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Show From page nine ra'KTY JUAB it Financial JUAB rVNTV AND COURT KHMPTS CASH EMU YEAR THE FOR' ERN'S I OF STATEMENT TRUST AND l FUNDS SF D HUB S KmR Kf S 31, 1978 Exhibit t 1978 fash Balance, January I 11,066 16,872 Passport fees Total receipts Total Available cash FUND m 28, OM "28.605 analysis of budget DECEMBER ENDED YEAR THF FOR 31, 1978 Schedule inued ( cmt parks. Recreation A Television service fublUroyerljr 3 11hurnii'cni s Huppoi t and .iliumny (ounty General Fund Judge's i et ii eroent State Court Repurler and State General Fund feci Pa (sport fees Mi cel laneuus (hUd Al Libraries 9,763 1,913 595 1,129 115 167 imony Bail refunds Recreation Conservation & Agricultural Econttnlc Jeyelopmejjt and extension services H 356 scripts (hi Id nupi'ott and alimony Fees and fines COUNTY GENERAL ( . 1,321 I0j688 25.651 (ash Balance, Decunber 31, 1978 Exhibit development Economic Trans fers and Other Interoverrswental Expenses Contribution to Capital Projects Fund Contribution to Hospital Utility Fund Contribution to senior eitieens Contributions to private JllAB NOTES organisations to other units on tax anticipation notes - N(JTE Interest SWMAKY FXf ANT SIGN! QF. STATEMENTS 31, 1978 DFCKKBFR Contributions JkCGOWrjNG. Ppl.IG IKS The accounting policies of Juab County conform to generally accepted The following Is accounting principles as applicable to govorimental unite. a sunmary of the significant policies. Miscellaneous Total expenditures The accrual basis of accounting Basis of Accounting. Is followed (with minor exceptions) by all funds except budgetary funds and the Revenue Sharing ModifTrust Fund which utilise the modified accrual basis of accounting. ications in such method frim the accrual basis are: balance - excess (deficiency) of revenues over expenditures Fund &.JL&JUAU JUAB ,,7oPGjl 1) Disbursements for inventory type items are considered expenditures at the time of purchase, 2) Disbursements for prepaid expense type payments are considered expenditures at the time of payment. 3) Revenue COUNT)' GENERAL FUND OF REVENUES ANALYSIS COUNTY FINANCIAL TO as In the Revenue Sharing Trust Fund is recorded of the entitlement payment. upon as receipt COMPARED TO BUDGET General fixed asset purchases ere recorded ai General Fixed Assets. Such assets are expenditures in the general fund at the time of purchase. capitalized at the estimated historical cost or cost where known In the Gifts or contributions sra recorded general fixed asset group of accounts. in general fixed assets at fair market value at the time received. During 1978, the County completed a physical inventory of the general fixed assets, and the accounting records were adjusted to agree with the physical count. depreciation has been provided No 2 NOTE - PENSION general fixed aasets. on PJANS employees participate in e retirement plan administered by the Public Employees Retirement Fund. Funding is provided as a percentage of employees earnings and is remitted monthly. During 1978, the County's share of retirement costs totaled $ 52,757. County Utah 3 NOTE - FUND RESTRICTED RAT - HASS ANTES B" AND COLLECTOR ROAD FUNDS These funds represent the unexpended balance of funds allocated by the State of Utah that may be used for road purposes only. JUAB NOTES TO COUNTY FINANCIAL JUAB OF STATEMENT IN FOR THF ( OI NTY FITS PRO CAPITAL El'S PEVENITlS, HAIANTE YEAR ENDED The bonds are payable solely from the revenue and derived from the lease and have been pledged to the trustee acting onreceipts behalf of the bondholders In the event of default by the leasee,-threcourse the only bondholders have is to repossess the buildings and equipment, etc. In no event will the County be liable for payment on the bonds or Interest. FUND EXPENDITURES COMPARED DECEMBER AND TO BUM 31, KT At December 31, 1978, as provided by in the bond indenture, ten interest Installments of $ 165,350 have been made. The following a is summary of the remaining debt service requirements: 1978 Actual Over Revenues Contribution frcn General M Access (deficiency) of revenues expenditures la nee over Ba Fund Balance - Fndljy 5 Jl'AB OF CASH STATEMENT FOR THE Balance. 