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Home My Public Portal About1961-1962 AuditCITY OF MOAB MOA6, UTAH REPORT ON EXAMINATION June 30, 1962 & 6 Months Ended June 30, 1962 INDEX Accountant's Report 1 Combined Balance Sheets, June 30, 1962 Assets Liabilities, Reserves & Surplus 6 7 General Fund, 6 Months Ended June 30, 1962 Revenues & Expenditures Special Assessment Funds, 6 Months Ended June 30, 1962 Cash Receipts & Disbursements Bond Redemption & Interest Funds, 6 Months Ended ,tune 30, 1962 Revenues & Expenditures Public Utility Fund, 6 Months Ended June 30, 1962 Income & Expense Cash Receipts & Disbursements Bond Construction Accounts Cash Receipts & Disbursements Operations Bond & Interest Maturities All Funds Insurance Coverage & Surety Bonds in Force Pace 12 13 114 15 16 17 19 E. J. CLAUS CERTIFICO puBLiC A:.:[7:0UNTANT POSTOFFICE R.LDO ALPUYE 3-518r MOAB, UTA MtMEIER CP AM[pICAN INSTITUTE OF ACCOUNTANTS Honorable Mayor and City Council City of Moab Moab, Utah Gentlemen: I have reviewed the Balance Sheets of the Municipal Funds of the City of Moab as of June 30, 1962, and the statements of Revenues and Expenditures, Receipts and Disbursements or Income and Expense for the 6 months ended June 30, 1962. The examination was made in accordance with generally accepted standards and included such tests of the accounting records and other data as was considered necessary. ORGANIZATION & OFFICIALS The City of Moab, Grand County, Utah, is a city of the third class with the Mayor - Council type of Government. As of June 30, 1962, the City Officials were as follows: Mayor: City Council: Administrative Assis- tant to the Mayor: City Attorney: City Judge: City Recorder: City Treasurer: Norman E. Boyd Richard S. Parsons, L. M. Erbes, S. E. Scharf, Edd E Provonsha & Robert R. Norman Darrell Reardon Robert H Ruggeri Donald Crist Darrell Reardon H. W. Ba i s l ey SCOPE OF WORK PERFORMED CASH Cash in banks aggregating $379,204 at June 30, 1962, was verified by reconciling the balances confirmed directly to us by the depositories. NOTES AND The Public Utility Fund accounts receivable for water ACCOUNTS and sewer charges were tested by negative confirmation RECEIVABLE._ as of June 30, 1962, Tests were also made of the details as shown on the City Records. Ali Other receivables were examined in detail and reviewed with responsible City Officials, Page 1 INVESTMENTS OTHER ASSETS to June 30, 1962. Positive confirmation was requested of the depositories. All other assets were reviewed with responsible City Officials and/or checked during the period subsequent LIABILITIES The liabilities were not confirmed by correspondence with the individual creditors, but by test comparison with vendors' statements subsequent to June 30, 1962. Other liabilities were reviewed and tested or reconciled from their inception to the date of this report. SUMMARY The examination was directed primarily to a verification of the Balance Sheets of the various funds as of June 30, 1962, to a general review of the results of operations for the 6 months then ended and the application of the Utah Uniform Accounting System. Although the examination did not extend to a detailed check of all cash and other bookkeeping entries througn