The URL can be used to link to this page

Home My WebLink About1970L TABLE OF CONTENTS FINANCIAL STATEMENTS: PAGE Accountants Report . . , , , . . Balance Sheets Statement of Revenues and Expenditures Statement of Changes in Fund Balances OTHER FINANCIAL INFORMATION: Accountants Report on Other Financial Information Cash Operation and Balances Summary of Bannock County Collections and Remittances Operation in Taxes Receivable Schedule of General Fixed Assets Schedule of Bonds Outstanding , • , . • . Comparison of Expenditures with Budget . . . , . • . • 12 Schedule of Insurance and Surety Bonds . . . , Auditors Recommendations DALE D. TONES Certified Public Accountant 1420 East Elm Pocatello, Idaho The Honorable John 0, Cotant Jr,, Mayor Members of the City Council City of Chubbuck Chubbuck, Idaho Gentlemen; We have examined the balance sheets of the various funds of the City of Chubbuck, Idaho, as of December 31, 1970, and the related statements of operations for the year then ended. Our examination was made in accor- dance with generally accepted auditing standards, and accordingly includ— ed such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying balance sheets and related statements of operations present fairly the financial position of the various funds and balanced account groups for the City of Chubbuck, Idaho, at December 31, 1970, and the results of their operations for the year then ended, in conformity with generally accepted accounting principles applicable to governmental entities, applied on a basis consistent with that of the preceding fiscal year. Very truly yours, .:� e-4 Dale D. Jones Certified Public Accountant r 2 CHUBBUCK. IDAHO Balance Sheets of Funds as of December 31, 1970 Bond General General Waterworks Well Redemption Fixed ASSETS Fund Fund Fund Fund Assets Cash on deposit $27,380.04 $ 16,802.61 $17,178.48 $10,000.00 Taxes receivable: Collected by county (Unremitted) Real taxes Personal taxes Due from State of Idaho Prepaid insurance Water assessments receivable Loan to waterworks fund Loan to general fund Well No. 2 Well No. 3 City property Total Assets LIABILITIES 37,029.88 22,153.04 816.11 4,775.69 1,643.80 7,474.11 9,000,00 5,000.00 31,142.47 13,281.80 143,211.76 $68,193.43 $93 798.56 $176,488.48 $66,602.75 $10,000.00 $68 193.43 Accounts payable $ 3,533.18 $ 4,556.21 Water deposits payable 6,977.75 Bonds payable 10,000.00 $ 7,500.00 Briscoe contract 476.70 Equipment contracts 7,577.08 Loan from well fund 5,000.00 Loan from waterworks fund 9,000.00 Contract payable - I.B,&T, excrow FUND BALANCES Unappropriated Restricted for pay- ment of bonds Investment in general fixed assets Totals 73,688.30 149,477.82 59,102.75 10,000.00 $ 2,882.74 65,310.69 $9)3 798.56 $176,488.48 $66,602.75 $10,000.00 $68,193.43 CHUBBUCK, IDAHO Statement of Revenue and Expenditure Year Ended. December 31;_1970 Tax levies (Less cancellations and collection fee) Road and bridge apportionment Liquor apportionment Licenses Police fines Inventory phaseout Gas franchise Highway revenue Building permits Rent Interest Penalty on delinquent taxes Sale of dog tags Refund of sick leave Reimbursements and refunds Water rentals Hook-ups Sanitation Total Revenues EXPENDITURES Salaries Administrative Office