HomeMy WebLinkAbout1991CITY OF CHUBBUCK, IDAHO
GENERAL PURPOSE FINANCIAL STATEMENTS
AND OTHER FINANCIAL INFORMATION
SEPTEMBER 30, 1991
L9n i � moi'qu ILW LAA 0
jk Jones, Yost & Hatt
CERTIFIED PUStIC ACCOUNTANTS
POCATELLO. IDAHO
CITY OF CHUBBUCK, IDAHO
GENERAL PURPOSE FINANCIAL STATEMENTS
AND OTHER FINANCIAL INFORMATION
SEPTEMBER 30, 1991
CITY OF CHUBBUCK
ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 1991
TABLE OF CONTENTS
Independent Auditor's Report Exhibit
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups .
Combined Statement of Revenue, Expenditures, and Changes in Fund
Balance - All Governmental Fund Types . . . . . . . . . . . . . .
Combined Statement of Revenue, Expenses, and Changes in Retained
Earnings - All Proprietary Fund Types . . . . . . . . . . . . . .
Statement of Cash Flows - All Proprietary Funds Types . . . . . . .
General Fund:
Statement of Revenue and Expenditures -
Budget and Actual . . . . . . . . . . . . . . . . . . . . . .
Enterprise Funds:
Statement of Changes in Fixed Assets . . . . . . . . . . . . . .
Notes to Financial Statements
OTHER STATEMENTS AND SCHEDULES
Combining Balance Sheet - Special Revenue Funds . . . . . . . . . .
Combining Statement of Revenue and Expenditures -
Special Revenue Funds . . . . . . . . . . . . . . . . . . . . . .
Combining Balance Sheet - Capital Project Funds . . . . . . . . . .
Combining Statement of Revenue and Expenditures -
Capital Project Funds . . . . . . . . . . . . . . . . . . . . . .
Combining Balance Sheet -- Enterprise Funds . . . . . . . . . . . . .
Combining Statement of Revenue and Expenses - Enterprise Funds .
Statistical Section:
Nine Year Summary of Tax Levies . . . . . . . . . . . . . . . . .
Compliance Report Based on an Audit of General Purpose Financial
Statements Performed in Accordance With Government Auditing Standards
Report on Internal Control Stucture in Accordance With Government
Auditing Standards
Page
Numbers
1 4
2 6
3 7
4 8
5 9
6 10
11
20
21
22
24
26
28
30
31
32
I'
It,
Jk
Jones, Yost & Hatt
CERTIFIED PUBLIC ACCOUNTANTS
P.O. BOX 4987 MEMBERS OF
SCOTT N. JONES, CPA — Partner
Pocatello, Idaho B3205 American Institute of
KENT L. YOST, CPA, JD — Partner Certified Public Accountants
MORGAN J. HATT, CPA — Partner 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, 1991, and for the year
then ended. 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. Those standards require that we plan and conduct the audit to
obtain reasonable assurance about whether the general purpose financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
general purpose financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall 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 in the
first paragraph present fairly, in all material respects, the financial position
of the City of Chubbuck, Idaho, as of September 30, 1991, and the results of
its operations and changes in financial position of its proprietary fund types
for the year then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The combining, individual fund
financial statements and schedules listed in the table of contents are presented
for purposes of additional analysis and are not a required part of the general
purpose financial statements of the City of Chubbuck. This 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.
IlIx,
NES, S HAT
c
Pocatello, Idaho,
February 26, 1992.
416 SOUTH 4TH AVENUE • P.O. BOX 4987 9 POCATELLO, IDAHO 83205 • PHONE 2081233-5000
CITY OF CHUBBUCK
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1991
ASSETS:
Cash . . . . . . . . . . . . . . . . .
Receivables:
Property taxes (Note 1-H) . . . . .
State sales tax . . . . . . . . . .
Highway users' tax . . . . . . . .
Inventory phase --out tax . . . . . .
Accounts (Note 1-B) . . . . . . . .
Court . . . . . . . . . . . . . . .
State liquor tax. . . . . . . . . .
Note receivable . . . . . . . . . .
Amount to be provided for general
obligation bonds . . . . . . . . .
Restricted Assets:
Replacement funds . . . . . . . . .
Bond reserve . . . . . . . . . . .
Water meter deposits . . . . . . .
Fixed assets --net (Note 1--C). . . . . .
Total assets . . . . . . . . . . .
LIABILITIES:
Accounts payable . . . . . . . . . . .
Deposits payable . . . . . . . . . . .
Deferred property taxes. . . . . . . .
General obligation bonds payable .
Payable from Restricted Assets:
Bonds payable - current . . . . . .
Accrued bond interest payable . . .
Bonds payable - long term. . . . . . .
Total liabilities . . . . . . . . .
FUND EQUITY:
Investment in general fixed assets .
Retained earnings . . . . . . . . . .
Contributed capital -- net . . . . . .
Reserve for debt service . . . . . . .
Reserve for replacement funds
Fund balance - undesignated
Total fund equity . . . . . . . . .
Total liabilities and fund equity .
