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HomeMy WebLinkAbout2001CITY OF CHUBBUCK, IDAHO GENERAL PLUQOSE FINANCIAL, STATEMENTS AND OTHER FINANCLAI, INFORNIATION SEPTEMBER 30, 2001 Jones, Yost, Hatt, Erickson P.A. CERTIFIED PUBLIC ACCOUNTANTS Pocatello, Idaho 83205 CITY OF CHUBEUCK, IDAHO GENERAL PURPOSE FINANCIAL. STATEMENTS AND OTHER FINANCI.Ad, INFORMATION SEPTEMBER 30, ?001 CITY OF CHUBBUCK ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2001 TABLE OF CONTENTS Page Numbers Independent Auditor's Report 3 Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 5 General Purpose Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups 6 Combined Statement of Revenue, Expenditures, and Changes in Fund Batance - All Governmental Fund Types 8 Combined Statement of Revenue, Expenses, and Changes in Retained Earnings, Reserves - All Proprietary Fund Types 9 Statement of Cash Flores - All Proprietary Fund Types 10 Statement of Revenue and Expenditures - Budget and Actual: General Fund I I Special Revenue Funds 12 Capital Project Funds 13 Proprietary Fund Types: Statement of Changes in Fixed Assets 14 Notes to Financial Statements 15 OTHER STATEMENTS AND SCHEDULES Statement of Expenditures - Budget and Actual, General Fund 24 Combining Balance Sheet - Special Revenue Funds 26 Combining Statement of Revenue, Expenditures, and Changes in Fund Balance - Special Revenue Funds 27 Combining Balance Sheet - Capital Project Funds 28 Combining Statement of Revenue and Expenditures - Capital Project Funds 29 Statistical Section: Ten Year Summary of Tax Levies 30 E jkn SCOTT N. JONES, CPA KENT L. YOST, CPA, JD MORGAN 1. HATT, CPA STACY L. ERICKSON CPA Honorable Mayor and Members of the City Council City of Chubbuck, Idaho Jones, Yost, Hatt, Erickson P.A. CERTIFIED PUBLIC ACCOUNTANTS RO, Box 4987 Pocatello, Idaho 83205 Independent Auditor' Report MEMBERS OF American Institute of Certified Public Accountants Idaho Society of Certified Public Accountants We have audited the accompanying general purpose financial statements of the City of Chubbuck, Idaho, as of September 30, 2001, and for the year then ended, as listed in the table of contents. These general purpose financial statements are the responsibility of City management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and conduct the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Chubbuck, Idaho, as of September 30, 2001, and the results of its operations and changes in cash flow of its proprietary funds for the year then ended in conformity with generally accepted accounting principles. 3 416 SOUTH 4TH AVENUE P.O. BOX 4987 POCATELLO, IDAHO 83205 PHONE 208/233-5000 FAX 208/233-5010 r r t I. r. [l L, Honorable Mayor and Members of the City Council City ofChubbuck, Idaho Page 2 In accordance with Government Auditing Standards, we have also issued a report dated April 16, 2002, on our consideration of the City of Chubbuck's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The accompanying financial information listed on supporting schedules in the table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the City of Chubbuck. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated, in all material respects in relation to the general purpose financial statements taken as a whole. Pocatello, Idaho, April 16, 2002. B ,7, Jones, Yost, Hatt/ Erickson P.A. SCOTT N. JONES, CPA CERTIFIED PUBLIC ACCOUNTANTS MEMBERS OF KENT L. YOST, CPA, JD P.O. Box 4987 American Institute of MORGAN J. HATT, CPA Pocatello, Idaho 83205 Certified Public Accountants STACY L. ERICKSON, CPA Idaho Society of Certified Public Accountants Honorable Mayor and Members of the City Council City of Chubbuck, Idaho Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards We have audited the financial statements of the City of Chubbuck, Idaho, as of and for the year ended September 30, 2001, and have issued our report thereon dated April 16, 2002. