment earnings increased by $0.6
million as there has been an increase in cash balances held within the Local Government Investment Pool that had
increased earnings with the increase in interest rates.
Overall, expenses increased $6.5 million (44%), mainly due to increases in salaries and related benefits and
additional PSPRS contributions paid in accordance with the Town’s pension funding policy. The Town also incurred
an increase in operating expenditures related to inflation that caused costs to increase throughout Town
operations.
TOWN OF WICKENBURG, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2024
9
Business-Type Activities
The Water System-1 Fund and Sanitation Fund both reported an operating income of $0.2 million, which was
comparable to the prior year. The Water System-2 Fund reported an operating loss of $0.4 million. The net
operating loss is largely due to depreciation expense.
The Electric Fund reported an operating income of $1.4 million. The net operating income is the result of electricity
charges exceeding the costs to operate the utilities. The excess operating revenues have been dedicated to
subsidizing capital projects of the Town.
The Wastewater System-1 Fund reported operating income of $0.1 million in the current year, which was
comparable to prior year’s net income. The Wastewater System-2 Fund reported an operating loss of $0.2 million.
The Airport Fund realized an operating loss of $0.6 million, largely attributed to depreciation expense.
The total non-operating revenues of the business-type activities increased the net operating income by $1.0
million which generated a positive change in net position of $1.8 million before transfers and capital contributions.
The non-operating revenues were primarily from investment earnings and grant funding with the Water System-
1. Capital contributions were received by both the Wastewater System-1 Fund and Airport Fund for wastewater
treatment plant upgrades and airport apron reconstruction outlays, respectively.
FINANCIAL ANALYSIS OF THE TOWN’S FUNDS
The focus of the Town’s governmental funds is to provide information on near-term inflows, outflows, and
balances of resources that are available for spending. Such information is useful in assessing the Town’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. Types of governmental funds reported by the Town
include the General Fund, Special Revenue Fund, Debt Service and Capital Projects Funds.
As of the end of the current fiscal year, the Town’s governmental funds reported combined ending fund balances
of $32.8 million, an increase of $4.9 million. Approximately 83% of this total amount ($27.1 million) constitutes
General Fund unassigned fund balance, which is available for new spending. The table below presents fund
balances at June 30, 2024.
Increase
(Decrease)
Balance
From 2022-23
GOVERNMENTAL FUND
General Fund
30,748,988
$
5,192,126
$
Highway User Revenue Fund
846,362
(1,020,761)
Grants Fund
50,809
26,217
Nonmajor Governmental Funds
1,141,175
682,596
Total Governmental Funds
32,787,334
$
4,880,178
$
The General Fund is the chief operating fund of the Town of Wickenburg, Arizona. At the end of the current fiscal
year, the fund balance of the General Fund was $30.7 million, while total fund balance of the Town reached $32.8
million. As a measure of the General Fund’s liquidity, it may be useful to compare the General Fund balance to
total General Fund expenditures. General fund balance represents 157% of total General Fund expenditures.
TOWN OF WICKENBURG, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2024
10
The fund balance of the Town’s General Fund increased by $5.2 million because of continued conservative
spending practices. Revenues increased $5.5 million due to $3.4 million of state appropriations received for fire
and police station renovations. Expenditures increased $1.2 million primarily due to increases in salaries and wages.
The Highway User Revenue Fund reported a decrease in fund balance of $1.0 million. This decrease was mainly
due to large road improvement projects ongoing during the fiscal year.
The change in fund balance for the Grants Fund was not considered significant. Nonmajor Governmental Funds
reported an increase of $0.6 million primarily due to large unspent transfers in from the General Fund budgeted
for future capital projects in the Capital Improvement Fund.
The enterprise funds are reported on the same basis as the business-type activities and the significant changes
from the prior year are discussed in the business-type activities on the previous page.
BUDGETARY HIGHLIGHTS
Budgeted General Fund revenues of $16.0 million were less than actual revenues of $24.2 million, while budgeted
expenditures of $24.2 million exceeded the budgetary basis (actual) expenditures by $17.2 million. Actual
expenditures were less than budget, largely due to the budgeted contingencies/reserves reported in the general
services department.
The most significant variance from budget was sales tax revenues and intergovernmental revenues exceeding the
budget due to increased activity as a result of Wickenburg Ranch and an improving economy. The General Services
expenditures fell below budget due to an unspent contingency.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The Town’s capital assets for its governmental activities and business-type activities as of June 30, 2024, amounted
to $41.2 million and $64.3 million, respectively (net of accumulated depreciation), a total net increase of $2.7
million. Additions to capital assets during the fiscal year totaled $3.6 million for governmental activities assets and
$3.7 million for business-type activities assets. Depreciation expense for governmental actives and business-type
activities were $1.7 million and $2.8 million, respectively.
For government-wide financial statement presentation, all depreciable capital assets were depreciated from
acquisition date to the end of the current fiscal year. Governmental fund financial statements record capital asset
purchases as expenditures.
Major capital asset events during the current fiscal year included the following projects:
•
Library and fire department improvements.
•
Streets improvements.
•
Wastewater treatment plant improvements.
•
Airport apron reconstruction.
Additional information on the Town’s capital assets can be found in Note 6 of this report.
Capital asset activity as of June 30, 2024, is summarized on the following page.
TOWN OF WICKENBURG, ARIZONA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED JUNE 30, 2024
11
2024
2023
Net Change
2024
2023
Net Change
CAPITAL ASSETS
Land
15,091,705
$
15,091,705
$
-
$
8,550,435
$
8,550,435
$
-
$
Construction in progress
215,466
24,637
190,829
2,147,065
652,980
1,494,085
Land improvements
2,620,651
2,898,525
(277,874)
187,672
203,532
(15,860)
Buildings and improvements
10,529,030
10,631,881
(102,851)
-
-
-
Infrastructure (utilities)
7,837,110
6,304,251
1,532,859
41,754,000
41,841,409
(87,409)
Airport runways and hangars
-
-
-
7,323,894
7,226,745
97,149
Furniture, equipment and vehicles
4,901,230
4,398,369
502,861
4,297,427
4,912,630
(615,203)
Intangible property
32,543
33,845
(1,302)
-
-
-
Total Capital Assets
41,227,735
$
39,383,213
$
1,844,522
$
64,260,493
$
63,387,731
$
872,762
$
Governmental Activities
Business-type Activities
Long-Term Debt
The State imposes certain debt limitations on the Town of six percent (6%) and twenty percent (20%) of the
outstanding assessed valuation of the Town. The Town’s available debt margin at June 30, 2024 is $11.7 million in
the 6% capacity and $38.7 million in the 20% capacity. Additional information on the debt limitations and
capacities may be found in the statistical section of this report. The Town had no debt applicable to the debt limits
as noted above. The change in the long-term liabilities are as follows:
2024
2023
Net Change
2024
2023
Net Change
LONG-TERM LIABILITIES
Financed purchase
1,440,731
$
1,900,339
$
(459,608)
$
-
$
-
$
-
$
Commitments
-
-
-
4,958,002
5,303,101
(345,099)
Compensated absences
40,687
48,737
(8,050)
60,265
55,650
4,615
Net pension liability
4,989,885
4,145,052
844,833
1,184,883
1,190,794
(5,911)
Total Long-Term Liabilities
6,471,303
$
6,094,128
$
377,175
$
6,203,150
$
6,549,545
$
(346,395)
$
Business-type Activities
Governmental Activities
ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES
$16 million in capital improvements to improve and expand services while also focusing on community
objectives.
An increase in salary and benefits to retain staff.
A continued effort to improve public safety.
Continued growth in the Wickenburg Ranch development and other smaller new developments and several
new businesses.
The above factors were considered in preparing the Town’s budget for the 2024-2025 fiscal year.
REQUEST FOR INFORMATION
This financial report is designed to provide a general overview of the Town’s finances for all of those with an
interest and to demonstrate accountability for the use of public funds. Further information can be found on the
Town’s website at www.wickenburgaz.gov. Questions about any of the information provided in this report, or
requests for additional financial information should be addressed to:
Town of Wickenburg
Finance Director
155 North Tegner St., Suite A
Wickenburg, Arizona 85390
928-684-5451
BASIC FINANCIAL STATEMENTS
TOWN OF WICKENBURG, ARIZONA
STATEMENT OF NET POSITION
JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
12
Governmental
Business-type
Activities
Activities
Total
ASSETS
Cash and cash equivalents
32,938,509
$
16,321,751
49,260,260
$
Restricted assets
128,385
328,681
457,066
Receivables, Net:
Taxes receivable
1,847
-
1,847
Due from other governments
2,672,447
1,587,198
4,259,645
Accounts receivable
90,221
673,535
763,756
Lease receivable
94,200
1,131,043
1,225,243
Internal balances
(72,756)
72,756
-
Inventory
6,723
53,946
60,669
Net pension asset
55,526
-
55,526
Capital assets:
Non-depreciable assets
15,307,171
10,697,500
26,004,671
Depreciable assets, net of accumulated depreciation
25,920,564
53,562,993
79,483,557
Total Assets
77,142,837
84,429,403
161,572,240
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions
3,680,864
215,938
3,896,802
LIABILITIES
Accounts payable
661,585
1,890,275
2,551,860
Accrued wages and benefits
442,340
49,423
491,763
Retainage payable
-
172,059
172,059
Customer deposits payable
128,385
328,681
457,066
Unearned revenue
1,533,080
-
1,533,080
Long-term liabilities:
Due within one year
510,462
15,066
525,528
Due in more than one year
6,089,684
6,188,084
12,277,768
Total Liabilities
9,365,536
8,643,588
18,009,124
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions
1,048,839
41,922
1,090,761
Deferred inflows related to leases
91,945
1,070,672
1,162,617
Total Deferred Inflows of Resources
1,140,784
1,112,594
2,253,378
NET POSITION
Net investment in capital assets
39,768,323
59,130,432
98,898,755
Restricted:
Net pension asset
55,526
-
55,526
Highways and streets
270,012
-
270,012
Public safety
2,692,643
-
2,692,643
Library
51,012
-
51,012
Economic development
283,941
-
283,941
Judicial court enhancement
163,884
-
163,884
Unrestricted
27,032,040
15,758,727
42,790,767
Total Net Position
70,317,381
$
74,889,159
$
145,206,540
$
TOWN OF WICKENBURG, ARIZONA
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
13
Fees, Fines, and
Operating Grants
Capital Grants
Governmental
Business-type
Expenses
Charge for services and Contributions and Contributions
Activities
Activities
Total
Primary Government:
Governmental Activities:
General government
6,476,918
$
1,074,294
$
995,936
$
-
$
(4,406,688)
$
-
$
(4,406,688)
$
Public safety
10,080,766
1,719,049
1,569,771
3,400,000
(3,391,946)
-
(3,391,946)
Highways and streets
1,638,819
-
200,469
-
(1,438,350)
-
(1,438,350)
Parks, recreation, and zoning
3,043,526
527,393
478,345
-
(2,037,788)
-
(2,037,788)
Interest on long-term debt
39,295
-
-
-
(39,295)
-
(39,295)
Total governmental activities
21,279,324
3,320,736
3,244,521
3,400,000
(11,314,067)
-
(11,314,067)
Business-type Activities:
-
Water System-1
1,415,713
1,626,420
-
-
-
210,707
210,707
Water System-2
997,604
618,098
-
-
-
(379,506)
(379,506)
Electric
2,405,724
3,818,889
-
-
-
1,413,165
1,413,165
Sanitation
1,099,104
1,347,687
-
-
-
248,583
248,583
Wastewater System-1
1,403,505
1,474,109
-
1,185,758
-
1,256,362
1,256,362
Wastewater System-2
1,765,733
1,584,203
-
-
-
(181,530)
(181,530)
Airport
1,119,478
488,272
-
2,181,510
-
1,550,304
1,550,304
Total Primary Government
31,486,185
$
14,278,414
$
3,244,521
$
6,767,268
$
(11,314,067)
4,118,085
(7,195,982)
General revenues:
Taxes:
Sales taxes
11,178,018
-
11,178,018
Property taxes
587,149
-
587,149
Franchise taxes
257,972
-
257,972
State revenue sharing
2,098,733
-
2,098,733
State sales tax revenue sharing
1,200,362
-
1,200,362
Auto lieu tax revenue sharing
416,944
-
416,944
Investment earnings
1,546,820
746,247
2,293,067
Other
413,695
301,651
715,346
Transfers
200,000
(200,000)
-
Total general revenues
17,899,693
847,898
18,747,591
Change in net position
6,585,626
4,965,983
11,551,609
Net position - beginning
63,731,755
69,923,176
133,654,931
Net position - ending
70,317,381
$
74,889,159
$
145,206,540
$
Function/Programs
Program Revenues
Net (Expense) Revenue and
Changes in Net Position
TOWN OF WICKENBURG, ARIZONA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
14
General Fund
Highway User
Revenue Fund
Grants Fund
Non-Major
Governmental
Funds
Total
Governmental
Funds
ASSETS
Cash and investments
29,046,414
$
827,748
$
1,583,936
$
1,195,406
$
32,653,504
$
Restricted cash
128,385
-
-
-
128,385
Receivables (net):
Taxes
1,847
-
-
-
1,847
Intergovernmental
2,610,995
61,452
-
-
2,672,447
Lease
94,200
-
-
-
94,200
Accounts
82,162
-
-
-
82,162
Total Assets
31,964,003
$
889,200
$
1,583,936
$
1,195,406
$
35,632,545
$
LIABILITIES
Accounts payable
569,426
$
28,705
$
47
$
54,231
$
652,409
$
Accrued wages and benefits
425,259
14,133
-
-
439,392
Customer deposits payable
128,385
-
-
-
128,385
Unearned revenue
-
-
1,533,080
-
1,533,080
Total Liabilities
1,123,070
42,838
1,533,127
54,231
2,753,266
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to leases
91,945
-
-
-
91,945
FUND BALANCES
Restricted
2,976,787
270,012
50,809
163,884
3,461,492
Assigned
687,759
576,350
-
977,291
2,241,400
Unassigned
27,084,442
-
-
-
27,084,442
Total Fund Balances
30,748,988
846,362
50,809
1,141,175
32,787,334
Total Liabilities and Fund
Balances
31,964,003
$
889,200
$
1,583,936
$
1,195,406
$
35,632,545
$
TOWN OF WICKENBURG, ARIZONA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL
FUNDS TO THE STATEMENT OF NET POSITION
JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
15
Total Fund Balance - Governmental Funds
32,787,334
$
Amounts reported for assets and liabilities for governmental activities in the
statement of net position are different from amounts reported in governmental
funds because:
Capital assets:
In governmental funds, only current assets are reported. In the statement of
net position, all assets are reported, including capital assets and
accumulated depreciation. Excluding the internal service funds.
Capital assets
67,586,435
$
Accumulated depreciation
(26,451,973)
41,134,462
Net OPEB asset:
In governmental funds, postretirement benefits costs are recognized as
expenditures in the period they are paid. In the government-wide
statements, they are recognized in the period they are incurred. The net
OPEB asset at the end of the period was:
55,526
Long-term liabilities:
In governmental funds, excluding the internal service funds, only current
liabilities are reported in the statement of net position, all liabilities,
including long-term liabilities, are reported. Long-term liabilities relating to
governmental activities consist of:
Net pension liability
(4,890,237)
Financed purchase payable
(1,440,731)
Compensated absences
(169,530)
(6,500,498)
Deferred outflows and inflows of resources relating to pensions:
In governmental funds, excluding the internal service funds, deferred
outflows and inflows of resources relating to pensions are not reported
because they are applicable to future periods. In the statement of net
position, deferred outflows and inflows of resources relating to pensions
are reported:
Deferred outflows of resources relating to pensions:
3,662,028
Deferred inflows of resources relating to pensions:
(1,045,313)
2,616,715
Internal service funds are used by management to charge the costs of
certain activities to individual funds. The assets and liabilities of the
internal service funds are included in governmental activities in the
statement of net position.
Internal service fund net position
296,598
Less: amount attributed to the business-type activities
(72,756)
Total Net Position - Governmental Activities
70,317,381
$
TOWN OF WICKENBURG, ARIZONA
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
16
General Fund
Highway User
Revenue Fund
Grants Fund
Non-Major
Governmental
Funds
Total
Governmental
Funds
REVENUES
Sales tax
10,545,739
$
890,251
$
-
$
-
$
11,435,990
$
Property tax
587,149
-
-
-
587,149
Intergovernmental
8,412,025
-
-
-
8,412,025
Charges for services
1,698,620
602,160
-
-
2,300,780
Licenses and permits
786,994
-
1,337,346
-
2,124,340
Fines and forfeitures
226,622
-
-
19,725
246,347
Contributions and donations
9,029
-
-
-
9,029
Interest earnings
1,451,980
75,587
67
7,363
1,534,997
Other revenues
405,463
4,985
-
-
410,448
Total Revenues
24,123,621
1,572,983
1,337,413
27,088
27,061,105
EXPENDITURES
Current:
General government
5,574,924
-
117,233
5,500
5,697,657
Public safety
8,920,815
-
48,677
-
8,969,492
Parks, recreation, and facilities
2,736,853
-
-
-
2,736,853
Highways and streets
-
1,146,384
-
-
1,146,384
Debt service:
Principal
-
-
-
459,608
459,608
Interest and fiscal charges
-
-
-
39,295
39,295
Capital outlay
-
1,847,360
1,145,286
338,992
3,331,638
Total Expenditures
17,232,592
2,993,744
1,311,196
843,395
22,380,927
Excess (Deficiency) of Revenues
Over Expenditures
6,891,029
(1,420,761)
26,217
(816,307)
4,680,178
Other Financing Sources (Uses)
Transfers in
-
400,000
-
1,498,903
1,898,903
Transfers out
(1,698,903)
-
-
-
(1,698,903)
Net Financing Sources (Uses)
(1,698,903)
400,000
-
1,498,903
200,000
NET CHANGE IN FUND BALANCE
5,192,126
(1,020,761)
26,217
682,596
4,880,178
Fund Balance - Beginning
25,556,862
1,867,123
24,592
458,579
27,907,156
Fund Balance - Ending
30,748,988
$
846,362
$
50,809
$
1,141,175
$
32,787,334
$
TOWN OF WICKENBURG, ARIZONA
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
17
Net Change in Fund Balances - Governmental Funds
4,880,178
$
Amounts reported for governmental activities in the statement of activities are
different from amounts reported in governmental funds because:
In governmental funds, the costs of capital assets are reported as
expenditures in the period when the assets are acquired. In the statement
of activities, costs of capital assets are allocated over their estimated useful
lives as depreciation expense. (excluding internal service funds)
Expenditures for capital outlay:
3,544,826
$
Depreciation expense:
(1,721,968)
1,822,858
Governmental funds report pension contributions as expenditures when
made. However, in the statement of activities, pension expense is the cost of
benefits earned, adjusted for member contributions, the recognition of
changes in deferred outflows and inflows of resources related to pensions.
(excluding internal service funds)
Pension contributions
856,665
Pension expense
(1,472,593)
The issuance of long-term debt (e.g. bonds, leases) provides current
financial resources to governmental funds, while the repayment of principal
of long-term debt consumes the current financial resources of governmental
funds. Neither transaction, however, has any effect on net position. The
issuance of long-term debt increases long-term liabilities on the statement
of net position and the repayment of principal on long-term debt reduces
long-term debt on the statement of net position.
Principal payment on loans payable
459,608
Some expenses reported in the statement of activities do not require the
use of current financial resources and therefore are not reported as
expenditures in the governmental funds. (excluding internal service funds)
Decrease in compensated absences
33,542
Internal service funds are used by management to charge the costs
of certain activities to individual funds. The net revenues of the
internal service funds are reported with governmental activities and
business-type activities.
