HomeMy WebLinkAbout2024ri 19 A 0 11 ul
CITY OF CHUBBUCK, IDAHO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
CITY OF CHUBBUCK, IDAHO
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
TABLE OF CONTENTS
Page
Title Page
1
Table of Contents
2-3
Introductory Section
4
Letter of Transmittal
5-7
List of Principal Officials
8
Organizational Chart
9
Financial Section
Independent Auditor's Report
10-12
Management Discussion and Analysis
13-22
Basic Financial Statements:
Statements of Net Position
23
Statements of Activities
24
Balance Sheets - Governmental Funds
25
Statements of Revenues, Expenditures, and Changes in Fund Balances -
Governmental Funds 26-27
Statements of Position - Proprietary Funds 28
Statements of Revenues, Expenses, and Changes in Net Position - Proprietary 29
Statements of Cash Flows - Proprietary Funds 30-31
Notes to Financial Statements 32-48
Required Supplementary Information 49
Budgetary Comparison Schedule - General Fund 50
Budgetary Comparison Schedule - Highway, Streets and Roads 51
Schedule of Employer's Share of Net Pension Liability 52
Schedule of Employer Contributions 53
Notes to Required Supplementary Information 54
6
CITY OF CHUBBUCK, IDAHO
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
TABLE OF CONTENTS - CONTINUED
Page
Other Supplementary Information
55
Combining Balance Sheet - Nonmajor Governmental Funds
56
Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor
Governmental Funds
57
Statements of Net Position - Internal Service Funds
58
Statements of Revenues, Expenses, and Changes in Net Position - Internal Service
Funds
59
Statements of Cash Flows - Internal Service Funds
60
Budgetary Comparison Schedule - Nonmajor Governmental Funds
61
Statistical Section
62
Statistical Section - Table of Contents
63
Financial Trends
64-71
Revenue Capacity
72-75
Debt Capacity
76-77
Operating Information
78-80
Independent Auditor's Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards
81-82
9
INTRODUCTORY SECTION
OAVO _51,
CHUBBUCI(
I o R H 0
www. cityo fchubbuck.us
290 E. Linden Avenue
Chubbuck, ID 83202
(208) 237-2400 phone
(208) 237-2409 fax
MAYOR
Kevin England
May 22, 2025
COUNCIL MEMBERS
Roger Hernandez
Dan Heiner
Melanie Evans
Norman Reece
The Honorable Mayor Kevin England, Members of the City Council, and Citizens of the City of
Chubbuck:
Idaho State Law requires that all general-purpose local governments with an annual budget that exceeds
two hundred fifty thousand dollars submit copies of their audited financial statements to the legislative
council. The statements must be presented in conformity with generally accepted accounting principles
(GAAP) and audited in accordance with generally accepted auditing standards (GAAS) by a firm of
licensed certified public accountants. Pursuant to those requirements, we hereby issue the comprehensive
annual financial report for the City of Chubbuck for the fiscal year ended September 30, 2024.
Management assumes full responsibility for the completeness and reliability of the information contained
in this report, based upon a comprehensive frame -work of internal control that is established for this
purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to
provide reasonable, rather than absolute, assurance that the financial statements are free of any material
misstatements.
Deaton & Company, Chartered, a firm of licensed certified public accountants has issued an unmodified
opinion on the City of Chubbuck's financial statements for the year ended September 30, 2024. The
independent auditor's report is located at the front of the financial section of this report.
Management's Discussion and Analysis (MD &A) immediately follows the independent auditor's report
and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A
complement this letter of transmittal and should be read in conjunction with it.
Profile of the City of Chubbuck
The City of Chubbuck (estimated 2024 population of 16,590) was incorporated in 1950. Chubbuck is
located in the southeastern portion of the State of Idaho.
Chubbuck has a land area of 5,90 square miles and is bordered by the City of Pocatello, with its own
estimated population of 58,231. The City is located in Bannock County with an estimated population of
91,010. The City is empowered to levy property taxes on both real and personal property within the city
limits. It also is empowered by state statue to extend its corporate limits by annexation, which it had done
from time to time,
a
The City of Chubbuck operates under the Council -Mayor form of government. Policy-making and
legislative authority are vested in a governing council (City Council) consisting of the Mayor and four
other members, all elected on a non-partisan basis. The Council is responsible for passing ordinances,
adopting budget, appointing committees, approval of internal control framework and hiring city
management. The Mayor acts as the Chief Executive Officer and oversees the day-to-day operations of
the City. The Mayor and Council members are elected at large for 4 -year terms, with two of the Council
members standing for election every two years.
The City of Chubbuck provides a full range of services. These services. include Public Safety (police, fire,
animal control, and building inspection); Environmental Health (sanitation, water, waste water treatment
and storm water management); Transportation (street & highway maintenance and traffic engineering);
Recreational (parks and recreation); Neighborhood Quality (engineering, planning and development,
community services) and Administration (mayor/council, finance, elections, human resources, legal risk
management, and information technology). In addition to general government activities, the Mayor and
City Council exercise, or have the ability to exercise, oversight of the Chubbuck Development Authority,
a legally separate corporation. Therefore, its activities are included as a separate component unit in the
reporting entity.
The annual budget serves as the foundation for the City of Chubbuck's financial planning and control.
After reviewing service levels from the previous fiscal year, the Council analyzes draft budget requests
during May. The Chief Financial Officer and Mayor are responsible for preparing a draft budget for the
Council. The budget is prepared by fund, function and activity, and includes information on the past year,
current year estimates and requested appropriation for the next fiscal year. Prior to August 1, the City's
Chief Financial Officer and the Mayor submit the proposed budget to the City Council for review. The
City Council holds public hearings and may add to, subtract from or change the proposed budget, but may
not change the form of the budget. Prior to August 30, the budget is legally enacted through passage of
the annual appropriation ordinance (not in excess of the proposed budget) by the City Council.
Expenditures may not exceed budgeted appropriations at the fund level. City management can legally
amend or transfer appropriations within individual funds but not between funds which requires the
approval of the City Council in a budget amendment, which follows a public notice, public hearing and
amended ordinances adoption process similar to the adoption of the original budget. Budgets are
integrated into the accounting system to facilitate management control during the year.
The Council reviews service levels for all departments prior to entertaining budget requests for the next
fiscal year. Revenue projections receive equal attention and the Council makes budget decisions sufficient
to balance the budget against projected revenues. Cash balances and budget to actual trends are monitored
monthly.
The preparation of the comprehensive annual financial report was made possible by the dedicated service
of the entire staff of the City and, in particular, the Clerk's Office. Each member of these departments has
our sincere appreciation for the contributions made in the preparation of this project. Credit also must be
given to the Mayor and the City Council for their support for maintaining high standards of
professionalism in the management of the City of Chubbuck's finances.
Respectfully submitted May 22, 2025,
Rich Morgan
City Treasurer
Daniel Christensen
City Accountant
CITY OF CHUBBUCK, IDAHO
List of Principal Officials
SEPTEMBER 30, 2024
Title
Elected Officials
Mayor
Council President
Council Member
Council Member
Council Member
City Officials
City Attorney
Public Works Director
City Engineer
Sewer/Water Superintendents
Sanitation/Streets Superintendent
Treasurer
City Clerk
Human Resource Officer
City Accountant
Community Services
Police Chief
Computer Information Systems
Parks & Recreation
Fire Chief
Name
Kevin England
Roger Hernandez
Melanie Evans
Dan Heiner
Norman Reece
Ryan Lewis
Bridger Morrison
Bridger Morrison
Scott Baker/Cameron Lusk
Ryan Sullivan
Rich Morgan
Joey Bowers
Scott Gummersall
Dan Christensen
Devin Hillam
Nick Sasser
Joey Bowers
Aaron Schilhabel
Merlin Miller
COMMUNITY
SERVICES
DEVELOPMENT
SERVICES
CITY OF CHUBBUCK
ORGANIZATION CHART
PUBLIC LEGAL
WORKS I SERVICES
IENGINEERING
CLERK
I
INFORMATION
TECHNOLOGY
HUMAN
RESOURCES FINANCE
L
UTILITY
BILLING
r
HIGHWAY r WATER 1 WASTEWATER I SANITATION
STREETS &
ROADS i
PLANNING I BUILDING PARKS
9
FIRE I POLICE
ANIMAL
CONTROL
Deaton & Company, Chartered
Certified Public Accountants
215 North 91h, Suite A
Pocatello, ID 83201-5278
(208) 232-5825
Members of the Idaho Society of Certified Public Accountants
Members oft he American Institute of Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and Members of the City Council
City of Chubbuck, Idaho
Report on the Financial Statements
Opinion
We have audited the accompanying financial statements of the governmental activities, the business -type
activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining
fund information of the City of Chubbuck as of and for the year ended September 30, 2024, and the related notes
to the financial statements, which collectively comprise the City's basic financial statements as listed in the table
of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities information of the City of Chubbuck, Idaho, as of September 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 Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States. 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 City of Chubbuck, Idaho, 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 opinion.
Responsibility of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
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 City of Chubbuck'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.
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 generally accepted auditing standards 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 generally accepted auditing standards 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 City'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 City'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, budgetary comparison information, and pension schedules on pages 13-22, 51-52 and
53-54, respectively, be presented to supplement the basic financial statements. Such information, although not a
part of the basic financial statements, is required by the Governmental Accounting Standards Board, who
considers it to be an essential part of financial reporting for placing the basic financial statements in an
appropriate operational, economic, or historical context. We have applied certain limited procedures to the
required supplementary information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing the information
and comparing the information for consistency with management's responses to our inquiries, the basic financial
statements, and other knowledge we obtained during our audit of the basic financial statements. We do not
express an opinion or provide any assurance on the information because the limited procedures do not provide
us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
The combining and individual nonmajor fund financial statements and budgetary comparison schedule -
nonmajor governmental funds 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 the schedule of
expenditures of federal awards are fairly stated in all material respects in relation to the basic financial statements
as a whole.
The prior year summarized comparative information has been derived from the City's 2023 audited financial
statements and, in our report dated May 3, 2024, we expressed unqualified opinions on the respective financial
statements of the governmental activities, the business -type activities, the aggregate discretely presented
component units, each major fund, and the aggregate remaining fund information. This information is consistent,
in all material respects, with the audited financial statements from which it has been derived.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit
of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on
them.
In connection with our audit of the basic financial statements, our responsibility is to read the other information
and consider whether a material inconsistency exists between the other information and the basic financial
statements, or the other information otherwise appears to be materially misstated. If, based on the work
performed, we conclude that an uncorrected material misstatement of the other information exists, we are
required to describe it in our report
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated May 22, 2025, on our
consideration of the City of Chubbuck's internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of
that report is to describe the scope of our testing of internal control over financial reporting and compliance and
the results of that testing, and not to provide an opinion on 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 City of Chubbuck's internal control over financial reporting and compliance.
Chubbuck, Idaho
May 22, 2025
CITY OF CHUBBUCK, IDAHO
Management's Discussion and Analysis
For the Year Ended September 30, 2024
As management of the City of Chubbuck, we offer readers of the City of Chubbuck's financial statements
this narrative overview and analysis of the financial activities for the fiscal year ended September 30,
2024. We encourage readers to consider the information presented here in conjunction with additional
information that we have furnished in the notes to financial statements.
Financial Highlights
• The assets and deferred outflows of the City of Chubbuck exceed its liabilities and
deferred inflows at the close of the most recent fiscal year by $105,641,042 (net
position).
• The City's net position increased by $5,959,678. Approximately 45 percent of this
increase, $2,673,060, is attributed to capital contributions.
• At the end of the current fiscal year, the unassigned general fund balance was
$9,768,450 or 97 percent of total general fund expenditures.
• In the City's business -type activities, operating revenues increased by $329,198, and
operating expenses increased by $510,919. These differences are due to a combination
of increases in services rendered and increases in operating costs, respectively.
• During the current fiscal year, City of Chubbuck's governmental and business -type
liabilities had a decrease of $1,786,891 from $29,850,995 to $28,064,104. The 6 percent
decrease was primarily due to a reduction in accounts payable, unearned revenue, and
net pension liabilities.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City of Chubbuck's basic
financial statements. The City's basic financial statements are comprised of three components: 1)
government -wide financial statements, 2) fund financial statements and 3) notes to the financial
statements. This report also contains other supplementary information in addition to the basic financial
statements themselves.
Government -wide financial statements. The government -wide financial statements are designed to
provide readers with a broad overview of the City's finances, in a manner similar to a private -sector
business.
The Statement of Net Position presents information on all the City's assets, deferred outflows, and
liabilities with deferred inflows, with the difference between each reported as net position. Over time,
increases or decreases in net position may serve as a useful indicator of whether the financial position of
the City's is improving or deteriorating.
The Statement of Activities presents information showing how the City's net position changed during
the fiscal year. All changes in the assets are reported when 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 the future fiscal periods (e.g.,
uncollected taxes and earned but unused compensated absences).
13
Both government -wide financial statements distinguish functions of the City of Chubbuck that are
principally supported by taxes and intergovernmental revenues (governmental activities) from 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 City of Chubbuck include general
government and administration, public safety, parks, and highway streets and roads. The business -type
activities of the City include water and sewer, and sanitation operations.
Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated from specific activities or objectives. The City, like other state
and local governments, uses fund accounting to ensure and demonstrate compliance with finance -
related legal requirements. All the City of Chubbuck funds can be divided into two categories:
governmental funds and proprietary funds.
Governmental Funds. Governmental funds are used to account for 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
current sources and uses of spendable resources, as well as on balances of spendable resources
available at the end of the fiscal year. Such information may be useful in evaluating a
government's near-term financing equipment.
Because the focus of governmental funds is narrower than that of the government -wide
financial statements, it is useful to compare the information presented for governmental funds
with similar information presented for governmental activities in the government -wide financial
statements. By doing so, readers may better understand the long-term impact of the
government's near-term financing decisions. Both the governmental funds balance sheet and
the governmental fund statements of revenues, expenditures, and changes in fund balances
provide a reconciliation to facilitate this comparison between governmental funds and
governmental activities.
The City of Chubbuck maintains seven individual governmental funds. Information's is presented
separately in the governmental fund balance sheet and in the governmental fund statement of
revenues, expenditures, and changes in fund balances for the General Fund and Highway,
Streets, and Road Fund, which are the City's two major governmental funds. Data from the
other five funds are combined into a single, aggregated presentation. Individual fund date for
each of these non -major governmental funds is provided in the form of combining statements
elsewhere in this report.
The City of Chubbuck adopts an annual appropriated budget of its general fund, major funds,
and its non -major funds. Budgetary comparison schedules have been provided for these funds
to demonstrate compliance with these budgets.
The basic governmental fund financial statements may be found on pages 23-27 of the City's
financials.
Proprietary Funds. The City of Chubbuck maintains two different types of proprietary funds:
enterprise funds and internal service funds.
Enterprise funds are used to report the same functions presented as business -type activities in
the government -wide financial statements. The City of Chubbuck uses enterprise funds to
account for its Water department, Waste Water department, and Sanitation department.
14
Internal service funds are an accounting device used to accumulate and allocate costs internally
among the City of Chubbuck's various functions. The City of Chubbuck uses internal service
funds to account for its central garage operations and employee health benefit program. The
internal service funds are allocated proportionally between governmental and business -type
funds.
Proprietary funds provide the same type of information as the government -wide financial
statements, only in more detail. The proprietary fund financial statements include the
operational and financial information for all enterprise funds. The Water, Waste Water, and
Sanitation funds are major funds, and their information is shown in separate columns. The
internal service fund and the non -major enterprise funds are combined into a single, aggregated
presentation in the proprietary funds' financial statements. Individual fund data for the non -
major enterprise fund is provided in the form of coming in statements elsewhere in this report.
The City of Chubbuck adopts an annual appropriated budget for its proprietary funds. However,
the City does not provide budgetary comparison schedules for proprietary funds.
The basic proprietary fund financial statements may be found on pages 28-29 of the City's
financials.
Notes to the Financial Statements. The notes provide additional information that is essential to
a full understanding of the data provided in the government -wide and fund financial
statements. The notes to the financial statements may be found on pages 32-48 of the City's
financials.
Other information. In addition to the basic financial statements and accompanying notes, this
report also presents certain required supplementary information concerning the City's budgeted
versus actual expenses and revenues, the schedule of employer's share of net pension liability
and schedule of employer contributions. The schedules are followed by the internal service fund
financial statements, and nonmajor budget comparison schedule. The other supplementary
information is concluded with the statistical section.
Government -wide Financial Analysis
As noted earlier, net position may serve over time as useful indicator of government's financial position.
In the case of the City of Chubbuck, assets exceeded liabilities by $105,641,042 as of September 30,
2024.
The largest portion of the City of Chubbuck's net position is reflected in its net investment in capital
assets (e.g., land, building, equipment, improvements, work -in -process, and infrastructure), less
accumulated depreciation and any debt used to acquire those assets that is still outstanding.
The City uses these capital assets to provide services to citizens; consequently, these assets are not
available for future spending. Although the City's investment in capital assets is reported net of related
debt, it should be noted that the resources needed to repay this debt must be provided from other
sources, since the capital assets themselves cannot be used to liquidate these liabilities.
15
Below is a summary of the City of Chubbuck's Net Position statement.
ASSETS
Curren. and o.her assess
Noncurrent assess
To -.al asses
DEFERRED OUTFLOWS
Pension
LIABILITIES
Current liahilities
Long-term liabilities outstanding
DEFERRED INFLOWS
Pension
Cerificate of paricipa.ion
NET POSITION
Ne: inves.men: in capJal assets
Res.ric:ed
Unres.ric:ed
To -.al nes position
City of Chubbuck's Net Position
GovernmemalAc:ivities BusinessAc To -.@I
2024 2023 2024 2023 2024 2023
5 11,072,563 5 9,721,782 5 27,243,799 5 25,206,296 5 38,316,362 S 34,928,078
954,861 1,729,597 353,168 706,567 1,308,029 2,436,164
1,056,535 1,603,275 3,331,737 3,869,559 4,388,272 5,472,834
8,119,034 8,467,064 5,047,645 5,359,389 13,166,679 13,826,453
49,345,262 48,801,763 43,944,017 44,796,281 93,289,279 93,598,044
- - 168,800 164,600 168,800 164,600
2542,255 4,124,985 14,725,218 10,029,396 12,182,963 5,904,411
S 46,803,007 S 44,676,778 S 58,838,035 5 54,990,277 5105,641,042 S 99,667,055
The restricted portion of the City of Chubbuck's net position, $168,800, represents resources that are
subject to external restriction on how they may be used. The remaining balance of unrestricted net
position $12,182,963, may be used to meet the City's ongoing obligation to citizens and creditors.