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Com As part of obtaining reasonable assurance about whether the City's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, 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 that are required to be reported under Government Auditing Standards. Internal Control Over Financial Re ortin In planning and performing our audit, we considered the City's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of'performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. This report is intended for the information of the audit committee, management and Federal awarding agencies. However, this report is a matter of public record and its distribution is not limited. Pocatello, Idaho, April 16, 2002. 61 416 SOUTH 4TH AVENUE P.O. BOX 4987 POCATELLO, IDAHO 83205 PHONE 208/233-5000 FAX 208/233-5010 CITY OF CHUBBUCK COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 2001 ASSETS: Cash Receivables: Property taxes State sales tax Highway users' tax Inventory phase-out tax Franchise fees Accounts State liquor tax Amount to be provided for lease purchases Amount to be provided for general obligation bonds Restricted Cash: Construction funds Replacement funds Bond reserve Fixed assets Accumulated depreciation Total assets LIABILITIES: Accounts payable Deferred property taxes Capital leases payable General obligation bonds payable Bonds payable - current Accrued bond interest payable Bonds payable - long term Total liabilities FUND EQUITY: Investment in general fixed assets Retained earnings Contributed capital Accumulated depreciation Reserve for debt service Reserve for replacement funds Fund balance - undesignated Total fund equity Total liabilities and fund equity 6 The accompanying notes are an integral part of these statements. Proprietary Governmental Fund Types Fund Type Special Capital General Revenue Project Enterprise Fund Funds Funds Fund $96,132 $1,072,345 $128,968 $1,030,440 57,003 57,777 75,595 94,092 33,027 29,047 321,406 13,888 237,189 873,546 460,531 6,276,346 2,869,729) $398,784 $1,130,122 $128,968 $6,329,729 $23,410 $425,327 $20,653 47,975 57,777 125,000 49,896 1,515,000 71,385 483,104 0 1,710,549 2,888,792 942,038 (545,727) 460,531 873,546 327,399 647,018 128,968 327,399 647,018 128,968 4,619,180 $398,784 $1,130,122 $128,968 $6,329,729 Account Groups _ General General Totals Fixed Long -Terns (Memorandum Assets Debt Only) $2,327,885 114,780 75,595 94,092 33,027 29,047 321,406 13,888 $135,288 135,288 185,000 185,000 237,189 873,546 460,531 $6,403,975 12,680,321 (2,869,729) $6,403,975 $320,288 $14,711,866 $469,390 105,752 $135,288 135,288 185,000 185,000 125,000 49,896 1,515,000 $0 320,288 2,585,326 6,403,975 6,403,975 2,888,792 942,038 (545,727) 460,531 873,546 1,103,385 6,403,975 0 12,126,540 $6,403,975 $320,288 $14,711,866 7 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK A COMBINED STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES YEAR ENDED SEPTEMBER 30, 2001 Governmental Fund EXPENDITURES: General government Law enforcement Fire control Parks and recreation Streets Health and welfare Capital outlay Debt service Total expenditures EXCESS REVENUE OR (EXPENDITURES) OTHER FINANCING SOURCES (USES): Transfers from other fiends Transfers to other funds EXCESS SOURCES(USES) FUND BALANCE - BEGINNING FUND BALANCE - ENDING 186,228 1,681,959 397,269 321,057 1,425,881 426,147 14,952 144,807 56,290 4,228,443 426,147 186,228 1,681,959 397,269 321,057 1,852,028 14,952 144,807 56,290 0 4,654,590 (818,517) 294,161 41,734 (482,622) 915,430 915,430 897,745) (17,685) _ (915,430) 96,913 (603,584) 24,049 (482,622) 230,486 1,250,602 104,919 1,586,007 $327,399 $647,018 $128,968 $1,103,385 8 The accompanying notes are an integral part of these statements. Special Capital Totals General Revenue Project (Memorandum REVENUE: Fund Funds Funds _ Only) Property taxes $1,801,287 $675,988 $2,477,275 Franchise fees 122,424 122,424 Licenses and permits 158,113 158,113 Law enforcement 102,900 102,900 Parks revenue 45,730 45,730 Court revenue 47,157 47,157 Road and bridge tax 36,828 36,828 Inventory phase out 125,080 125,080 State Liquor 63,823 63,823 Highway users 406,749 406,749 State sales tax 287,687 287,687 Interest 18,468 38,400 $7,053 63,921 Donations 34,681 