the period, numerous documents and entries were scrutinized by us in connection therewith. To the extent that such documents and entries were examined, and based on information and explana- tions obtained from City Officials and employees, the accounts were found to be in order. It should be understood that since the examination, while extensive as to detail, did not comprise a complete check of all cash and other transactions thoughout the period, and would not necessarily disclose irregularities, should any exist. GENERAL FUND REVENUES A comparison of the first six months of 1962 with the similar period in 1961 shows the following; Sales Taxes Licenses & Permits Fines, Forfeitures & Penalties Revenue from Use of Money & Property Revenue from Other Agencies Charges for Current Services Other Revenue TOTAL REVENUES JANUARY 1 TO JUNE 30 INCREASE 1762 1961 {DECREASE $ 34,535 36,925 10,497 22 5,257 18,872 45 $ 30,108 30,954 6,018 234 6,457 14,768 791 $ 4,427 5,971 4,479 (212) (1,200) 4,104 745) $106,153 $ 89,329 $ 16,824 Page 2 EXPENDITURES Administrative Department Municipal Court Police Department Inspection Department Dog Pound Streets & Highways Waste Collection Public Health Parks Swimming Pool Miscellaneous TOTAL. EXPENDITURES JANUARY 1 TO JUNE 30 INCREASE 1962 1961 (DECREASE) $ 21,334 $ 20,058 $ 1,276 4,513 4,048 465 31,222 22,085 9,137 1,890 1,647 243 1,545 1,456 89 35,487 21,508 13,979 12,030 10,079 1,951 1,323 1,148 175 4,903 3,014 1,889 1,511 1,478 33 2,300 2 650 (350) $118,058 $ 89,171 $ 28,887 EXCESS OR (DEFICIENCY) OF REVENUE OVER EXPENDITURES $(11,905) $ 158 $(12,063) SPECIAL An examination of the Special Assessments Receivable ASSESSMENT showed that District #1 has two accounts delinquent FUNDS as of June 30, 1962, totaling $135.25, of which $39.49 is 2 years past due. District #2 has 12 delinquent accounts totaling $2,666.51, $1,629.15 is one year past due and $1,037.36 is two years past due. It is due to this delinquency that it became necessary for the Guaranty Fund to loan this Fund $2,000.00 so that the Bond obligations could be met. BOND On the advice of the City of Moab's Bond Underwriting REDEMPTION Agents, Funds are being transferred to the various & INTEREST banks paying the Principal and Interest on the General FUND Obligations sufficiently in advance,that the Funds are in the Paying Agents hands on the due dates. 1961 was the first year that the City of Moab did not transmit the necessary funds on the due date. Such procedure was not anticipated in setting up the budget and, resulted in overexpenditures of $9,000 as a result of paying the Principal and Interest on the 1/1/59 Bond Series in December, 1961, instead of January, 1962. A similar situation existed for the 6 months ended June 30, 1962. The Unappropriated Surplus is being maintained in order to have funds available for the payments coming due prior to the receipt of the Property Taxes. In the past it has been necessary to borrow from other funds during this interim period. Page 3 It is the Policy of the City to transfer from the Public Utility Fund, when all Revenue Bond requirements have been met, sufficient funds to pay the 1/1/59 and 1/1/62 General Obligation Bond Series. The proceeds of these Bond Series