As of September 30, 2024, the City reported positive balances in the two categories of net position, for
the government as a whole, as well as for its separate governmental and business -type activities.
At the end of the current fiscal year, 84 percent of the total liabilities are made up of noncurrent
liabilities. The total assets are 74 percent made up of noncurrent assets.
Governmental activities. Governmental activities' key elements are broken down in the following
charts. The general activities increased net position by $2,111,920, and the business -type activities
increased net position by $3,847,758.
The City of Chubbuck's direct charges to users of governmental services totaled $781,913. These charges
are for park rentals, building permits and other fees related to public safety and administration. The
general government accounts for 84 percent of the total charges for services. Parks and recreation
accounts for 11 percent of total charges for services.
16
Below is summary of the City of Chubbuck's Changes in Net Position.
City of Chubbuck's Changes in Net Position
17
Governmental Activities
Business Activities
Total
2024
2023
2024
2023
2024
2023
REVENUES
Program revenues:
Charges for services
$ 781,913
$ 555,506
$13,494,548
$13,165,350
$ 14,276,461 $
13,820,856
Operating grants and contributions
186,524
3,347,408
15,598
17,955
202,122
3,365,363
Capital grants and contributions
1,227,343
2,211,701
1,445,717
1,540,842
2,673,060
3,752,543
General revenue:
Property taxes
8,827,191
7,132,094
-
-
8,827,191
7,132,044
Franchise fees and intergovernmental
3,925,854
3,324,267
-
-
3,925,854
3,324,267
Other
1,141,273
1,435,127
773,117
453,114
1,914,390
1,488,241
Total Revenues
16,090,048
17,706,103
15,728,980
15,177,261
31,819,078
32,883,364
EXPENSES
General government
1,575,664
1,304,632
-
-
1,575,664
1,304,532
Public safety
7,498,049
6,304,599
7,498,049
5,304,599
Highway, streets and roads
2,860,038
2,490,247
2,860,038
2,490,247
Parks and recreation
1,119,534
913,966
1,119,534
913,966
Community services
924,893
533,745
924,893
533,745
Water
-
-
3,553,690
3,514,768
3,553,690
3,514,768
Sewer
3,970,973
3,872,609
3,970,973
3,872,604
Sanitation
2,502,186
2,449,593
2,602,186
2,449,593
Health plan trust
1,754,373
1,595,925
1,754,373
1,595,925
CIAwwCAuthorlty
-
3,100
-
3,100
Total expenses
13,978,178
11,557,189
11,881,222
11,435,995
25,859,400
22,993,184
NET CHANGE IN NET POSITION
2,111,920
6,148,914
3,847,758
3,741,265
5,959,678
9,890,180
NET POSITION beginning
44,691,087
38,527,854
54,990,277
51,249,011
99,681,364
89,776,875
NET POSITION ending
$46,803,007
$44,676,778
$ 58,838,035
$54,990,277
$105,641,042 $
99,667,055
17
Revenue by Source - Government Activities
Other 1,141,273 , 7%
Franchise fees and
intergovernmental
3,925,854 , 2490
Charges for services
$781,913 , 5
Operating grants and
contributions
$ 186,524, 1%
Property taxes 5,827,191,
55%
0
capital grants and
contributions
$ 1,227,343, 8%
Expenses and Program Revenues — Governmental Activities
8,000, 000
7,000, 000
6,000, 000
5,000, 000
4,000, 000
3,000, 000
2,000, 000
1,000,000
Ca
S €` C+°
■ Expenses
■ Revenue
• The majority of the City of Chubbuck's general governmental activities' revenue is received from
property tax of 55 percent.
• When all taxes, franchise fees, and intergovernmental revenues are added together, they make
up 96 percent of the budget.
• When revenues are compared to expenses, it shows that most of the City of Chubbuck's
programs are not self-supporting. They all require tax support to continue at their current level
of service.
For the most part, increases in expenses closely paralleled inflation and growth in the demand for
services. No significant transaction occurred outside of the major funds for fiscal year 2024.
No extraordinary expenses were paid, or revenues were received during the year.
The most significant major fund in the City is the general fund. The notable transactions within the
general fund this year mainly consisted of law enforcement expenses, fire department expenses, and
street maintenance.
19
Business -type activities. Businesses -type activities' key elements are broken down in the following
charts.
Revenue by Source - Business Type Activities
Other 773,117 4.92%
1
Capital grants and dedicated
assets S1,461,315 9.29%
Iq
PV_
Charges for services $13,494,548
85.79%
Expenses and Program Revenue - Business Type Activities
$7,000,000
$c.0oo.000
$5.000.000
$4,000,000
$3.000.000
$2,000,000
$1.000.000
Water Sewer Sanitation
R_-ver4--
aExperse
J
• One of the major sources of the City of Chubbuck's business -type activities' revenue is received
from service revenue. Currently, the City of Chubbuck's business type activities do not use
property taxes for any type of funding.
• When revenues are compared to expenses, it shows that all the City of Chubbuck's business -
type activities are self-supporting.
20
Financial Analysis of the Government's Funds
As noted earlier, the City of Chubbuck uses fund accounting to ensure and demonstrate compliance with
finance -related legal requirements.
Governmental funds. The focus of the City of Chubbuck's governmental funds is to provide information
on near-term inflows, outflows, and balances of spendable resources. Such information is useful in
assessing the City of Chubbuck's financing requirements. Unreserved fund balance may serve as a useful
measure of the government's net resources available for spending at the end of the fiscal year.
At the end of the current fiscal year the City of Chubbuck's governmental funds reported combined
ending fund balances of $10,010,799. Of which $7,458,166 of this total is unassigned fund balance.
The general fund is the chief operating fund of the City of Chubbuck. In the general fund, the City
budgeted for no change in the fund balance. The total governmental operating revenues were more
than operating expenditures by $1,775,214. With the other financing sources and uses, the net change
in the governmental funds increased $1,874,793 for fiscal year 2024. The net change in the highway,
streets, and roads fund was $0. As a measure of liquidity, it may be useful to compare both total
unassigned fund balance and total fund expenditures. The total unassigned fund balance represents 57
percent of total governmental fund expenditures.
Proprietary funds. The City of Chubbuck's proprietary fund statements provide the same type of
information found in the government -wide financial statements, but in more detail.
Unrestricted net positions of the respective proprietary funds are Water: $7,139,961, Sewer:
$5,583,193, and Sanitation: $758,497. The water fund had an increase in net position of $1,576,646; the
sewer fund had an increase in net position of $2,225,705; and the sanitation fund had a decrease in net
position of $(121,388).
General Fund Budgetary Highlights
The City made a revision of $463,025 to the original appropriations upon the approved of the City
Council. The general fund's actual revenues were greater than the budget and expenditures were less
than the budget. The difference accounts for a $1,813,934 increase in the general fund balance. The
major variances in expenditures were due to a decrease in law enforcement and fire control
expenditures. The highway, streets and roads fund actual revenues and expenditure were less than the
budget. The difference accounts for a $0 change in the highway, streets, and roads fund balance. This
was a result after a transfer out of $445,683.
Capital Asset and Debt Administration
Capital assets. The City of Chubbuck's investment in capital assets for its governmental and business -
type activities as of September 30, 2024, amounts to $102,793,086 (net of accumulated depreciation).
This investment in capital assets includes land, vehicles, equipment, other improvements, and
infrastructure. The total increase in the City of Chubbuck's investment in capital assets for the fiscal year
was $14,765,683. The increase in assets includes development contributions of $2,673,060.
21
Land
Building & Improvements
Vehicles & Equipment
Infrastructure
Work in Progress
Water Rights
Total
City of Chubbuck's Capital Assets
Governmental Activities Business Activities
2024 2023 2624 2023
Total
2024 2023
5 3,248,479
5 3,207,337
S 2,159,817
5 2,159,817
5 5,408,296
5 5,367,154
17,377,350
7,919,735
54,969,516
53,523,799
72,346,866
61,443,534
5,456,530
5,188,961
8,986,312
8,986,312
14,4-42,842
14,175,273
25, 815, 857
23, 227.124
-
-
25, 815.857
23.227,124
9,172,949
19,950,734
1,204,795
989,097
10,377,744
20,939,831
-
-
2,421,167
2,421,167
2,421,167
2,421,167
5 61,071,165
S 59,493,891
S 69,741,607
5 68,080,192
5 130,812,772
5 127,574,083
Additional information on the City of Chubbuck's capital assets can be found in note 9 on page 40 of the
City's financials.
Long-term debt. At the end of the current fiscal year, the City of Chubbuck had a total long-term debt
outstanding of $18,789,807. Of this amount, $8,477,571 is comprised of notes to the Department of
Environmental Quality for wastewater infrastructure. Long-term debt also includes bonds with a
remaining balance of $315,000 used for purchasing water rights. The City had a note payable for water
tank repairs with a remaining balance of $35,760, a note payable for water distribution with remaining
balance of $8,836,693, and a note payable for sanitation system setup with remaining balance of
$301,643. The City purchased a fire aerial ladder truck with a debt obligation balance of $823,140.
In the State of Idaho statutes section 50-3108, the State of Idaho mandates a general obligation debt
limit of 9 percent of the assessed market value of taxable property within the City boundaries. The City
of Chubbuck currently has general obligation debt with a remaining balance of $823,140. The limit
totaled $163,513,409 based on 2024's actual assessed values of 1,816,815,657. Therefore $162,690,269
is available for future general obligation indebtedness. Additional information on the City of Chubbuck's
long-term debt can be found in note 11 on pages 42-44 of this report.
Request for information.
The financial report is designed to provide our patrons of the City of Chubbuck and creditors with a
general overview of the City's finances and to show the City's accountability for the money it receives. If
you have any questions about this report or need any additional financial information, contact the
Treasurer at 290 E. Linden Ave, Chubbuck, ID 83202, telephone (208)237-2400.
22
CITY OF CHUBBUCK, IDAHO
STATEMENTS OF NET POSITION
SEPTEMBER 30, 2024
23
See accompanying notes to financial statements
Governmental
Business -type
Development
Activities
Activities
Total
Authority
ASSETS
Current assets
Cash and cash equivalents
$ 13,216,756
$ 22,994,029
$ 36,210,785
$ 782,934
Property taxes receivable
588,333
-
588,333
19,345
Intergovernmental receivables
293,567
1,658
295,225
-
Interest receivable
28,658
3,210
31,868
Lease receivable
114,546
-
114,546
Grant receivable
39,505
6,350
45,855
Internal balances due to/from
(3,209,566)
3,209,566
-
-
Prepaid expenses
-
13,632
13,632
4,312
Other accounts receivable
764
1,015,354
1,016,118
-
11,072,563
27,243,799
38,316,362
806,591
Noncurrent assets
Restricted assets
Bond reserves
-
168,800
168,800
-
Utility deposits
588,617
588,617
Investments
-
3,450,980
3,450,980
-
Capital assets
61,071,166
69,741,607
130,812,773
1,260,321
Accumulated depreciation
(11,725,904)
(16,293,783)
(28,019,687)
-
Lease and subscripton assets
330,954
41,847
372,801
Accumulated amortization of assets
(103,484)
(23,366)
(126,850)
-
49,572,732
57,674,702
107,247,434
1,260,321
60,645,295
84,918,501
145,563,796
2,066,912
DEFERRED OUTFLOWS
Pension
954,861
353,168
1,308,029
-
LIABILITIES
Current liabilities
Accounts payable
606,880
626,836
1,233,716
381
Accrued payroll
124,199
62,170
186,369
-
Accrued bond interest
-
1,150
1,150
Interest payable
14,641
62,267
76,908
Unearned revenue and lease liabilities
110,195
144,650
254,845
Current portion compensated absences
108,151
38,416
146,567
-
Current portion of bonds payable
-
162,355
162,355
58,781
Current portion of long-term debt
92,469
1,515,538
1,608,007
-
Health Claims incurred but not reported
-
129,738
129,738
Utility deposits
-
588,617
588,617
-
1,056,535
3,331,737
4,388,272
59,162
Noncurrent liabilities
Bonds payable, net unamortized premium
-
167,356
167,356
1,144,102
Notes payable
730,671
16,136,129
16,866,800
-
Lease and subscription obligation
173,145
12,182
185,327
Accrued compensated absences
432,604
153,663
586,267
Net pension liabilities
4,285,160
1,584,922
5,870,082
-
5,621,580
18,054,252
23,675,832
1,144,102
6,678,115
21,385,989
28,064,104
1,203,264
DEFERRED INFLOWS
Certificate of participation
8,119,034
5,047,645
13,166,679
-
NET POSITION
Net investment in capital assets
49,345,262
43,944,017
93,289,279
-
Restricted
-
168,800
168,800
2,368,237
Unrestricted
(2,542,255)
14,725,218
12,182,963
(1,504,589)
$ 46,803,007
$ 58,838,035
$ 105,641,042
$ 863,648
23
See accompanying notes to financial statements
CITY OF CHUBBUCK, IDAHO
STATEMENTS OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Component Unit:
Chubbuck Development Authority $ 2,241,219
-
Program Revenues
Total
$ 2,241,219
-
Operating
Capital
Net
General
Business -type
Charges for
Grants and
Grants and
(Expense) Development
Activities
Expenses
Services
Contributions
Contributions
Revenue Authority
Functions/Programs
$ (2,241,219)
General revenues
Primary Government:
Property taxes
8,827,191
-
8,827,191
491,759
Governmental activities:
229,853
229,853
-
Intergovernmental income
General government
$ 1,575,664
$ 654,341
$ -
$
$ (921,323) $
Law enforcement
4,939,468
41,031
56,439
14,035
(4,841,998)
Fire control
2,558,581
-
-
21,686
(2,558,581)
Highway, streets, and roads
2,860,038
-
-
1,186,200
(1,673,838)
Parks and recreation
1,119,534
86,541
92,850
41,143
(899,000)
Community services
635,927
-
30,000
-
(605,927)
Other special funds
288,966
$ 863,648
7,235
-
(281,731)
13,978,178
781,913
186,524
1,227,343
(11,782,398)
Business -type activities
Water
3,553,690
3,704,591
15,598
1,038,986
1,205,485
Sewer
3,970,973
5,484,618
-
406,731
1,920,376
Sanitation
2,602,186
2,385,540
-
-
(216,646)
Health plan trust
1,754,373
1,919,799
-
165,426
11,881,222
13,494,548
15,598
1,445,717
3,074,641
Total primary government
$ 25,859,400
$ 14,276,461
$ 202,122
$ 2,673,060
$ (8,707,757) $
Component Unit:
Chubbuck Development Authority $ 2,241,219
-
$ (2,241,219)
$ 2,241,219
-
$ (2,241,219)
General
Business -type
Development
Activities
Activities
Total
Authority
Net
$(11,782,398)
$ 3,074,641
$ (8,707,757)
$ (2,241,219)
General revenues
Property taxes
8,827,191
-
8,827,191
491,759
Franchise fees
229,853
229,853
-
Intergovernmental income
3,696,001
-
3,696,001
-
Interest income
586,785
751,431
1,338,216
40,754
Gain from asset disposal
14,035
-
14,035
-
Other revenue
540,453
21,686
562,139
118,000
13,894,318
773,117
14,667,435
650,513
NET CHANGE IN NET POSITION
2,111,920
3,847,758
5,959,678
(1,590,706)
BEGINNING NET POSITION - RESTATED
44,691,087
54,990,277
99,681,364
2,454,354
ENDING NET POSITION
$ 46,803,007
$ 58,838,035
$ 105,641,042
$ 863,648
24
See accompanying notes to financial statements
LIABILITIES
Accounts payable
CITY OF CHUBBUCK, IDAHO
$ 441,756 $
$ 604,683
Accrued payroll
BALANCE SHEET
15,674
124,199
Accrued compensated absences
GOVERNMENTAL FUNDS
16,703
108,151
Interest Payable
SEPTEMBER 30, 2024
3,210
14,641
Due to other funds
Highway,
3,209,566
3,209,566
Capital assets used in governmental activities are not financial resources and, therefore,
Streets,
Other
4,061,240
Lease assets are not reported in the funds, net of amortization
General and Roads
Governmental
expenditures and therefore are not reported in the funds:
Fund Fund
Funds
Total
ASSETS
are applicable to future periods and, therefore, are not reported in the fund:
Cash
$ 9,485,073 $ 1,179,050
$ 2,552,633
$ 13,216,756
Accounts receivable
764 -
-
764
Property and sales taxes receivable
573,970 14,363
The assets and liabilities of the internal services funds applicable to governmental
588,333
Intergovernmental receivables
93,044 196,656
Long-term liabilities are not due and payable in the current period and therefore are not
289,700
Interest receivable
28,658 -
Lease liability
28,658
Lease receivable
114,546 -
Accrued compensated absences
114,546
Grant receivable
39,505 -
Net position of governmental funds
39,505
$10,335,560 $ 1,390,069
-T2,552,633
$ 14,278,262
LIABILITIES
Accounts payable
$ 162,927
$ 441,756 $
$ 604,683
Accrued payroll
108,525
15,674
124,199
Accrued compensated absences
91,448
16,703
108,151
Interest Payable
11,431
3,210
14,641
Due to other funds
-
3,209,566
3,209,566
Capital assets used in governmental activities are not financial resources and, therefore,
374,331
3,686,909
4,061,240
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - taxes 82,584 13,444
96,028
Unavailable revenues - leases 110,195 -
110,195
192,779 13,444
- 206,223
FUND BALANCES
Committed - -
2,552,633 2,552,633
Unassigned 9,768,450 (2,310,284)
7,458,166
9,768,450 (2,310,284)
2,552,633 10,010,799
$10,335,560 $ 1,390,069
$ 2,552,633
Amounts reported for governmental activities in the Statement of Net Position
are different because:
Capital assets used in governmental activities are not financial resources and, therefore,
are not reported in the funds, net of accumulated depreciation of $10,692,128.