Net Revenues (Losses) of the Internal Service Fund
13,922
Amount attributable to the Business-Type Activities
(8,554)
Change in Net Position of Governmental Activities
6,585,626
$
TOWN OF WICKENBURG, ARIZONA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
18
Water
System-1
Water
System-2
Electric
Sanitation
Wastewater
System-1
Wastewater
System-2
Airport
Totals
ASSETS
Current assets
Cash and cash equivalents
4,491,784
$
1,192,711
$
4,443,930
$
933,702
$
3,036,956
$
2,021,074
$
201,594
$
16,321,751
$
285,005
$
Accounts receivable, net
103,421
64,198
239,203
74,416
99,654
91,417
1,226
673,535
8,059
Intergovernmental receivable
-
-
-
-
-
-
1,587,198
1,587,198
-
Lease receivable
714,977
-
-
-
-
-
416,066
1,131,043
-
Inventory
-
-
-
-
-
-
53,946
53,946
6,723
Restricted cash and investments
-
-
301,444
27,147
-
-
90
328,681
-
Total current assets
5,310,182
1,256,909
4,984,577
1,035,265
3,136,610
2,112,491
2,260,120
20,096,154
299,787
Noncurrent assets
Nondepreciable capital assets
537,537
-
-
-
467,230
-
9,692,733
10,697,500
-
Depreciation capital assets, net
8,416,650
12,836,529
2,959,275
470,551
8,302,839
12,615,281
7,961,868
53,562,993
93,273
Total non-current assets
8,954,187
12,836,529
2,959,275
470,551
8,770,069
12,615,281
17,654,601
64,260,493
93,273
Total Assets
14,264,369
14,093,438
7,943,852
1,505,816
11,906,679
14,727,772
19,914,721
84,356,647
393,060
DEFERRED OUTFLOWS OF RESOURCES
35,515
29,201
10,933
43,467
35,527
50,640
10,655
215,938
18,836
LIABILITIES
Current liabilities
Accounts payable
48,790
22,654
85,270
18,905
156,072
22,502
1,536,082
1,890,275
$
9,176
$
Retainage payable
-
-
-
-
1,349
-
170,710
172,059
-
Accrued wages and benefits
7,452
7,021
2,356
7,924
11,519
10,966
2,185
49,423
2,948
Customer deposits payable
-
-
301,444
27,147
-
-
90
328,681
-
Compensated absences payable
1,594
631
-
4,738
4,948
1,966
1,189
15,066
-
Total current liabilities
57,836
30,306
389,070
58,714
173,888
35,434
1,710,256
2,455,504
12,124
Non-current liabilities
Net pension liability
184,754
132,380
60,707
236,355
197,306
313,234
60,147
1,184,883
99,648
Compensated absences
4,782
1,892
-
14,213
14,845
5,899
3,568
45,199
-
Commitments payable
-
-
-
-
-
4,958,002
-
4,958,002
-
Total non-current liabilities
189,536
134,272
60,707
250,568
212,151
5,277,135
63,715
6,188,084
99,648
Total Liabilities
247,372
164,578
449,777
309,282
386,039
5,312,569
1,773,971
8,643,588
111,772
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pensions
6,537
4,684
2,148
8,362
6,981
11,082
2,128
41,922
3,526
Deferred inflows of resources related to leases
664,287
-
-
-
-
-
406,385
1,070,672
-
Total deferred inflows of resources
670,824
4,684
2,148
8,362
6,981
11,082
408,513
1,112,594
3,526
NET POSITION
Net investment in capital assets
8,954,187
12,836,529
2,959,275
470,551
8,768,720
7,657,279
17,483,891
59,130,432
93,273
Unrestricted
4,427,501
1,116,848
4,543,585
761,088
2,780,466
1,797,482
259,001
15,685,971
203,325
Total Net Position
13,381,688
$
13,953,377
$
7,502,860
$
1,231,639
$
11,549,186
$
9,454,761
$
17,742,892
$
74,816,403
$
296,598
$
Adjustments to Reflect the Consolidation of Internal Service Fund Activities Related to Enterprise Funds
72,756
Net Position of Business-Type Activities
74,889,159
$
Governmental
Activities -
Internal
Service Fund
Business-type Activities
Deferred outflows of resources
related to pensions
TOWN OF WICKENBURG, ARIZONA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
19
Water
System-1
Water
System-2
Electric
Sanitation
Wastewater
System-1
Wastewater
System-2
Airport
Totals
OPERATING REVENUE
Charges for services
1,626,420
$
618,098
$
3,818,889
$
1,347,687
$
1,474,109
$
1,584,203
$
488,272
$
10,957,678
$
588,775
$
OPERATING EXPENSE
Cost of sales and service
1,002,801
534,437
2,285,850
981,631
1,052,673
1,016,445
492,379
7,366,216
574,495
Depreciation
413,884
464,036
120,667
121,715
351,628
750,115
627,154
2,849,199
15,428
Total operating expenses
1,416,685
998,473
2,406,517
1,103,346
1,404,301
1,766,560
1,119,533
10,215,415
589,923
OPERATING INCOME (LOSS)
209,735
(380,375)
1,412,372
244,341
69,808
(182,357)
(631,261)
742,263
(1,148)
NON-OPERATING REVENUES (EXPENSES)
Investment earnings
214,058
46,523
235,050
35,574
123,105
92,077
(140)
746,247
11,823
Miscellaneous revenues
16,911
262,753
13,442
4,350
4,195
-
-
301,651
3,247
Total non-operating revenues (expenses)
230,969
309,276
248,492
39,924
127,300
92,077
(140)
1,047,898
15,070
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
440,704
(71,099)
1,660,864
284,265
197,108
(90,280)
(631,401)
1,790,161
13,922
Capital contributions
-
-
-
-
1,185,758
-
2,181,510
3,367,268
-
Transfers out
-
-
(200,000)
-
-
-
-
(200,000)
-
Total contributions and transfers
-
-
(200,000)
-
1,185,758
-
2,181,510
3,167,268
-
CHANGE IN NET POSITION
440,704
(71,099)
1,460,864
284,265
1,382,866
(90,280)
1,550,109
4,957,429
13,922
NET POSITION
Net Position - Beginning
12,940,984
14,024,476
6,041,996
947,374
10,166,320
9,545,041
16,192,783
282,676
Net Position - Ending
13,381,688
$
13,953,377
$
7,502,860
$
1,231,639
$
11,549,186
$
9,454,761
$
17,742,892
$
296,598
$
Adjustments to Reflect the Consolidation of Internal Service Fund Activities Related to Enterprise Funds
8,554
Change in Net Position of Business-Type Activities
4,965,983
$
Business-Type Activities
Governmental
Activities -
Internal
Service Fund
TOWN OF WICKENBURG, ARIZONA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
20
Water
System-1
Water
System-2
Electric
Sanitation
Wastewater
System-1
Wastewater
System-2
Airport
Total
Cash flows from operating activities
Receipts from customers
1,610,614
$
595,787
$
3,710,788
$
1,314,786
$
1,474,517
$
1,550,438
$
498,267
$
10,755,197
$
605,782
$
Payments to suppliers
(715,269)
(322,656)
(2,197,407)
(664,605)
(584,425)
(752,383)
(568,337)
(5,805,082)
(409,800)
Payments to employees
(262,026)
(228,689)
(79,179)
(332,754)
(232,057)
(317,724)
(76,749)
(1,529,178)
(124,572)
Other receipts (payments)
16,911
262,753
13,442
4,350
4,195
-
-
301,651
3,247
Customer deposits
-
-
32,700
-
-
-
-
32,700
-
Net cash provided/(used) by operating activities
650,230
307,195
1,480,344
321,777
662,230
480,331
(146,819)
3,755,288
74,657
Cash flows from non-capital financing activities
Interfund borrowing
-
-
(200,000)
-
-
-
-
(200,000)
-
Cash flows from capital and related financing
Acquisition of capital assets
(9,201)
(34,870)
(47,032)
1
(1,242,222)
(9,199)
(539,834)
(1,882,357)
(37,092)
Principal paid on capital purchases
-
-
-
-
-
(345,099)
-
(345,099)
-
Capital contributions
-
-
-
-
1,185,758
-
594,312
1,780,070
-
Net cash provided/(used) in operating activities
(9,201)
(34,870)
(47,032)
1
(56,464)
(354,298)
54,478
(447,386)
(37,092)
Cash flows from investing activities
Interest received
214,058
46,523
235,050
35,574
123,105
92,077
(140)
746,247
11,823
Net increase in cash
855,087
318,848
1,468,362
357,352
728,871
218,110
(92,481)
3,854,149
49,388
Cash
Beginning of year
3,636,697
873,863
2,975,568
576,350
2,308,085
1,802,964
294,075
12,467,602
235,617
End of year
4,491,784
$
1,192,711
$
4,443,930
$
933,702
$
3,036,956
$
2,021,074
$
201,594
$
16,321,751
$
285,005
$
Water
System-1
Water
System-2
Electric
Sanitation
Wastewater
System-1
Wastewater
System-2
Airport
Total
Reconciliation of operating loss to cash used in
operating activities
Operating income (loss)
209,735
$
(380,375)
$
1,412,372
$
244,341
$
69,808
$
(182,357)
$
(631,261)
$
742,263
$
(1,148)
$
Depreciation
413,884
464,036
120,667
121,715
351,628
750,115
627,154
2,849,199
15,428
Nonoperating receipts (disbursements)
42,582
262,753
13,442
4,350
4,195
-
-
327,322
3,247
Change in assets/liabilities:
Receivables, net
(399)
(18,689)
(39,287)
(32,901)
408
(33,765)
36,120
(88,513)
17,007
Lease receivable
29,240
-
-
-
-
-
22,773
52,013
-
Restricted assets
-
-
(32,700)
-
-
-
-
(32,700)
-
Inventory
-
-
-
-
-
-
(9,710)
(9,710)
34,904
Deferred outflows of resources related to pensions
(4,995)
(6,040)
(1,182)
(3,669)
(5,425)
(1,746)
(844)
(23,901)
(2,664)
Accounts payable
16,850
12,794
(26,174)
8,805
141,760
(20,572)
(162,515)
(29,052)
9,176
Accrued wages
(2,062)
(629)
(1,059)
(1,804)
4,404
56
(1,144)
(2,238)
(1,263)
Customer deposits payable
-
-
32,700
-
-
-
-
32,700
-
Compensated absences
(1,735)
(297)
-
3,619
5,678
(2,103)
(547)
4,615
-
Net pension liability
(9,727)
(26,731)
1,034
(23,988)
27,693
27,069
(1,261)
(5,911)
(834)
Deferred inflows related to leases
(44,411)
-
-
-
-
-
(26,048)
(70,459)
-
Deferred inflows of resources related to pensions
1,268
373
531
1,309
62,081
(56,366)
464
9,660
804
Net cash used by operating activities
650,230
$
307,195
$
1,480,344
$
321,777
$
662,230
$
480,331
$
(146,819)
$
3,755,288
$
74,657
$
Governmental
Activities -
Internal
Service Fund
Governmental
Activities -
Internal
Service Fund
Business-Type Activities
Business-Type Activities
TOWN OF WICKENBURG, ARIZONA
STATEMENT OF NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
21
Custodial
Fund
ASSETS
Current assets
Cash and cash equivalents
420,235
$
NET POSITION
Restricted for:
Capital projects
420,235
Total Net Position
420,235
$
TOWN OF WICKENBURG, ARIZONA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2024
See accompanying Notes to the Basic Financial Statements
22
Custodial
Fund
ADDITIONS
Franchise fees collected
24,385
$
Fiduciary Net Position - Beginning
395,850
Fiduciary Net Position - Ending
420,235
$
NOTES TO BASIC FINANCIAL STATEMENTS
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
23
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements of the Town of Wickenburg, Arizona (Town) have been prepared in
conformity with accounting principles generally accepted in the United States of America applicable to
governmental units adopted by the Governmental Accounting Standards Board (GASB).
Reporting Entity
The Town is a municipal government that is governed by a separately elected governing body. It is legally separate
from and fiscally independent of other state and local governments. In evaluating how to define the Town, for
financial reporting purposes, management has identified no potential component units. The decision to include a
potential component unit in the reporting entity would have been made by applying criteria set forth in accounting
principles generally accepted in the United States of America. Generally, component units are legally separate
organizations for which the elected officials of the primary government (i.e., the Town) are financially accountable.
The primary government is financially accountable for a potential component unit if it: appoints a voting majority
of the potential component unit’s governing body; and, either is able to impose its will on the potential component
unit or there is a possibility of the potential component unit to provide specific financial benefits to, or impose
specific financial burdens on the primary government. In addition, a primary government may be financially
accountable for a potential component unit even though the potential component unit may have a separately
elected governing board, a board appointed by another government, or a jointly appointed board if the potential
component unit is fiscally dependent on the primary government (e.g., the primary government must approve the
potential component unit’s budget, tax rates, etc.). Because no potential component units were identified in
defining the Town’s reporting entity, none have been included in the Town’s reporting entity. Consequently, the
Town’s financial statements present only the funds of those organizational entities for which its elected governing
board is financially accountable.
Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities)
report information on all the nonfiduciary activities of the primary government. The effect of interfund activity has
been removed from these statements, except for interfund services provided and used are not eliminated in the
process of consolidation. Governmental activities, which are normally supported by taxes and intergovernmental
revenues, are reported separately from business-type activities, which rely to a significant extent on fees and
charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment
are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or
segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit
from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that
are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and
other items not properly included among program revenues are reported instead as general revenues. Separate
financial statements are provided for governmental funds, proprietary funds, and fiduciary funds even though the
latter are excluded from the government-wide financial statements. Major individual governmental and enterprise
funds are reported as separate columns in the fund financial statements.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
24
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements and the proprietary and fiduciary fund 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. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar
items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources measurement focus and
the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and
available. 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 Town considers revenues to be
available if they are collected within 60 and 180 days of the end of the current fiscal period for property tax
revenues and intergovernmental revenues, respectively. Expenditures generally are recorded when a liability is
incurred, as under accrual accounting, except expenditures related to compensated absences and claims and
judgments, which are recorded only when payment is due. Property taxes, intergovernmental grants and aid, and
interest 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. All other revenue items are considered to be measurable and
available only when cash is received by the government.
The Town reports the following major governmental funds:
The General Fund is the Town’s primary operating fund. It accounts for all financial resources of the Town, except
those required to be accounted for in another fund.
The Highway User Revenue Fund is special revenue fund used to account for the Town’s share of motor fuel tax
revenues and lottery proceeds.
The Grants Fund is a special revenue fund used to account for the activities of various state and federal grants and
contributions received by the Town.
The Town reports the following major proprietary funds:
The Water System-1 Fund accounts for the activities necessary to provide water services to the citizens of the Town.
The Water System-2 Fund accounts for the activities necessary to provide water services to the citizens of the town
living in Wickenburg Ranch.
The Electric Fund accounts for the activities necessary to provide electricity to the citizens of the Town.
The Sanitation Fund accounts for the activities necessary to provide trash collections for the citizens of the Town.
The Wastewater System-1 Fund accounts for the activities necessary to provide wastewater services to the citizens
of the Town.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
25
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)
The Wastewater System-2 Fund accounts for the activities necessary to provide wastewater services to the citizens
of the town living in Wickenburg Ranch.
The Airport Fund accounts for the transactions related to operating the municipal airport.
Additionally, the government reports the following fund types:
The Internal Service Funds account for the direct and overhead costs of vehicle maintenance on Town vehicles and
the operation of the Town’s Fuel Facility. The funds are operated on a cost reimbursement basis.
The Custodial Fund is used to report fiduciary activities that are not required to be reported in pension or OPEB
trust funds, investment trust funds, or private purpose trust funds. The Fund accounts for funds held by the Town
on behalf of Southwest Gas which controls the use of the funds for various capital expenses incurred by Southwest
Gas to provide services to the Town. Any related capital is not the property of the Town.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with a
proprietary fund’s principal ongoing operations. The principal operating revenues of the internal service fund are
charges to other funds for direct and overhead costs of vehicle maintenance on Town vehicles and operations of
the fuel facility. Operating expenses for the internal service fund include the cost of fuel and maintenance of Town
vehicles. All revenues and expenses not meeting this definition are reported as nonoperating revenues and
expenses.
When both restricted and unrestricted resources are available for use, for governmental activities it is the Town’s
policy to use restricted resources first, then unrestricted resources as they are needed. For business-type activities,
the use of restricted resources is governed by the applicable loan covenants.
Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or
Equity
Deposits and Investments
The Town’s cash and cash equivalents are considered to be cash on hand, demand deposits, cash and investments
held by the State Treasurer, and highly liquid investments with maturities of three months or less from the date of
acquisition.
Cash and investments are pooled except for funds required to be held by fiscal agents or restricted under
provisions of bond indentures. Interest earned from investments purchased with such pooled monies are allocated
to each of the funds based on the average daily cash balances. State statutes authorize the Town to invest in
obligations of the U.S. Treasury and U.S. agencies, certificates of deposit in eligible depositories, repurchase
agreements, obligations of the State of Arizona or any of its counties or incorporated cities, towns or duly
organized school districts, improvement districts in this state and the State Treasurer’s Local Government
Investment Pool. Investments are stated at fair value.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
26
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or
Equity (Continued)
Accounts and Property Tax Receivables
All trade and property taxes receivable are shown net of an allowance for uncollectible accounts.
Maricopa County and Yavapai County levy real and personal property taxes on or before the third Monday in
August that become due and payable in two equal installments. The first installment is due on the first day of
October and becomes delinquent after the first business day of November. The second installment is due on the
first day of March of the next year and becomes delinquent after the first business day of May. However, a lien
against real and personal property attaches on the first day of January preceding assessment and levy thereof.
Intergovernmental Receivables
Intergovernmental receivables include amounts due from other government agencies and include Town sales tax
($1,546,035), highway user revenue fuel tax ($61,452), state sales tax ($38,278), auto lieu ($15,783), fire district
billings ($867,512), and other ($143,387) in the governmental funds and governmental activities column of the
government-wide financial statements. The Airport Fund intergovernmental receivables amount includes grant
reimbursements owed from the state and federal government.
Inventories and Prepaids
Inventories are recorded as expenditures at the time of purchase in the governmental funds and are recorded as
an asset and expensed when consumed in the government-wide and proprietary fund financial statements. In the
governmental funds, enterprise funds, and government-wide financial statements, prepaids are recorded as an
asset and expensed in the period goods or services are received.
Capital Assets
Capital assets, which include property, plant, and equipment, are reported in the applicable governmental and
business-type activities column in the government-wide financial statements and in the proprietary funds financial
statements. Capital assets are defined by the Town as assets with an initial, individual cost of more than $5,000
and an estimated useful life in excess of one year. Infrastructure assets acquired prior to 1980 are not reported in
the governmental activities column in the government-wide financial statements.
Property, plant, and equipment purchased or acquired is carried at historical cost or estimated historical cost.
Contributed assets are recorded at acquisition value as of the date received. Additions, improvements and other
capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs
and maintenance are expensed as incurred.
Depreciation on all assets is provided on a straight-line basis over the following estimated useful lives:
Land improvements
10-40 years
Buildings and improvements
10-40 years
Utility components
5-40 years
Infrastructure
5-40 years
Furniture, equipment, and vehicles
3-20 years
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
27
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or
Equity (Continued)
Deferred Outflows of Resources
The deferred outflows of resources represent the consumption of net position that is applicable to a future
reporting period. Reported amounts are related to the requirements of accounting and financial reporting for
pensions.
Compensated Absences
The liability for compensated absences reported in the government-wide and proprietary fund financial
statements consists of unpaid, accumulated leave balances. The liability has been calculated using the vesting
method, in which leave amounts for both employees who currently are eligible to receive termination payments
and other employees who are expected to become eligible in the future to receive such payments upon
termination are included.
Long-Term Obligations
In the government-wide financial statements, and proprietary fund financial statements, long-term debt and other
long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities
or proprietary fund statements of net position.
Pension Plans
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of
resources related to pensions, and pension expense, information about the fiduciary net position of the Arizona
State Retirement System (ASRS) and Public Safety Personnel Retirement System (PSPRS) and additions
to/deductions from ASRS/PSPRS’s fiduciary net position have been determined on The same basis as they are
reported by ASRS/PSPRS. For this purpose, benefit payments (including refunds of employee contributions) are
recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
Deferred Inflows of Resources
Deferred inflows of resources represent the acquisition of net position that is applicable to a future reporting
period. Reported amounts are related to the requirements of accounting and financial reporting for pensions and
leases.
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 Town. Unrestricted net position is the remaining net
position not included in the previous two categories.
None of the restricted net position is restricted by enabling legislation.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
28
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or
Equity (Continued)
Fund Balances
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.
