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Home My WebLink About2003(JZ U a�oa- ac�o3 CITY OF CHUBBUCK, IDAHO GENERAL PURPOSE FfNANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION SEPTEMBER 30, 2013 Jones, Yost, Hatt, Erickson P.A. CERTIFIED PUBLIC ACCOUNTANTS Pocatello, Idaho 63205 CITY OF CHUBBUCK, IDAHO GENERAL PURPOSE FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION SEPTEMBER 30, 2003 CITY OF CHUBBUCK ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2003 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 4 General Purpose Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups 5 Combined Statement of Revenue, Expenditures, and Changes in Fund Balance - All Governmental Fund Types 7 Combined Statement of Revenue, Expenses, and Changes in Retained Earnings, Reserves - All Proprietary Fund Types 8 Statement of Cash Flows - All Proprietary Fund Types 9 Statement of Revenue and Expenditures - Budget and Actual: General Fund 10 Special Revenue Funds 11 Capital Project Funds 12 Notes to Financial Statements 13 OTHER STATEMENTS AND SCHEDULES Statement of Expenditures - Budget and Actual, General Fund 21 Combining Balance Sheet - Special Revenue Funds 23 Combining Statement of Revenue, Expenditures, and Changes in Fund Balance - Special Revenue Funds 24 Combining Balance Sheet - Capital Project Funds 25 Combining Statement of Revenue and Expenditures - Capital Project Funds 26 Statistical Section: Twelve Year Summary of Tax Levies 27 E it �h SCOTT N. JONES, CPA KENT L. YOST, CPA, JD MORGAN J. 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 P.O. 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, 2003, 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, 2003, 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 April 19, 2004, 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,j" April 19, 2004. 3 416 SOUTH 4TH AVENUE PO. BOX 4987 POCATELLO, IDAHO 83205 PHONE 208/233-5000 FAX 208/233-5010 e r I' 1; UL i jkn Jones, Yost, Hatt, Erickson P.A. SCOTT N. JONES, CPA CERTIFIED PUBLIC ACCOUNTANTS MEMBERS OF KENT L. YOST, CPA, JD PO. 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, 2003, and have issued our report thereon dated April 19, 2004. 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. _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 Re ortin In planning and performing our audit, we considered the City's internal control over financial reporting m 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 19, 2004. 416 SOUTH 4TH AVENUE PO. BOX 4987 POCATELLO9IDAH0 83205 PHONE 208/233-5000 FAX 208/233-5010 CITY OF CHUBBUCK COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 2003 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: 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. 51,398 36,335 85,767 94,779 39,470 25,100 423,998 18,776 152,248 873,546 460,531 6,823,859 (3,154,068) $469,132 $1,022,568 $140,746 $6,942,919 $37,122 $70,647 42,370 $36,335 145,000 42,471 1,235,000 79,492 36,335 $0 1,493,118 152,248 3,766,514 942,038 (592,828) 460,531 873,546 237,392 986,233 Proprietary Governmental Fund Types 986,233 Fund Type Special Capital $140,746 $6,942,919 General Revenue Project Enterprise Fund Funds Funds Fund $1,594 $986,233 $140,746 $1,515,053 51,398 36,335 85,767 94,779 39,470 25,100 423,998 18,776 152,248 873,546 460,531 6,823,859 (3,154,068) $469,132 $1,022,568 $140,746 $6,942,919 $37,122 $70,647 42,370 $36,335 145,000 42,471 1,235,000 79,492 36,335 $0 1,493,118 152,248 3,766,514 942,038 (592,828) 460,531 873,546 237,392 986,233 140,746 389,640 986,233 140,746 5,449,801 $469,132 $1,022,568 $140,746 $6,942,919 Account Groups General General Totals Fixed Long -Term (Memorandum Assets Debt Only) $2,643,626 87,733 85,767 94,779 39,470 25,100 423,998 18,776 $253,261 253,261 100,000 100,000 152,248 873,546 460,531 $6,257,036 13,080,895 (3,154,068) $6,257,036 $353,261 $15,185,662 $107,769 78,705 $253,261 253,261 100,000 100,000 145,000 42,471 _ 1,235,000 $0 353,261 1,962,206 6 The accompanying notes are an integral part of these statements. 