supplies Utilities Legal Street lights Insurance Fire Department Streets and repairs Police wages Police operating Prisoners board Park Department Payroll taxes Retirement Miscellaneous Interest Sanitation Connection materials Depreciation Total Expenditures Excess of Revenues over Expenditures 3 General Waterworks Well Fund Fund Fund $51,077.73 $3,959.28 7,998.08 9,928.10 2,869.00 3,868.95 2,130.59 1,918.65 6,708.42 1,877.00 503.82 437.33 70.97 840.00 1,200.00 756.58 $ 133.80 49,069.37 7,231.17 12,822.50 92,185.22 69,256.84 3,959.28 9,510.75 10,093.00 282.50 612.96 1,220.03 2,205.08 4,544.22 3,315.85 2,853.62 3,504.78 8,908.34 17,152;91 1,618.17 15,611.00 8,993,89 823.50 1,364.65 1,499.03 940.05 3,655.94 1,233.03 292.48 786.28 9,703.00 17,476.42 7,537.00 450,00 081,527.83 $54,210.T5 $ 450.00 $10,657.39 $15,046.19 $3,509.28 CHUBBUCK IDAHO Statement of Chafes in Fund Balances Year Ended December 31 1970 DEDUCTIONS Interest added to contract Allocation to Water- works Fund Contribution of property 10,245.03 Assumption of equip- ment contract 553.42 Total Deductions 10,798.45 Net additions or (reductions) (141.06) 143,758.87 Balances, December. 31, 1969 73,829.36 4 Bond General Redemption Fixed Fund Assets $ 4,700.00 $10,245.03 553.42 10,798.45 163.17 124,012.68 4 700.00 124 175.85 3,509.28 (4,700.00) (113,377.40. 5,718.95 55,593.47 14,700.00 178,688.09 Balances, December 31, 1970 $$73 688.30 $149,477 $59 102.75 $10 000.00 $65 310.69 General Waterworks Well ADDITIONS Fund Fund Fund Excess of revenue over expenditures $10,657.39 $ 15,046.19 $ 3,509.28 Allocation from bond sinking fund 4,700.00 ' Property City water system 124,012.68 Assumption of equip— ment contract Total Additions 10 657.39 143 758,87 3,509.28 DEDUCTIONS Interest added to contract Allocation to Water- works Fund Contribution of property 10,245.03 Assumption of equip- ment contract 553.42 Total Deductions 10,798.45 Net additions or (reductions) (141.06) 143,758.87 Balances, December. 31, 1969 73,829.36 4 Bond General Redemption Fixed Fund Assets $ 4,700.00 $10,245.03 553.42 10,798.45 163.17 124,012.68 4 700.00 124 175.85 3,509.28 (4,700.00) (113,377.40. 5,718.95 55,593.47 14,700.00 178,688.09 Balances, December 31, 1970 $$73 688.30 $149,477 $59 102.75 $10 000.00 $65 310.69 5 DALE D. JONES Certified Public Accountant 1420 East Elm Pocatello, Idaho OTHER FINANCIAL INFORMATION June 10, 1971 City of Chubbuck Chubbuck, Idaho In connection with our examination of the financial statements of Chubbuck, Idaho, for the year ended December 31, 1970, we have reviewed the other financial information presented in the following pages which has been taken primarily from accounting and other records of the City, but which is not, in our opinion, necessary for a fair presentation of its financial position or results of operations. Our examination was primarily for the purpose of formulating an opinion on the basic financial statements taken as a whole and was not such as to enable us to express an opinion as to the fairness of all the details of the additional information. Dale D. Jo es 0 CITY OF CHUBBUCK Cash on Hand and on Deposit with Banks For Year Ended December 31 1970 6 Bond Redemption Fund General Waterworks Well Cash Received -1970 Fund