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Home My WebLink About1987CITY OF CHUBBUCK, IDAHO ANNUAL FINANCIAL REPORT WITH AUDITED FINANCIAL STATEMENTS SEPTEMBER 30, 1987 6-� 1" �A�' a� — h Jones, Yost & Hatt CERTIFIED PUBLIC ACCOUNTANT$ POCATELLO, IDAHO CITY OF CHUBBUCK, IDAHO ANNUAL FINANCIAL REPORT WITH AUDITED FINANCIAL STATEMENTS SEPTEMBER 30, 1987 I' CITY OF CHUBBUCK ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 1987 TABLE OF CONTENTS FINANCIAL SECTION Auditor's Opinion Exhibit Combined Statements - (Audited): Combined Balance Sheet - All Fund Types and Account Groups . . . . . 1 Combined Statement of Revenues, Expenditures, and Changes in Fund Balance - All Governmental Fund Types . . . . . . . . . . . . . . 2 Combined Statement of Revenues, Expenses, and Changes in Retained Earnings - All Proprietary Fund Types . . . . . . . . . . . . . . 3 Combined Statement of Changes in Financial Position - All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . 4 Notes to Financial Statements Financial Statements of Individual Funds - (Audited): Statement/ Schedule General Fund: Statement of Revenues and Expenditures - Budget and Actual (Cash Basis) . . . . . . . . . . . . . . . . A Enterprise Funds: Statement of Changes in Fixed Assets . . . . . . . . . . . . . . B SUPPORTING SUMMARIES AND SCHEDULES Schedule Cash and Investment Summaries: Cash on Hand, in Banks and Invested . . . . . . . . . . . . . . . 1 Statistical Section: Table Summary of Maturities and Interest on Sewer Revenue Bonds by Year - Issue of October 1, 1972 . . . . . . . . . . . . . . . . 1 Summary of Maturities and Interest on Water Revenue Bonds by Year - Issue of September 1, 1976 . . . . . . . . . . . . . . 2 Five Year Summary of Tax Levies . . . . . . . . . . . . . . . . . 3 Letter on Internal Control Letter on Compliance Jk !tl Jones, Yost & Hatt CERTIFIED PUBLIC ACCOUNTANTS SCOTT N. JONES, CPA — Partner P.O. BOX 4987 KENT L. YOST, CPA, JD — Partner Pocatello, Idaho 83205 MORGAN J. HATT, CPA — Partner Honorable Mayor and Members of the City Council City of Chubbuck, Idaho. MEMBERS OF American Institute of Certified Public Accountants Idaho Society of Certified Public Accountants We have examined the combined financial statements of the City of Chubbuck and its individual fund financial statements as of and for the year ended September 30, 1987, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards, and accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the combined financial statements present fairly the financial position of the City of Chubbuck at September 30, 1987, and the results of its operations and the changes in financial position of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole and on the individual fund financial statements. The accompanying financial information listed as supporting schedules in the table of contents is presented for purposes of additional analysis and is not a required part of the combined financial statements of the City of Chubbuck. This information has been subjected to the auditing procedures applied in the examination of the combined and individual fund financial statements and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. JOKES; ST & HATT Pocatello, Idaho, November 20, 1987. 