Loading...
HomeMy Public PortalAboutMinutes_CCMeeting_01172006CITY COUNCIL MEETING JAN. 17, 2006 AT 6:30 P.M. AT THE COMMUNITY CENTER PRESENT: Mayor, Craig Rockwood, Council members, Dave Huntsman, Scott Long, Don Holverson, Brad Andersen, Treasurer, Ron Nelson, Clerk, Betty McKinlay, Maintenance, Ross Johnson and Zech Prouse. VISITORS: Angie Huntsman, Joyce Rockwood, Hubert and Ethel Rockwood, Dennis and Linda McArthur, Steve Elliott, Dana Izatt, Melissa and Henry McArthur, Barbara and John Elliott, Jasen McArthur, Bill Longhurst, Garrett, Charlie, Tim, Tom and Julie Aicher, Leah Street, Edna Gerard, Adrian Beazer, Greg and Susan Barnes, Gloria Andersen, Tina Caldwell, Don Andersen, Craig Lords, Wayne and Barbara Heaton, Mike Long, Dana and Chelsie Andersen, Jerry and Judy Pasley, Janalee Thomas, Earl and Vera Owens, Reed and Ronda Longhurst, Barbara Schwieder, Mel Schwieder, Greg Rockwood, Kristen Christensen, Norma Torngren, Jan Torngren, Lynn Rockwood, Thomas McIntire, Dwayne and ZoAnn Simmons, John, Liz and Johnny Lott, Bill and Oleta Stanger, Chad Stanger, Janet Long, Renee Bodily, Louise Bryan. Mayor Rockwood called the meeting to order and welcomed everyone. The Pledge was led by Council member Dave Huntsman. The Council reviewed the minutes and made the necessary changes. Council member Dave Huntsman motioned to approve the minutes as amended. Council member Scott Long seconded. All were in favor. The Council reviewed the Financial Report. The Monthly Expense Report was reviewed and discussed. Council member Scott Long motioned to approve the Expense Report. Council member Dave Huntsman seconded. All were in favor. Dana Izatt, City Auditor, from Searle Hart and Associates discussed the City's Annual Audit Report. He reported that the City's finances were in great shape. Council member Don Holverson motioned to approve the audit and have Mayor Rockwood and City Clerk Betty McKinlay sign the papers and send back to Dana. Council member Scott Long seconded. All were in favor. Mayor Craig Rockwood gave the State of the City Address. He presented out going Council member Dave Huntsman with a gift certificate to the Golf Course. Council member Dave Huntsman gave some remarks about Craig and presented him with a pen and pencil desk set. City Clerk Betty McKinlay presented Craig with flowers and read a note from his family. Mayor Rockwood received a standing ovation. Council meeting was recessed at 7:30 p.m. to honor Mayor Rockwood and Dave Huntsman. COUNCIL MEETING RECONVENED AT 8:00 p.m. VISITORS: Chelsie, Sharle, Dana, and Whitney Andersen, John, Barbara, and Helen Elliott, Evadean Long, Dwayne and ZoAnn Simmons, Adrian Beazer, Linda McArthur, Don and Gloria Andersen. City Clerk Betty McKinlay swore the new Mayor, Brad Andersen in and Council members, Dennis McArthur and Steve Elliott. Mayor Andersen thanked everyone and hoped for their support. Brad said that Craig left some big shoes for him to fill and he hopes he can do it. Mayor Andersen assigned seating for the Council. Mayor Andersen asked to have a work session in a couple of weeks. A date was set for Jan. 31 st Mayor Andersen said he would not have anyone of the Council do anything that he himself would not do. He would like help and assistance from everyone. He would like for us to treat each other with respect and courtesy and do the same with the public. If we have different ideas or differences we need to bring them to the table. He