34,681 Miscellaneous 65,485 5,920 71,405 Fire protection service 128,195 128,195 Total revenue 3,409,926 720,308 41,734 4,171,968 EXPENDITURES: General government Law enforcement Fire control Parks and recreation Streets Health and welfare Capital outlay Debt service Total expenditures EXCESS REVENUE OR (EXPENDITURES) OTHER FINANCING SOURCES (USES): Transfers from other fiends Transfers to other funds EXCESS SOURCES(USES) FUND BALANCE - BEGINNING FUND BALANCE - ENDING 186,228 1,681,959 397,269 321,057 1,425,881 426,147 14,952 144,807 56,290 4,228,443 426,147 186,228 1,681,959 397,269 321,057 1,852,028 14,952 144,807 56,290 0 4,654,590 (818,517) 294,161 41,734 (482,622) 915,430 915,430 897,745) (17,685) _ (915,430) 96,913 (603,584) 24,049 (482,622) 230,486 1,250,602 104,919 1,586,007 $327,399 $647,018 $128,968 $1,103,385 8 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK COMBINED STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN RETAINED EARNINGS, RESERVES ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 2001 Water, Sewer and Garbage Enterprise OPERATING REVENUE: Fund Service charges $2,791,208 OPERATING EXPENSES: Personnel 579,686 Personnel benefits 255,297 Repairs and maintenance 266,201 Supplies 206,534 Utilities 95,989 Treatment - Pocatello 356,349 Sanitation contract 399,798 Insurance 22,212 Other purchased services 104,978 Depreciation 91,241 Total operating expenses 2,378,285 OPERATING INCOME 412,923 NONOPERATING REVENUE (EXPENSES): Interest income 109,064 Interest expense (92,828) Total nonoperating revenue (expenses) 16,236 NET INCOME 429,159 INCREASE IN RESERVES (34,305) RETAINED EARNINGS: Balance - Beginning 2,493,938 RETAINED EARNINGS: Balance - Ending $2,888,792 9 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 2001 CASH FLOWS FROM FINANCING ACTIVITIES: Bond principal payments (115,000) NET INCREASE IN CASH 463,005 CASH AT SEPTEMBER 30, 2000 2,138,701 CASH AT SEPTEMBER 30, 2001 $2,601,706 10 The accompanying notes are an integral part of these statements. Water, Sewer and Garbage Enterprise CASH FLOWS FROM OPERATING ACTIVITIES: Fund Net income $429,159 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 91,241 Decrease in accounts receivable 77,178 Decrease in accounts payable (5,835) Total adjustments 162,584 Net cash provided by operating activities 591,743 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of fixed assets (13,738) CASH FLOWS FROM FINANCING ACTIVITIES: Bond principal payments (115,000) NET INCREASE IN CASH 463,005 CASH AT SEPTEMBER 30, 2000 2,138,701 CASH AT SEPTEMBER 30, 2001 $2,601,706 10 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL GENERAL FUND YEAR ENDED SEPTEMBER 30, 2001 REVENUE: Budget Actual Variance Property taxes $1,793,668 $1,801,287 $7,619 State sales tax 300,000 287,687 (12,313) Inventory phaseout 115,000 125,080 10,080 Highway users tax 400,787 406,749 5,962 Liquor tax 46,544 63,823 17,279 Road and bridge tax 39,000 36,828 (2,172) Franchise fees 109,000 122,424 13,424 Law enforcement 107,997 102,900 (5,097) Court revenue 60,000 47,157 (12,843) Licenses and pen -nits 120,200 158,113 37,913 Interest 10,000 18,468 8,468 Fire Protection Service 125,000 128,195 3,195 Parks revenue 144,002 45,730 (98,272) Miscellaneous 58,400 65,485 7,085 Total revenue 3,429,598 3,409,926 (19,672) EXPENDITURES: General government 196,189 186,228 9,961 Law enforcement 1,711,548 1,681,959 29,589 Fire control 415,280 397,269 18,011 Parks and recreation 285,360 321,057 (35,697) Streets 1,491,761 1,425,881 65,880 Health and welfare 14,325 14,952 (627) Capital outlay 283,628 144,807 138,821 Debt service 53,070 56,290 (3,220) Total expenditures 4,451,161 4,228,443 222,718 EXCESS REVENUE OR (EXPENDITURES) (1,021,563) (818,517) 203,046 TRANSFERS FROM OTHER FUNDS 980,000 915,430 __(64,570) EXCESS SOURCES (USES) ($41,563} $96,913 $138,476 11 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL SPECIAL REVENUE FUNDS YEAR ENDED SEPTEMBER 30, 2001 REVENUE: Local revenue EXPENDITURES: Streets EXCESS REVENUE: OTHER FINANCING SOURCES (USES): Transfers to other funds FUND BALANCE - beginning