416 SOUTH 4TH AVENUE 0 P.O. BOX 4987 • POCATELLO, IDAHO 93205 • PHONE 2081233-5000 CITY OF CHUBBUCK COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1987 ASSETS: Cash in bank . . . . . . . . . . . . . Cash invested . . . . . . . . . . . . Receivables: Property taxes (Note 1-H) . . . . . State sales tax . . . . . . . . . . Highway users' tax . . . . . . . . Other Accounts (Note 1-A) . . State liquor tax. . . . . . . . . . Due from General Fund . . . . . . . Assessments Receivable . . . . . . . Amount to be provided for capital leases . . . . . . . . . . . . . . Restricted Assets: Bond reserve . . . . . . . . . . . Water meter deposits . . . . . . . Fixed assets (Note 1-B) . . . . . . . Total assets . . . . . . . . . . . LIABILITIES: Personal services, taxes and benefits. Accounts payable . . . . . . . . . . . Due to Enterprise Funds . . . . . . . Deposits payable . . . . . . . . . . . Deferred revenue . . . . . . . . . . . Capital leases 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 . . . . . . . . . Reserve for debt service . . . . . . . . . . . Fund balance - undesignated . . . . . Total fund equity . . . . . . . . . Total liabilities and fund equity . Governmental Fund Types _ Capital Special General Projects Assessments Fund Fund Fund $ 33,954.14 $ 6,561.39 $ 9,995.01 30,000.00 213,716.34 74,579.68 44,541.47 60,416.32 3,300.52 5,357.00 7,854.32 $252,149.13 $220,277.73 $ 17,849.33 $ 36,135.51 15,991.01 49,589.15 $ 6,601.90 10,000.00 148.75 101,715.67 $ .00 16,750.65 150,433.46 220,277.73 1,098.68 150,433.46 220,277.73 1,098.68 $252,149.13 $220,277.73 $ 17,849.33 The accompanying notes are an integral part of these statements. EXHIBIT 1 Proprietary Fund Types Account Groups Internal General General Totals Enterprise Service Fixed Long -Term (Memorandum Fund Fund Assets Debt Only) $ -17,209.64 _ $ 162.77 $ 33,463.67 250,000.00 493,716.34 '124,778-16 15,991.01 $126,570.08 74,579.68 44,541.47 60,416.32 3,300.52 124,778.16 5,357.00 15,991.01 7,854.32 126,570.08 172,225.50 172,225.50 39,875.00 39,875.00 2,244,196.08 73,514.93 $1,535,692.01 3,853,403.02 $2,829,856.11 $ 73,677.70 $1,535,692.01 $126,570.08 $5,056,072.09 $ 5,879.55 $ 535.11 24,019.13 689.82 39,875.00 $126,570.08 $ 6,414.66 60,844.46 15,991.01 39,875.00 56,191.05 126,570.08 30,000.00 40,000.00 30,412.50 30,561.25 985,000.00 985,000.00 1,115,186.18 1,224.93 $ .00 126,570.08 1,361,447.51 1,535,692.01 600,405.95 72,452.77 942,038.48 172,225.50 1,714,669.93 72,452.77 1,535,692.01 1,535,692.01 672,858.72 942,038.48 172,225.50 _ 371,809.87 .00 3,694,624.58 $2,829,856.11 $ 73,677.70 $1,535,692.01 $126,570.08 $5,056,072.09 CITY OF CHUBBUCK EXHIBIT 2 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES YEAR ENDED SEPTEMBER 30, 1987 Governmental Fund Types The accompanying notes are an integral part of these statements. Capital Special Totals General Projects Assessments (Memorandum REVENUES: Fund Fund Fund Only) Taxes . . . . . . . . . $1,045,275.86 $ 1,045,275.86 Licenses and permits . . 26,463.00 26,463.00 Fines . . . . . . . . . 18,791.10 18,791.10 Service charges . . . . 82,598.94 82,598.94 Grant . . . . . . . . . 3,730.00 3,730.00 Revenue sharing . . . . 1,384.00 1,384.00 Interest . .. . 14,396.72 $ 10,660.53 $ 1,391.80 26,449.05 Annual installments . . 11,947.03 11,947.03 Miscellaneous. . . . . . 24,493.52 311.00 24,804.52 Total revenues . . 1,217,133.14 10,971.53 13,338.83 1,241,443.50 EXPENDITURES: General government . . . 268,636.58 268,636.58 Public safety . . . . . 631,032.85 631,032.85 Parks and recreation 112,156.68 112,156.68 Highways and streets 230,457.12 20,743.00 251,200.12 Interest . . . . . . . . 