HomeMy WebLinkAboutCity of Rexburg 9.30.24 - Financial Statements - Final
BASIC FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
WITH INDEPENDENT AUDITOR’S REPORT
YEAR ENDED SEPTEMBER 30, 2024
CITY OF REXBURG, IDAHO
Table of Contents
September 30, 2024
Independent Auditor’s Report.................................................................................................. 1-3
Management’s Discussion and Analysis ................................................................................ 4-21
Basic Financial Statements
Statement of Net Position – Government Wide .............................................................................22
Statement of Activities – Government Wide .................................................................................23
Balance Sheets – Governmental Funds ..........................................................................................24
Reconciliation of the Balance Sheet – Governmental
Funds to the Statement of Net Position..........................................................................................25
Statement of Revenues, Expenditures, and Changes in Fund
Balances – Governmental Funds ...................................................................................................26
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances – Governmental Funds to
the Statement of Activities .............................................................................................................27
Statement of Net Position – Proprietary Funds ..............................................................................28
Statement of Revenues, Expenditures, and Changes in
Net Position – Proprietary Funds ...................................................................................................29
Statement of Cash Flows – Proprietary Funds ...............................................................................30
Notes to the Financial Statements ............................................................................................ 31-66
Required Supplementary Information
Budgetary Comparison Schedule – General Fund .........................................................................67
Budgetary Comparison Schedule – Street Fund ............................................................................68
Budgetary Comparison Schedule – Emergency Services Fund .....................................................69
Budgetary Comparison Schedule – LID Debt Service Funds .......................................................70
Budgetary Comparison Schedule – LID Construction Funds........................................................71
Schedule of Employer’s Share of Net Pension Liability
and Employer Contributions – PERSI Base Plan ..........................................................................72
CITY OF REXBURG, IDAHO
Table of Contents (Continued)
September 30, 2024
Schedule of Employer’s Share of Net Pension Liability
and Employer Contributions – PERSI Base FRF Plan ..................................................................73
Schedule of Employer’s Share of Net Pension Liability
and Employer Contributions – FRF Excess Plan ...........................................................................74
Other Supplementary Information
Combining Balance Sheet – Nonmajor Governmental Funds ................................................. 75-79
Combining Statement of Revenues, Expenditures, and Changes
in Fund Balances – Nonmajor Governmental Funds ............................................................... 80-84
Schedule of Expenditures of Federal Awards ...........................................................................85
Notes to the Schedule of Expenditures of Federal Awards ......................................................86
Independent Auditors’ Report on Internal Control over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance with Government Auditing Standards................... 87-88
Independent Auditors’ Report on Compliance for Each Major Program and
on Internal Control over Compliance Required by the Uniform Guidance .................... 89-91
Schedule of Findings and Questioned Costs ........................................................................ 92-93
Schedule of Prior Year Findings and Questioned Costs ..........................................................94
Corrective Action Plan ................................................................................................................95
1
490 First American Circle Rexburg, ID 83440 bus: 208‐356‐3677 fax: 208‐356‐3689 www.ruddco.com
INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and City Council
City of Rexburg, Idaho
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-
type activities, the discretely presented component unit, each major fund, and the aggregate remaining
fund information of City of Rexburg, Idaho (the City), as of and for the year ended September 30,
2024, and the related notes to the financial statements, which collectively comprise the City of
Rexburg, Idaho’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, the discretely
presented component unit, each major fund, and the aggregate remaining fund information of City of
Rexburg, Idaho as of September 30, 2024, and the respective changes in financial position, and, where
applicable, cash flows thereof for the year then ended in accordance with accounting principles
generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the City of Rexburg, Idaho,
and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements
relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinions.
Other Matters
This report represents a reissuance of a previously issued report dated March 19, 2025. Significant
changes include the presentation of two additional major funds previously reported in Other
Governmental Funds, and the presentation of leases receivable and the accompanying deferred lease
revenue, which was previously reported in the government-wide financials only, and is now reported
in the General Fund financial information. The result of these changes did not require an adjustment
to beginning fund balance or net position for the year.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
2
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the City of Rexburg, Idaho’s
ability to continue as a going concern for twelve months beyond the financial statement date, including
any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing
standards and Government Auditing Standards will always detect a material misstatement when it
exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Misstatements are considered material if there
is a substantial likelihood that, individually or in the aggregate, they would influence the judgement
made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government
Auditing Standards, we:
Exercise professional judgement and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the City of Rexburg, Idaho’s internal control. Accordingly, no
such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the City of Rexburg, Idaho’s ability to continue as a going
concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-
related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis, budgetary comparison information and schedule of pension
liabilities and contributions which are listed in the table of contents be presented to supplement the
basic financial statements. Such information is the responsibility of management and, although not a
part of the basic financial statements, is required by the Governmental Accounting Standards Board,
3
who considers it to be an essential part of financial reporting for placing the basic financial statements
in an appropriate operational, economic, or historical context. We have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally
accepted in the United States of America, which consisted of inquiries of management about the
methods of preparing the information and comparing the information for consistency with
management’s responses to our inquiries, the basic financial statements, and other knowledge we
obtained during our audit of the basic financial statements. We do not express an opinion or provide
any assurance on the information because the limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of Rexburg, Idaho’s basic financial statements. The accompanying
combining and individual nonmajor fund financial statements and schedule of expenditures of federal
awards, as required by the Title 2 U.S. Code of Federal Regulations, Part 200 Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, are presented for
purposes of additional analysis and are not a required part of the basic financial statements. Such
information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the basic financial statements. The
information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements
or to the basic financial statements themselves, and other additional procedures in accordance with
auditing standards generally accepted in the United States of America. In our opinion, the combining
and individual nonmajor fund financial statements are fairly stated, in all material respects, in relation
to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 19,
2025, on our consideration of the City of Rexburg, Idaho’s internal control over financial reporting
and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements and other matters. The purpose of that report is solely to describe the scope of our testing
of internal control over financial reporting and compliance and the results of that testing, and not to
provide an opinion on the effectiveness of the City of Rexburg, Idaho’s internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City of Rexburg, Idaho’s internal control over
financial reporting and compliance.