152,248 6,257,036 6,257,036 3,766,514 942,038 (592,828) 460,531 873,546 1,364,371 6,257,036 0 13,223,456 $6,257,036 $353,261 $15,185,662 6 The accompanying notes are an integral part of these statements. REVENUE: CITY OF CHUBBUCK COMBfNED STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES YEAR ENDED SEPTEMBER 30, 2003 Govemmental Fund Types Special Capital Totals General Revenue Project (Memorandum Fund Funds Funds Only) Property taxes 52,112,859 51,044,430 $3,157,289 Franchise fees 151,712 151,712 Licenses and permits 189,277 189,277 Law enforcement 45,481 45,481 Parks revenue 37,017 37,017 Court revenue 50,702 50,702 Road and bridge tax 36,874 36,874 Inventory phase out 144,401 144,401 State Liquor 86,245 86,245 Highway users 381,502 _ 381,502 State sales tax 313,282 313,282 Interest 1,257 16,929 $1,426 19,612 Fire protection and prevention 221,526 221,526 Donations 61,000 61,000 Miscellaneous _ 63,646_ 74,738 138,384 Total revenue 3,835,781 1,136,097 62,426 5,034,304 EXPENDITURES: General government 170,338 170,338 Law enforcement 1,729,568 1,729,568 Fire control 489,544 489,544 Parks and recreation 383,497 113,672 28,763 525,932 Streets 530,766 423,037 953,803 Health and welfare 11,887 11,887 Capital outlay 606,833 606,833 Debt service 55,750 55,750 Total expenditures 3,978,183 536,709 28,763 4,543,655 EXCESS REVENUE (EXPENDITURES) (142,402) 599,388 33,663 490,6449 OTHER FINANCING SOURCES (USES): Transfers from other funds Transfers to other funds EXCESS SOURCES(USES) FUND BALANCE - BEGINNING FUND BALANCE - ENDING 7 The accompanying notes are an integral part of these statements. 0 (31 1,855) (311,855) (142,402) 287,533 33,663 178,794 379,794 698,700 107,083 I, 185,577 $237,392 5986,233 $140,746 51,364,371 CITY OF CHUBBUCK COMBINED STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN RETAINED EARNINGS, RESERVES ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 2003 OPERATING REVENUE: Service charges OPERATING EXPENSES: Personnel Personnel benefits Repairs and maintenance Supplies Utilities Treatment - Pocatello Sanitation contract Insurance Other purchased services Facilities plan Depreciation Total operating expenses OPERATING INCOME NONOPERATING REVENUE (EXPENSES): Interest income Interest expense Total nonoperating revenue (expenses) NET INCOME TRANSFER FROM DEVELOPMENT FUND INCREASE IN RESERVES RETAINED EARNINGS - Balance - Beginning RETAINED EARNINGS: Balance - Ending 8 The accompanying notes are an integral part of these statements. Water, Sewer and Garbage Enterprise Fund $3,152,876 644,485 345,613 322,157 - 180,751 107,423 474,341 455,845 36,881 82,714 81,323 139,887 2,871,420 281,456 41,206 (85,557) (44,351) 237,105 311,855 1' 3,217,554 $3,766,514 CITY OF CHUBBUCK STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 2003 CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Increase in accounts receivable Increase in accounts payable Total adjustments Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of fixed assets CASH FLOWS FROM FINANCING ACTIVITIES: Fund transfer Bond principal payments NET INCREASE IN CASH CASH AT SEPTEMBER 30, 2002 CASH AT SEPTEMBER 30, 2003 9 The accompanying notes are an integral part of these statements. Water, Sewer and Garbage Enterprise Fund 