1,041.25 1,041.25 Total expenditures 1,242,283.23 20,743.00 1,041.25 1,264,067.48 EXCESS REVENUES OR (EXPENDITURES) . . . . . -25,150.09 -9,771.47 12,297.58 -22,623.98 OTHER FINANCING SOURCES (USES): Operating transfers in . 7,500.00 7,500.00 EXCESS REVENUE OR (EXPENDITURES/USES) -25,150.09 -2,271.47 12,297.58 -15,123.98 FUND BALANCE - BEGINNING. . 175,583.55 222,549.20 -11,198.90 386,933.85 FUND BALANCE - ENDING . . . $ 150,433.46 $220,277.73 $ 1,098.68 $ 371,809.87 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 1987 OPERATING. REVENUES: Service Charges: Sanitation . . . . . . . . . . . Water . . . . . . . . . . . . . . Sewer . . . . . . . . . . . . . . Interfund revenue. . . . . . . . . . Total operating revenues . . . . OPERATING EXPENSES: Personnel . . . . . . . . . . . . . Personnel benefits . . . . . . . . . Supplies . . . . . . . . . . . . . . Contractual services . . . . . . . . Depreciation . . . . . . . . . . . . Interfund expenses . . . . . . . . . Total operating expenses . . . . OPERATING INCOME (LOSS) . . . . . . . . NONOPERATING REVENUES (EXPENSES): Interest income . . . . . . . . . . Interest expense . . . . . . . . . . Total nonoperating revenues (expenses) . . . . . . . . , NET INCOME OR (LOSS) . . . . . . . . . OTHER FINANCING SOURCES: Operating transfers (out). . . . . . RETAINED EARNINGS: Balance - Beginning . . . . . . . . Decrease (increase) in reserves RETAINED EARNINGS: Balance - Ending . . . . . . . . . . EXHIBIT 3 Water, Sewer and Garbage Internal Enterprise Service Fund Fund Totals $ 201,735.98 32,312.75 $ 201,735.98 317,017.11 -29,394.04 317,017.11 316,065.45 316,065.45 $ 82,514.00 82,514.00 834,818.54 82,514.00 917,332.54 350,677.68 43,395.01 394,072.69 124,360.27 124,360.27 14,654.17 6,680.29 21,334.46 337,798.00 9,686.26 347,484.26 111,554.55 2,661.45 114,216.00 24,752.00 24,752.00 963,796.67 62,423.01 1,026,219.68 -128,978.13 20,090.99 -108,887.14 32,312.75 32,312.75 -61,706.79 -61,706.79 -29,394.04 -29,394.04 -158,372.17 20,090.99 -138,281.18 -7,500.00 -7,500.00 778,881.71 52,361.78 831,243.49 -12,603.59 -12,603.59 $ 600,405.95 $ 72,452.77 $ 672,858.72 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 1987 Water, Sewer and Garbage Enterprise SOURCES OF WORKING CAPITAL: Fund Operations: Net income . . . . . . . . . . . . . . Depreciation . . . . . . . . . . . . . $ 111,554.55 Nonoperations: Interest . . . . . . . . . . . . . . . 32,312-75 Total sources of working capital . . . 143,867.30 Internal Service V—A EXHIBIT 4 Totals $20,090.99 $ 20,090.99 2,661.45 114,216.00 32,312.75 22,752.44 - -166,619.74 USES OF WORKING CAPITAL: IN WORKING CAPITAL: Cash. • . . . . . . . . . . . . . . . . Operations: $18,860.24 $ -123,272.28 Water Meter deposits . . . . . . . . . . . 3,245.00 Net loss . . . . . . . . . . . . . . . 128,978.13 128,978.13 Acquisition of fixed assets . . . . . . 51,569.78 2,655.38 54,225.16 Retirement of long-term debt . . . . . 30,000.00 30,000.00 Nonoperation Uses: . . 881.25 881.25 Interest . . -3,245.00 61,706.79 61,706.79 Operating transfers out 7,500.00 7,500.00 Total uses of working capital 279,754.70 2,655.38 282,410.08 NET INCREASE (DECREASE) IN WORKING CAPITAL. $ -135,887.40 $20,097.06 $ -115,790.34 ELEMENTS OF NET INCREASE (DECREASE) IN WORKING CAPITAL: Cash. • . . . . . . . . . . . . . . . . . . $ -142,132.52 $18,860.24 $ -123,272.28 Water Meter deposits . . . . . . . . . . . 3,245.00 3,245.00 Accounts receivable . . . . . . . . . . . -1,380.74 -1,380.74 Due from General Fund . . . . . . . . . . -15,991.01 -15,991.01 Personnel, taxes & benefits payable . . . 