Debits Credits
Cash $ 497,522
Restricted Cash-Customer Deposits 80,198
Customer Accounts Receivable 253,974
Accumulated Provision for Uncollectible Accounts $ 12,699
Inventory of Supplies 105,524
Due from Other Funds 35,000
Utility Plant in Service 17,202,597
Accumulated Depreciation-Utility Plant 3,890,018
Construction Work in Progress 925,695
Vouchers Payable 174,150
Customer Deposits 80,198
Accrued Interest Payable 120,000
Revenue Bonds Payable 8,000,000
Bond Discounts on Revenue Bonds Payable 68,558
Net Position-Net Investment in Capital Assets 6,306,832
Net Position-Unrestricted 585,171
City of Bingham
Water Utility Fund
Post-closing Trial Balance
For year 2023
Requirement 7-d
Requirement 7-d
Assets
Current assets:
Cash 497,522$
Customer accounts receivable 253,974$
Restricted assets:
Cash 80,198
Utility plant:
Utility plant in service 17,202,597
Less: Accumulated depreciation-utility plant 3,890,018 13,312,579
Construction work in progress 925,695
Total Assets 15,197,793
Liabilities
Current liabilities:
Liabilities payable from restricted assets:
Customer deposits 80,198
Long-term liabilities:
Revenue bonds payable 8,000,000
Less: Unamortized bond discount 68,558 7,931,442
Total Liabilities 8,305,790
City of Bingham
Statement of Net Position
As of December 31, 2023
Water Utility Fund
Debits Credits
Cash $ 497,522
Restricted Cash-Customer Deposits 80,198
Customer Accounts Receivable 253,974
Accumulated Provision for Uncollectible Accounts $ 12,699
Inventory of Supplies 105,524
Due from Other Funds 35,000
Utility Plant in Service 17,202,597
Accumulated Depreciation-Utility Plant 3,890,018
Construction Work in Progress 925,695
Vouchers Payable 174,150
Customer Deposits 80,198
Accrued Interest Payable 120,000
Revenue Bonds Payable 8,000,000
Bond Discounts on Revenue Bonds Payable 68,558
Net Position-Net Investment in Capital Assets 4,782,036
Net Position-Unrestricted 732,493
Sales of Water 3,249,500
Operation Expense 842,804
Maintenance Expense 439,400
Depreciation Expense 315,637
Uncollectible Accounts 8,723
Interest on Long-Term Debt 265,462
City of Bingham
Water Utility Fund
Pre-closing Trial Balance
For year 2023
Requirement 7-e
Requirement 7-e
Operating Revenue
Operating Expenses
Operation 842,804$
Maintenance 439,400
Depreciation expense 315,637
Total Operating Expenses 1,597,841
Operating Income 1,642,936
Non-operating Expenses
Interest on long-term debt 265,462
Change in Net Position 1,377,474
Requirement 7-f
Cash flows from operating activities:
Cash received from customers 3,167,054$
Cash flows from capital and related financing activities:
Construction of utility plant (867,500)
Principal payments on long-term bonds (1,000,000)
Interest paid on long-term bonds (262,500)
Net cash used in capital and related financing activities: (2,130,000)
Net increase in cash and cash equivalents (160,896)
Cash and cash equivalents, January 1 738,616
Cash and cash equivalents, December 31 577,720$
Reconciliation of Operating Income to Net Cash Provided
Operating Income 1,642,936$
Adjustments:
Depreciation expense 315,637
Increase in net accounts receivable (57,427)
Increase in due from other funds (15,600)
Net Cash Provided by Operating Activities 1,969,104$
City of Bingham
Statement of Cash Flows
Water Utility Fund
For the Year Ended December 31, 2023
Debits Credits
$ 2,338,989
Taxes Receivable for Other Funds and Governments-Delinquent
City of Bingham
Tax Custodial Fund
Post-closing Trial Balance
For year 2023
Requirement 8-c
Requirement 8-c
Assets
Taxes Receivable for Other Funds
and Governments-Delinquent
2,211,139$ 1
Total Assets 2,211,139$
City of Bingham
Tax Custodial Fund
Statement of Fiduciary Net Position
As of December 31, 2023
Debits Credits
$ 2,338,989
$ 635,647
1,135,860
15,608,631
Taxes Receivable for Other Funds and Governments-Delinquent Due
to Other Funds
Net Position – Restricted for Other Governments
Additions-Property Tax Collections for Other Governments
City of Bingham
Tax Custodial Fund
Pre-closing Trial Balance
For year 2023
Requirement 8-d
Requirement 8-d
15,608,631$
15,608,631$
Additions
Additions-Property tax collections for
other governments
Total Additions
Deductions
Deductions-Payments of property
City of Bingham
Tax Custodial Fund
Statement of Changes in Fiduciary Net Position
As of December 31, 2023
Debits Credits
$ 1,695,148
565,020
$ 109,681
12,641
35,000
200,000
7,000
2,785,000
8,900,000
3,413,500
33,109,000
22,722,500
18,045,000
3,427,125
8,260,500
4,024,900
281,396
37,500
1,250,000
3,250,000
6,750,000
78,610
26,182,865
Cash
Taxes Receivable-Delinquent