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 their usage by creditors (such as
through debt covenants), grantors, contributors, or laws and regulations. The committed fund balances are self-
imposed limitations approved by the Town’s Council, which is the highest level of decision-making authority within
the Town. Only the Town Council can remove or change the constraints placed on committed fund balances. The
Town Council must commit fund balances before the end of the fiscal year through formal council action. Assigned
fund balances are resources constrained by the Town’s intent to be used for specific purposes but are neither
restricted nor committed. The Town Council has authorized, through the adoption of a fund balance policy, the
Town Manager to make assignments of resources for a specific purpose. 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 balance of the other governmental funds are reported as unassigned. When
an expenditure is incurred, it is the Town’s policy to use restricted fund balance first, then committed, assigned,
and unassigned fund balances as resources are available.
The various components of fund balance are as follows:
General Fund
Highway User
Revenue Fund
Grants Fund
Non-Major
Governmental
Funds
Total
Governmental
Funds
Restricted
-
$
270,012
$
-
$
-
$
270,012
$
1,189,840
-
50,809
-
1,240,649
1,451,994
-
-
-
1,451,994
Library contributions
51,012
-
-
-
51,012
Economic development
283,941
-
-
-
283,941
Judicial court enhancement
-
-
-
163,884
163,884
Total restricted
2,976,787
270,012
50,809
163,884
3,461,492
Assigned
Cemetery operations
357,518
-
-
-
357,518
Court enhancement
23,274
-
-
-
23,274
Street maintenance
-
576,350
-
-
576,350
Rodeo grounds operations
99,960
-
-
-
99,960
Retirement benefits
207,007
-
-
-
207,007
Capital outlay
-
-
-
977,291
977,291
Total assigned
687,759
576,350
-
977,291
2,241,400
Unassigned
27,084,442
-
-
-
27,084,442
Total
30,748,988
$
846,362
$
50,809
$
1,141,175
$
32,787,334
$
Highways and streets
Police
Fire
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
29
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or
Equity (Continued)
Leases
The Town determines if an arrangement is a lease at inception. Leases are included in lease receivables and
deferred inflows of resources in the statements of net position and fund financial statements. Lease receivables
represent the Town’s claim to receive lease payments over the lease term, as specified in the contract, in an
exchange or exchange-like transaction. Lease receivables are recognized at commencement date based on the
present value of expected lease payments over the lease term, reduced by any provision for estimated uncollectible
amounts. Interest revenue is recognized ratably over the contract term.
Deferred inflows of resources related to leases are recognized at the commencement date based on the initial
measurement of the lease receivable, plus any payments received from the lessee at or before the commencement
of the lease term that relate to future periods, less any lease incentives paid to, or on behalf of, the lessee at or
before the commencement of the lease term. The deferred inflows related to leases are recognized as lease
revenue in a systematic and rational manner over the lease term.
NOTE 2 STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Budgetary Information
The Town Council follows these procedures in establishing the budgetary data reflected in the financial statements:
1. In accordance with Arizona Revised Statutes, the Town Manager submits a proposed budget for the fiscal year
commencing the following July 1 to the Town Council. The operating budget includes proposed expenditures
and the means of financing them for the upcoming year.
2. Public hearings are conducted to obtain taxpayer comment.
3. Prior to the third Monday in August, the expenditure limitation for the Town is legally enacted through passage
of an ordinance. To ensure compliance with the expenditure limitation, a uniform expenditure report must be
filed with the State each year. This report, issued under a separate cover, reconciles total Town expenditures
from the audited basic financial statements to total expenditures for reporting in accordance with the State’s
uniform expenditure reporting system (A.R.S. §41-1279.07).
4. Expenditures may not legally exceed the expenditure budget by department for the General Fund or the total
fund budget for other funds without council approval. The Town legally adopts a budget by department for
the General Fund and in total by fund for other funds. Transfers between departments within the General Fund
may be authorized by the Department Director, transfers of any unencumbered appropriation balance
between Funds must be approved by the Town Council. The adopted budget cannot be amended in any way
without Town Council approval.
5. Formal budgetary integration is employed as a management control device during the year for the General,
Special Revenue, and Capital Projects Funds on essentially the same modified accrual basis of accounting used
to record actual revenues and expenditures.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
30
NOTE 2 - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Budgetary Information (Continued)
The Town is subject to the State of Arizona’s Spending Limitation Law for Towns and Cities. This law does not
permit the Town to spend more than budgeted revenues plus the unrestricted cash balance from the prior fiscal
year. The limitation is applied to the total of the combined funds. The Town complies with this law. No
supplementary budgetary appropriations were necessary during the year.
During the fiscal year, the Town had overexpenditures within the General Fund for public safety ($195,079) and
parks, recreation and facilities ($69,129). Cash balances were available to account for the over-expenditures and
budget capacity was available in other General Fund categories to account for the over-expenditures within the
subsections as noted above.
NOTE 3 – DEPOSITS AND INVESTMENTS
Deposits and investments at June 30, 2024 consist of the following:
Deposits:
Cash on hand
1,040
$
Cash in bank
5,187,161
Investments:
State treasurer's investment pool
44,949,360
Total deposits and investments
50,137,561
Less:
Restricted assets
(457,066)
Fiduciary funds
(420,235)
Total cash and cash equivalents
49,260,260
$
Deposits
The Town’s deposits at June 30, 2024 had a carrying value of $5,187,161 and a bank balance of $5,229,813. Of the
bank balance, $250,000 was covered by federal depository insurance and the remaining balance was covered
through the State of Arizona’s pooled collateral program. Therefore, the Town’s deposits were not exposed to any
custodial credit risk.
Investments
The Town holds its investments in the Arizona State Treasurer’s Local Government Investment Pool (LGIP).
Investments in the State Treasurer’s investment pools are valued at the pool’s share price multiplied by the number
of shares the Town held. The fair value of a participant’s position in the pool approximates the value of the
participant’s pool shares. The State Board of Deposit provides oversight for the State Treasurer’s pools, and the
Local Government Investment Pool Advisory Committee provides consultation and advice to the Treasurer.
Investments in the State Treasurer’s investment pools are reported at fair value. Fair value is the amount reasonably
expected to be received for an investment in a current sale between a willing buyer and a willing seller. Investments
are valued based on published market prices and securities pricing services.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
31
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
Investments (Continued)
Interest Rate Risk – In accordance with its investment policy, the Town manages its exposure to declines in fair
value by limiting the average maturity of its investments to six months or less. All of the Town’s investments held
in LGIP have maturities of one year or less.
Credit Risk – The Town does not have a policy relating to credit risk. The State Treasurer’s investments held in
Pools 5 and 7, the pools in which the Town is invested, have an average rating of AAA from Standard and Poor’s
and are comprised primarily of treasury bills backed by the U.S. Government.
Concentration of Credit Risk – The Town’s investment policy does not address concentration of credit risk. The
Town currently only invests in the State Treasurer’s Investment Pools.
Restricted Assets
Restricted assets in the Governmental Activities and Business-Type Activities at June 30, 2024 consisted customer
deposits and restricted contributions.
NOTE 4 – LEASES
The Town, acting as lessor, leases land and facilities under long-term, non-cancelable lease agreements. The leases
expire at various dates through 2052 and provide for renewal options ranging from one year to six years. During
the year ended June 30, 2024, the Town recognized $96,701 and $26,423 in lease revenue and interest revenue,
respectively, pursuant to these contracts.
Governmental Activities
Facilities space and land lease - Annual installments total $3,588 plus interest at an interest rate of 3.20%, with due
dates ranging from 2025 to 2047.
Business-type Activities
Facilities space and land leases - Annual installments total $63,374 plus interest at an interest rate of 3.20%, with
due dates ranging from 2025 to 2052.
NOTE 5 – INTERFUND TRANSFERS
Interfund transfers for the year ended June 30, 2024, consisted of the following:
Transfer In
General Fund
Electric Fund
Total
Nonmajor Governmental Funds
1,298,903
$
200,000
$
1,498,903
$
Highway User Revenue Fund
400,000
-
400,000
Total
1,698,903
$
200,000
$
1,898,903
$
Transfer Out
The General Fund and Electric Fund transferred $1,000,000 and $200,000, respectively, to the Capital Improvement
Nonmajor Governmental Fund for budgeted capital projects. Additionally, $298,903 was transferred from the
General Fund to the Debt Service Nonmajor Governmental Fund for debt service expenditures and $400,000 was
transferred from the General Fund to the Highway User Revenue Fund to subsidize future road projects.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
32
NOTE 6 – CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2024, was as follows:
Balance
Balance
July 01, 2023
Additions
Deductions
June 30, 2024
Governmental Activities
Capital assets not being depreciated
Land
15,091,705
$
-
$
-
$
15,091,705
$
Construction in progress
24,637
437,686
(246,857)
215,466
Total Capital Assets not Being Depreciated
15,116,342
437,686
(246,857)
15,307,171
Capital assets being depreciated
Land improvements
6,893,509
-
-
6,893,509
Buildings and improvements
15,423,799
288,699
-
15,712,498
Infrastructure
16,873,202
1,834,187
-
18,707,389
Furniture, equipment, and vehicles
10,371,927
1,268,203
-
11,640,130
Intangible property
52,070
-
-
52,070
Total Capital Assets Being Depreciated
49,614,507
3,391,089
-
53,005,596
Less Accumulated Depreciation
Land improvements
(3,994,984)
(277,874)
-
(4,272,858)
Buildings and improvements
(4,791,918)
(391,550)
-
(5,183,468)
Infrastructure
(10,568,951)
(301,328)
-
(10,870,279)
Furniture, equipment, and vehicles
(5,973,558)
(765,342)
-
(6,738,900)
Intangible property
(18,225)
(1,302)
-
(19,527)
Total Accumulated Depreciation
(25,347,636)
(1,737,396)
-
(27,085,032)
Total Capital assets, being depreciated, net
24,266,871
1,653,693
-
25,920,564
Governmental Activities Capital Assets, Net
39,383,213
$
2,091,379
$
(246,857)
$
41,227,735
$
Depreciation expenses was charged to governmental functions as follows:
Governmental Activities:
General government
242,940
$
Public safety
775,323
Highways and streets
422,804
Parks, recreation, and zoning
280,901
Internal service funds
15,428
Total governmental activities depreciation
expense
1,737,396
$
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
33
NOTE 6 – CAPITAL ASSETS (CONTINUED)
Balance
Balance
July 01, 2023
Additions
Deductions
June 30, 2024
Business-Type Activities
Capital assets not being depreciated
Land
8,550,435
$
-
$
-
$
8,550,435
$
Construction in progress
652,980
3,122,517
(1,628,432)
2,147,065
Total Capital Assets not Being Depreciated
9,203,415
3,122,517
(1,628,432)
10,697,500
Capital assets being depreciated
Land improvements
877,021
-
-
877,021
Wells, waterlines, and improvements
26,642,615
-
-
26,642,615
Electric meters and wires
3,679,448
347,032
-
4,026,480
Sewer treatment plant
13,540,175
1,185,758
-
14,725,933
Sewer lines and mains
12,813,498
-
-
12,813,498
Airport runways and hangars
16,678,849
658,828
-
17,337,677
Furniture, equipment, and vehicles
12,506,605
62,985
(89,487)
12,480,103
Total Capital Assets Being Depreciated
86,738,211
2,254,603
(89,487)
88,903,327
Less Accumulated Depreciation
Land improvements
(673,489)
(15,860)
-
(689,349)
Wells, waterlines, and improvements
(5,743,267)
(753,966)
-
(6,497,233)
Electric meters and wires
(1,166,641)
(95,274)
-
(1,261,915)
Sewer treatment plant
(3,974,834)
(298,618)
-
(4,273,452)
Sewer lines and mains
(3,949,585)
(472,341)
-
(4,421,926)
Airport runways and hangars
(9,452,104)
(561,679)
-
(10,013,783)
Furniture, equipment, and vehicles
(7,593,975)
(651,461)
62,760
(8,182,676)
Total Accumulated Depreciation
(32,553,895)
(2,849,199)
62,760
(35,340,334)
Business-type Activities Capital Assets, Net
63,387,731
$
2,527,921
$
(1,655,159)
$
64,260,493
$
Depreciation expenses was charged to the business-type activities as follows:
Business-type Activities:
Water System-1
413,884
$
Water System-2
464,036
Electric
120,667
Sanitation
121,715
Wastewater System-1
351,628
Wastewater System-2
750,115
Airport
627,154
Total business-type activities depreciation
expense
2,849,199
$
As of June 30, 2024, the Town had construction commitments in the amount of $171,680 remaining for the Airport
Fund apron reconstruction project. Costs incurred to date on the project were $1,996,025.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
34
NOTE 7 – LONG-TERM OBLIGATIONS
Loans Payable
The Town has loans payable issued to provide funds for the acquisition and construction of major capital facilities.
On March 22, 2022, the Town entered into a loan agreement with Zion Bank in the amount of $2,350,000 for the
acquisition and/or construction of Wickenburg Ranch Fire Station. The loan carries a 2.20% interest rate and will
mature on March 22, 2027. The loan is secured by general revenues (sales tax, licenses and fees and other
miscellaneous revenues of the General Fund). In the event of default, the creditor has the right to: a. take
possession of the financed property; b. hold the Town liable for the difference between the rent to the end of the
original term or renewal term and the rent pay by the Town pursuant to a new agreement, c. take action at law to
enforce its rights under the agreement or d. terminate the escrow agreement and apply the proceeds in the escrow
account.
Debt service requirements on the loans at June 30, 2024, is as follows:
Principal
Interest
Year Ended June 30:
2025
469,775
$
29,126
$
2026
480,167
18,735
2027
490,789
8,113
Total
1,440,731
$
55,974
$
Governmental Activities
Compensated Absences
Compensated absences are paid by the applicable fund where each employee is regularly paid, primarily the
General Fund for the governmental activities.
Changes in governmental activities long-term liabilities for the year ended June 30, 2024 are as follows:
Balance
Balance
Due Within
July 01, 2023
Additions
Deductions
June 30, 2024
One Year
Governmental activities:
Loans payable
1,900,339
$
-
$
(459,608)
$
1,440,731
$
469,775
$
Net pension liability
4,145,052
844,833
-
4,989,885
-
Compensated absences
203,072
188,086
(221,628)
169,530
40,687
Total
6,248,463
$
1,032,919
$
(681,236)
$
6,600,146
$
510,462
$
Commitments Payable
Effective July 1, 2018, the Town of Wickenburg assumed the operations and assets of the Wickenburg Ranch water
and wastewater utilities (water system 2 and wastewater system 2) from the Wickenburg Ranch Water LLC and
Wickenburg Ranch Wastewater LLC, respectively through a transfer agreement that was signed June 28, 2019
(“transfer agreement”).
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
35
NOTE 7 – LONG-TERM OBLIGATIONS (CONTINUED)
Commitments Payable (Continued)
The Wickenburg Ranch Water utilities were recorded as a capital contribution to the Town. The Town does not
have any commitments to the Wickenburg Ranch Water LLC as a result of the transfer agreement; however, the
transfer agreement acknowledges that initial operating revenues of the Wickenburg Ranch Water operations will
not be sufficient to pay for the related operating expenses. Therefore, the transfer agreement requires a subsidy
to be paid to the Town of Wickenburg by Wickenburg Ranch Water LLC in an amount equal to the net operating
income (excluding depreciation) of the Wickenburg Ranch Water operations, plus the net cumulative capital
reserve deficit (as defined in the transfer agreement), plus the contingency fund deficit. The subsidy will continue
until annual operating revenues meet annual operating expenses and generate funds for the capital reserve at a
level of twenty-four percent of the annual operating revenues for a period of five consecutive years. Total subsidies
received by the Town for the Wickenburg Ranch Water operations for the fiscal year ended June 30, 2024, was
$64,880, which are included in other nonoperating revenue.
The Wickenburg Ranch Wastewater utility assets were acquired from the Wickenburg Ranch Wastewater LLC
through a long-term commitment in the amount of $12,007,348. The commitment is executed directly by and
between the Town of Wickenburg, Arizona and Wickenburg Ranch Wastewater LLC. Except for the provisions set
forth in the asset transfer agreement between the Town of Wickenburg and the Wickenburg Ranch Wastewater
LLC for an automatic extension of the terms of the commitment, the agreement will terminate on the 30th
anniversary of the first day of the term of the agreement. In connection with the Town’s agreement to assume the
assets and operations of the Wickenburg Ranch Wastewater utilities, the commitment repayment will be
subordinate to funding the Wickenburg Ranch Wastewater operations, including reserves and contingencies. As
set forth in the transfer agreement, the commitment will be repaid from connection fees and the operating income
of the wastewater utilities in excess of capital and operating reserves set forth within the agreement. The Town
does not anticipate the use of non-Wickenburg Ranch related resources to fund the commitment.
In the event of default, as defined in the asset transfer agreement, a notice of hearing will be provided and the
dispute will be heard by a mediator who will provide a default resolution. The Town made a payment of $345,099
towards the commitment during the fiscal year. The commitment balance on June 30, 2024 was $4,958,002.
WIFA Loans Payable
WIFA Loan, 2024 Drinking Water – On March 18, 2024, the Town obtained a loan authorization of up to $3,435,279
from the Water Infrastructure Finance Authority of Arizona (WIFA) to replace approximately 1,175 linear feet of
water line, drill and equip a new well adjacent to the existing Mariposa well. The forgivable principal portion of the
loan is $826,086. The loan carries an interest rate of 3.094% with principal payments due ranging between 2025
and 2044. At June 30, 2024, the Town has not drawn down on the loan authorization.
WIFA Loan, 2024 Clean Water – On March 18, 2024, the Town obtained a loan authorization of up to $5,266,809
from the Water Infrastructure Finance Authority of Arizona (WIFA) to fund several capital improvement projects
to be implemented at the WWTP and Aztec Park Lift Station. The forgivable principal portion of the loan is
$1,000,000. The loan carries an interest rate of 3.094% with principal payments due ranging between 2025 and
2044. At June 30, 2024, the Town has not drawn down on the loan authorization.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
36
NOTE 7 – LONG-TERM OBLIGATIONS (CONTINUED)
Changes in the business-type activities long-term liabilities for the year ended June 30, 2024 are as follows:
Balance
Balance
Due Within
July 01, 2023
Additions
Deductions
June 30, 2024
One Year
Business-type activities:
Commitments
5,303,101
$
-
$
(345,099)
$
4,958,002
$
-
$
Net pension liability
1,190,794
-
(5,911)
1,184,883
-
Compensated absences
55,650
88,131
(83,516)
60,265
15,066
Total
6,549,545
$
88,131
$
(434,526)
$
6,203,150
$
15,066
$
NOTE 8 – RISK MANAGEMENT
The Town of Wickenburg, Arizona is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions; and natural disasters. The Town’s insurance protection is provided by
the Arizona Municipal Risk Retention Pool, of which the Town is a participating member. The limit for basic
coverage is for $2,000,000 per occurrence on a claims made basis. Excess coverage is for an additional $10,000,000
per occurrence on a follow form, claims made basis. No significant reduction in insurance coverage occurred
during the year and no settlements exceeded insurance coverage during any of the past three fiscal years. The
Town has a deductible for claims of $25,000 per claim.
The Arizona Municipal Risk Retention Pool is structured such that member premiums are based on an actuarial
review that will provide adequate reserves to allow the pool to meet its expected financial obligations. The pool
has the authority to assess its member’s additional premiums should reserves and annual premiums be insufficient
to meet the pool’s obligations.
The Town is also insured by Arizona Municipal Workers Compensation Fund for potential worker related accidents.
NOTE 9 – CONTINGENT LIABILITIES
Compliance – Amounts received or receivable from grantor agencies are subject to audit and adjustment by
grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected,
may constitute a liability of the applicable funds.
Arbitrage – Under the Tax Reform Act of 1986, interest earned on the debt proceeds in excess of interest expense
or expenditure prior to the disbursement of the proceeds must be rebated to the Internal Revenue Service (IRS).
Management believes there is no tax arbitrage rebate liability at year end.
Federal grants – In the normal course of operations, the Town receives grant funds from various federal agencies.
The grant programs are subject to audit by agents of the granting authority, the purpose of which is to ensure
compliance with conditions precedent to the granting of funds. Any liability for reimbursement which may arise
as the result of audits of grant funds is not believed by Town officials to be material.
Litigation – The Town is a defendant in various lawsuits. In the opinion of the Town’s attorney no determination
of liability can be made or any loss will be covered by insurance.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
37
NOTE 10 – RETIREMENT PLANS
The Town contributes to the Arizona State Retirement System (ASRS), the Public Safety Personnel Retirement
System (PSPRS) for police officers and firefighters, and the Corrections Officer Retirement Plan (CORP) for
dispatchers. The plans are component units of the State of Arizona.