6,698.80 1,163.69 7,862.49 Accounts payable . . . . . . . . . . . . . 16,036.82 73.13 16,109.95 Interest payable . . . . . . . . . . . . . 881.25 881.25 Water Meter deposits . . . . . . . . . . . -3,245.00 -3,245.00 NET INCREASE (DECREASE) IN WORKING CAPITAL. $ -135,887.40 $20,097.06 $ -115,790.34 The accompanying notes are an integral part of these statements. ri CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1987 (1) A. 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. B. 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 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1987 (1) B. FIXED ASSETS -- CONTINUED 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. The account group is not a "fund." measurement of financial position. of results of operations. C. BASIS OF ACCOUNTING It is concerned only with the It is not involved with measurement 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 earned. 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. D. BUDGETS AND BUDGETARY ACCOUNTING The City follows budgeting procedures as outlined in the Idaho State Code. E. 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. CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1987 (1) F. 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. G. 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. 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 . . . . . Street improvements . . . . Plant machinery and equipment . . . . . . . . Improvements other than buildings. . . . . . Balance 9-30-86 $ 499,335.34 11,264.00 Acquisitions 675,233.48 $ 64,185.89 Balance at 9-30-87 $ 499,335.34 11,264.00 739,419.37 278,357.00 7,316.30 285,673.30 Totals . . . . . . . . . $1,464,189.82 $ 71,502.19 $1,535,692.01 NOTE: Enterprise fund properties are reported separately and are not included in the above balance at September 30, 1987. CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1987 (3) LONG-TERM DEBT (ENTERPRISE FUND): The annual requirements to amortize long-term debt as of September 30, 1987, are as follows: Year Ending September 30 1988 $ 30,000.00 1989 30,000.00 1990 35,000.00 1991 35,000.00 1992 35,000.00 1993 400000.00 1994 40,000.00 1995 45,000.00 1996 45,000.00 1997 25,000.00 1998 30,000.00 1994 30,000.00 2000 30,000.00 2001 35,000.00 2002 35,000.00 2003 40,000.00 2004 40,000.00 2005 40,000.00 2006 45,000.00 2007 45,000.00 2008 50,000.00 2009 55,000.00 2010 55,000,00 2011 60,000.00 2012 65,000.00 $1,015,000.00 (4) OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES Generally accepted accounting principles require disclosure, as part of the Combined Statements - Overview, of certain information concerning individual funds as follows: A. Summary of disclosures of debt service requirements to maturity for all types of outstanding debt. This requirement is met by Note (3)- B. Summary of disclosures of changes in general fixed assets by major asset class. This requirement is met by note (2). CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1987 (4) RETIREMENT COMMITMENTS The City contributed this year to the State Employee Retirement System its share of employees' contributions. The City has no further liability to this system. Future deficits would be financed by the State. Data concerning the actuarial status of the system are not available. Ca W Z H H 2 O U H Z W W H a U) a d H U d z Hr_ W U H v� W 0 z N Ld rn 0 m FG 14 C14 W H C). W U] CO cr, O +— co CID CyN (3,� 6�01M01� A � ro cd aS N Q) v Qi C=a I . IT4 fz. {g 1-69- 0 y} U H v O C� +-3 v " U •r -I � s, ro U S, aA 44 Q) ro ca a ro U i. v E Q M co v I 0 EQ r 4-3 C-4 M O w O w 1 ra a N N N N N OD it In Ln Ln Ln O IE 4-3 . • • • I! N N N N C. 