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Home My WebLink About2002DA I � bv'� 0 �> vlA `rc)wlOA9-e CITY OF CHLMBUCK, MAEO GENEI:AZ PU:_'OSE FINANCIAL STATEMENTS AND, OTHER FINANCIAL NFORMATION SEPTEMBER 30, 2002 Jones, Yost, Hatt, Erickson P.A. CERTIFIED PUBLIC ACCOUNTANTS Pocatello, Idaho 83205 CITY OF CHUBBUCK, IDAHO GENEF U PU:"'OSE FINANCIAL STATEMENTS ANID OTHER FINANCIAL INFORMATION SEPTEMBER 30, 2002 i c CITY OF CHUBBUCK ANT, U AL FINUNCIAL REPORT YEAR ENDED SEPTEMBER 30, 2002 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 Staten?,�nts Pe; -formed in Accordance With Goye_ -invent Auditing Standards 5 General Purpose Financial Statements: COTnbined Balance Sheet - All Fund Types and Account Groups 6 . Combined Statement of Revenue; Expenditures, and Changes in Fund Balance - All Governmental `r�und T},,es- 8 Combined Statement of Revenue. Expenses, and Changes in Retaine '. . Earnings, Reserves - All Proprietary Fund Types 9 StatE� imt of Cash plows - All Proprietary Fund Types 1G Statement of Revenue and Expenditures -- Budget and Actual: General Fund 1 1 u`pecial 'Revenue Funds 12 Capital Project Funds 13 Proprietary Fund Types: S,:as:ement of Changes in Fixe.,,] Assets. 14 Notes to Financial Statements 15 OTHER S I'ATEMENTS AND SCDE.DULES 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 2 JknJones, Yost, Hatt, Erickson P.A. �.J SCOTT N. JONES, CPA CERTIHED PUBLIC ACCOUNTANTS KENT L. YOST, CPA, JD P.O. Box 4987 MORGAN J. HATT, CPA Pocatello, Idaho 83205 STACY L. ERICKSON, CPA Honorable Mayor and Members of the City Council City of Chubbuck, Idaho Independent Auditor' Report MEMBERS OF American Institute of Certified Pubiic 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, 2002, 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 staternent 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, 2002, 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. In accordance with Government Auditing Standards, we have also issued a report dated March 10, 2003, 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, h P' March 10, 2003. 3 416 SOUTH 4TH AVENUE P.O. BOX 4987 POCATELLO, IDAHO 83205 PHONE 208/233-5000 FAX 208/233-5010 JknJones, Yost, Hatt, Erickson P.A. �.J SCOTT N. JONES, CPA CERTIFIED PUBLIC ACCOUNTANTS KENT L. YOST, CPA, JD P.O. Box 4987 - MORGAN J. HATT, CPA Pocatello, Idaho 83205 STACY L. ERICKSON, CPA Honorable Mayor and Members of the City Council City of Chubbuck, Idaho MEMBERS OF American Institute of Certified Public Accountants Idaho Society of Certified Public Accountants 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, 2002, and have issued our report thereon dated March 10, 2003. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditimz Standards, issued by the Comptroller General of the United States. Compliance 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 Reoortin 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, March 10, 2003. 4 r1L� ii�ZG�i,/GGCSD7V T. P, 416 SOUTH 4TH AVENUE PO. 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 09/30/02 ASSETS: Cash Receivables: . Property takes 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: Employee benefits 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: Employee benefit fund 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 5 The accompanying notes are an integral part of these statements. 