FUND BALANCE - ending 12 The accompanying notes are an integral part of these statements. Budget Actual Variance $680,000 $720,308 $40,308 $680,000 720,308 $40,308 $500,000 426,147 $73,853 294,161 ($980,000) (897,745) 1,250,602 $647,018 $82,255 CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL CAPITAL PROJECT FUNDS YEAR ENDED SEPTEMBER 30, 2001 Budget Actual REVENUE: Local revenue $0 $41,734 EXPENDITURES: General government EXCESS REVENUE OTHER FINANCING SOURCES (USES) Transfers to other funds FUND BALANCE - beginning FUND BALANCE - ending 13 The accompanying notes are an integral part of these statements. C 41,734 0 (17,685) 104,919 $128,968 Variance $41,734 n 17.685 CITY OF CHUBBUCK STATEMENT OF CHANGES IN FIXED ASSETS PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 2001 14 The accompanying notes are an integral part of these statements. Storage and Land Construction Distribution and in ENTERPRISE FUND FIXED ASSETS: Equipment System Buildings Progress Totals Balance at cost - September 30, 2000 $559,513 $3,403,753 $796,998 $ 1,509,056 $6,269,320 Additions 13,738 13,738 Deletions (6,712) (6,712) Balance at cost - September 30, 2001 $566,539 $3,403,753 $796,998 $1,509,056 $6,276,346 14 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2001 1. A. REPORTING ENTITY The City of Chubbuck, Idaho was incorporated on December b, 1949. For financial reporting purposes, management has considered potential component units. The decision to include a potential component unit in the reporting entity is made by applying the criteria set forth in generally accepted accounting principles. The basic criterion for including a potential component unit within the reporting entity is the governing body's responsibility for financial accountability. Financial accountability is defined as the level of accountability that exists if a primary government appoints a voting majority of an organization's governing board and is either able to impose its will on that organization or there is potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the primary government. A primary government may also be financially accountable for the governmental organizations that are fiscally dependent on it. Based upon the application of these criteria, the City of Chubbuck has no potential component units. B. FUND ACCOUNTING The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self -balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. GOVERNMENTAL FUNDS General Fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. PROPRIETARY FUNDS Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. 15 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2001 B. FUND ACCOUNTING -CONTINUED All proprietary funds are accounted for on a cost of services or "capital maintenance measurement focus. This means that all assets and liabilities (whether current or noncurrent) associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in net total assets. Due to small amounts of losses, the City does not make an allowance for doubtful accounts in the Water and Sewer Enterprise Funds. C. FIXED ASSETS The accounting and reporting treatment applied to the fixed assets associated with a fund are determined by its measurement focus. All governmental funds are accounted for on a spending or "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Fixed assets used in governmental fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. No depreciation has been provided on general fixed assets. Infrastructure is not included in fixed assets. All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated fixed assets are valued at their estimated fair value on the datc donated. An account group is not a "fund." It is concerned only with the measurement of financial position. It is not involved with measurement of results of operations. D. BASIS OF ACCOUNTING Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. 16 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2001 D. BASIS OF ACCOUNTING - CONTINUED All governmental funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Revenues susceptible to accrual are property taxes and intergovernmental revenues. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. All proprietary funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and their expenses are recognized when they are incurred. E. BUDGETS AND BUDGETARY ACCOUNTING The City follows budgeting procedures as outlined in the Idaho State Code. Budgets are prepared on the modified accrual basis. F. INVENTORY Inventory is expensed when purchased. No provision is made in the financial statements for inventory on hand at year end since said amounts are immaterial. G. TOTAL COLUMNS ON COMBINED STATEMENTS Total columns on the Combined Statements are captioned Memorandum Only to indicate that they are presented only to facilitate financial analysis. Data in these columns does not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. H. PROPERTY TAX Property taxes are levied on the third Monday in September and attach as an enforceable lien on property as of January 1. Real taxes are payable in two installments on December 20, and June 20, of the following year. Personal taxes are payable in one installment on December 20. The County bills and collects property taxes for the City. Taxes not received within sixty days following year end are deferred. 17 2 3 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2001 CHANGES IN GENERAL FIXED ASSETS Balance Balance 9-30-00 Additions Deletions 9-30-01 Description: Land and buildings $1,895,883 $1,895,883 Fixtures and equipment 4,166,671 $650,746 $309,325 4,508,092 Totals$6,062,554 65� $309,325 6 4� 03,975 Note: Enterprise fiend properties are reported separately and are not included in the above balance. GENERAL LONG-TERM DEBT (FIRE STATION BONDS) Issue of August 1, 1990: Due Annual Date Principal Rate Interest Total 08/01/02 $40000 6.950% $12,930 $52,930 08/01/03 45,000 7.000% 10,150 55,150 08/01/04 50,000 7.000% 7,000 57,000 08/01/05 50,000 7.000% 3,500 53,500 18� 33 580 21 Bonds retired in 2001$40,000 ku. 0 5 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2001 RETIREMENT PLAN Public Employee Retirement System of Idaho - The Public Employee Retirement System of Idaho (PERSI), a cost sharing multiple -employer public retirement system, was created by the Idaho State Legislature. It is a defined benefit plan requiring that both the member and the employer contribute. Designed as a mandatory system for eligible state and school district employees, the legislation provided for political subdivisions to participate by contractual agreement with PERSI. Financial reports for the plan are available from PERSI upon request. After five years of credited service, members become fully vested in retirement benefits earned to date. Members are eligible for retirement benefits upon attainment of the ages specified for their employment classification. For each year of credited service, the annual service retirement allowance is 1.917% or 2.225% (depending upon employee classification) of the average monthly salary for the highest consecutive 42 months. For the year ended June 30, 2001, the required contributions rates, as determined by PERSI, are as follows. Employee Employer General Member 5.86% 9.77% Police/Firefighter Member 7.21% 10.01% The City of Chubbuck's contributions required and paid were $336,534, $310,812, and $287,734 for the three years ended September 30, 2001, 2000, and 1999 respectively. SUMMARY OF PROPERTY TAX ROLL OPERATION BY YEAR IL] 1998 2000 1999 and prior Total Taxes receivable - September 30, 2000 $0 $36,618 $12,843 $49,461 2000 Gross Levy 1,802,168 1,802,168 Less: Cancellations and adjustments (2,741) (215) (20) (2,976) Collections (1,759,065)2( 3,369) (9,21 (1,791,650) Taxes receivable - September 30, 2001 $40,362 13 034 —15-7003 IL] CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2001 6. CASH ON HAND, IN BANKS, AND INVESTED All cash and investments are insured or fully collateralized with certificates held by agents in the City's name. CASH BALANCE IN FUNDS: General $96,132 Special revenue 1,072,345 Capital projects 128,968 Enterprise 2,601,706 Balance �4,. 