At June 30, 2024, the Town reported the following aggregate amounts related to pensions for all plans to which it
contributes:
ASRS
PSPRS & CORP
Net pension assets
-
$
55,526
$
Net pension liability
5,043,756 1,131,012
Deferred outflows of resources
920,878 2,344,498
Deferred inflows of resources
178,452 280,883
Pension expense
733,461 761,978
Contributions
535,991 457,424
The Town reported accrued payroll and employee benefits of $42,511 for outstanding pension contribution
amounts payable to all pension plans for the year ended June 30, 2024. The OPEB plans related to the cost-sharing
multiple employer plan were not posted as the activity was not significant to the Town’s financial statements.
Arizona State Retirement System
Plan Description
Town employees participate in the Arizona State Retirement System (ASRS). The ASRS administers a cost sharing,
multiple-employer defined benefit pension plan; a cost-sharing, multiple-employer defined benefit health
insurance premium benefit (OPEB); and a cost-sharing, multiple-employer defined benefit long- term disability
(OPEB) plan. The Arizona State Retirement System Board governs the ASRS according to the provisions of A.R.S.
Title 38, Chapter 5, Articles 2, and 2.1. The ASRS issues a publicly available financial report that includes its financial
statements and required supplementary information. The report is available on its website at www.azasrs.gov.
Benefits Provided
The ASRS provides retirement, health insurance premium supplement, long-term disability, and survivor benefits.
State statute establishes benefit terms. Retirement benefits are calculated on the basis of age, average monthly
compensation, and service credit as follows:
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
38
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Arizona State Retirement System (Continued)
Benefits Provided (Continued)
Before July 1, 2011
On or After July 1, 2011
Years of service and
Sum of years and age equals 80
30 years, age 55
age required to
10 years, age 62
25 years, age 60
receive benefit
5 years, age 50*
10 years, age 62
Any years, age 65
5 years, age 50*
Any years, age 65
Final average salary is
based on
Highest 36 consecutive months of
last 120 months
Highest 60 consecutive
months of last 120 months
Benefit percent per
2.1% to 2.3%
2.1% to 2.3%
year of service
*With actuarially reduced benefits
Retirement Initial
Membership Date:
Retirement benefits for members who joined the ASRS prior to September 13, 2013, are subject to automatic cost-
of-living adjustments based on excess investment earning. Members with a membership date on or after
September 13, 2013, are not eligible for cost-of-living adjustments. Survivor benefits are payable upon a member’s
death. For retired members, the retirement benefit option chosen determines the survivor benefit. For all other
members, the beneficiary is entitled to the member’s account balance that includes the member’s contributions
and employer’s contributions, plus interest earned.
Contributions
In accordance with State statutes, annual actuarial valuations determine active member and employer contribution
requirements. The combined active member and employer contribution rates are expected to finance the costs of
benefits employees earn during the year, with an additional amount to finance any unfunded accrued liability. For
the year ended June 30, 2024, statute required active ASRS members to contribute at the actuarially determined
rate of 12.29% (12.14% for retirement and 0.15% for long-term disability) of the members’ annual covered payroll,
and statute required the Town to contribute at the actuarially determined rate of 12.29% (12.03% for retirement,
0.11% for health insurance premium benefit, and 0.15% for long term disability) of the active members’ annual
covered payroll. In addition, the Town was required by statute to contribute at the actuarially determined rate of
9.99% (9.94% for retirement and 0.05% for long-term disability) of annual covered payroll of retired members who
worked for the Town in positions that an employee who contributes to the ASRS would typically fill. The Town’s
contributions to the pension plan for the year ended June 30, 2024 was $535,991.
During fiscal year 2024, the Town paid for pension contributions as follows: 69% from the General Fund, 6% from
the Highway User Revenue Fund, and 25% from business-type activities.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
39
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Arizona State Retirement System (Continued)
Liability
At June 30, 2024, the Town reported a net pension liability of $5,043,756. The Town’s proportionate share of the
net pension liability increased 0.0025% from 0.0287% to 0.0312%.
The net assets and net liabilities were measured as of June 30, 2023. The total liability used to calculate the net
asset or net liability was determined using update procedures to roll forward the total liability from an actuarial
valuation as of June 30, 2022, to the measurement date of June 30, 2023. The Town’s proportion of the net asset
or net liability was based on the Town’s actual contributions to the plan relative to the total of all participating
employers’ contributions for the year ended June 30, 2023, and the change from its proportions measured as of
June 30, 2022, were noted above.
Expense
For the year ended June 30, 2024, the Town recognized pension expense of $733,461.
Deferred Outflows/Inflows of Resources
At June 30, 2024, the Town reported deferred outflows of resources and deferred inflows of resources related to
pensions from the following sources:
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Differences between expected and actual experience
113,969
$
-
$
Changes of assumptions or other inputs
-
-
Net difference between projected and actual earnings on
pension plan investments
-
178,452
Changes in proportion and differences between
contributions and proportionate share of contributions
270,918
-
Contributions subsequent to the measurement date
535,991
-
Total
920,878
$
178,452
$
The amounts reported as deferred outflows of resources related to ASRS pensions and OPEB resulting from Town
contributions subsequent to the measurement date will be recognized as an increase of the net asset or a
reduction of the net liability in the year ending June 30, 2025. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to ASRS pensions and OPEB will be recognized in expenses as
follows:
Year Ending June 30:
Deferred Outflows
(Inflows) of
Resources
2025
131,948
$
2026
(95,656)
2027
192,319
2028
(22,176)
Total
206,435
$
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
40
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Arizona State Retirement System (Continued)
Actuarial Assumptions
The significant actuarial assumptions used to measure the total pension liability are as follows:
Actuarial valuation date
June 30, 2022
Actuarial roll forward date
June 30, 2023
Actuarial cost method
Entry age normal
Asset valuation
Fair value
Investment rate of return
7.0%
Projected salary increases
2.9-8.4%
Inflation rate
2.3%
Permanent base increases
Included
Mortality rates
2017 SRA Scale U-MP
Actuarial assumptions used in the June 30, 2022, valuation were based on the results of an actuarial experience
study for the 5-year period ended June 30, 2020.
The long-term expected rate of return on ASRS pension plan investments was determined to be 7.0% using a
building block method in which best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expense and inflation) are developed for each major asset class. These ranges are
combined to produce the long-term expected rate of return by weighting the expected future real rates of return
by the target asset allocation percentage. The target allocation and best estimates of arithmetic real rates of return
for each major asset class are summarized in the following table:
Long-Term
Expected Geometric
Target
Real Rate
Asset Class
Allocation
of Return
Public equity
44%
3.50%
Credit
23%
5.90%
Real estate
17%
5.90%
Private equity
10%
6.70%
Interest rate sensitive
6%
1.50%
Total
100%
Discount Rate
On June 30, 2023, the discount rate used to measure the ASRS total pension/OPEB liability was 7.0 percent. The
projection of cash flows used to determine the discount rate assumed that contributions from participating
employers will be made based on the actuarially determined rates based on the ASRS Board’s funding policy,
which establishes the contractually required rate under Arizona statutes. Based on those assumptions, the pension
plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current
plan members. The long-term expected rate of return on pension plan investments was applied to all periods of
projected benefit payments to determine the total pension liability.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
41
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Arizona State Retirement System (Continued)
Sensitivity of the Town’s Proportionate Share of the ASRS Net Pension Liability to Changes in the Discount
Rate
The following table presents the Town’s proportionate share of the net pension liability calculated using the
discount rate of 7.0%, as well as what the Town’s proportionate share of the net pension liability would be if it
were calculated using a discount rate that is 1 percentage point lower (6.0%) or 1 percentage point higher (8.0%)
than the current rate.
Current
1% Decrease
Discount Rate
1% Increase
(6.0%)
(7.0%)
(8.0%)
Proportionate share of the net pension liability
7,554,806
$
5,043,756
$
2,949,985
$
Pension Plan Fiduciary Net Position – Detailed information about the pension plan’s fiduciary net position is
available in the separately issued ASRS financial report.
Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP)
Plan Descriptions
Town police employees and Town firefighters who are regularly assigned hazardous duty participate in the Public
Safety Personnel Retirement System (PSPRS) or employees who became members on or after July 1, 2017, may
participate in the Public Safety Personnel Defined Contribution Retirement Plan (PSPDCRP). The PSPRS administers
agent and cost-sharing multiple-employer defined benefit pension plans. A nine-member board known as the
Board of Trustees and the participating local boards govern the PSPRS according to the provisions of A.R.S. Title
38, Chapter 5, Article 4. Employees who were PSPRS members before July 1, 2017, participate in the agent plans,
and those who became PSPRS members on or after July 1, 2017, participate in the cost-sharing plans (PSPRS Tier
3 Risk Pool) which are not further disclosed because of their relative insignificance to the Town’s financial
statements.
Town dispatchers participate in the Corrections Officer Retirement Plan (CORP) or the Public Safety Personnel
Defined Contribution Retirement Plan (PSPDCRP). The CORP administers an agent multiple-employer defined
benefit pension plan for Town dispatchers (agent plan) which were closed to new members as of July 1, 2018.
Employees who were CORP members before July 1, 2018, participate in CORP. Town dispatchers who became
members on or after July 1, 2018, participate in PSPDCRP. The PSPRS Board of Trustees and the participating local
boards govern CORP according to the provisions of A.R.S. Title 38, Chapter 5, Article 6.
The Town has members participating in the Public Safety Personnel Defined Contribution Retirement Plan and
the activity was insignificant to the financial statements.
The PSPRS and CORP issue publicly available financial reports that include their financial statements and required
supplementary information. The reports are available on the PSPRS Web site at www.psprs.com.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
42
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP)
(Continued)
Benefits Provided
The PSPRS and CORP provide retirement, health insurance premium supplement, disability, and survivor benefits.
State statute establishes benefits terms. Retirement, disability, and survivor benefits are calculated on the basis of
age, average monthly compensation, and service credit as follows:
PSPRS
Initial Membership Date
Retirement and Disability
Before January 1, 2012
On or After January
1, 2012, and before
July 1, 2017
On or after July 1,
2017
Years of services and age
requirement to receive benefit
20 years of service, any
age
25 years of service
or 15 years of
credited service, age
52.5
15 or more years of
service, age 55
Final average salary is based on:
Highest 36 consecutive
months of last 20 years
Highest 60
consecutive months
of last 20 years
Highest 60
consecutive months
of last 15 years
Benefit percentage, normal
retirement
50% less 2.0% for each
year of credited service
less than 20 years OR plus
2.0% to 2.5% for each year
of credited service over 20
years, not to exceed 80%
1.5%-2.5% per year of credited service, not
to exceed 80%.
Accidental Disability Retirement
50% or normal retirement, whichever is greater
Catastrophic Disability Retirement
90% for the first 60 months then reduced to either 62.5% or normal
retirement, whichever is greater
Ordinary Disability Retirement
Normal retirement calculated with actual years of credited service or 20
years of credited service, whichever is greater, multiplied by years of
credited service (not to exceed 20 years) divided by 20
Survivor Benefit
Retired Members
80-100% of retired member’s pension benefit
Active Members
80-100% of accidental disability retirement benefit or 100% of average
monthly compensation if death was the result of injuries received on the
job.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
43
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP)
(Continued)
Benefits Provided (Continued)
CORP
Initial Membership Date
Retirement and Disability
Before January 1, 2012
On or After January
1, 2012, and before
July 1, 2017
On or after July 1,
2017
Years of services and age
requirement to receive benefit
Sum of years and age
equals 80, 25 years, any
age (dispatchers), 10 years,
age 62
25 years, age 52.5,
10 years, age 62
15 years of credited
service, age 52.5, 15
or more years of
service, age 55
Final average salary is based on:
Highest 36 consecutive
months of last 10 years
Highest 60
consecutive months
of last 10 years
Highest 60
consecutive months
of last 15 years
Benefit percentage, normal
retirement
2.0% to 2.5% per year of
credited service, not to
exceed 80%
2.5% per year of
credited service, not
to exceed 80%
1.5% - 2.5% per year
of credited service,
not to exceed 80%
Accidental Disability Retirement
50% or normal retirement
if more than 20 years of
credited service
50% or normal retirement if more than 25
years of credited service
Catastrophic Disability Retirement
50% or normal retirement if more than 25 years of credited service
Ordinary Disability Retirement
2.5% per year of credited service
Survivor Benefit
Retired Members
80% of retired member’s pension benefit
Active Members
40% of average monthly compensation or 100% of average monthly
compensation if death was the result of injuries received on the job. If
there is no surviving spouse or eligible children, the beneficiary is entitled
to 2 times the member’s contributions.
Retirement and survivor benefits are subject to automatic cost-of-living adjustments based on inflation. PSPRS
also provides temporary disability benefits of 50% of the member’s compensation for up to 12 months.
Employees Covered by Benefit Terms – On June 30, 2024, the following employees were covered by the agent
plans’ benefit terms:
PSPRS
PSPRS
CORP
Police
Fire
Dispatchers
Inactive employees or beneficiaries
currently receiving benefits
10
2
3
Inactive employees or entitled to
but not yet receiving benefits
7
1
2
Active employees
9
8
-
Total employees
26
11
5
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
44
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP)
(Continued)
Contributions
State statutes establish the pension contribution requirements for active PSPRS and CORP employees. In
accordance with state statutes, annual actuarial valuations determine employer contribution requirements for
PSPRS and CORP pension and health insurance premium benefits. The combined active member and employer
contribution rates are expected to finance the costs of benefits employees earn during the year, with an additional
amount to finance any unfunded accrued liability. Contributions rates for the year ended June 30, 2024, are
indicated below. Rates are a percentage of active members’ annual covered payroll.
PSPRS
PSPRS
CORP
Police
Fire
Dispatchers
Active members
7.65%-9.56%
7.65%-9.56%
7.67%
Town
PSPRS Tier 1/2
11.43%
13.68%
0.00%
PSPRS Tier 3
9.56%
11.27%
0.00%
During the year ended June 30, 2024, the Town paid for PSPRS and CORP pension contributions 100% from the
General Fund.
Liability
As of June 30, 2024, the Town reported a pension liability(asset) for PSPRS Police, PSPRS Firefighters, and CORP
Dispatchers of $495,950, $635,062, and ($55,526) respectively.
Actuarial Assumptions and Other Inputs
The total pension liabilities were measured as of June 30, 2023, and the total pension liability used to calculate the
net pension asset was determined by an actuarial valuation as of that date.
Actuarial valuation date
June 30, 2023
Actuarial cost method
Entry age normal
Investment rate of return
7.30%
Wage inflation
3.50%
Price inflation
2.50%
Cost of living adjustment
1.85%
Mortality rates
PubS-2010 tables
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
45
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP)
(Continued)
Actuarial Assumptions and Other Inputs (Continued)
Actuarial assumptions used in the June 30, 2023, valuation were based on the results of an actuarial experience
study for the five-year period ended June 30, 2021. The long-term expected rate of return on PSPRS and CORP
plan investments was determined to be 7.20% using a building-block method in which best-estimate ranges of
expected future real rates of return (expected returns, net of plan investment expenses and inflation) are developed
for each major asset class. The target allocation and best estimates of geometric real rates of return for each major
asset class are summarized in the following table:
Long-Term
Expected
Target
Real Rate
Asset Class
Allocation
of Return
U.S. Public equity
24%
3.98%
International Public Equity
16%
4.49%
Global Private Equity
20%
7.28%
Other Assets (Capital Appreciation)
7%
4.49%
Core Bonds
6%
1.90%
Private Credit
20%
6.19%
Diversifying Strategies
5%
3.68%
Cash - Mellon
2%
0.69%
Total
100%
Discount Rate
At June 30, 2024, the discount rate used to measure the PSPRS and CORP total pension liabilities was 7.20%. The
projection of cash flows used to determine the discount rate assumed that plan member contributions will be
made at the current contribution rate and that employer contributions will be made at rates equal to the difference
between the actuarially determined contribution rate and the member rate. Based on those assumptions, the
plans’ fiduciary net position was projected to be available to make all projected future benefit payments of current
plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of
projected benefit payments to determine the total pension liabilities.
Changes in the Agent Plans Net Pension Liability (Asset)
The tables on the following page present changes in the Town’s net pension liability (asset) for the PSPRS – Police,
PSPRS – Fire and CORP – Dispatcher pension plans.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
46
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP)
(Continued)
Changes in the Agent Plans Net Pension Liability (Asset) (Continued)
PSPRS Police
Total pension
Fiduciary net
Net pension
liability (a)
position (b)
liability (a)-(b)
Balance at June 30, 2022
8,381,590
$
8,006,616
$
374,974
$
Changes for the year:
Service cost
168,155
-
168,155
Interest
597,331
-
597,331
Difference between expected and actual experience
397,993
-
397,993
Changes in assumptions
-
-
-
Contributions - employer
-
365,944
(365,944)
Contributions - employee
-
77,200
(77,200)
Net investment income
-
605,375
(605,375)
Administrative expense
-
(6,016)
6,016
Benefit payments
(506,975)
(506,975)
-
Net changes
656,504
535,528
120,976
Balances as of June 30, 2023
9,038,094
$
8,542,144
$
495,950
$
PSPRS Firefighters
Total pension
Fiduciary net
Net pension
liability (a)
position (b)
liability (a)-(b)
Balance at June 30, 2022
4,579,343
$
4,296,420
$
282,923
$
Changes for the year:
Service cost
152,501
-
152,501
Interest
338,365
-
338,365
Difference between expected and actual experience
463,458
-
463,458
Changes in assumptions
-
-
-
Contributions - employer
-
268,711
(268,711)
Contributions - employee
-
60,122
(60,122)
Net investment income
-
329,028
(329,028)
Administrative expense
-
(55,676)
55,676
Benefit payments
(64,666)
(64,666)
-
Net changes
889,658
537,519
352,139
Balances as of June 30, 2023
5,469,001
$
4,833,939
$
635,062
$
CORP Dispatchers
Total pension
Fiduciary net
Net pension
liability (a)
position (b)
liability (a)-(b)
Balance at June 30, 2022
590,986
$
661,087
$
(70,101)
$
Changes for the year:
Interest
40,724
-
40,724
Difference between expected and actual experience
22,126
-
22,126
Changes in assumptions
-
-
-
Net investment income
-
49,256
(49,256)
Administrative expense
-
(981)
981
Benefit payments
(50,739)
(50,739)
-
Net changes
12,111
(2,464)
14,575
Balances as of June 30, 2023
603,097
$
658,623
$
(55,526)
$
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
47
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP)
(Continued)
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB.
At June 30, 2024, the Town reported deferred outflows of resources and deferred inflows of resources related to
pensions from the following sources:
PSPRS Police
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Differences between expected and actual experience
385,935
$
30,695
$
Changes of assumptions or other inputs
102,286
-
Net difference between projected and actual earnings on
pension plan investments
255,858
-
Contributions subsequent to the measurement date
225,450
-
Total
969,529
$
30,695
$
PSPRS Firefighters
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Differences between expected and actual experience
941,933
$
250,188
$
Changes of assumptions or other inputs
93,927
-
Net difference between projected and actual earnings on
pension plan investments
92,429
-
Contributions subsequent to the measurement date
231,974
-
Total
1,360,263
$
250,188
$
CORP Dispatchers
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Net difference between projected and actual earnings on
pension plan investments
14,706
$
-
$
Contributions subsequent to the measurement date
-
-
Total
14,706
$
-
$
The amounts reported as deferred outflows of resources related to pensions resulting from Town contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability (or an increase
in the net pension asset) in the year ending June 30, 2025. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to pensions will be recognized in pension expense as noted
on the following page.
TOWN OF WICKENBURG, ARIZONA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
48
NOTE 10 – RETIREMENT PLANS (CONTINUED)
Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP)
(Continued)
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB.
