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CITY OF CHUBBUCK, IDAHO
GENERAL PURPOSE FINANCIAL STATEMENTS
AND OTHER FINANCIAL INFORMATION
SEPTEMBER 30, 1998
j kJones, Yost, Hatt,
rl Erickson P.A.
!�jc CERTIFIED PUBLIC ACCOUNTANTS
Pocatello, Idaho 83205
CITY OF CHUBBUCK
ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 1998
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
Balance - All Governmental Fund Types 8
Combined Statement of Revenue, Expenses, and Changes in Retained
Earnings, Reserves - All Proprietary Fund Types 9
Statement of Cash Flows - 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
Combining Balance Sheet - Enterprise Funds 30
Combining Statement of Revenue, Expenses, and Changes in Retained Earnings
and Reserves - Enterprise Funds I
Statistical Section:
Ten Year Summary of Tax Levies 2
jko Jones, Yost, Hatt,
Ic 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
Independent Auditor's Report
We have audited the accompanying general purpose financial statements of the City of
Chubbuck, Idaho, as of September 30, 1998, 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.
The City has included disclosures regarding the year 2000 issue in Note 6. Insufficient
audit evidence exists to assess the City's year 2000 readiness. We do not provide assurance that
the City is or will be year 2000 ready.
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,
1998, 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.
416 SOUTH 4TH AVENUE P.O. BOX 4987 POCATELLO, IDAHO 83205 PHONE 208/233-5000 FAX 2081233-5010
i
r
i
Honorable Mayor and Members of the
City Council
City of Chubbuck, Idaho
Page 2
In accordance with Government Auditing Standards, we have also issued a report dated
March 2, 1999, 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,
March 2, 1999.
jn Jones, Yost, Hatt,
JErickson P.A.
�
SCOTT N. JONES, CPA CERTIFIED PUBLIC ACCOUNTANTS MEMBERS OF
KENT L. YOST, CPA, JD P.O. Box 4987 American Institute of
MORGAN). 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, 1998, and have issued our report thereon dated March 2, 1999. 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 Reporting
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 2, 1999. 5
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
SEPTEMBER 30, 1998
ASSETS:
Cash
Receivables:
Property taxes
State sales tax
Highway users' tax
Inventory phase-out tax
Accounts
State liquor tax
Note receivable
Amount to be provided for lease purchases
Amount to be provided for general obligation bonds
Restricted Cash:
Construction funds
Replacement funds
Bond reserve
Utility deposits
Fixed assets
Accumulated depreciation
Total assets
LIABILITIES:
Accounts payable
Deposits payable
Deferred property taxes
Capital leases payable
General obligation bonds payable
Payable from Restricted Cash:
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
Proprietary
Governmental Fund Types Fund Type
Special Capital
General Revenue Project Enterprise
Fund Funds Funds Funds
$86,146 $861,235 $258,488 $553,633
31,812
69,014
101,366
28,291
352,123
8,626
2,223
751,966
348,044
370,300
84,865
5,541,568
(2,479,054)
$327,478 $861.,235 $258,488 $5,523,445
$18,725 $41,863
84,865
22,784
105,000
60,744
1,865,000
41,509 $0 $0 2,157,472
1,778,460
942,038
(475,075)
370,300
750,250/
285,969 861,235 258,488
285,969 861,235 258,488 3,365,973
$327,478 _$861 235 � $258,488 $5,523,445
The accompanying notes are an integral part of these statements.
6
Account Groups
General General Totals
Fixed Long -Term (Memorandum
Assets Debt Only)
$1,759,502
31,812
69,014
101,366
28,291
352,123
8,626
2,223
$189,154 189 1 -5 4
295,000 295,000
751,966
348,044
370,300
84,865
$5,119,876 10,661,444
(2,479,054)
$5,119,876 $484,154 $12,574,676
$60,588
84, 865
22,784
$189,154 189,154
295,000 295,000
105,000
60,744
1,865,000
$0 484,154 2,683,135
5,119,876 5,119,876
1-778.-460
942,038
(475,075)
3 70, 300
750,250
1,405,692
5,119,876 0 9,891,541
$5,119,876 $484,154 $12,574,676
The accompanying notes are an integral part of these statements.