139,887 (95,179) 41.231 85,939 323,044 (268,928) 311,855 (135,000) 230,971 2.618.159 $2,849,130 CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL GENERAL FUND YEAR ENDED SEPTEMBER 30, 2003 REVENUE: Property taxes Franchise fees Licenses and permits Law enforcement Parks revenue Court revenue Road and bridge tax Inventory phaseout Liquor tax Highway users tax State sales tax Interest Fire protection and prevention Transfer Miscellaneous Total revenue EXPENDITURES: General government Law enforcement Fire control Parks and recreation Streets Health and welfare Capital outlay Debt service Total expenditures EXCESS REVENUE OR (EXPENDITURES) Budget Actual Variance $2,089,220 $2,112,859 $23,639 147,000 151,712 4,712 133,000 189,277 56,277 50,000 45,481 (4,519) 43,100 37,017 (6,083) 55,000 50,702 (4,298) 34,000 36,874 2,874 135,000 144,401 9,401 55,500 86,245 30,745 377,000 381,502 4,502 292,000 313,282 21,2.82 5,000 1,257 (3,743) 213,000 221,526 8,526 400,000 (400,000) 129,966 63,646 (66,320) 4,158,786 3,835,781 (323,005) 199,475 170,338 29,137 1,847,847 1,729,568 118,279 509,442 489,544 19,898 392,941 383,497 9,444 500,860 530,766 (29,906) 13,825 11,887 1,938 639,246 606,833 32,413 55,150 55,750 (600) 4,158,786 3,978,183 180,603 $0 ($142,402) ($142,402) 10 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, 2003 REVENUE: Local revenue EXPENDITURES: Parks Streets and other Total expenditures EXCESS REVENUE: (Expenditures) OTHER FINANCING SOURCES (USES): Transfers to other funds FUND BALANCE - beginning T[ ND BALANCE - ending Budget Actual Variance $1,025,700 $1,136,097 $110,397 $1,025,700 1,136,097 $110,397 113,672 ($113,672) $1,025,700 423,037 602,663 $1,025,700 536,709 $488,991 11 The accompanying notes are an integral part of these statements. 599,388 (311,855) 698,700 $986,233 CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL CAPITAL PROJECT FUNDS YEAR ENDED SEPTEMBER 30, 2003 Budget Actual Variance REVENUE: Local revenue $109,200 $62,426 ($46,774) EXPENDITURES: Parks $109,200 28,763 $80,437 EXCESS REVENUE (Expenditures) 33,663 OTHER FINANCING SOURCES (USES) Transfers to other funds $0 0 $0 FUND BALANCE - beginning 107,083 FUND BALANCE - ending $140,746 12 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2003 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 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. 13 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2,003 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 non- current) 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. Depreciation for enterprise fund fixed assets is computed on a straight line basis over lives of 10 to 40 years. 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 date donated. A cost threshold of 5,000 is used for recording fixed assets 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. 14 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2003 D. BASIS OF ACCOUNTING - CONTINUED All governrrmental 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. Inter -fund 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. 15 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2003 2. CHANGES IN GENERAL FIXED ASSETS 3 Balance 9-30-02 Additions Deletions* Description: Land and buildings $1,901,133 Fixtures and equipment 4,635,498 $96,075 Constn.iction in progress 381,908 Totals $477,983 *Increased threshold for equipment to $5,000. GENERAL LONG-TERM DEBT (FIRE STATION BONDS) Issue of August 1, 1990: Due Annual 08/01/05 Bonds retired in 2003 Principal Rate $50,000 7.000% 50,000 7.000% 10 16 $757,578 Balance 9-30-03 $1,901,133 3,973,995 381,908 6 257 036 Interest Total $7,000 $57,000 3,500 