is looking for our expertise and ideas. The Council elected a Council President. Mayor Andersen said what had been done in the past was the senior Council member was president. Council member Scott Long has the most years. Motion was made by Council member Don Holverson and seconded by Council member Steve Elliott. Council member Scott Long said he is nervous because he has not been on the Council that long, but he will do it. All were in favor. Scott Long will be the new Council President. Council assignments were discussed. Mayor Andersen read through the list and assigned the Council, Clerk, Treasurer, and Maintenance different items to work on. Mayor Andersen asked Police Chief Ross Johnson to stay on another year to train Zech Prouse, the new Maintenance man, and to help with the water study. Zech needs to get the water operator license and Ross will help him with that. Mayor Andersen asked for a motion to re -appoint Ron Nelson as Treasurer, Betty McKinlay as City Clerk, and Dale Storer as City Attorney. Council member Dennis McArthur motioned to appoint Ron, Betty, and Dale. Council member Scott Long seconded. All were in favor. Mayor Andersen handed out a schedule of meetings. He asked that if the Council has anything to put on the Agenda that they get it to Betty a week before the monthly Council Meeting. Mayor Andersen said that he talked with Gordon Johnson, custodian of the building, about the wooden floors. There are two options: 1. Buy a buffer to keep the wooden floors up or 2. put indoor/outdoor carpet on the floor. Mayor Andersen asked the Council to think about this. Adrian Beazer was just visiting. He is trying to get dances going. Council member Steve Elliott said there are dances in the building all the time and carpet on the floor would not be good. Mayor Andersen went around the table and some comments were made. Everyone congratulated each other. Zech Prouse said he is glad to be working here and ready to go to work. Council member Steve Elliott is excited to work with us and admires people working on the Council. He is looking forward to it. Council member Scott Long welcomed the new Council members and said "God Bless us. We are going to need it." Motion to adjourn by Council member Scott Long. Time: 8:45 p.m. Monthly Expense Report 12/31 /2005 Vendor Amount Date Description UTAH POWER $ 2,170.81 CHASE CARD SVC $ 99.85 CC ZECH PROUSE $ 648.00 HEALTH INSURANCE ERN IES $ 869.75 CHRISTMAS PARTY FARR CANDY CO $ 180.00 CHRISTMAS CANDY DIG LINE $ 16.38 A-1 MOBILE LOCK $ 16.50 AIC $ 25.00 DINNER MTG SAMS CLUB $ 30.00 MEMBERSHIP PSI $ 85.20 GARBAGE PICKUP REGENCE BLUE SHIELD $ 156.00 HEALTH INSURANCE 6-12 EZ MART $ 232.92 LARSEN REPAIR $ 258.84 EVERGREEN SVC $ 265.00 HOLDEN KIDWELL $ 500.00 KEVIN MACHEN $ 760.00 UNISOURCE $ 502.39 IBSD $ 864.00 INTERMOUNTAIN GAS CO $ 1,732.70 UTAH POWER $ 4,196.00 NEW SHOP/STREET LIGHTS AT&T $ 70.58 ROCKY MTN BOILER $ 150.00 ADVANCE DRAFTING SVC $ 267.00 NEW BUILDING BONNEVILLE CO SHERIFF $ 6,858.75 POST MASTER $ 112.70 ENERGY LABS $ 40.00 US CELLULAR $ 74.04 TETON COMMUNICATIONS $ 93.00 FALLS PLUMBING $ 139.44 MICRO SERV $ 80.00 Q WEST $ 252.89 CITY OF IONA * *BUDGET REPORT** FOR 12-31-05 PAGE 3 *** GENERAL FUND **** ESTIMATED * * R E C E I P T E D * * UNRECEIPTED PERCENT FUND ACCOUNT# ACCOUNT TITLE REVENUE MTD YTD BALANCE RECEIPTED 001 305.000 STATE HIGHWAY USERS 47,000.00 .00 11,500.96 35,499.04 24.47 001 310.000 STATE REVENUE SHARING 40,000.00 .00 11,401.75 28,598.25 28.50 001 315.000 STATE LIQUOR TAX 15,000.00 .00 5,480.00 9,520.00 36.53 001 320.000 BEER & DOG LICENSES 50.00 .00 .00 50.00 001 325.000 COURT REVENUE 1,000.00 243.45- 292.50 707.50 29.25 001 330.000 INTEREST 1,373.00 254.67 799.90 573.10 58.26 001 335.000 CABLE TV FRANCHISE 3,200.00 .00 .00 3,200.00 001 340.000 NATURAL GAS FRANCHISE 6,000.00 .00 726.38 5,273.62 12.11 001 345.000 UTAH POWER FRANCHISE 10,000.00 .00 2,547.97 7,452.03 25.48 001 350.000 MACHINE HIRE .00 .00 .00 001 355.000 BUILDING RENT 5,000.00 975.00 1,490.00 3,510.00 29.80 001 357.000 BUILDING DONATIONS .00 .00 .00 001 358.000 BUILDING GRANTS 20,150.00 .00 .00 20,150.00 001 360.000 PROPERTY TAX REVENUE 129,327.00 6,171.09 11,442.13 117,884.87 8.85 001 390.000 MISCELLANEOUS REVENUE 15,500.00 .00 4,012.00 11,488.00 25.88 001 395.000 RESERVES 20,000.00 .00 .00 20,000.00 **TOTAL GENERAL FUND REVENUE 313,600.00 7,157.31 49,693.59 263,906.41 15.85 10140 **** GENERAL FUND **** ESTIMATED * *EXPENDED* * UNEXPENDED PERCENT FUND ACCOUNT# ACCOUNT TITLE EXPENSE MTD YTD BALANCE EXPENDED 001 410.000 PAYROLL 001 420.000 RETIREMENT 001 422.000 HEALTH INSURANCE 001 424.000 PAYROLL TAXES 001 429.000 MISC. PAYROLL 001 440.000 ELECTRICITY - NATURAL GAS 001 445.000 OFFICE SUPPLIES 001 446.000 TRAVEL 001 447.000 ADVERTISING 001 450.000 INSURANCE LIABILITY 001 455.000 LEGAL & AUDIT FEES 001 460.000 POLICE SUPPLIES 001 465.000 VEHICLE RENT 001 470.000 MAINTENANCE 001 472.000 BUILDING EXPENSE 001 475.000 CIVIL DEFENSE 001 480.000 LIBRARY 001 490.000 CAPITAL IMPROVEMENTS 001 495.000 MISCELLANEOUS EXPENSE 60,000.00 8,743.00 21,814.00 38,186.00 7,000.00 261.05 869.90 6,130.10 7,000.00 804.00 2,064.00 4,936.00 8,500.00 595.78 1,430.87 7,069.13 .00 .00 .00 20,000.00 2,332.61 4,488.76 15,511.24 6,000.00 200.43 2,362.53 3,637.47 2,500.00 25.00 343.00 2,157.00 1,000.00 .00 373.09 626.91 6,900.00 .00 3,401.00 3,499.00 8,000.00 500.00 1,419.35 6,580.65 31,000.00 6,566.25 6,566.25 24,433.75 5,000.00 .00 .00 5,000.00 62,275.00 3,151.23 11,130.99 51,144.01 .00 .00 .00 500.00 .00 .00 500.00 5,000.00 .00 214.52 4,785.48 76,150.00 4,463.00 21,313.00 54,837.00 6,775.00 1,049.75 1,950.91 4,824.09 36.36 12.43 29.49 16.83 22.44 39.38 13.72 37.31 49.29 17.74 21.18 17.87 4.29 27.99 28.80 **TOTAL GENERAL FUND EXPENSES 313,600.00 **NET EXCESS OR DEFICIENCY(-) 28,692.10 79,742.17 233,857.83 25.43 21,534.79- 30,048.58- 30,048.58 CITY OF IONA * *BUDGET REPORT.* FOR 12-31-05 PAGE 5 0140 **** WATER FUND **** ESTIMATED * * R E C E I P T E D * * UNRECEIPTED PERCENT FUND ACCOUNT# ACCOUNT TITLE REVENUE MTD YTD BALANCE RECEIPTED 002 305.000 COLLECTIONS 125,000.00 9,667.07 30,774.12 94,225.88 24.62 002 310.000 HOOK UP FEES 36,000.00 2,400.00 4,800.00 31,200.00 13.33 002 315.000 INTEREST 1,300.00 240.87 683.90 616.10 52.61 002 350.000 TANK REPLACEMENT FUND 30,000.00 .00 .00 30,000.00 002 395.000 RESERVES 40,000.00 .00 .00 40,000.00 **TOTAL WATER FUND REVENUE 172,300.00 12,307.94 36,258.02 136,041.98 21.04 **** WATER FUND **** ESTIMATED * *EXPENDED* * UNEXPENDED PERCENT FUND ACCOUNT# ACCOUNT TITLE EXPENSE MTD YTD BALANCE EXPENDED 002 410.000 SALARIES & BENEFITS 26,000.00 .00 .00 26,000.00 002 440.000 ELECTRICITY 30,000.00 1,570.90 6,378.44 23,621.56 21.26 002 445.000 OFFICE, SUPPLIES, LEGAL 6,000.00 519.63 1,096.46 4,903.54 18.27 002 450.000 ENGINEERING COSTS 5,000.00 .00 .00 5,000.00 002 460.000 VEHICLE EXPENSE .00 .00 .00 002 465.000 VEHICLE RENT 5,000.00 .00 .00 