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U-) k -D LO 1 II — I k !I u • In tko ,, s vl co td N p, .Sll e • U vi 1 O d Co m cd Ch �D • • r -I N CC) I'D b CO ON CA S". !~ fT I H CT [d •� I r -f Q) u) b a) c O r -I O p C-) a) O O > s0 (n cd a) tip ri •ri c3 > s. -1 L H .0 (1) a) > s. -r-I (3) ca r1 w H 0 m (1) p U) O r! ca a5 m�o 0 L u) U r-! 4-) L. C) $ (1) a) O a) O N a) S. t.. H L U H L. r� H CC]C u1 D) D O m . • cd CR a) (1) C/] "o L'[ r co U U (1) U) k CO U) x ca O+ a) cd F� H H CITY OF CHUBBUCK STATEMENT OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL GENERAL FUND YEAR ENDED SEPTEMBER 30, 1987 REVENUES: Taxes: Property taxes . . . . . . . . . . Sales tax . . . . . . . . . . . . . Highway users tax . . . . . . . . . Liquor tax . . . . . . . . . . . . Road and bridge tax . . . . . . . . Franchise taxes . . . . . . . . . . Interest on delinquent taxes . . . Subtotal taxes . . . . . . . . . . Revenue sharing . . . . . . . . . . . Service charges . . . . . . . . . . . Licenses and permits . . . . . . . . . Fines . . . . . . . . . . . . . . . . Interest . . . . . . . . . . . . . . . Miscellaneous . . . . . . . . . . . . Grant . . . . . . . . . . . . . . . . Total revenues . . . . . . . . . . EXPENDITURES: Budget $ 595,473-00 107,000.00 195,000.00 23,812.00 28,000.00 30,800.00 6.000.00 Actual $ 612,523.10 137,300.09 211,058.49 17,263.00 31,379.70 30,041.92 5,709.56 986,085.00 1,045,275.86 83,605.00 1,384.00 70,850.00 82,598.94 33,150.00 26,463.00 35,000.00 18,791.10 15,000.00 14,396.72 365,000.00 24,493.52 3,730.00 1,588,690.00 1,217,133.14 General Government . . . . . . . . . . 475,746.00 Public safety . . . . . . . . . . . . 745,543.00 Parks and recreation . . . . . . . . . 116,650.00 Highways and streets . . . . . . . . 278,082.00 Total expenditures . . . . . . . . EXCESS REVENUE OR (EXPENDITURES). . . . . 268,636.58 631,032.85 112,156.68 230,457.12 STATEMENT A Variance Favorable (Unfavorable) $ 17,050.10 30,300.09 16,058.49 -6,549.00 3,379.70 -758.08 -290.44 -82,221.00 11,748.94 -6,687.00 -16,208.90 -603.28 -340,506.48 3,730.00 -371,556.86 207,109.42 114,510.15 4,493.32 47.624.88 1,616,021.00 1,242,283.23 373,737.77 $ -27,331.00 $ -25,150.09 $ 2,180.91 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK STATEMENT OF CHANGES IN FIXED ASSETS ENTERPRISE FUNDS YEAR ENDED SEPTEMBER 30, 1987 ENTERPRISE FUND FIXED ASSETS: Balance at cost - September 30, 1986 . Additions: Equipment & land . . . . . . . . . STATEMENT B Storage Land, and Buildings Distribution and System Equipment Totals $ 3,152,929.00 $ 154,686.00 $ 3,307,615.00 51,569.78 51,569.78 Balance at cost - September 30, 1987 . 3,152,929.00 206,255.78 3,359,184.78 Less accumulated depreciation . . . . -1,045,465.84 -69,522.86 -1,114,988.70 Balance at net - September 30, 1987 $ 2,107,463.16 $ 136,732.92 $ 2,244,196.08 INTERNAL SERVICE FUND FIXED ASSETS: Balance at cost - September 30, 1986 . Additions: Equipment . . . . . . . . . . . . Balance at cost - September 30, 1987 . Less accumulated depreciation . . . . Balance at net - September 30, 1987. . $ 85,771.00 $ 85,771.00 2,655.38 2,655.38 88,426.38 88,426.38 -14,911.45 -14,911.45 $ .00 $ 73,514.93 $ 73,514.93 The accompanying notes are an integral part of these statements. CITY OF CHUBBBUCK CASH ON HAND, IN BANKS, AND INVESTED SEPTEMBER 30, 1987 SCHEDULE 1 CASH ON DEPOSIT: Idaho Bank & Trust: Checking accounts . . . . . . . . . . . . . $ 91,434.69 INVESTMENTS: Idaho Bank & Trust - time certificates . . . . $474,219.70 Idaho Bank & Trust - savings . . . . . . . . . 