having been contributed to that Public Utility Fund for construction purposes. PUBLIC As of January 1, 1962, the four Revenue Bond Series in UTILITY existence were either called or adequate funds escrowed FUND to meet any liability. These Revenue Bonds were refunded from a new series the "Moab City, Joint Water & Sewer Refunding and Improvement Revenue Bonds, Series January 1, 1962," in a principal amount of $510,000. Also issued and the proceeds contributed to the Public Utility Fund were "General Obligation Water and Sewer Bonds, Series January 1, 1962, in the principal amount of $550,000. The proceeds of the bonds, less the cost of issueing and the funds necessary to refund the previous revenue bonds, plus the sinking funds set aside to retire the previous revenue bonds has been committed for improvements and extension of the water and sewer system. The status of these funds are shown on Public Utility Fund Schedule "Cash Receipts & Disbursements, Bond Construction Accounts , 6 Months Ended June 30, 1962." The Retirement Fund for the January 1, 1962, Revenue Bonds at June 30, 1962, had a balance of $1,736.88, representing 1/6 of the interest due on January 1, 1963. The Reserve Fund had a balance of $347.38, representing 20% of the amount placed in the Retirement Fund. As of June 30, 1962, the interest due July 1, 1962, had been transfered to the paying agent. For the 12 months ending June 30, 1962, and 1961, the water connections and gallons consumed were: CONNECTIONS BY MONTH TO JUNE 30, GALLONS CONSUMED IN THOUSANDS TO JUNE 30, INCREASE. 1962 1961 (DECREASE) 1962 July 884 August 914 September 936 October 989 November 956 December 956 January 955 February 967 March 987 April 1,001 May 998 June 1,025 TOTAL 813 815 834 841 84o 846 845 851 860 865 878 887 71 99 102 148 116 110 110 116 127 136 120 138 36,225 38,068 18,651 19,546 17,845 13,396 20,384 15,557 20,017 24,672 30,685 44,670 299,716 INCREASE 1961 (DECREASE) 43,785 (7,560} 35,689 2,379 24,518 (5,867) 13,371 6,175 12,156 5,689 14,194 (798) 12,376 8,008 14,762 795 16,926 3,091 17,917 6,755 25,628 5,057 43,492 1,178 274.814 24,902 Page 4 For the 6 months ending June 30, 1962, water consumption averaged 26,291 gallons per connection per month, an increase of 1,011 from the 6 months ending June 30, 1961, with consumption of 25,280. The income varied as follows: Water Income per Connection Sewer Income per Connection Water Income per 1,000 Gallons Sewer Income per 1,000 Gallons 6 MONTHS ENDED JUNE 301 1962 1961 54.04 41.32 30.36 19.79 0.3426 0.2724 0.1925 0.1304 INCREASE (DECREASE) 12.72 10.57 0.0702 0.0621 The breakdown between commercial and residential connections for the 6 months ended June 30, 1962, was: Income Average Connection per Class Average Income COMMERCIAL RESIDENTIAL TOTAL $45.956.02 $37,519.80 $83,475.82 317 672 989 $144.97 $55. 