49,345,262
Lease assets are not reported in the funds, net of amortization
227,470
Unavailable revenue represents amounts that were not available to fund current
expenditures and therefore are not reported in the funds:
Property tax
96,028
Deferred outflows and inflows of resources related to pensions and certificate of participation
are applicable to future periods and, therefore, are not reported in the fund:
Deferred outflows of resources related to pensions
954,861
Deferred inflows of resources related to pensions
-
Deferred inflows of resources related to certificates of participation
(8,119,034)
Internal service funds are used to charge the costs of certain activities, such as
equipment maintenance to individual funds.
The assets and liabilities of the internal services funds applicable to governmental
activities are included in governmental activities in the statement of net position.
1,670
Long-term liabilities are not due and payable in the current period and therefore are not
reported in the funds:
Lease liability
(173,145)
Note payable
(823,140)
Accrued compensated absences
(432,604)
Net pension asset/(liability)
(4,285,160)
Net position of governmental funds
$ 46,803,007
1007
See accompanying notes to financial statements
CITY OF CHUBBUCK, IDAHO
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
REVENUES
Property taxes
Franchise fees
Intergovernmental income
Court Revenue
Parks revenue
Licenses, permits and fees
Grants
Leases and rents
Interest income
Donations
Charges for services
Other revenues
EXPENDITURES
General government
Law enforcement
Fire control
Highway, streets, and roads
Parks and recreation
Community services
Other purchased services
Capital outlays
Lease and subscription capital outlays
Debt service
Equipment note payable principle expense
Principal lease and subscription expense
Interest expense
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from leases and subscriptions
Proceeds from sale of assets
Transfers in (out)
NET CHANGE IN FUND BALANCES
BEGINNING FUND BALANCE - RESTATED
ENDING FUND BALANCE
$ 9,768,450 $ (2,310,284) $ 2,552,633 $ 10,010,799
26
See accompanying notes to financial statements
Highway,
Streets,
Other
General
and Roads
Governmental
Fund
Fund
Funds
Total
$ 7,661,995
$ 1,151,424
$ -
$ 8,813,419
229,853
-
-
229,853
2,003,628
1,692,373
-
3,696,001
41,031
-
-
41,031
83,382
-
-
83,382
496,883
-
-
496,883
179,289
-
-
179,289
116,192
-
-
116,192
504,398
38,059
44,328
586,785
7,235
-
-
7,235
3,159
-
-
3,159
56,643
33,682
450,128
540,453
11,383,688
2,915,538
494,456
14,793,682
1,276,841
-
-
1,276,841
4,654,838
-
-
4,654,838
2,226,915
-
-
2,226,915
-
2,274,010
-
2,274,010
957,126
-
-
957,126
592,855
-
-
592,855
-
-
288,966
288,966
108,000
188,651
144,631
441,282
98,378
2,166
-
100,544
89,750
-
-
89,750
65,421
3,964
-
69,385
42,726
3,230
-
45,956
10,112,850
2,472,021
433,597
13,018,468
1,270,838
443,517
60,859
1,775,214
83,378
2,166
-
85,544
14,035
-
-
14,035
445,683
(445,683)
-
-
543,096
(443,517)
-
99,579
1,813,934
-
60,859
1,874,793
7,954,516
(2,310,284)
2,491,774
8,136,006
$ 9,768,450 $ (2,310,284) $ 2,552,633 $ 10,010,799
26
See accompanying notes to financial statements
(Continued)
CITY OF CHUBBUCK, IDAHO
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Total
Reconciliation of the change in fund balances - total governmental funds
to the change in net position of governmental activities:
Net change in fund balances - total governmental funds $ 1,874,793
Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental funds report capital outlays as expenditures while governmental activities report
depreciation expense to allocate those expenditures over the life of the assets. Capital asset
contributions from other entities are not recognized as a revenue for governmental purposes, but
are required to be recognized on the Statement of Activities:
Contributed capital assets 1,227,343
Capital asset purchases capitalized 441,282
Depreciation expense (1,125,126)
543,499
The net affect of sales transactions involving capital assets
The net affect of lease agreements that are reported in the Statement of Activities, but do not
provide current financial resources and are not reported in the governmental funds 21,875
Unavailable revenues are not recorded as current period receipts 13,772
Internal service funds are used to charge the costs of certain activities, such as employee health
insurance and equipment maintenance to individual funds. The revenues and expenses
applicable to governmental operations are included in the statement of activities (2,634)
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 governmental fund:
Accrued compensated absences (42,512)
Net proceeds from debt 89,750
Governmental funds report district pension contributions as expenditures. However, in the
Statement of Activities, the cost of pension benefits earned net of employee contributions is
reported as pension expense
Pension expense in excess of contributions (734,653)
Governmental funds do not report infows and outflows from the certificate of participation.
However, in the Statement of Net Activities report these as lease expense net of amortized
deferred inflows:
Certificate of participation proceeds in excess of deferred inflows 348,030
Change in net position $ 2,111,920
27
See accompanying notes to financial statements
CITY OF CHUBBUCK, IDAHO
STATEMENTS OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2024
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2023
28
See accompanying notes to financial statements
Internal Internal
Health Plan
Service Service
Water
Sewer
Sanitation
Trust
Total
2023
Funds 2024 Funds 2023
ASSETS
Current assets
Cash and cash equivalents
$ 6,431,797
$12,945,230
$2,095,278
$1,521,724
$ 22,994,029
$ 20,864,513
$ - $ -
Accounts receivable
366,758
427,658
214,533
6,405
1,015,354
954,427
5,525 6,149
Grant receivable
6,350
-
-
-
6,350
3,078
- -
Interest receivable
-
3,210
3,210
3,342
Prepaid expense
13,632
13,632
37,456
6,818,537
13,376,098
2,309,811
1,528,129
24,032,575
21,862,816
5,525 6,149
Noncurrent assets
Restricted assets
Bond reserves
168,800
-
-
-
168,800
164,600
- -
Utility deposits
584,127
3,790
700
588,617
543,682
Investments
2,978,285
-
472,695
3,450,980
2,334,420
- -
Capital assets
33,992,356
27,773,552
7,714,614
69,480,522
67,819,107
261,085 261,085
Accumulated depreciation
(6,792,055)
(6,163,226)
(3,079,803)
(16,035,084)
(13,908,296)
(258,699) (257,434)
Lease and subscription assets
14,018
14,018
13,811
41,847
55,518
Accumulated amortization
(7,814)
(7,814)
(7,738)
(23,366)
(23,621)
Due from other funds
3,209,566
3,209,566
3,341,635
30,937,717
24,829,886
5,114,279
60,881,882
60,327,045
2,386 3,651
37,756,254
38,205,984
7,424,090
1,528,129
84,914,457
82,189,861
7,911 9,800
DEFERRED OUTFLOWS
Pension
130,803
104,642
117,723
-
353,168
706,567
- -
LIABILITIES
Current Liabilities
Accounts payable
264,937
288,123
61,944
8,504
623,508
459,908
5,525 6,149
Payroll payable
21,980
19,219
20,971
-
62,170
47,992
- -
Health Claims incurred but not reported
-
-
-
129,738
129,738
108,801
Unearned contributions
-
-
-
144,650
144,650
120,409
Accrued compensated absences
16,640
15,584
6,192
-
38,416
30,904
Current portion of bonds payable
162,355
-
-
162,355
152,355
Accrued bond interest
1,150
-
-
1,150
1,633
Current portion of long-term debt
351,955
1,060,561
103,022
1,515,538
1,325,780
Accrued note interest
61,446
-
821
62,267
1,071,946
Deposits
584,127
3,790
700
588,617
543,682
1,464,590
1,387,277
193,650
282,892
3,328,409
3,863,410
5,525 6,149
Noncurrent Liabilities
Revenue bonds payable,
net unamortized premium
167,356
-
-
-
167,356
329,711
- -
Notes payable
8,520,498
7,417,010
198,621
16,136,129
16,432,435
Compensated absences
66,560
62,336
24,767
153,663
123,619
Lease and subscription liabilities
4,106
4,106
3,970
12,182
30,007
Net pension liabilities
587,008
469,607
528,307
1,584,922
1,766,927
9,345,528
7,953,059
755,665
18,054,252
18,682,699
10,810,118
9,340,336
949,315
282,892
21,382,661
22,546,109
5,525 6,149
DEFERRED INFLOWS
Certificate of participation
1,770,041
1,776,771
1,500,833
-
5,047,645
5,359,389
- -
NET POSITION
Net investment in capital assets
17,998,137
21,610,326
4,333,168
43,941,631
44,792,630
2,386 3,651
Restricted for bond service
168,800
-
-
168,800
164,600
- -
Unrestricted
7,139,961
5,583,193
758,497
1,245,237
14,726,888
10,033,700
-
$ 25,306,898
$27,193,519
$5,091,665
$1,245,237
58,837,319
$ 54,990,930
$ 2,386 $ 3,651
Adjustment to reflect the consolidation of internal service fund activities related to enterprise
activities.
716
$ 58,838,035
28
See accompanying notes to financial statements
CITY OF CHUBBUCK, IDAHO
STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2023
29
See accompanying notes to financial statements
Internal
Internal
Health Plan
Service
Service
Water
Sewer
Sanitation
Trust
Total
2023
Funds 2024
Funds 2023
OPERATING REVENUES
Service revenue
$ 3,374,880
$ 5,484,618
$ 2,385,540
$1,919,799
$13,164,837
$ 12,683,284
$ 58,952
$ 102,173
Revenue used as security
for revenue bond:
Charges for services
329,711
329,711
482,066
3,704,591
5,484,618
2,385,540
1,919,799
13,494,548
13,165,350
58,952
102,173
OPERATING EXPENSES
Administration
-
-
-
62,972
62,972
56,799
-
-
Salaries and wages
837,760
729,209
778,220
-
2,345,189
2,150,426
Personnel benefits
415,627
303,507
376,777
1,230,186
2,326,097
2,132,826
-
-
Repairs and maintenance
288,189
104,955
721,827
-
1,114,971
1,133,771
14,491
6,432
Equipment and supplies
334,019
219,811
276,744
830,574
851,524
37,696
86,973
Travel, meetings, and training
29,770
14,482
22,895
67,147
42,161
60
15
Telephone and communications
10,375
6,494
6,093
22,962
23,961
-
-
Utilities
252,191
49,122
15,110
316,423
306,930
6,704
8,753
Treatment -Pocatello
-
1,630,031
-
1,630,031
1,624,222
-
-
Certificate of participation payment
40,118
40,271
34,017
114,406
115,256
-
Other purchased services
54,359
142
-
394,971
449,472
400,335
349,584
Professional services
47,892
20,499
13,747
66,244
148,382
168,872
-
Bad debt
6,059
13,049
8,663
-
27,771
6,290
-
Depreciation
964,826
832,533
329,429
2,126,788
2,059,109
1,266
1,287
Lease and subscription amortization
6,814
6,814
6,283
19,911
19,695
3,287,999
3,970,919
2,589,805
1,754,373
11,603,096
11,092,177
60,217
453,044
OPERATING INCOME
416,592
1,513,699
(204,265)
165,426
1,891,452
2,073,173
(1,265)
(350,871)
NONOPERATING REVENUE (EXPENSE)
Interest income
173,735
299,589
57,421
-
530,745
356,530
2,805
Investment income
184,831
-
32,645
217,476
82,440
-
Note interest income
-
3,210
-
3,210
3,342
Bond interest expense
(11,761)
-
(11,761)
(16,232)
Note interest expense
(255,245)
-
(12,333)
(267,578)
(230,103)
Lease and subscription interest expense
(54)
(54)
(48)
(156)
(181)
Grant revenue
15,598
-
-
15,598
17,955
Miscellaneous revenue
13,964
2,530
5,192
21,686
10,802
Gain (Loss) from asset disposal
121,068
305,275
82,877
509,220
224,553
2,805
CAPITAL CONTRIBUTIONS
Developer contributions
1,038,986
406,731
1,445,717
1,540,842
1,038,986
406,731
1,445,717
1,540,842
CHANGES IN NET POSITION
1,576,646
2,225,705
(121,388)
165,426
3,846,389
3,838,568
(1,265)
(348,066)
BEGINNING NET POSITION
23,730,252
24,967,814
5,213,053
1,079,811
54,990,930
51,152,362
3,651
351,717
ENDING NET POSITION
$ 25,306,898
$27,193,519
$ 5,091,665
$1,245,237
$58,837,319
$ 54,990,930
$ 2,386
$ 3,651
Adjustment to reflect the consolidation of internal
service fund activities related to enterprise funds
1,369
Change in net position of business -type activities
$ 3,847,758
29
See accompanying notes to financial statements
CITY OF CHUBBUCK, IDAHO
STATEMENTS OF CASH FLOWS - PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from revenues
Cash paid to suppliers
Cash paid to employees
Net cash provided by operating activities
CASH FLOW FROM NONCAPITAL FINANCING ACTIVITIES
Net change in interfund loans
Proceeds from grants
Proceeds from deposits (payments)
Net cash (used) in noncapital financing activities
CASH FLOW FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Principal paid on debt
Interest paid
Proceeds from certificate of participation
Proceeds from asset disposals
Principal and interest paid on lease
Purchase of capital assets
Net cash provided (used) in capital and related
financing activities
CASH FLOW FROM INVESTING ACTIVITIES
Cash paid from investments
Interest proceeds
Net cash provided by financing activities
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
BEGINNING CASH AND CASH EQUIVALENTS
ENDING CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS ARE REPORTED AS:
Cash and cash equivalents
Cash and cash equivalents - Restricted
Internal Internal
Health Plan Service Service
Water Sewer Sanitation Trust Total 2023 Funds 2024 Funds 2023
$ 3,684,170
$ 5,450,139
$2,358,147
$ 1,950,850 $ 13,443,306
$13,128,123 $ 59,576 $116,433
(869,579)
(2,121,508)
(1,100,386)
(1,700,906) (5,792,379)
(5,788,998) (59,576) (463,212)
(1,139,692)
(985,566)
(1,092,715)
- (3,217,973)
(2,965,215)
1,674,899
2,343,065
165,046
249,944 4,432,954
4,373,910 (346,779)
- 132,069 132,069 131,936
12,326 - - 12,326 17,977
44,755 300 (120) 44,935 67,597
57,081 132,369 (120) 189,330 217,510
502,119
(644,529)
(99,138)
(241,548)
(1,115,458)
(1,284,136)
-
(12,720)
(1,296,856)
(42,557)
(109,318)
(109,734)
(92,692)
(311,744)
(311,742)
(8,495)
(8,495)
(7,486)
(24,476)
(21,735)
7,078,974
-
(215,698)
(215,698)
(790,146)
(899,830)
(762,758)
(427,734)
(2,090,322)
(2,281,638)
(904,099)
-
5,015
(899,084)
17,110
187,699
305,461
62,613
555,773
367,706
(716,400)
305,461
67,628
(343,311)
384,816
115,750
2,018,137
(195,180)
249,944 2,188,651
2,694,598 (346,779)
7,078,974
10,930,883
2,291,158
1,271,780 21,572,795
18,878,197 346,779
$ 7,194,724
$12,949,020
$2,095,978
$ 1,521,724 $ 23,761,446
$ 21,572,795 $ $
$ 6,431,797 $12,945,230 $2,095,278 $ 1,521,724 $ 22,994,029 $20,864,513 $ $
762,927 3,790 700 767,417 708,282
$ 7,194,724 $12,949,020 $2,095,978 $ 1,521,724 $ 23,761,446 $ 21,572,795 $ $
30
See accompanying notes to financial statements
CITY OF CHUBBUCK, IDAHO
STATEMENTS OF CASH FLOWS - PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2023
RECONCILIATIONS OF NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
91
See accompanying notes to financial statements
Internal
Internal
Health Plan
Service
Service
Water
Sewer
Sanitation
Trust
Total
2023
Funds 2024
Funds 2023
OPERATING INCOME
$ 416,592
$ 1,513,699
$ (204,265)
$ 165,426
$ 1,891,452
$ 2,073,173
$ (1,265)
$ (348,066)
RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Depreciation and amortization
971,640
839,347
335,712
-
2,146,699
2,078,804
1,265
1,287
Pension expense
90,621
26,370
54,402
171,393
157,094
-
-
Bad debt expense
6,059
13,049
8,663
27,771
6,290
-
(Increase) decrease in assets
Accounts receivable
(20,421)
(34,479)
(27,393)
(6,405)
(88,698)
(17,302)
11,455
Prepaid expense
(13,632)
37,456
23,824
(23,824)
-
Increase (decrease) in liabilities
Accounts payable
200,966
(35,702)
(9,953)
53,467
208,778
79,165
(11,455)
Payroll payable
4,814
4,327
5,037
-
14,178
7,055
Accrued compensated absences
18,260
16,454
2,843
-
37,557
13,455
-
-
Total adjustments
1,258,307
829,366
369,311
84,518
2,541,502
$2,300,737
1,265
1,287
NET CASH PROVIDED BY OPERATING ACTIVITIES
$ 1,674,899
$ 2,343,065
$ 165,046
$ 249,944
$ 4,432,954
$ 4,373,910
$
$ (346,779)
91
See accompanying notes to financial statements
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 1 OF 17)
NOTE 1 - Summary of Sianificant Accountina Policies
The City's financial statements comply with generally accepted accounting principles (GAAP). GAAP includes all relevant Governmental
Accounting Standards Board (GASB) pronouncements within the codification. The government -wide financial statements, including the
enterprise funds and the fund financial statements for the proprietary funds, are also under GASB codification. The accounting and
reporting framework and the more significant accounting policies are discussed in subsequent subsections of this note. Applicable
GASB statements have been implemented through GASB 96 with the exception of those standards not required to be implemented.
A. Reporting Entity
The City's financial reporting entity comprises the following:
Primary Government
In determining the financial reporting entity, the City complies with the provisions of GASB Statement No. 61, `The Financial Reporting
Entity". Currently, the City reports one component unit; the Chubbuck Development Authority.
Discretely Presented Component Units
Chubbuck Development Authority (CDA)
One component unit reported in the combined financial statements represents the financial balances and transactions of the Chubbuck
Development Authority (CDA). CDA is a legally separate entity incorporated under the State of Idaho's urban renewal laws. CDA works
with the City to develop blighted areas within the City using tax increment financing to fund projects. These projects could include
providing infrastructure, purchasing land and demolishing blighted structures or rehabilitating structures to provide for low income
housing, among others. All non -private projects are donated to the City of Chubbuck.
