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
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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
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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.