83 $84.40 Very yours, E. ,D. -Claus Ce tified Public Accountant Page 5 CITY OF MOAB Grand County, Utah ASSETS CASH ON HAND & IN BANK NOTES RECEIVABLE TOTAL $ 379,27 ACCOUNTS RECEIVABLE Water & Sewer Special Assessments Due from Other Funds Other_ TOTAL ACCOUNTS RECEIVABLE INVESTMENTS SPECIAL IMPROVEMENT SPECIAL GENERAL GUARANTY ASSESSMENT FUND - - FUND FUNDS BOND REDEMPTION & INTEREST FUND 9--$ 76,236 $--13,557 $ 576 $ 2,330 21,663 27,413 2,000 1,889 52,965 AMOUNTS TO BE PROVIDED FOR FUTURE BOND & INTEREST RETIREMENTS FIXED ASSETS Land Building & Structures Improvements Other than Buildings & Structures Machinery & Equipment Automobiles & Trucks Office Furniture & Equipment Work in Process Accumulated Depreciation 1NET FIXED ASSETS TOTAL ASSETS 347,838 1,599,912 83,046 348,883 777,957 74,572 36,905 6,118 324,478 (1)7,725) 1,534,234 236 $3,916,558 $ 76,472 2,000 2,000 27,413 27,413 TRUST & PUBLIC AGENCY UTILITY -- FUND FUND 8,420 $ 4,449 $ 276,041 COMBINED BALANCE SHEETS All Funds -.dune 30, 1962 GENERAL BONDED DEBT & INTEREST GENERAL FIXED ASSETS 1,889 1,889 2,330 21,663 21,663 347,602 $1,599,912 65,227 335,720 692,094 10,145 17,548 2,746 324,478 (117,725) 1,330,233 $ 17,819 13,163 85,863 64,427 19,357 3,372 204,001 $ 15,557 $ ` 27,989 $ 8,42a $ 6,338 $1,977,869 $1.599,912 $ 204,001 Page 6 CITY OF MOAB Grand County, Utah LIABILITIES, RESERVES & SURPLUS TOTAL !ABILITIES ccounts Payable $ 3,489 ayrol1 Taxes & With- holdings Payable 6,338 Due to Other Funds Due to Other Govern- mental Units 6,458 $ 542 Customers' Deposits 1,506 Bonds Payable 1,451,700 I Bond Interest Payable in Future Years 683,912 F7:0TAL LIABILITIES_ 2,155,403 542 CONTRIBUTIONS - -- Municipal 1,017,998 Federal 133,509 other 125,517 TOTAL CONTRIBUTIONS 1,277,024 RESERVE FOR BOND RETIREMENT" 2,084 SURPLUS Surplus Invested in General fixed Assets Unappropriated Surplus Earned Surplus TOTAL SURPLUS GENERAL FUND _- SPECIAL IMPROVEMENT GUARANTY FUND SPECIAL ASSESSMENT FUNDS BOND REDEMPTION & INTEREST FUND 2,000 $ 2,000 TRUST & AGENCY FUND $ 6,338 PUBLIC UTILITY FUND COMBINED BALANCE SHEETS All Funds -June 30, 1962 3,489 GENERAL_ BONDED DEBT & INTEREST 5,916 25,700 1,506 510,000 $ 916,000 - -- 683,912 �7,700 6,338 520,911 1,599,912 1,017,998 133,509 125,517 1,277,024 204,001 100,196 75,930 $ 15,557 289 $ 8,420 177,850 482,047 75,930 15,557 TOTAL LIABILITIES, RESERVES & SURPLUS $3,916,558 $ 76,472 289 8, 420 $ 15,557 $ 27,989 $ 2,084 177,850 GENERAL FIXED ASSETS $ 20,001 177,850 204,001 8,420 $ 6,338 $1,977,869 $1,599,912 $ 204,001 Page 7 CITY OF MOAB Grand County, Utah REVENUES F-- -- - IPROPERTY TAXES SALES TAXES LICENSES & PERMITS !Gross Business Licenses Other Business Licenses !Beer Licenses iBuilding & Construction !Parking Meter Revenue (Other Licenses & Permits TOTAL LICENSES & PERMITS L - --- !FINES, FORFEITURES & PENALTIES Parking Meter Fines 'Other TOTAL FINES, FORFEITURES & PENALTIES ,REVENUE FROM THE USE OF MONEY & L PROPERTY REVENUE FROM OTHER AGENCIES Liquor Fund Allotment 'Class C Road Fund Allotment ``TGrants from other Political Units OTAL REVENUE FROM OTHER AGENCIES 1CHARGES FOR CURRENT SERVICES - /Special Services by City Dept, 1Refuse Collection Swimnnin2 Pool TOTAL CHARGES FOR CURRENT SERVICES - L _- OTHER REVENUE - Sales of Real & Personal Property Sundry TOTAL OTHER REVENUES - -- TOTAL REVENUES -- `- -- - - - - -- - - Permits 12 MONTHS ENDED DECEMBER 31, 1961 $ 43,884 GENERAL FUND Revenues & Expenditure ------------------- 6 MONTHS ENDED - JUNE _3p:_ 1962 ACTUAL ACTUAL OVER BUDGET (UNDER BUDGET 66,174 $ 34,535 $ 33,000 --$ 1,53! 