The Board of Commissioners of the Authority consists of 7-9 members, which are appointed by the Mayor.
Complete financial statements of the Authority can be obtained from the City Clerk, City of Chubbuck, 290 E. Linden Ave, Chubbuck,
Idaho 83202.
B. Basis of Presentation
Government -wide Statements
The Statement of Net Position and Statement of Activities displays information about the reporting government as a whole. They
include all funds of the reporting entity except for fiduciary funds. The statements distinguish between governmental and business -type
activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other non-exchange
revenues. Business -type activities are financed in whole or in part by fees charged to external parties for goods or services.
Fund Financial Statements
Fund financial statements of the reporting entity are organized into funds, each of which is considered to be separate accounting entity.
Each fund is accounted for by providing a separate set of self -balancing accounts that constitute its assets, liabilities, fund equity,
revenues, and expenditures. Funds are organized into three major categories; governmental, proprietary, and fiduciary. An emphasis
is placed on major funds within the governmental and proprietary categories. A fund is considered major if it is the primary operating
fund of the City or meets the following criteria:
a. Total assets, liabilities, revenues or expenditures of that individual governmental or enterprise fund are at least 10 percent of the
corresponding total for all funds of that category or type.
b. Total assets, liabilities, revenues, or expenditures of the individual governmental fund or enterprise fund are at least 5 percent of
the corresponding total for all governmental and enterprise funds combined.
Governmental Funds
General Fund
The General Fund is the general operating fund of the City and is always classified as a major fund. All financial resources, except
those required to be accounted for in another fund, are accounted for in the General Fund.
Highway, Streets, and Roads Fund
The Highway, Streets, and Roads Fund accounts for revenue and expenditures used for the construction and maintenance of highways,
streets, and roads. It is a major fund.
Page 32
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 2 OF 17)
NOTE 1 - Summary of Significant Accounting Policies (Continued)
B. Basis of Presentation (continued)
Special Revenue Funds
Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for
specific purposes.
Proprietary Funds
Enterprise Funds
Enterprise funds are used to account for business -like activities provided to the general public. These activities are financed primarily
by user charges and the measurement of financial activity focuses on net income measurement similar to the private sector. The
reporting entity includes the water, sewer, sanitation, and health plan trust.
Proprietary funds distinguish "operating" revenues from "non-operating" revenues. Operating revenue is revenue generated from the
City's primary business activities. The operating revenues are produced through charges for services. Nonoperating revenue is the
portion of the City's revenue that is derived from activities not related to its core operations.
The City reports the following major proprietary funds:
The Water Fund accounts for the operations involved in collecting and distributing culinary water to the citizens of Chubbuck.
The Sewer Fund accounts for operations involved with the collection and treatment of sewer water.
The Sanitation Fund accounts for the operations for solid waste removal and disposal.
The Health Plan Trust Fund provides optional health care benefits to City employees, dependents, and employees eligible through
Cobra. All medical and prescription drug coverages are paid by the City through contributions to the Trust. A third party administers the
benefits and receives a fee for processing claims.
Internal Service Funds
Central Garage
Each fund is allocated the costs of operations based on equipment maintenance and repairs to their departments.
C. Measurement Focus and Basis of Accounting
Measurement focus is a term used to describe "which" transactions are recorded within the various financial statements. Basis of
accounting refers to "when" transactions are recorded regardless of the measurement focus applied.
Measurement Focus
On the government -wide Statement of Net Position and the Statement of Activities, both governmental and business -like activities are
presented using the economic resources measurement focus as defined in item b. below.
In the fund financial statements, the "current financial resources" measurement focus or the "economic resources" measurement focus
is used:
a. All governmental funds utilize a "current financial resources" measurement focus. Only current financial assets and liabilities are
included on their balance sheets. Their operating statements present sources and uses of available spendable financial
resources during a given period. These funds use fund balance as their measure of available spendable financial resources at
the end of the period.
b. The proprietary fund utilizes an "economic resources" measurement focus. The accounting objectives of this measurement focus
are the determination of operating income, changes in net position (or cost recovery), financial position, and cash flows. All assets
and liabilities (whether current or noncurrent) associated with their activities are reported. Proprietary fund equity is classified as
net position.
Page 33
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 3 OF 17)
NOTE 1 - Summary of Sianificant Accountina Policies (Continued
C. Measurement Focus and Basis of Accounting (continued)
Basis of Accounting
In the government -wide Statement of Net Position and Statement of Activities, both governmental and business -like activities are
presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and
expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities
resulting from exchange and exchange -like transactions are recognized when the exchange takes place.
In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting. Under this modified
accrual basis of accounting, revenues are recognized when "measurable and available." Measurable means knowing or being able to
reasonably estimate the amount. Available means collectible within the current period or within sixty days after year end. Expenditures
(including capital outlay) are recorded when the related fund liability is incurred, except for general obligation bond principal and interest
which are reported when due.
All proprietary funds utilize the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when
earned and expenses are recorded when the liability is incurred or economic asset used.
The effect of interfund activity has been eliminated from the government -wide financial statements.
D. Budgets and Encumbrances
Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted for
the general and highway, streets and roads. All annual appropriations lapse at fiscal year end.
Each month the City prepares a financial report that reflects the actual and budgeted financial data. A strict purchase order system is
used in controlling and maintaining expenditures within budget categories. This data is reviewed by the City Council. The City does not
use the encumbrance method of accounting.
E. Cash and Cash Equivalents
For the purpose of the Statement of Net Position, "cash and cash equivalents" includes all demand, savings accounts, certificates of
deposits, and state investing pools of the City. For the purpose of the proprietary fund Statement of Cash Flows, "cash and cash
equivalents" include all demand and savings accounts, and certificates of deposit or short-term investments with an original maturity of
three months or less.
F. Fair Value Measurements of Assets and Liabilities
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. GAAP establishes a fair value hierarchy for inputs used in measuring fair value
that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs
be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market
data obtained from sources independent of the City. Unobservable inputs reflect the City's assumptions about the inputs market
participants would use in pricing the asset or liability based on the best information available. The fair value hierarchy is categorized into
three levels based on the inputs as follows:
Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that City has the ability to access. Since
valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these assets and
liabilities does not require a significant degree of judgement.
Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either
directly or indirectly.
Level 3 - Valuations based on inputs that are unobservable, that is, inputs that reflect the City's own assumptions.
G. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, right of way and similar items),
are assets with an initial, individual cost of more than $25,000 and an estimated useful life in excess of one year.
The accounting treatment for property, plant and equipment depends on whether the assets are used in governmental fund operations
or proprietary fund operations and whether they are reported in the government -wide or fund financial statements.
Page 34
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 4 OF 17)
NOTE 1 - Summary of Significant Accounting Policies (Continued)
G. Capital Assets (continued)
Government -wide Statements
In the government -wide financial statements, the assets are accounted for as capital assets. All capital assets are valued at historical
cost, or estimated historical cost if actual is unavailable, except for donated assets which are recorded at their estimated fair value at the
date of donation. Estimated historical cost was used to value the majority of the assets acquired prior to September 30, 2003.
Governmental fund infrastructure assets were not capitalized prior to October 1, 2003.
Depreciation of all exhaustible capital assets is recorded as an allocated expense in the Statement of Activities, with accumulated
depreciation reflected in the Statement of Net Position. Depreciation is provided over the assets' estimated useful lives using the
straight-line method of depreciation. The range of estimated useful lives by type of asset is as follows:
Buildings 20-30 years
Other structures 15-20 years
Equipment 7-10 years
Vehicles 5-7 years
Fund Financial Statements
In the fund financial statements, capital assets used in governmental fund operations are accounted for as capital outlay expenditures of
the governmental fund upon acquisition. Capital assets used in proprietary fund operations are accounted for the same as in the
government -wide statements.
H. Restricted Assets
Restricted assets include cash and investments of the proprietary fund that are legally restricted as to their use. The primary restricted
assets are related to utility deposits and bond reserve requirements.
When both restricted and unrestricted resources are available for use, it is the City's policy to use restricted resources first, then
unrestricted resources as they are needed.
Lessor/Lessee Leases
The financial statements include the adoption of GASB Statement No. 87 Leases, and GASB Statement No. 96 Subscriptions. The
primary objective of these statements are to enhance the relevance and consistencesy of information about the City's leasing and
subscribing activities. These statements establish a model for lease and subscription accounting based on the principle that these
activities are financing the right to use an underlying asset. Under these Statements, a lessee or subscriber is required to recognize a
lease or subscription liability and an intangible right -to -use lease or subscription asset, and a lessor is required to recognize a lease
receivable and a deferred inflow of resources.
J. Long-term Debt
The accounting treatment of long-term debt depends on whether the assets are used in governmental fund operations or proprietary
fund operations and whether they are reported in the government -wide or fund financial statements.
All long-term debt to be repaid from governmental and business -type resources are reported as liabilities in the government -wide
statements. The long-term debt consists primarily of notes payable, capital leases, capital subscriptions, and accrued compensated
absences.
Long-term debt for governmental funds is not reported as liabilities in the fund financial statements. Debt proceeds are reported as
other financing sources. Payment of principal and interest are reported as expenditures. The accounting for proprietary funds is the
same in the fund statements as it is in the government -wide statements.
K. Comparative data/reclassifications
Comparative total data for the prior year has been presented in the fund financial statements in order to provide an understanding of the
changes in assets and operations of these funds. Also, certain amounts presented in the prior year data have been reclassified in order
to be consistent with the current year's presentation.
Page 35
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 5 OF 17)
NOTE 1 - Summary of Significant Accounting Policies (Continued)
L. Compensated Absences
The City's policies regarding vacation time permit employees to accumulate earned but unused vacation leave. The liability for these
unpaid compensated absences is recorded as long-term debt in the government -wide statements. The current portion of this debt is
estimated based on historical trends. In the fund financial statements, governmental funds report only the compensated absence
liability payable from expendable available financial resources, while the proprietary funds report the liability as it is incurred.
M. Equity Classifications
Government -wide Statements
Equity is classified as net position and displayed in three components:
a. Net investment in capital assets - Consists of capital assets including capital assets, net of accumulated depreciation and
reduced by the outstanding balances of any bonds, mortgages notes, or other borrowings that are attributable to the acquisition,
construction, or improvement of these assets.
b. Restricted - Consists of assets with constraints placed on the use either by (1) external groups such as creditors, grantors,
contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislation.
c. Unrestricted - All other assets that do not meet the definition of "restricted" or "net investment in capital assets."
Fund Statements
In the fund financial statements, governmental funds report the following classifications of fund balance:
Nonspendable items- This category includes a portion of net resources that cannot be spent because of their form or because they
must be maintained intact. This includes inventories and prepaid items.
Restricted items- This category includes resources where limitations are imposed by external entities, such as grantors and creditors, or
to comply with laws and regulations of governments.
Committed items -This category includes amounts that can only be used for the specific purposes determined by a formal action of the
City's highest level of decision-making authority for the City. Commitments may be changed or lifted only by the Council taking the same
formal action that imposed the constraint originally.
Assigned items -Assigned items represent the City's intent to use certain resources for specific purposes. The City Council may
establish the intended use of these funds for a designated purpose.
Unassigned items- Represents the remainder of the City's equity in governmental fund -type balances in excess of the aforementioned
classifications.
It is the City's policy to use unrestricted fund balances in the following order: (1) Committed, (2) Assigned, (3) Unassigned.
N. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires the City to make estimates
and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
O. Pensions
For purposes of measuring the net pension liability and pension expense, information about the fiduciary net position of the Public
Employee Retirement System of Idaho Base Plan (Base Plan) and additions to/deductions from Base Plan's fiduciary net position have
been determined on the same basis as they are reported by the Base Plan. For this purpose, benefit payments (including refunds of
employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair
value.
Page 36
NOTE 2 -
I�C611i=fm
NOTE 4 -
NOTE 5 -
NOTE 6 -
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 6 OF 17)
Legal Compliance - Budgets
Approximately six to seven months before the start of a new fiscal year, the City's financial officer submits to the City Council a
proposed operating budget for the fiscal year commencing the following October 1. The budget is prepared by fund at the function level
and includes information on the past year, current year estimates and requested appropriations for the next fiscal year.
The City Council holds public hearings and may add to, subtract from or change appropriations, but may not change the form of the
budget. Any changes in the budget must be within the revenues and reserves estimated as available to the City or the revenue
estimates must be changed by an affirmative vote of a majority of the City Council. After public hearings and before the end of the fiscal
year, the City Council formally adopts the budget.
Budgetary control is exercised by function at the fund level. The City Manager is authorized to transfer budgeted appropriations within
individual funds, but cannot alter the appropriations on a fund level without City Council approval. Expenditures may not legally exceed
budgeted appropriations at the fund level. During the year, several supplementary appropriations may be necessary.
Restricted Assets and Payable from Restricted Assets
Assets have been set aside for special items and are restricted for that purpose. Restricted resources are used only after the
unrestricted resources are depleted. To date cash has been restricted for the following items:
Proprietary
Bond reserves
Utility deposits
Total
$ 168,800
588,617
$ 757,417
Bond reserves are amounts the City is legally required to reserve for the repayment of outstanding bonds.
Water deposits are collected from individuals who receive utility services from the City. Money on deposit may be used to pay past due
balances or is returned when the payer stops utility service. Restricted utility deposits totaled $588,617 at year-end.
Property Tax
Bannock County has the responsibility of assessing and collecting all property taxes. Taxes levied for the year are payable in two
installments due December 20th of the current year and June 20th of the following year. The County remits property taxes collected to
the City monthly.
Property taxes are recognized as revenue when received for monthly reporting purposes. At year end, an accrual is made to recognize
property taxes receivable at year end. At year end, $102,598 in outstanding property taxes were expected to be collected and remitted
by the County."
Tax Abatements
The City has no tax abatement agreements as of September 30, 2024.
Cash, Cash Equivalents and Investments
Primary Government:
Deposits at year end consist of the following:
Deposits
Cash in bank - carrying amount
Restricted
Unrestricted
Page 37
Balance
$ 757,417
36,210,785
$ 36,968,202
NOTE 6 -
NOTE 7 -
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 7 OF 17)
Cash, Cash Equivalents and Investments (Continued)
Deposits
Custodial Credit Risk for deposits is the risk that, in the event of bank failure, the government's deposits may not be returned to it. At
year-end, the carrying amount of the City's deposits (cash and certificates of deposit) was $36,968,202 and the bank balance was
$36,923,989. The deposits were covered by collateralized accounts or federal depository insurance of $250,000 per bank. The City
uses various commercial banks to limit their exposure to custodial credit risk, however, some of the City's deposits including the State of
Idaho, Local Government Investment Pool (LGIP) at year-end were not insured nor collateralized in the amount of $5,307,314.
The State Treasurer's Investment Pools (LGIP) operates in accordance with appropriate state laws and regulations. The reported value
of the pools is the same as the fair value of the pool shares.
Investments
As of September 30, 2024, the City had the following investments:
Maturities
More Than
Fair Value No Maturity 1-10 Years 10 Years Moody / S&P
Money Funds $ 43,409 $ 43,409 $ - $ N/A
U.S. Government Bonds 3,450,980 - 3,450,980 Aaa / AA+
Total Investments $ 3,494,389 $ 43,409 $ 3,450,980 $
The above investments are measured at fair market value based on the exit price for these investments at the fiscal year end date.
These are all considered to be measured on a Level 1 on the fair market value hierarchy.
Component Unit - Chubbuck Development Authority (CDA):
Deposits at year end consist of the following:
Deposits
Cash in bank - carrying amount
Unrestricted
$ 782,934
Bank Deposits - Custodial Credit Risk for deposits is the risk that, in the event of bank failure, the government's deposits may not be
returned to it. At year-end the carrying amount and bank balance of CDA's deposits (cash and certificates of deposit) was $782,934. At
year-end, all the Authority's deposits were held in the LGIP. Deposits in the LGIP are not insured or guaranteed by the Federal Deposit
Insurance Corporation, the State of Idaho or any other government agency. CDA's deposits in the bank at year-end were fully insured or
collateralized.
The State Treasurer's Investment Pools (LGIP) operates in accordance with appropriate state laws and regulations. The reported value
of the pools is the same as the fair value of the pool shares.
Investments - The CDA has no investments
Receivables and Deferred Inflow of Resources -Leases
All trade receivables are shown net of allowance for doubtful accounts. Doubtful accounts are based on an aging delinquent balance
report. Historically 100% of property taxes have been collected, therefore, there is no allowance for uncollectible property tax
receivables.
Receivables as of year-end for the City's governmental -type funds are as follows:
Highway, Streets,
General and Roads Total
Accounts Receivables 804 804
Allowance for Doubtful Accounts (40) (40)
764 764
Page 38
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 8 OF 17)
NOTE 7 - Receivables and Deferred Inflow of Resources -Leases (Continued)
Receivables as of year-end for the City's business -type funds are as follows:
Water
Sewer
Sanitation Health Plan Trust
Total
Accounts Receivables $ 386,061 $
450,166
$ 225,824 6,405 $
1,068,456
Allowance for Doubtful Accounts (19,303)
(22,508)
(11,291) -
(53,102)
$ 366,758 $
427,658
$ 214,533 6,405 $
1,015,354
For the year ended September 30, 2024, the financial statements include the adoption of GASB Statement No. 87, Leases. The primary
objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This
statement establishes a single model for lease accounting based on the principle that leases are financings of the right to use an
underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right -to -use lease asset, and
a lessor is required to recognize a lease receivable and a deferred inflow of resources. For additional information, refer to the
disclosures below.
The City, as a lessor, had entered into seven lease agreements involving infrastructure, land and structures, and buildings. As of
September 30, 2024, the total combined value of the lease receivable was $114,546, the combined value of the deferred inflow of
resources was $110,194, and the lease revenue balance was $116,192.