Rexburg, Idaho
March 19, 2025
4
Management’s Discussion and Analysis
Matthew K. Nielson, Chief Financial Officer
Our discussion and analysis of the City of Rexburg’s financial performance provides an overview of
the City’s financial activities for the fiscal year ended September 30, 2024. Please read this in
conjunction with the City’s financial statements, which begin on page 22.
FINANCIAL HIGHLIGHTS
The assets and deferred outflows of the City exceeded its liabilities and deferred inflows at September
30, 2024 by $175,009,299.
Of this amount, $3,731,793 of unrestricted net position and $38,861,927 of restricted assets is
available to meet the City’s ongoing obligations to citizens and creditors.
The City’s net position increased $14,846,785 as a result of this year’s operations, which
includes an increase of governmental type net position by $8,858,737 and of business-type net
position by $5,988,048.
At fiscal year end, the City’s governmental funds reported combined ending fund balances of
$24,327,911, an increase of $1,917,720 from last year’s adjusted fund balance.
The General Fund Balance was $5,860,191 or 38.54% of the total General Fund Expenditures
and Fund Transfers. This leaves just under a 4-6-month reserve in place. This is a 5.36%
decrease over the prior year. Of this balance, $1,000,000 was appropriated in the budget of
the following fiscal year.
OVERVIEW OF THE FINANCIAL STATEMENTS
The Government-wide Financial Statements are presented in a format designed to provide a broad
overview in a business-like manner. These statements include all assets and liabilities using full
accrual accounting, which is similar to accounting used by most large businesses. Full accrual
accounting reports all of the current year’s revenues and expenses when they are obligated, regardless
of whether or not cash has yet been received or paid out. You will also need to consider non-financial
factors, such as changes in the City’s property tax base and the condition of its streets, to assess its
overall health.
These statements distinguish functions that are principally supported by taxes and inter-governmental
revenues (governmental activities) from functions that are supported by user fees (business-type
activities). Governmental activities include: general administration, public safety, streets, parks,
recreation, and arts. The business-type activities include: water, wastewater (sewer), and sanitation
(garbage).
5
The government-wide financial statements also include separately the financial information of the
Rexburg Redevelopment Agency (Rexburg Urban Renewal Agency) as a component unit.
The Statement of Net Position presents information on all of the City’s assets, liabilities, and deferred
inflows/outflows of the City. The difference between them is called the Net Position. Over time,
increases or decreases in net position may serve as a useful indicator of whether the financial position
of the City is improving or deteriorating.
The Statement of Activities defines the change in Net Position by reporting expenses of the different
functions of the City and related revenues. Here expenses are listed before revenues in order to
emphasize that in City government, revenues are generated to support the different functions and are
not the driving force, service needs or functions are. The City is not here to make a profit, unlike
business; it first identifies the service needs of its citizens and then raises the resources to meet those
needs.
Fund Financial Statements are used to maintain control over resources that have been segregated for
specific activities, objectives or as may be required by law or grant or bond agreements. Major funds
are shown in separate columns and include the General, Street, Emergency Service, LID Debt Service,
LID Construction, Water, Wastewater, and Sanitation Funds; all other funds are non-major funds and
are summarized in one column. Details of the non-major funds are shown under Other Supplementary
Information on pages 75-84 of this report. All of the funds of the City are also divided into two
categories, governmental or enterprise (business-type).
Governmental Funds Financial Statements focus more on current inflows, outflows and balances
(reporting more on a cash/partial accrual accounting basis instead of a full accrual basis) rather than
on long term effects on net position, such as depreciation might have, which is included in the
Government-wide Statements. The City maintains 82 active funds, 75 are governmental funds and 7
are categorized as Enterprise Funds, which are the Utility funds.