Governmental Fund Types
Special Capital
General Revenue Project
Fund Funds Funds
$ 218,001 $ 18,709 $ 357,429
53,528
48,678
76,592
11,378
5,102
4,761
13,023
$ 431,063 $ 18,709 $ 357,429
$ 7,169
44,500
51,669 $ 0 $ 0
379,394 18,709 357,429
379,394 18,709 357,429
$ 431,063 $ 18,709 $ 357,429
The accompanying notes are an integral part of these statements.
-4-
Proprietary Fund Types Account Groups
Internal General
Enterprise Service Fixed
Funds Fund Assets
$ 123,538 $ _-5,009
170,009
General
Long -Term
$ 480, 000
EXHIBIT I
Totals
(Memorandum
Only)
$ 712,668
53,528
48,678
76,592
11,378
170,009
5,102
4,761
13,023
480,000
291,425 291,425
284,834 284,834
52,785 52,785
2,065,377 64,217 $ 2,285,808 4,415,402
$ 2,987,968 $ 59,208 $ 2,285,808 $ 480,000 $ 6,620,185
$
11,422
52,785
35,000
29,400
870,000
998,607 $ 0
[+,
$ 480,000
$ .8, 591
52,785
44,500
48o, 000
35,000
29,400
870,000
480, 000 1, 530,276
2,285,808 2,285,808
781,284 59,208 840,492
631,818 631,818
284,834 284,834
291,425 291,425
1,989,361 59,208 2, 2855,089,909
755,532
, 808 0 5, 089, 909
$7 2,987,968 $ 59,208 $ 2,285,808 $ 480,000 $ 6,620,185
-5-
CITY OF CHUBBUCK
0"0 111KW�
COMBINED STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
REVENUE:
Taxes . . . . . . . . .
Licenses and permits . .
Court revenue. . . . . .
Refunds . . . . . . . .
Interest . . . . . . . .
Donations . . . . . . .
Grants . . . . . . . . .
Miscellaneous . . . . .
Fire protection service.
Program income .
Total revenue .
EXPENDITURES:
General government . . .
Law enforcement. .
Fire control . . . . . .
Parks and recreation .
Highways and streets . .
Health and welfare . .
Total expenditures
EXCESS REVENUE OR
(EXPENDITURES) .
YEAR ENDED SEPTEMBER 30, 1991
Governmental Fund Types
OTHER FINANCING SOURCES (USES):
Operating transfers in .
Operating transfers out.
EXCESS (SOURCES/USES)
FUND BALANCE - BEGINNING .
-109,629 923 -332,264
14,185
-3,500 -14,180
-95,444 -2,577 -346,444
-440,970
14,185
-17,680
-444,465
481,304 9,001 811,022 1,301,327
FUNDS RECLASSIFIED . . .
Special
Capital
Totals
General
Revenue
Project
(Memorandum
Fund
Funds
Funds
Only)
$ 1,460,590
$ 1,460,590
35,245
35,245
42,534
$ 4, 31 4
46,845
12,132
12,132
34,262
961
$ 39,176
74,399
11,857
11,857
17,254
17,254
10,960
10,960
53,305
53,305
46,296
46,296
1,712,578
5,272
51,033
1,768,883
365,157
4,349
369,506
578,107
578,107
267,911
383,297
651,208
116,657
116,657
485,527
485,527
8,848
8,848
1,822,207
4,349
383,297
2,209,853
OTHER FINANCING SOURCES (USES):
Operating transfers in .
Operating transfers out.
EXCESS (SOURCES/USES)
FUND BALANCE - BEGINNING .
-109,629 923 -332,264
14,185
-3,500 -14,180
-95,444 -2,577 -346,444
-440,970
14,185
-17,680
-444,465
481,304 9,001 811,022 1,301,327
FUNDS RECLASSIFIED . . .
. -6,466
12,285
-107,149
-101,330
FUND BALANCE - ENDING . .
. $ 379,394 $
18,709
$ 357,429 $
755,532
The accompanying notes are an integral part of these statements.
-6-
CITY OF CHUBBUCK
EXHIBIT 3
COMBINED STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
YEAR ENDED SEPTEMBER 30, 1991
OPERATING REVENUE:
Service Charges:
Sanitation . . . . . . . . . . .
Water . . . . . . . . . . . . . .
Sewer . . . . . . . . . . . . . .
Interfund revenue. . . . . . . . . .
Total operating revenues . . . .
OPERATING EXPENSES:
Personnel . . . . . . . . . . . . .
Personnel benefits . . . . . . . . .
Supplies . . . . . . . . . . . . . .
Purchased services . . . . . . . . .
Interfund expenses . . . . . . . . .
Depreciation . . . . . . . . . . . .
Total operating expenses . . . .
Water, Sewer
and Garbage Internal
Enterprise Service
Fund Fund
Totals
$ 239,998
$
239,998
406,338
406,338
564,766
564,766
15,473
74,168
89,641
1,226,575
74,168
1,300,743
337,711
50,281
387,992
137,760
107,149
137,760
155,333
17,796
173,129
322,558
5,322
327,880
26,753
26,753
120,705
3,572
124,277
1,100,820
76,971
1,177,791
OPERATING INCOME (LOSS) . . . . . . . . 125,755 -2,803
NONOPERATING REVENUE (EXPENSES):
Interest income . . . . . . . . . .
Interest expense . . . . . . . . . .
Total nonoperating revenue
(expenses) . . . . . . . . . .
NET INCOME OR (LOSS) . . . . . . . . .