CITY OF C14UBBUCK
COMBINED STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
REVENUE:
Taxes
Licenses and permits
Law enforcement
Court revenue
Interest
Donations
Miscellaneous
Fire protection service
Program income
Total revenue
EXPENDITURES:
YEAR ENDED SEPTEMBER 30, 1998
General
FI1T-jd
161,723
83,724
42,304
9,499
Governmental Fund Ty
Special
Capital
Revenue
Project
Funds
Funds
$484,072
24,340 $12,028
21,380
2,760 5,428
82,473
83,765
2,821,872 513,840 33,408
Totals
(Memorandum
Only)
$2,839,696
161,723
83,724
42,304
45,867
21,380
8,188
82,473
83,765
3-369,120
General government
309,465 599
310,064
Law enforcement
1,368,870
1,368,870
Fire control
286,328
286,328
Parks and recreation
228,672
228,672
Streets
425,051
425,051
Health and welfare
7,600
7,600
Capital outlay
185,132
185,132
Debt service
53,295 _
53,295
Total expenditures
2,864,413 599
0 2,865,012
EXCESS REVENUE OR (EXPENDITURES)
OTHER FINANCING SOURCES (USES):
Transfers from other funds
Transfers to other funds
EXCESS (SOURCES/USES)
FUND BALANCE - BEGINNING
FUND BALANCE - ENDING
(42,541) 513,241 33,408 504,108
53,168 107 53,275
(53,275) (53,275)
10,627 460,073 33,408 504,108
275,342 401,162 225,080 901,584
$285,969 $861,235 $258,488 $1,405,692
The accompanying notes are an integral part of these statements.
8
CITY OF CIIi_JBBUCK
COMBINED STATEMENT OF REVENUE, EXPENSES,
AND CHANGES IN RETAINED EARNINGS, RESERVES
ALL PROPRIETARY FUND TYPES
YEAR ENDED SEPTEMBER 30, 1998
Water, Sewer
and Garbage
Enterprise
OPERATING REVENUE: Fund
Service charges $2,238,167
OPERATING EXPENSES
Personnel 444,180
Personnel benefits 166,837
Supplies 253,197
Utilities 111,496
Other purchased services 826,842
Depreciation 156,414
Total operating expenses 1,958,966
OPERATING INCOME 279,201
NONOPERATING REVENUE (EXPENSES):
Interest income 113,535
Interest expense (118,602)
Total nonoperating revenue (expenses) (5,067)
NET INCOME 274,134
TRANSFERS -NET 0
RETAINED EARNINGS, RESERVES:
Balance - Beginning 2,624,876
RETAINED EARNINGS, RESERVES:
Balance - Ending $2,899,010
The accompanying notes are an integral part of these statements.
9
CITY OF CHUBBUCK
STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
YEAR ENDED SEPTEMBER 30, 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
Increase in accounts receivable
Decrease 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:
Bond principal payments
NET (DECREASE) IN CASH
CASH AT SEPTEMBER 30, 1997
CASH AT SEPTEMBER 30, 1998
The accompanying notes are an integral part of these statements -
10
Water, Sewer
and Garbage
Enterprise
Fund
$274,134
156,414
(127,775)
(30,102)
(1,463)
272,671
(374,647)
(100,000)
(201,976)
2,310,784 �•
$2,108,808
CITY OF CHUBBUCK
STATEMENT OF REVENUE AND EXPENDITURES
BUDGET AND ACTUAL
GENERAL FUND
REVENUE:
Property taxes
Sales tax
Inventory phaseout
Highway users tax
Highway - other
Liquor tax
Road and bridge tax
Franchise taxes
Subtotal
Law enforcement
Court revenue
Licenses, permits, and fees
Interest
Miscellaneous
Fire Protection Service
Program income
Total revenue
YEAR ENDED SEPTEMBER 30, 1998
Budget
$1,446,659
253,000
62,000
325,000
52,000
40,000
39,000
74,200
2,291,859
117,173
60,000
104,600
15,000
10,000
80,250
107,600
2,786,482
Actual Variance
260,308
98,029
303,204
76,307
40,377
33,532
49,472
2,355,624
83,724
42,304
161,723
9,499
2,760
82,473
83,765
2,821,872
$47,736
7,308
36,029
(21,796)
24,307
377
(5,468)
(24,728)
b3,765 ✓
(33,449)
(17,696)
57,123
(5,501)
(7,240)
2,223
(23,835)
35.390 P/
EXPENDITURES:
General Government
1,189,912
309,465
880,447
Law enforcement
1,427,589
1,368,870
58,719
Fire control
279,344
286,328
(6,984)
Parks and recreation
213,235
228,672
(15,437)
Streets
457,784
425,051
32,733
Health and welfare
12,617
7,600
5,017
Capital outlay
168,497
185,132
(16,635)
Debt service
55,415
53,295
2,120
Total expenditures
EXCESS REVENUE OR (EXPENDITURES)
TRANSFERS FROM OTHER FUNDS
EXCESS SOURCES (USES)
The accompanying notes are an integral part of these statements.