Enterprise Funds Financial Statements are used to report the business-type activities (supported by
user fees) of the City that include the Utility Funds. These funds are reported on a full accrual basis,
which is the same as the business-type accounting used in the Government-wide Financial Statements
for all funds but includes more detail here.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net Position
For the years ended September 30, 2023 and September 30, 2024, Net Position changed as follows:
Governmental
Activities
Business-type
Activities All Activities
Net Position 9/30/23 98,504,358 62,658,156 161,162,514
Prior Period Adjustment (1,000,000) (1,000,000)
Increase in Net Position 8,858,737 5,988,048 14,846,785
Net Position 9/30/24 106,363,095 68,646,204 175,009,299
Percentage Increase 8.99% 9.56% 9.21%
6
Large Capital Item Expenses (over $65,000) included:
CONSTRUCTION COSTS-CITY SHARE LID 53 PROJECTS 2,260,547$
CONTRIBUTED CAPITAL FROM DEVELOPERS TO STREET 1,984,823
CRABS RECONSTRUCT PROJECT-PIONEER, YELLOWSTONE, U 1,892,879
CONCRETE REPAIR-N WATER WELL-RES #2/#3 859,456
LARGE STREET LIGHTING PROJECTS 827,179
MASONRY (REPOINTING) TABERNACLE 769,714
LID WASTEWATER PROJECTS 706,594
WW EXTENSION-E ON UNIV FROM 5TH W 575,722
CONSTRUCTION COSTS-CITY SHARE FINAL LID 52 502,017
NEW TRAFFIC SIGNAL AT TREJO/YELLOWSTONE-PH I 447,195
7TH S RR CROSSING UPGRADE FINAL- URA PROJECT 442,210
SANITATION TRUCK 281,466
NEW SANITATION SHOP PH I 231,141
NEW WELL CONSTRUCTION -THORNTON FOR FIRE DIST 226,316
WASTEWATER TREATMENT PLANT UPGRADE 225,713
RADIO SYSTEM UPGRADES FIRE DEPT 224,499
RADIO SYSTEM UPGRADES POLICE DEPT 224,499
AIRPLANE LEGACY FLIGHT MUSEUM 215,000
E. PARKWAY-BRIDGE DESIGN-7TH N-GRANT 210,757
NEW SIDEWALK-7TH S-US20 TO 12TH WEST-GRANT 205,394
CHANGE TO RADIO READS IN WATER DEPT 199,904
SEAL COAT/CHIP OR SLURRY SEAL STREETS 175,271
INTERCHANGE DESIGNS/LANDSCAPE STREETS 167,277
WASTEWATER LINE REPLACEMENT PROJECTS 150,507
WASTEWATER GRAVITYLINE REPLACEMENTS 149,182
SURVEILANCE/ACCESS CONTROL-CONNECT CITY ASSET 144,037
ENVIRONMENTAL ASSESSMENT AIRPORT 131,027
FIBER INITIATIVE CONSTRUCTION FINAL 129,106
TETON RIVER PARK DEVELOPMENT PLANNING 128,660
LED STREET LIGHT UPGRADES-CITY WIDE 116,549
WASTEWATER SKID STEER/ACCESSORIES 116,131
MASONRY (REPOINTING) ROMANCE THEATER 111,818
WASTEWATER OVERSIZING 111,778
BRUSH TRUCK FIRE DEPT 106,898
SERVICE TRUCK FIRE DEPT 100,199
WATER FACILITIES STUDY 91,333
LID WATER PROJECTS 89,622
GREENS MOWER GOLF 85,981
DURAPATCHER/CRACK SEALING EQUIPMENT STREETS 78,291
TRUCK FIRE DEPT 71,384
ASPHALT/CONCRETE FIRE DEPT 68,133
Also see Note #3 on page 41 to 42.
7
Statement of Net Position Comparison (2024 vs. 2023):
2024 2023 2024 2023 2024 2023
Current Assets 31,135,588$ 29,064,957$ 26,516,899$ 22,546,835$ 57,652,487$ 51,611,792$ 6,040,695$ 12% (1)
Capital, Noncurrent Asets &
Deferred Outflows of Resources 92,148,288 84,511,577 53,474,412 51,041,167 145,622,700 135,552,744 10,069,956 7%
Total Assets 123,283,876 113,576,534 79,991,311 73,588,002 203,275,187 187,164,536 16,110,651 9%
Current Liabilities 5,692,262 4,540,089 2,170,451 832,812 7,862,713 5,372,901 (2,489,812) -46% (2)
Noncurrent Liabilities and Deferred
Inflows of Resources 11,228,519 10,532,090 9,174,656 10,097,033 20,403,175 20,629,123 225,948 1%
Total Liabilities 16,920,781 15,072,179 11,345,107 10,929,845 28,265,888 26,002,024 (2,263,864) -9%
Capital Assets, Net of Related Debt 87,025,490 78,351,728 45,390,089 41,795,923 132,415,579 120,147,651 12,267,928 10% (3)
Restricted 15,605,812 15,235,008 23,256,115 20,862,234 38,861,927 36,097,242 2,764,685 8%
Unrestricted 3,731,793 4,917,619 - - 3,731,793 4,917,619 (1,185,826) -24% (4)
Total Net Position 106,363,095$ 98,504,355$ 68,646,204$ 62,658,157$ 175,009,299$ 161,162,512$ 13,846,787$ 9%
Governmental Activities Favorable
(Unfavorable)
Change
Percent
Change
All ActivitiesBusiness-type Activities
(1) The cash increased significantly in the business-type funds because many budgeted construction projects were deferred again
(2)We received several grants in advance in the Wastewater Plant Construction Fund and General Fund that accounted for a large portion of the increase
(3) We completed several large capital projects in streets, the Tabernacle, and some smaller projects in water and wastewater
(4) The city spent down the general fund reserve by over $1 million in FY 2024 and included the FY 2025 carryover in restricted this year
Notes to the Statement of Net Position Comparison
Because the City has not been required by the Governmental Accounting Standards Board (GASB) to
list streets and storm sewers acquired before October 1, 2003, those items are not included in the
Beginning Net Asset amounts under Governmental Activities. All acquisitions of streets and storm
sewers on or after that date will be included. The City may decide in the future to estimate the
historical cost of those previously acquired streets and storm sewers and adjust the beginning balances
at that time.
8
Changes in Long-Term Liabilities:
A summary of long-term transactions of the City for the year ended September 30, 2024, is as follows:
9/30/2023
Obligations
Incurred
Obligations
Paid 9/30/2024
Due Within One
Year
Governmental Activities:
Accrued Compensated Absences (Note 6) 547,329$ 499,541$ -$ 1,046,870$ 1,046,870$
Lease Liability (Note 11) 528,021 311,319 - 839,340 282,397
Financed Purchase Obligations (Note 12) 226,165 - (51,679) 174,486 51,682
Contracts Payable (Note 13) 171,471 - (34,327) 137,144 98,985
Net Pension Liability (Note 14) 8,883,839 - (332,797) 8,551,042 -
Governmental Activities Long-Term Liabilities 10,356,825$ 810,860$ (418,803)$ 10,748,882$ 1,479,934$
Business-type Activities:
Accrued Compensated Absences (Note 6) 72,368$ 62,682$ -$ 135,050$ 135,050$
Net Pension Liability (Note 14) 1,310,065 - (28,234) 1,281,831 -
Water DEQ Loan (Note 10) 7,139,600 - (194,847) 6,944,753 198,617
Wastewater Revenue Bonds (Note 10) 1,575,000 - (785,000) 790,000 790,000
Business-type Activities Long-Term Liabilities 10,097,033$ 62,682$ (1,008,081)$ 9,151,634$ 1,123,667$
Total Long-Term Liabilities 20,453,858$ 873,542$ (1,426,884)$ 19,900,516$ 2,603,601$
There are currently no outstanding General Obligation Bonds.
