HomeMy Public PortalAbout2003-2004 Audit Bond ComplianceCITY OF MOAB, UTAH
BOND COMPLIANCE
YEAR ENDED JUNE 30, 2004
CITY OF MOAB, UTAH
TABLE OF CONTENTS
YEAR ENDED JUNE 30, 2004
Pages
Report on Bond Compliance 1
Flow of Funds--1993 Water Bond 2
Flow of funds--1996 Sewer Revenue Bond 3
Water and Sewer Rates 4
Connection Fees, Connections, and Billings 5
Insurance and Bonding Coverage 6
BOND COMPLIANCE REPORT
REPORT ON BOND COMPLIANCE
August 19, 2004
Honorable Mayor and
Members of the City Council
City of Moab, Utah
We have audited the general-purpose financial statements of the City of Moab, Utah,
as of and for the year ended June 30, 2004, and have issued our report thereon dated
August 19, 2004. As part of our audit, we reviewed your compliance with the
requirements of your bond issues. Based on our review, we are not aware of any areas
of non-conformance.
Larson & Peterson
Certified Public Accountants
1
CITY OF MOAB, UTAH
FLOW OF FUNDS--
1993 WATER BOND
YEAR ENDED JUNE 30, 2004
SINKING FUNDS CAPITAL
RESERVE RESERVE FACILITIES
BOND ACCOUNT ACCOUNT REPLACEMENT TOTAL
ACCOUNT SERIES A SERIES B RESERVE RESERVES
$ 40,000 $ 38,000 $ 242,464
Transfers Into Bond Fund 78,000
o 1 PPayments
Transfer to Sinking Funds
'Transfer to Capital Facilities
Replacement Fund
Balance June 30, 2004 $ $ 40,000 $ 38,000 $ 242,464 $ 320,464
Transfers to the bond account are required to be sufficient to cover principal and interest payments on the bonds
as well as to make the necessary transfers to the reserve accounts.
Transfers were to be made on a monthly basis into the sinking funds until the reserves reached a balance
of $40,000 for Series A and $38,000 for Series B. Funds are to used to meet bond payments
should the bond fund not have sufficient funds to make the required payments.
Transfers equal to 5% of the annual operating budget including debt service and depreciation are required
to be deposited into the capital facilities reserve account on a yearly basis. Funds are to be used solely
for emergency repairs and replacements to the system.
N
Balance July 1, 2003�
Transfers Into Bond Fund
Bond Payments
Transfer to Sinking Funds
Transfer Emergency Reserve
Account
Balance June 30, 2004
CITY OF MOAB, UTAH
FLOW OF FUNDS--
1996 SEWER REVENUE BONDS
YEAR ENDED JUNE 30, 2004
BOND RESERVE
ACCOUNT ACCOUNT
$ 11=$ 230,136
230,495
(230,495) A_
$
EMERGENCY
RESERVE
ACCOUNT
$115,068
$ 230,136 $ 115,068
Transfers to the bond account are required to be sufficient to cover principal and interest payments on the bonds
as well as to make the necessary transfers to the reserve accounts.
Transfers of $3,197 are to be made on a monthly basis into the reserve account until the account reaches a balance
of $230,136. The account is to be used to cover future bond payments should the bond account not have sufficient
funds to make the required payments.
TOTAL
RESERVES
$ 345,204
Transfers of $1,599 are to be made on a monthly basis into the emergency reserve account until the account reaches a balance
of $115,068. The account is to be used solely for emergency repairs and replacements to the system.
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WATER RATES
Minimum Charge
Next 3,000 Gallons
Next 5,000 Gallons
Next 40,000 Gallons
Over 50,000 Gallons
Minimum Charge
Next 3,000 Gallons
Over 50,000 Gallons
CITY OF MOAB, UTAH
WATER AND SEWER RATES
JUNE 30, 2004
Commercial Within the City
$9.45 for 2,000 gallons or less per month.
$2.10 per thousand gallons per month.