OTHER FINANCING SOURCES (USES):
Transfers from other funds . . . . .
Transfers to other funds . . . . . .
RETAINED EARNINGS, RESERVES:
Balance - Beginning . . . . . . . .
Decrease (increase) in reserves . .
Funds reclassified . . . . . . . . .
RETAINED EARNINGS, RESERVES:
Balance - Ending . . . . . . . . . .
122,952
48,139
48,739
-57,150
-57,150
-8,411
-8,411
117,344 -2,803
114,541
130,953
130,953
-150,953
-150,953
859,721 62,011
921,732
293,329
293,329
107,149
107,149
$ 1,357,543 $ 59,208 $
1,416,751
The accompanying notes are an integral part of these statements.
-7-
CITY OF CHUBBUCK
STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
YEAR ENDED SEPTEMBER 30, 1991
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income or (loss) from (Exhibit 3) . . . . . . . . .
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation . . . . . . . . . . . . . . . . . . . . .
Increase in accounts receivable . . . . . . . . . . .
Increase in accounts payable . . . . . . . . . . . .
Increase in deposits payable . . . . . . . . . . . . .
Increase in accrued interest . . . . . . . . . . . .
Transfer to other funds . . . . . . . . . . . . . . .
Increase in reserves . . . . . . . . . . . . . . . .
Total adjustments . . . . . . . . . . . . . . . .
Net cast; provided by operating
activities . . . . . . . . . . . . . . . . . . .
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets . . . . . . . . . . . . . . . .
EXHIBIT 4
Water, Sewer
and Garbage Internal
Enterprise Service
Fund Fund
$ 117,344 $ -2,803
120,705 3,572
-42,639
3,096
2,011
1,200
-20,000
107,147
171,520 3,572
288,864
-248,988
CASH FLOWS FROM FINANCING ACTIVITIES:
Bond principal payments . . . . . . . . . . . . . . . . -35,000
NET INCREASE (DECREASE) IN CASH
CASH EQUIVALENTS . . . . . . . . . . . . . . . . . . . .
CASH AND CASH EQUIVALENTS AT
September 30, 1990 . . . . . . . . . . . . . . . . . . .
CASH AND CASH EQUIVALENTS AT
September 30, 1991 . . . . . . . . . . . . . . . . . . .
769
n
N
4,876 769
747,706 -5,778
$ 752,582 $ -5,009
The accompanying notes are an integral part of these statements.
CITY OF CHUBBUCK
STATEMENT OF REVENUE AND EXPENDITURES
BUDGET AND ACTUAL
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 1991
REVENUE:
Property taxes . . . . . . . . . . .
Sales tax . . . . . . . . . . . . . .
Inventory phaseout . . . . . . . . . .
Highway users tax . . . . . . . . . .
Liquor tax . . . . . . . . . . . . . .
Road and bridge tax . . . . . . . . .
Franchise taxes . . . . . . . . . . .
Interest on delinquent taxes .
Subtotal . . . . . . . . . . . . .
Police grants . . . . . . . . . . . .
Court revenue . . . . . . . . . . . .
Insurance refund . . . . . . . . . . .
Licenses and permits . . . . . . . . .
Interest . . . . . . . . . . . . . . .
Miscellaneous . . . . . . . . . . . .
Fire Protection Service . . . . . . .
Program income . . . . . . . . . . . .
Total revenue . . . . . . . . . . .
EXPENDITURES:
General Government . . . . . . . . . .
Law enforcement . . . . . . . . . . .
Fire control . . . . . . . . . . . . .
Parks and recreation . . . . . . . . .
Highways and streets . . . . . . . . .
Health and welfare . . . . . . . . . .
EXHIBIT 5
3,500
17,254
Variance
42,534
15,000
Favorable
Budget
Actual
(Unfavorable)
$ 753,717 $
769,139
$ 15,422
262,000
224,038
-37,962
8,000
36,665
28,665
310,000
325,495
15,495
20,000
32,596
12,596
25,000
35,714
10,714
35,000
29,391
-5,609
10,000
7,552
-2,448
1,423,717
1,460,590
36,873
3,500
17,254
40,000
42,534
15,000
12,132
27,150
35,245
15,000
34,262
15,850
10,960
56,000
53,305
44,100
46,296
1,640,317 1,712,578
13,754
2,534
-2,868
8,095
19,262
-4,890
-2,695
2,196
72,261
404,749
365,157
-39,592
531,194
578,107
46,913
266,940
267,911
971
124,131
116,657
-7,474
484,200
485,527
1,327
11,223
8,848
-2,375
Total expenditures . . . . . .
. . 1,822,437
1,822,207
-230
EXCESS REVENUE OR (EXPENDITURES)
--182,120
-109,629
72,491
TRANSFERS TO OTHER FUNDS . . . . . .
. .
TRANSFERS FROM OTHER FUNDS . . . . .
. . 14,120
14,185
65
EXCESS SOURCES (USES) . . . . . . . .
. . $ -168,000 $
-95,444 $
72,556
The accompanying nates are an integral part of these statements.