(Continued)
Year Ending June 30:
PSPRS Police
PSPRS Fire
CORP
Dispatchers
2025
225,075
$
166,925
$
2,401
$
2026
184,879
137,418
(2,033)
2027
309,713
253,710
15,042
2028
(6,283)
161,198
(704)
2029
-
145,195
-
Thereafter
-
13,655
-
Total
713,384
$
878,101
$
14,706
$
Sensitivity of the Town’s Net Pension Liability (Asset) to Changes in the Discount Rate
The following table presents the Town’s net pension liabilities (assets) calculated using the discount rate of
7.20% as well as what the Town’s net pension liability (asset) would be if it were calculated using a discount rate
that is 1 percentage point lower or 1 percentage point higher than the current rate:
1% Decrease
Discount Rate
1% Increase
(6.20%)
(7.20%)
(8.20%)
PSPRS Police
1,781,430
$
495,950
$
(540,305)
$
PSPRS Firefighters
1,502,977
635,062
(70,741)
CORP Dispatchers
(1,063)
(55,526)
(102,369)
Pension Expense
For the year ended June 30, 2024, the Town recognized the following pension expense:
Pension
Expense
PSPRS Police
358,267
$
PSPRS Firefighters
380,644
CORP Dispatchers
23,067
Total Pension Expense
761,978
$
Plan Fiduciary Net Position – Detailed information about the pension plans’ fiduciary net position is available
in the separately issued PSPRS and CORP financial reports.
REQUIRED SUPPLEMENTARY INFORMATION OTHER
THAN MD&A
TOWN OF WICKENBURG, ARIZONA
SCHEDULE OF THE TOWN’S PROPORTIONATE SHARE OF NET PENSION LIABILITY AND CONTRIBUTIONS
COST SHARING PENSION PLAN
JUNE 30, 2024
See accompanying Notes to Required Supplementary Information
49
SCHEDULE OF THE PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
(2023)
(2022)
(2021)
(2020)
(2019)
(2018)
(2017)
(2016)
(2015)
(2014)
Proportion of the net pension liability
0.0312%
0.0287%
0.0284%
0.0284%
0.0251%
0.0250%
0.0242%
0.0240%
0.0216%
0.02%
Proportionate share of the net
pension liability
5,043,756
$
4,677,949
$
3,721,123
$
4,918,999
$
3,652,342
$
3,488,015
$
3,765,215
$
3,873,841
$
3,359,252
$
3,076,042
$
Covered payroll
4,232,350
$
4,035,982
$
3,451,336
$
3,108,709
$
2,651,289
$
2,486,941
$
2,367,552
$
2,182,535
$
2,044,839
$
2,213,988
$
Proportionate share of the net pension
liability as a percentage of its
covered payroll
119.17%
115.91%
107.82%
158.23%
137.76%
140.25%
159.03%
177.49%
164.28%
138.94%
Plan fiduciary net position as a percentage
of the total pension liability
75.47%
74.26%
78.58%
69.33%
73.24%
73.40%
69.92%
67.06%
68.35%
69.49%
SCHEDULE OF CONTRIBUTIONS
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Actuarially determined contribution
535,991
$
485,895
$
409,705
$
378,225
$
355,947
$
296,156
$
271,077
$
254,182
$
243,575
$
215,812
$
Contributions in relation to the
actuarially determined contribution
535,991
485,895
409,705
378,225
355,947
296,156
271,077
254,182
243,575
215,812
Contribution deficiency (excess)
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
Town's covered payroll
4,455,453
$
4,232,350
$
4,035,982
$
3,451,336
$
3,108,709
$
2,651,289
$
2,486,941
$
2,367,552
$
2,182,535
$
2,044,839
$
Contributions as a percentage
of covered payroll
12.66%
11.48%
10.15%
10.96%
11.45%
11.17%
10.90%
10.74%
11.16%
10.55%
(Measurement Date)
Reporting Fiscal Year
Reporting Fiscal Year
TOWN OF WICKENBURG, ARIZONA
SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY (ASSET) AND RELATED RATIOS
AGENT PENSION PLAN – PSPRS POLICE
YEAR ENDED JUNE 30, 2024
See accompanying Notes to Required Supplementary Information
50
PSPRS Police
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
(2023)
(2022)
(2021)
(2020)
(2019)
(2018)
(2017)
(2016)
(2015)
(2014)
Total Pension Liability:
Service Cost
168,155
$
206,811
$
222,017
$
225,797
$
235,063
$
205,869
$
251,245
$
202,453
$
183,370
$
173,943
$
Interest on the Total Pension Liability
597,331
575,727
549,711
517,676
500,614
475,486
452,167
426,817
413,793
333,484
Changes of Benefit Terms
-
-
-
-
-
-
65,709
281,162
-
96,284
Differences Between Expected and
Actual Experience in the Measurement
of the Pension Liability
397,993
21,479
40,125
132,155
(99,395)
(82,697)
(203,761)
(199,017)
(79,303)
280,526
Changes of Assumptions or Other Inputs
-
134,128
-
-
123,277
-
237,234
214,932
-
462,146
Benefit Payments, Including Refunds
of Employee Contributions
(506,975)
(472,840)
(407,688)
(458,324)
(389,467)
(392,969)
(373,662)
(344,348)
(378,634)
(277,479)
Net Change in Total Pension Liability
656,504
465,305
404,165
417,304
370,092
205,689
428,932
581,999
139,226
1,068,904
Total Pension Liability- Beginning
8,381,590
7,916,285
7,512,120
7,094,816
6,724,724
6,519,035
6,090,103
5,508,104
5,368,878
4,299,974
Total Pension Liability- Ending (a)
9,038,094
8,381,590
7,916,285
7,512,120
7,094,816
6,724,724
6,519,035
6,090,103
5,508,104
5,368,878
Plan Fiduciary Net Position
Contributions- Employer
365,944
123,231
4,047,485
463,281
391,054
390,283
337,472
307,317
231,967
210,447
Contributions- Employee
77,200
93,312
98,908
109,727
111,004
115,995
131,544
124,271
118,122
99,823
Net Investment Income
605,375
(336,065)
1,237,329
45,495
177,480
206,081
311,765
14,946
91,892
301,375
Benefit Payments, Including Refunds
Of Employee Contributions
(506,975)
(472,840)
(407,688)
(458,324)
(389,467)
(392,969)
(373,662)
(344,348)
(378,634)
(277,479)
Administrative Expenses
(6,016)
(6,068)
(5,641)
(3,709)
(4,078)
(3,837)
(3,159)
(2,551)
(2,620)
-
Other Changes
-
-
-
(19,952)
(2,493)
(82,296)
(29,663)
(83,550)
(2,047)
(84,380)
Net Change in Plan Fiduciary Net Position
535,528
(598,430)
4,970,393
136,518
283,500
233,257
374,297
16,085
58,680
249,786
Plan Fiduciary Net Position- Beginning
8,006,616
8,605,046
3,634,653
3,498,135
3,214,635
2,981,378
2,607,081
2,590,996
2,532,316
2,282,530
Plan Fiduciary Net Position- Ending (b)
8,542,144
8,006,616
8,605,046
3,634,653
3,498,135
3,214,635
2,981,378
2,607,081
2,590,996
2,532,316
Town's Net Pension Liability (Asset)-
Ending (a)-(b)
495,950
$
374,974
$
(688,761)
$
3,877,467
$
3,596,681
$
3,510,089
$
3,537,657
$
3,483,022
$
2,917,108
$
2,836,562
$
Plan Fiduciary Net Position as a Percentage
Of the total Pension Liability
94.51%
95.53%
108.70%
48.38%
49.31%
47.80%
45.73%
42.81%
47.04%
47.17%
Covered Payroll
900,614
$
880,579
$
922,233
$
1,026,985
$
1,016,136
$
1,075,036
$
1,150,390
$
1,103,288
$
1,022,265
$
1,016,026
$
Town's Net Pension Liability (Assets) as a
Percentage of Covered Payroll
55.07%
42.58%
-74.68%
377.56%
353.96%
326.51%
307.52%
315.69%
285.36%
279.18%
(Measurement Date)
Reporting Year
TOWN OF WICKENBURG, ARIZONA
SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY (ASSET) AND RELATED RATIOS
AGENT PENSION PLAN – PSPRS FIRE
YEAR ENDED JUNE 30, 2024
See accompanying Notes to Required Supplementary Information
51
PSPRS Fire
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
(2023)
(2022)
(2021)
(2020)
(2019)
(2018)
(2017)
(2016)
(2015)
(2014)
Total Pension Liability:
Service Cost
152,501
$
202,467
$
192,965
$
173,563
$
183,498
$
173,334
$
170,783
$
136,786
$
97,923
$
95,348
$
Interest on the Total Pension Liability
338,365
294,580
268,727
210,849
203,064
173,375
148,615
87,318
76,898
67,651
Changes of Benefit Terms
-
-
-
-
-
-
28,228
197,520
-
(2,902)
Differences Between Expected and
Actual Experience in the Measurement
of the Pension Liability
463,458
256,174
(87,014)
418,091
(245,533)
(42,334)
(47,881)
342,756
(61,512)
(53,514)
Changes of Assumptions or Other Inputs
-
23,276
-
-
42,188
-
60,341
87,828
-
9,923
Benefit Payments, Including Refunds
of Employee Contributions
(64,666)
(60,059)
-
(58,101)
-
(1)
-
-
-
-
Net Change in Total Pension Liability
889,658
716,438
374,678
744,402
183,217
304,374
360,086
852,208
113,309
116,506
Total Pension Liability- Beginning
4,579,343
3,862,905
3,488,227
2,743,825
2,560,608
2,256,234
1,896,148
1,043,940
930,631
814,125
Total Pension Liability- Ending (a)
5,469,001
4,579,343
3,862,905
3,488,227
2,743,825
2,560,608
2,256,234
1,896,148
1,043,940
930,631
Plan Fiduciary Net Position
Contributions- Employer
268,711
116,978
893,898
182,414
166,342
189,865
82,397
80,265
74,179
91,736
Contributions- Employee
60,122
75,821
76,608
80,442
72,412
70,767
84,510
86,662
59,935
52,733
Net Investment Income
329,028
(174,914)
790,955
31,419
114,343
124,029
171,646
7,439
39,780
114,473
Benefit Payments, Including Refunds
Of Employee Contributions
(64,666)
(60,059)
-
(58,101)
-
(1)
-
-
-
-
Administrative Expenses
(55,676)
(3,153)
(3,634)
(2,561)
(2,978)
(2,588)
(1,919)
(1,470)
(1,357)
-
Other Changes
-
-
-
-
(1,057)
(93,254)
17
6
(764)
(25,587)
Net Change in Plan Fiduciary Net Position
537,519
(45,327)
1,757,827
233,613
349,062
288,818
336,651
172,902
171,773
233,355
Plan Fiduciary Net Position- Beginning
4,296,420
4,341,747
2,583,920
2,350,307
2,001,245
1,712,427
1,375,776
1,202,874
1,031,101
797,746
Plan Fiduciary Net Position- Ending (b)
4,833,939
4,296,420
4,341,747
2,583,920
2,350,307
2,001,245
1,712,427
1,375,776
1,202,874
1,031,101
Town's Net Pension Liability (Asset)-
Ending (a)-(b)
635,062
$
282,923
$
(478,842)
$
904,307
$
393,518
$
559,363
$
543,807
$
520,372
$
(158,934)
$
(100,470)
$
Plan Fiduciary Net Position as a Percentage
Of the total Pension Liability
88.39%
93.82%
112.40%
74.08%
85.66%
78.16%
75.90%
72.56%
115.22%
110.80%
Covered Payroll
720,006
$
746,710
$
894,536
$
885,856
$
778,842
$
803,216
$
767,908
$
744,211
$
543,573
$
522,169
$
Town's Net Pension Liability (Assets) as a
Percentage of Covered Payroll
88.20%
37.89%
-53.53%
102.08%
50.53%
69.64%
70.82%
69.92%
-29.24%
-19.24%
(Measurement Date)
Reporting Year
TOWN OF WICKENBURG, ARIZONA
SCHEDULE OF PENSION CONTRIBUTIONS: PSPRS POLICE, PSPRS FIRE, CORP DISPATCHERS
YEAR ENDED JUNE 30, 2024
See accompanying Notes to Required Supplementary Information
52
CORP Dispatchers
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
(2023)
(2022)
(2021)
(2020)
(2019)
(2018)
(2017)
(2016)
(2015)
(2014)
Total Pension Liability:
Service Cost
-
$
-
$
6,028
$
15,818
$
22,444
$
22,934
$
21,566
$
20,815
$
18,875
$
24,441
$
Interest on the Total Pension Liability
40,724
41,303
48,838
58,989
56,954
55,952
45,514
63,155
60,840
50,669
Changes of Benefit Terms
-
-
-
-
-
(40,638)
91,436
649
-
14,161
Differences Between Expected and
Actual Experience in the Measurement
of the Pension Liability
22,126
7,005
(102,799)
(108,139)
38,802
(3,616)
512
(263,320)
(4,399)
(1,712)
Changes of Assumptions or Other Inputs
-
1,750
-
-
14,177
-
21,196
18,720
-
89,262
Benefit Payments, Including Refunds
of Employee Contributions
(50,739)
(49,744)
(48,769)
(143,076)
(31,606)
(32,522)
(30,782)
(45,340)
(48,252)
(40,704)
Net Change in Total Pension Liability
12,111
314
(96,702)
(176,408)
100,771
2,110
149,442
(205,321)
27,064
136,117
Total Pension Liability- Beginning
590,986
590,672
687,374
863,782
763,011
760,901
611,459
816,780
789,716
653,599
Total Pension Liability- Ending (a)
603,097
590,986
590,672
687,374
863,782
763,011
760,901
611,459
816,780
789,716
Plan Fiduciary Net Position
Contributions- Employer
-
-
233,041
22,519
34,548
22,339
37,908
36,040
19,780
21,137
Contributions- Employee
-
-
1,071
7,740
11,234
10,764
10,662
10,447
10,178
11,532
Net Investment Income
49,256
(26,690)
123,493
12,427
27,150
33,012
47,781
2,383
14,276
48,583
Benefit Payments, Including Refunds
Of Employee Contributions
(50,739)
(49,744)
(48,769)
(143,076)
(31,606)
(32,522)
(30,782)
(45,340)
(48,252)
(40,704)
Administrative Expenses
(981)
(491)
(568)
(480)
(1,185)
(1,199)
(819)
(737)
(721)
-
Other Changes
-
-
-
-
-
(9)
(2)
(2)
(363)
(27,704)
Net Change in Plan Fiduciary Net Position
(2,464)
(76,925)
308,268
(100,870)
40,141
32,385
64,748
2,791
(5,102)
12,844
Plan Fiduciary Net Position- Beginning
661,087
738,012
429,744
530,614
490,473
458,088
393,340
390,549
395,651
382,807
Plan Fiduciary Net Position- Ending (b)
658,623
661,087
738,012
429,744
530,614
490,473
458,088
393,340
390,549
395,651
Town's Net Pension Liability (Asset)-
Ending (a)-(b)
(55,526)
$
(70,101)
$
(147,340)
$
257,630
$
333,168
$
272,538
$
302,813
$
218,119
$
426,231
$
394,065
$
Plan Fiduciary Net Position as a Percentage
Of the total Pension Liability
109.21%
111.86%
124.94%
62.52%
61.43%
64.28%
60.20%
64.33%
47.82%
50.10%
Covered Payroll
-
$
-
$
-
$
50,474
$
141,127
$
135,223
$
133,949
$
131,245
$
127,859
$
125,260
$
Town's Net Pension Liability (Assets) as a
Percentage of Covered Payroll
0.00%
0.00%
0.00%
510.42%
236.08%
201.55%
226.07%
166.19%
333.36%
314.60%
Reporting Year
(Measurement Date)
TOWN OF WICKENBURG, ARIZONA
SCHEDULE OF PENSION CONTRIBUTIONS: PSPRS POLICE, PSPRS FIRE, CORP DISPATCHERS
YEAR ENDED JUNE 30, 2024
See accompanying Notes to Required Supplementary Information
53
PSPRS Police
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Actuarially Determined Contribution
225,450
$
375,345
$
213,109
$
4,290,018
$
508,301
$
394,723
$
388,887
$
337,472
$
307,317
$
231,967
$
Town's Contribution in Relation to the Actuarially
Determined Contribution
225,450
375,345
213,109
4,290,018
508,301
394,723
314,014
337,472
307,317
231,967
Town's Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
-
$
74,873
$
-
$
-
$
-
$
Town's Covered Payroll
1,747,550
$
1,540,646
$
1,306,146
$
1,263,445
$
1,026,985
$
1,075,036
$
1,075,036
$
1,150,390
$
1,103,288
$
1,022,265
$
Town's Contributions as a Percentage of Covered
Payroll
12.90%
24.36%
16.32%
339.55%
49.49%
36.72%
29.21%
29.34%
27.85%
22.69%
PSPRS Fire
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Actuarially Determined Contribution
231,974
$
306,273
$
142,817
$
874,643
$
206,658
$
174,096
$
163,876
$
82,397
$
80,265
$
74,179
$
Town's Contribution in Relation to the Actuarially
Determined Contribution
231,974
306,273
142,817
874,643
206,658
174,096
86,894
82,397
80,265
74,179
Town's Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
-
$
76,982
$
-
$
-
$
-
$
Town's Covered Payroll
1,758,711
$
1,107,552
$
1,040,735
$
1,094,554
$
885,856
$
778,842
$
803,216
$
767,908
$
744,211
$
543,573
$
Town's Contributions as a Percentage of Covered
Payroll
13.19%
27.65%
13.72%
79.91%
23.33%
22.35%
10.82%
10.73%
10.79%
13.65%
CORP Dispatchers
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Actuarially Determined Contribution
-
$
646
$
-
$
2,845
$
22,519
$
33,406
$
31,785
$
37,908
$
36,040
$
19,780
$
Town's Contribution in Relation to the Actuarially
Determined Contribution
-
646
-
2,845
22,519
33,406
31,785
37,908
36,040
19,780
Town's Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
Town's Covered Payroll
-
$
-
$
-
$
-
$
50,474
$
141,127
$
135,223
$
133,949
$
131,245
$
127,859
$
Town's Contributions as a Percentage of Covered
Payroll
N/A
N/A
N/A
N/A
44.62%
23.67%
23.51%
28.30%
27.46%
15.47%
Reporting Fiscal Year
Reporting Fiscal Year
Reporting Fiscal Year
TOWN OF WICKENBURG, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL GENERAL FUND
YEAR ENDED JUNE 30, 2024
See accompanying Notes to Required Supplementary Information
54
Actual
Variances -
Final to Actual
REVENUES
Sales tax
7,802,809
$
10,545,739
$
2,742,930
$
Property tax
600,000
587,149
(12,851)
Licenses and permits
836,583
786,994
(49,589)
Fines and forfeitures
141,802
226,622
84,820
Charges for services
1,392,408
1,698,620
306,212
Contributions and donations
-
9,029
9,029
Intergovernmental
4,531,099
8,412,025
3,880,926
Interest earnings (loss)
625,000
1,451,980
826,980
Other
82,965
405,463
322,498
Total Revenues
16,012,666
24,123,621
8,110,955
EXPENDITURES
Current:
General government:
Finance and technology
849,936
767,086
82,850
Town manager
711,243
659,437
51,806
Town attorney
238,169
269,552
(31,383)
Town clerk
218,055
177,482
40,573
Economic development
233,725
228,307
5,418
Community development
730,725
665,089
65,636
Public works
428,150
424,218
3,932
General services
9,034,071
2,025,990
7,008,081
Town court
375,992
357,763
18,229
Total general government
12,820,066
5,574,924
7,245,142
Public Safety
Police
5,075,233
4,913,895
161,338
Fire
3,650,503
4,006,920
(356,417)
Total Public Safety
8,725,736
8,920,815
(195,079)
Parks, recreation, and facilities
Recreation
510,576
575,600
(65,024)
Parks and facilities
1,671,317
1,594,726
76,591
Library
485,831
566,527
(80,696)
Total parks, recreation, and facilities
2,667,724
2,736,853
(69,129)
Total Expenditures
24,213,526
17,232,592
6,980,934
Excess (Deficiency) of Revenues
Over Expenditures
(8,200,860)
6,891,029
15,091,889
Other Financing Sources (Uses):
Transfers out
(1,298,903)
(1,698,903)
400,000
NET CHANGE IN FUND BALANCE
(9,499,763)
5,192,126
14,691,889
Fund Balance - Beginning
9,245,376
25,556,862
16,311,486
Fund Balance - Ending
(254,387)
$
30,748,988
$
31,003,375
$
Adopted and
Final Budget
TOWN OF WICKENBURG, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL HIGHWAY USER REVENUE FUND
YEAR ENDED JUNE 30, 2024
See accompanying Notes to Required Supplementary Information
55
Actual
Variances -
Final to Actual
REVENUES
Sales tax
710,392
$
890,251
(179,859)
$
Intergovernmental
597,471
602,160
(4,689)
Interest earnings (loss)
51,430
75,587
(24,157)
Other revenues
500
4,985
(4,485)
Total Revenues
1,359,793
1,572,983
(213,190)
EXPENDITURES
Current:
Highways and streets
1,224,630
1,146,384
78,246
Capital outlay
2,105,502
1,847,360
258,142
Total Expenditures
3,330,132
2,993,744
336,388
Excess (Deficiency) of Revenues
Over Expenditures
(1,970,339)
(1,420,761)
123,198
Other Financing Sources (Uses):
Transfers in
400,000
400,000
-
NET CHANGE IN FUND BALANCE
(1,570,339)
(1,020,761)
549,578
Fund Balance - Beginning
1,275,791
1,867,123
591,332
Fund Balance - Ending
(294,548)
$
846,362
$
1,140,910
$
Adopted and
Final Budget
TOWN OF WICKENBURG, ARIZONA
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL GRANTS FUND
YEAR ENDED JUNE 30, 2024
See accompanying Notes to Required Supplementary Information
56
Variances -
Actual
Final to Actual
REVENUES
Intergovernmental
2,610,693
$
1,337,346
$
1,273,347
$
Interest earnings
-
67
(67)
Total Revenues
2,610,693
1,337,413
1,273,280
EXPENDITURES
Current:
General government
448,002
117,233
330,769
Public safety
186,018
48,677
137,341
Capital outlay
4,376,673
1,145,286
3,231,387
Contingency
4,078
-
4,078
Total Expenditures
5,014,771
1,311,196
3,703,575
Excess (Deficiency) of Revenues
Over Expenditures
(2,404,078)
26,217
4,976,855
Fund Balance - Beginning
1,351,284
24,592
(1,326,692)
Fund Balance - Ending
(1,052,794)
$
50,809
$
1,103,603
$
Adopted and
Final Budget
TOWN OF WICKENBURG, ARIZONA
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED JUNE 30, 2024
57
NOTE 1 – ACTUARIALLY DETERMINED CONTRIBUTION RATES
Actuarial determined contribution rates for PSPRS and CORP are calculated as of June 30 two years prior to the
end of the fiscal year in which contributions are made. The actuarial methods and assumptions used to establish
the contribution requirements are as follows:
Actuarial Cost Method
Entry age normal
Amortization Method
Level percent of pay, closed
Remaining Amortization
Period as of 2022
Actuarial Valuation
20 years for unfunded actuarial accrued liability, 19 years for excess
Asset Valuation Method
PSPRS members with initial membership date before July 1, 2017, and CORP
members with initial membership date before July 1, 2018: 7-year smoothed
market value; 80%/120% market corridor PSPRS members with initial
membership on or after July 1, 2017: 5-year smoothed market value; 80%/120%
market corridor
Actuarial Assumptions:
Investment Rate of
Return
In the 2022 actuarial valuation, the investment rate of return was decreased from
7.3% to 7.2%. In the 2019 actuarial valuation, the investment rate of return was
decreased from 7.4% to 7.3%. In the 2017 actuarial valuation, the investment rate
of return was decreased from 7.5% to 7.4%. In the 2016 actuarial valuation, the
investment rate of return was decreased from 7.85% to 7.5%. In the 2013
actuarial valuation, the investment rate of return was decreased from 8.0% to
7.85%.
