Background Information: Financial Statements – Governmental Funds
CITY OF COTTONWOOD
Balance Sheet
Governmental Funds
As of December 31, 2015
General
Special
Revenue
Courthouse
Renovation
Debt Service Permanent
Total
Governmental
ASSETS Fund Fund Fund Fund Fund Funds
Cash and cash equivalents 6,408,214 627,837 895,300 230,000 8,161,351
Investments 3,312,992 3,312,992
Inventory 33,126 33,126
Receivables (net) –
Taxes receivable 2,872,611 2,872,611
Accounts Receivable 679,215 14,177 693,392
Due from Other Governments 1,085,184 243,264 1,328,448
Other Assets 23,747 23,747
Investments in Permanent Endowment 3,875,600 3,875,600
TOTAL ASSETS 14,415,089 642,014 1,138,564 230,000 3,875,600 20,301,267
LIABILITIES
Accounts payable 2,043,000 70,000 207,134 2,320,134
Accrued wages and benefits 400,358 19,398 419,756
TOTAL LIABILITIES 2,443,358 70,000 226,532 – – 2,739,890
DEFERRED INFLOWS -Property Taxes 185,064 185,064
FUND BALANCE
Nonspendable – Permanent fund corpus 3,875,600 3,875,600
Background Information: Financial Statements – Governmental Funds
CITY OF COTTONWOOD
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – GOVERNMENTAL FUNDS
For The Year Ended December 31, 2015
General
Special
Revenue
Courthouse
Renovation
Debt Service
Permanent
Fund
Total
Governmental
REVENUES
Property Taxes 24,587,250 24,587,250
Other Local Taxes 11,403,125 11,403,125
Charges for Services 1,601,435 530,542 2,131,977
Miscellaneous 1,302,422 125,678 1,302,422
General Government 3,074,532 3,074,532
Judicial Administration 4,400,325 4,400,325
Public Safety 6,328,125 6,328,125
Public Works 4,625,425 4,625,425
Health and Welfare 4,418,294 4,418,294
Education 3,887,834 125,678 3,887,834
Parks and Recreation 3,155,325 3,155,325
Transfers (to) other funds (3,256,899) (3,256,899)
(3,256,899) – 10,325,400 2,080,144 – 9,148,645
Excess of revenues and other sources over
(under) expenditures and other uses 4,592,264 (363,262) (599,418) – – 3,629,584
FUND BALANCE – Beginning of Year 7,194,403 935,276 1,511,450 230,000 3,875,600 13,746,729
Background Information: Financial Statements – Governmental Funds
CITY OF COTTONWOOD
Statement of Net Position
As of December 31, 2014
Note: this is last year’s Government-wide Statement
Primary Government
Governmental Business-Type Primary
ASSETS Activities Activities Government
Cash and cash equivalents 5,872,412$
Investments 877,617
Inventory 47,405
Receivables (net) Shaded area information is not
Taxes receivable 1,591,827 needed to complete exercise
Due from Other Governments 755,744
Investments in permanent endowment 3,875,600
Capital Assets (net of Accumulated Depreciation) 16,990,000
TOTAL ASSETS 30,010,605
LIABILITIES
Accounts payable 3,961,483$
Unearned revenue 0
30,010,605$
Primary Government
Net (Expense) Revenue and Change in Net Position
Functions/Programs
Expenses
Charges for
Services
Governmental
Activities
Business-Type
Activities
Total
Governmental Activities:
General Government 3,074,532 1,156,497 (1,918,035) – (1,918,035)
Judicial Administration 4,400,325 44,018 (4,356,307) – (4,356,307)
Public Safety 6,328,125 275,492 (6,052,633) – (6,052,633)
Public Works 4,753,945 – (4,753,945) – (4,753,945)
Health and Welfare 4,418,294 – (4,418,294) – (4,418,294)
Education 3,887,834 – (3,887,834) – (3,887,834)
Parks and Recreation 3,155,325 604,359 (2,550,966) – (2,550,966)
Community Development 1,793,013 51,611 (1,741,402) – (1,741,402)