Governmental Activities
The format of the Statement of Activities lists the expenses first and then the revenues with a resulting
Net Expense. The reason for this kind of format is to highlight the relative financial burden or subsidy
of each of the functions on the general revenues of the City, including property tax, after that function’s
specific revenues are subtracted. The next page contains a comparison of the changes in the net
position from 2023 to 2024.
9
Statement of Changes in Net Position Comparison (2024 vs. 2023):
2024 2023 2024 2023 2024 2023
Revenues:
Program Revenues:
Charges for Services & Taxes
General and Administrative 6,912,972$ 4,550,401$ -$ -$ 6,912,972$ 4,550,401$ 2,362,571$ 52% (1)
Public Safety 3,421,776 3,275,581 - - 3,421,776 3,275,581 146,195 4%
Parks, Golf, Recreation and Arts 2,455,966 2,547,992 - - 2,455,966 2,547,992 (92,026) -4%
Streets 2,757,459 5,945,274 - - 2,757,459 5,945,274 (3,187,815) -54% (2)
Water - - 4,056,599 3,542,371 4,056,599 3,542,371 514,228 15% (3)
Waste Water - - 5,974,980 6,471,556 5,974,980 6,471,556 (496,576) -8%
Sanitation - - 3,356,040 3,247,886 3,356,040 3,247,886 108,154 3%
Subtotal 15,548,173 16,319,248 13,387,619 13,261,813 28,935,792 29,581,061 (645,269) -2%
General and Administrative 262,443 311,346 - - 262,443 311,346 (48,903) -16%
Public Safety 3,312,141 3,014,876 - - 3,312,141 3,014,876 297,265 10%
Parks, Golf, Recreation and Arts 251,975 119,427 - - 251,975 119,427 132,548 111%
Subtotal 3,826,559 3,445,649 - - 3,826,559 3,445,649 380,910 11%
General and Administrative 523,375 1,585,845 - - 523,375 1,585,845 (1,062,470) -67% (4)
Public Safety 40,000 679,611 - - 40,000 679,611 (639,611) -94% (5)
Parks, Golf, Recreation and Arts 311,888 682,459 - - 311,888 682,459 (370,571) -54% (6)
Streets 5,832,247 4,319,572 - - 5,832,247 4,319,572 1,512,675 35% (7)
Water - - 1,717,627 520,734 1,717,627 520,734 1,196,893 230% (8)
Waste Water - - 3,248,453 652,247 3,248,453 652,247 2,596,206 398% (9)
Subtotal 6,707,510 7,267,487 4,966,080 1,172,981 11,673,590 8,440,468 3,233,122 38%
General Revenues
Property Taxes Levied for General
Purposes 7,804,168 6,345,053 - - 7,804,168 6,345,053 1,459,115 23% (10)
State Taxes 8,202,338 3,992,847 - - 8,202,338 3,992,847 4,209,491 105% (11)
Investment Earnings 1,811,426 558,629 1,220,730 486,144 3,032,156 1,044,773 1,987,383 190% (12)
Miscellaneous 653,897 - 124,328 33,377 778,225 33,377 744,848 2232% (13)
Proceeds from (Loss on) Sale of
Capital Assets (101,712) - (886,333) - (988,045) - (988,045)
Subtotal 18,370,117 10,896,529 458,725 519,521 18,828,842 11,416,050 7,412,792 65%
Total Revenues 44,452,359 37,928,913 18,812,424 14,954,315 63,264,783 52,883,228 10,381,555 20%
Expenses
General and Administrative 8,890,069 8,956,396 - - 8,890,069 8,956,396 (66,327) -1%
Public Safety 16,176,642 12,924,779 - - 16,176,642 12,924,779 3,251,863 25% (14)
Parks, Golf, Recreation and Arts 5,038,894 4,740,972 - - 5,038,894 4,740,972 297,922 6%
Streets 5,449,060 6,145,536 - - 5,449,060 6,145,536 (696,476) -11% (15)
Interest Expense (Unallocated) 38,957 - - - 38,957 - 38,957
Water - - 4,064,530 3,879,723 4,064,530 3,879,723 184,807 5%
Waste Water - - 5,617,805 5,266,456 5,617,805 5,266,456 351,349 7%
Sanitation - - 3,142,041 2,930,925 3,142,041 2,930,925 211,116 7%
Total Expenses 35,593,622 32,767,683 12,824,376 12,077,104 48,417,998 44,844,787 3,573,211 8%
Increase in Net Positions 8,858,737 5,161,230 5,988,048 2,877,211 14,846,785 8,038,441 6,808,344 85%
Net Position - Beginning, restated 97,504,358 93,343,125 62,658,156 59,780,945 160,162,514 153,124,070 7,038,444 5%
Net Position - Ending 106,363,095$ 98,504,355$ 68,646,204$ 62,658,156$ 175,009,299$ 161,162,511$ 13,846,788$ 9%
Percent
Change
Operating Grants and Contributions
Capital Grants and Contributions
All ActivitiesGovernmental Activities Business-type Activities
Favorable
(Unfavorable)
Change
10
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
Saw a large increase in state fuel tax. Had categorized something incorrect in prior year
Continue to see a large decrease in Road and Bridge Property Taxes from the County. Had categorized something incorrect in
prior year
Fewer Urban Renewal contributions received for fiber projects
Had a large increase in contributed assets and received large state grants for projects
Fewer Urban Renewal contributions received for park projects
Had received a capital grant in prior year from Madison County and a contribution for ambulance capital reserve
Fewer Urban Renewal contributions received for fiber projects
Did not complete as many street projects as compared to the prior year
Added personnel in police, wages increased for all employees, and more wildland service occurred compared to prior year
Recategorized sale of assets to misc. from charges for services
Continued to see increased investment rates over the prior year and we reinvested assets at a much higher interest rate
Saw substantial growth with hookups and rates had increased for this service
Notes to the Statement of Changes in Net Position Comparison
Recategorized Property taxes for Fire District to here and had increase in general fund property taxes
Received a large grant for the headworks project and contributed capital increased significantly as well as capacity fees
Contributed assets increased significantly as well as capacity fees
Below are some details about some of the activities found in the Statement of Activities.