Principal and Interest Expected to Maturity
Fiscal Year
2025
2026
2027
2028
2029
2030-2033
Governmental Activities
Lease Receivable
Governmental Activities
Deferred Inflow of Resources -Leases
NOTE 8 - Concentration of Credit Risk
Governmental Activities
Principal
Interest
Payments
Payments
Total Payments
$ 62,998
$ 1,520
$ 64,518
16,661
611
17,272
5,522
478
6,000
5,604
396
6,000
5,687
313
6,000
18,074
426
18,500
$ 114,546
$ 3,744
$ 118,290
Beginning Ending
Balance Additions Reductions Balance
$ 122,870 $ 49,406 $ 57,730 $ 114,546
122,870 49,406 57,730 114,546
Beginning Ending
Balance Additions Reductions Balance
$ 117,731 $ 49,406 $ 56,943 $ 110,194
117,731 49,406 56,943 110,194
Interest Rate Risk is the risk that changes in interest rates will adversely affect the value of a deposit. The City manages its exposure
to declines in fair value by limiting the average maturity of its deposits to one year or less, or redeemable on demand with no penalty.
Credit Risk is the risk that an issuer or a counterparty to a deposit will not fulfill its obligations. The City seeks to minimize credit risk
through diversification of deposits within the choices allowed under state statutes. The City's investments in U.S. government bonds
were rated Aaa and AA+ by Moody's and Standard & Poor's Investor Services, respectively. Idaho law requires the City to obtain the
safest investment rated by a nationally recognized standard rating service.
Concentration of Credit Risk is the risk of loss attributed to the magnitude of an investment in a single issuer. Exclusive of the State of
Idaho LGIP, the City's deposits in any one issuer does not represent a concentration of total credit risk. The funds in the State of Idaho
LGIP are in a variety of investments which are required to have an A quality credit rating or better.
The City is subject to credit risk on deposits in banks that exceed the FDIC maximum insured balance amount.
Additionally, the City grants credit to customers in the City for utility service. This extension of credit potentially subjects the City to
credit risk.
Page 39
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 9 OF 17)
NOTE 9 - Changes in Assets
A summary of general capital assets at year end is as follows:
Nondepreciable assets
Land
Work in Process
Infrastructures
Buildings and Improvements
Vehicles and Equipment
Accumulated Depreciation
Beginning Ending
Balance Additions Deletions Balance
$ 3,207,337 $
41,142
$ -
$ 3,248,479
19,950,734
657,858
11,435,643
9,172,949
23,227,124
2,588,733
-
25,815,857
7,919,735
9,457,615
-
17,377,350
5,188,961
358,919
91,350
5,456,530
59,493,891
13,104,267
11,526,993
61,071,165
10,692,128
1,125,126
91,350
11,725,904
$ 48,801,763 $
11,979,141
$ 11,435,643
$ 49,345,261
A summary of proprietary type capital assets at year end is as follows:
Nondepreciable assets
Land
Water Rights
Work in Process
Buildings and Improvements
Vehicles and Equipment
Accumulated Depreciation
A summary of general lease assets at year end is as follows:
Vehicles and Equipment
Accumulated Amortization
Beginning Ending
Balance Additions Deletions Balance
$ 2,159,817 $
$
$ 2,159,817
2,421,167
Balance
2,421,167
989,097
215,698
1,204,795
53,523,799
1,445,717
54,969,516
8,986,312
-
8,986,312
68,080,192
1,661,415
69,741,607
14,165,730
2,128,054
16,293,784
$ 53,914,462 $
(466,639) $
$ 53,447,823
Beginning
Ending
Balance
Additions
Deletions
Balance
$ 227,313
$ 83,378
$ 2,554
$ 308,137
227,313
83,378
2,554
308,137
44,533
54,604
2,554
$ 96,583
$ 182,780
$ 28,774
$ -
$ 211,554
A summary of proprietary type lease assets at year end is as follows:
Beginning Ending
Balance Additions Deletions Balance
Equipment $ 20,950 $ $ 2,554 $ 18,396
20,950 2,554 18,396
Accumulated Amortization 8,549 4,585 2,554 $ 10,580
$ 12,401 $ (4,585) $ - $ 7,816
A summary of general subscription assets at year end is as follows:
Beginning
Ending
Balance
Additions
Deletions
Balance
Software $ 11,840
$ 17,166
$ 6,189
$ 22,817
11,840
17,166
6,189
22,817
Accumulated Amortization 5,183
7,907
6,189
$ 6,901
$ 6,657
$ 9,259
$ -
$ 15,916
A summary of proprietary type subscription assets at year end is as follows:
Beginning
Ending
Balance
Additions
Deletions
Balance
Software $ 34,568
$ 6,498
$ 17,615
$ 23,451
34,568
6,498
17,615
23,451
Accumulated Amortization 15,073
15,328
17,615
$ 12,786
$ 19,495
$ (8,830)
$ -
$ 10,665
Page 40
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 10 OF 17)
NOTE 10 - Lease and Subscription Payable
Lease
The City, as a lessee, had entered into eleven lease agreements involving vehicles and equipment. As of 9/30/24, the total combined
value of the lease liability was $179,653. The total combined value of the lease assets, net of amortization, was $219,370.
Principal and Interest Expected to Maturity
Page 41
Beginning
Governmental Activities
Ending
Governmental Activities
Principal Interest
Total
Fiscal Year
Balance
Payments Payments
Payments
2025
$
61,094 $ 4,307 $
65,401
2026
$ 83,378
52,767 2,803
55,570
2027
Beginning
29,243 1,512
30,755
2028
Business -Type Activities
14,169 766
14,935
2029
Balance
14,453 388
14,841
$ -
$
171,726 $ 9,776 $
181,502
12,392
Business -Type Activities
7,927
Subscription
Principal Interest
Total
Fiscal Year
The City had entered into four subscription -based information technology agreements
Payments Payments
Payments
2025
$
3,813 $ 100 $
3,913
2026
3,079 55
3,134
2027
772 23
795
2028
263 2
265
2029
- 0
0
Principal
$
7,927 $ 180 $ 8,107
Page 41
Beginning
Ending
Governmental Activities
Balance
Additions
Reductions
Balance
Lease Liability
$ 150,796
$ 83,378
$ 62,448
$ 171,726
$ 150,796
$ 83,378
$ 62,448
$ 171,726
Beginning
Ending
Business -Type Activities
Balance
Additions
Reductions
Balance
Lease Liability
$ 12,392
$ -
$ 4,465
$ 7,927
12,392
4,465
7,927
Subscription
The City had entered into four subscription -based information technology agreements
involving the use
of software. As
of 9/30/23, the
combined value of the subscription liability was $5,676.
The total combined value of the subscription assets, net of amortization, was
$26581.
Principal and Interest Expected to Maturity
Governmental
Activities
Principal
Interest
Total
Fiscal Year
Payments
Payments
Payments
2025
$ 696
$ 54
$ 750
2026
723
27
750
$ 1,419
$ 81
$ 1,500
Business
-Type Activities
Principal
Interest
Total
Fiscal Year
Payments
Payments
Payments
2025
$ 2,088
$ 162
$ 2,250
2026
2,169
82
2,251
$ 4,257
$ 244
$ 4,501
Governmental Activities
Balance
Additions
Reductions
Balance
Subscription Liability
$ 6,657
$ 17,166
$ 22,404
$ 1,419
$ 6,657
$ 17,166
$ 22,404
$ 1,419
Business -Type Activities
Balance
Additions
Reductions
Balance
Subscription Liability
$ 17,615.00
$ 6,497
$ 19,855
$ 4,257
$ 17,615.00
$ 6,497
$ 19,855
$ 4,257
Page 41
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 11 OF 17)
NOTE 11 - Long-term Debt and Accrued Compensation
Accrued Compensated Absences:
Current portion
Noncurrent portion
Long-term Debt:
Governmental Business -type
$ 108,151 $ 38,416
432,604 153,663
$ 540,755 $ 192,079
The City's long-term debt is segregated between the amounts to be repaid from governmental activities and amounts to be repaid from
business -type activities.
Governmental Activities:
On April 14, 2022, the City issued a debt obligation to purchase an fire aerial ladder truck. Payments are due April 14, beginning April
14, 2023. The debt was issued at 3.03%. The note was issued for $1,000,000 with a annual payment of $117,410 until the maturity
date of April 14, 2032.
Current portion
Noncurrent portion
Business -type activities:
$ 92,469
730,671
$ 823,140
In 2006, the City refinanced a construction line of credit for a note payable with the Department of Environmental Quality (DEQ) with an
interest rate of 3.25% and semi-annual payments of $12,332 for 20 years.
Current portion
Noncurrent portion
$ 23,690
12,070
$ 35,760
The City was authorized to borrowed $17,569,518 from the Department of Environmental Quality (DEQ) under four (4) separate loans.
The four (4) loans have zero percent interest rate and are required to be paid in biannual installments over 20 years.
Outstanding
DEQ line of credit at zero percent interest, with biannual payment of $5,499 for 20 years, and a maturity date of
November 1, 2030. Loan closed April 22, 2010. $ 71,592
DEQ line of credit at zero percent interest, with biannual payment of $204,750 for 20 years, and a maturity date of April
27, 2035. Loan closed March 5, 2015. 4,504,504
DEQ line of credit at zero percent interest, with biannual payment of $212,757 for 20 years, and a maturity date of May
17, 2033. Loan closed April 9, 2013. 3,829,628
DEQ line of credit at zero percent interest, with biannual payment of $3,266 for 20 years, and a maturity date of April
27, 2035. Loan closed January 31, 2011. 71,847
$ 8,477,571
Less current portion 1,060,561
Noncurrent portion $ 7,417,010
With an original loan date of August 23, 2023, the City received a loan award from the Department of Environmental Quality (DEQ) for
$9,222,747 at 2.75% interest. Principal and interest shall be paid in equal semi-annual installments of $301,377 over 20 years. The
loan is being used to finance the designing and constructing of a well in Copperfield Landing, additional water distribution lines
throughout the City, and the Hiline booster station.
Current portion
Noncurrent portion
Page 42
$ 328,265
8,508,428
$ 8,836,693
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 12 OF 17)
NOTE 11 - Long-term Debt and Accrued Compensation (Continued)
The Water Revenue Bonds, Series 2011 was issued September 28, 2011, for 15 years in the amount of $1,930,000 at a premium of
$110,330. The bond carries interest rates between 2 and 4.75% and a maturity date of September 1, 2026.
Bonds Payable: Net Premium Principal Total
Water Revenue Bond $ 14,711 $ 315,000 $ 329,711
14,711 315,000 329,711
Less current portion 7,355 155,000 162,355
Noncurrent portion $ 7,356 $ 160,000 $ 167,356
Bond premiums, net amortization totaled $14,711. The bond premium and expenses are amortized over fifteen (15) years, the life of
the bond. Bond premium amortization of $7,355 for the year.
Notes Payable
On June 4, 2008, the City issued a note to purchase assets needed in order to collect sanitation for the City. The note was issued at
5.25%. The note was refinanced in 2009 at 3.5%. The note was issued for $1,375,000 with a monthly payment of $9,321 until the
maturity date of June 1, 2027.
Current portion
Noncurrent portion
Due To/Due From
$ 103,022
198,621
$ 301,643
On October 1, 2017, the Sewer Enterprise Fund loaned the Highway, Streets and Roads Fund, for the purpose of the Siphon Road
Interchange, the principal sum of $4,000,000 with an interest rate of .10% and an annual payment of $135,409.98 for 30 years. The first
payment being made on October 1, 2018 and then on the first day of October for each year thereafter until October 1, 2047.
Fund
Highway, Streets, and Roads
Sewer Enterprise Fund
Annual Debt Service Requirements for bonds and notes payable
Year Ending
Seotember 30
2025
2026
2027
2028
2029
2030-2034
2035-2039
2040-2043
Page 43
Due from Due to
$ 3,209,566 $ -
- 3,209,566
$ 3,209,566 $ 3,209,566
Governmental Activities
Business -type
Activities
Principal
Interest
Principal
Interest
$ 92,469 $
24,941.00
$ 1,493,641
$ 225,679
95,271
22,139
1,488,289
208,154
98,157
19,253
1,320,725
189,624
101,131
16,279
1,242,422
179,864
104,196
13,214
1,253,833
170,079
331,916
20,314
5,973,935
701,817
-
-
2,924,412
427,059
-
-
2,269,410
116,995
$ 823,140 $
116,140
$ 17,966,667
$ 2,219,271
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 13 OF 17)
NOTE 11 - Long-term Debt and Accrued Compensation (Continued)
Changes in long-term liabilities
Long-term liability activity for the year was as follows:
Governmental activities
Notes payable
Compensated absences
Business -type activities
Bonds payable
Notes payable
Compensated absences
NOTE 12- Conduit Debt Obligations
Beginning Ending Due within
Balance Additions Reductions Balance one year
$ 912,890 $ - $ 89,750 $ 823,140 $ 92,469
$ 487,615 $ 457,278 $ 404,138 $ 540,755 $ 108,151
$ 1,400,505 $ 457,278 $ 493,888 $ 1,363,895 $ 200,620
Long-term portion $ 1,163,275
Beginning Ending Due within
Balance Additions Reductions Balance one year
$ 460,000 $ - $
145,000
$ 315,000
$ 162,355
17,758,216 1,046,234
1,152,783
17,651,667
1,515,538
154,523 246,699
209,143
192,079
38,416
$ 18,372,739 $ 1,292,933 $
1,506,926
$ 18,158,746
$ 1,716,309
Long-term portion $ 16,442,437
Conduit debt has been defined by Generally Accepted Accounting Principles (GAAP) as certain limited -obligation revenue bonds or
similar debt instruments issued by a local governmental entity for the express purpose of providing capital financing for a specific third
party that is not a part of the issuer's financial reporting entity. In November of 2019, the City issued Certificate of Participation (COP) in
the amount of $14,815,000, to provide the financial assistance needed to construct a new City Hall, remodel the existing City Hall into
Law Enforcement Headquarters and build a new Animal Control Facility. The COP is secured by the properties financed. The City has
entered into a lease back agreement to qualify for the conduit debt. Each year the city has the opportunity to disclose its intent to renew
the annual lease agreement. If the City does not renew the annual lease, the COP holders would have the rights to the assets. The
COP principal balance is reported as deferred inflows on the City's financials and is not a long-term liability of the City. The option to
lease will expire in the year 2043.
There are no voluntary or limited obligations in regards to this Certificate of Participation.
NOTE 13- Interfund Transfer
Fund
General Fund
Highway, Streets, and Roads Fund
The purpose of the transfer was as follows:
Transfers In Transfers Out
$ 445,683 $ -
- 445,683
$ 445,683 $__445 683
Transfer revenue over expenditures from the Highway, Streets, and Roads Fund to the General Fund.
NOTE 14- Stewardship, Compliance and Accountability
A. Deficit Fund Balance
At September 30, 2024, the City had a deficit fund balance in the amount of $2,310,284 in the Highway, Streets, and Roads fund. The
future reduction of an interfund loan will decrease the deficit fund balance.
Page 44
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 14 OF 17)
NOTE 15- Pension Plan
Plan Description:
The City contributes to the Base Plan which is a cost-sharing multiple -employer defined benefit pension plan administered by Public
Employee Retirement System of Idaho (PERSI or System) that covers substantially all employees of the State of Idaho, its agencies
and various participating political subdivisions. The cost to administer the plan is financed through the contributions and investment
earnings of the plan. PERSI issues a publicly available financial report that includes financial statements and the required
supplementary information for PERSI. That report may be obtained on the PERSI website at www.persi.idaho.gov.
Responsibility for administration of the Base Plan is assigned to the Board comprised of five members appointed by the Governor and
confirmed by the Idaho Senate. State law requires that two members of the Board be active Base Plan members with at least ten years
of service and three members who are Idaho citizens not members of the Base Plan except by reason of having served on the Board.
Pension Benefits:
The Base Plan provides retirement, disability, death and survivor benefits of eligible members or beneficiaries. Benefits are based on
members' years of service, age, and highest average salary. Members become fully vested in their retirement benefits with five years of
credited service (5 months for elected or appointed officials). Members are eligible for retirement benefits upon attainment of the ages
specified for their employment classification. The annual service retirement allowance for each month of credited service is 2.0% (2.3%
for police/firefighters) of the average monthly salary for the highest consecutive 42 months.
The benefit payments for the Base Plan are calculated using a benefit formula adopted by the Idaho Legislature. The Base Plan is
required to provide a 1% minimum cost of living increase per year provided the Consumer Price Index increases 1% or more. The
PERSI Board has the authority to provide higher cost of living increases to a maximum of the Consumer Price Index movement or 6%,
whichever is less; however, any amount above the 1 % minimum is subject to review by the Idaho Legislature.
Member and Employer Contributions:
Member and employer contributions paid to the Base Plan are set by statute and are established as a percent of covered
compensation. Contribution rates are determined by the PERSI Board within limitations, as defined by state law. The Board may make
periodic changes to employer and employee contribution rates (expressed as percentages of annual covered payroll) that are adequate
to accumulate sufficient assets to pay benefits when due.
The contribution rates for employees are set by stature at 60% of the employer rate for general employees and 74% for police and
firefighters. As of June 30, 2024 it was 6.71 % for general employees and 9.83% for police and firefighters. The employer contribution
rate as a percent of covered payroll is set by the Retirement Board and was 11.18% general employees and 13.26% for police and
firefighters. The City's contributions were $859,747 for the year ended September 30, 2024.
Pension Liabilities, Pension Expense (Revenue), and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions:
At September 30,2024, the City reported a liability for its proportionate share of the net pension liability. The net pension liability was
measured as of June 30, 2024, and the total pension liability used to calculate the net pension liability was determined by an actuarial
valuation as of that date. The City's proportion of the net pension liability was based on the City's share of contributions in the Base Plan
pension plan relative to the total contributions of all participating PERSI Base Plan employers. At June 30, 2024, the City's proportion
was .15691954 percent.
For the year ended September 30, 2024, the City recognized pension expense (revenue) of $1,688,153. At September 30, 2024, the
City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences between expected and actual experience $ 934,527 $ -
Changes in assumptions or other inputs 232,531
Net difference between projected and actual earnings on pension plan investments -
Changes in the employer's proportion and differences between the employer's contributions and the
employer's proportionate contributions (106,547)
City contributions subsequent to the measurement date 247,518
$ 1,308,029 $ -
$247,518 was reported as deferred outflows of resources related to pensions resulting from City contributions subsequent to the
measurement date will be recognized as a reduction of the net pension liability in the year ending, September 30, 2024.