3.8 CASH AND INVESTMENTS: $103,998.00 Petty cash $170 State pool 1,601,222 First Security - Bond 237,189 First Security - Sweep 1,910,570 First Security - Escrow 150,000 Total cash and investments 3.899.151 7. CAPITAL LEASE (LOADER): Interest �+ t Payment(5.4%.).—Balance Balance $61,290.76 12-16-2001 $9,591.91 $3,309.70 55,008.55 12-16-2002 9,591.91 2,970.46 48,387.10 12-16-2003 51,000.00 2,612.90 .00 CAPITAL LEASE (CATERPILLAR): Ui1 Interest _Payment 5.25% Balance Balance �4,. $103,998.00 7-27-2002 $24,186.98 $5,459.89 85,27091 7-27-2003 24,186.98 4,476.72 65,560.65 7-27-2004 24,186.98 3,441.93 44,815.60 7-27-2005 24,186.98 2,352.82 22,981.44 7-27-2006 24,187.98 1,206.54 .00 Ui1 0 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2001 SUMMARY OF MATURITIES AND INTEREST ON SEWER REVENUE BONDS BY YEAR Bonds retired in 2001 21 Interest Interest Principal Due Due Due Total Year April I October I October 1 Due 2001 $16,950 $_35,000 $51,950 2002 $15,900 15,900 35,000 66,800 2003 14,850 14,850 40,000 69,700 2004 13,650 13,650 40,000 67,300 2005 12,450 12,450 40,000 64,900 2006 11,250 11,250 45,000 67,500 2007 9,900 9,900 45,000 64,800 2008 8,550 8,550 50,000 67,100 2009 7,050 7,050 55,000 69,100 2010 5,400 5,400 55,000 65,800 2011 3,750 3,750 60,000 67,500 2012 1,950 1:950 65,000 68,900 Totals 104 700 121 650 56 791 350 Bonds retired in 2001 21 Z CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2001 SUMMARY OF WATER FUND CERTIFICATES OF PARTICIPATION ISSUED 1N MAY 1995 Payment Date Principal Interest Total 10/01/01 $32,94625 $32,946.25 04/01/02 _ __$90,000.00 ___32 ,946.25 122,946.25 10/01/02 30,471.25 30,471.25 04/01/03 100,000.00 30,471.25 130,471.25 10/01/03 27,621.25 27,621.25 04/01/04 105,000.00 27,621.25 132,621.25 10/01/04 24,523.75 24,523.75 04/01/05 110,000.00 24,523.75 134,523.75 10/01/05 21,223.75 21,223.75 04/01/06 120,000.00 21,223.75 141,223.75 10/01/06 17,503.75 17,503.75 04/01/07 125,000.00 17,503.75 142,503.75 10/01/07 13,566.25 13,566.25 04/01/08 135,000.00 13,566.25 148,566.25 10/01/08 9,280.00 9,280.00 04/01/09 140,000.00 9,280.00 149,280.00 10/01/09 4,800.00 4,800.00 04/01/10 _ 150,000.00 4,800.00 154,800.00 $1.075.000.00 $363.872.50 1 438 872.50 Certificates paid in 2001 $85,000.00 22 (THIS PAGE E ITENTIONALLY LEFT BLAINK.) 23 CITY OF CHUBBUCK STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND YEAR ENDED SEPTEMBER 30, 2001 GENERAL GOVERNMENT: Salaries Personnel benefits Supplies Purchased services Insurance Building maintenance BUILDING INSPECTION (Gen. Govt.): Salaries Personnel benefits Supplies and other ENGINEERING (Gen. Govt.): Salaries Supplies and other STREETS: Salaries Personnel benefits Supplies Purchased services Capital outlay LAW ENFORCEMENT: Salaries Personnel benefits Supplies Purchased services Lease payments Capital outlay 24 The accompanying notes are an integral part of these statements. Budget $21,525 16,748 11,600 32,141 12,000 22,413 116,427 Actual $21,525 37,786 10,238 25,623 15,040 10,098 120,310 Variance $0 (21,038) 1,362 6,518 (3,040) 12,315 (3,883) 42,328 42,861 (533) 16,470 14,936 1,534 11,314 2,733 8,581 70,112 60,530 9,582 5,250 4,400 9,650 178,362 67,599 213,200 102,600 11 066 572,827 2,643 2,745 5,388 175,977 68,385 151,702 171,648 3,447 571,159 2,607 1,655 4,262 2,385 (786) 61,498 (69,048) 7,619 1,668 1,036,032 1,057,151 (21,119) 353,875 322,384 31,491 88,378 72,266 16,112 144,438 141,810 2,628 88,825 88,348 477 40,234 38,460 1,774 1,751,782 1,720,419 31,363 CITY OF CHUBBUCK STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND (CONTINUED) YEAR ENDED SEPTEMBER 30, 2001 FIRE CONTROL: Salaries Personnel benefits Supplies Purchased services Capital outlay Debt service PARKS AND RECREATION: Salaries Personnel benefits Supplies and repairs Purchased services Capital outlay HEALTH AND WELFARE: Contributions URBAN RENEWAL: Parks capital outlay Road Waterline Total general fund 25 The accompanying notes are an integral part of these statements. Budget Actual Variance $235,183 5241,848 ($6,665) 68,053 65,600 2,453 58,446 42,960 15,486 53,598 46,861 6,737 59,204 39,861 