$ .54 per thousand gallons per month.
$ .62 per thousand gallons per month.
$ .74 per thousand gallons per month.
Residential Within the City
$5.54 for 2,000 gallons or less per month.
$ .44 per thousand gallons per month.
$ .60 per thousand gallons per month.
Commercial Outside the City
$18.90 for 2,000 gallons or less per month.
$4.20 per thousand gallons per month.
$1.08 per thousand gallons per month.
$1.24 per thousand gallons per month.
$1.48 per thousand gallons per month.
Residential Outside the City
$11.08 for 2,000 gallons or less per month.
$ .88 per thousand gallons per month.
$ 1.20 per thousand gallons per month.
Bed and Breakfasts Within the City
All bed and breakfasts are required to pay the City's prevailing commercial rate on the portion of the dwelling
that is used as a bed and breakfast, and the City's prevailing residential rate on the portion of the dwelling that
is used as a residence. A three step calculation is used to determine the commercial and residential portions.
Minimum Charge
Next 8,000 Gallons
Over 10,000 Gallons
SEWER RATES
Firefighter Rate Within the City
Free for 2,000 gallons or less per month.
$ .44 per thousand gallons per month.
$ .60 per thousand gallons per month.
Fire Line Rate
Flat rate of $5.25 per thousand gallons per month.
City Parks and Cemeteries
$ .25 per thousand gallons per month.
Single -Family Residences
$8.65 and $1.00 per thousand gallons
of the average winter water usage rate.
Multiple Unit Residential Complexes
and Single -Family Residences Not
Connected to City Water System
$17.00 per residence or unit.
Moab Golf Course Well #7
$ .10 per thousand gallons per month.
Multiple Unit Residential Complexes
Commercial Establishments
and Governmental Entities and Institutions
$11.25 and $1.15 per thousand gallons
of water used.
Commercial Establishments
and Governmental Entities and Institutions
Not Connected to City Water System
$55.00 and $42.00 respectively.
4
CITY OF MOAB, UTAH
CONNECTION FEES, CONNECTIONS, AND BILLINGS
JUNE 30, 2004
WATER FEES
Meter Size Rates Within the City Rates Outside the City
5/8" x 3/4" $ 825 $ 910
3/4" 935 1,030
1" 1,190 1,310
1 1/2" 1,470 1,620
2" 1,770 1,950
4" 3,540 3,900
SEWER FEES
4"
6"
Line Size Rates Within the City Rates Outside the City
$ 670 $ 740
750 825
Fees for larger connections and meters are prorated.
WATER AND SEWER CONNECTIONS
Connections Applications on Hand
Water 1,786 0
Sewer 1,577
WATER AND SEWER BILLINGS
Billings
Water $ 511,454
Sewer 493,483
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COMPANY
Travelers
Travelers
CITY OF MOAB, UTAH
INSURANCE AND BONDING COVERAGE
JUNE 30, 2004
COVERAGE
AMOUNT
$ 100,000
$ 100,000
Fred A. Moreton & Co. $ 75,000
Insurance Company
Old Republic Surety Co. $ 460,000
Utah Local Governments' Trust $ 2,000,000
Utah Local Governments' Trust $ 200,000
Utah Local Governments' Trust $ 2,000,000
Utah Local Governments' Trust $ 50,000
Colorado Casualty
Colorado Casualty
Western Surety
$ 6,167,302
$ 22,085
$ 25,000
COVERAGE
Boiler & Machinery - Pool
Boiler & Machinery - Other
Public Employees
Blanket Bond
Treasurer's Bond
General Liability
Automotive Liability
Automotive Bodily Injury and
Property Damage
Uninsured Motorists
Building Grounds Equipment
Property Insurance
Notary Public Errors and
Ommissions Blanket
EXPIRATION
DATE
4/1/05
4/1/05
Until
Cancelled
1/1/05
7/1/05
7/1/05
7/1/05
7/1/05
4/1/05
4/1/05
1 /24/05
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