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HomeMy WebLinkAbout1988CITY OF CHUBBUCK, IDAHO i� GENERAL PURPOSE FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION SEPTEMBER 30, 1988 Vti jk Jones, Yost & Hatt CERTIFIED PUBLIC ACCOUNTANTS POCATELLO. IDAHO CITY OF CHUBBUCK, IDAHO GENERAL PURPOSE FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION SEPTEMBER 30, 1988 CITY OF CHUBBUCK ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 34, 1958 TABLE OF CONTENTS Auditor's Opinion Exhibit General Purpose Financial Statements: 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 Cash - All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 General Fund: Statement of Revenues and Expenditures - Budget and Actual . . . . . . . . . . . . . . . . . . . . . . 5 Enterprise Funds: Statement of Changes in Fixed Assets . . . . . . . . . . . . . . 6 Notes to Financial Statements SUPPORTING SUMMARIES AND SCHEDULES Cash and Investment Summaries: Schedule 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 Six Year Summary of Tax Levies . . . . . . . . . . . . . . . . . . 3 Letter on Internal Control Letter on Compliance EXHIBIT 1 Proprietary Fund Types Account Groups Internal General General Totals Enterprise Service Fixed Long -Term (Memorandum _ Fund _ Fund Assets Debt Only) $ 322,109.69 $ -146.14 _ $ 673,987.54 761.84 6o,294.30 52,527.24 77,294.48 4,784.15 134,656.50 134,656.50 4,762.00 $174,017.58 174,017.58 228,307.74 228,307.74 44,435.00 44,435.00 2,116,915.23 71,662.41 $1,678,305.51 3,866,883.15 $2,846,424.16 $ 71,516.27 $1,678,305.51 $174,017.5'8 $5,322,711.52 $ 14,898.65 44,435.00 $ 373.45 31,224.43 44,435.00 54,990.00 $174,017.58 174,017.58 30,000.00 30,000.00 29,981.25 29,981.25 970,000.00 _-_ _ 970,000.00 1,089,314.90 $ .00 $ .o0 _174,017.58 1,335,021.71 1,678,305.51 586,763.04 71,516.27 942,038.48 761.84 1,678,305.51 658,279.31 942,038.48 228,307.74 228,307.74 479,996.93 7,757,109.26 _ 71,516.27 1,678,305.51 .00 3,987,689.81 $2,846,424.16 $ 71,516.27 $1,678,305,51 $174,017.58 $5,322,711.52 -5- CITY OF CHUBBUCK EXHIBIT 2 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES YEAR ENDED SEPTEMBER 30, 1988 REVENUES: Taxes (Ex. 5) . Licenses and permits . Court revenue. . . . . . Service charges Interest . . . . . . . . Annual installments . . Miscellaneous. . . . . . Total revenues . . . EXPENDITURES: General government . . . Public safety . . . . . Parks and recreation . Highways and streets . Interest . . . . . . . . Total expenditures EXCESS REVENUES OR (EXPENDITURES) . Governmental Fund Types 307►967.32 627,469.31 95,492.94 239,397.76 1,270,327.33 .00 OTHER FINANCING SOURCES (USES): Operating transfers 861896.50 13,493.53 307,967.32 627,469.31 95,492.94 239,397.76 446.25 446.25 446.25 1,270,773.58 7,627.03 108,017.06 in (out) . . . . . . 36,907.00 -36,907.00 EXCESS (SOURCES/USES) 123,803.50 -23,413.47 7,627.03 FUND BALANCE - BEGINNING . Record petty cash . . . 150,433.46 220,277.73 170.00 108,017.06 1,098.68 371,809.87 170.00 FUND BALANCE -- ENDING $ 274,406.96 $196,864.26 $ 8,725.71 $ 479,996.93 The accompanying notes are an integral part of these statements. -6- Capital Special Totals General Projects Revenue (Memorandum Fund Fund Fund Only) $1,176,089.43 $1,176,089.43 24,613.48 24,613.48 31,129.30 31,129.30 79,776.74 79,776.74 16,497.25 $ 13,493.53 $ 524.56 30,515.34 7,548.72 7,548.72 29,117.63 _ _ 29,117.63 1,357,223.83 13,493.53 8,073.28 _1,378,790.64 307►967.32 627,469.31 95,492.94 239,397.76 1,270,327.33 .00 OTHER FINANCING SOURCES (USES): Operating transfers 861896.50 13,493.53 307,967.32 627,469.31 95,492.94 239,397.76 446.25 446.25 446.25 1,270,773.58 7,627.03 108,017.06 in (out) . . . . . . 