15,387 114,608 873,546 460,531 6,558,905 (2,994,607) $570,401 $885,987 $107,083 $6,511,276 $29,864 $150,366 $25,516 46,134 36,922 135,000 46,371 1,380,000 75,998 187,288 $0 1,586,887 114,608 3,217,552 942,038 (569,278) 460,531 873,546 379,795 698,699 107,083 494,403 698,699 107,083 4,924,389 $570,401 $885,987 $107,083 $6,511,276 N Proprietary Governmental Fund Types Fund Type Special Capital General Revenue Project Enterprise Fund Funds Funds Fund $152,113 $849,065 $107,083 $1,284,082 55,337 36,922 85,205 92,595 30,589 24,567 328,819 15,387 114,608 873,546 460,531 6,558,905 (2,994,607) $570,401 $885,987 $107,083 $6,511,276 $29,864 $150,366 $25,516 46,134 36,922 135,000 46,371 1,380,000 75,998 187,288 $0 1,586,887 114,608 3,217,552 942,038 (569,278) 460,531 873,546 379,795 698,699 107,083 494,403 698,699 107,083 4,924,389 $570,401 $885,987 $107,083 $6,511,276 N Account Groups _ General General Totals Fixed Long -Term (Memorandum Assets Debt Only) $2,392,343 92,259 85,205 92,595 30,589 24,567 328,819 15,387 $140,279 140,279 145,000 145,000 114,608 873,546 460,531 $6,536,63 l 13,095,536 (2,994,607) $6,536,631 $285,279 $14,896,657 $205,746 83,056 $140,279 140,279 145,000 145,000 135,000 46,371 _ 1,380,000 $0 285,279 2,135,452 114,608 6,536,631 6,536,631 3,217,552 942,038 (569,278) 460,531 873,546 1,185,577 6,536,631 0 12,761,205 $6,536,631 $285,279 $14,896,657 6 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK COMBINED STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES YEAR ENDED SEPTEMBER 30, 2002 f REVENUE: Property taxes Franchise fees Licenses and permits Law enforcement Parks revenue Court revenue Road and bridge tax Inventory phase out State Liquor Highway users State sales tax Interest F -re protection service Donations ibl iscellaneous 'Focal revenue EXI':--' DITURES: General government Law enforcement Fire control Parks and recreation Streets I;ealth and welfare Capital outlay Debt service Total expenditures EXCESS REVENUE (EXPO-N]DfTURES) OTHER FINANCING SOURCES (USES): Transfers from other funds Transfers to other funds EXCESS SOURCES(USES) FUND BALANCE - BEGINNING FUND BALANCE - ENDINZ-- 7 The accompanying not - s are an integral part cf these statcments Governmental Fund Tyles Special Ca{^itaI Totals General Revenue Project Qlemoranchim Fund Funds Funds Only) 521-025,803 S952,258 52,978,061 156,491 156,1.91 132,088 132,088 89,781 89,781 36,330 36,330 55,'243 55,243 39,923 39,923 125,989 125,989 68,417 68,447 385,302 385,302 304,423 304,423 3;371 23,008 54,806 31,185 132,900 132,900 ,600 27,600 62,.K" 6 60,524 _ _ _ 1.72,900 _ _3,618,46.7 _ 1,035.,790_ _3,-,406 _ 4,686,663 189,48-2. 189,482 1,868,466 1.,868,446 452,047 452,047 331,974 62,565 51,292 448,831 526,352 921,544 1,447,896 13,563 13,563 130,976 130,976 53,230 _ _ _ 53,2.30 3,566,070_ _984,109 _`4 292 _4,604,471 52,397 51,631 (21,586) 82,192 0 0 52,397 51,681 (21,886) 82,192 327,398_ _647,018 12;',969 1,103,385 5379,795 $698,699 S 101 183 S1,185,577 CITY OF CHUBBUCK COMBINED STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN RETAINED EARNINGS, RESERVES ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 2002 OPERATING REVENUE: Service charges OPERATING EXPENSES: Personnet Personnel benefits Repairs and maintenance Supplies Utilities Treatment - Pocatello Sanitation contract Insurance Other purchased services Equipment lease Depreciation Total operating expenses OPERATING INCOME NONOPERATING REVENUE (EXPENSES): Interest income Interest expense Total nonoperating revenue (expenses) NET INCOME INCREASE N RESERVES RETANED EARNINGS: Balance - Beginning RETAINED EARNINGS: Balance - Ending The accompanying notes are an integral part of these statements. Water, Sewer and Garbage Enterprise Fund 52,928,234 631,580 295,083 213,584 123,465 110,795 495,290 433,448 28,857 23,620 110,336 101,327 2,567,385 360,849 58,503 (90,592) (32,089) 328,760 Ali 2,888,792 53,217,552 CITY OF CHUBBUCK: STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 2002 CASH FLOWS FROM OPERATING ACTIVITIES: Net'income Adjustments to reconcile net income to net cash prodded by operating activities' Depreciation Increase in accounts receivable .Increase