11
3,804,393 2,864,413 939,980
(1,017,911) (42,541) 975,370
950,000 53,168 (896,832)
($67,911) $10,627 $78,538 d
CITY OF CHUBBUCK
STATEMENT OF REVENUE AND EXPENDITURES
BUDGET AND ACTUAL
SPECIAL REVENUE FUNDS
YEAR ENDED SEPTEMBER 3 0, 1998
REVENUE:
Local revenue
EXPENDITURES:
General government
EXCESS REVENUE
OTHER FINANCING SOURCES (USES):
Transfers to other funds
FUND BALANCE - beginning
FUND BALANCE - ending
The accompanying notes are an integral part of these statements.
12
Budget
$450,000
$5,000
($50,000)
Actual Variance
$513,840 $63,840
599 $4,401
513,241
(53,168) ($3,168)
$861235
CITY OF C14UBBUCK
STATEMENT OF REVENUE AND EXPENDITURES
BUDGET AND ACTUAL
CAPITAL PROJECT FUNDS
YEAR ENDED SEPTEMBER 30, 1998
Budget
REVENUE:
Local revenue
EXPENDITURES:
General government
EXCESS REVENUE
FUND BALANCE - beginning
FUND BALANCE - ending
$30,000
Actual Variance
$33,408 $3,408
0 0
33,408
225,080
$258,488
The accompanying notes are an integral part of these statements.
13
U]
CITY OF CHUBBUCK
STATEMENT OF CHANGES IN FIXED ASSETS
PROPRIETARY FUND TYPES
YEAR ENDED SEPTEMBER 30, 1998
ENTERPRISE FUND FIXED ASSETS:
Balance at cost - September 30, 1997
Adjustments and reclassification
Balance at cost - September 30, 1998
Construction in progress
The accompanying notes are an integral part of these statements.
14
Storage
and
Land
Contrib.
Distribution
and
Capital
Equipment
System
Buildings
(System)
Totals
$398,688
$3,418,851
$701,050
$4,518,589
(1,636)
(15,098)
95,948
$942,038
1,021,252
$397,052
$3,403,753
$796,998
$942,038
5,539,841
943,765
$6,483,606
The accompanying notes are an integral part of these statements.
14
CITY OF CHU 3BUCK
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1998
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.
15
CITY OF CH TBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1998
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
date 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.
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1998
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.
91
11
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1998
CHANGES IN GENERAL FIXED ASSETS
Note: Enterprise fund properties are reported separately and are not included in the above
balance at September 30, 1998.
GENERAL LONG-TERM DEBT (FIRE STATION BONDS)
Issue of August 1, 1990:
Due
Reclassifications Reclassificactions
Balance
and
and
Balance
Total
9-30-97
Additions
Deletions
9-30-98
Description:
08/01/00
35,000
6.800%
18,070
Land and buildings
$1,787,637
40,000
$12,233
$1,775,404
Fixtures and equipment
3 142,564
320 133
11�
3,344.472
Totals
$4.930,201
$320,113
130 458
$5.119.876
Note: Enterprise fund properties are reported separately and are not included in the above
balance at September 30, 1998.