-9-
CITY OF CHUBBUCK
STATEMENT OF CHANGES IN FIXED ASSETS
ENTERPRISE FUNDS
YEAR ENDED SEPTEMBER 30, 1991
EXHIBIT 6
INTERNAL SERVICE FUND FIXED ASSETS:
Balance at cost - September 30, 1990 . $
Additions:
Equipment . . . . . . . . . . . . $ 0
92,483 $ 92,483
Balance at cost
- September 30, 1991 .
Storage
Land,
Less accumulated
depreciation . . . .
0 28,266
and
Buildings
September 30, 1991 $
0 $ 64,217 $
64,217
Distribution
and
ENTERPRISE FUND FIXED ASSETS:
System
Equipment
Totals
Balance at cost
- September 30, 1990
$ 3,152,929
$ 286,549 $
3,439,478
Additions . . .
. . . . . . . . . . .
248,988
248,988
Deletions . .
. . . . . . . . . . .
24,640
24,640
Balance at cost
- September 30, 1991 .
3,152,929
510,897
3,663,826
Less accumulated
depreciation . . . .
-1,401,313
-197,136
-1,598,449
Balance at net -
September 30, 1991
$ 1,751,616
$ 313,761 $
2,065,377
INTERNAL SERVICE FUND FIXED ASSETS:
Balance at cost - September 30, 1990 . $
Additions:
Equipment . . . . . . . . . . . . $ 0
92,483 $ 92,483
Balance at cost
- September 30, 1991 .
92,483
92,483
Less accumulated
depreciation . . . .
0 28,266
28,266
Balance at net -
September 30, 1991 $
0 $ 64,217 $
64,217
The accompanying notes are an integral part of these statements.
-10-
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1991
(1) A. REPORTING ENTITY
All funds and account groups of the City of Chubbuck as defined by the
National Council on Governmental Accounting Statement #3, are included
in these general purpose financial statements.
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 on a continuing basis 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.
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
-11-
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1991
C. FIXED ASSETS - CONTINUED
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.
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.
All governmental funds are accounted for using the modified accural basis
of accounting. Their revenues are recognized when they are measureable
and available.
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.
-12-
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1991
(1) 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 do 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 TAXES
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.
Due to the very high ratio of property taxes collected to taxes levied,
the City does not make an allowance for uncollectible property taxes.
(2) CHANGES IN GENERAL FIXED ASSETS
A summary of changes in general fixed assets follows:
Description:
Land and buildings .
Construction in
progress . . . .
Machinery and
equipment . . . .
Improvements other
than buildings.
Balance
9-30-90 Acquisitions Deletions
519,335
$ 383,000
1,009,748 95, 179 $ 11,264
289,810
Balance at
9-30-91
$ 519,335
383,000
1,093,663
289,810
Totals . . . . . $ 1,818,893 $ X178,179 $ 11,264 $ 2,285,808
NOTE: Enterprise fund properties are reported separately and are not included
in the above balance at September 30, 1991.
-13-
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1991
(3) GENERAL LONG-TERM DEBT (FIRE STATION BONDS)
Issue of August 1, 1990:
Due
Annual
Date
Principal
Rate
Interest
Total
08/01/92
$ 20,000
9.000%
$ 34,190.00
$ 54,190.00
08/01/93
25:000
8.500%
32,390.00
57,390.00
08/01/94
25,000
8,250%
30,265.00
55,265.00
08/01/95
25,000
7.750%
28,202.50
53,202.50
08/01/96
30,000
6.400%
26,265.00
56,265.00
08/01/97
30,000
6.500%
24,345.00
54,345.00
08/01/98
30,000
6.600%
22,395.00
52,395.00
08/01/99
35,000
6.700%
20,415.00
55,415.00
08/01/00
35,000
6.800%
18,070.00
53,070.00
08/01/01
40,000
6.900%
15,690.00
55,690.00
08/01/02
40,000
6.950%
12,930.00
52,930.00
08/01/03
45,000
7.000%
10,150.00
55,150.00
08/01/04
50,000
7.000%
7,000.00
57,000.00
08/01/05
50,000
7.000%
3,500.00
53,500.00
$ 480,000
$285,807.50
$765,807.50
4) NOTE RECEIVABLE
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 $2441.25 including interest at 10%.
-14-
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1991
(5) RETIREMENT PLAN
All City of Chubbuck eligible employees participate in the statewide
Public Employee Retirement System (PERS), a multiple -employer public
employees retirement system.
All City employees who normally work in excess of 20 hours per week for
a period of at least 5 months or serve as an elected official or an
appointed official of the employer are eligible and required to participate
in PERS if the employer has joined. Employees with 5 years of credited
service may retire at 65 -general membership, 60-police/fireman membership
and 60 -65 -mixed membership. Early retirement with 5 years of credited
service is available to employees at 55 -general membership, 50 -police/
fireman membership and 50 -55 -mixed membership. Retirement benefits are
payable monthly for life. The annual general membership service retirement
allowance accrued equals 1-2/3% of average monthly salary, multiplied by
months of service credited as a general member. For police officers the
percentage is 2%. in addition, there are other retirement options available
for election. Average monthly salary is the monthly average of the highest
consecutive 5 years of salary. Benefits fully vest on reaching 5 years of
membership service. Vested employees may elect to retire upon fulfillment
of a minimum age (early retirement) requirement. PERS also provides death
and disability benefits. Benefits are established by State Statute.