Depreciation Expense 3,100,000 (3,100,000) – (3,100,000)
Interest on Long-term Debt 1,106,318 – (1,106,318) – (1,106,318)
Total Governmental Activities 36,017,711 2,131,977 (33,885,734) – (33,885,734)
Business Type Activities
Water 4,041,987 5,385,233 1,343,246 1,343,246
Solid Waste 1,556,633 1,851,433 294,800 294,800
Parking 481,869 461,107 (20,762) (20,762)
Total Business-type Activities 6,080,489 7,697,773 – 1,617,284 1,617,284
Total Primary Government 42,098,200 9,829,750 (33,885,734) 1,617,284 (32,268,450)
General Revenues
Property Taxes 24,583,914 24,583,914
Other local Taxes 11,403,125 11,403,125
Miscellaneous 1,302,422 1,302,422
Transfers (526,755) 526,755 –
Total General Revenues 36,762,706 526,755 37,289,461
Change in Net Position 2,876,972 2,144,039 5,021,011
Net Position, Beginning 17,671,149 29,897,624 47,568,773
Net Position, Ending 20,548,121 32,041,663 52,589,784
Primary Government
Governmental
Business-Type
Primary
ASSETS Activities Activities Government
Cash and cash equivalents 8,161,351 4,025,000 12,186,351
Investments 3,312,992 5,871,042 9,184,034
Inventory 33,126 71,042 104,168
Receivables (net) –
Taxes receivable 2,872,611 2,872,611
Interest Receivable 693,392 26,573 719,965
Due from Other Governments 1,328,448 292,775 1,621,223
Other assets 23,747 23,747
Investment in permanent endowment 3,875,600 – 3,875,600
Capital Assets (net of Accumulated Depreciation) 25,070,818 42,142,915 67,213,733
TOTAL ASSETS 45,372,085 52,429,347 97,801,432
LIABILITIES
Accounts payable 2,320,134$ 493,849 2,813,983
Accrued wages and benefits 419,756 473,168 892,924
Accrued Interest payable 167,000 167,000
Landfill post closure care costs liability 2,600,000 562,480 3,162,480
Bonds payable 19,317,074 18,858,187 38,175,261
TOTAL LIABILITIES 24,823,964 20,387,684 45,211,648
NET POSITION
Net Investment in Capital Assets 5,753,744 23,284,728 29,038,472
Restricted 4,447,614 – 4,447,614
Unrestricted 10,346,763 8,756,935 19,103,698
TOTAL NET POSITION 20,548,121$ 32,041,663 52,589,784
Validity checks – not part of statement
(total liabilities plus net assets) 45,372,085 52,429,347 97,801,432
recalculation of unrestricted net assets 10,346,763 8,756,935 19,675,712
– –
–
As of December 31, 2015
Shaded areas are business-type
activities. The amounts are assumed and
not part of the exercise.
Statement of Activities
CITY OF COTTONWOOD
For the year ended December 31, 2015
CITY OF COTTONWOOD
Jefferson County – Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balance
For the year ended 12-31-2014
General
Fund
Capital
Projects
Fund
Debt Service
Fund
Permanent
Fund
Total
Governmental
Funds
Assets
Cash 128,148$ 181,000$ 22,800$ 8,400$ 340,348$
Investments 502,400 502,400
Taxes Reveivable (net) 51,325 51,325
Due from other governments 280,000 280,000
Accrued interest receivable 1,700 1,700
Supplies Inventory 350 350
Contracts payable 25,000 25,000
Total Liabilities 2,850 25,000 – 4,100 31,950
Deferred Inflows
Deferred Inflows – Property Taxes 22,600 22,600
Fund Balances
Nonspendable
General
Fund
Capital
Projects
Fund
Debt Service
Fund
Permanent
Fund
Total
Governmental
Funds
Revenues
Property Taxes 262,075$ –$ 262,075
Intergovernmental revenues 280,000 280,000
Investment income: 21,100 21,100
Total Revenues 262,075 280,000 – 21,100 563,175
Expenditures
Other financing sources (uses)
Proceeds of bonds 700,000 700,000