38,585 10,195 2,360 8,339 7,488 1,289 68,256 23,409 20,000 3,40E 2,210 3,785 (1,575 2,005 2,250 (245 4,345 5,000 (ur5 3,841 3,600 1,115 1 2Q0 241 -- ,- - -- 85 36,925 35,835 1,090 5,292 2,433 3,000 7,952-8,064_-- -5,000 13,244 10,497 8,000 234 5,257 8,394 2,100 15,751 1,737 21,879 5,467 29,083 zF9 87 136 236,762 45 106,153 (567) 3,064 2,497 23 250 5,257 5,300 5,257 2,076 12,926 3,869 18,871 5,300 2,500 12,500 3,000 18,000 45 200 200 {43)i (43)i -- - -- (424) 426 - -- 869 871 (155) 100,585 5,568 Page 8 } } CITY OF MOAB Grand County, Utah EXPENDITURES GENERAL GOVERNMENT [-ADMINISTRATIVE Salaries & Wages Materials, Supplies & Services jOther Charges ]Capital Outlays TOTAL ADMINISTRATIVE 'MUNICIPAL COURT T 'Salaries & Wages Materials, Supplies & Services iOther Charges iCapitai Outlays TOTAL MUNICIPAL COURT 'TOTAL GENERAL GOVERNMENT PUBLIC SAFETY 'POLICE DEPARTMENT Salaries & Wages ,Materials, Supplies & Services Other Charges Capital Outlays TOTAL POLICE DEPARTMENT r iINSPECTION DEPARTMENT Salaries & Wages Materials, Supplies & Services Other Charges T TAL INSPECTION DEPARTMENT 'TOTAL DOG POUND DOG POUND Salaries & Wages Materials, Supplies & Services Other Charges GENERAL FUND Revenues & Expenditures 12 6 MONTHS ENDED 1 MONTHS JUNE 30i_j2_62 ENDED DECEMBER ACTUAL 31, OVER L� 1961 ACTUAL (UDDER) BUDGET 20,629 15,816 2,195 2,630 41,270 BUDGET 12,419 12,000 419 6,892 9,000 (2,108) 1,609 2,400 (791) 414 - 1,000 -- - ._(586) 21,334 24,400 (3,o66) 6,681 3,549 4,o00 (450! 1,o68 52o 500 362 284 400 20 _ - - 160 500 ( 1 16) 8,111 4,513 5,400 - --- _ ($87) j 49,381 25,847-29,800 3,953)1 ---)1 33,794 7,145 2,204 2,012 45,155 19,954 7,225 2,247 1,796 31,222 2,451 1,436 18,500 1,454 3,725 3,500 2,350 (103) 1,800 (4)' 26,375 ----4,847 1,300 136 733 335 525 (190) 133 119 3,317 - 1,890 1,955 (65) 2,052 1,053 1,250 (196) 638 333 475 (142} 195 160 - - - - -325 _----(166) 2,885 1,546 2,050 (504) Page 9 CITY OF MOAB Grand County, Utah TOTAL PUBLIC HEALTH -- �--_-__--_- ----- - _ ----- ----- -1,940 1,323 1,885 � 1---- PARKS & RECREATION - --- - - -- (562) r ASTE COLLECTION alaries & Wages 'Materials, Supplies & Services Other Charges _ `_LOTAL WASTE COLLECTION ----------- ---------- - -- TOTAL PUBLIC WORKS r EXPENDITURES, Cont'd (TOTAL PUBLIC SAFETY PUBLIC WORKS f- _________ __ _ STREETS & HIGHWAYS DEPT, Salaries Materials, Supplies & l Services Other Charges Capital Outlays TOTAL STREETS & HIGHWAYS E___ GENERAL FUND Revenues & Expenditures 12 6 MONTHS ENDED -- MONTHS f UUNE 30,E 1962 ENDED DECEMBER ACTUAL 31, i OVER 1961 l ACTUAL BUDGET (UNDER) BUDGET -- $ 51,357 $ 34,658- -$ 30,380 $- 4,278 16,763 46,026 1,888 9,009 73,686 11,007 14,000 15,317 1,830 7,333 35,487 13,875 2,400 7,600 37,875 (2,993) 1,442 (570) _ _(267) (2,388) 234 20,340 11,767 12,000 - zl 29 (233) 20,742 12,030 12,000 94,428 47,517---49,875 381 234 - 29 30 (2,358) PUBLIC HEALTH f HEALTH DEPARTMENT Salaries & Wages Materials, Supplies 1,3001,0091,300(291) Services 70 ther Charges 570 239 455 (216) 10TAL HEALTH DEPARTMENT - - __- 75 - -- 130 -(5� - --- - --- - - - 1,940 1,323 1,885 --------------------------- - --- - ---- - - - - - - - (562) PARKS Salaries & Wages Materials, Supplies & Services Other Charges Capital Outlays - 6TAL PARKS 3,912 3,187 2,200 987 1,707 730 376 264 1,700 (970) 420 - - -722 1,000 ( 156) 5,995 4,903.._ 5,320 (417) Page 10 C I TY OF MOAB Grant! County, Utah EXPENDITURES, Cont'd SWIMMING POOL TOTAL SWIMMING POOL GENERAL FUND Revenues & Expenditures 12 MONTHS ENDED DECEMBER 31, 1961 6 MONTHS ENDED JUNE 30 1 62 ACTUAL OVER (UNDER) ACTUAL 1 BUDGET BUDGET Salaries & Wages $ 1,748 $ 397 $ 500 $ (103) Materials, Suppiies & Services 4,943 773 925 Other Charges 309 340 (152) Capital Outlaws 340 40 - - 1,500 _ _t., 500) 7,000 1,510 3,225 (1,715) 12,995 6,413 8,545 (2,132) TOTAL PARKS & RECREATION MISCELLANEOUS _ [transfer to Bond Redemption 4,200 Contributions _ 3,600 2,300 - _ - 2z100 200 TOTAL MISCELLANEOUS 7,800 2,300 2,100 --- 200 TOTAL EXPENDITURES EXCESS OR (DEFICIENCY) OF REVENUES OVER EXPENDITURES UNAPPROPRIATED SURPLUS - JANUARY 1 r (UNAPPROPRIATED SURPLUS - JUNE 30 217,901 18,861 68,974 87,835 118,058 122,585 (4,527) - (11,905) (22,000) 10,095 87,835 T 75,930 page 1 i CITY OF MOAB Grand County, Utah SPECIAL ASSESSMENT FUNDS Cash Receipts & Disbursements 6 MONTHS ENDED JUNE 30, 1962 - SPECIAL IMPROVE- MENT TOTAL GUARANTY CURB & GUTTER DIST. I DIST. 2 CASH BALANCE, JANUARY 1, 1962 14,747 14,507 212 28 RECEIPTS Special Assessments Collected Interest & Penalties on Assessments 1961 Property Taxes Advance from Special improvement Guaranty Fund 7,552 1,969 1,050 2,000 1,050 1,887 541 5,665 1,428 2 000 TOTAL RECEIPTS 12,571 1,050 2,428 9,093 TOTAL CASH BALANCE & RECEIPTS 27,318 15,557 2,640 9,121 'DISBURSEMENTS Bonds Redeemed Interest on Bonds Repay Advance from General Fund Advance to Special Improvement Dist. 2 8,000 1,685 1,500 2,000 2_,000 --- 1,700 425 6,300 1,260 1,500 TOTAL DISBURSEMENTS 13,185 2,000 2,125 9,060 CASH BALANCE, JUNE 30, 1962 14,133 13,557 515 61 Page 12 CITY OF MOAB BOND REDEMPTION & INTEREST FUND Grand County, Utah Revenues & Expenditures REVENUES Property Taxes Tranfers from Other Funds General Fund _ Utility_Fund TOTAL REVENUES EXPENDITURES Bond Agent Fee 130 50 100 Matured Bonds 7/1/51 Series 5,000 5,000 5,000 2/1/56 Series 5,000 5,000 5,000 10/1/56 Series 5,000 1/1/59 Series 5,000 Matured Interest 7/1/51 Series 1,595 1,458 729 729 2/1/56 Series 4,714 2,310 2,310 10/1/56 Series 212 1/1/59 Series 12,000 3,900 4,000 (100) 1/1/62 Series (Net) 4,000 6,233 6,233 TOTAL EXPENDITURES 38,651 23,951 17,139 6,812 12 MONTHS ENDED DECEMBER 31, 1961 22,454 6 MONTHS ENDED JUNE _.301962 ACTUAL ACTUAL OVER (UNDER) BUDGET BUDGET _J 4,200 17000 10,13 10,133 43,654 10,133 10,133 (50) EXCESS OF (DEFICIENCY) OF REVENUES OVER EXPENDITURES ----` 5,003 (13,818) (17,139) 3,321 UNAPPROPRIATED SURPLUS JANUARY I 17,235 22,238 UNAPPROPRIATED SURPLUS , END OF PERIOD 22,238 8,420 Page 13 CITY OF MOAB PUBLIC UTILITY FUND Grand County, Utah Income & Expense INCOME 12 MONTHS ENDED DECEMBER 31, 1961 6 MONTHS ENDED JUNE 30, 1962 AMOUNT % AMOUNT % Water Sales Sewer Service Charges Interest Other Charges TOTAL INCOME EXPENSE ([SALARIES & WAGES 75,573 35,590 53,443 31.82 30,033 3,085 701 .62 543 67.56 111,864 100.00 61.36 34.48 3.54 .62 87,104 100.00 30,624 27.38 14,344 16.47 MATERIALS, SUPPLIES & SERVICES Subscriptions & Memberships 167 .15 249 .29 Ordinances & Publications 109 .10 103103 .12 Travel 987 .88 756 .87 Office Expense & Supplies 899 .80 340 .39 Equipment Expense 1,958 1.75 489 .56 Buildings & Grounds Expense 