Covered employees are required by State Statute to contribute 5.34% of salary
for general members and 6.40% of salary for police and fireman members to
the plan. The City is required by the same statute to contribute 8.89%
of salary to the plan. The required contributions were made.
The "pension benefit obligation" is a standardized disclosure measure of
the present value of pension benefits, adjusted for the effects of projected
salary increases and step -rate benefits, estimated to be payable in the
future as a result of employee service to date. The measure, which is
the actuarial present value of credited projected benefits, is intended
to help users assess PERS's funding status on a going -concern basis, assess
progress made in accumulating sufficient assets to pay benefits when due,
and make comparisons among PERS and employers. PERS does not make separate
measurements of assets and pension benefit obligation for individual
employers. The actuarial present value of future benefits at June 30,
1990 for PERS as a whole was $ (Unavailable). PERS's actuarial value of
assets available for the benefits on that date were $ (Unavailable) and
the actuarial present value of total future normal costs is $ (Unavailable),
leaving an unfunded pension benefit obligation of $ (Unavailable).
-15-
-16-
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-16-
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1991
(8) CASH ON HAND, IN BANKS, AND INVESTED
CASH BALANCE IN FUNDS:
General . . . . . . . . . . . . . . . . $
218,001
Special revenue . . . . . . . . . . . .
18,709
Capital projects . . . . . . . . . . . .
357,429
Enterprise . . . . . . . . . . . . . . .
752,582
Internal service . . . . . . . . . . . .
-5,009
$ 1,3141,712
CASH ON DEPOSIT:
Petty cash . . . . . . . . . . . . . . .
$ 195
Checking accounts:
General - First Security . . . . . . $
-109,271
Special Revenue - Key Bank . . . . .
55,500
Sewer Capital Improvement - Key Bank
78,771
Fire Bond - Key Bank . . . . . . . .
81
Enterprise Depreciation - Key Bank
79,162
Water Works - Key Bank . . . . . . .
-28,3146
75,898
Investments:
Key Bank - CD . . . . . . . . . . . .
90,697
Key Bank - savings. . . . . . . . . .
100,659
State pool . . . . . . . . . . . . .
621,3614
West One - CD . . . . . . . . . . . .
50,000
First Security Bank - TCD . . . . . .
76,113
Idaho Central Credit Union . . . . .
65,000
Key Bank - CD . . . . . . . . . . . .
21,087
Key Bank - savings . . . . . . . . .
100,271
Key Bank - CD . . . . . . . . . . . .
129,954
Key Bank - CD . . . . . . . . . . . .
9,397
Key Bank - savings . . . . . . . . .
1,077
1,265,619
Total cash in banks . . . . . . . $ 1,341,712
-17-
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1991
(9) SUMMARY OF MATURITIES AND INTEREST ON SEWER REVENUE BONDS BY YEAR
-18-
Interest
Interest
Principal
Due
Due
Due
Total
Year
April 1
October 1
October 1
Due
1991
$ 24,300.00
$ 20,000.00
$ 44,300.00
1992
$ 23,700.00
23,700.00
20,000.00
67,1400.00
1993
23,100.00
23,100.00
20,000.00
66,200.00
1994
22,500.00
22,500.00
20,000.00
65,000.00
1995
21,900. 00
21,900.00
25,000.00
68,800.00
1996
21,150.00
21,150.00
25,000.00
67,300.00
1997
20,400.00
20,400.00
25,000.00
65,800.00
1998
19,650.00
19,650.00
30,000.00
69,300.00
1999
18,750.00
18,750.00
30,000.00
67,500.00
2000
17,850.00
17,850.00
30,000.00
65,700.00
2001
16,950.00
16,950.00
35,000.00
68,900.00
2002
15,900.00
15,900.00
35,000.00
66,800.00
2003
14,850-00
14,850-00
40, 000.00
69,700-00
2004
13,650.00
13,650.00
40,000.00
67,300.00
2005
12,450.00
12,450.00
40,000.00
64,900.00
2006
11,250.00
11,250.00
45,000.00
67,500.00
2007
9,900.00
9,900.00
45,000.00
64,800.00
2008
8,550.00
8,550.00
50,000.00
67,100.00
2009
7,050.00
7,050.00
55,000.00
69,100.00
2010
5,400.00
5,400.00
55,000.00
65,800.00
2011
3,750.00
3,750.00
60,000.00
67,500.00
2012
1,950.00
1,950.00
65,000.00
68,900.00
Totals
$310,650.00
$334,950.00
$810,000.00
$1,455,600.00
-18-
CITY OF CHUBBUCK
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBER 30, 1991
(10) SUMMARY OF MATURITIES AND INTEREST ON WATER REVENUE BONDS BY YEAR
-19-
Interest
Interest
Principal
Due
Due
Due
Year
Numbers
March 1
September 1
September 1
Total Due
1992
32-34
$ 2,850.00
$ 2,850.00
$ 15,000.00
$ 20,700.00
1993
35-38
2,400.00
2,400.00
20,000.00
24,800.00
1994
39-42
1,800.00
1,800.00
20,000.00
23,600.00
1995
43-46
1,200.00
1,200.00
20,000.00
22,400.00
1996
47-50
600.00
600.00
20,000.00
21,200.00
Totals
$ 8,850.00
----------
----------
$ 8,850.00
-----------
-----------
$ 95,000.00
-----------
-----------
$112,700.00
-----------
-----------
-19-
CITY OF CHUBBUCK
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS
SEPTEMBER 30, 1991
Health Police
LID #1 Insurance Training
Fund Fund Fund Total
ASSETS:
Cash . . . . . . . . . . . . . $ 9,398 $ 3,045 $ 6,266 $ 18,709
Total assets . . . . . . . $ 9,398 $ 3,045 $ 6,266 $ 18,709
LIABILITIES:
Total liabilities . . . . . $ 0 $ 0 $ 0 $ 0
FUND EQUITY:
Fund balance . . . . . . . . . 9,398 3,045 6,266
Total fund equity . . . . . 9,398 3,045 6,266
18,709
18,709
Total liabilities and
fund equity . . . . . . $ 9,398 $ 3,045 $ 6,266 $ 18,709
The accompanying notes are an integral part of these statements.