GENERAL LONG-TERM DEBT (FIRE STATION BONDS)
Issue of August 1, 1990:
Due
Annual
Date
Principal
Rate
Interest
Total
08/01/99
$35,000
6.700%
$20,415
$55,415
08/01/00
35,000
6.800%
18,070
53,070
08/01/01
40,000
6.900%
15,690
55,690
08/01/02
40,000
6.950%
12,930
52,930
08/01/03
45,000
7.000%
10,150
55,150
08/01/04
50,000
7.000%
7,000
57,000
08/01/05
50 000
7.000%
3.500
53,500
29$ 5.000
87 755
$382,755
Bonds retired in 1998
3 0-0 00
NOTE RECEIVABLE ($2,223.18 Balance):
On March 9, 1989, the City of Chubbuck sold property for $90,000.00. The City received
$75,000.00 down and the balance will be paid over 10 years with annual payments of
$2,441.25 including interest at 10%.
m
m
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1998
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, 1998, the required contributions rates, as determined by
PERSI, are as follows (effective November 1, 1997):
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 $261,721, $292,771, and
$263,060 for the three years ended September 30, 1998, 1997, and 1996 respectively.
YEAR 2000
The year 2000 issue is the result of shortcomings in many electronic data processing
systems_ The effects of the problem extend beyond that produce financial information. It
encompasses all computer systems and equipment that is dependent upon microchip
technology. The City has completed an inventory of electronic equipment that may be
affected and is necessary to conduct City operations and they are in process of making
corrections.
The City intends to be year 2000 ready before the end of 1999. However, because of the
unprecedented nature of the 2000 issue, its effects and the success of related remediation
efforts will not be fully determinable until the year 2000 and thereafter. City management
cannot assure that it is or will be ready, that the City's remediation efforts will be
successful in whole or in part, or that the parties with whom the city does business will be
year 2000 ready.
Wo
7
tn•
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, I998
SUMMARY OF PROPERTY TAX ROLL OPERATION BY YEAR
1995
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
and Prior
1996
1997
Totals
Taxes receivable -
Enterprise
2.108.808
First Security - Trust
3 314 677
September 30, 19967
$8,393
$22,085
$0
$30,478
1997 Gross Levy
1,492,747
1,492,747
Less:
Cancellations and adjustments
267
995
(1,701)
(439)
Cash received in 1997 - 1998
7.334
(10,636)
(1.473,004)
(1.490.974)
Taxes receivable -
September 30, 1998
_UL326
_U2,444
$18.042
$31.812
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
$86,146
Special revenue
861,235
Capital projects
258,488
Enterprise
2.108.808
First Security - Trust
3 314 677
CASH AND INVESTMENTS:
Petty cash
$170
Key bank - MM
100,465
State pool
1,713,029
First Security - Trust
751,967
Idaho Central Credit Union
82,638
First Security - Sweep
576,408
First Security
90,000
Total cash and investments $3,314,677
20
E
CITY OF CIIUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1998
CAPITAL LEASE (446B BACKHOE):
Balance
10-15-98
Payment
$8,727.37
CAPITAL LEASE (FIRE TRUCKS):
Balance
2-21-99
2-21-2000
CAPITAL LEASE ( GRADER):
Payment
$26,000-00
29, 595.46
Interest
5.75%
$473.58
Interest
6.5%
$3,343.99
1,841.09
CAPITAL LEASE (EXPLORER):
_Payment
Balance
4-4-99 $7,539.29
21
Interest
$463.47
Balance
$8,253.79
.00
Balance
$50,410.38
27,754.37
.00
Balance
$123,413.68
113,643.11
103,337.11
.00
Balance
$7,075.82
.00
Interest
Payment
5.48%
Balance
7-1-99 $16,533.64
$6,763.07
7-1-2000 16,533.64
6,227.64
7-1-2001 109,000.00
5,662.89
CAPITAL LEASE (EXPLORER):