Page 45
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 15 OF 17)
NOTE 15 - Pension Plan (Continued)
The average of the expected remaining service lives of all employees that are provided with pensions through the System (active and
inactive employees) determined at July 1, 2024 the beginning of the measurement period ended June 30, 2023 is 4.6 and 4.4 for the
measurement period June 30, 2024.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in
pension expense (revenue) as follows:
Year ended September 30, 2024:
2025
2026
2027
2028
2029
Actuarial Assumptions:
$ 289,710
1,094,440
(188,734)
(134,904)
Valuations are based on actuarial assumptions, the benefit formulas, and employee groups. Level percentages of payroll normal costs
are determined using the Entry Age Normal Cost Method. Under the Entry Age Normal Cost Method, the actuarial present value of the
projected benefits of each individual included in the actuarial valuation is allocated as a level percentage of each year's earnings of the
individual between entry age and assumed exit age. The Base Plan amortizes any unfunded actuarial accrued liability based on a level
percentage of payroll. The maximum amortization period for the Base Plan permitted under Section 59-1322, Idaho Code, is 25 years.
The total pension liability in the June 30, 2024 actuarial valuation was determined using the following actuarial assumptions, applied to
all periods included in the measurement:
Inflation
2.30%
Salary increases
3.05%
Salary inflation
3.05%
Investment rate of return
6.35%, net of investment expenses
Cost -of -living adjustments
1%
Contributinq Members, Service Retirement Members, and Beneficiaries
General Employees and All Beneficiaries - Males Pub -2010 General Tables, increased 11 %
General Employees and All Beneficiaries - Females Pub -2010 General Tables, increased 21 %
Teachers - Males Pub -2010 Teacher Tables, increased 12%
Teachers - Females Pub -2010 Teacher Tables, increased 21 %
Fire & Police - Males Pub -2010 Safety Tables, increased 21 %.
Fire & Police - Females Pub -2010 Safety Tables, increased 26%.
Disabled Members - Males Pub -2010 Disabled Tables, increased 38%
Disabled Members - Females Pub -2010 Disabled Tables, increased 36%
An experience study was performed for the period July 1, 2015 through June 30, 2020, which reviewed all economic and demographic
assumptions including mortality. The Total Pension Liability as of June 30, 2024 is based on the results of an actuarial valuation date
July 1,2024.
The long-term expected rate of return on pension plan investments was determined using the building block approach and a forward-
looking model 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 weighing the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.
Even though history provides a valuable perspective for setting the investment return assumption, the System relies primarily on an
approach which builds upon the latest capital market assumptions. Specifically, the System uses consultants, investment managers and
trustees to develop capital market assumptions in analyzing the System's asset allocation. The assumptions and the System's formal
policy for asset allocation are shown below. The formal asset allocation policy is somewhat more conservative than the current
allocation of System's assets.
Page 46
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 16 OF 17)
NOTE 15 - Pension Plan (Continued)
Actuarial Assumptions: (continued)
The best -estimate range for the long-term expected rate of return is determined by adding expected inflation to expected long-term real
returns and reflecting expected volatility and correlation. The capital market assumptions are as of 2024.
Asset Class DB Plans
Sick Leave
Fixed Income 30.0%
50.0%
US/Global Equity 55.0%
39.3%
International Equity 15.0%
10.7%
Cash 0.0%
0.0%
Total
Discount Rate:
100.0% 100.0%
The discount rate used to measure the total pension liability was 6.35%. The projection of cash flows used to determine the discount
rate assumed that contributions from plan members will be made at the current contribution rate. Based on these assumptions, the
pension plans' 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 pension plan investments was applied to all periods of projected benefit payments
to determine the total pension liability. The long-term expected rate of return was determined net of pension plan investment expense
but without reduction for pension plan administrative expense.
Sensitivity of the Employer's proportionate share of the net pension liability to changes in the discount rate:
The following presents the Employer's proportionate share of the net pension liability calculated using the discount rate of 6.35 percent,
as well as what the Employer's proportionate share of the net pension liability would be if it were calculated using a discount rate that is
1 -percentage -point lower (5.35 percent) or 1 -percentage -point higher (7.35 percent) than the current rate:
Current
1% Decrease Discount Rate 1% Increase
(5.35%) (6.35%) (7.35%)
Employer's proportionate share of the net pension liability (asset) 11,154,454 5,870,082 ,553,590
Pension plan fiduciary net position:
Detailed information about the pension plan's fiduciary net position is available in the separately issued PERSI financial report.
PERSI issues a publicly available financial report that includes financial statements and the required supplementary information for
PERSI. That report may be obtained on the PERSI website at www.persi.idaho.gov.
Payables to the pension plan:
At September 30, 2024, the City reported payables to the defined benefit pension plan of $0 for legally required employer contributions
and $0 for legally required employee contributions which had been withheld from employee wages but not yet remitted to PERSI.
NOTE 16 - Risk Management
The City is exposed to various risks of loss. The City has obtained commercial insurance to reduce the risk of substantial losses
The City has established a Health Plan Trust for medical benefits provided to City employees and covered dependents. Health benefits
were self-funded up to a specific stop loss amount of $50,000, and an aggregate attachment point of $1,163,891 for 2024. Coverage
from a private insurance company is maintained for individual claims in excess of $50,000 and for total claims in excess of the
aggregate attachment point.. All claims handling procedures are performed by a third -party claims administrator. Incurred but not
reported claims have been accrued as a liability based upon a professional actuary estimate. All funds for the City participate in the
program and make payments by way of the Health Insurance Fund to the Health Plan Trust based on actuarial estimates of the
amounts needed to pay claims and expenses. The claims liability of $129,738 reported as incurred but not reported in the Health Plan
Trust is based on the requirements of Governmental Accounting Standards Board Statement No. 10, which requires that a liability for
claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been
incurred at the date of the financial statements and the amount of the loss can be reasonably estimated.
NOTE 17 - Subsequent Events
Subsequent events were evaluated up to May 22, 2025, the date the financial statements were available to be issued.
Page 47
CITY OF CHUBBUCK, IDAHO
NOTES TO FINANCIAL STATEMENTS (PAGE 17 OF 17)
NOTE 18 - Net Position and Fund Balance - Restated
Adjustments Governmental Activities:
Through September 30, 2023, the City reported the 'Recreation Programs Trust' as a Fiduciary fund. During the fiscal year ending
September 30, 2024, the City determined the appropriate administration for this entity is within the governmental activities. Therefore,
the beginning net position of Governmental Activities and Fiduciary Funds have been restated. Net positions as of September 30, 2024
have been adjusted as follows:
Net Position, Beginning of Year, as previously restated
Re -presentation of Chubbuck Health Plan Trust as an Enterprise Fund
Net Position, Beginning of Year, as restated
Page 48
Governmental
Activities Fiduciary Funds
$ 44,676,778 $ 14,309
14,309 (14,309)
44,691,087
REQUIRED SUPPLEMENTARY INFORMATION
49
CITY OF CHUBBUCK, IDAHO
BUDGETARY COMPARISON SCHEDULE
GENERALFUND
YEAR ENDED SEPTEMBER 30, 2024
Resources
Property taxes
Franchise fees
Intergovernmental income
Court revenue
Parks revenue
Licenses, permits and fines
Grants
Leases and rents
Interest income
Donations
Charges for services
Other resources
Amounts available for appropriations
Charges to appropriations
General government
Law enforcement
Fire control
Parks and recreation
Community services
Capital outlays
Lease and subscription capital outlays
Debt service
Equipment note payable principle expense
Principle retirement and lease finance
Interest expense
Total charges to appropriations
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
Other Financing Sources
Proceeds from leases and subscriptions
Proceeds from sale of assets
Transfer in (out)
NET CHANGE IN FUND BALANCE
BEGINNING FUND BALANCE - RESTATED
ENDING FUND BALANCE
Budgeted
Amounts
Variance
Actual
Positive
Original
Final
Amounts
(Negative)
$ 7,125,904
$ 7,125,904
$ 7,661,995
$ 536,091
265,000
265,000
229,853
(35,147)
2,162,169
2,162,169
2,003,628
(158,541)
-
-
41,031
41,031
40,000
40,000
83,382
43,382
280,500
280,500
496,883
216,383
-
-
179,289
179,289
100,000
100,000
116,192
16,192
-
-
504,398
504,398
-
-
7,235
7,235
-
-
3,159
3,159
-
463,025
56,643
(406,382)
9,973,573
10,436,598
11,383,688
947,090
975,995
1,439,020
1,276,841
162,179
4,802,325
4,802,325
4,654,838
147,487
2,715,287
2,715,287
2,226,915
488,372
976,480
976,480
957,126
19,354
503,486
503,486
592,855
(89,369)
-
-
108,000
(108,000)
-
-
98,378
(98,378)
-
-
89,750
(89,750)
-
-
65,421
(65,421)
-
-
42,726
(42,726)
9,973,573
10,436,598
10,112,850
323,748
-
-
1,270,838
1,270,838
-
-
83,378
83,378
-
-
14,035
14,035
-
-
445,683
445,683
-
-
543,096
543,096
1,813,934 1,813,934
- - 7,954,516 7,954,516
50
$ 9,768,450 $ 9,768,450
CITY OF CHUBBUCK, IDAHO
BUDGETARY COMPARISON SCHEDULE
HIGHWAY, STREETS AND ROADS
YEAR ENDED SEPTEMBER 30, 2024
Budgeted Amounts Variance
Actual Positive
Original Final Amounts (Negative)
Resources
Property taxes
$ 1,105,000
$ 1,105,000
$ 1,151,424
$ 46,424
Intergovernmental
1,257,921
1,257,921
1,692,373
434,452
Interest Income
-
-
38,059
38,059
Other revenues
448,813
448,813
33,682
(415,131)
Amounts available for appropriations
2,811,734
2,811,734
2,915,538
103,804
Charges to appropriations
Highway Streets amd Roads
-
-
2,274,010
(2,274,010)
Salaries and personnel benefits
887,500
887,500
-
887,500
Supplies
4,000
4,000
-
4,000
Utilities
11,250
11,250
-
11,250
Building maintenance
5,000
5,000
-
5,000
Professional services
15,000
15,000
-
15,000
Street signing and marking
13,000
13,000
-
13,000
Street construction and maintenance
797,134
797,134
-
797,134
Equipment maintenance
347,500
347,500
-
347,500
Capital outlays
136,000
136,000
188,651
(52,651)
Lease and subscription capital outlays
-
-
2,166
(2,166)
Miscellaneous expenses
595,350
595,350
-
595,350
Debt Service
Principal lease and subscription expense
-
-
3,964
(3,964)
Interest expense
-
-
3,230
(3,230)
Total charges to appropriations
2,811,734
2,811,734
2,472,021
339,713
Excess of revenues over
(under) expenditures
-
-
443,517
443,517
Other financing sources (uses)
Proceeds from leases and subscriptions
-
-
2,166
2,166
Transfer in (out)
-
-
(445,683)
(445,683)
-
-
(443,517)
(443,517)
NET CHANGE IN FUND BALANCE
BEGINNING FUND BALANCE
ENDING FUND BALANCE
- (2,310,284) (2,310,284)
$ - - $(2,310,284) $(2,310,284)
51
Employer's portion of the net pension liability
(asset)
Employer's proportionate share of the net
pension liability (asset)
Employer's covered -employee payroll
Employer's proportional share of the net pension
liability as a percentage of its covered -employee
payroll
Plan fiduciary net position as a percentage of the
total pension liability
GASB Statement No. 68 requires ten years of information to be presented in this table.
Data reported is measured as of June 30, 2024
52
CITY OF CHUBBUCK, IDAHO
Schedule of Employer's Share of Net Pension
Liability
PERSI - Base Plan
Last 10 - Fiscal Years`
2024
2023
2022 2021
2020
2019
2018
2017
2016
2015
0.0015691954
0.0015265332
0.001611476 0.001644693
0.0016413
0.001625296
0.001606905
0.001542148
0.00145924
0.001459012
$ 5,870,082
$ 6,091,891
$ 6,347,214 $ (129,895)
$ 3,811,318
$ 1,855,230
$ 2,370,213
$ 2,423,992
$2,958,104
$ 1,921,281
$ 7,176,519
$ 6,464,312
$ 6,327,525 $ 6,112,874
$ 5,820,108
$ 5,496,835
$ 5,142,733
$ 4,764,551
$4,225,127
$ 4,072,262
81.80%
94.24%
100.31% -2.12%
65.49%
33.75%
46.09%
50.88%
70.01%
47.18%
85.54%
83.83%
83.09% 100.36%
88.22%
93.79%
91.69%
90.68%
87.26%
91.38%
GASB Statement No. 68 requires ten years of information to be presented in this table.
Data reported is measured as of June 30, 2024
52
GASB Statement No. 68 requires ten years of information to be presented in this table.
Data is reported as a measurement of September 30, 2024.
53
CITY OF CHUBBUCK, IDAHO
Schedule of Employer Contributions
PERSI — Base Plan
Last 10 — Fiscal Years
2024
2023
2022 2021 2020
2019
2018
2017
2016
2015
Statutorily required contribution
$
888,498
$
791,964
$ 765,724 $ 741,954 $ 709,029
$ 643,275
$ 594,166
$
545,551
$
503,931
$ 469,058
Contributions in relation to the statutorily
required contribution
$
888,498
$
791,964
$ 765,724 $ 741,954 $ 709,029
$ 643,275
$ 594,166
$
545,551
$
503,931
$ 469,058
Contribution (deficiency) excess
$
-
$
-
$ - $ - $ -
$ -
$ -
$
-
$
-
$ -
Employer's covered -employee payroll
$
6,973,077
$ 6,336,434
$ 6,254,019 $ 6,154,443 $ 6,009,444
$ 5,597,869
$ 5,318,395
$ 4,568,504
$ 4,536,572
$ 4,225,217
Contributions as a percentage of covered -
employee payroll
12.74%
12.50%
12.24% 12.06% 11.80%
11.49%
11.17%
11.94%
11.11%
11.10%
GASB Statement No. 68 requires ten years of information to be presented in this table.
Data is reported as a measurement of September 30, 2024.
53
CITY OF CHUBBUCK, IDAHO
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
NOTE 1 - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
A. Basis of Budgetary Accounting
The City is required by State law to adopt annual budgets on all governmental funds that cover a period
from October 1, through September 30. All adopted budgets are prepared in accordance with the
modified accrual basis of accounting and are adopted on a basis consistent with generally accepted
accounting principles.
B. Budgetary Information
GENERALFUND
General government
The City had actual revenues above budget in the amount of $947,090. The city had actual expenditures
below budget in the amount of $323,748.
Highway, Streets, and Roads
The City had actual revenues above budget in the amount of $103,804. The City had actual
expenditures below budget of $339,713.