5,000.00 002 470.000 REPAIRS & MAINTENANCE 25,000.00 272.44 2,653.82 22,346.18 10.62 PIS 480.000 BOND PAYMENT 26,300.00 .00 13,000.00 13,300.00 49.43 482.000 BOND INTEREST 5,700.00 .00 2,684.07 3,015.93 47.09 002 485.000 TANK REPLACEMENT FUND 40,000.00 .00 .00 40,000.00 002 490.000 CAPITAL IMPROVEMENTS 63,300.00 .00 1,599.34 61,700.66 2.53 **TOTAL WATER FUND EXPENSE 232,300.00 2,362.97 27,412.13 204,887.87 11.80 **NET EXCESS OR DEFICIENCY(-) 60,000.00- 9,944.97 8,845.89 68,845.89- 14.74- CITY OF IONA ** BUD G E T R E P O R T** FOR 12-31-05 PAGE 6 **** EQUIP REPLACEMENT **** ESTIMATED * * R E C E I P T E D * + UNRECEIPTED PERCENT FUND ACCOUNT# ACCOUNT TITLE REVENUE MTD YTD BALANCE RECEIPTED 003 305.000 EQUIP RENT --WATER 5,000.00 003 310.000 EQUIP RENT --GENERAL 5,000.00 003 395.000 EQUIP RESERVES --WATER 28,571.00 003 396.000 EQUIP RESERVES --GENERAL 30,071.00 **TOTAL EQUIP REPLACEMENT REVENUE .00 .00 5,000.00 .00 .00 5,000.00 .00 .00 28,571.00 .00 .00 30,071.00 68,642.00 .00 .00 68,642.00 **** EQUIP REPLACEMENT **** ESTIMATED FUND ACCOUNT# ACCOUNT TITLE EXPENSE * *EXPENDED** MTD UNEXPENDED PERCENT YTD BALANCE EXPENDED 003 410.000 EQUIP REPLACEMENT --WATER 5,000.00 .00 .00 5,000.00 003 415.000 EQUIP REPLACEMENT --GENERAL 5,000.00 .00 .00 5,000.00 003 490.000 EQUIPMENT PURCHASE 58,642.00 .00 .00 58,642.00 **TOTAL EQUIP REPLACEMENT EXPENSE 68,642.00 .00 .00 68,642.00 **NET EXCESS OR DEFICIENCY(-) .00 .00 .00 CITY OF IONA *BUDGETT REPORT** FOR 12-31-05 PAGE 7 17 **** RECREATION FUND **** ESTIMATED * * R E C E I P T E D * * UNRECEIPTED PERCENT FUND ACCOUNT# ACCOUNT TITLE REVENUE MTD YTD BALANCE RECEIPTED 004 305.000 BASEBALL FEES 004 310.000 SHELTER RENTAL 004 315.000 POSSIE FEES 004 320.000 WESTERN BOYS FEES 004 395.000 RESERVES **TOTAL RECREATION FUND REVENUE 5,000.00 .00 .00 5,000.00 600.00 .00 .00 600.00 .00 .00 .00 250.00 .00 .00 250.00 650.00 .00 .00 650.00 6,500.00 .00 .00 6,500.00 **** RECREATION FUND **** ESTIMATED * *EXPENDED* * UNEXPENDED PERCENT FUND ACCOUNT# ACCOUNT TITLE EXPENSE MTD YTD BALANCE EXPENDED 004 410.000 RECREATION EQUIPMENT 1,000.00 .00 .00 1,000.00 004 415.000 RECREATION LABOR 1,500.00 .00 .00 1,500.00 004 420.000 BASEBALL SUPPLIES 3,500.00 .00 .00 3,500.00 004 470.000 RECREATION MAINTENANCE 500.00 .00 .00 500.00 **TOTAL RECREATION FUND EXPENSE 6,500.00 .00 .00 6,500.00 **NET EXCESS OR DEFICIENCY(-) .00 .00 .00 WATER BILLS PAST DUE LIST AICHER, DON ANDERSON, PHIL BALDWIN, KEN BALDWIN, TRAVIS BARCHARD, CHAD BATEMAN, CURTIS BIGGS, JUSTIN BIRCH, BRIAN BURKE, MARVEL CHAPA, JORGE COON, JERRY COON, JERRY(RNTL) CROCKER, BILL DENNING, BRENDA DOWNEY, NATHAN EVENSON, LINDA FINDLEY, BRIAN FORBUSH,BRENT FORBUSH,TRACY FRANSEN, ANGELA FREEMAN, TED GOULD, BRIAN GREEN, RICHARD GREEN, RICHARD RNTL GUTHRIE, DARRIN HARRIGFELD, MIKE HARRIS, CHRISTINE HATCH, ALBON HEILESON, BARD HIGLEY, BARBARA HOBBS,ROY HOPE. NEAL HURZELER, CINDY JOHNSON, GORDON KRIEGER, JOHN LEE, STEVE MCKINNEY, PHYLLIS MCVEY,VANCE OLSON, RODNEY ORCHARD, CLIFF PORTELA, JIMMY PYMM, JOHN QUIROZ, CINDY RESENDEZ,JAMES RICKS, CAMERON ROSENKRANCE, ROD RYAN, RHONDA SCHNOOR, JOSH BALANCE 1 /1 /2006 PAID THRU 1 /27/2006 BAL DUE 3 MO(LESS) BAL DUE 3 MO(MORE) $ 93.00 $ 50.00 $ 43.00 $ 61.00 $ 40.00 $ 21.00 $ 86.00 $ 88.00 $ 40.00 $ 48.00 $ 86.00 $ 61.00 $ 61.00 $ 61.00 $ 61.00 $ 86.00 $ 65.00 $ 20.00 $ 128.00 $ 107.00 $ 21.00 $ 119.00 $ 119.00 $ 99.00 $ 99.00 $ 86.00 $ 86.00 $ 86.00 $ 86.00 $ 86.00 $ 86.00 $ 61.00 $ 61.00 $ 60.00 $ 60.00 $ 