16,896.79 Idaho Central Credit Union . . . . . . . . . . 25.00 First Security Bank - time certificates . . . 156,704,33 647,845.82 Total cash in bank and invested at September 30, 1987 . . . . . . . . . . . . $739,280.51 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK TABLE 1 SUMMARY OF MATURITIES AND INTEREST ON SEWER REVENUE BONDS BY YEAR SEPTEMBER 30, 1987 The accompanying notes are an integral part of these statements. Interest Interest Principal Due Due Due Total Year April 1 October 1 October 1 Due 1988 $ 25,800.00 $ 25,800.00 $ 15,000.00 $ 66,600.00 1989 25,350.00 25,350.00 15,000.00 65,700.00 1990 24,900.00 24,900.00 20,000.00 69,800.00 1991 24,300.00 24,300.00 20,000.00 68,600.00 1992 23,700.00 23,700.00 20,000.00 67,400.00 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 $411,000.00 $411,000.00 $860,000.00 $1,682,000.00 The accompanying notes are an integral part of these statements. CITY OF CHUBBUCK TABLE 2 SUMMARY OF MATURITIES AND INTEREST ON WATER REVENUE BONDS BY YEAR SEPTEMBER 30, 1987 Principal due September 1 $ 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 20,000.00 20,000.00 20,000.00 20,000.00 $155,000.00 The accompanying notes are an integral part of these statements. Total Due $ 24,225.00 23,362.50 22,500.00 21,600.00 2.0, 700.00 24,800.00 23,600.00 22,400.00 21,200.00 $204,387.50 Interest Interest due due Year Numbers March 1 September 1 1988 20-22 $ 4,612.50 $ 4,612.50 1989 23-25 4,181.25 4,181.25 1990 26--28 3,750-00 3,750.00 1991 29-31 3,300.00 3,300.00 1992 32-34 2,850.00 2,850.00 1993 35--38 2,400.00 2,400.00 1994 39-42 1,800.00 1,800.00 1995 43-46 1,200.00 1,200.00 1996 47-50 600.00 600.00 Totals $24,693.75 $ 24,693.75 Principal due September 1 $ 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 20,000.00 20,000.00 20,000.00 20,000.00 $155,000.00 The accompanying notes are an integral part of these statements. Total Due $ 24,225.00 23,362.50 22,500.00 21,600.00 2.0, 700.00 24,800.00 23,600.00 22,400.00 21,200.00 $204,387.50 CITY OF CHUBBUCK TABLE 3 FIVE YEAR SUMMARY OF TAX LEVIES SEPTEMBER 30, 1987 Year of Levy 1) Value Levy Tax 1982 $125,878,960.00 .003471 $437,756.00 1983 110,367,077.00* .004074 452,173.00 1984 119,520,105.00* .004051 484,489.00 1985 121,985,145.00* .004322 528,969.00 1986 124,887,711.00* .004769 599,487.00 1987 .005013 * Net of home owners exemption. 1) Levies are certified in year shown, taxes are primarily received in the subsequent year. I' SCOTT N. JONES, CPA — Partner KENT L. YOST, CPA, JD — Partner MORGAN J. HATT, CPA — Partner Jk Jones, Yost & Hatt CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 4987 Pocatello, Idaho 83205 Honorable Mayor and Members of the City Council City of Chubbuck, Idaho MEMBERS OF American Institute of Certified Public Accountants Idaho Society of Certified Public Accountants We have examined the combined financial statements of the City of Chubbuck, Idaho, for the year ended September 30, 1987, and have issued our report thereon dated November 20, 1987. As part of our examination, we made a study and evaluation of the City's system of internal control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards. The purpose of our study and evaluation was to determine the