Project Salary Increases
In the 2017 actuarial valuation, projected salary increases were decreased from
4.0%-8.0% to 3.5%-7.5% for PSPRS and from 4.0%-7.25%% to 3.5%-6.5% for
CORP. In the 2014 actuarial valuation, projected salary increases were decreased
from 4.5%-8.5% to 4.0%-8.0% for PSPRS and from 4.5%-7.75% to 4.0%-7.25% for
CORP. In the 2013 actuarial valuation, projected salary increases were decreased
from 5.0%-9.0% to 4.5%-8.5% for PSPRS and from 5.0%-8.35% to 4.5%-7.75% for
CORP
Wage Growth
In the 2022 actuarial valuation, wage growth was changed from 3.5% to a range
of 3.0 – 6.25% for PSPRS and CORP. In the 2017 actuarial valuation, wage growth
was decreased from 4% to 3.5% for PSPRS and CORP. In the 2014 actuarial
valuation, wage growth was decreased from 4.5% to 4.0% for PSPRS and CORP.
In the 2013 actuarial valuation, wage growth was decreased from 5.0% to 4.5%
for PSPRS and CORP.
Retirement Age
Experience-based table of rates that is specific to the type of eligibility condition.
Last updated for the 2012 valuation pursuant to an experience study of the
period July 1, 2006-June 30, 2011
Mortality
In the 2017 actuarial valuation, changed to RP 2014 tables, with 75% of MP 2016
fully generational projection scales. RP-2000 mortality table (adjusted by 105%
for both males and females (adjusted by 15% for both males and females)
COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
TOWN OF WICKENBURG, ARIZONA
NONMAJOR GOVERNMENTAL FUNDS
FUND DESCRIPTIONS
JUNE 30, 2024
58
SPECIAL REVENUE FUNDS
Judicial Court Enhancement Fund – Used to account for court funds received to improve the Town court.
CAPITAL PROJECTS FUNDS
Capital Improvements Fund – A capital projects fund is used to account for the acquisition and construction of
major capital facilities other than those financed by proprietary funds.
DEBT SERVICE FUND
Debt Service Fund – Used to account for the repayment of the Town’s outstanding WIFA loan for the Kerkes storm
water project.
TOWN OF WICKENBURG, ARIZONA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2024
59
Debt Service
Fund
Capital
Projects Fund
Judicial
Collection
Enhancement
Fund
Debt Service
Fund
Capital
Improvement
Fund
Non-Major
Governmental
Funds
ASSETS
Cash and investments
169,188
$
-
$
1,026,218
$
1,195,406
$
Total Assets
169,188
-
1,026,218
1,195,406
LIABILITIES
Accounts payable
5,304
-
48,927
54,231
Total Liabilities
5,304
-
48,927
54,231
FUND BALANCES
Restricted
163,884
-
-
163,884
Assigned
-
-
977,291
977,291
Total Fund Balances
163,884
-
977,291
1,141,175
Total Liabilities and Fund
Balances
169,188
$
-
$
1,026,218
$
1,195,406
$
Special
Revenue
TOWN OF WICKENBURG, ARIZONA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FISCAL YEAR ENDED JUNE 30, 2024
60
Debt Service
Fund
Capital
Projects Fund
Judicial
Collection
Enhancement
Fund
Debt Service
Fund
Capital
Improvement
Fund
Non-Major
Governmental
Funds
REVENUES
Fines and forfeitures
19,725
$
-
$
-
$
19,725
$
Interest earnings (loss)
7,363
-
-
7,363
Total Revenues
27,088
-
-
27,088
EXPENDITURES
Current:
General government
5,500
-
-
5,500
Debt service:
Principal
-
459,608
-
459,608
Interest and fiscal charges
-
39,295
-
39,295
Capital outlay
586
-
338,406
338,992
Total Expenditures
6,086
498,903
338,406
843,395
Excess (Deficiency) of Revenues
Over Expenditures
21,002
(498,903)
(338,406)
(816,307)
Other Financing Sources (Uses)
Transfers in
-
498,903
1,000,000
1,498,903
NET CHANGE IN FUND BALANCE
21,002
-
661,594
682,596
Fund Balance - Beginning
142,882
-
315,697
458,579
Fund Balance - Ending
163,884
$
-
$
977,291
$
1,141,175
$
Special
Revenue
TOWN OF WICKENBURG, ARIZONA
JUDICIAL COURT ENHANCEMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FISCAL YEAR ENDED JUNE 30, 2024
61
Variances -
Actual
Final to Actual
REVENUES
Fines and forfeitures
13,585
$
19,725
$
(6,140)
$
Interest earnings
4,503
7,363
(2,860)
Total Revenues
18,088
27,088
(9,000)
EXPENDITURES
Current:
General government
15,000
5,500
9,500
Capital outlay
-
586
(586)
Contingency
126,731
-
126,731
Total Expenditures
141,731
6,086
135,645
Excess (Deficiency) of Revenues
Over Expenditures
(123,643)
21,002
126,645
Fund Balance - Beginning
152,768
142,882
(9,886)
Fund Balance - Ending
29,125
$
163,884
$
134,759
$
Adopted and
Final Budget
TOWN OF WICKENBURG, ARIZONA
DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FISCAL YEAR ENDED JUNE 30, 2024
62
Variances -
Actual
Final to Actual
EXPENDITURES
Debt service
Principal
459,608
$
459,608
$
-
$
Interest
39,295
39,295
-
Total Expenditures
498,903
498,903
-
Excess (Deficiency) of Revenues
Over Expenditures
(498,903)
(498,903)
-
Other Financing Sources (Uses):
Transfers in
498,903
498,903
-
NET CHANGE IN FUND BALANCE
-
-
-
Fund Balance - Beginning
-
-
-
Fund Balance - Ending
-
$
-
$
-
$
Adopted and
Final Budget
TOWN OF WICKENBURG, ARIZONA
CAPITAL IMPROVEMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FISCAL YEAR ENDED JUNE 30, 2024
63
Adopted and
Final Budget
Actual
Variances -
Final to Actual
EXPENDITURES
Current:
Capital outlay
682,941
$
338,406
$
344,535
$
Other Financing Sources (Uses):
Transfers in
1,000,000
1,000,000
-
NET CHANGE IN FUND BALANCE
317,059
661,594
344,535
Fund Balance - Beginning
1,409,739
315,697
(1,094,042)
Fund Balance - Ending
1,726,798
$
977,291
$
(749,507)
$
TOWN OF WICKENBURG, ARIZONA
INTERNAL SERVICE FUNDS
FUND DESCRIPTIONS
FISCAL YEAR ENDED JUNE 30, 2024
64
INTERNAL SERVICE FUNDS
Maintenance Shop Fund – accounts for transactions relating to the accumulation of and costs associated with the
maintenance shop.
Fuel Facility Fund – accounts for transactions relating to fuel usage by the Town’s various departments.
TOWN OF WICKENBURG, ARIZONA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
FISCAL YEAR ENDED JUNE 30, 2024
65
Maintenance
Shop
Fuel Facility
Total
ASSETS
Current assets
Cash and cash equivalents
117,666
$
167,339
$
285,005
$
Accounts receivable, net
-
8,059
8,059
Inventory
-
6,723
6,723
Total current assets
117,666
182,121
299,787
Noncurrent assets
Depreciation capital assets, net
38,808
54,465
93,273
Total non-current assets
38,808
54,465
93,273
Total Assets
156,474
$
236,586
$
393,060
$
DEFERRED OUTFLOWS OF RESOURCES
18,836
-
18,836
LIABILITIES
Current liabilities
Accounts payable
3,735
$
5,441
$
9,176
$
Accrued wages and benefits
2,948
-
2,948
Total current liabilities
6,683
5,441
12,124
Non-current liabilities
Net pension liability
99,648
-
99,648
Total Liabilities
106,331
5,441
111,772
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to pensions
3,526
-
3,526
Total deferred inflows of resources
3,526
-
3,526
NET POSITION
Net investment in capital assets
38,808
54,465
93,273
Unrestricted
26,645
176,680
203,325
Total Net Position
65,453
$
231,145
$
296,598
$
Internal Service Funds
Deferred outflows of resources
related to pensions
TOWN OF WICKENBURG, ARIZONA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2024
66
Maintenance
Shop
Fuel Facility
Total
OPERATING REVENUE
Charges for services
244,173
$
344,602
$
588,775
$
OPERATING EXPENSE
Cost of sales and service
198,981
375,514
574,495
Depreciation
8,824
6,604
15,428
Total operating expenses
207,805
382,118
589,923
OPERATING INCOME (LOSS)
36,368
(37,516)
(1,148)
NON-OPERATING REVENUES (EXPENSES)
Investment earnings
3,948
7,875
11,823
Miscellaneous revenues
-
3,247
3,247
Total non-operating revenues (expenses)
3,948
11,122
15,070
CHANGE IN NET POSITION
40,316
(26,394)
13,922
NET POSITION
Net Position - Beginning
25,137
257,539
282,676
Net Position - Ending
65,453
$
231,145
$
296,598
$
Internal Service Funds
TOWN OF WICKENBURG, ARIZONA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED JUNE 30, 2024
67
Maintenance
Shop
Fuel Facility
Total
Cash flows from operating activities
Receipts from customers
244,173
$
361,609
$
605,782
$
Payments to suppliers
(74,631)
(335,169)
(409,800)
Payments to employees
(124,572)
-
(124,572)
Other receipts (payments)
-
3,247
3,247
Net cash provided by operating activities
44,970
29,687
74,657
Cash flows from capital and related financing
Acquisition of capital assets
(8,000)
(29,092)
(37,092)
Cash flows from investing activities
Interest received
3,948
7,875
11,823
Net increase in cash
40,918
8,470
49,388
Cash
Beginning of year
76,748
158,869
235,617
End of year
117,666
$
167,339
$
285,005
$
Maintenance
Shop
Fuel Facility
Total
Reconciliation of operating income (loss) to cash provided
by operating activities
Operating income (loss)
36,368
$
(37,516)
$
(1,148)
$
Depreciation
8,824
6,604
15,428
Nonoperating receipts (disbursements)
-
3,247
3,247
Change in assets/liabilities:
Receivables, net
-
17,007
17,007
Inventory
-
34,904
34,904
Deferred outflows of resources related to pensions
(2,664)
-
(2,664)
Accounts payable
3,735
5,441
9,176
Accrued wages
(1,263)
-
(1,263)
Net pension liability
(834)
-
(834)
Deferred inflows of resources related to pensions
804
-
804
Net cash provided by operating activities
44,970
$
29,687
$
74,657
$
Internal Service Funds
Internal Service Funds (Nonmajor)
STATISTICAL SECTION
(UNAUDITED)
68
STATISTICAL SECTION
This section of the Town of Wickenburg, Arizona‘s annual comprehensive 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 government’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 property 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
TOWN OF WICKENBURG, ARIZONA
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
ACCRUAL BASIS OF ACCOUNTING
(UNAUDITED)
69
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Governmental Activities:
Net Investment in Capital Assets
39,768,323
$
36,913,489
$
38,066,635
$
35,738,912
$
35,527,351
$
34,960,026
$
35,399,424
$
35,646,384
$
34,073,314
$
32,572,003
$
Restricted
3,517,018
2,866,904
3,756,773
4,082,279
3,325,269
2,333,782
1,716,752
283,735
1,045,320
936,495
Unrestricted
27,032,040
23,951,362
19,587,818
12,731,183
8,962,918
7,573,492
5,532,074
5,410,309
3,467,253
3,203,492
Total Governmental Activities Net Pension
70,317,381
$
63,731,755
$
61,411,226
$
52,552,374
$
47,815,538
$
44,867,300
$
42,648,250
$
41,340,428
$
38,585,887
$
36,711,990
$
Business-Type Activities:
Net Investment in Capital Assets
59,130,432
$
58,082,210
$
52,097,194
$
52,697,907
$
47,887,850
$
40,507,336
$
29,996,352
$
29,821,108
$
30,404,269
$
27,657,515
$
Unrestricted
15,758,727
11,840,966
13,089,276
11,007,991
9,515,045
9,439,014
6,442,839
5,017,740
3,681,436
3,981,737
Total Business- Type Activities Net Position
74,889,159
$
69,923,176
$
65,186,470
$
63,705,898
$
57,402,895
$
49,946,350
$
36,439,191
$
34,838,848
$
34,085,705
$
31,639,252
$
Primary Government:
Net Investment in Capital Assets
98,898,755
$
94,995,699
$
90,163,829
$
88,436,819
$
83,415,201
$
75,467,362
$
65,395,776
$
65,467,492
$
64,477,583
$
60,229,518
$
Restricted
3,517,018
2,866,904
3,756,773
4,082,279
3,325,269
2,333,782
1,716,752
283,735
1,045,320
936,495
Unrestricted
42,790,767
35,792,328
32,677,094
23,739,174
18,477,963
17,012,506
11,974,913
10,428,049
7,148,689
7,185,229
Total Primary Government Net Position
145,206,540
$
133,654,931
$
126,597,696
$
116,258,272
$
105,218,433
$
94,813,650
$
79,087,441
$
76,179,276
$
72,671,592
$
68,351,242
$
Source: The Town's finance department.
Fiscal Year
TOWN OF WICKENBURG, ARIZONA
EXPENSES, PROGRAM REVENUES, AND NET EXPENSE
LAST TEN FISCAL YEARS
ACCRUAL BASIS OF ACCOUNTING
(UNAUDITED)
70
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Expenses:
Governmental Activities:
General Government
6,476,918
$
4,910,943
$
3,606,476
$
3,338,119
$
3,095,678
$
3,035,934
$
2,838,550
$
2,576,827
$
2,658,702
$
2,970,703
$
Public Safety
10,080,766
6,189,223
4,920,571
5,443,519
5,210,273
4,651,445
4,719,481
5,154,215
4,074,234
3,816,543
Highway and Streets
1,638,819
1,445,172
1,224,032
1,230,666
1,145,805
1,096,701
1,087,732
1,003,764
981,551
698,372
Parks, Recreation, and Facilities
3,043,526
2,165,428
1,932,108
1,870,245
1,877,307
1,707,229
1,748,961
1,745,688
1,638,563
1,480,726
Interest
39,295
49,241
-
1,157
2,309
3,453
4,466
4,057
-
1,686
Total Governmental Activities
21,279,324
14,760,007
11,683,187
11,883,706
11,331,372
10,494,762
10,399,190
10,484,551
9,353,050
8,968,030
Business-Type Activities:
Water System- 1
1,415,713
1,270,403
1,208,695
1,057,006
1,028,155
987,791
1,244,934
1,268,968
1,445,318
1,100,406
Water System- 2
997,604
963,537
1,007,842
882,608
825,404
625,841
-
-
-
-
Electric
2,405,724
3,555,335
2,895,607
2,373,070
1,621,139
1,684,675
1,698,349
1,587,325
1,603,218
1,575,803
Sanitation
1,099,104
1,121,652
1,014,603
942,439
856,529
896,786
758,774
866,391
761,331
705,006
Wastewater System- 1
1,403,505
1,164,357
953,715
1,036,603
864,153
1,255,953
1,496,609
1,422,380
1,354,709
1,110,541
Wastewater System- 2
1,765,733
1,676,047
1,455,397
1,356,445
1,275,740
1,197,190
-
-
-
-
Airport
1,119,478
1,108,020
1,151,993
1,023,583
974,691
951,631
915,518
942,142
961,400
1,003,164
Total Business-Type Activities
10,206,861
10,859,351
9,687,852
8,671,754
7,445,811
7,599,867
6,114,184
6,087,206
6,125,976
5,494,920
Total Primary Government Expenses
31,486,185
$
25,619,358
$
21,371,039
$
20,555,460
$
18,777,183
$
18,094,629
$
16,513,374
$
16,571,757
$
15,479,026
$
14,462,950
$
Program Revenues:
Governmental Activities:
Fines, Fees, and Charges for Services:
General Government
1,074,294
$
814,904
$
3,201,765
$
3,475,562
$
2,312,410
$
2,282,802
$
2,078,002
$
2,007,739
$
2,011,134
$
1,878,062
$
Public Safety
1,719,049
2,051,138
470,176
650,382
495,099
463,789
439,393
502,710
486,630
361,766
Parks, Recreation, and Zoning
527,393
383,053
118,791
145,278
76,979
99,688
116,523
86,918
108,085
101,160
Operating Grants and Contributions
3,244,521
1,629,575
852,904
799,065
1,810,990
721,625
610,178
567,950
541,540
439,692
Capital Grants and Contributions
3,400,000
-
2,693,362
141,127
74,407
197,640
135,252
1,614,897
735,542
2,751,634
Total Governmental Activities Program Revenues:
9,965,257
4,878,670
7,336,998
5,211,414
4,769,885
3,765,544
3,379,348
4,780,214
3,882,931
5,532,314
Business-Type Activities:
Charges for Services:
Water System- 1
1,626,420
1,503,224
1,558,429
1,617,952
1,417,255
1,410,566
1,606,191
1,435,303
1,326,194
1,129,687
Water System- 2
618,098
545,930
578,747
478,215
307,505
224,421
-
-
-
-
Electric
3,818,889
3,999,313
3,288,227
2,740,949
2,526,794
2,545,144
2,555,521
2,569,959
2,575,894
2,486,188
Sanitation
1,347,687
1,130,226
1,070,145
985,524
921,004
836,167
821,153
796,620
764,553
804,983
Wastewater System- 1
1,474,109
1,441,228
1,433,461
1,457,022
1,353,500
1,299,974
1,859,257
1,901,928
1,358,993
1,074,639
Wastewater System- 2
1,584,203
1,424,877
2,690,835
2,479,134
1,342,788
1,440,073
-
-
-
-
Airport
488,272
568,931
498,408
374,747
310,611
270,380
332,964
304,216
368,661
423,796
Capital Grants and Contributions
3,367,268
640,019
190,568
4,692,611
6,316,031
10,097,036
258,883
369,187
3,341,597
365,334
Total Business- Type Activities Program Revenues
14,324,946
11,253,748
11,308,820
14,826,154
14,495,488
18,123,761
7,433,969
7,377,213
9,735,892
6,284,627
Total Primary Government Program Revenues
24,290,203
$
16,132,418
$
18,645,818
$
20,037,568
$
19,265,373
$
21,889,305
$
10,813,317
$
12,157,427
$
13,618,823
$
11,816,941
$
Source: The Town's finance department.