67.00 $ 67.00 $ 61.00 $ 61.00 $ 120.00 $ 44.00 $ 76.00 $ 66.00 $ 66.00 $ 111.00 $ 90.00 $ 21.00 $ 89.00 $ 89.00 $ 61.00 $ 61.00 $ 80.00 $ 59.00 $ 21.00 $ 80.00 $ 59.00 $ 21.00 $ 107.00 $ 107.00 $ 126.00 $ 95.00 $ 31.00 $ 128.00 $ 128.00 $ 128.00 $ 128.00 $ 61.00 $ 61.00 $ 86.00 $ 65.00 $ 21.00 $ 61.00 $ 61.00 $ 61.00 $ 60.00 $ 1.00 $ 86.00 $ 86.00 $ 86.00 $ 86.00 $ 108.00 $ 108.00 $ 88.00 $ 88.00 $ 156.00 $ 25.00 $ 131.00 $ 129.00 $ 109.00 $ 20.00 $ 110.00 $ 110.00 $ 109.00 $ 109.00 $ 86.00 $ 86.00 $ 65.00 $ 44.00 $ 21.00 $ 65.00 $ 65.00 $ 61.00 $ 40.00 $ 21.00 $ 128.00 $ 128.00 $ 146.00 $ 146.00 $ 99.00 $ 30.00 $ 69.00 $ 60.00 $ 60.00 SHAW, JAY SOLIDAY, JIMMY SPECER, ERVIN STANGER, BRIDGETT STANGER, KIRK STEELE, DALE STEFFLER, KEVIN STEFFLER, STEVE STROUD,BRETT TUCK, STEVE WARNBERG, DARREL WARNBERG, JOSH $ 68.00 $ 68.00 $ 135.00 $ 135.00 $ 128.00 $ 120.00 $ 8.00 $ 109.00 $ 50.00 $ 59.00 $ 128.00 $ 128.00 $ 61.00 $ 60.00 $ 1.00 $ 86.00 $ 86.00 $ 126.00 $ 60.00 $ 66.00 $ 66.00 $ 66.00 $ 81.00 $ 81.00 $ 86.00 $ 86.00 $ 123.00 $ 123.00 $ 5,533.00 $ 1,704.00 $ 399.00 $ 3,429.00 CITY OF IONA IONA, IDAHO January 4, 2006 Searle Hart and Associates PLLC PO Box 519 Rexburg, Idaho 83440 We are providing this letter in connection with your audit of the financial statements of the City of Iona as of September 30, 2005 and for the year then ended for the purpose of expressing an opinion as to whether the financial statements present fairly, in all material respects, the respective fmancial position of the governmental activities, the business -type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Iona and the respective changes in financial position and cash flows, where applicable, in conformity with U.S. generally accepted accounting principles. We confirm that we are responsible for the fair presentation of the previously mentioned financial statements in conformity with U.S. generally accepted accounting principles. We are also responsible for adopting sound accounting policies, establishing and maintaining effective internal control, and preventing and detecting fraud We confirm, to the best of our knowledge and belief, as of January 4, 2006, the following representations made to you during your audit. 1) The financial statements referred to above are fairly presented in conformity with U.S. generally accepted accounting principles and include all properly classified funds and other fmancial information of the primary government and all component units required by generally accepted accounting principles to be included in the financial reporting entity. 2) We have made available to you all — a) Financial records and related data [and all audit or relevant monitoring reports, if any, received from funding sources]. b) Minutes of the meetings of City Council or summaries of actions of recent meetings for which minutes have not yet been prepared. 3) There have been no communications from regulatory agencies concerning noncompliance with, or deficiencies in, financial reporting practices. 4) There are no material transactions that have not been properly recorded in the accounting records underlying the financial statements. 5) We believe the effects of the uncorrected financial statement misstatements summarized in the attached schedule are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. 6) We acknowledge our responsibility for the design and implementation of programs and controls to prevent and detect fraud. 