_Payment
Balance
4-4-99 $7,539.29
21
Interest
$463.47
Balance
$8,253.79
.00
Balance
$50,410.38
27,754.37
.00
Balance
$123,413.68
113,643.11
103,337.11
.00
Balance
$7,075.82
.00
10
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1998
SUMMARY OF MATURITIES AND INTEREST ON SEWER REVENUE BONDS BY
YEAR
Bonds retired in 1998
Pr
25 000
Interest
Interest
Principal
Due
Due
Due
Total
Year
_April I
October I
October 1
Due
1998
$19,650
$30,000
$49,650
1999
$18,750
18,750
30,000
67,500
2000
17,850
17,850
30,000
65,700
2001
16,950
16,950
35,000
68,900
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
jLa 250
177900
1655 000
12K 150
Bonds retired in 1998
Pr
25 000
CITY OF CHC_TBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1998
11. SUMMARY OF WATER FUND CERTIFICATES OF PARTICIPATION ISSUED IN
MAY 1995
Payment
Date
Primal—_
Interest
Total
10/01/98
$41,093.75
$41,093.75
04/01/99
$75,000.00
41,093.75
116,093.75
10/01/99
38,750.00
38,750.00
04/01/00
80,000.00
38,750.00
118,750.00
10/01/00
36,250.00
36,250.00
04/01/01
85,000.00
36,250.00
121,250.00
10/01/01
33,593.75
33,593.75
04/01/02
90,000.00
33,593.75
123,593.75
10/01/02
30,781.25
30,781.25
04/01/03
100,000.00
30,781.25
130,781.25
10/01/03
27,656.25
27,656.25
04/01/04
105,000.00
27,656.25
132,656.25
10/01/04
24,375.00
24,375.00
04/01/05
110,000.00
24,375.00
134,375.00
10/01/05
20,937.50
20,937.50
04/01/06
120,000.00
20,937.50
140,937.50
10/01/06
17,187.50
17,187.50
04/01/07
125,000.00
17,187.50
142,187.50
10/01/07
13,281.25
13,281.25
04/01/08
135,000.00
13,281-25
148,281.25
10/01/08
9,062.50
9,062.50
04/01/09
140,000.00
9,062.50
149,062.50
10/01/09
4,687.50
4,687.50
04/01/10
150.000.00
4,687.50
154,687.50
$1,315.000.00
$595.312.50
$1,910-312.50
Certificates paid in 1998
X75,000.00
23
CITY OF CIIUBBUCK
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 1998
GENERAL GOVERNMENT:
Salaries
Personnel benefits
Supplies
Purchased services
Insurance
Utilities
Building maintenance
Miscellaneous
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
Budget Actual Variance
$21,300
$24,350
($3,050)
22,569
21,560
1,009
1,500
787
713
26,817
30,065
(3,248)
16,000
9,326
6,674
5,800
2,219
3,581
25,025
33,444
(8,419)
3,500
5,908
(2,408)
122,511
127,659
(5,148)
71,382
69,626
1,756
26,219
24,283
1,936
10,400
11,492
(1,092)
108,001
105,401
2,600
5,000
4,622
378
4,400
1,836
2,564
9,400
6,458
2,942
158,237
166,879
(8,642)
64,563
66,644
(2,081)
86,100
68,817
17,283
148,884
122,711
26,173
72,712
65,766
6,946
530,496
490,817
39,679
769,985
765,450
4,535
272,202
282,591
(10,389)
56,052
44,045
12,007
273,935
223,489
50,446
55,415
53,295
2,120
45,154
40,219
4,935
1,472,743
1,409,089
63,654
The accompanying notes are an integral part of these statements.
24
CITY OF CHUBBUCK
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 1998
FIRE CONTROL:
Salaries
Personnel benefits
Supplies
Purchased services
Lease payments
Capital outlay
Debt service
PARKS AND RECREATION:
Salaries
Personnel benefits
Supplies and repairs
Purchased services
Capital outlay
HEALTH AND WELFARE:
Contributions
URBAN RENEWAL ( Gen. Govt.):
CDA projects
Total general fund
Budget Actual Variance
$130,000
$135,648
($5,648)
36,640
41,657
(5,017)
44,751
48,089
(3,338)
42,200
35,934
6,266
25,753
25,000
753
24,000
40,893
(16,893)
55,415
53,295
2,120
358,759 380,516 (21,757)
87,000
107,531
(20,531)
38,170
34,923
3,247
28,950
25,835
3,115
59,115
60,383
(1,268)
26,631
38,254
(11,623)
239,866
266,926
(27,060)
12,617 7,600 5,017
950,000 69,947 880,053
$3,804,393 $2,864,413 $939,980
The accompanying notes are an integral part of these statements.