Jefferson County Governmental Funds Balance Sheet as of 12-31-2015
Jefferson County Statement of Revenues Expenditures and Changes in Fund Balance
for the year ended 12-31-2015
Jefferson County – Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balance
For the year ended 12-31-2014
Premum on bonds 22,800 22,800
Transfers in 65,800 65,800
Transfers out (43,000) (22,800) (65,800)
total other financing sources (uses) (43,000) 700,000 65,800 – 722,800
Net Change in Fund Balance (2,385) 368,000 22,800 8,400 396,815
Fund Balance, January 1 156,758 68,000 – 500,000 724,758
Fund Balance, December 31 154,373$ 436,000$ 22,800$ 508,400$ 1,121,573$
Statement of Revenues, Expenses, and Changes in fund Net Position
Enterprise
Funds
Internal
Service
Fund
Enterprise
Funds
Internal
Service Fund
Revenues Assets
Charges for Services 805,000$ 96,250$ Cash 22,000$ 22,850$
Due from other funds 15,750
Total Revenues 805,000 96,250 Supplies Inventory 18,000 3,500
total current assets 40,000 42,100
Operating Expenses Advance to Internal Service fund 17,000
Cost of services 703,000 83,690 Capital Assets (net) 255,000 21,600
Depreciation 60,000 6,900 Total Assets 312,000$ 63,700$
Total nonoperating revenue (5,000) (600)
Bond payable 200,000
Change in Net Position 37,000 5,060 Bank note payable 10,000
Net Position- Beginning of Year 41,650 26,200 Advance from Enterprise fund 17,000
Net Position – End of Year 78,650$ 31,260$ Total Liabilities 233,350 32,440
Net position
Net investment in capital assets 55,000 4,600
Unrestricted 23,650 26,660
Net Position 78,650$ 31,260$
Jefferson County
Jefferson County
Statement of Net Position
For the year ended 12-31-2015
As of 12-31-2015
Gov’tal
Fund
Balances
Adjustments & Eliminations Internal Service Funds
Balances for
Gov’t-wide
Stmts
Worksheet Journal Entries to Convert Debits Credits Debits Credits
to the Accrual basis of Accounting DEBITS:
Cash 340,348 e22,850 363,198
a Capital Assets (net) 7,752,000
Investment in corporate bonds 502,400 502,400
Net Position beginning of year 7,752,000
Taxes Receivable 51,325 51,325
Due from other governments 280,000 280,000
Depreciation Expense 305,000
Accrued interest receivable 1,700 1,700
Capital Assets (net) 305,000
Supplies Inventory 350 e3,500 3,850
Due from Other Funds e15,750 15,750
Capital Assets (net) 651,900 a7,752,000
Capital Outlay (Expenditure) 651,900 a651,900 305,000 a e 21,600 8,120,500
b. no beginning long term debt – – Expenditures (expenses) Current
General Govt. 181,560 5,660 e175,900
Proceeds from sale of bonds 700,000 Library 12,700 12,700
Proceeds from bond premium 22,800 –
Bonds payable 700,000 Other Expenditures (expenses) –
Bond Premium 22,800 – Debt Service Principal 22,000 22,000 b–
– Interest expense/expenditure 21,000 b10,170 1,500 b e 600 30,270
Bonds payable 22,000 – Capital Outlay 651,900 651,900 a–
Expenditure – principle on bonds 22,000 – Depreciation a305,000 305,000
Other Fin. Uses – Transfers Out 65,800 65,800 d–
Interest expense 10,170
Interest payable 10,170 Total Debits 2,131,083 9,862,593
Interest from Oct. 1 to Dec. 31 CREDITS:
(700,000 – 22,000) * 6% * 3/12 = 10,170 Accounts Payable 6,100 4,350 e10,450
Wages Payable 850 490 e1,340
Premium on bonds payable 1,500 Deferred Inflows – Property taxes 22,600 c22,600 –
Interest expense 1,500 Contracts Payable 25,000 25,000
–
Accrued Interest Payable 10,170 b600 e10,770