-20-
CITY OF CHUBBUCK
COMBINING STATEMENT OF REVENUE AND EXPENDITURES AND CHANGES IN FUND BALANCE
SPECIAL REVENUE FUNDS
YEAR ENDED SEPTEMBER 30, 1991
The accompanying notes are an integral part of these statements.
-21--
Health
Police
LID #1
Insurance
Training
Fund
Fund
Fund
Total
REVENUE:
Court revenue . . . . . . . .
$ 4,311
$ 4,311
Interest . . . . . . . . . . .
$ 397
$ 259
305
961
Total revenue . . . . . . .
397
259
4,616
5,272
EXPENDITURES:
General government . . . . . .
3,680
669
4,349
Total expenditures
0
3,680
669
4,349
EXCESS REVENUE OR (EXPENDITURES).
397
-3,421
3,947
923
OTHER FINANCING SOURCES (USES):
Operating transfers out
-3,500
-3,500
EXCESS (SOURCES/USES)
397
-3,421
447
-2,577
FUND BALANCE - BEGINNING
9,001
9,001
RECLASSIFIED . . . . . . . . . .
6,466
5,819
12,285
FUND BALANCE - ENDING . . . . . .
$ 9,398
$ 3,045
$ 6,266
$ 18,709
The accompanying notes are an integral part of these statements.
-21--
CITY OF CHUBBUCK
COMBINING BALANCE SHEET
CAPITAL PROJECT FUNDS
SEPTEMBER 30, 1991
ASSETS:
Cash . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . .
LIABILITIES:
Total liabilities . . . . . . . . .
FUND EQUITY:
Fund balance . . . . . . . . . . . . .
Total fund equity . . . . . . . . .
Total liabilities and fund equity .
Road
Capital Parks Fire
Projects #2 Station
Fund Fund Fund
$ 158,572 $ 42,568 $ 152,668
$ 158,572 $ 42,568 $ 152,668
$ 0 $ 0 $ 0
158,572 42►568 152,668
158,572 42,568 152,668
$ 158,572 $ 42,568 $ 152,668
The accompanying notes are an integral part of these statements.
-22-
Fire
Parks Control
Dedicated Improvement
Fund Fund Total
$ 3,621 $ 0 $ 357,429
$ 3,621 $ 0 $ 357,429
$ 0 $ 0 $ 0
3,621 0 357,429
3,621 0 357,429
$ 3,621 $ 0 $ 357,429
--------------------------------
-23-
CITY OF CHUBBUCK
COMBINING STATEMENT OF REVENUE AND EXPENDITURES
CAPITAL PROJECT FUNDS
YEAR ENDED SEPTEMBER 30, 1991
REVENUE:
Interest . . . . . . . . . . . . . . . . . $
Donations . . . . . . . . . . . . . . . .
Total revenue . . . . . . . . . . . . .
EXPENDITURES:
Public safety . . . . . . . . . . . . . .
Total expenditures . . . . . . . . . .
EXCESS REVENUE OR (EXPENDITURES). . . . . . .
OTHER FINANCING SOURCES (USES):
Operating transfers in . . . . . . . . . .
Operating transfers out . . . . . . . . .
Road
Capital
Project
Fund
Parks Fire
#2 Station
7,613 $ 2,152 $ 29,217
11,857
7,613 14,009 29,217
383,297
0 0 383,297
7,613 14,009 -354,080
EXCESS (SOURCES/USES) . . . . . . . . . . . . 7,613 14,009 -354,080
FUND BALANCE - BEGINNING . . . . . . . . . . 150,959 28,559 506,748
FUND BALANCE - ENDING . . . . . . . . . . . . $ 158,572 $ 42,568 $ 152,668
The accompanying notes are an integral part of these statements.
-24-
Fire
Parks Control
Dedicated Improvement
Fund Fund Total
$ 194 $ 39,176
11,857
194 $ 0 51,033
383,297
0 0 383,297
194 -332,264
-14,180 -14,180
194 -14,180 -346,444
3,427 14,180 703,873
$ 3,621 $ $ 357,429
-25-
CITY OF CHUBBUCK
COMBINING BALANCE SHEET
ENTERPRISE FUNDS
SEPTEMBER 30, 1991
Utilities
Fund
ASSETS:
Cash . . . . . . . . . . . . . . . . . . . $ 123,538
Receivables:
Accounts . . . . . . . . . . . . . . . 170,009
Restricted Cash:
Replacement fund . . . . . . . . . . .