19,343 53,070 56,290 (3,220) 527,554 493,420 34,134 140,000 166,414 (26,414) 42,106 50,243 (8,137) 73,550 81,273 (7,723) 29,704 23,127 6,577 123,124 27,762 95,362 408,484 348,819 59,665 14,325 14,952 (627) 50,000 35,277 14,723 930,000 827,094 102,906 0 31,075 (31,075) 980,000 893,446 86,554 $4,451 216.1 $4,228,443 $222,718 CITY OF CHUBBUCK COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS SEPTEMBER 30, 2001 LIABILITIES: Accounts payable $425,327 $425,327 Deferred revenue 57,777 57,777 Total liabilities $0 $0 $0 483,104 $0 483,104 FUND EQUITY: Fund balance 36,948 81,930 3,993 437,968 86,179 647,018 Total fund equity 36,948 81,930 3,993 437,968 86,179 647,018 Total liabilities and fund equity $�36 9_48 $81,930 $3,993 $921,072 $86,179 _$1,130,122 25 The accompanying notes are an integral part of these statements. Street General Juvenile Guarantee LID Referral Development Court Fund Fund Fund Fund Fund Total ASSETS: Cash $36,948 $81,930 $3,993 $863,295 $86,179 $1,072,345 Taxes receivable _ 57,777 57,777 Total assets $36948 $81 9 $3,993 $921,072 $86,179 $1,130,122 LIABILITIES: Accounts payable $425,327 $425,327 Deferred revenue 57,777 57,777 Total liabilities $0 $0 $0 483,104 $0 483,104 FUND EQUITY: Fund balance 36,948 81,930 3,993 437,968 86,179 647,018 Total fund equity 36,948 81,930 3,993 437,968 86,179 647,018 Total liabilities and fund equity $�36 9_48 $81,930 $3,993 $921,072 $86,179 _$1,130,122 25 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK COMBINING STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE SPECIAL REVENUE FUNDS YEAR ENDED SEPTEMBER 30, 2001 REVENUE: Judgments and other Taxes Interest Total revenue EXPENDITURES: Streets Total expenditures EXCESS REVENUE OR (EXPENDITURES) TRANSFERS TO OTHER FUNDS FUND BALANCE - BEGINNING FUND BALANCE - ENDING Street General Juvenile (897,745) 32,076 78,262 3,538 1,060,186 76,540 1,250,602 Guarantee LID Referral Development Court Fund Fund Fund Fund Fund Total $200 $5,720 $5,920 $4,420 671,568 675,988 $1,272 $3,668 $455 29,086 3,919 38,400 5,692 3,668 455 700,854 9,639 720,308 820 0 0 425,327 0 426,147 820 0 0 425,327 0 426,147 4,872 3,668 455 275,527 9,639 294,161 (897,745) (897,745) 32,076 78,262 3,538 1,060,186 76,540 1,250,602 $36,948 $81,930 $3,993 $437,968 $86,179 $647,018 27 The accompanying notes are an integral part of these statements, CITY OF CHUBBUCK COMBINING BALANCE SHEET CAPITAL PROJECT FUNDS SEPTEMBER 30, 2001 ASSETS: Cash Total assets LIABILITIES: Account payable Total liabilities FUND EQUITY: Fund balance Total fund equity Total liabilities and fund equity Road Capital Parks Projects #1 Fund Fund Total $34,836 $94,132 $128,968 $34,836 $94,132 $128,968 $0 $0 $0 34,836 94,132 128,968 34,836 94,132 128,968 $34,836 $94,132 $128,968 28 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK COMBINING STATEMENT OF REVENUE AND EXPENDITURES CAPITAL PROJECT FUNDS YEAR ENDED SEPTEMBER 30, 2001 REVENUE: Interest Donations - other Total revenue EXPENDITURES: Streets Total expenditures EXCESS REVENUE OR (EXPENDITURES) TRANSFER TO OTHER FUNDS: EXCESS SOURCES(USES) FUND BALANCE - BEGINNING FUND BALANCE - ENDING Road Capital Parks Project #1 Funds Fund Total $1,807 $5,246 $7,053 5881 28,800 34,681 7,688 34,046 41,734 0 0 0 7,688 34,046 41,734 (17,685) (17,685) 7,688 16,361 24,049 27,148 77,771 104,919 $34,836 $94,132 $128,968 29 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK TEN YEAR SUMMARY OF TAX LEVIES SEPTEMBER 30, 2001 30 The accompanying notes are an integral part of these statements. Tax Year of Levy 1) Value Levy _ (Actual) 1991 S 127,017,877 .006231 $795,941 1992 128,308,276 .006879 891,999 1993 131,805,956 .006844 954,405 1994 142,239,506 .008472 1,227,433 1995 151,290,568 .008199 1,258,341 1996 159,305,372 .008131 1,326,249 1997 177,054,946 .008126 1,492,747 1998 195,249,944 .008014 1,595,212 1999 208,914,049 .007991 1,717,134 2000 220,137,559 .008125 1,799,425 1) Levies are certified in October of the year shown. Taxes are primarily received in January and July of the subsequent year. 30 The accompanying notes are an integral part of these statements.