4,050 3.62 1,346 1.54 Special Departmental Supplies 11,596 10.37 2,010 2.31 Rentals 3,299 2.95 394 .45 Professional & Techical Services 6,799 6.08 2,946 3.38 TOTAL MATERIALS, SUPPLIES & SERVICES 29,864 26.70 OTHER CHARGES Insurance & Surety Bonds 887 .79 Employee Benefits 1,660 i.48 Depreciation 19,227 17.19 Interest on Bonds 19,289 17.24 TOTAL OTHER CHARGES TOTAL EXPENSE 8,634 9.91 566 1,067 7,664 17,626 .65 1.22 8.80 20.24 41,063 36.70 26,923 30.91I 101,551 90.78 49,901 57.29 NET INCOME 10,313 9.22 37,203 42.71 TRANSFERS (TO) OR FROM RESERVE FOR BOND RETIREMENT (858) 48,631 NET CREDITS TO EARNED SURPLUS EARNED SURPLUS - BEGINNING EARNED SURPLUS END OF PERIOD 9,455 85,834 82,5622 92,017 92,017 177,850 Page 14 CITY OF MOAB Grand County, Utah [CASH BALANCE - JANUARY 1, 1962 RECEIPTS Proceeds of Sinking Funds for Revenue Bonds which were retired 1/1/62 Revenue Bonds 1/1/62 General Obligation Bonds - Net of $41,823 Construction Advances in 1961 Interest Income from Temporary Investments TOTAL RECEIPTS PUBLIC UTILITY FUND Cash Receipts & Disbursements Bond Construction Accounts 6 Months Ended June 30, 1962 $ 50,715 510,000 508,177 3,032 1,071,924 TOTAL CASH BALANCE & RECEIPTS 1,071,924 DISBURSEMENTS Revenue Bonds Retired 169,000 Premium on Revenue Bonds Called & Expense of issueing 1/1/62 Revenue & General Obligation Bonds 28,657 Temporary Investments 347,602 Holder Engineering 22,583 Corn Construction Company 212,542 General American Transmission 36,171 Travel 595 Publications 360 Salaries & Wages 1,304 Employee Benefit 97 Telephone 122 Supplies 5,018 Other ---4o - 278_2832 TOTAL DISBURSEMENTS 824,091 CASH BALANCE - JUNE 30, 1962 247,833 Page 15 CITY OF MOAB Grand County, Utah CASH BALANCES - JANUARY 1, 1962 RECEIPTS Notes Receivable Accrued Interest on Bonds at Date of Sale Customers' Deposits - Net Contributions - Other Water & Sewer Service Charges TOTAL RECEIPTS TOTAL CASH BALANCES & RECEIPTS PUBLIC UTILITY FUND Cash Receipts & Disbursements Operations - 6 Months Ended June 30, 19G2 DISBURSEMENTS -- Land Machinery & Equipment Water Lines Sewer Lines Water Development Meters Transfer to 1/1/62 Revenue Bond Sinking Fund Salaries & Wages 14,344 Subscriptions & Memberships 249 Ordinances & Publications 118 Travel 756 Office Supplies & Expense 489 Equipment - Operating Supplies & Maintenance 415 Building & Grounds - Operating Supplies and Maintenance 1,487 Special Departmental Supplies 1,082 Rent of Property & Equipment 250 Professional & Technical Services 2,706 Services not Otherwise Classified 2,099 Insurance & Surety Bonds 566 Employee Benefits 1,067 interest on Bonds 28,843_ TOTAL DISBURSEMENTS kAS1-1 BALANCES - JUNE 30, 1962 1,174 1,000 7,615 63 9,189 75,174 93,041 94,215 500 4,084 3,386 2,178 229 1,160 1 2,084 54 471 68,092 26,123 Page 16 CITY OF MOAB Grand County, Utah GENERAL OBLIGATIONS Series 7/1/51 Principal Payments Due July 1 Principal Outstanding June 30 Interest Payments Due July 1 January 1 Total Unmatured Interest June 30 Series 2/1/56 Principal Payments Due February 1 Principal Outstanding June 30 Interest Payments Due August 1 February 1 Total Unmatured Interest June 30 Series 1/1/59 - (See Note 0 Principal Payments Due January 1 Principal Outstanding June 30 Interest Payments