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Show Serving East Juab County - A Nice Place Volume 102 No 51 To Live! December 22, 2004 www.nephitimesnews.com Single Copy Price Juab School Districts assets exceed City Council reviews audit record for 2004 By liabilities Bv Myrna Trauntvein s Correspondent Times-Xe- liabilities reported net of related debit, the resources needed to repay this debt imi't he provided from other sources since the capital assets themselves cannot be U"od to liquidate these liabilities. Ian llilstead. CPA with the firm of Squire & Company, PC. Certified Public Accountants and Business Consultants, Orem, met with the Juab School District Board of Education to discuss the audit findings for the past year. "Net assets mav serve, over time, as a useful indicator of a government's financial position," said HiNtead. He said there were two other financial highlights worth special mention. Those were, in addition to net assets exceeding liabilities, that the (list nit's expenses dur- e - "The total net assets of $25,724,244 is made up of $17,462,832 in capital assets net $87,185. Because the city is implementing new reporting standards for this fiscal year, with significant changes in content and structure, said Olsen, the information looks different than in prior years. "However, in future years, comparisons will be more meaningful and will go further in explaining the citys financial position and results of operations, he said. The GASB 3 format (Governmental Accounting Standards), the new Governmental Accounting Standards Board Statement No. 34, requires agencies to now report Currant values for their 1 $9.0 I 1 mary operating fund) had an increase in its fund balance of b the close of the financial ear ended June 30.200 Although the districts investment in it- - capital a""et' is million at h of related debt and $8,261,391 in other net assets, said Olsen. The General Fund (the pri- s Correspondent Juab School Districts net Nephi is worth quite a bit but basnot an much as a ketball player. "Did you ever stop to think that the whole city of Nephi is worth less than Carlos Boozer's (Utah Jazz) salary?" asked Chad Brough, mayor. The total net assets of Nephi City increased by $2,681,21(5 to $25.72 1.2 1. The government net assets increased by $2,173,832 and the business-typnet assets increased by $507. 11 1. The city may not be w'orth quite as much as Boozer, but it is in good shape financially and received a clean audit report. The discussion came during the presentation of the audit for the past fiscal year. The audit, presented by independent auditors, Russell Olsen and Clyde Jones for the auditing firm of Larson & Peterson. Certified Public Accounts, was for the fiscal year which ended June 30, 200 1. top-notc- Myrna Trauntvein Times-Xe- Yuu See School on page better be good, you better be nice. ..Santa is on his way. Merry Christmas! 3 Commission does not factor Currant Creek into 2005 budget By Myrna Trauntvein Times-New- s Correspondent Though the new Currant Creek Power Plant may contribute funds to the future budget of Juab County, Commissioners determined not to plan that possibility into the 2005 budget. For the 2005 Fiscal Year, total expenditures are expected to be $5,118,887. infrastructures County commissioners adopted transportation (roads, bridges, etc.) in their an- the new 2005 budget following a public hearing held at 6 p.m. nual financial reports. 1 in the commission chambers on GASB 3 requires the preparation of two sets of financial state- Monday. The expenditures are balanced ments. We have supplied you with by the same amount in revenues. two financial statements . One Those revenues do not reflect any amounts which in accordance with GASB and the other in the old form which shows might be expected to come from the major funds, said Olsen. The the power plant. to explain the county new financials are two sets of books. budget to any who might attend The GASB format came about the hearing was Denton Alexanso that everyone nationwide der, CPA representing Hawkins Clovvard & Simister, Certified would follow the same set of fiPublic Accountants LC, Orem. nancials. The GASB includes a section Part of press and one other interindividual were the only ested Discussion called Management and Analysis, a narrative utiliz- ones, other than officials, who attended the county portion of the ing a lot of financial information. hearing. Three other hearings were Taxes continue to be the largest source of revenue in the General held, one to adopt a budget for Fund and represent 48.6 percent Special Service District 1 and 2 and for the Fire District. of total general fund revenues, You have been conservative said Olsen. and careful not to budget money The largest element of