53,500 1 ,110 500 El 5 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2003 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, 2003, the required contributions rates, as determined by PERSI, are as follows. General Member Police/Firefighter Member Employee Employ 5.86% 9.77% 7.21% 10.01% The City of Chubbuck's contributions required and paid were $338,710, $355,148, and $336,534 for the three years ended September 30, 2003, 2002, and 2001 respectively. SUMMARY OF PROPERTY TAX ROLL OPERATION BY YEAR Taxes receivable - September 30, 2002 2002 Gross Levy Less: Cancellations and adjustments Collections Taxes receivable - September 30, 2003 2002 2001 $0 $34,092 2,098,853 (688) (79) (2,067,245) (19,562) 3$ 0.920 1 17 2000 1999 Total $15,202 $6,043 $55,337 2,098,853 (80) 46 (801) (9,207) (5,977) (2,101,991) 112 51398 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2003 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 $153,842 Special revenue 986,233 Capital projects 140,746 Enterprise 2,849,130 $48,387.10 4 129 951 CASH AND INVESTMENTS: .00 Petty cash $170 State pool 1,882,354 Citizens Community Bank 1,945,179 Citizens Community Bank 152,248 Citizens Community Bank 150,000 Total cash and investments 4 129 951 7. CAPITAL LEASE (LOADER): CAPITAL LEASE (FIRE ENGINE): Interest Payment (5.4%) Balance $48,387.10 12-16-2003 $51,000.00 $2,612.90 .00 CAPITAL LEASE (CATERPILLAR): 6,220 75,118 3-8-2006 39,284 Interest 40,153 Payment 5.25% Balance $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 CAPITAL LEASE (FIRE ENGINE): i[: Interest Payment 5.75% Balance $139,313 3-8-2004 $39,284 $8,153 108,182 3-8-2005 39,284 6,220 75,118 3-8-2006 39,284 4,319 40,153 3-8-2007 42,462 2,309 0 i[: CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2003 SUMMARY OF MATURITIES AND INTEREST ON SEWER REVENUE BONDS BY YEAR Bonds retired in 2003 19 S35,000 Interest Interest Principal Due Due Due Total Year April 1 October 1 October 1 Due $14,850 $40,000 $54,850 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 65,0 68,900 Totals $73,950 88 800 '49� 657 754 Bonds retired in 2003 19 S35,000 a 10 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 2003 SUMMARY OF WATER FUND CERTIFICATES OF PARTICIPATION ISSUED IN MAY 1995 Payment Date 10/01/03 04/01/04 10/01/04 04/01/05 10/0l/05 04/01/06 10/01/06 04/01/07 10/01/07 04/01/08 10/01/08 04/01/09 10/01/09 04/01/10 Principal $105,000.00 110,000.00 120,000.00 125,000.00 135,000.00 140,000.00 150,000.00 $885,000.00 Certificates paid in 2003 RISK MANAGEMENT Interest $27,621.25 27,62125 24,523.75 24,523.75 21,223.75 21,223.75 17,503.75 17,503.75 13,566.25 13,566.25 9,280.00 9,280.00 4,800.00 4,800.00 Total $27,621.25 132,621.25 24,523.75 134,523.75 21,223.75 141,223.75 17,503.75 142,503.75 13,566.25 148,566.25 9,280.00 149,280.00 4,800.00 154,800.00 $237,037.50 $1,122.03.7_.50 $ 100.000.00 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. ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. r CITY OF CHUBBUCK STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND YEAR ENDED SEPTEMBER 30, 2003 21 The accompanying notes are an integral part of these statements. Budget Actual Variance GENERAL GOVERNMENT: Salaries $21,525 $16,686 $4,839 Personnel benefits 14,748 19,323 (4,575) Supplies 25,913 7,259 18,654 Purchased services 38,400 34,024 4,376 Insurance 12,000 12,367 (367) Capital outlay 400,000 381,908 18,092 512,586 471,567 41,019 BUILDING INSPECTION (Gen. Govt.): Salaries 44,000 44,896 (896) Personnel benefits 22,125 19,317 2,808 Supplies 5,424 10,920 (5,496) Purchased services 5,890 1,761 4,129 77,439 76,894 545 ENGINEERING (Gen. Govt.): Salaries 5,050 0 5,050 Supplies