in accounts payable Total -adjustments Net cash provided by operating activities CASH FLOWS FROM l�•FVESTING ACTIVITIES: Purchase of fixed assets CASH FLOWS FROM FINANCING ACTIVITIES: Bond principal payor=tints NET INCREASE IN CASH CASH AT SEPTEMBER 30, 2001 CASH AT SEPTEMBER 30, 2002 9 The accompanying notes are an integral part of these statements. Water, Sewer and Garbage Enterprise Fund _ 328,760 101,327 (7,413) 1,338 —__ 95,252 424,012 (282,5-59) 1-125,000) 16,453 2,601,706 ,2,618,153 CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL GENERAL FUND YEAR ENDED SEPTEMBER 30, 2002 REVENUE: Budget Actual Variance Property taxes $1,976,000 $2,025,803 549,803 Franchise fees 117,000 156,491 39,491 Licenses and permits 131,600 132,088 488 Law enforcement 162,950 89,781 (73,169) Parks revenue 61,000 36,330 (24,670) Court revenue 60,000 55,243 (4,757) Road and bridge tax 43,331 39,923 (3,408) Inventory phaseout 131,000 125,989 (5,011) Liquor tax 55,000 68,447 13,447 Highway users tax 415,000 385,302 (29,698) State sales tax 309,000 304,423 (4,577) Interest 12,000 3,371 (8,629) Fire Protection Service 125,000 132,900 7,900 Miscellaneous 139,896 62,376 (77,520) Total revenue 3,738,777 3,618,467 (120,310) EXPENDITURES: General government 197,962 189,482 8,480 Law enforcement 1,941,891 1,868,446 73,445 Fire control 451,378 452,047 (669) Parks and recreation 341,516 331,974 - 9,542 Streets 572,597 526,352 46,245 Health and welfare 13,825 13,563 262 Capital outlay 166,678 130,976. 35,702 Debt service 52,930 53,230 (300) Total expenditures 3,738,777 3,566,070 172,707 _ EXCESS REVENUE OR (EXPENDITURES) 0 52,397 52,397 EXCESS SOURCES (USES) . 50 552,397 $52,397 The accompanying notes are an integral part o€�'theseQ statements. CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL SPECIAL REVENUE FUNDS YEAR ENDED SEPTEMBER 30, 2002 REVENUE: L,ocal -revenue EXPENDITURES: Parks Streets and other Total expend4ures EXCESS FEVENT"JE: (Expenditures) OTHER FINANCE GG SOURCES (USES): Transfers to other funds FUND BALANCE - beginning FUND BALANCE - ending Budget Actual Variance $910,000 S 1,035,790 S125,790 $910,000 1,035,790 $125,790 $2,000 908,000 $910,000 X1 The accompa?7ying notes are an integral part of these statements.. 61,565 (560,565) 921,544 (13,544) 984,109 (5'74,109) 51,081 647,018 $698,699 CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL CAPITAL PROJECT FUNDS YEAR ENDED SEPTEMBER 30, 2002 REVENUE: Local revenue EXPENDITURES: Parks EXCESS REVENUE (Expenditures) OTHER FINANCING SOURCES (USES) Transfers to other funds Budget Actual Variance $85,000 $32,406 ($52,594) 85,000 54,292 30,708 (21,886) 0 0 FUND BALANCE - beginning 128,969 FUND BALANCE - ending $107,083 The accompanying notes are an integral part of these statements. statements. 0 CITY OF CHUBBUCK STATEMENT OF CHANGES IN FIXED ASSETS PROPRIETARY FUND TYPES ENTERPRISE FUND FIXED ASSETS Balance at cost- September 30, 2001 Additions Deletions Declassified Balance at cost - September 30, 2002 YEAR ENDED SEPTEMBER 30, 2002 13 The accompanying notes are an integral part of these statements. Storage - and Land Construction Distribution and in Equipment _ System Buildings Progress Totals $566,539 $3,403,753 $796,998 $1,509,056 $6,276,346 45,371 197,188 40,000 282,559 1,509,056 (1,509,056) 0 $611,910. .$5,109,997 $836,998. _ $0_ $0,558,905Y 13 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2002 1. A. REPORTING ENTITY The City of Chubbuck, Idaho was incorporated on December 6, .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 fiend. 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. 14 CITY OFCHLf131 BUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2002 B. FUND AC__:COUNTING - CONTI.NIfED All proprietary funds are accounted for on a cost of st;rvices or "'capital maintenance riivasurerraent focus This means that all assets and liabilities (whether current or noncurreni.) 