Governmental Activities
General and Administrative
(Mayor & City Council, Economic Development, Customer Services, Information Systems, Financial
Management, Human Resources, Building Maintenance, Legal, Planning and Zoning, Engineering,
GIS, Building Safety, Shop, and miscellaneous other departments).
Most of these departments’ expenditures are offset by revenues from overhead charges.
Public Safety
(Police and Emergency Services)
It is important to note that the Police and Fire functions create the most financial burden on the general
revenues, but, customarily, that is what property tax is for. To provide the most efficient and effective
funding of fire and ambulance services in Madison County, the City of Rexburg, the Madison County
Ambulance District, and the Madison County Fire Protection District have formed a joint venture
doing business as the Madison Fire Department. Madison County reimburses the City for Ambulance
expenses and its portion of shared expenses. Madison County Fire Protection District also reimburses
the City for its portion of shared expenses. In Fiscal Year 2019, a change was made on charges for
personnel in the joint venture from 50% ambulance/50% fire to 48% ambulance/52% fire, which
increased costs for the City and fire district to help alleviate funding concerns related to the ambulance
district.
Parks, Recreation and Cultural Arts
The Parks Department is mostly funded by General Revenues. Only about $39,234 was taken in as
parks reservation fees in 2024.
11
The Recreation Administrative expenses in the general fund are subsidized completely by General
Revenues, while the Recreation Programs are intended to be more self-sufficient. In 2024, a transfer
of $5,728 from the general fund was made to subsidize 2024 losses in the Recreation Program Fund.
We anticipate the general fund subsidy to the Recreation Program Fund to drop considerably or go
away over the next few years as we eliminated some programs with large losses and raised some rates
to help this fund sustain itself in the future.
The City hired a Golf Professional during 2021 and ended the Golf Manager contract on December
31, 2020. This decision has continued to help the City and County to better address capital needs and
reduce operating losses at the courses under this new model. The Golf Courses experienced their
highest operating revenue and patron usage of all time in the Fiscal Year 2024. Major capital
improvements continued to be made in 2024 at Teton Lakes Golf Course.
In 2024 the operating fund of the water park Rexburg Rapids experienced an operating loss of $55,818.
In 2024, the fourteen-year combined operating loss reached an amount of $215,278, which means
Rexburg Rapids operated with an average loss of $15,377 per year in its first fourteen seasons. The
City Council also transferred $25,008 from the general fund in 2024 that will be kept in reserve for
future major capital projects or repairs at the water park. The capital reserve carryover was $49,640
at fiscal year-end 2024. It is anticipated that the council will continue to transfer additional funds from
the general fund for these ongoing capital replacement expenses.
Cultural Arts includes the Tabernacle Civic Center and Museum of Rexburg, the Legacy Flight
Museum, the Romance Theater, and the Rexburg Cultural Arts fund. General revenues and taxes
heavily subsidize the Cultural Arts Funds. The Cultural Arts Funds were subsidized over $1.33 million
in 2024 by the general fund. Major capital projects occurred at the Tabernacle with the repointing
project on the outside of the building and will continue over the next several years.
Streets
The Street operating fund is funded by State Highway User Fees, County Road & Bridge Property
Taxes, and other charges and is not subsidized by General Revenues, except for 100% of the franchise
fees that have been allocated to that fund. The City shifted 100% of the franchise revenues from the
general fund to streets a few years ago to address the needed street repairs/replacement more quickly.
The street operations fund transferred nearly $3.9 million to the Street reconstruction fund for future
projects in 2024.
Business-type Activities
Utility Funds
The Utility Departments include the Sanitation, Water, and Wastewater departments. The City
maintains separate Capital Reserve Funds for Water and Wastewater that are funded through capacity
fees and used for large construction projects to expand capacity. In 2010, the City started a project to
expand the Wastewater Treatment plant and wastewater lines to increase capacity and to address some
other maintenance concerns at the existing plant, which work was substantially finalized by the end of
2018. The improvements helped eliminate odors and with the disposal of bio-solids, and added new
capacity as mentioned above.
To pay for the construction maintenance upgrades and expansion of the plant, the city secured a
revenue bond of 10 million dollars on December 8, 2010, which will be paid back with capital reserve
funds and increases in utility fees. The city did complete a tax-exempt current refunding (refinance
of bond) in June of 2020, and anticipates saving $309,460 in cash flow savings from interest savings
(after fees) by privately placing this debt. Our last bond payment will be next year in 2025.
12
The utility funds, which include three respective utility operating funds, water capital reserve, sewer
capital reserve, water capital construction, and the sewer plant construction fund, increased in cash
and short-term investments by $3,825,538, ending the year with a balance of $24,818,314, which can
be seen on the Statement of Net Position.