and other 4,400 3,785 615 9,450 3,785 5,665 STREETS: Salaries 195,000 211,270 (16,270) Personnel benefits 88,455 87,447 1,008 Supplies 116,355 126,329 (9,974) Purchased services 101,050 105,720 (4,670) Capital outlay 24,636 11,420 13,216 525,496 542,186 (16,690) LAW ENFORCEMENT: Salaries 1,086,613 1,050,400 36,213 Personnel benefits 485,603 420,411 65,192 Supplies 139,460 116,059 23,401 Purchased services 136,171 142,698 (6,527) Capital outlay 94,826 79,678 15,148 1,942,673 1,809,246 133,427 21 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND (CONTINUED) YEAR ENDED SEPTEMBER 30, 2003 I W.All :4 11146=50419 ._ :.s . •0v Salaries Budget Actual Variance FIRE CONTROL: 81,657 79,332 2,325 Salaries $292,960 $302,376 ($9,416) Personnel benefits 117,832 112,633 5,199 Supplies 38,400 33,081 5,319 Purchased services 60,250 41,454 18,796 Capital outlay 119,784 133,827 (14,043) Debt service 55,150 55,750 (600) 684,376 679,121 5,255 I W.All :4 11146=50419 ._ :.s . •0v Salaries 180,000 194,930 (14,930) Personnel benefits 81,657 79,332 2,325 Supplies and repairs 74,390 57,163 17,227 Purchased services 56,894 52,072 4,822 392,941 383,497 9,444 HEALTH AND WELFARE: Contributions 13,825 11,887 1,938 Total general fund $4,158,786 $3,978,183 $180,603 22 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS SEPTEMBER 30, 2003 23 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 $37,626 $141,425 $4,323 $702,043 $100,816 $986,233 Taxes receivable 36,335 36,335 Total assets $37,626 $141,425 $4,323 $738,378 $100,816 $1,022,568 LIABILITIES: Deferred revenue $36,335 $36,335 Total liabilities $0 $0 $0 36,335 $0 36,335 FUND EQUITY: Fund balance 37,626 141,425 4,323 702,043 100,816 986,233 Total fund equity 37,626 141,425 4,323 702,043 100,816 986,233 _ Total liabilities and fund equity $37,626 $141,425 $4,323 $738,378 $100,816 $1,022,568 23 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, 2003 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 Juvenile Guarantee LID Referral Development Court Fund Fund Fund Fund Fund $69,821 $4,917 $74,738 1,044,430 1,044,430 $171 $3,722 $85 11,737 1,214 16,929 171 3,722 85 1,125,988 6,131- 1,136,097 24 The accompanying notes are an integral part of these statements. 113,672 113,672 0 0 0 422,537 500 423,037 0 0 0 536,209 500 536,709 171 3,722 85 589,779 5,631 599,388 (311,855) (311,855) 37,455 137,703 4,238 424,119 95,185 698,700 $37,626 $141,425 $4,323 $702,043 $100,816 $986,233 24 The accompanying notes are an integral part of these statements. ASSETS: Cash CITY OF CHUBBUCK COMBINING BALANCE SHEET CAPITAL PROJECT FUNDS SEPTEMBER 30, 2003 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 $36,970 $103,776 $140,746 $36,970 $103,776 $140,746 $0 $0 $0 36,970 103,776 140,746 36,970 103,776 140,746 $36,970 $103,776 $140,746 25 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, 2003 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 26 The accompanying notes are an integral part of these statements. Road Capital Parks Project #1 Funds Fund Total $839 $587 $1,426 839 6-1,587 62,426 28,763 28,763 0 28,763 28,763 839 32,824 33,663 0 839 32,824 33,663 36,131 70,952 107,083 $36,970 $103,776 $140,746 Year of Levy 1) CITY OF CHUBBUCK TWELVE YEAR SUMMARY OF TAX LEVIES SEPTEMBER 30, 2003 Net Taxable Market Value Tax Levy (Actual) 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 1,802,168 2001 242,516,292 .008123 2,029,245 2002 2.56,374,229 .008122 2,098,372 2003 262,031,760 .008106 0 1) Levies are certified in October of the year shown. Taxes are Primarily received in January and July of the subsequent year. 27 The accompanying notes are an integral part of these statements.