36,907.00 -36,907.00 EXCESS (SOURCES/USES) 123,803.50 -23,413.47 7,627.03 FUND BALANCE - BEGINNING . Record petty cash . . . 150,433.46 220,277.73 170.00 108,017.06 1,098.68 371,809.87 170.00 FUND BALANCE -- ENDING $ 274,406.96 $196,864.26 $ 8,725.71 $ 479,996.93 The accompanying notes are an integral part of these statements. -6- 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. MEMBERS OF American institute of Certified Public Accountants Idaho Society of Certified Public Accountants We have examined the general purpose financial statements of the City of Chubbuck as of and for the year ended September 30, 1988, 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 general purpose financial statements present fairly the financial position of the City of Chubbuck at September 30, 1988, 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 general purpose financial statements taken as a whole. 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 general purpose financial statements of the City of Chubbuck. This information has been subjected to the auditing procedures applied in the examination 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. JONES,if ST & HATT Pocatello, Idaho, December 28, 1988. 416 SOUTH 4TH AVENUE 0 P.O. BOX 4987 • POCATELLO, IDAHO 83205 • PHONE 20812335000 CITY OF CHUBBUCK COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1988 ASSETS: Cash . . . . . . . . . . . . . . . . . Police training cash . . . . . . . . . Receivables: Property taxes (Note 1-H) . . . . . State sales tax . . . . . . . . . . Highway users' tax . . . . . . . . Other . . . . . . . . . . . . . . . Accounts (Note 1-A) . . . . . . . . State liquor tax. . . . . . . . . . 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 . . . . . . . . . . . Deposits payable . . . . . . . . . . . Deferred property taxes. . . . . . . . Capital leases payable . . . . . . . . Payable from Restricted Assets: Bonds payable - current . . . . . . Accrued bond interest payable . . . Bonds payable - long term. . . . . . . Total liabilities . . . . . . . . . FUND EQUITY: Reserve for police training 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 Revenue Fund_ _ Fund __Fund _ $146,434.02 $196,864.26 $ 8,725.71 761.84 60,294.30 52,527.24 77,294.48 4,784.15 4,762.00 $344,858.03 $196,864.26 $ 8,725.71 $ 373.45 16,325.78 54,990.00 71,689.23 �000� .00 761.84 274,406.96_ 196,864.26 8,725.71 275,168.80 _196,8614.26 8,725.71 $346,858.03 $196,864.26 $ 8,725.71 The accompanying notes are an integral part of these statements. -4- CITY OF CHUBBUCK COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 1988 OPERATING REVENUES: Service Charges: Sanitation . . . . . . . . . . . Water . . . . . . . . . . . . . . Sewer . . . . . . . . . . . Interfund revenue. . . . . . . . . . Total operating revenues OPERATING EXPENSES: Personnel . . . . . . . . . . . , Personnel benefits . . . . . . . . . Supplies . . Contractual services . 