The City of Rexburg provides wastewater treatment services to the City of Sugar City and the City of
Teton at a per gallon charge that includes operating costs. Both cities have provided their share of
capital up front through the payment of capitalization fees that reserve certain amounts of capacity for
their usage. Those two cities together provide 6.69% of the total monthly-billed revenue for the
wastewater department.
Sewer rates were last increased on October 1, 2024. Water rates were last increased on October 1,
2024. Sanitation rates were last increased on October 1, 2024. Water and sewer capacity fees and
Impact Fees were last updated December 7, 2022.
The City received the final findings of the water facilities planning study at the end of 2015 and began
construction in 2016. The projected improvements required additional funding beyond that available
in our capital and operating reserve funds. The water upgrades were funded with a combination of
reserves and a loan that was finalized in 2022 from the Department of Environmental Quality (DEQ).
The loan included principal forgiveness of $2,211,300. The water project will provide needed
production, storage, and delivery capacity to meet the current water demands and future water
demands as our population grows.
In 2012 the City began to provide curb-side pickup for recycling to single family residents at no
additional cost to the customer. In 2015, the majority of single-family residents were receiving the
recycling option. The Recycling Program is a joint effort with a third-party vendor. In 2014, 2015,
and 2016 it became necessary to increase the recycling contract expenses to maintain the program at
its current service level. There was no increase in recycling costs in 2017, but a substantial increase
in fees in 2018 was necessary because the vendor was no longer able to sell all recyclables and was
forced to pay tipping fees for some items, which costs were passed on to the City. This same fee from
the vendor was increased in 2022. The City is not currently seeking to add the recycling option to
commercial and multi-family users because the costs have increased, and the value of the recycled
products has dropped. When we recycle goods, it reduces the Madison County tipping fees expense
we would otherwise pay for disposing goods. The City analyzed the recycling with the oversight
committee/council members during 2022 and determined to continue to offer the service with no
changes, other than fee changes.
FUND FINANCIAL STATEMENT ANALYSIS
As noted earlier, the City of Rexburg uses fund accounting to ensure and demonstrate compliance with
legal, grant and budget requirements.
Governmental Funds
The focus of the City of Rexburg Governmental Funds is to provide information on the current year
cash flows and balances. Such information is useful in assessing the City’s current year financing
requirements. Unassigned fund balances that are not held for emergencies or cash flow purposes, may
serve as a useful measure of the City’s net resources available for spending at the end of the fiscal year
that could be added to expected revenues for the following fiscal year.
13
The General Fund Balance (see page 67) decreased by $1,091,141 during the year.
The Street Funds Balance (see page 68) increased by $1,020,748, leaving a fund balance of $4,754,383
in the street operations, street repair, and street reconstruction funds. This carryover excludes that in
the street impact fund. The fund balance will be carried over for projects that are already planned and
budgeted for in future years.
The Emergency Services Fund (see page 69) is financed by three entities: the City of Rexburg (for fire
suppression services), the Madison County Fire Protection District, and the Madison County
Ambulance District. All expenditures are billed to the three entities based on the benefit received by
each. The fund balance is normally always zero because the three entities reimburse all expenditures.
The Emergency Services Fund ended the fiscal year $278,325 over budget.
The Local Improvement District (LID) Debt Service Funds (see page 70) balance decreased by
$152,238 during the year. This fund balance changes each year as LID’s are paid off and new LID’s
are added.
The Local Improvement District (LID) Construction Funds (see page 71) increased by $689,163. The
city attempts to close out these construction funds at the end of each year if they can.
Police, Fire, Parks and Street Development Impact Fees combined were up in 2024 over 2023 and the
city collected in the amounts of $61,244, $33,618, $159,492, and $530,017, respectively, totaling
$784,371 for qualified capital improvements in those departments. It is important to illustrate the need
for impact fees by looking at the fund balances of each respective fund to determine the health of those
funds in providing the necessary capital to meet the demands of the growth in our community and its
impact on our current service levels. At the end of the fiscal year 2024, the Police Impact Fee Fund
was at $360,247. We hope to construct or purchase a larger police station in 2026 and plan to save
impact fees to help with this cost. The Fire Impact Fee Fund had a balance of $3,022, which will help
fund the future replacement of fire engines and expansion or addition of fire stations. The Parks Impact
Fee Fund balance was $538,703 and is being accumulated for future park projects. The Street Impact
Fees Fund balance available to be used for qualified street projects was $2,251,792. The city finalized
the respective Capital Improvement plans and Impact Fee Analysis for each type of impact fee in May
of 2020. We also performed an update to the parks impact fees in May of 2023. We plan to update
the capital improvement plans and impact fee analysis in 2025.
The Joint Fire Equipment Fund had a positive fund balance of $1,435,018, which comes from
contributions by the City and the Madison County Fire Protection District. These funds are for future
purchases of fire equipment and facilities.
The GIS (Geographic Information System) Fund was first created in 2004 to track the funding of the
joint City/County GIS Department on a 50/50 financing split.
The golf courses, Teton Lakes of 27 holes and the Legacy Course of 9 holes, are jointly owned and
managed by the City of Rexburg and Madison County. Their governing boards appoint a Golf Board
consisting of six citizens and a member of each of the governing boards to act as a liaison to the Board.
At the end of the fiscal year the Golf Operating fund had a carryover of $602,667 and much of this
will go towards future capital projects. The Golf Construction fund carried over $41,601 and we plan
to increase this fund balance to replace the irrigation systems at Teton Lakes in five or more years.
There was a transfer of $59,196 to the Golf Course Construction Fund at the end of the fiscal year
from the Golf Operations Fund that was used to pay back the golf carts purchased with a loan from
the city/county. The City paid off its share of the deficit for the middle 9 at Teton Lakes in 2024.