Bond and interest reserves . . . . . . 78,765
Water meter deposits . . . . . . . . . 52,785
Fixed assets . . . . . . . . . . . . . . . 3,663,826
Accumulated depreciation . . . . . . . -1,598,449
Water
Depreciation Bond
Reserve Reserve
Fund Fund
$ 175,524
$ 76,114
Total assets . . . . . . . . . . . . . $ 2,490,474 $ 175,524 $ 76,114
LIABILITIES:
Accounts payable . . . . . . . . . . . . . $ 11,422
Deposits payable . . . . . . . . . . . . . 52,785
Payable from Restricted Assets:
Bonds payable - current . . . . . . . . 35,000
Accrued bond interest payable . . . . . 29,400
Bonds payable - long term . . . . . . . . 870,000
Total liabilities . . . . . . . . . . . 998,607 $ 0 $ 0
FUND EQUITY:
Retained earnings . . . . . . . . . . . . 781,284
Contributed capital . . . . . . . . . . . 942,038
Accumulated depreciation . . . . . . . . . -310,220
Reserve for debt service . . . . . . . . . 78,765 76,114
Reserve for replacement fund . . . . . . . 175,524
Total fund equity . . . . . . . . . . . 1,491,867 175,524 76,114
Total liabilities and fund equity . . . $ 2,490,474 $ 175,524 $ 76,114
The accompanying notes are an integral part of these statements.
-26-
$ i23,538
170,009
$ 115,901 291,425
$ 129,955 284,834
52,785
3,663,826
-1, 598, 449
$ 129,955 $ 115,901 $ 2,987,968
$ 0 $ 0
129,955
$ 11,422
52,785
35,000
29,400
870,000
998,607
781,284
942,038
-310,220
284,834
115,901 291,425
129,955 115,901 1,989,361
$ 129,955 $ 115,901 $ 2,987,968
-----------------------------------
-27-
Sewer
Sewer
Repairs
Bond
and
Reserve
Replacement
Fund
Fund Total
$ i23,538
170,009
$ 115,901 291,425
$ 129,955 284,834
52,785
3,663,826
-1, 598, 449
$ 129,955 $ 115,901 $ 2,987,968
$ 0 $ 0
129,955
$ 11,422
52,785
35,000
29,400
870,000
998,607
781,284
942,038
-310,220
284,834
115,901 291,425
129,955 115,901 1,989,361
$ 129,955 $ 115,901 $ 2,987,968
-----------------------------------
-27-
CITY OF CHUBBUCK
COMBINING STATEMENT OF REVENUE, EXPENSES, AND
CHANGES IN RETAINED EARNINGS AND RESERVES
ENTERPRISE FUNDS
YEAR ENDED SEPTEMBER 30, 1991
Water
Depreciation_ Bond
Utilities Reserve Reserve
Fund Fund Fund
OPERATING REVENUE:
Service Charges:
Sanitation . . . . . . . . . . . . . . $ 239,998
Water . . . . . . . . . . . . . . . . . 406,338
Sewer . . . . . . . . . . . . . . . . . 564,766
Interfund revenue . . . . . . . . . . . . 15,1473
Total operating revenue . . . . . . . . 1,226,575 $ 0 $ 0
OPERATING; EXPENSES:
Personnel . . . . . . . . . . . . .
. . . 337,711
Personnel benefits . . . . . . . . .
. . . 137,760
Supplies . . . . . . . . . . . . . .
. . . 155,333
Purchased services . . . . . . . . .
. . . 322,558
Interfund expenses . . . . . . . . .
. . . 26,753
Depreciation . . . . . . . . . . . .
. . . 120,705
Total operating expenses . . . .
. . . 1,100,820 0 0
OPERATING INCOME . . . . . . . . . . .
. . . 125,755 0 0
NONOPERATING REVENUE (EXPENSES):
Interest income . . . . . . . . . . . . . 16,173 9,715 4,911
Interest expense . . . . . . . . . . . . . -57,150
Total nonoperating revenue (expenses) -40,977 9,715 4,911
NET INCOME . . . . . . . . . . . . . . . . . 84,778 9,715 4,911
OTHER FINANCING SOURCES (USES):
Transfers from other funds . . . . . . . . 51,813 79,140
Transfers to other funds . . . . . . . . . -79,140 -71,813
RETAINED EARNINGS - RESERVES:
Balance - Beginning . . . . . . . . . . . 509,269 158,482 71,203
Decrease (increase) in reserves . . . . . 293,329
Fund reclassified . . . . . . . . . . . .
RETAINED EARNINGS - RESERVES:
Balance - Ending . . . . . . . . . . . . . $ 860,0149 $ 175,524 $ 76,114
----------- ------------ -----------
The accompanying notes are an integral part of these statements.