00Q RECEIPTS ENDED FIND AND PlSBli 3!, DFCF.MBF.R SEMI NTS 1978 NOTE Contribution freso General Total receipts Fund - 325.000 JUAB STATEMENT FOR THE Balance. Adh Entitlement Interest January 1. OF CHANGES YEAR ENDED TRUST IN DECEMBER 31, Exhibit 1978 1978. $ 266, 300 210.000 225.000 235.000 250.000 265.000 280.000 300.000 106.800 315.000 87.900 67,800 46.500 24.000 335.000 355.000 375.000 600.000 CAPITALIZED $ EMT SITES 1978 4 - T11AN('E 92.200 167,556 70,000 71,352 6,000 12.000 COUNTY TRUST RECEIPTS AND FUND STATEMENTS DF.( EMBER 1978 31, WITH RESPECT OFATIOS TO OF DEBT ON EQUIPMENT Pimrmcrc aunt Section 3 of Article XIV of the Utah State Constitution states that no debt can be created in excess of the amcsjnt which can be repaid frn No debt for purchases of equipment can extend current year's revenues. beyond the end of the fiscal year. Therefore, this purchase is in violation of Utah State law. 5 COUNTY ,MAR BONDS SHARING FINANCIAL Xerox Copying machine on contract for During 1978, the County purchased $ 4,180. It is to be paid for in 60 equal installments of $ 73.60 including interest. At year end, the contract balance remaining including interest was $ 4,195. All payments include interest. WF JUAB COUNTY TO a 157.352 Total deductions OF CASH LEASE 95,358 : Fire truck STATEMENT 0- 00,0 leased a road grader in 1978 for $ 19,333. The lease provides that if the County leases the grader in 1979 and 1980 for payments of $ 22,620 and $ 20,977 respectively, then it will have acquired the grader. Since the County intends on continuing with the lease of the equipment, the lease has been capitalized as a purchase in the general fixed asset group of accounts, with a liability of $ 43,597 being recorded as a contra lease capitalization account . F 85,573 6.627 $ REVENUE 4,. 845, The County NOTE $ 31. - .6 130, 000 160,000 145.000 160.000 165.000 175.000 190.000 195.000 $ 235.800 224.600 212.700 200,100 186.600 172.500 157.500 141,600 124.800 JUAB payments December 290.700 282.900 274.500 265.800 256,200 Outstanding Balance 4,865,000 4.715.000 4.575.000 6.430.000 4.270.000 4.105.000 3.930.000 3.740.000 3.565.000 3,335,000 3.310.000 2.875.000 2.625.000 2.360.000 2.080.000 1.780.000 1.465.000 1.130.000 775.000 600.000 BALANCES income Balance. $ FUND FUND Hospital contributions Bootaoblle grant Fund Payment COUNTY SHARING Total additions Total Deduct 325,000 325,000 1978 31. REVENUE Fund $ Investments Balance, December Principal 1 375.000 Total cash balance and receipts Disbursements Payment $ Receipts Cash Interest 1976 1. January YEAR 325,, COUNTY CAPITAL PKO.IHTS Cash 1986 1987 1988 1989 1990 1991 1992 1993 1996 1995 1996 1997 1998 Pel nnins - Fynd Total Paymene 620.700 422.900 619.500 625.800 621,200 621,300 625.800 619.600 622.700 625,100 621.600 422.500 622.500 621,600 626.800 621,800 622.900 622,800 621.500 626,000 Fund Expenditures , STATEMENTS 31, 1978 DECEMBER On October Mortgage Revenue as follows: DISBURSEMENTS To VP. A tTAH 1NIHS1 RIAL DEVF1 OP iENT MORTGAGE additional machinery further construction and establish on interest a bond fund used on the bonds 1,400,000 equipment and the underwriting, discount, printing, account ing To pay $ 1,703,950 and 1,305,000 sboppiin for parent of principal Tnt1 436,050 jL.MAVi items acquired with the bond proceeds were leased to NRP, Inc. for required to pay the principal and interest on the bonds. The are payable by the leasee directly to a trustee in installments. All other costs for Insurance, repairs, property taxes, trustee fees, ec. are to be paid by the leasee. The the amount lease fash Balance. Decipher 31. jm save meimey 1473, the County issued Industrial Development First The bond proceeds were used Bonds totaling $ 4,845,000. acquire fund REVENUE I, acquire existing buildings, land and equipment frem Cates Rubber Company To To FIRST INC, payments 1978 imp montlh at FeaEx a gallon ? GBetfDe ntfc breaks yo&a I Shop Nephi Merchants and save Money & Gas!! 2 A message you can use from the Nephi Arei Chamber of Commerce and The Times-New-s |