14
Proprietary Funds
The City of Rexburg proprietary fund statements provide the same type of information found in the
government-wide statements, but in more detail. These statements include information from both the
capital reserve and operating funds.
Fund 25 is the Sanitation Fund, Fund 26 the Water Operations Fund, and Fund 27 the Wastewater
Operations Fund. These operating funds ended the year with net income of $4,385,682, of which
$43,463 was due to grants and contributed assets from developers.
The Utility Operations Funds increased in cash and investments by $1,529,312, ending the year with
a balance of $17,163,782 in cash and investments. The Sanitation Fund ended with a balance of
$2,222,354. The Water Operation Fund ended with a balance of $6,905,648. The Wastewater
Operations Fund ended with a balance of $8,035,780.
The Water Capital Reserve and Capital Construction fund ended with a combined balance of $2.94
million in cash and investments. The Wastewater Capital Reserve and Wastewater Treatment Plant
Construction fund ended with a combined balance of $4.70 million in cash and investments.
GENERAL FUND BUDGETARY HIGHLIGHTS
The City strives to maintain a total general fund committed fund balance equal to a minimum of 25%,
or greater, of general fund budgeted expenditures for necessary cash flow, for unforeseen emergencies,
and to mitigate current and future risks. At the end of 2024, the fund balance was 30.69% of the 2024
actual expenses. The city expects this fund balance to continue to decrease over the next few years as
it anticipates saving for expansion of or moving of the police station and constructing a new municipal
building along with some other large capital expenditures for our historical buildings. A large portion
of this carryover is also typically used as a fund balance carryover in the budgeted revenues to balance
the budget from year to year. Included in the fund balance is the savings/reserve for the health/dental
insurance. The City plans to move that out into a trust fund once the decision is made to move forward
with a self-insured plan at some future date.
Revenues
Total Budget of Revenues 19,230,300$
Budgeted Cash Carryover (Deficit) 1,000,000
Budgeted Revenues Expected Net of Carryover 18,230,300
Actual Revenues Received (including transfers in) 18,286,858
Surplus (Deficit) of Revenues vs. Budget (943,442)
Expenditures
Total Budget of Expenditures 19,230,300
Actual Expenditures (including transfers out) 19,377,999
Under (Over) Budget (147,699)
Excess (Defiiciency) of Revenues over Expenditures (1,091,141)
Fund Balance
Beginning Fund Balance 6,951,332
Ending Fund Balance 5,860,191$
15
However, some individual accounts or departments in the general fund showed variations that are
notable ($65,000 or more):
Significant Revenues Overage (Shortage)
Sales Tax (418,326)$
Investments/Unrealized Gain (Loss) 448,871
Federal Grant - Police (99,677)
Federal Grant - Forestry (500,000)
Police Admin* - GASB Lease entry Vehicles 636,000
Significant Expenditures Under (Over) Budget
Shop-Parks-project deferred 135,000$
Porter Park Irrigation Project not approved-Federal Grant 500,000
Police Admin*- Offset by Lease entry above-net ($72,904) (708,904)
Transfer to Tabernacle (172,567)
Transfer to Joint Fire Operations (92,259)
Transfer to Parks Capital Reserve-Deferred Pickle Ball Proj. 202,600
STREET FUND BUDGETARY HIGHLIGHTS
Revenues
Total Budget of Revenues 13,640,200$
Actual Revenues Received (including transfers in) 16,399,980
Surplus (Deficit) of Revenues vs. Budget 2,759,780
Expenditures
Total Budget of Expenditures 13,640,200
Actual Expenditures (including transfers out) 15,379,232
Under (Over) Budget (1,739,032)
Excess (Defiiciency) of Revenues over Expenditures 1,020,748
Fund Balance
Beginning Fund Balance 3,733,635
Ending Fund Balance 4,754,383$
16
However, some individual accounts showed variations that are notable ($65,000 or more):
Significant Revenues Overage (Shortage)
Property Tax-County Road and Bridge (255,091)$
Franchise Fees 151,760
State Highway User Funds - Fuel Tax 1,244,410
Federal Grant (622,254)
Misc. Revenues 76,317
Sale of Assets (119,527)
Transfer in from Street Operating Fund 2,226,148
Significant Expenditures Under (Over) Budget
Fund Transfer from Street Operations to Street Repair Fund (1,976,148)$
Street Sweeper 382,700
300,000
Brine Equipment/Truck 75,000
164,421
Fund Transfer from Street Replacement to LID construction (373,585)
Contributed Capital (new finished streets) (1,484,823)
Reconstruction of Yellowstone, Pioneer, Univ.
Grader
EMERGENCY SERVICES DEPARTMENT FUND BUDGETARY HIGHLIGHTS
The City of Rexburg, through an agreement with Madison County Fire Protection District and the
Madison Ambulance District, is responsible for the administration and accounting of the Emergency
Services Department (ESD) operations. A governing board made up of one elected official from each
entity and a doctor, sets policies as needed for the department.
ESD Fund Revenues are almost all provided by the sharing of costs by three entities: the City of
Rexburg and the Madison Fire Protection District through an Operating Transfer in, and the Madison
Ambulance District through warrants paid to the City. Costs are reimbursed based on benefits received
by the three entities. The ESD Department utilized ambulance and fire equipment on site at various
wild land fires throughout the state and nation. For their work, the respective entity that supplied the
equipment received reimbursement revenues that helped reduce the shared costs needed by the three
entities that fund the ESD operations. They also sent out personnel to help in the wild land fire efforts
and received reimbursement revenues to cover the wages and benefits paid to the employees.
The Madison Ambulance District paid approximately 40% of the net costs during the past fiscal
year. The City and the Madison Fire District each paid about 38% and 22% respectively.