25
ASSETS:
Cash
Total assets
LIABII =S:
Total liabilities
CITY OF CR 1BBUCK
COMB NWG BALANCE SHEET
SPECIAL REVENUE FUNDS
SEPTEMBER 30, 1998
Street
Juvenile
Health Police
Guarantee
LID 41
Referral
Development
Insurance Training
Fund
Fund
Fund
Fund
Fund Fund Total
$77,212
$24,775
$2,540
$698,925
$0 $57,783 $861,235
$77,212
$24,775
$2,540
$698,925
$0 $57,783 $861,235
$0 $0 $0 $0
FUND EQUITY:
Fund balance 77,212 24,775 2,540 698,925
Total fund equity 77,212 24,775 2,540 698,925
Total liabilities and fund equity $77,212 $24,775 $2,540 $698,925
The accompanying notes are an integral Dart of these statements.
26
$0 $0 $0
0 57,783 861,235
0 57,783 861,235
$0 $57,783 $861,235
CITY OF CI-TUBBUCK
COMBINING STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE
SPECIAL REVENUE FUNDS
YEAR ENDED SEPTEMBER 30, 1998
EXPENDITURES:
General government 599 599
Total expenditures 0 0 0 0 0 599 599
EXCESS REVENUE OR (EXPENDITURES) 72,186 1,388
Street
431,768
Juvenile
Health
POlice
(53,168)
Guarantee
LID 91
Referral
Development Insurance
Training
107
Fund
Fund
Fund
Fund Fund
Fund
Total
REVENUE:
SO
$57,783 $861 235
Judgments
$5,428
$5,428
Taxes and other
$70,590
$413,482
484,072
Interest
1,596
$1,388
5264
18,286 SO
2,806
24,340
Total revenue
72,186
1,388
264
431,768 0
8,234
513,840
EXPENDITURES:
General government 599 599
Total expenditures 0 0 0 0 0 599 599
EXCESS REVENUE OR (EXPENDITURES) 72,186 1,388
264
431,768
0
7,635 513,241
TRANSFERS TO OTHER FUNDS
(53,168)
(107)
(53,275)
TRANSFERS FROM OTHER FUNDS
107
107
FUND BALANCE -BEGINNING 5,026 23,387
2,169
320,325
107
50,148 401,162
FUND BALANCE -ENDING S77212 $24,775
52,540$698,925
SO
$57,783 $861 235
The accompanying notes are an integral part of these statements.
27
CITY OF CHUBBUCK
COMBINING BALANCE SHEET
CAPITAL PROJECT FUNDS
SEPTEMBER 30, 1998
Road
Capital Parks Parks
Project 92 41
Funds Fund Fund
Total
ASSETS:
Cash $24,016 $58,508 $175,964 $258,488
Total assets $24,016 $58,508 $175,964 $258,488
LIABILITIES:
Total liabilities
FUND EQUITY:
Fund balance
Total fund equity
Total liabilities and fund equity
$0 $0 $0 $0
24,016
58,508
175,964
258,488
24,016
58,508
175,964
258,488
$24,016
$58,508_
$175,964
$258,488
The accompanying notes are an integral part of these statements.
28
CITY OF CHUBBUCK
COMBINING STATEMENT OF REVENUE AND EXPENDITURES
CAPITAL PROJECT FUNDS
YEAR ENDED SEPTEMBER 30, 1998
REVENUE:
Interest
Donations
Total revenue
EXPENDITURES:
Miscellaneous
Total expenditures
EXCESS REVENUE OR (EXPENDITURES)
OTHER FINANCING SOURCES (USES):
EXCESS (SOURCES/USES)
FUND BALANCE - BEGINNING
FUND BALANCE - ENDING
Road
3,423
28,529
33,408
Capital
Parks
Parks
225,080
Project
42
#1
Funds
Fund
Fund
Total
$1,456
$3,143
$7,429
$12,028
280
21,100
21,380
1,456
3,423
28,529
33,408
0 0 0 0
1,456 3,423 28,529 33,408
1,456
3,423
28,529
33,408
22,560
55,085
147,435
225,080
$24,016
$58,508
$175,964
$258,488
The accompanying notes are an integral part of these statements.