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 (USES): Transfers to general fixed assets. . RETAINED EARNINGS: Balance - Beginning . . . . . . . Decrease (increase) in reserves RETAINED EARNINGS: Balance - Ending . . . . . , . . , . EXHIBIT 3 Water, Sewer and Garbage Internal Enterprise Service Fund Fund Totals $ 211,636.38 $ 211,636.38 412,970.35 412,970.35 347,896.87 347,896.87 $ 64,853.00 64,853.00 972,5a3.6o _ 64,853.00 _ 1,037,35660 326,136.47 46,484.03 372,620.50 112,593.43 112,593.43 66,611.02 8,404.14 75,015.16 232,989.75 7,913.81 240,903.56 113,257.85 2,987.52 116,245.37 851,588.52 _65,789.50 _ 917,378.02 120,915.08 -936.50 119,978.58 26,965.26 26,965.26 -34,450.00 —e� -34,450.00 -7,484.74 .00 -7,484.74 113,430.34 -936.50 112,493.84 -70,991.01 -70,991.01 600,405.95 72,452.77 672,858.72 -56,082.24 -56,082.24 $ 586,763.04 $ 71,516.27 $ 658,279.31 The accompanying notes are an integral part of these statements. -7- CITY OF CHUBBUCK COMBINED STATEMENT OF CHANGES IN CASH ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 1988 Water, Sewer and Garbage Enterprise SOURCES OF CASH: Fund Operations: Net income . . . . . . . . . . . . . . $ 120,915.08 Depreciation . . . . . . . . . . . . . 113,257.85 Nonoperations: Customer deposits . . . . . . 4,560.00 Interest . . . . . . . . . . . . . . . 26 965.26 Total sources of cash . . . . . . . . . 265,698.19 USES OF CASH: Operations: Net loss . . . . . . . . . . . . . . . Increase in accounts receivable . . . . 9,878.34 Acquisition of fixed assets . . . . . . 13,477.00 Retirement of long --term debt . 15,000.00 Decrease in accounts payable . . . . . 15,431.00 Nonoperation Uses: Interest34,450.00 Operating transfers out . _ 27,500.00 Total uses of cash . . . . . . . . . . 115,736.34 Internal Service V, el EXHIBIT 4 Totals $ 120,915.08 $ 2,987.52 116,245.37 4,560.00 _ 26,965.26 2,987.52 268,685.71 936.50 936.50 9,878.34 1,135.00 14,612.00 15,000.00 1,224.93 16,655.93 34,450.00 _ 27_,500.00 3,296.43 119,032.77 NET INCREASE (DECREASE) IN CASH . . . . . . . $ 149,961.85 $ -308.91 The accompanying notes are an integral part of these statements. $ 149,652.94 CITY OF CHUBBUCK STATEMENT OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL GENERAL FUND YEAR ENDED SEPTEMBER 30, 1988 REVENUES: Taxes: Property taxes . . . . . . Sales tax . . . . . . . . . . . . . Inventory phaseout. . . . . . . . . Highway users tax . . . . . . . . . Liquor tax . . . . . . . . . . . . Road and bridge tax . . . . . . . . Franchise taxes . . . . . . . . . . Interest on delinquent taxes . . . Subtotal taxes . . . . . . . . Court revenue . . . . . . . . . . . . Service charges . . . . . . . . . . . Licenses and permits . . . . . . . . . Interest . . . . . . . . . . . . . . . Miscellaneous . . . . . . . . . . . . Sale of Land . . . . . . . . . . . . . Total revenues . . . . . . . . . . EXPENDITURES: General Government . . . . . . . . . . Public safety . . . . . . . . . . . . Parks and recreation . . . . . . . . . Highways and streets . . . . . . . . Total expenditures . . . . . . . . EXCESS REVENUE OR (EXPENDITURES) . . . . TRANSFERS FROM OTHER FUNDS . . . . . . . Budget $ 632,109.00 105,000.00 7,000.00 200,000.00 20,000.00 35,000.00 33,000.00 6,0oo.00 Actual $ 626,839.57 186,897.52 20,649.77 249,851.05 18,351.00 35,259.60 27,638.75 10,602.17 1,038,109.00 1,176,089.43 35,000.00 82,000.00 28,150.00 12,000.00 20,850.00 150,000.00 1,366,109.00 564,489.00 604,096.00 79,431.00 255,000.00 1,503,036.00 -136,907.00 31,129.30 79,776.74 24,613.48 16,497.25 29,117.63 .00 1,357,223.83 307,967.32 627,469.31 95,492.94 239,397.76 1,270,327.33 86,896.50 EXHIBIT 5 Variance Favorable (Unfavorable) $ -5,269.43 81,897.52 13,649.77 49,851.05 -3,649.00 259.60 -5,361.25 4,602.17 137,980.43 -3,870.70 -2,223.26 -3,536.52 4,497.25 