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 asse, s. Due to small amounts of losses, the City does not n?a;fie an allowance for doubtful accounts in the Water and Sewer Enterprise Funds. C. FIXED ASSETS T1 -,.e accounting and reporting treatment app±red to tlhe fixed assets associated with a fiend are deternifined by its measurement focus. All govenirnental funds are _ ccounted for on a spending; or "financial flow" measurement focus. Tl` 3 means that only current assets and current liabilities are generally included on is eir balance sheets.. Their reported bund balance (net current assets) is. considered a rn.easures 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 sp,c-ndabIc resources" during a period. Fixed assets used in governmental fiend type operations (general fixed assets) ai-e . accounted for -in the General Fixed Assets Ar_.count 1(iroup, rather than in govern ncntal funds. No depreciation has been provided on general fixed assets. Infrastructure is not included in Mixed assets. All fixed .assets are valued at historical cost or estimated historEcal cost if actual historical cost is not available. Donated fixed assets arc: valuedat their estimated 'air valine on the date donated. An account group is not a "field". It is concerned only with the meast_u•ernent of financial Position. it is not involved with measurement of results of operations. D. BASIS OF ACCOUNTING Basis of accounting refers to when revenues acid expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the tinting of the measurements made, regardless of the measurernent Focus applied. 15 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2002 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. 16 2 3 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2002 CHANGES IN GENERAL FIXED ASSETS Balance 9-30-01 Additions Deletions . Description: Land and buildings 51,895,883 $5,250 Fixtures and equipment 4,508,092_ 186,104 $58,698 Totals6 403 975 $191,354 558,,698 GENERAL LONG-TERM DEBT (FME STATION BLONDS). Issue of August 1, 1990: Due Date Principal 08/01/03 $45,000 08/01/04 50,000 -08101105 50,000 1� 4�,OOQ Bonds retired in 2002 Annual Rate Interest _ 7.000% . $10,150 7,000% 7,000 71000% - 3,500 520650 17 Balance _9_-30-02 $1,901,133 4,508,092 516,6a _ "Total $55,150 57,000 53.500 1_ X650 0,00_0 n 5 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2002 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, 2002, the required contributions rates, as determined by PERSI, are as follows. Employee Employer General L /lerizber 5.86% 9.77% Police/Firefighter Member 7.21% 10.01% The City of Chubbuck's contributions required and paid were $355,148, $336,534, and $310,812 for the three years ended September 30, 2002, 2001, and 2000 respectively. SUMMARY OF PROPERTY TAX ROLL OPERATION BY YEAR Taxes receivable - September 30, 2001 2001 Gross Levy Less: Cancellations and adjustments Collections Taxes receivable - September 30, 2002 2001 2000 $0 $40,362 2,029,245 (27,607) (689) (1,967,546) (25,849) S34,092 1 S 202 IN 1999 1998 Total $13,034 $3,607 $57,003 2,029,245 (447) (37) (27,402) (6,544) 3( ,570) (2,003,509) $6,043. ---$0 55 337 191 7 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2002 CASH ON HAND, IN -BANKS, AND INVESTED Pa r,,nent All cash and investments are insured or fully collateralized with certificates held by agents in the City's name. Balance CASH BALANCE IN FUNDS: 7eneral. $266,721 Special revenue 849,065 Capital projects 107,083 Enterprise 2,618,159 65,560.65 $3 84,1028 CASH ANE) 1-NVESTMENTS: 3,441.93 Petty cash `5170 State pool 1,66 5,954 AN'ells Fargo Bank 16,435 Citizen, Community Bank 1.,89 ,861 Citizens Community bank 114,608 Well Fa loo Bank --15 0,000 Total cash and inve trnt-nls �� B28 CA121TAL LEASE (LOADER): Interest Pavrnen_t_ 5.40/U)_ Balance Balance $55,008.55 12-16-2002 $9,591.91 $2,970.46 48,38''.10 12-16.