Fund Fund 'faxes and penalties $49,690.12 $ 3,959,28 Road and bridge appor- tionment 4,782.42 Liquor apportionment 8,581,11 Licenses 2,869.00 Police fines a,868.95 Inventory phaseout 1,407,92 Gas franchise 1,918,65 Highway revenue 6,708.42 Building permits 1,877.00 Rent 503.82 Interest 504,50 Sales of dog tags 840,00 Refund of sick leave 1,200.00 Loan from waterworks fund 9.000.00 Reimbursements and refunds 756.58 $ 133.80 Water rentals 49,166 42 Deposits 1,290.00 Hook—ups 7,231.17 Sanitation 12,822.50 Allocation from bond sink— ing fund 4,700,00 Total Cash Received 94,508.49 75,343.89 3,959.28 Cash Disbursed -1970 Salaries 9,396.00 9,520,00 Administrative 282.50 Office supplies 996.42 1,220.03 Utilities 2,477.06 4,730.00 Legal 3,359,75 Street lights 3,009.57 Insurance 3,519,31 Fire Department 8,212.32 Street and repairs 16,949.21 1.987.34 Equipment 1,600.19 Department—wages Police Depges 15,611,00 Police Department— operating supplies 8,854,52 Prisoners board 720.00 Park Department 1,224.65 Office building 1,979.16 Payroll taxes 1,109.83 940.05 6 Bond Redemption Fund Retirement Miscellaneous Bond redemption Briscoe contract Bond interest Sanitation Connection materials Improvements Loan to General Fund Deposit refunds Taxes Transfer to Waterworks Fund Total Disbursements Net Increase (Decrease) Cash Balances December 31, 1969 General Waterworks Well Fund Fund Fund 3,168.87 1,014.18 5,000.00 2,500.00 68.72 786.28 450.00 9,650.40 14,651.40 11,190.66 9,000,00 131.15 292.48 7 Bond Redemption Fund $ 4,700.00 83 484.54 69,168.51 2,950.00 4,700.00 11,023.95 6,175.38 1,009.28 4,700.00 16 ,356.09 10,627.23 16,169.20 14,700.00 Cash Balances December 31, 1970 $27,380.04 $16,802.61 $17,178.48 $10,000.00 C 1TY OF CFNBBUCK Summary of Bannock County Collections and Remittances Year 1970 Unremitted collections to begin Collections by county: 1966 Taxes - real 1967 Taxes - real 1968 Taxes - real 1968 Taxes - personal 1969 Taxes - real 1969 Taxes - personal 1970 Taxes - real 1970 Taxes - personal Penalty on delinquent taxes Interest on delinquent taxes Liquor apportionment Road and bridge apportionment Inventory tax Total Accountability 1% collection fee Net remittance by county Unremitted collections to close Total Accounted For $ 34,643.68 11.71 926.35 2,573.26 .59 15,095.47 332,09 34,179.02 3,256.94 70.97 437.33 3,383.45 4,782.42 1,240.86 66,290.46 $100,934.14 $$ 853.26 63,051.00 37—, 029—: 88 $100!934.14 11 CITY OF CHUBBUCK Operation in Taxes Receivable Summary of Operations in Personal Taxes -- 1970 Unpaid Jan, 1. 1970 Tax charges - 1970 Totals Collections - 1970 Cancelled or adjusted Unpaid Dec. 31, 1970 1967 1968 1969 1970 $158.40 162,78 $ 468.28 $ 4,116,45 9 Total $ 789.4E 4,116.4€ 158.40 162.78 468.28 41.116.45 4,905.91 .59 332.09 3,256.94 3,589.62 158.40 162,19 136.19 43.40 500,1S $ -0- $ -0- $ -0- $ 816,11 816.11 Summary of Operations in Real Taxes 1966 1967 1968 1969 1970 Total Unpaid Jan. 1, 1970 $11.71 $926,35 $4,002,34 $17,724,45 $22,664,85 Assessed - 1970 $52,320,00 52,320.00 Totals 11.71 926,35 4,002.34 17.724.45 52,320.00 74,984.85 Collected - 1970 11,71 926.35 2,573.26 15,095.47 34,179.02 52,785.81 Cancelled - 1970 5.26 4.40 36,34 46.00 Unpaid Dec.31, 1970 $ -0- $ -0- $1.423,82 $ 2,624.58 $18.104.64 $22,153.04 CITY OF C"BUCK -- 1970 Schedule of General Fixed Assets 10 Jan. _1, 1970 Additions Dec. 31 1970 Buildings and land $ 25,699.00 $ 1,254,21 $ 26,953.21 Furniture and fixtures 2,267,48 2,267.48 Equipment 18,717.79 8,990.82 27,708.61 Street improvements 11 264,13 11,264.13 Totals $ 57 948.40 $10,245.03 $ 68 193.43 11 CITY OF' CHUBBUCK Sehedule of Bonds Outstandin as of December 31, 1970 Revenue G. O. Bonds Bonds Due Well Waterworks Total No. No. Date Interest Fund Fund Total 121-130 7-1-71 0 $ 5,000.00 $ 5,000.00 46-50 11-1-71 4,%, $2,500.00 2,500.00 131-140 7-1-72 4% 5,000.00 5,000.00 51-55 11-1-72 41 2,500.00 2,500,00 56-60 Il -I-734 % 2,500.00 2,500.00 Total Bonds Outstanding Dee.31,1970 7 500.00 $10 000.00 $17,500.00 CITY OF CHUBBUCK Comparison of Expenditures with Budget December 31, 1970 General Fund Administration Expense $ Salaries Office Supplies Utilities Legal Street Lights Insurance Fire Department Streets Police Department Salaries Operating Expenses Park Department G.O. Bonds and Interest Development program Contingent Totals Waterworks Fund Bonds and Interest Utilities Sanitation Repairs Connection materials Improvements Office supplies Salaries Contingent General fund Bond sinking fund 1970 Budget 3,000.00 10,200,00 1,650.00 3,000.00 6,000.00 3,500.00 3,000.00 8,000.00 15,328,12 22,800.00 9,600.00 2,500.00 3,034.00 7,000.00 12,387.88 1970 Expenditures $ 282.50 9,510.75 612,96 2,205.08 3,315.85 2,853.62 3,504.78 8,908.34 18,753,10 15,611.00 9,817.39 1,364.65 1,254.21 6388.00 12 More Than Less Than Budget Budget 10,000.00 9,703.00 $ 2,717.50 1,618.17 689,25 17,476.42 1,037.04 11,190.66 794.92 1,220.03 2,684.15 10,093.00 646.38 $ 504,78 11,500.00 908,34 750.00 3,424.98 7,189.00 217.39 1,135.35 3,034.00 5,745.79 5,999.88 $.111,000.00 $84,382.23 $5,055449 $31.673.26 $ 5,855.00 $ 5,855.00 5,500.00 4,544.22 10,000.00 9,703.00 51000.00 1,618.17 10,000.00 17,476.42 17,000.00 11,190.66 1,500.00 1,220.03 9,300,00 10,093.00 3,095.00 1,363.68 11,500.00 9,000.00 750.00 $ 955.78 297.00 3,381.83 $7,476.42 5,809.34 279.97 793.00 1,731.32 2 , 500, 00 750.00 Totals $ 79 500.00 $72,064.18 $B 269,42 $15,705,24 13 CITY OF CHUBBUCK Schedule of Insurance Covera e As of December 31 1970 Policy Type of Amount of Eff. Exp. Prepaid Number Company Coverage Coverage Premium Date Date Premium CP170996 General of America Gen, Liabilty 8100,000.00 $2,295.00 7-21-70 7-21-71 $1,339.0( 300,000,00 25,000.00 L68/2591 Lloyds of London Forgery 10,000.00 54.69 11--9-69 11-9-71 22.7 F579545 Allied Mutual Ins, Fire 12, 500.00 97.00 11-16--69 11--16-72 60,61 F542033 Allied Mutual Ins. Fire 22,100,00 797,00 6-5-69 6-5-72 221.4( 29264A State Insur. Fund Workmans' Normal 84.00 1-1-70 1-1-71 -0-- Compensation 2156548 Western Surety Co, Fidelity Bond 15,000.00 52,50 1-8-71 1-8-72 2156513 Western Surety Co, Fidelity Bond 1,000.00 10.00 1-8--71 1-8-72 -0 -0- Total 1 , 643, 80 14 CITY OF CHUBBUCK — 1970 Auditor's Recommendations 1. Individual deposits to the fund checking accounts should be cut off as of the last day of each month and not combined with cash from the fol— lowing month. 2. The expenditure account in the general fund "Streets and repairs" should be changed to two accounts — "Street improvements" and "Repairs."