taxes is sales tax, as it has been for the you do not have, said Alexanlast several years, he said. It der. However, when it came to proprepresents 67.6 percent of total 32.8 and tax revenues erty tax expectations, an amount represents had to be entered into the budrevfund total of general percent get. Once again, said Alexander, enues. As of June 30, 2004, the citys commissioners were extremely governmental funds which in- - conservative. Wm. Boyd Howarth, commission chair, said the budget should not reflect money the county may See Jump on page 2 or may not have in the future. y On-han- d In addition, .said Alexander, the taxpayers of the county should be grateful that, once again, the county commission has not raised propertv taxes Typically, the county commission gets the blame for increases made by other entities, however, he said. The county commission did, for the 2005 fiscal year, plan in a COLI (Cost of Liv ing Index) 2 per- cent across the board raise for all employees. The pay levels of some officials were also adjusted. "Two things occurred which made this possible," said Alexander. Six budget requests were denied which freed up $330,000 to be used toward payroll raises. The second occurrence was a survey conducted of other Fifth Class counties. It was found that the compensation scale was with other counties of the size and class. same Alexander said a capital projects fund was created so that funds could be transferred to the budget from other funds. For 2005 fiscal year, $210,000 was transferred to the item so that funds for qualifying projects could be funded in the future if the commission determines that qualifying projects are desirable. Sales tax funds should also increase. They may be higher but until those funds are actually in the hands of the county, it will not be planned on. He warned county officials that the Utah State Tax Commission needed to be kept aware of w here the sales tax came to the county as it is supposed to do. They understand where the money should go so just make sure they line their ducks up in a row so the money actually goes to the right entity, Alexander said. out-of-lin- e expected that property tax revenue will bring in $1,1 80, 000 up from the $1,012,617 of 2001 fiscal year. Property tax collections requesting in delinquent accounts is expected to be lower at $ 15.500 for 2005. In 200 1. the amount was $60,028. Sales and use tax is projected at $398,300. Alexander said the county was fiscally sound and the financial conservatism had paid off for the residents of the county. Some time ago the county crefund. That ated a fund has now been abandoned because it did not work the way it wras designed. Therefore, the fund has been discontinued, he said. Alexander said that $67,082 was put into the county contingency fund. It is self-insuran- into the budget, then it is ready to be used. If the fund is not needed, money from it can be transferred into another account at the end of the year. Because of the GASB 31 budget record keeping requirements, county roads have been inventoried and added as an asset. A decision to approve the purchase of a truck at a cost of $26,009 from funds in Special Service District 2 to serve as a vehicle for the Mosquito Abatement program required a little last minute juggling of the county budget prior to adoption to reflect the transfer in and out of county funds. Juab County Bees put the Buzz into downtown Las Vegas According to reports from newspapers in Las Vegas, Ne- vada, and the Associated Press, the following news story made national headlines. A truck carrying about 12 million bees belonging to a Nephi company hit a wall on the overpass at the Spaghetti Bowl, sending the buzzing load to the pavement and the desert below. Troopers think the driver lost control of the truck on the curving ramp. The truck hit the wall, sending much of the load toppling more than 40 feet to a patch of desert. The rest of the bees and their broken hives were pushed over the wrall to the growing pile below by a wrecking crew. James Jones, Nephi, owner of Mountain Springs Honey Co. in Utah, was shipping 448 of his bee 4 J You never know when you may need money from the fund, said Howarth. If it is planned colonies to Needles. California for the winter. From there, they were destined for Bakersfield for the almond pollination that begins each February. I'm a little more famous than I want to be right now, said Jones, Thursday, noting the sw'arm of media attention since the Wednesday accident at the Spaghetti Bowl. The images of hundreds of smashed bee hives made regular appearances on CNN and other television newrs outlets, and the story showed up in newspapers as far away as England. Youre just talking millions of bees, Jones said. See Bees on page 3 |