Due July 1 January 1 Total Unmatured Interest June 30 Series 2/1/62 - (See Note 0 Principal Payments Due January 1 Principal Outstanding June 30 Interest Payments Due July 1 January 1 Total Unmatured Interest June 30 BOND & INTEREST MATURITIES All Funds January 1 to June 30 July 1 to June 30 1962 1963 1964 * 5,000 5,000 53,000 48,000 43,000 * 729 660 729 660 �gl 729 L389 1,251 7,934 6,545 5,294 5,000 623,000 5,000 118,000 2,216 2 3100 2 216 2z310 4 432 51,607 47,175 * 5,000 5,000 113,000 5,000 5,000 195,000 190,000 185,000 * 3,900 4 000 3,900 �4 000 _ 7,80o 79,o0o 71,2oo 3,800 3,800 _7,600 63 , boo 550,000 550,000 550,000 °,11,000 11,000 11,000 11,000 22,000 22 000 561,000 539,Ooo 517,000 Page 17 CITY OF MOAB BOND & INTEREST MATURITIES Grand County, Utah All Funds SPECIAL ASSESSMENT FUNDS January 1 to June 30 1962 July I to June 30 1963 1964- Series 1/21/56 - District No. 1 Principal Payments Due January 20 1,700 1,700 1,700 Principal Outstanding June 30 6,800 5,100 3,400 Interest Payments Due January 20 425 340 255 Series 3/2/60 - District No. 2 Principal Payments Due March 2 6,300 6,300 6,300 Principal Outstanding June 30 18,900 12,600 6,300 Interest Payments Due March 2 1,260 945 630 REVENUE BONDS - (See Note 2) Series 1/1/62 Principal Payments Due January 1 Principal Outstanding June 30 510,000 510,000 510,000 Interest Payments Due July ] *10,421 10,421 January i 10,421 10,421 Total _ 20,842 20 842 Payment made in prior period. Note 1 - It is the policy of the City to transfer from the Public Utility Fund, when all Revenue Bond requirements have been met, sufficient funds to pay the 1/1/59 and 1/1/62 General Obligation Bond Series. The proceeds of these Bond Series having been contributed to the Public Utility Fund for construc- tion purposes. Note 2 - As of January i, 1962, the previous Revenue Bond Series of 6/1/51, 7/1/51, 7/1/54 & 7/1/56 and sufficient funds were escrowed to meet all obligations arising thereof. Page 18 CITY OF MOAB Grand County, Utah Limits Limits Limits Limits Limits Limits Limits Limits Limits American Surety Coof N. Y. $10,000 Bond #34-590-376 American Surety of of N. Y. $2,500 Bond #34-580-440 Utah Home Fire Insurance Co $18,500 Policy #551066 American Surety Co, of N. Y. $59, 130 -- 90% Coverage Policy #F634-03002 The Home insurance Co. $16,650 Policy #9-213-018 The Hanover Insurance Co. $42,000 Policy #1-90-88 Westchester Fire Insurance Co B I - $100,000 - $200,000 P D - (Auto) $25,000 P D - (Other) $25,000 Policy #CAG 14-16-60 Glen Falls Insurance Co $16,000 Policy #1M 3-97-17 State Insurance Fund By Law Premium Rate Premium Rate 00724 00836 INSURANCE COVERAGE & SURETY BONDS IN FORCE June 30, 1962 Treasurers Bond Premium $100.00 4/1/62 to 4/1/63 Employees Blanket Bond Premium $375.00 - 3 yrs 4/9/61 to 4/9/64 Fire & Extended Coverage Premium $293.25 - 5 yrs 2/27/59 to 2/27/64 Fire & Extended Coverage Premium $937.25 - 5 yrs 2/27/59 to 2/27/64 Fire & Extended Coverage Premium $263.90 - 5 yrs 2/27/59 to 2/27/64 Fire & Extended Coverage Premium $665.70 - 5 yrs 2/27/59 to 2/27/64 Comprehensive Liability Premium $2,063.54 - 3 yrs 1/2/62 to 1/2/63 Contractors Equipment Premium $324.80 - 3 yrs 2/12/60 to 2/14/63 Workmens Compensation Road Maintenance Municipal Employees