nature, timing and extent of the auditing procedures necessary for expressing an opinion on the City's financial statements. Our study and evaluation were more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole. Specific controls reviewed were: Cash receipts Budgeting Cash disbursements Fixed assets Payroll Long-term debt Revenues The City's management is responsible for establishing and maintaining a system of internal accounting control. In fulfilling this responsibility, estimates and judgement by management are required to assess the expected benefits and related costs of control procedures. The objectives of a system 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 financial statements in accordance with generally accepted accounting principles. Our study and evaluation made for the limited purpose described in the first paragraph disclosed no condition that we believed to be a material weakness. G JONES, % T & HATT Pocatello, Idaho, November 20, 1987. 416 SOUTH 4TH AVENUE • P.O. BOX 4987 • POCATELLO, IDAHO 83205 + PHONE 20812335000 SCOTT N. JONES, CPA — Partner KENT L. YOST, CPA, JD — Partner MORGAN J. HATT, CPA — Partner jk Jones, Yost & Hatt CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 4987 Pocatello, Idaho 83205 Honorable Mayor and Members of the City Council City of Chubbuck, Idaho MEMBERS OF American Institute of Certified Public Accountants Idaho Society of Certified Public Accountants We have examined the combined financial statements of the City of Chubbuck, as of and for the year ended September 30, 1987, and have issued our report thereon dated November 20, 1987. Our examination was made in accordance with generally accepted auditing standards; the provisions of Standards for Audit of Governmental Organizations, Programs, Activities, and Functions, promulgated by the Comptroller General, which pertain to financial and compliance audits; provisions of Office Management and Budget (OMB) Circular A-128, Uniform Administrative Requirements for Grants -In -Aid to State and Local Governments, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. Circular A-128 requires that the examination include a determination of whether the Federal financial reports (including financial status reports, and claims for advances and reimbursements) prepared by the City contain accurate and reliable financial data. We have been .informed that OMB interprets the phrase "accurate and reliable financial data" to mean that the Federal financial reports present the underlying financial data of the grants and contracts with limits that are reasonable and practicable to attain under the circumstances. In our opinion, the City of Chubbuck complied with the material terms and conditions of its Federal grants, contracts and agreements, and the tested Federal financial reports present the underlying financial data of the grants within the limits described in the preceding paragraph. Further, based upon our examination and the procedures referred to above, nothing came to our attention to indicate the City had not complied with the compliance matters referred to above, and the Federal financial reports do not present the underlying financial data of the grants within the limits described in the preceding paragraphs. JONES, /Y & ATT Pocatello, Idaho, November 20, 1987. 416 SOUTH 4TH AVENUE • P.O. BOX 4987 • POCATELLO, IDAHO 83205 • PHONE 208/233-5000 b 1: .1 =-------------- s - 1= ti ti _ 1 1 1 1 Y a i � Y 11' Y WW1 f z..• 1 - -1 3 } .e 5� f 5-