-2003 51,000.00 2,612.90 .00 CAPITAL LEASE (CATERPILLAR.): 19 bterest Pa r,,nent 5.25% _ Balance Balance $85,270.91 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 -2? -2005 24;186.98 2,352.82 22,981.44 7-27-2006 24,187.98 1,206.54 .00 19 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2002 8. SUMMARY OF MATURITIES AND INTEREST ON SEWER REVENUE BONDS BY YEAR 20 Interest Interest Principal Due Due Due Total Year April I , October 1 October 1 Due 2002 $15,900 $35,000 $50,900 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 8 5104,700 530.000 723 500 Bonds retired in 2002 35 000 20 CITY OF CHUB13UCK NOTES TO FINANCIAL. STATEMENTS - CONTII,IUED ' SEPTEMBER 30 ,2002 9. SUMMARY OF WATER'FUND CERTIFICATES OF PARTICIPATION ISSUED IN MAY 1995 . Payment _Date Principal Interest Total 10/01/02 04/01/03 10/01103 04/01/04. .10101104 04/01/05 10/01/05 04/01/061 10/01/06 04/01/07 10/01/07 04/01/08 10/01/08 04/01/09 10/01/09 $100,000.00 105,000.00 110,000.00 120,000.00 125,000.00 135,000.00 140,000.00 04/01/10 .150,000.00 -S985,000.00 Certificates paid in 2002 10, RISK MANAGEMENT $30,471.25 530,471.25 30,471.25 130,471.25 27,621.25 27,521.25 27,621.25 132,621.25 24,523.75 24,523.75 24,523.75 134,523.75 21,223.75 21,223.75 21,223.75 141,223.75 17,503.75 17,503:15 17,503.75 142,503.75 13,566.25 1:5,566.25 13,566.25 148,566.25 9,280.00 9,280.00 9,280.00 14`:f.280.00 4,800.00 '.'000.00 4,800.00 154,800.00 L297.980_00 1".28 X980.00 J90=,000.00 The City is -exposed to various risks of loss all being covered by commercial insurance except for the first $20,000 of employee health claims, which are self-insured. 11. FUND EXCESS EXPENDITURES Special revenue funds were overspent due to accruals on multi-year projects 12. ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to snake estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. 21 (THIS PAGEINTENTIONALLY LEFT BLANK.) 22 CITY OF CHUBBUCK STATEMENT OF EXPENDITURES BUDGET AND ACTUAL GENERA -L FUND YEAR ENDED SEPTEMBER 30, 2002 23 The accorrpan�-ing notes are an integral part o E these statements. Budget Actual Variance GENERAL GOVERNMENT: Salaries $21,5.75 S20,020 S1,505 Personnel benefits 16,748 . 18,47]. (1,723) Supplies 11,600 1,658 9,942 Purchased services 32,141 33,922 (1,781) L-isurance 12,000 22,197 (10,197) Building maintenance 225413 15,310 7,103 116,427 111,578 4,849 BUILDING INSPEC 1 ION (Gen. Govt.): Salaries 44,005 44,158 (153) Personnel. benefits 16,766. 19.;762 (2,996) Supplies 5,424 4,364 1,060 Purchased serviti;es 5,890 1. # 72 4,718 72,085 69,456 2„629 ENGINEE.RING (Geri. Govt.): Salaries 5,050 5,050 0 Supplies and at.E�:er 4 X00 _,�....,- 3 X98 �.� 1,002 -- 9,450 --. &.448 STREETS: Salaries 185,496 186.,504 (1,008) Personnel beriefos 71,301 82,131 (10,830) Supplies 115,750 51,9 21 63,829 Purchased services 200,050 205,796 (5,746) Capital atttlay 41 636 _-- ' - 29 215 - '� _-� 12,421 614,233 555,567 58,666 LAW ENFORCEMENT: Sa.laries 1,159,405 1,088,995 70,410 Personnel bene -fits 364,407 412,954 (48,547) Supplies 70,524 72,629 (2,105) Purchased. serVicUs 263,320 204;932 58,388 Lease payments 84,235 88,936 (4,701) Capital outlay 49,920 _ 21,902 28,018 1,991,811 1,890,348 101,463 23 The accorrpan�-ing notes are an integral part o E these statements. CITY OF CHUBBUCK STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND (CONTINUED) 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 Total general fund YEAR ENDED SEPTEMBER 30, 2002 Budget $247,829 77,501 48,150 77,898 65,500 52,930. 