54
OTHER SUPPLEMENTARY INFORMATION
55
CITY OF CHUBBUCK, IDAHO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2024
56
Special Revenue
Law
Street
Juvenile
Road
Total
Fire Control
Enforcement
Park
Guarantee
Referral
Court
Projects
Parks
Nonmajor
Impact Fees
Impact Fees
Impact Fees
Fund
Fund
Fund
Fund
Fund
Funds
ASSETS
Cash
$ 316,685
$ 259,029
$ 1,047,319
$ 109,718
$ 1,292
$ 247,237
$ 177,265
$ 394,088
$ 2,552,633
FUND BALANCES
Committed, reported in:
Special revenue fund
$ 316,685
$ 259,029
$ 1,047,319
$ 109,718
$ 1,292
$ 247,237
$ 177,265
$ 394,088
$ 2,552,633
56
CITY OF CHUBBUCK, IDAHO
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
57
Special Revenue
Law
Street
Juvenile
Road
Total
Fire Control
Enforcement
Park
Guarantee
Referral
Court
Projects
Parks
Nonmajor
Impact Fees
Impact Fees
Impact Fees
Fund
Fund
Fund
Fund
Fund
Funds
REVENUES
Interest income
$ 7,242
$ 5,822
$ 6,556
$ 5,170
$ 33
$ 5,204
$ 4,437
$ 9,864
$ 44,328
Other revenues
72,503
66,864
201,126
46,384
-
63,251
-
-
450,128
79,745
72,686
207,682
51,554
33
68,455
4,437
9,864
494,456
EXPENDITURES
Other purchased services
6,000
6,000
22,650
254,316
-
-
-
288,966
Capital Outlays
-
-
144,631
-
-
144,631
6,000
6,000
167,281
254,316
-
433,597
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
73,745
66,686
40,401
(202,762)
33
68,455
4,437
9,864
60,859
NET CHANGE IN FUND BALANCES
73,745
66,686
40,401
(202,762)
33
68,455
4,437
9,864
60,859
BEGINNING FUND BALANCE
242,940
192,343
1,006,918
312,480
1,259
178,782
172,828
384,224
2,491,774
ENDING FUND BALANCE
$ 316,685
$ 259,029
$ 1,047,319
$ 109,718
$ 1,292
$ 247,237
$ 177,265
$ 394,088
$ 2,552,633
57
CITY OF CHUBBUCK, IDAHO
STATEMENTS OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30, 2024
WITH COMPARATIVE TOTALS AS OF SEPTEMBER 30, 2023
LIABILITIES
Current Liabilities
Accounts payable 5,525 5,525 6,149
5,525 5,525 6,149
Noncurrent Liabilities - - -
5,525 5,525 6,149
NET POSITION
Net investment in capital assets 2,386 2,386 3,651
Unrestricted - - -
$ 2,386 $ 2,386 $ 3,651
58
Central
Garage
2024
2023
Fund
Totals
Totals
ASSETS
Current assets
Accounts receivable
$ 5,525
$ 5,525
$ 6,149
5,525
5,525
6,149
Noncurrent assets
Restricted assets
Capital assets
261,085
261,085
261,085
Accumulated depreciation
(258,699)
(258,699)
(257,434)
2,386
2,386
3,651
LIABILITIES
Current Liabilities
Accounts payable 5,525 5,525 6,149
5,525 5,525 6,149
Noncurrent Liabilities - - -
5,525 5,525 6,149
NET POSITION
Net investment in capital assets 2,386 2,386 3,651
Unrestricted - - -
$ 2,386 $ 2,386 $ 3,651
58
CITY OF CHUBBUCK, IDAHO
STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
WITH COMPARATIVE TOTALS AS OF SEPTEMBER 30, 2023
Central
14,491
14,491
Garage
2024
2023
Fund
Totals
Totals
OPERATING REVENUES
60
15
Interest earnings $ -
$ -
$2,805
Service revenue 58,952
58,952
102,173
58,952
58,952
104,978
OPERATING EXPENSES
Repairs and maintenance
14,491
14,491
6,432
Equipment and supplies
36,296
36,296
86,448
Travel, meetings, and training
60
60
15
Fuels and lubricants
1,400
1,400
525
Utilities
6,704
6,704
8,753
Other purchased services
-
-
349,584
Depreciation
1,266
1,266
1,287
60,217
60,217
453,044
OPERATING INCOME (LOSS)
(1,265)
(1,265)
(348,066)
CHANGES IN NET POSITION
(1,265)
(1,265)
(348,066)
BEGINNING NET POSITION
3,651
3,651
351,717
ENDING NET POSITION
$ 2,386
$ 2,386
$ 3,651
59
CITY OF CHUBBUCK, IDAHO
STATEMENTS OF CASH FLOWS - INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2023
RECONCILIATIONS OF NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
Central
Garage
Fund 2024 2023
OPERATING INCOME (LOSS)
Central
RECONCILIATION OF OPERATING INCOME TO
Garage
Depreciation
Fund 2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Accounts receivable
- 11,455
Cash received from revenues
$ 59,576
$ 116,433
Cash paid to suppliers
(59,576)
(463,212)
Cash paid to employees
-
Net cash provided by operating activities
-
(346,779)
CASH FLOW FROM NONCAPITAL FINANCING ACTIVITIES
Net cash (used) in noncapital financing activities
-
-
CASH FLOW FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Net cash provided (used) in capital and related
financing activities
-
-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
-
(346,779)
BEGINNING CASH AND CASH EQUIVALENTS
-
346,779
ENDING CASH AND CASH EQUIVALENTS
$ -
$ -
CASH AND CASH EQUIVALENTS ARE REPORTED AS:
Cash and cash equivalents
$ -
$346,779
Cash and cash equivalents - Restricted
-
-
$ -
$ 346,779
RECONCILIATIONS OF NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
Central
Garage
Fund 2024 2023
OPERATING INCOME (LOSS)
$ (1,265) $(348,066)
RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Depreciation
1,265 1,287
(Increase) decrease in assets
Accounts receivable
- 11,455
Increase (decrease) in liabilities
Accounts payable
- (11,455)
Total adjustments
1,265 1,287
NET CASH PROVIDED BY OPERATING ACTIVITIES
$ - $ (346,779)
CITY OF CHUBBUCK, IDAHO
BUDGETARY COMPARISON SCHEDULE
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Resources
Interest income
Other resources
Amounts available for appropriations
Charges to appropriations
Purchased services
Capital outlays
Total charges to appropriations
NET CHANGE IN FUND BALANCE
BEGINNING FUND BALANCE
ENDING FUND BALANCE
Budgeted Amounts Variance
Actual Positive
Original Final Amounts (Negative)
- $ 44,328 $ 44,328.00
61
494,456 494,456
288,966 (288,966)
144,631 (144,631)
433,597 (433,597)
2,491,774 2,491,774
$ 2,552,633 $ 2,552,633
STATISTICAL SECTION
Gy,
CITY OF CHUBBUCK, IDAHO
Statistical Section
This part of the City of Chubbuck's comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements,
note disclosures, and required supplementary information says about the government's
overall financial health.
Contents Page
Financial Trends 64-71
These schedules contain trend information to help the reader
understand how the City's financial performance and well-being
have changed over time.
Revenue Capacity 72-75
These schedulers contain information to help the reader assess
the City's most significant local revenue source, the property tax.
Debt Capacity 76-77
These schedules offer demographic and economic indicators to
help the reader understand the environment within which the
City's financial activities take place.
Operating Information 78-80
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.
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive
annual financial reports for the relevant year.
63
City of Chubbuck
Net Position By Components
Last Ten Fiscal Years
(Accrual -Basis Accounting)
64
2022
2023
2015
2016
2017
2018
2019
2020
2021
2024
Governmental activities:
Invested in capital assets, net of related debt
$
10,137,975
$
11,138,839
$
16,829,117
$
24,019,218
$
26,473,293
$
28,622,260
$ 32,641,830
$
42,901,054
$ 48,801,763
$ 49,345,262
Restricted
-
-
-
-
-
-
-
-
-
-
Unrestricted
4,532,072
6,181,447
3,212,484
547,753
(381,048)
(1,695,666)
(1,091,874)
(4,373,190)
(4,124,985)
(2,542,255)
Total governmental activities net position
$
14,670,047
$
17,320,286
$
20,041,601
$
24,566,971
$
26,092,245
$
26,926,594
$ 31,549,956
$
38,527,864
$ 44,676,778
$ 46,803,007
Business -type activities
Invested in capital assets, net of related debt
$
6,086,514
$
6,814,991
$
9,217,942
$
11,612,979
$
11,876,681
$
16,363,939
$ 41,932,621
$
43,397,173
$ 44,796,281
$ 43,944,017
Restricted
165,181
166,731
168,131
164,850
166,100
167,200
168,150
168,950
164,600
168,800
Unrestricted
18,460,974
21,272,113
22,001,056
21,704,355
25,076,744
24,496,821
5,378,964
7,682,888
10,029,396
14,725,218
Total business -type activities net position
$
24,712,669
$
28,253,835
$
31,387,129
$
33,482,184
$
37,119,525
$
41,027,960
$ 47,479,735
$
51,249,011
$ 54,990,277
$ 58,838,035
Primary government
Net investment in capital assets
$
16,224,489
$
17,953,830
$
26,047,059
$
35,632,197
$
38,349,974
$
44,986,199
$ 74,574,451
$
86,298,227
$ 93,598,044
$ 93,289,279
Restricted
165,181
166,731
168,131
164,850
166,100
167,200
168,150
168,950
164,600
168,800
Unrestricted
22,993,046
27,453,560
25,213,540
22,252,108
24,695,696
22,801,155
4,287,090
3,309,698
5,904,411
12,182,963
Total primary government net position
$
39,382,716
$
45,574,121
$
51,428,730
$
58,049,155
$
63,211,770
$
67,954,554
$ 79,029,691
$
89,776,875
$ 99,667,055
$ 105,641,042
64
City of Chubbuck
Change in Net Position
Last Ten Fiscal Years
(Accrual -Basis Accounting)
65
2015
2020
2017
2018
2022
2023
2024
2016
2019
2021
Expenses
Governmental activities:
General Government
$ 542,494 $
896,297
$ 880,217
$ 862,299
$ 836,698 $
1,537,463 $
1,348,508 $
1,153,148
$ 1,309,632 $
1,575,664
Law enforcement
2,868,345
3,188,507
3,310,717
3,447,266
3,492,557
3,896,661
3,288,219
3,922,815
4,088,400
4,939,468
Fire Control
1,519,108
1,360,246
1,307,106
1,417,951
1,556,572
1,939,749
1,802,233
2,166,198
2,221,199
2,558,581
Building Inspection
172,946
199,277
199,336
217,171
246,220
28,004
371,732
-
-
-
Street
1,524,819
1,487,702
1,426,385
1,293,629
1,210,550
2,042,497
1,764,251
2,121,982
2,490,247
2,860,038
Parks & Recreation
529,372
591,638
601,054
653,878
623,328
636,713
802,354
879,101
913,966
1,119,534
Health and welfare
41,171
76,884
83,293
90,621
80,049
88,129
91,539
630,746
508,245
635,927
Other special funds
-
20,196
150
1,600
17,100
43,181
4,425
234,872
25,500
288,966
CIAWWC Authority
2,930
609,036
609,036
-
-
-
-
-
-
-
Total governmental activities expenses
7,201,185
8,429,783
8,417,294
7,984,416
8,063,075
10,212,397
9,473,261
11,108,862
11,557,189
13,978,178
Business -type activities:
Water
1,781,501
1,793,535
1,726,443
2,111,162
2,028,807
2,440,008
2,742,104
3,494,695
3,514,768
3,553,690
Sewer
2,200,476
2,319,135
2,363,009
2,649,245
2,705,251
3,174,444
2,868,693
3,707,757
3,872,609
3,970,973
Sanitation
1,060,218
1,221,934
1,637,470
1,732,030
1,626,740
1,916,682
1,969,580
2,460,458
2,449,593
2,602,186
Health Plan Trust
-
-
-
-
-
-
1,346,956
1,646,714
1,595,925
1,754,373
CIAWWC Authority
-
-
-
609,036
609,036
609,063
306,104
3,800
3,100
-
Total business -type activities program expenses
5,042,195
5,334,604
5,726,922
7,101,473
6,969,834
8,140,197
9,233,437
11,313,424
11,435,995
11,881,222
Total primary government program expenses
12,243,380
13,764,387
14,144,216
15,085,889
15,032,909
18,352,594
18,706,698
22,422,286
22,993,184
25,859,400
65
City of Chubbuck
Change in Net Position
Last Ten Fiscal Years
(Accrual -Basis Accounting)
66
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Program Revenues
Governmental activities:
Charges for services:
General Government
298,505
365,049
414,674
323,186
399,415
342,244
379,116
497,615
598,552
654,341
Law enforcement
35,311
28,918
31,942
29,940
34,221
28,081
27,335
38,982
35,186
41,031
Fire control
197,261
211,041
214,172
237,675
176,925
61,832
5,009
23,963
72
-
Street
-
-
-
13,165
17,468
1,292
8,493
-
-
-
Parks & Recreation
9,762
10,589
12,728
149,681
14,758
6,125
16,889
15,833
21,696
86,541
CIAWWC Authority
-
-
10,980
-
-
-
-
-
-
-
Operating grants and contributions
48,000
43,890
71,329
84,653
179,095
652,897
2,345,551
1,034,960
3,347,408
186,524
Capital grants and contributions
916,767
2,667,268
2,354,109
3,644,635
1,019,354
1,253,033
2,253,204
5,322,013
2,211,701
1,227,343
Total governmental activities program revenues
1,505,606
3,326,755
3,109,934
4,482,935
1,841,236
2,345,504
5,035,597
6,933,366
6,214,615
2,195,780
Business -type activities:
Charges for services:
Water
2,680,920
2,783,945
2,728,684
2,896,320
2,983,977
2,944,986
3,167,282
3,256,843
3,540,200
3,704,591
Sewer
3,583,861
3,657,738
3,803,714
3,979,134
4,229,957
4,163,168
4,403,367
4,749,986
5,348,899
5,484,618
Sanitation
1,731,740
2,169,627
2,192,420
1,978,239
1,930,472
1,952,196
2,044,405
2,223,905
2,283,471
2,385,540
Health Plan Trust
-
-
-
-
-
-
1,484,058
1,714,040
1,992,780
1,919,799
CIAWWC Authority
-
-
-
66,915
21,960
95,330
54,900
-
-
-
Operating grants and contributions
11,328
-
134,662
93,730
-
-
-
-
17,955
15,598
Capital grants and contributions
-
-
-
228,000
1,045,754
2,785,144
3,228,076
3,285,586
1,540,842
1,445,717
Total business -type activities program revenues
8,007,849
8,611,310
8,859,480
9,242,338
10,212,120
11,940,824
14,382,088
15,230,360
14,724,147
14,955,863
Total primary government program revenues
9,513,455
11,938,065
11,969,414
13,725,273
12,053,356
14,286,328
19,417,685
22,163,726
20,938,762
17,151,643
Net(Expense)/Revenue
Governmental activities
(5,695,579)
(5,103,028)
(5,307,360)
(3,501,480)
(6,221,839)
(7,866,893)
(4,437,664)
(4,175,496)
(5,342,574)
(11,782,398)
Business -type activities
2,965,654
3,276,706
3,132,558
2,140,865
3,242,286
3,800,627
5,148,651
3,916,936
3,288,152
3,074,641
Total primary governmental net (expense)/revenue
(2,729,925)
(1,826,322)
(2,174,802)
(1,360,615)
(2,979,553)
(4,066,266)
710,987
(258,560)
(2,054,422)
(8,707,757)
66
City of Chubbuck
Change in Net Position
Last Ten Fiscal Years
67
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
General Revenues and other Changes in Net Position
Governmental activities:
General Property taxes and sales tax
5,296,480
5,366,613
5,642,004
5,975,483
6,499,369
7,123,630
4,790,711
7,001,435
7,132,094
8,827,191
Franchise fees
198,493
199,194
201,328
203,950
189,494
186,818
195,483
254,956
250,217
229,853
Intergovernmental
1,021,666
1,311,704
1,323,581
1,373,948
1,403,606
1,187,121
3,241,504
3,223,432
3,074,050
3,696,001
Interest income
76,828
90,432
98,064
157,760
182,445
160,617
97,869
131,771
404,942
586,785
Gain on sale of assets
18,038
19,282
-
54,759
78
6,345
-
79,272
18,169
14,035
Other revenue
41,828
766,042
763,697
199,888
186,953
36,711
735,459
462,538
612,016
540,453
Transfers in (out)
-
-
-
-
(534,080)
-
-
-
-
-
Total governmental activities
6,653,333
7,753,267
8,028,674
7,965,788
7,927,865
8,701,242
9,061,026
11,153,404
11,491,488
13,894,318
Business -type activities:
Interest income
-
-
-
4,000
106,283
105,808
24,178
(159,885)
442,312
751,431
Gain on sale of assets
2,530
86,100
736
11,252
-
2,000
800,418
7,626
10,802
-
Other revenue
-
-
-
-
-
-
-
4,599
-
21,686
Transfers in (out)
100
-
-
-
534,080
-
-
-
-
-
Total business -type activities
2,630
86,100
736
15,252
640,363
107,808
824,596
(147,660)
453,114
773,117
Total primary government
6,655,963
7,839,367
8,029,410
7,981,040
8,568,228
8,809,050
9,885,622
11,005,744
11,944,602
14,667,435
Changes in Net Position
Governmental Activities
957,754
2,650,239
2,721,314
4,464,308
1,706,026
834,349
4,623,362
6,977,908
6,148,914
2,111,920
Business -type activities
2,968,284
3,362,806
3,133,294
2,156,117
3,882,649
3,908,435
5,973,247
3,769,276
3,741,266
3,847,758
Total primary government
$ 3,926,038 $
6,013,045
$ 5,854,608
$ 6,620,425 $
5,588,675
$ 4,742,784 $
10,596,609 $
10,747,184
$ 9,890,180 $
5,959,678
67
City of Chubbuck
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual -Basis of Accounting)
w
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
General fund
Unassigned
$ 2,952,093
$ 3,410,321
$ 3,939,114
$ 1,239,050
$ 107,771
$ (589,351)
$ 540,267
$ 1,143,122
$ 5,629,923
$ 7,458,166
Total General Fund
2,952,093
3,410,321
3,939,114
1,239,050
107,771
(589,351)
540,267
1,143,122
5,629,923
7,458,166
All Other Governmental Funds
Committed
554,175
565,911
453,040
516,555
658,913
910,503
1,566,814
1,765,720
2,491,774
2,552,633
Total all other governmental funds
$ 554,175
$ 565,911
$ 453,040
$ 516,555
$ 658,913
$ 910,503
$ 1,566,814
$ 1,765,720
$ 2,491,774
$ 2,552,633
w
City of Chubbuck
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual -Basis of Accounting)
69
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Revenues:
Property taxes and sales tax
$ 5,349,772
$ 5,375,566
$ 5,627,360
$ 5,930,753
$ 6,405,974
$ 7,131,017
$ 4,895,548
$ 7,040,950
$ 7,159,837
$ 8,813,419
Franchise fees
198,493
199,194
201,328
203,950
189,494
186,818
195,483
254,956
250,217
229,853
Intergovernmental
1,021,666
1,311,704
1,323,581
1,373,948
1,403,606
1,187,121
3,241,504
3,223,432
3,074,050
3,696,001
Court Revenue
35,311
28,918
31,942
29,940
34,221
28,081
27,335
28,549
35,076
41,031
Parks revenue
5,402
7,629
10,733
7,729
8,670
2,409
14,275
13,133
18,224
83,382
License, permits and fines
219,868
289,199
320,860
231,180
308,615
220,174
262,953
368,406
461,613
496,883
Grants
466,000
248,290
336,433
43,629
109,076
585,950
2,334,053
516,533
3,339,324
179,289
Fire protection and prevention
197,261
211,041
214,172
237,675
176,925
61,832
5,009
23,963
72
-