29
ASSETS:
Cash
Accounts receivable
Restricted Cash:
Replacement funds
Bond and interest reserves
Utility deposits
Construction funds
Fixed assets
Accumulated depreciation
Total assets
LIABILITIES:
Accounts payable
Deposits payable
Payable from Restricted Assets:
Bonds payable - current
Accrued bond interest payable
Bonds payable - long term
Total liabilities
FUND EQUITY:
Retained earnings
Contributed capital
Accumulated depreciation
Reserve for debt service
Other reserves
Total fund equity
Total liabilities and fund equity
CITY OF CHUBBUCK
COMBINING BALANCE SHEET
ENTERPRISE FUNDS
SEPTEMBER 30, 1998
Sewer
Repairs
Depreciation and Sewer
Utilities Reserve Replacement Legal
Fund Fund Fund Fund Total
$151,427
$402,206 $553,633
352,123
352,123
$181,762
$166,282 348,044
370,300
370,300
84,865
84,865
751,966
751,966
5,541,568
5,541,568
(2,479,054)
(2,479,054)
$4,773,195 $181,762
$166,282 $402,206 $5,523,445
$4,773,195 $181,762
$166,282 $402,206 $5,523,445
$41,863
$41,863
84,865
84,865
105,000
105,000
60,744
60,744
1,865,000
1,865,000
2,157,472
$0 $0 $0 2,157,472
1,778,460
1,778,460
942,038
942,038
(475,075)
(475,075)
370,300
370,300
181,762
166,282 402,206 750,250
2,615,723 181,762
166,282 402,206 3,365,973
$4,773,195 $181,762
$166,282 $402,206 $5,523,445
The accompanying notes are an integral part of these statements.
30
CITY OF CHUBBUCK
COM731N1NG STATEMENT OF REVENUE, EXPENSES, AND
CI [ANDES IN RETAINED EARNINGS AND RESERVES
ENTERPRISE FUNDS
YEAR ENDED SEPTEMBER 30, 1998
OPERATING REVENUE:
Service Charges:
Sanitation
Water
Sewer
Other fees
Internal service charges
Total operating revenue
OPERATING EXPENSES:
Personnel
Personnel benefits
Supplies
Utilities
Other purchased services
Depreciation
Total operating expenses
OPERATING INCOME
NONOPERATING REVENUE (EXPENSES):
Interest income
Interest expense
Total nonoperating revenue (expenses)
NET INCOME
OTHER FINANCING SOURCES (USES):
Transfers to other funds
Transfers from other funds
RETAINED EARNINGS - RESERVES:
Balance - Beginning
RETAINED EARNINGS - RESERVES:
Balance - Ending
Sewer
Repairs
Depreciation and Sewer
Utilities Reserve Replacement Legal
Fund Fund Fund Fund
$601,035
896,302
631,195
86,060
23,575
2,238,167 $0 $0
Total
$601,035
896,302
631,195
86,060
23,575
$0 2,238,167
444,180
444,180
166,837
166,837
253,197
253,197
111,496
111,496
826,842
826,842
156,414
156,414
1,958,966 0
0 0 1,958,966
279,201 0 0 0 279,201
76,894 7,274
9,055 20,312 113,535
(118,602)
(118,602)
(41,708) 7,274
9,055 20,312 (5,067)
237,493 7,274
9,055 20,312 274,134
(70,288) (18,800)
69,088
(89,088)
20,000 89,088
1,912,467 193,288 157,227 361,894 2,624,876
$2,148,760 $181,762 $166,282 $402,206 $2 899 010
The accompanying notes are an integral part of these statements.
31
Year of Levy 1)
CITY OF CHUBBUCK
TEN YEAR SUMMARY OF TAX LEVIES
SEPTEMBER 30, 1998
Value
Tax
Levy (Actual)
19S8
$125,858,250
.005089
$640,493
1989
125,917,949
.005295
688,999
1990
124,789,912
.006040
767,051
1991
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/
1) Levies are certified in October of the year shown. Taxes are primarily received in
January and July of the subsequent year.
The accompanying notes are an integral part of these statements.
32