Fiscal Year
TOWN OF WICKENBURG, ARIZONA
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
ACCRUAL BASIS OF ACCOUNTING
(UNAUDITED)
71
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Net (Expense)/Revenue
Governmental Activities
(11,314,067)
$
(9,881,337)
$
(4,346,189)
$
(6,672,292)
$
(6,561,487)
$
(6,729,218)
$
(7,019,842)
$
(5,704,337)
$
(5,470,119)
$
(3,453,716)
$
Business-Type Activities
4,118,085
394,397
1,620,968
6,154,400
7,049,677
10,523,894
1,319,785
1,290,007
3,609,916
789,707
Total Primary Government Net Expenses
(7,195,982)
$
(9,486,940)
$
(2,725,221)
$
(517,892)
$
488,190
$
3,794,676
$
(5,700,057)
$
(4,414,330)
$
(1,860,203)
$
(2,664,009)
$
Position
Governmental Activities:
Taxes:
Sales Taxes
11,435,990
$
10,994,465
$
9,036,781
$
7,611,644
$
6,353,528
$
5,816,826
$
5,730,587
$
5,579,360
$
4,103,951
$
3,757,455
$
Property Taxes
587,149
582,867
527,872
481,657
437,780
401,204
387,358
338,201
320,367
309,684
State Revenue Sharing
2,098,733
1,459,753
997,383
1,156,460
1,013,826
897,229
881,260
832,665
766,104
770,280
State Sales Tax Revenue Sharing
1,200,362
1,137,482
1,063,730
959,980
811,992
748,903
685,871
625,377
603,408
581,507
Auto Lieu Tax Revenue Sharing
416,944
412,183
411,072
418,088
353,327
331,850
299,741
269,827
262,751
243,077
Investment Earnings
1,546,820
972,078
53,188
18,049
212,662
267,963
134,874
54,658
21,902
10,863
Other
413,695
361,951
696,515
763,250
196,610
69,893
145,990
82,838
47,196
95,192
Transfers
200,000
50,000
418,500
-
130,000
415,000
(98,000)
675,952
1,218,337
688,984
Total Governmental Activities
17,899,693
15,970,779
13,205,041
11,409,128
9,509,725
8,948,868
8,167,681
8,458,878
7,344,016
6,457,042
Business-Type Activities:
Investment Earnings
746,247
508,211
50,210
(1,425)
153,474
228,599
91,382
35,614
22,643
15,497
Other
301,651
115,185
227,894
150,028
383,394
3,169,666
91,176
103,474
32,231
236,149
Transfers
(200,000)
(50,000)
(418,500)
-
(130,000)
(415,000)
98,000
(675,952)
(1,218,337)
(688,984)
Total Business-Type Activities
847,898
573,396
(140,396)
148,603
406,868
2,983,265
280,558
(536,864)
(1,163,463)
(437,338)
Total Primary Government
18,747,591
$
16,544,175
$
13,064,645
$
11,557,731
$
9,916,593
$
11,932,133
$
8,448,239
$
7,922,014
$
6,180,553
$
6,019,704
$
Change in Net Position
Governmental Activities
6,585,626
6,089,442
8,858,852
4,736,836
2,948,238
2,219,050
1,147,839
2,754,541
1,873,897
3,021,326
Business-Type Activities
4,965,983
967,793
1,480,572
6,303,003
7,456,545
13,507,159
1,600,343
753,143
2,446,453
352,369
Total Primary Government
11,551,609
$
7,057,235
$
10,339,424
$
11,039,839
$
10,404,783
$
15,726,209
$
2,748,182
$
3,507,684
$
4,320,350
$
3,373,695
$
Source: The Town's finance department.
Fiscal Year
TOWN OF WICKENBURG, ARIZONA
FUND BALANCES – GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
MODIFIED ACCRUAL BASIS OF ACCOUNTING
(UNAUDITED)
72
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
General Fund:
Nonspendable
-
$
-
$
1,258
$
1,566
$
1,202
$
131
$
-
$
66,764
$
68,709
$
-
$
Restricted
2,976,787
1,457,206
3,564,631
3,164,989
2,472,335
1,896,086
1,426,780
81,760
114,679
11,674
Assigned
687,759
613,236
584,507
555,536
523,463
511,478
463,255
260,998
250,280
260,249
Unassigned
27,084,442
23,486,420
19,493,880
12,364,600
13,609,977
11,534,383
9,952,571
9,889,798
8,191,481
6,799,312
Total General Fund
30,748,988
$
25,556,862
$
23,644,276
$
16,086,691
$
16,606,977
$
13,942,078
$
11,842,606
$
10,299,320
$
8,625,149
$
7,071,235
$
All Other Governmental Funds:
Restricted
484,705
$
2,034,597
$
1,209,696
$
917,290
$
852,934
$
467,696
$
289,972
$
201,975
$
930,641
$
924,821
$
Assigned
1,553,641
315,697
1,578,490
1,701,834
835,602
1,357,852
1,054,855
1,010,294
33,291
1,159,990
Unassigned
-
-
-
(579)
(1,155)
(1,726)
-
-
-
-
Total All Other Governmental Funds
2,038,346
$
2,350,294
$
2,788,186
$
2,618,545
$
1,687,381
$
1,823,822
$
1,344,827
$
1,212,269
$
963,932
$
2,084,811
$
Source: The Town's finance department.
Fiscal Year
TOWN OF WICKENBURG, ARIZONA
CHANGES IN FUND BALANCE OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
MODIFIED ACCRUAL BASIS OF ACCOUNTING
(UNAUDITED)
73
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Revenues
Taxes
12,023,139
$
14,586,750
$
9,564,653
$
8,093,301
$
6,791,308
$
6,218,030
$
6,117,945
$
5,917,561
$
4,424,318
$
4,067,139
$
Intergovernmental
8,412,025
777,701
3,415,551
3,412,978
4,059,477
2,811,822
2,549,132
3,225,408
2,580,070
2,132,460
Fines and Forfeitures
246,347
161,254
176,813
141,412
163,057
125,249
121,411
130,578
184,187
153,839
Licenses and Permits
2,124,340
926,900
1,529,406
1,799,614
679,339
729,389
623,137
656,212
483,981
471,129
Charges for Services
2,300,780
2,350,075
1,842,942
2,101,673
1,840,317
1,791,355
1,695,750
1,630,494
1,769,256
1,546,615
Rentals and Leases
95,602
95,602
241,571
228,523
201,775
200,286
193,620
180,083
168,425
169,405
Contributions and Donations
9,029
109,332
2,292,900
61,742
5,065
85,425
18,170
32,019
215,675
-
Investment Earnings
1,534,997
964,909
53,189
18,049
212,662
267,962
134,874
54,659
21,900
10,864
Other
314,846
265,538
713,931
719,034
194,783
69,294
145,990
82,840
47,196
95,192
Total Revenues
27,061,105
20,238,061
19,830,956
16,576,326
14,147,783
12,298,812
11,600,029
11,909,854
9,895,008
8,646,643
Expenditures
General Government
5,697,657
4,175,559
3,241,720
2,920,747
2,745,429
2,777,867
2,649,797
2,594,697
2,221,827
1,976,595
Public Safety
8,969,492
10,199,572
6,271,323
10,156,246
5,136,259
4,615,588
4,512,920
4,222,084
3,893,219
3,597,401
Highways and Streets
1,146,384
993,701
902,326
777,525
691,489
616,631
651,270
784,730
720,355
519,333
Parks, Recreation, and Facilities
2,736,853
1,895,688
1,614,170
1,454,943
1,601,056
1,499,850
1,489,884
1,481,184
1,366,834
1,420,230
Principal Expense
459,608
449,661
162,285
161,134
159,992
158,858
157,731
-
-
45,270
Interest Expenses
39,295
49,241
1
1,157
2,309
3,453
4,466
4,057
-
1,686
Capital Outlay
3,331,638
1,049,945
2,680,405
693,696
1,382,791
493,098
554,858
2,245,853
2,509,738
651,908
Total Expenditures
22,380,927
18,813,367
14,872,230
16,165,448
11,719,325
10,165,345
10,020,926
11,332,605
10,711,973
8,212,423
Excess of Revenues
Over (Under) Expenditures
4,680,178
1,424,694
4,958,726
410,878
2,428,458
2,133,467
1,579,103
577,249
(816,965)
434,220
Other Financing Sources (Uses)
Transfers In
1,898,903
698,902
2,680,333
1,662,867
1,147,872
1,075,000
1,357,000
1,310,000
1,503,280
800,000
Transfers Out
(1,698,903)
(648,902)
(2,261,833)
(1,662,867)
(1,017,872)
(660,000)
(1,455,000)
(570,000)
(253,280)
(125,958)
Loan Proceeds
-
-
2,350,000
-
-
-
194,741
605,259
-
-
Sources (Uses)
200,000
50,000
2,768,500
-
130,000
415,000
96,741
1,345,259
1,250,000
674,042
Net Change in Fund Balance
4,880,178
$
1,474,694
$
7,727,226
$
410,878
$
2,558,458
$
2,548,467
$
1,675,844
$
1,922,508
$
433,035
$
1,108,262
$
Debt Service as Percentage of
Noncapital Expenditures
2.72%
3.86%
1.57%
1.10%
1.60%
1.71%
0.04%
0.04%
0.00%
0.62%
Source: The Town's finance department.
Fiscal Year
TOWN OF WICKENBURG, ARIZONA
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
LAST TEN FISCAL YEARS
(UNAUDITED)
74
Fiscal Year
Sales Taxes
Property Taxes
Total
2024
11,178,018
$
587,149
$
11,765,167
$
2023
10,765,895
582,867
11,348,762
2022
9,036,781
527,872
9,564,653
2021
7,611,644
481,657
8,093,301
2020
6,353,528
437,780
6,791,308
2019
5,816,826
401,204
6,218,030
2018
5,730,587
387,358
6,117,945
2017
5,579,360
338,201
5,917,561
2016
4,103,951
320,367
4,424,318
2015
3,757,455
309,684
4,067,139
Source: The Town's finance department.
TOWN OF WICKENBURG, ARIZONA
SALES TAX COLLECTIONS BY CATEGORY
LAST TEN FISCAL YEARS
(UNAUDITED)
75
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Sales Category:
Construction
4,451,255
$
3,862,338
$
2,980,136
$
2,345,070
$
1,968,474
$
1,715,764
$
1,768,683
$
1,910,905
$
557,850
$
459,061
$
Mining & Manufacturing
-
-
-
-
-
-
-
-
93,474
78,574
Transportation, Communications, and Utilities
462,119
425,143
378,194
355,809
347,416
354,239
339,650
338,076
364,685
347,501
Wholesale Trade
-
-
-
-
-
-
-
-
484,850
460,128
Retail Trade
4,332,685
4,346,578
3,828,845
3,321,217
2,805,016
2,439,913
2,252,079
2,204,507
1,782,300
1,353,276
Restaurants and Bars
746,352
682,920
641,036
568,032
462,468
470,102
448,075
376,247
351,831
336,423
Real Estate, Rental and Leases, Finance, and Insurance
590,452
586,104
511,191
398,960
403,119
314,454
304,744
262,391
204,353
207,793
Accommodations, Arts & Entertainment
594,184
579,694
574,572
452,546
378,300
397,815
346,778
280,620
241,100
199,083
Services & Administration
32,337
27,810
28,124
23,368
22,041
29,272
27,097
31,732
110,411
128,904
Other
1,814
659
2,296
1,884
2,158
(19)
4,563
1,735
23,437
11,035
Total
11,211,198
$
10,511,244
$
8,944,394
$
7,466,886
$
6,388,992
$
5,721,540
$
5,491,669
$
5,406,213
$
4,214,291
$
3,581,778
$
Town Sales Tax Rate
1.69% for
single items
over $5,000,
otherwise
2.2%
1.69% for
single items
over $5,000,
otherwise
2.2%
1.69% for
single items
over $5,000,
otherwise
2.2%
1.69% for
single items
over $5,000,
otherwise
2.2%
1.69% for
single items
over $5,000,
otherwise
2.2%
1.69% for
single items
over $5,000,
otherwise
2.2%
1.69% for
single items
over $5,000,
otherwise
2.2%
1.69% for
single items
over $5,000,
otherwise
2.2%
1.69% for
single items
over $5,000,
otherwise
2.2%
1.19% for
single items
over $10,000,
otherwise
2.2%
Source: The Arizona Department of Revenue.
Fiscal Year
TOWN OF WICKENBURG, ARIZONA
DIRECT AND OVERLAPPING SALES TAX RATES
LAST TEN FISCAL YEARS
(UNAUDITED)
76
Fiscal Year
Town Direct Rate
Maricopa County
Yavapai County
2024
1.69% for single items over
%5,000, otherwise 2.2%
0.70
0.75
2023
1.69% for single items over
%5,000, otherwise 2.2%
0.70
0.75
2022
1.69% for single items over
%5,000, otherwise 2.2%
0.70
0.75
2021
1.69% for single items over
%5,000, otherwise 2.2%
0.70
0.75
2020
1.69% for single items over
%5,000, otherwise 2.2%
0.70
0.75
2019
1.69% for single items over
%5,000, otherwise 2.2%
0.70
0.75
2018
1.69% for single items over
%5,000, otherwise 2.2%
0.70
0.75
2017
1.69% for single items over
%5,000, otherwise 2.2%
0.70
0.75
2016
1.69% for single items over
%5,000, otherwise 2.2%
0.70
0.75
2015
1.69% for single items over
%5,000, otherwise 2.2%
0.70
Unavailable
Source: Town's Finance Department, and Maricopa & Yavapai County Treasurers.
TOWN OF WICKENBURG, ARIZONA
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(UNAUDITED)
77
Fiscal Year
Residential
Commercial,
Industrial, and
Military
Less: Tax
Exempt Real
Property
Net Taxable
Assessed
Value
Total Direct
Tax Rate
Estimated Actual
Taxable Value
Taxable
Assessed Value
as a Percentage
of Estimated
Actual Taxable
Value
2024
55,352,492
$
100,273,964
$
(23,583,517)
$
132,042,939
$
0.4132
1,306,338,490
$
10.11%
2023
43,948,960
88,964,985
(21,597,186)
111,316,759
0.4646
1,088,214,830
10.23
2022
36,380,575
76,894,146
(19,260,051)
94,014,670
0.5000
911,594,484
10.31
2021
35,333,267
73,403,688
(17,710,382)
91,026,573
0.5000
876,459,337
10.39
2020
31,676,865
68,544,018
(18,327,149)
81,893,734
0.5270
799,938,411
10.24
2019
28,733,106
63,988,366
(16,286,262)
76,435,210
0.5270
737,394,683
10.37
2018
30,515,604
61,069,581
(16,772,986)
74,812,199
0.5270
737,258,919
10.15
2017
29,085,822
55,786,745
(17,113,060)
67,759,507
0.5270
671,035,995
10.10
2016
25,075,107
51,735,874
(17,059,663)
59,751,318
0.4244
593,280,712
10.07
2015
24,706,272
50,921,755
(17,007,782)
58,620,245
0.0483
575,392,639
10.19
Source: The Maricopa County Treasurer.
Fiscal Year
Residential
Commercial,
Industrial, and
Military
Less: Tax
Exempt Real
Property
Net Taxable
Assessed
Value
Total Direct
Tax Rate
Estimated Actual
Taxable Value
Taxable
Assessed Value
as a Percentage
of Estimated
Actual Taxable
Value
2024
30,070,123
$
31,680,685
$
(315,362)
$
61,435,446
$
0.4132
564,119,288
$
10.89%
2023
21,582,409
20,611,174
(337,387)
41,856,196
0.4646
380,609,006
11.00
2022
18,248,690
17,120,878
(218,930)
35,150,638
0.5000
320,679,516
10.96
2021
11,980,220
16,263,385
(216,003)
28,027,602
0.5000
255,501,156
10.97
2020
8,677,702
15,411,403
(201,294)
23,887,811
0.5000
207,947,628
11.49
2019
4,470,634
11,084,830
(74,589)
15,480,875
0.5000
129,704,887
11.94
2018
2,829,923
5,818,731
(28,710)
8,619,944
0.5270
73,845,028
11.67
2017
538,286
3,169,565
(27,527)
3,680,324
0.5270
73,845,028
4.98
2016
374,386
1,651,739
-
2,026,125
0.5270
14,409,440
14.06
2015
210,214
493,494
-
703,708
0.5270
5,394,426
13.05
Source: The Yavapai County Treasurer.
Maricopa County Assessed Value
Yavapai County Assessed Value
TOWN OF WICKENBURG, ARIZONA
DIRECT AND OVERLAPPING PROPERTY TAX RATES
LAST TEN FISCAL YEARS
(UNAUDITED)
78
Town
Year
Basic Rate
Wickenburg
Unified School
District #60
Maricopa
Community
College
Maricopa County
Total
2024
0.4132
2.8156
1.0486
1.1591
5.4365
2023
0.4646
5.7037
1.0791
1.2044
8.4518
2022
0.5000
3.2136
1.5017
1.7925
7.0078
2021
0.5000
3.0100
1.1112
1.5807
6.2019
2020
0.5000
3.0605
1.1250
1.6357
6.3212
2019
0.5270
3.4375
0.214
1.1708
5.3493
2018
0.5270
3.5758
1.1956
1.6357
6.9341
2017
0.5270
3.8975
1.2376
1.6357
7.2978
2016
0.5270
3.6581
1.2628
1.5757
7.0236
2015
0.527
3.9198
1.2824
1.5157
7.2449
Source: The Maricopa County Treasurer.
Year
Basic Rate
Wickenburg
Unified School
District #60
Yavapai
Community
College
Yavapai County
Total
2024
0.4132
2.8156
1.4956
1.6443
6.3687
2023
0.4646
2.9556
1.5084
1.7148
6.6434
2022
0.5000
3.2136
1.5017
1.7925
7.0078
2021
0.5000
3.0100
1.9820
1.8570
7.3490
2020
0.5000
3.0605
1.6131
1.9255
7.0991
2019
0.5270
3.4375
1.7584
1.7788
7.5017
2018
0.5270
3.5758
1.7827
1.8395
7.7250
2017
0.5270
3.8975
1.8439
1.9027
8.1711
2016
0.5270
3.6581
1.8721
1.9317
7.9889
2015
0.5270
N/A
N/A
N/A
0.5270
Source: The Yavapai County Treasurer.