-28-
Sewer
Sewer Repairs
Bond and
Reserve Replacement
Fund Fund To'tai
$ 239,998
406,338
564,766
15,473
0 $ 0 1,226,575
0
0
337,711
137,760
155,333
322,558
26,753
_
120,705
0 1,100,820
0 125,755
9,188 8,752 48,739
-57,150
9,188 8,752 -8,411
9,188 8,752 117,344
130,953
-150,953
120,767 859,721
293,329
107,149 107,149
$ 129,955 $ 115,901 $ 1,357,543
-29-
CITY OF CHUBBUCK
NINE YEAR SUMMARY OF TAX LEVIES
SEPTEMBER 30, 1991
Year of
Levy 1)
Value
Levy
Tax
1982
$ 125,878,960
.003471
$ 437,756
1983
110,367,077*
.004074
452,173
1984
119,520,105*
.004051
484,489
1985
121,985,145*
.004322
528,969
1986
124,887,711*
.004769
599,487
1987
125,907,871*
.005013
633,689
1988
125,858,250*
.005089
640,493
1989
125,917,949*
.005295
688,999
1990
124,789,912*
.006040
767,051
* Net of home owners exemption.
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.
-30-
Jk
Jones, Yost & Hatt
CERTIFIED PUBLIC ACCOUNTANTS
P.O. BOX 4987
SCOTT N. JONES, CPA — Partner Pocatello, Idaho 83205
KENT L. YOST, CPA, JD — Partner
MORGAN J. HATT, CPA — Partner
Honorable Mayor and Members of the
City Council
City of Chubbuck, Idaho
Independent Auditor's Report
MEMBERS OF
American Institute of
Certified Public Accountants
Idaho Society of
Certified Public Accountants
Compliance Report Based on an Audit of General Purpose Financial Statements
Performed in Accordance With Government Auditing Standards
We have audited the general purpose financial statements of the City
of Chubbuck, Idaho, as of and for the year ended September 30, 1991, and
have issued our report thereon dated February 26, 1992.
We conducted our audit in accordance with generally accepted auditing
standards and 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 general purpose financial
statements are free of material misstatement.
Compliance with laws, regulations, and contracts, applicable to the City
of Chubbuck, Idaho, is the responsibility of City management. As part of obtaining
reasonable assurance about whether the general purpose financial statements
are free of material misstatement, we conducted tests of the City's compliance
with certain provisions of laws, regulations, and contracts. However, our
objective was not to provide an overall compliance with such provisions.
The results of our tests indicate that, with respect to the items tested,
the City of Chubbuck, Idaho, complied, in all material respects, with the provisions
referred to in the preceding paragraph. With respect to items not tested,
nothing came to our attention that caused us to believe that the City had not
complied, in all material respects, with those provisions.
This report is intended for the information of the City of Chubbuck, and
its Federal audit cognizant agency. This restriction is not intended to limit
the distribution of this report, which is a matter of public record.
JONES, T & HATT
Pocatello, Idaho,
February 26, 1992.
416 SOUTH 4TH AVENUE • P.O. BOX 4987 • POCATELLO, IDAHO 83205 • PHONE 20812335000
Jk
!tl Jones, Yost & Hatt
CERTIFIED PUBLIC ACCOUNTANTS
P.O. BOX 4987 MEMBERS OF
SCOTT N. JONES, CPA — Partner Pocatello, Idaho 83205 American Institute of
KENT L. YOST, CPA, JD — Partner Certified Public Accountants
MORGAN J. HATT, CPA — Partner Idaho Society of
Certified Public Accountants
Honorable Mayor and Members of the
City Council
City of Chubbuck, Idaho
Independent Auditor's Report
Report on Internal Control Structure in Accordance With Government Auditing
Standards
We have audited the general purpose financial statements of the City
of Chubbuck, Idaho, as of and for the year ended September 30, 1991, and
have issued our report thereon dated February 26, 1992.
We conducted our audit in accordance with generally accepted auditing
standards and 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 general purpose financial
statements are free of material misstatement.
In planning and conducting our audit of the general purpose financial
statements of the City of Chubbuck, Idaho, for the year ended September 30, 1991,
we considered its internal control structure in order to determine our auditing
procedures for the purpose of expressing our opinion on the general purpose
financial statements and not to provide assurance on the internal control
structure.
Management of the City of Chubbuck, Idaho, is responsible for establishing
and maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected benefits
and related costs of internal control structure policies and procedures. The
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition, and that transactions are executed
in accordance with management's authorization and recorded properly to permit
the preparation of general purpose financial statements in accordance with
generally accepted accounting principles. Because of inherent limitations in
any internal control structure, errors or irregularities may nevertheless
occur and not be detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that procedures may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation of policies and procedures may deteriorate.
For the purpose of this report, we have classified significant internal
control structure policies and procedures in the following categories.
Cash Expenditures
Payroll Fixed Assets
Budgets Purchasing
Revenues
416 SOUTH 4TH AVENUE • P.O. BOX 4987 • POCATELLO, IDAHO 83205 • PHONE 2081233-5000
r
11,
Honorable Mayor and Members of the
City Council
Page 2
For all of the internal control structure categories listed above, we
obtained an understanding of the design of relevant policies and procedures
and whether they have been placed in operation, and we assessed control risk.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a reportable condition in which the
design or operation of one or more of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the general
purpose financial statements being auditing 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 structure and
its operation that we consider to be material weaknesses as defined above.
This report is intended for the information of the City of Chubbuck
and its Federal audit cognizant agency. This restriction is not intended
to limit the distribution of this report, which is a matter of public record.
ONES, 7-& HA'TT "
Pocatello, Idaho,
February 26, 1992.
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