8,267.63 -150,000.00 -8,885.17 -256,521.68 23,373.31 16,061.94 -15,602.24 -232,688.67 223,803.50 36,907.00 36,907.00 .00 EXCESS SOURCES (USES) . . . . . . . . . . $ -100,000.00 $ 123,803.50 $ 223,803.50 The accompanying notes are an integral part of these statements. -9- CITY OF CHUBBUCK STATEMENT OF CHANCES IN FIXED ASSETS ENTERPRISE FUNDS YEAR ENDED SEPTEMBER 30, 1988 EXHIBIT 6 INTERNAL SERVICE FUND FIXED ASSETS: Balance at cost -- September 30, 1987 . Additions: Equipment . . . . . . . . . . . . Balance at cost - September 30, 1988 . Less accumulated depreciation . . . . Balance at net - September 30, 1988. $ .00 $ 88,426.38 $ 88,426.38 1,135.00 1,135.00 89,561.38 89,561.38 -17,898.97 -17,898.97 $ 71,662.41 $ 71,662.41 The accompanying notes are an integral part of these statements. stem Storage Land, and Buildings Distribution and ENTERPRISE FUND FIXED ASSETS: Equipment_ Totals Balance at cost - September 30, 1987 . _System $ 3,152,929.00 $ 206,255.78 $ 3,359,184.78 Additions: Equipment . . . . . . . . . . . . 13,477.00 13,477.00 Deletions: Land . . . . . . . . . . . . . . . _ -27,500.00 -27,500-00 Balance at cost - September 30, 1988 . 3,152,929.00 192,232.78 3,345,161.78 Less accumulated depreciation . . . . -1,134,427.68 -93,818.87 -1,228,246.55 Balance at net - September 30, 1988 . $ 2,018,501.32 $ 98,413.91 $ 2,116,915.23 INTERNAL SERVICE FUND FIXED ASSETS: Balance at cost -- September 30, 1987 . Additions: Equipment . . . . . . . . . . . . Balance at cost - September 30, 1988 . Less accumulated depreciation . . . . Balance at net - September 30, 1988. $ .00 $ 88,426.38 $ 88,426.38 1,135.00 1,135.00 89,561.38 89,561.38 -17,898.97 -17,898.97 $ 71,662.41 $ 71,662.41 The accompanying notes are an integral part of these statements. stem CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1988 (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 -11- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS -- CONTINUED SEPTEMBER 30, 19$8 (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 aocural 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. D. BUDGETS AND BUDGETARY ACCOUNTING The City follows budgeting procedures as outlined in the Idaho State Code. Budgets are prepared on the modified accrual basis. 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. -12- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1988 (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. 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 . . . . . Street improvements Plant machinery and equipment . . . . . . . . Improvements other than buildings. . . . . . Balance 9-30-87 $ 499,335.34 11,264.00 739,419.37 Acquisitions $ 55,000.00 87,613.50 Balance at 9-30-88 $ 554,335.34 11,264.00 827,032.87 285,673.30 _ 285,673.30 Totals . . . . . . . . . $1,535,692.01 $ 1142,613.50 $1,678,305.51 NOTE: Enterprise fund properties are reported separately and are not included in the above balance at September 30, 1988. -13- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1988 (3) LONG-TERM DEBT (ENTERPRISE FUND): The annual requirements to amortize long-term revenue bonds as of September 30, 1988 are as follows: Year Ending September 30 19$$ $ 15,000.00 1.989 30,000.00 1990 35,000.00 1991 35,000.00 1992 35,000,00 1993 40,000.00 1994 40,000.00 1995 45,000.00 1996 45,000.00 1997 25,000.00 1998 30,000.00 1999 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 $1,000,000.00 (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). -14- Q