569,808 A chial $273,850 104,667 27,128 46,402 56,107 53,230 561,384 Variance .($26,021) .-(27,166) 21,022 31,496 9,393 (300) 8,424 165,333 175,434 (10,101) 53,039'- 67,239 (14,200) 54,050 29,189 24,861 69,094 60,112 8,982 9,622 23,752 (14,130) 351,138. 355,726 (4,588) 13,825 13,563 262 $3,738,777 $3,566,070 $172,707 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK COMI3INING BALANCE SHEET SPECIAL P.EVENUE FUNDS 09/30/02 25 The accompanying hotce are an uvetiral parl of these statements. Street General Juvenile Guarantee LID Referral Development Court Fund Fund Fund Fund Fund Total ASSETS: Cash $37,455 $137,703 $4,238 $574,485 $95,184 $849,065 TaxeA receivable 36,922 36,922 Total assets $37,455 $137,703 $4,238 $611,407 595,184 $885,987 LIABILITIES: Accounts payable $150,366 $150,3,56 Deferred revenue — — W 36,922 36,922 — �- Total liabilities. $0 $0 $0 187,289 $0 187,288 FUND EQUITY: Fund halanc� 37,455 137,703 4,238, 424,11.9_ 95,184 698,0.,99 Total fund equity 37,455 137,703 _ 4,2315_ X424,11.9 95,184 698,699_ Total iial,ilities and fund equity $37,455 $137,703 _ $4,238_ _�$611T407 $95,184 _ $885,987 25 The accompanying hotce are an uvetiral parl of these statements. CITY OF CHUBBUCK COMBINING STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE SPECIAL REVENUE FUNDS YEAR ENDED SEPTEMBER 30, 2002 REVENUE: Judgments and other Taxes Interest Total revenue EXPENDITURES: Parks Streets and other Total expenditures EXCESS REVENUE OR (EXPENDITURES) TRANSFERS TO OTHER FUNDS FUND BALANCE - BEGINNING FUND BALANCE - ENDING Street General Guarantee LID Fund Fund Court $53,022 $507 2,751 507 55,773 Juvenile Referral Development Court Fund Fund Fund Total $600 $6,902 $60,524 952,258 952,258 $245 17,402 2,103 23,008 245 970,260 9,005 1,035,790 62,565 62,565 0 0 0 921,544 0 921,544 0 0 0 984,109 0 984,109 507 55,773 245 (13,849) 9,005 51,681 0 36,948 81,930 3,993 437,968 86,179 647,018 $37,455 $137,703 $4,238 5424,119 $95,184 $698,699 26 The accompanying notes are an integral part of these statements. - ASSETS: Cash. CITY OF CHUBBUCK COMBNINC BALANCE SHEET CAPITAL PROJECT FUNDS September 30, 2002 Total assets LIABILITIES: Account payablo Total iiabilities FUND EQUITIY: Fund balance Total fund equity Tbtal liabilities and fund equity Road 70,952 _ Capital Parks Projects 41 Fend Fimd Total $36,131 $74,952 $107,083 $36,131 $74,952. $107,083 $0 $0 $0 36,131 70,952 _ 107,083 35,131 70,952 10 7,083 $36,131 $70,952 $107,083 27 The accornpanying notes are an integral part of these statements. CITY OF CH JBBUCK COMBINING STATEMENT OF REVENUE AND EXPENDITURES CAPITAL PROJECT FUNDS YEAR ENDED SEPTEMBER 30, 2002 REVENUE: Interest Donations - other Total revenue EXPENDITURES: Parks Total expenditures EXCESS REVENUE OR (EXPENDITURES) TRANSFER TO OTHER FUNDS: EXCESS SOURCES(USES) FUND BALANCE - BEGINNING FUND BALANCE - ENDING Road . Capital Parks Project 91 Funds Fund Total $1,295 $3,511 $4,806 1,295 31,111 32,406 54,292 54,292 0 54,292 54,292 1,295 (23,181) (21,886) 0 1,295 (23,181) (21,886) 34,836 94,133 128,969 $36,131 $70,952 $107,083 28 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK TEN YEAR SUMMARY OF TAX LEVfFS 09/30/02 Net Taxable Tax Year of Levy 1) Market Value Levy (Actual) 1992 $ 128,308,276 0.006879 8 891,99' 1993 131,805,956 0.006844 954,405 1994 142,239,506 0.008472 1,227,433 1995 151,290,568 0.008199 1,258,341 1996 159,305,372 0. 008 13 1 1,326,249 1997 177,054,946 0.008126 1,492,747 1998 195,249,944 0.008014 1,595,212 1999 208,914,049 0.007991 1,717,134 2000 220,137,559 0.0081.25 1,802,168 2001 256,374,229 0.008122 2,029,245 1) Levies are certified in October of the year shown. Taxes arc prii-n.arily received in January and July of the subsequent year. k. E F r The accornpa.ny,no notes are an integral part of thesestatements.