7) We have no knowledge of any fraud or suspected fraud affecting the entity involving: a) Management, b) Employees who have significant roles in internal control, or c) Others where the fraud could have a material effect on the financial statements. 8) We have no knowledge of any allegations of fraud or suspected fraud affecting the entity received in communications from employees, former employees, analysts, regulators, or others. 9) The city council has no plans or intentions that may materially affect the carrying value or classification of assets, liabilities, or equity. 10) The following, if any, have been properly recorded or disclosed in the financial statements: a) Related party transactions, including revenues, expenditures/expenses, loans, transfers, leasing arrangements, and guarantees, and amounts receivable from or payable to related parties. b) Guarantees, whether written or oral, under which the city council is contingently liable. c) All accounting estimates, (including fair value measurements), that could be material to the financial statements, including the key factors and significant assumptions underlying those estimates and measurements. We believe the estimates and measurements are reasonable in the circumstances, consistently applied, and adequately disclosed. d) We are responsible for compliance with the laws, regulations, and provisions of contracts and grant agreements applicable to us, including tax or debt limits and debt contracts; and we have identified and disclosed to you all laws, regulations and provisions of contracts and grant agreements that we believe have a direct and material effect on the determination of fmancial statement amounts, including legal and contractual provisions for reporting specific activities in separate funds. 11) There are no — a) Violations or possible violations of budget ordinances, laws and regulations (including those pertaining to adopting, approving, and amending budgets), provisions of contracts and grant agreements, tax or debt limits, and any related debt covenants whose effects should be considered for disclosure in the financial statements or as a basis for recording a loss contingency. b) Unasserted claims or assessments that our lawyer has advised us are probable of assertion and must be disclosed in accordance with Financial Accounting Standards Board (FASB) Statement No. 5, Accounting for Contingencies. c) Other liabilities or gain or loss contingencies that are required to be accrued or disclosed by FASB Statement No. 5. d) Reservations or designation of fund equity that were not properly authorized and approved. 12) As part of your audit, you prepared the draft financial statements and related notes. We have designated a competent employee to oversee your services and have made all management decisions and performed all management functions. We have reviewed, approved, and accepted responsibility for those financial statements and related notes. 13) The city has satisfactory title to all owned assets, and there are no liens or encumbrances on such assets nor has any asset been pledged as collateral. 14) The city has complied with all aspects of contractual agreements that would have a material effect on the financial statements in the event of noncompliance. 15) The fmancial statements include all component units as well as joint ventures with an equity interest, and properly disclose all other joint ventures and other related organizations. 