W z H H z 0 U t C11 H z W W E- d d E- F -4 H rz. O H C/i W E4 0 z OD co 01% Y 0 m L>: W w H f -L W v] Lf1 0 a) z O .H -15- a) S 41 T., ro 0. aJ A a3 s� w I m U) Cd P. M 0 — co co CO ON m rn o r- co co rn rn m CO ON 0) rn T Q) — r — rnrnrn 0,o r - N r CO m is A ro ro S. IL. ::j ro ro ro � s S S. :3 V U U W N p G >~ Zr. S. 1.4 > o a) a) m Ed co (oro ro 0 0 (1) W rs. CL. ID "7 "D 2: �: = z A N N N �,O O N N --J- _-x _-Ir -T N klO O 00 II Lfl n Ln U) � M m o L C-- N N L O Lf) 11 J--) • II F." N N N L� L OO 00 -T 1O 1O 1O O L(1 O N II �5 --r � N M Qi M 0) r — •- Lf\ Zr O II O 110 %O U) a% CO -:r � 00 — r cn m Lr) O II d r r r -T lfl %n \O 0o LI) LC1 Lfl Ufl CL C-- --4- m m f+"1 M m v- r r N C II {f} r II ff} II 0 a) z O .H -15- a) S 41 T., ro 0. aJ A a3 s� w I m U) Cd P. CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1988 (6) RETIREMENT PLAN All City of Chubbuck eligible employees participate in the Statewide Public Employee Retirement System (PERS), a multiple -employer public employees retirement system. The payroll for employees covered by PERS for the year ended September 30, 1988 was $828,618.00, the City's total payroll was $848,849.00. The total number of City employees is 66 of which 59 are participants of PERS. 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 5.3% 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 contribution requirement for the year ended September 30, 1988 was $121,258.00, which consisted of $73,664.00 from the City and $47,594.00 from employees; these contributions represented 8.89%, 5.34% -general and 6.40%-police/fireman, of covered payroll, respectively. 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 dune 30, 1988 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). -16- Q Z H H z O U I C/] E- E -4 H C4 E- co (o H U z F -I W O H V) Ci] H z co co rn r O m m w m W H P. w ul -17- m O 11 • II co N m II r -I w II I 11 44 1 {{} ! I tD � N 11 • • • II Ln OO LCl (NJ II c0 cn Lam- N 11 m zr O II � II N r I] I It {f} {f} 11 GO ? 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U El <D (L) O Q] (1) N G +> 5., U +3 CO (d () � (LI CO L In U U N U) X co 0 x (d 01 4) (a H rl 1 H -17- CITY OF CHUBBBUCK SCHEDULE 1 CASH ON HAND, IN BANKS, AND INVESTED SEPTEMBER 30, 1988 CASH ON DEPOSIT: Idaho Bank & Trust: Petty cash . . . . . . . . . . . . . . . . $ 170.00 Checking accounts . . . . . . . . . . . . . 153,791.98 INVESTMENTS: Idaho Bank & Trust - time certificates . . . . $793,505.14 Idaho Central Credit Union . . . . . . . . . . 25.00 793,530.14 Total cash in banks and invested at September 30, 1988 . . . . . . . . . . . . $947,492.12 The accompanying notes are an integral part of these statements. a9:>O CITY OF CHUBBUCK TABLE 1 SUMMARY OF MATURITIES AND INTEREST ON SEWER REVENUE BONDS BY YEAR SEPTEMBER 30, 1988 The accompanying notes are an integral part of these statements. =0 Interest Interest Principal Due Due Due Total Year April 1 October 1 October 1 Due 1988 $ 25,800.00 $ 15,000.00 $ 40,800.00 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 68,9oo.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 13,650.00 240,000.00 67,300.00 2005 12,450.00 12,450-00 .40,000.00 64,900.00 2006 11,250.00 11,250.00 245,000.00 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 6o,000.0o 67,500.00 2012 _1,950.00 1,950.00 T 65,000.00 68,9oo.00 Totals $385,200.00 $411,000.00 $860,000.00 $1,656,200.00 The accompanying notes are an integral part of these statements. =0