Law enforcement
-
-
-
-
-
-
-
10,433
110
-
Leases and rents
78,637
75,850
93,814
92,006
90,800
122,070
116,163
129,209
136,939
116,192
Interest income
76,828
90,432
98,064
157,760
182,445
160,617
97,869
131,771
404,942
586,785
Donations
38,000
23,600
40,149
41,024
70,019
66,947
11,498
518,427
8,084
7,235
Charges for services
4,360
2,960
12,975
155,117
23,556
5,008
11,107
2,700
3,472
3,159
Otherrevenues
41,827
19,063
65,897
86,449
184,022
249,999
720,616
449,760
862,780
540,453
Total Revenues
7,733,425
7,883,446
8,377,308
8,591,160
9,187,423
10,008,043
11,933,413
12,712,222
15,754,740
14,793,682
69
City of Chubbuck
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual -Basis of Accounting)
70
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Expenditures:
General government
483,135
574,204
496,074
580,806
621,568
1,303,835
1,072,664
914,597
1,050,464
1,276,841
Law enforcement
2,843,478
2,960,661
3,062,347
3,287,172
3,354,522
3,507,675
3,550,335
3,646,501
3,970,167
4,654,838
Fire control
1,431,180
1,213,866
1,181,308
1,300,583
1,463,484
1,652,703
1,738,732
1,859,209
1,972,237
2,226,915
Building inspection
174,432
181,199
186,059
212,747
244,749
8,913
395,491
-
-
-
Street
1,365,190
1,336,127
1,270,359
1,136,919
1,054,240
1,722,677
1,437,020
1,618,017
1,958,654
2,274,010
Parks and recreation
498,932
513,091
502,709
552,176
530,705
509,997
722,129
727,783
775,584
957,126
Community services
-
-
-
-
-
-
-
593,428
482,760
592,855
Health and welfare
41,171
76,884
83,293
90,621
80,049
88,129
91,539
-
-
-
Other purchased services
-
-
-
-
-
-
-
234,872
25,500
288,966
Court fund
1,500
150
1,600
-
-
-
-
-
-
Parks fund
-
18,696
-
-
17,100
43,181
4,425
-
-
-
Capital outlays
409,060
333,207
953,944
4,160,478
2,806,886
1,771,351
2,882,122
6,032,716
4,818,282
441,282
Lease and subscription capital outlays
-
-
-
-
-
-
-
141,108
98,047
100,544
Note payable principle payment
-
87,110
89,750
Principal lease and subscription finance
25,648
54,584
69,385
Interest expense
-
-
-
3,651
30,527
45,956
CIAWWC Authority
458,930
230,930
2,930
-
-
-
Total Expenditures
7,705,508
7,440,365
7,739,173
11,323,102
10,173,303
10,608,461
11,894,457
15,797,530
15,323,916
13,018,468
Excess (deficiency) of Revenues over
(under) Expenditures
27,917
443,081
638,135
(2,731,942)
(985,880)
(600,418)
38,956
(3,085,308)
430,824
1,775,214
70
City of Chubbuck
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual -Basis of Accounting)
71
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Other financing sources (uses):
Proceeds from note payable
11,680
2,930
-
1,000,000
Proceeds from lease and subscription
-
-
141,108
98,046
85,544
Principal payments
(236,050)
-
-
-
Proceeds from certificate of participation
152,278
1,749,674
3,666,689
3,665,816
Interest expense
-
(4,000)
(3,869)
(3,737)
(3,605)
-
-
-
Proceeds from sale of assets
21,153
23,953
13,837
99,393
828
6,345
79,272
18,169
14,035
Total other financing sources (uses)
32,833
26,883
(222,213)
95,393
(3,041)
154,886
1,746,069
3,887,069
4,782,031
99,579
Net Change in Fund Balances
60,750
469,964
415,922
(2,636,549)
(988,921)
(445,532)
1,785,025
801,761
5,212,855
1,874,793
Beginning Fund Balances - Restated
3,445,518
3,506,268
3,976,232
4,392,154
1,755,605
766,684
322,056
2,107,081
2,908,842
8,136,006
Ending Fund Balances
$ 3,506,268
$ 3,976,232
$ 4,392,154
$ 1,755,605
$ 766,684
$ 321,152
$ 2,107,081
$ 2,908,842
$ 8,121,697
$ 10,010,799
71
Local Tax Revenues
City of Chubbuck
General Government Tax and Intergovernmental Revenues by Source
Last Ten Fiscal Years
(modified accrual basis of accounting)
Intergovernmental Revenues
Total
72
Local Taxes as
a Percentage
of Total
84%
81%
81%
81%
82%
86%
61%
69%
70%
71%
Highway
Total Local
State Liquor
Highway User's
Court
Shared Sales
Intergovernmental
Fiscal Year
Property Tax
Franchise Tax
Streets & Road
Sales Tax
Taxes
Tax
Revenue
Revenue
Road & Bridge
Tax
Taxes
Total Taxes
2015 $
4,813,441
$ 198,493
$ -
$ 536,331
$ 5,548,265
$ 148,641
$ 494,812
$ 35,312
$ 112,443
$ 265,770
$ 1,056,978
$ 6,605,243
2016
4,164,281
199,194
645,147
566,139
5,574,761
158,211
664,004
28,918
198,466
291,023
1,340,622
6,915,383
2017
4,367,685
201,328
671,658
588,016
5,828,687
160,066
674,106
31,942
175,062
314,347
1,355,523
7,184,210
2018
4,342,621
203,950
962,076
626,056
6,134,703
164,971
685,345
29,940
174,663
348,969
1,403,888
7,538,591
2019
4,820,932
189,494
933,810
651,323
6,595,559
184,041
719,995
34,221
121,341
378,229
1,437,827
8,033,386
2020
5,331,506
186,818
853,514
945,996
7,317,834
205,579
718,902
28,081
69,460
193,180
1,215,202
8,533,036
2021
4,000,938
195,483
894,610
-
5,091,031
243,994
941,626
27,335
447,544
1,608,340
3,268,839
8,359,870
2022
5,995,113
254,956
944,984
100,853
7,295,906
223,452
1,043,079
28,549
171,088
1,785,812
3,251,980
10,547,886
2023
6,216,172
250,217
943,665
-
7,410,054
225,430
1,071,510
35,076
-
1,777,110
3,109,126
10,519,180
2024 $
7,661,995
$ 229,853
$ 1,151,424
$ -
$ 9,043,272
$ 214,016
$ 1,692,373
$ 41,031
$ -
$ 1,789,612
$ 3,737,032
$ 12,780,304
72
Local Taxes as
a Percentage
of Total
84%
81%
81%
81%
82%
86%
61%
69%
70%
71%
City of Chubbuck
Assessed Valuation and Tax Rate
Last Ten Fiscal Years
Fiscal Year
Real and Personal Tax Roll
Utilities Tax Roll
Actual Sub Roll
Exemptions Home
Owner's
Exemptions Personal
Property
Total Assessed Actual Value
(including exemptions)
Levy Rate
Tax Rate Per $1,000
Value
2015
$ 461,440,210
$ 7,884,559
$ 1,017,251
$ 238,171,372
$ 81,774
$ 708,595,166
0.009933799
9.93
2016
475,051,058
7,702,297
1,697,797
251,008,396
81,774
735,541,322
0.010140122
10.14
2017
507,182,903
8,152,805
469,490
263,554,022
81,744
779,440,964
0.010188661
10.19
2018
524,061,262
8,420,799
2,493,034
275,948,575
-
810,923,670
0.010636971
10.64
2019
638,286,498
8,626,813
221,259
314,458,115
961,592,685
0.009459658
9.46
2020
728,136,576
9,592,530
4,293,710
342,427,509
1,084,450,325
0.006863105
6.86
2021
807,089,713
10,409,910
1,462,151
426,293,840
1,245,255,614
0.008121184
8.12
2022
1,115,638,936
10,613,436
1,509,525
46,894,793
1,174,656,690
0.006204404
6.20
2023
1,362,355,753
10,775,944
325,873
470,479,400
1,843,936,970
0.005964973
5.96
2024
$ 1,335,934,784
$ 11,410,042
$ 2,309,126
$ 467,161,705
$
$ 1,816,815,657
0.006224284
6.22
*Preliminary Assessment Values
Note: Twenty percent of the property in the county is reassessed annually. The County assesses property at 100% of market value. Tax rates are per $1,000 of assessed value.
73
City of Chubbuck
Property Tax Rates
Direct and Overlapping (1) Governments
Last Ten Fiscal Years
(per $1,000 of assessed value)
City of Chubbuck
Overlapping Rates
County Road &
Ambulance Service
School District 25
Year Base Rates
Bannock County Rates
Bridge Rates
Abatement Rates
Portneuf Library Rates
Rates
Rates
Combined Levy Rates
2015 9.93
5.28
0.85
0.04
0.58
0.40
4.42
21.50
2016 10.14
5.24
0.73
0.03
0.61
0.40
3.94
21.09
2017 10.19
5.37
0.67
0.03
0.58
0.40
3.88
21.12
2018 10.64
5.62
0.47
0.03
0.61
0.40
3.85
21.62
2019 9.46
4.85
0.53
0.03
0.52
0.35
3.33
19.06
2020 6.86
3.68
0.50
0.03
0.53
0.34
3.19
15.13
2021 8.12
4.18
0.45
0.03
0.50
0.32
2.93
16.52
2022 6.20
3.23
0.31
0.02
0.37
0.24
1.87
12.26
2023 5.96
3.01
0.30
0.02
0.36
0.24
1.37
11.27
2024 6.22
3.11
0.27
0.02
0.38
0.25
1.20
11.45
Source: Bannock County Assessors Office
(1) Overlapping rates are those of local and county governments that apply to owners within the City of Chubbuck.
74
City of Chubbuck
Principal Taxpayers
September 30, 2024
2024 2015
Assessed
Taxpayer Type of Business Valuation Rank
IDAHO CENTRAL CREDIT UNION
FINANCIAL INSTITUTE
$ 58,303,000
SHJH LLC
APARTMENTS
15,577,000
CHUBBUCK ARARTMENTS LLC
REAL ESTATE INVESTMENTS
13,086,000
CHUBBUCK WHITAKER LLC
REAL ESTATE INVESTMENTS
11,408,000
WAL MART REAL ESTATE
RETAIL
10,483,000
GRACE AT CHUBBUCK LLC
ASSISTED LIVING
10,126,000
AGREE LIMITED PARTNERSHIP
REAL ESTATE INVESTMENTS
8,142,000
RATLIFF, GARY G
REAL ESTATE INVESTMENTS
8,130,000
AMERICAN MULTI -CINEMA INC#42360
ENTERTAINMENT
6,951,000
IDAHO POWER COMPANY
ENERGY COMPANY
6,469,000
NEIBAUER CHUBBUCK HOLDINGS LLC
REAL ESTATE INVESTMENTS
9 4.68%
PINE RIDGE MALL JC LLC
RETAIL
0.00%
ALLSTATE INSURANCE COMPANY
INSURANCE/FINANCE
-
HD DEVELOPMENT OF MARYLAND INC
REAL ESTATE INVESTMENTS
12,550,000
CARMIKE CINEMAS INC.
ENTERTAINMENT
0.00%
TEKLE, HAILE
REAL ESTATE INVESTMENTS
11.23%
EMERITOL RIDGE WIND LLC
REAL ESTATE INVESTMENTS
5
10.29%
Total Top Ten
$ 148,675,000
Source: Bannock County Assessors Office
75
Percentage of
Total Assessed
Valuation Assessed Valuation
Percentage of Total
Rank Assessed Valuation
1 39.22% $
18,595,225
1
20.91%
2 10.48%
7,172,500
6
8.06%
3 8.80%
-
0.00%
4 7.67%
-
-
0.00%
5 7.05%
9,709,957
4
10.92%
6 6.81%
-
-
0.00%
7 5.48%
0.00%
8 5.47%
0.00%
9 4.68%
0.00%
10 4.35%
-
-
0.00%
- 0.00%
12,550,000
2
14.11%
0.00%
9,985,574
3
11.23%
0.00%
9,154,248
5
10.29%
0.00%
7,105,536
7
7.99%
0.00%
5,215,232
8
5.86%
0.00%
5,204,568
9
5.85%
0.00%
4,242,947
10
4.77%
100.00% $
88,935,787
100.00%
City of Chubbuck
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(accrual basis of accounting)
Note: The estimated populations for years 2012 and 2014 were not available and so the most current estimate was used for these years
Source: (1) U.S. Census
M,
Governmental
Activities
Business Type
Activities
(1)
Fiscal
General Fund Note
Water Notes
Sewer Note
Total Primary
Estimated
Per
Year
Payable
Sanitation Notes
Water Bond
DEQ
DEQ
Government
Population
Capita
2015
$
$ 1,076,827
$ 1,495,000
$ 217,757
$ 16,363,232 $
19,152,816
14,229
1,346
2016
998,848
1,380,000
200,381
15,297,931
17,877,160
14,517
1,231
2017
927,972
1,260,000
181,814
14,445,385
16,815,171
14,644
1,148
2018
847,636
1,135,000
2,746,190
13,592,841
18,321,667
14,869
1,232
2019
764,418
1,010,000
7,530,708
12,740,295
22,045,421
15,316
1,439
2020
678,292
880,000
8,077,582
11,679,735
21,315,609
15,715
1,356
2021
588,999
745,000
8,278,883
11,035,206
20,648,088
15,842
1,303
2022
496,606
605,000
8,257,422
9,974,645
19,333,673
16,032
1,206
2023
912,890
400,781
460,000
8,235,334
9,122,101
19,131,106
16,223
1179.26
2024
$ 823,140
$ 301,643
$ 315,000
$ 8,872,453
$ 8,477,571 $
18,789,807
16,590
1132.6
Note: The estimated populations for years 2012 and 2014 were not available and so the most current estimate was used for these years
Source: (1) U.S. Census
M,
City of Chubbuck
Revenue Bond Coverage
Water Fund
Last Ten Fiscal Years
Debt Service Requirements (3)
Net Revenue
Available for Debt
Fiscal Year Gross Revenue (1) Operating Expense (2) Service Principal Interest Total
2015 $ 2,680,920
$ 1,532,822 $
1,148,098 $
115,000 $
52,863
2016 2,783,945
1,535,492
1,248,453
115,000
55,514
2017 2,728,684
1,472,240
1,256,444
120,000
45,443
2018 2,896,320
1,832,479
1,063,841
125,000
34,175
2019 2,983,977
1,744,722
1,239,255
125,000
32,182
2020 2,944,986
1,959,268
985,718
130,000
28,420
2021 3,167,282
1,951,885
1,215,397
135,000
24,507
2022 3,256,843
2,323,718
933,125
140,000
20,445
2023 3,540,200
2,248,996
1,291,204
145,000
16,232
2024 $ 4,063,157
$ 2,316,359 $
1,746,798 $
145,000 $
11,761
(1) Total revenues ( including interest)
(2) Total operating expenses exclusive of
asset deprecation, lease amortization, and subscription amortization.
(3) Includes principal and interest of revenue
bonds only.
(4) Pledge of Revenues requires the City to provide net revenues equal to not
less than 1.25 times the average annual debt service on the bond.
77
$ 167,863
170,514
165,443
159,175
157,182
158,420
159,507
160,445
161,232
$ 156,761
Coverage
6.84
7.32
7.59
6.68
7.88
6.22
7.62
5.82
8.01
11.14
Pledge of
Revenues
Coverage
Po-dramant !dl
5.47
5.86
6.08
5.35
6.31
4.98
6.10
4.65
6.41
8.91
City of Chubbuck
Statistical Information
Water Fund
September 30, 2024
Schedule of Water Revenue and Production For Residential, Commercial, and Government
Accounts
Total Revenue $ 3,704,591
Estimated number of active customers 4,929
Total water produced (gallons) 1,000,618
Schedule of Water Rates
Monthly Base Fee (by meter size)
Size
Price Circuit Breaker
1" or less
$ 30.57 $ 21.40
1.5 "
88.00
2"
136.20
3"
283.28
4"
464.28
6"
938.10
8"
1,469.18
10"
2,244.47
Volumetric charge: $1.47 per 1,000 gallons metered water.
Volumetric charge for circuit breaker: $1.03 per 1,000 gallons metered water.
Water Usage Summary
Business
223,153
Car Wash
8,444
City Property
5,658
Church
12,945
County using city property
4,879
Duplex
13,899
Four Plex
30,218
Motel
9,000
Multiple Units
32,437
Unaccupied
402
Restaurant
17,006
School
3,324
Single Family
616,754
Three Plex
1,009
Trailer Park
21,490
1,000,618
78
CITY OF CHUBBUCK, IDAHO
Ten Largest Water System Customers
For The Fiscal Year Ended September 30, 2024
(per 1,000 gallon used)
of Total
Water Top Ten % of Total
Customer
Business Type
Rank
Usage
Consumers
Usage
Circle Inn Trailer Park
Mobile Home Park
1
8,611
15.7%
0.9%
Pine Ridge Mall JC LLC
Shopping Center
2
7,960
14.5%
0.8%
Seven Synergy LLC
Staffing Services
3
6,824
12.4%
0.7%
Camelot Estate
Mobile Home Park
4
6,757
12.3%
0.7%
Pocatello Motels LLC
Motel
5
5,326
9.7%
0.5%
Pheasant Ridge HOA Inc.
Residential Development
6
4,494
8.2%
0.4%
Pine Ridge Idaho LLC
Apartment Complex
7
4,476
8.1%
0.4%
Capgro Pocatello 2 LLC (Travelodge)
Motel
8
3,674
6.7%
0.4%
Idaho Central Credit Union
Financial Institute
9
3,541
6.4%
0.4%
Olive Garden
Restaurant
10
3,266
5.9%
0.3%
Total Top Ten Consumers
54,929
100.0%
Total Usage
79
1,000, 618 5.5
City of Chubbuck
Statistical Information
Sewer Fund
September 30, 2024
Schedule of Sewer Revenue For Residential, Commercial, and Government Accounts
Total Revenue
Schedule of Sewer Rates
Monthly Base Fee
Regular
Residential $ 54.70
NWSI Residential 10.45
5,484,618
Circuit Breaker
38.29
Commercial rate for businesses North of the Interstate is $7.73 per $1,000 gallons of water used.
Commercial rate for businesses South of the Interstate is $9.07 per $1,000 gallons of water used.
NWSI Commercial rate is winter water average usage divided by $6.85 and multiplied by $10.45.
Deaton & Company, Chartered
Certified Public Accountants
215 North 91h, Suite A
Pocatello, ID 83201-5278
(208)232-5825
Members of the Idaho Society of Certified Public Accountants
Members of the American Institute of Certified Public Accountants
INDEPENDENT AUDITORS REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON
COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor and Members of the City Council
City of Chubbuck, Idaho
We have audited, in accordance with the auditing standards generally accepted in the United States of America
and the standards applicable to financial audits contained in Government Auditing Standardsd issued by the
Comptroller General of the United States, the financial statements of the governmental activities, the business -
type activities, each major fund, and the aggregate remaining fund information of City of Chubbuck, as of and for
the year ended September 30, 2024, and the related notes to the financial statements, which collectively
comprise City of Chubbuck's basic financial statements, and have issued our report thereon dated May 22, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered City of Chubbuck's internal control over financial reporting
as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of City of Chubbuck's internal
control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the City of
Chubbuck's internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements
will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a
combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough
to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or,
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses may exist that have not been
identified. We did not identify any deficiencies in internal control over financial reporting, that we would consider
to be a significant deficiency in internal control over financial reporting.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether City of Chubbuck's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of
our tests disclosed no instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on
compliance. This report is an integral part of an audit performed in accordance with Government Auditing
Standards in considering the entity's internal control and compliance. Accordingly, this communication is not
suitable for any other purpose.
Pocatello, Idaho
May 22, 2025