Maricopa Overlapping Rates
Yavapai Overlapping Rates
TOWN OF WICKENBURG, ARIZONA
PRINCIPAL PROPERTY TAXPAYERS
FISCAL YEAR ENDED JUNE 30, 2023, AND NINE YEARS PRIOR
(UNAUDITED)
79
Taxpayer
Taxable
Assessed
Value
Rank
% of
Assessed
Value
Taxable
Assessed
Value
Rank
% of
Assessed
Value
Store Master Funding XVIII LLC
3,604,032
$
1
2.79%
BNSF Railway Company
1,890,578
2
1.46%
My Fathers Wickenburg LLC
1,382,272
3
1.07%
NSJA Wickenburg LLC
1,222,045
4
0.95%
Green Real Estate Investments LLLP
934,311
5
0.72%
GVD Commercial Properties
851,989
6
0.66%
Bradshaw
820,230
7
0.64%
Schuck-Powell, Jacquelynn J TR
675,934
8
0.52%
Nashua Southwest Dev Co
651,457
9
0.50%
MHC Westpark LL
391,930
10
0.30%
Arizona Public Service
2,036,248
$
1
3.47%
Paradise Plaza LLC
1,005,458
2
1.72%
Southwest Gas Corporation
903,502
3
1.54%
Raylynn Homes Inc
643,093
4
1.10%
Hevner, Richard W
489,782
5
0.84%
Ranch On Jefferson
473,095
6
0.81%
Los Vierjos Inn LLC
352,980
7
0.60%
Remuda Ranch Company
341,905
8
0.58%
Schuck Keith/Cynthia Trust
307,082
9
0.52%
Snedecor William/Roberta Trust
271,529
10
0.46%
12,424,778
$
9.62%
6,824,674
$
11.64%
Source: The Maricopa County Treasurer.
Note: Information for fiscal year 2023-24 and fiscal year 2014-15 wass not available. The most recent information was presented.
Fiscal Year
Fiscal Year
2023
2014
TOWN OF WICKENBURG, ARIZONA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
(UNAUDITED)
80
Fiscal Year
Total Tax Levy
Current Tax
Collections
Percent of
Current Taxes
Collected
Delinquent
Tax Collections
Total Tax
Collections
Ratio of
Total Tax
Collections to
Total Tax Levy
Outstanding
Delinquent
Taxes
Ratio of
Delinquent
Taxes to
Tax Levy
2024
601,481
$
579,099
$
96.28
-
$
579,099
$
96.28%
22,382
$
3.72%
2023
581,163
571,463
98.33
8,808
580,271
99.85%
892
1.67%
2022
530,596
516,324
97.31
13,234
529,558
99.80%
1,038
0.21%
2021
482,942
423,475
87.69
58,440
481,915
99.79%
1,027
0.22%
2020
450,900
433,889
96.23
16,444
450,333
99.87%
567
0.13%
2019
418,500
395,025
94.39
22,479
417,504
99.76%
996
0.01%
2018
404,913
379,391
93.70
25,501
404,892
99.99%
21
0.00%
2017
357,810
350,460
97.95
7,350
357,810
100.00%
-
0.00%
2016
322,500
312,595
96.93
9,660
322,255
99.92%
245
0.01%
2015
305,609
305,477
99.96
132
305,609
100.00%
-
0.00%
Source: The Maricopa County Treasurer.
TOWN OF WICKENBURG, ARIZONA
RATIO OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
(UNAUDITED)
81
Fiscal
Year
Financed
Purchases
Term Notes
and Loans
Term Notes
and Loans
Financed
Purchases
Commitments
Total Primary
Government
Percentage
of Personal
Income
Per
Capita
2024
1,440,731
$
-
$
-
$
-
$
4,958,002
$
6,398,733
$
1.58%
770
$
2023
1,900,339
-
-
-
5,303,101
7,203,440
2.11%
934
2022
2,350,000
-
205,861
-
7,177,705
9,733,566
3.12%
1,262
2021
162,285
-
205,861
-
8,551,243
8,919,389
3.28%
983
2020
323,419
-
598,882
-
9,239,086
10,161,387
4.52%
1,353
2019
483,411
-
786,419
-
12,007,348
13,277,178
0.56%
170
2018
642,269
-
968,216
-
-
1,610,485
0.48%
199
2017
605,259
-
1,798,549
-
-
2,403,808
0.78%
307
2016
-
-
1,980,553
-
-
1,980,553
0.66%
273
2015
-
-
2,163,250
-
-
2,163,250
0.76%
310
Source: The Town's Finance Department.
Governmental Activities
Business-Type Activities
TOWN OF WICKENBURG, ARIZONA
DIRECT AND OVERLAPPING DEBT
JUNE 30, 2024
(UNAUDITED)
82
Governmental Unit
Outstanding
Debt
Estimated
Percentage
Applicable (1)
Estimated Share
of Overlapping
Debt
Debt Repaid with Property Taxes
Maricopa County
362,710,000
$
0.18 %
65,287,800
$
Yavapai County
9,034,000
0.19
1,716,460
Maricopa County Community College District
135,585,000
0.18
24,405,300
Yavapai County Community College District
3,550,000
0.19
674,500
Wickenburg Unified School District No. 9 & 60
4,710,000
0.21
989,100
Subtotal, Overlapping Debt
93,073,160
Total Town of Wickenburg, Arizona Direct Debt
1,440,731
94,513,891
$
Source: Maricopa County & Yavapai County Treasurer's Office.
TOWN OF WICKENBURG, ARIZONA
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
(UNAUDITED)
83
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
20% Debt Limit
38,695,677
$
22,263,352
$
18,802,934
$
18,802,934
$
18,205,315
$
16,378,747
$
15,287,042
$
14,962,440
$
13,551,901
$
11,950,264
$
Total Applicable to Limit
-
-
-
-
-
-
-
-
-
-
Legal Debt Margin
38,695,677
$
22,263,352
$
18,802,934
$
18,802,934
$
18,205,315
$
16,378,747
$
15,287,042
$
14,962,440
$
13,551,901
$
11,950,264
$
Total Net Debt Applicable to the Limit
as a Percentage of the Debt Limit
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
6% Debt Limit
11,608,703
$
6,679,006
$
5,640,880
$
5,640,880
$
5,461,594
$
4,913,624
$
4,583,113
$
4,488,732
$
4,065,570
$
3,585,079
$
Total Applicable to Limit
-
-
-
-
-
-
-
-
-
-
Legal Debt Margin
11,608,703
$
6,679,006
$
5,640,880
$
5,640,880
$
5,461,594
$
4,913,624
$
4,583,113
$
4,488,732
$
4,065,570
$
3,585,079
$
Total Net Debt Applicable to the Limit as a Percentage of the Debt Limit
Source: The Town's Finance Department and the Maricopa County Assessor's Office.
Fiscal Year
Fiscal Year
TOWN OF WICKENBURG, ARIZONA
CALCULATION OF THE LEGAL DEBT MARGIN
JUNE 30, 2024
(UNAUDITED)
84
Net Secondary Assessed Valuation
193,478,385
$
Water, Sewer, Light, Parks, Open Space, and Recreational Facility Bonds
Debt Limit - 20% of Secondary Net Assessed Valuation
38,695,677
Debt Applicable to Limit
General Obligation Bonds Outstanding
-
$
Less Amount Set Aside for Repayment of Debt
-
Net Debt Applicable to Limit
-
20% Legal Debt Margin
38,695,677
$
All Other General Obligation Bonds
Debt Limit - 6% of Secondary Net Assessed Valuation
11,608,703
$
Debt Applicable to Limit
General Obligation Bonds Outstanding
-
$
Less Amount Set Aside for Repayment of Debt
-
Net Debt Applicable to Limit
-
All Other General Obligation Bonds Debt Margin
11,608,703
Total Legal Debt Margin
50,304,380
$
Source: Maricopa County Assessor’s Office.
Note: The Town did not have any debt subject to the debt limit.
TOWN OF WICKENBURG, ARIZONA
PLEDGED REVENUE COVERAGE
LAST TEN FISCAL YEARS
(UNAUDITED)
85
Fiscal Year
Pledge
Revenue
Less:
Operating
Expenses
Net Available
Revenue
Debt
Service
Principal
Debt
Service
Interest
Coverage
2024
N/A
N/A
N/A
N/A
N/A
N/A
2023
N/A
N/A
N/A
N/A
N/A
N/A
2022
N/A
N/A
N/A
N/A
N/A
N/A
2021
N/A
N/A
N/A
N/A
N/A
N/A
2020
N/A
N/A
N/A
N/A
N/A
N/A
2019
N/A
N/A
N/A
N/A
N/A
N/A
2018
1,904,266
1,468,166
436,100
654,100
1,292
0.67
2017
1,965,836
1,348,282
617,554
5,771
35,201
15.07
2016
1,380,124
1,286,226
93,898
11,857
26,442
2.45
2015
1,097,251
1,032,944
64,307
4,743
36,215
1.57
Fiscal Year
Pledge
Revenue
Less:
Operating
Expenses
Net Available
Revenue
Debt
Service
Principal
Debt
Service
Interest
Coverage
2024
27,061,105
$
21,882,024
$
5,179,081
$
459,608
$
39,295
$
10.38
2023
20,238,061
18,314,465
1,923,596
449,661
49,241
3.86
2022
12,178,261
14,709,944
12,178,261
-
-
N/A
Source: Town of Wickenburg's internal records.
Note 1: Pledged revenue includes operating revenues and unrestricted interest and other income.
Note 2: The USDA loan was paid off in fiscal year 2018.
Note 3: 2022 was the first year of the Wickenburg Ranch construction loan and no payments were due
in fiscal year 2021-22.
USDA Loan
Wickenburg Ranch Construction Loan
TOWN OF WICKENBURG, ARIZONA
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
(UNAUDITED)
86
Fiscal Year
Population
Personal
Income
(Thousands of
Dollars)
Per Capita
Personal
Income
Median Age
Unemployment
Rate (%)
2024
8,309
405,977,740
48,860
64.9
3.3
2023
7,715
342,098,530
44,342
64.9
2.1
2022
7,715
311,593,420
40,388
61.2
2.6
2021
7,511
224,818,696
29,932
61.4
2.6
2020
7,474
224,818,696
30,080
56.3
0.8
2019
8,092
224,818,696
27,783
56.3
0.8
2018
7,840
335,175,680
42,752
56.3
0.9
2017
7,253
310,080,256
42,752
56.3
0.9
2016
6,978
299,272,464
42,888
59.5
1.0
2015
6,661
284,771,072
42,752
56.9
1.1
Sources: www.census.gov, Population & Unemployment Rate - Office of Economic Opportunity
https://population.az.gov/ , Arizona Commerce Authority https://www.azcommerce.com/
City Data http://www.city-data.com/city/Wickenburg-Arizona.html
TOWN OF WICKENBURG, ARIZONA
PRINCIPAL EMPLOYERS
FISCAL YEAR ENDING JUNE 30, 2023, AND NINE YEARS PRIOR
(UNAUDITED)
87
Employer
Employees
Rank
% of
Assessed
Value
Employees
Rank
% of
Assessed
Value
Basha's
44
10
1.26%
60
9
1.71%
Bear Cat
86
7
2.46%
N/A
N/A
Jones Ford
55
8
1.57%
55
10
1.57%
Los Cab
122
4
3.49%
140
5
4.00%
Meadows
N/A
N/A
260
1
7.43%
Remuda Ranch
N/A
N/A
136
6
3.89%
Remuda Ranch/Meadows
423
1
12.09%
N/A
N/A
Rosewood
N/A
N/A
170
4
4.86%
Safeway
107
6
3.06%
98
7
2.80%
Town of Wickenburg
111
5
3.17%
88
8
2.51%
Wickenburg Comm. Hospital
257
2
7.34%
190
3
5.43%
Wickenburg Ranch (with contractors)
N/A
N/A
N/A
N/A
Wickenburg Ranch
46
9
1.31%
N/A
N/A
Wickenburg Unified School District
180
3
5.14%
254
2
7.26%
1,431
40.89%
1,451
41.46%
2023
2014
Fiscal Year
Source: The Wickenburg Sun and Maricopa Association of Governments (MAG) Socioeconomic Projects of Population, Housing and
Employment by Municipal Planning Area and Regional Analysis Zone.
Note: Information for fiscal year 2023-24 and fiscal year 2014-15 wass not available. The most recent information was presented.
TOWN OF WICKENBURG, ARIZONA
FULL-TIME EQUIVALENT EMPLOYEE BY TYPE
LAST TEN FISCAL YEARS
(UNAUDITED)
88
Function
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Mayor and Council
7
7
7
7
7
7
7
7
7
7
Management Services
5
5
5
5
3
3
3
3
2
2
Finance and Technology
4
4
3
4
6
6
6
6
5
4
Community Development
Other
2
2
2
2
2
2
1
1
1
1
Building
1
1
1
1
1
1
2
2
1
1
Economic Development
1
1
1
-
-
-
-
-
-
-
Court
5
5
4
4
4
4
4
4
4
4
Clerk
2
2
2
2
2
2
2
2
2
2
Airport
1
1
1
1
1
1
1
1
1
1
Police
Officers
24
24
21
20
21
21
19
19
19
17
Dispatchers
7
7
7
6
6
6
5
5
5
6
Recreational/Other
2
2
2
2
2
2
2
2
2
2
Fire
Firefighters
21
21
7
8
8
8
10
10
7
13
EMT's and Paramedics
-
10
9
8
8
7
6
6
-
Administrative
2
2
-
-
-
-
-
-
-
-
Public Services Administration
3
3
3
3
3
3
3
1
2
2
Sanitation
4
4
4
4
4
4
4
4
4
4
Other Public Works
Electric
1
1
1
1
1
1
1
1
1
1
Streets
7
7
5
4
4
4
3
2
4
2
Maintenance Shop
2
2
2
1
1
1
1
1
1
1
Parks and Recreation
Administrative
3
3
2
2
2
2
2
2
2
2
Operations
11
11
10
10
11
10
10
9
9
9
Recreation Seasonal
17
17
17
14
14
27
29
29
24
N/A
Library
2
2
3
4
3
3
3
2
2
2
Water
5
5
5
5
5
5
4
4
4
4
Wastewater
7
7
7
7
7
7
4
4
4
4
Total
146
145
132
126
126
138
133
127
119
91
Source: The Town of Wickenburg's internal records
Full Time Equivalent Employees
TOWN OF WICKENBURG, ARIZONA
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
(UNAUDITED)
89
Function
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
General Government
Building Permits Issued
570
538
847
684
531
524
236
526
395
294
Building Inspection Conducted
2,102
4,059
4,891
3,918
2,736
2,570
2,535
2,509
1,726
1,664
Police
Physical Arrests
244
112
291
225
192
183
150
239
288
287
Parking Violations
22
33
1
2
5
2
-
-
9
6
Traffic Violations
2,951
2,146
1,186
1,525
1,125
1,016
670
1,122
1,238
1,220
Fire
Emergency Responses
1,815
1,815
1,886
1,860
1,832
1,694
1,675
1,780
1,596
1,506
Fires Extinguished
45
45
43
59
74
91
84
106
82
31
Inspections
20
20
330
324
179
259
121
64
48
29
Refuse Collection
Refuse Collections (Tons/Day)
34
34
17
12
9
9
8
8
8
9
Recyclables Collected (Tons/Day)
8
8
7
3
2
2
2
2
2
2
Other Public Works
Street Resurfacing (miles)
2
2
2
2
2
-
2
2
-
-
Potholes Repaired
1,100
1,100
850
800
400
300
401
343
275
450
Parks and Recreation
Community Center Rentals
65
61
61
34
45
121
286
284
279
279
Rec Center Rentals
50
48
57
33
59
59
65
82
N/A
N/A
Library
Volumes in Collection
33,887
29,755
29,005
39,659
39,171
40,274
44,148
41,228
39,496
45,015
Total Volumes Borrowed
50,848
25,790
28,970
31,500
31,466
40,452
41,996
42,248
43,256
95,683
Water
New Connections
System 1
0
17
41
103
24
13
13
17
18
9
System 2 (WR) acquired 7/1/2018
46
49
270
294
124
572
N/A
N/A
N/A
N/A
Water Main Breaks
System 1
0
-
-
-
-
4
3
2
3
-
System 2 (WR) acquired 7/1/2018
0
1
-
-
-
-
N/A
N/A
N/A
N/A
Water Main Leaks
System 1
39
46
75
90
82
88
N/A
N/A
N/A
N/A
System 2 (WR) acquired 7/1/2018
4
10
12
2
-
-
N/A
N/A
N/A
N/A
Average Daily Consumptions (Thousands of Gallons)
System 1
1,440
1,156
1,194
1,114
1,123
1,134
1,193
1,161
1,263
984
System 2 (WR) acquired 7/1/2018
419
309
238
166
12
1
N/A
N/A
N/A
N/A
Wastewater
Average Daily Sewage Treatment
(Thousands of Gallons)
System 1
568
657
747
571
434
344
225
293
306
308
System 2 (WR) acquired 7/1/2018
87
99
201
51
36
26
N/A
N/A
N/A
N/A
Source: The Town of Wickenburg's internal records
Fiscal Year
TOWN OF WICKENBURG, ARIZONA
CAPITAL ASSET STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
(UNAUDITED)
90
Function
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Police
Stations
1
1
1
1
1
1
1
1
1
1
Patrol Units
42
20
20
20
21
22
21
18
20
20
Fire Stations
2
1
1
1
1
1
1
1
1
1
Refuse Collection
Collection Trucks
5
4
4
4
4
4
4
4
4
4
Other Public Works
Streets (Miles)
65
65
65
78
78
78
78
78
77
77
Highways (Miles)
7
7
7
7
7
7
7
7
7
7
Streetlights
339
339
339
339
339
339
339
339
339
339
Traffic Signals
3
3
3
3
3
3
3
3
3
3
Parks and Recreation
Acreage
403
41
41
41
41
403
403
403
403
403
Playgrounds
5
5
5
5
5
5
5
5
5
5
Baseball and Softball Diamonds
5
5
5
5
5
5
5
5
5
5
Community Centers
1
1
1
1
1
1
1
1
1
1
Water
Water Mains (Miles)
System 1
56.4
56.4
56.4
56.4
56.4
56.4
56.4
56.4
55.3
55.3
System 2 (WR) acquired 7/1/2018
60.0
60
60
60
60
60
N/A
N/A
N/A
N/A
Fire Hydrants
System 1
494.0
494
494
494
494
494
494
494
484
484
System 2 (WR) acquired 7/1/2018
200.0
200
200
200
200
200
N/A
N/A
N/A
N/A
Wastewater
Sanitary Sewers (Miles)
System 1
34.0
34.0
34.0
34.0
34.0
34.0
34.0
34
33.4
33.4
System 2 (WR) acquired 7/1/2018
49.4
49.4
49.4
49.4
49.4
49.37
N/A
N/A
N/A
N/A
Storm Sewers (Miles)
System 1
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
System 2 (WR) acquired 7/1/2018
none
none
none
none
none
none
none
none
none
none
Maximum Daily Treatment Capacity
System 1
800,000
800,000
800,000
800,000
800,000
800,000
800,000
800,000
800,000
800,000
System 2 (WR) acquired 7/1/2018
365,000
365,000
365,000
365,000
100,000
100,000
N/A
N/A
N/A
N/A
Source: The Town of Wickenburg's internal records.
Fiscal Year
TOWN OF WICKENBURG, ARIZONA
UTILITY CUSTOMER STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
(UNAUDITED)
91
Function
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Water
Residential
System 1
2,279
2,275
2,269
2,242
2,138
2,114
2,088
2,061
2,035
2,028
System 2 (WR) acquired 7/1/2018
1,345
1,304
1,255
956
688
566
N/A
N/A
N/A
N/A
Commercial and Governmental
System 1
368
371
359
370
360
365
352
366
357
357
System 2 (WR) acquired 7/1/2018
12
14
11
11
11
6
N/A
N/A
N/A
N/A
Electric
Residential
1,117
1,110
1,111
1,086
1,061
1,047
1,068
1,050
1,050
1,041
Commercial and Governmental
381
381
382
384
389
396
398
403
405
404
Wastewater
Residential
System 1
1,758
1,760
1,631
1,684
1,625
1,608
1,583
1,553
1,545
1,538
System 2 (WR) acquired 7/1/2018
1,340
1,323
1,247
955
687
565
N/A
N/A
N/A
N/A
Commercial and Governmental
System 1
289
283
284
285
282
281
281
278
273
277
System 2 (WR) acquired 7/1/2018
7
7
6
6
6
6
N/A
N/A
N/A
N/A
Sanitation
Residential
3,740
3,620
3,398
3,114
2,871
2,690
2,537
2,374
2,223
2,166
Commercial and Governmental
205
200
195
197
195
195
199
202
203
236
Source: The Town of Wickenburg's internal records.
Fiscal Year