16) The fmancial statements properly classify all funds and activities. 17) All funds that meet the quantitative criteria in GASB Statement Nos. 34 and 37 for presentation as major are identified and presented as such and all other funds that are presented as major are particularly important to fmancial statement users. 18) Net asset components (invested in capital assets, net of related debt; restricted; and unrestricted) and fund balance reserves and designations are properly classified and, if applicable, approved. 19) Provisions for uncollectible receivables have been properly identified and recorded. 20) Expenses have been appropriately classified in or allocated to functions and programs in the statement of activities, and allocations have been made on a reasonable basis. 21) Revenues are appropriately classified in the statement of activities within program revenues, general revenues, contributions to term or permanent endowments, or contributions to permanent fund principal. 22) Interfund, internal, and infra -entity activity and balances have been appropriately classified and reported. 23) Special and extraordinary items are appropriately classified and reported. 24) Deposits and investment securities are properly classified as to risk. 25) Capital assets, including infrastructure assets, are properly capitalized, reported, and, if applicable, depreciated. 26) Required supplementary information (RSI) is measured and presented within prescribed guidelines. Client: Engagement: Period Ending: Workpaper: Account City of lona 2005 City of lona 9/30/2005 Adjusting Joumal Entries Report Description W/P Ref Adjusting Journal Entries JE # 1 To adjust current maturities of debt 000-240-020 Revenue Bond payable 000-260-000 Water deposits Total Adjusting Journal Entries JE # 6 To reclassify beginning fund balance 000-270-001 General fund 001-390-000 Miscellaneous Total Pio Debit 26,396.00 26,396.00 2,431.00 Credit 26,396.00 26,396.00 2,431.00 2,431.00 2,431.00 Client: City of Iona Engagement: 2005 City of Iona Period Ending: 9/30/2005 Workpaper: GASB 34 Entries Report Account Description W/P Ref Debit Credit GASB 34 Entries JE # 2 To record GASB beginning balances 000-151-000 Street improvements 977,558.00 000-153-000 Office equipment 35,700.00 000-153-010 Accumulated depreciation 333,161.00 000-270-005 Equity fixed assets 680,097.00 Total 1,013,258.00 1,013,258.00 GASB 34 Entries JE # 3 To capitalize equipment 000-151-000 Street improvements 53,100.00 000-152-000 Land 15,626.00 000-153-000 Office equipment 15,850.00 001-490-000 Capital improvements 84,576.00 Total 84,576.00 84,576.00 GASB 34 Entries JE # 4 To reclassify deferred revenue 000-265-010 Deferred revenue 5,595.00 001-360-000 Property tax revenue 995.00 000-270-001 General fund 6,590.00 Total 6,590.00 6,590.00 GASB 34 Entries JE # 5 To record depreciation 001-496-000 Depreciation expense-gw 25,541.00 001-497-000 Depreciation expense PW 1,070.00 001-498-000 Depreciation -PS 1,295.00 000-153-010 Accumulated depreciation 27,906.00 Total 27,906.00 27,906.00 GASB 34 Entries JE # 7 To record asset sold 000-153-010 Accumulated depreciation 2,236.00 001-472-000 Building expense 25,264.00 000-151-000 Street improvements 27,500.00 Total 27,500.00 27,500.00 NOTICE CITY COUNCIL MEETING WILL BE HELD TUESDAY, JAN. 17TH, 2006 AT 6:30 P.M. AT THE COMMUNITY CENTER AN OPEN HOUSE TO HONOR MAYOR CRAIG ROCKWOOD WILL BE AT 7:00 P.M.