c. Deferred inflows – property taxes 22,600 Bank Note Payable 10,000 e10,000
Property tax revenue 22,600
b22,000 700,000 b678,000
Property tax revenue 21,000 Premium on Bonds b1,500 22,800 b21,300
Net Position beginning of year 21,000 Advance from Water Utility Fund 17,000 e17,000
d Transfers In 65,800 –
Transfers out 65,800 Revenues
Property Taxes 262,075 c21,000 22,600 c263,675
e Cash 22,850 Intergovernmental Revenues 280,000 280,000
Due from other funds 15,750 Investment income 21,100 21,100
Supplies Inventory 3,500 –
Capital Assets (net) 21,600 –
Accounts payable 4,350 Other Financing Sources –
Wages payable 490 Proceeds of Bonds 700,000 b700,000 –
Interest payable 600 Proceeds of Bond premium 22,800 b22,800 –
Bank note payable 10,000 Transfers In 65,800 d65,800 –
Advance from Enterprise fund 17,000 21,000 c600 e
Net Position 31,260 Net Position at beginning of year 724,758 7,752,000 a e 5,660 31,260 e8,523,958
Total Credits 2,131,083 9,862,593
Net Position 5,660
General government expenditures 5,660
totals Journal entries
9,574,770 9,574,770 69,960 69,960 –
Interest expense 600
Net Position 600
Note: Enter all amouts as positive numbers. The worksheet is formatted
to add debits to assets and expenses and add credits to liabilities, equities
and revenues
Capital Assets (net)
Bonds Payable
Jefferson County
Dr = Cr 9,644,730 9,644,730
Program Revenues Net (Expense) Revenue and Change in Net Position
Expenses
Charges
for Services
Operational
Grants and
Contributions
Capital
Grants and
Contributions
Governmental
Activities
Business-Type
Activities
Total
Functions/Programs
Governmental Activities:
General Government 175,900$ –$ (175,900)$ (175,900)$
Library 12,700 – (12,700) (12,700)
Depreciation 305,000 (305,000) (305,000)
Interest 30,270 (30,270) (30,270)
Total Governmental Activities 523,870 – – – (523,870) (523,870)
Business Type Activities
Water and Sewer 768,000 805,000 37,000 37,000
Total Government 1,291,870$ 805,000$ –$ –$ (523,870)$ 37,000$ (486,870)
General Revenues
Taxes:
Property Taxes 263,675 263,675
Intergovernmental revenues 280,000 280,000
Investment Income 21,100 21,100
Total General Revenues 564,775 – 564,775
Change in Net Position 40,905 37,000 77,905
Net Position, Beginning 8,523,958 41,650 8,565,608
Net Position, Ending 8,564,863$ 78,650$ 8,643,513$
Governmental
Activities
Business-
Type
Activities
Total
Assets
Cash 363,198$ 22,000$ 385,198$
Investments 502,400 – 502,400
Taxes Receivable (Net) 51,325 – 51,325
Interest Receivable 1,700 – 1,700
Internal Balances Current 15,750 (15,750) –
Due from Other Governments 280,000 – 280,000
Inventories 3,850 18,000 21,850
Internal Balances Long-Term (17,000) 17,000 –
Capital Assets, Net of Accumulated Depreciation
8,120,500 255,000 8,375,500
Total Assets 9,321,723$ 296,250$ 9,617,973$
Liabilities
Accounts Payable 10,450 16,750 27,200
Wages Payable 1,340 850 2,190
Accrued Interest Payable 10,770 – 10,770
Contract Payable 25,000 – 25,000
Bank Note Payable 10,000 – 10,000
Bonds Payable 678,000 200,000 878,000
Premium on Bonds Sold 21,300 – 21,300
Total Liabilities 756,860 217,600 974,460
Net Position
Net investment in capital assets 7,421,200 55,000 7,476,200
Restricted 936,000 – 936,000
Unrestricted 207,663 23,650 231,313
Total Net Position 8,564,863$ 78,650$ 8,643,513$
Jefferson County
Statement of Activities
for the year ended 12-31-2015
Jefferson County
Statement of Net Position
as of 12-31-2015