Allowance for Uncollectible Delinquent Taxes
Investments-Temporary
Inventory of Supplies
Land
Improvements other than Buildings
Accumulated Depreciation-Improvements other than Buildings
Infrastructure
Accumulated Depreciation-Infrastructure
Buildings
Accumulated Depreciation-Buildings
Equipment
Accumulated Depreciation-Equipment
Vouchers Payable
Accrued Interest Payable on Long-Term Debt
Current Portion of Long-Term Debt
Serial Bonds Payable-3%
Serial Bonds Payable-2%
City of Bingham
Governmental Activities, Governmental-Wide level
Post-closing Trial Balance
For year 2023
Requirement 9-d
Requirement 9-d
Primary Government
Governmental
Business-type
Component
Assets Activities Activities Total Units (none)
Cash 1,695,148$ 497,522$ 2,192,670$
Receivables (net) 535,047 241,275 776,322
Internal balances (35,000) 35,000 –
Investments 200,000 200,000
Liabilities
Vouchers payable 281,396 174,150 455,546
Accrued interest payable 37,500 120,000 157,500
Customer deposits 80,198 80,198
Current portion of long-term debt 1,250,000 1,250,000
Bonds payable (net) 10,078,610 7,931,442 18,010,052
Total Liabilities 11,647,506$ 8,305,790$ 19,953,296$
Net Position
Net investment in capital assets 26,182,865 6,306,832 32,489,697
–
City of Bingham
Statement of Net Position
As of December 31, 2023
Debits Credits
$ 1,695,148
565,020
$ 109,681
70,627
12,641
21,722
200,000
2,785,000
8,900,000
3,413,500
33,109,000
22,722,500
18,045,000
3,427,125
8,260,500
4,024,900
281,396
37,500
35,000
1,250,000
3,250,000
6,750,000
78,610
27,025,600
950,000
909,507
1,064,750
520,500
319,000
25,000
8,370,545
775,590
49,910
220,500
37,500
3,199,066
4,084,169
2,045,781
Cash
Taxes Receivable-Delinquent
Allowance for Uncollectible Delinquent Taxes
Interest and Penalties Receivable on Taxes
Allowance for Uncollectible Interest and Penalties
Infrastructure
Accumulated Depreciation-Infrastructure
Buildings
Accumulated Depreciation-Buildings
Equipment
Accumulated Depreciation-Equipment
Vouchers Payable
Net Position-Net Investment in Capital Assets
Net Position-Restricted for Debt Service
Net Position-Unrestricted
Program Revenues-General Government-Charges for Services Program
Revenues-General Government-Operating Grants and Contributions
Program Revenues-Public Safety-Charges for Services
Program Revenues-Health and Welfare-Operating Grants and Contributions
General Revenues-Taxes Property
General Revenues-Taxes-Sales
General Revenues-Interest and Penalties on Taxes
General Revenues-Miscellaneous
General Revenues-Investment Earnings
Expenses-General Government
City of Bingham
Governmental Activities, Governmental-Wide level
Pre-closing Trial Balance
For year 2023
Requirement 9-d
Requirement 9-d
Net (Expense) Revenue and
Program Revenues
Changes in Net Position
Operating Capital
Primary Government
Charges for Grants and Grants and Governmental Business-type Component
Functions/Programs Expenses Services Contributions Contributions Activities Activities Total Units (none)
Governmental Activities:
General government 3,199,066$ 1,064,750$ 520,500$ – (1,613,816)$ (1,613,816)$
Public safety 4,084,169 319,000 (3,765,169) (3,765,169)
Public works 2,045,781 (2,045,781) (2,045,781)
Health and welfare 1,336,873 (1,336,873) (1,336,873)
Culture and recreation 1,105,614 25,000 (1,080,614) (1,080,614)
Interest expense 230,735 (230,735) (230,735)
Business-type Activities:
Water utility 1,863,303 3,240,777 1,377,474 1,377,474
Total Primary Government 13,865,541$ 4,624,527$ 545,500$ (10,072,988)$ 1,377,474$ (8,695,514)$
Component Units (none)
General revenues:
Taxes:
Property
8,370,545 8,370,545
Sales 775,590 775,590
Interest and penalties on taxes 49,910 49,910
Investment earnings 37,500 37,500
Miscellaneous 220,500 220,500
Total General Revenues 9,454,045 – 9,454,045
Change in Net Position (618,943) 1,377,474 758,531
Net position, January 1 28,885,106 5,514,529 34,399,635
City of Bingham
Statement of Activities
As of December 31, 2023
Requirement 9-d
Total
General Debt Service Governmental
Assets Fund Fund Funds
Cash 799,643$ 895,505$ 1,695,148$
Sales taxes receivable 21,722 21,722
Taxes receivable delinquent (net) 382,519 72,820 455,339
Liabilities, Deferred Inflows of Resources, and Fund Balances
Liabilities:
Vouchers payable 281,396$ 281,396$
Due to other funds 35,000 35,000
Total Liabilities 316,396 – 316,396
Deferred inflows of resources 434,672 78,653 513,325
Fund balances:
Nonspendable—inventory of supplies 7,000 7,000
Restricted—debt service 1,095,505 1,095,505
Committed—public safety 20,300 20,300
City of Bingham
Balance Sheet
Governmental Funds
As of December 31, 2023