ESD Operating Fund Revenues and Expenses were both approximately $278,323 over budget – both
because this fund is usually zeroed out at the end of the year and any savings or overruns are shared
by the three entities immediately. The City’s share of the net expenses was $1,936,659 of a
$1,844,400 budget, or $92,259 over budget.
17
LID CONSTRUCTION FUNDS BUDGETARY HIGHLIGHTS
Revenues
Total Budget of Revenues 2,950,000$
Actual Revenues Received (including transfers in) 4,322,634
Surplus (Deficit) of Revenues vs. Budget 1,372,634
Expenditures
Total Budget of Expenditures 2,950,000
Actual Expenditures (including transfers out) 3,633,471
Under (Over) Budget (683,471)
Excess (Defiiciency) of Revenues over Expenditures 689,163
Fund Balance
Beginning Fund Balance (689,163)
Ending Fund Balance -$
LID DEBT SERVICE FUNDS BUDGETARY HIGHLIGHTS
Revenues
Total Budget of Revenues 694,700$
Actual Revenues Received (including transfers in) 588,093
Surplus (Deficit) of Revenues vs. Budget (106,607)
Expenditures
Total Budget of Expenditures 694,700
Actual Expenditures (including transfers out) 740,331
Under (Over) Budget (45,631)
Excess (Defiiciency) of Revenues over Expenditures (152,238)
Fund Balance
Beginning Fund Balance (1,831,551)
Ending Fund Balance (1,983,789)$
It is typical for a new LID debt service fund to be created each year and in some years to close out an
LID. We have up to 20 individual debt service LID funds at a time consolidated into this report.
REXBURG URBAN RENEWAL AGENCY
Separately issued financial statements for the Rexburg Urban Renewal Agency, a component unit of
the City of Rexburg is available at the City offices.
18
The Actual Total Expense pie chart shows the relative size of the departments or categories of
expenses. Each Total Expense category includes both operating expense and capital purchase expense.
Operating Expense does not typically include capital expense and is the amount needed to fund the
day-to-day operations of the City. Capital Expense is usually defined as an expense if the benefit or
item purchased is expected to last two or more years and is depreciated over multiple years as
determined by the City’s depreciation schedule.
Construction is generally a large piece of the pie each year and is capital in nature, but varies widely
from year to year in amount, due to the available funding and the needs of that year. Fund transfers
are made between different funds to pay for charges for services given or to fund the deficit position
of funds with a transfer from the General Fund.
The total expenses in 2024 increased by approximately 23% or $13.55 million dollars compared to
2023. This was due in large part to more street construction projects/costs and a large increase in fund
transfers with many departments such as water and wastewater doing large projects. We did see a
large decrease caused by a significant drop in the cost of fiber construction.
19
The Actual Total Revenue pie chart shows the relative size of the categories of revenue by source.
Total Revenue categories include both operating revenue and revenue that is restricted to capital
purchases. Operating Revenue does not include revenue reserved for capital purchases and is the
amount needed to fund the day-to-day operations of the City. Capital Revenue is usually defined as
revenue reserved to be used on purchases that are expected to last two or more years.
Fund Transfers and Interfund Charges are made between different funds to pay for charges for services
given or to fund the deficit position of a particular fund with a transfer from the General or another
Fund. LID Assessments are revenues charged against a particular benefited property for
improvements made by the City through a Local Improvement District (LID). State Taxes include
Sales Tax, Fuel Tax, and Liquor Tax Revenues that are distributed to the Cities by the State of Idaho.
It is relevant to point out that Property Tax, however important it is to the financial well-being of the
City, is a relatively small part of the Total Revenue Budget. Road & Bridge Tax is property taxes
levied by the County for their Road & Bridge Fund that are turned over by state law to the City. The
amount of tax transferred is equal to half of the Road & Bridge Tax collected on properties within the
City limits. The Road & Bridge Tax has decreased steadily for several years.
The total revenues in 2024 increased by 29% or over $18.1 million dollars compared to 2023. Federal
and State grants increased over $2.6 million. Capital reserves and impact fees also grew by over 92%,
which is a sign of significant growth occurring in our city in the last year. Investment earnings also
grew substantially by over $1.6 million. Fund Transfers increased significantly from the prior year
with more projects.
20
The Actual Operating Expense pie chart shows the relative size of the departments or categories of
operating expenses. Operating Expense does not typically include capital expense funds and is the
amount needed to fund the day-to-day operations of the City.
Public Safety expenses, which include the Police, Fire, and Ambulance Departments, comprise about
35% of the operating expenses. The Utility Funds, which include the Wastewater, Sanitation, and
Water Departments, account for approximately 33% of the operating expenses. Street operations
accounted for 6%, leaving approximately 25% for the rest of the departments or categories.
The operating expenses increased by approximately $4.3 million or 11% as compared to 2023, with
the largest increase coming from public safety of about 26.5% or $3.1 million. Police expenses
increased approximately $1.6 million and Emergency Services approximately $1.5 million. The utility
operating funds combined had an increase of $1.8 million. All other departments had less significant
increases or decreases. Fiber expenses decreased significantly.
21
The Actual Operating Revenue pie chart shows the relative size of the categories of operating
revenues. Operating Revenue does not include money meant for capital expenses and is the amount
provided to fund the day-to-day operations of the City.
Utility Charges, which include the Wastewater, Sanitation, and Water user fees, are about 28% of the
total. Property Tax, State Taxes (with the exception of the fuel tax), and Interfund charges for services
(Overhead Transfers) are general-purpose revenues that can be used at the City Council’s discretion.
Many of the other categories specified are each for a special purpose and must be spent according to
state law or agreements signed.
The operating revenues increased by approximately 13% or $5.4 million as compared to 2023, with
the largest increase occurring in the fuel taxes largely due to a one-time additional allocation of over
$1 million for streets. Miscellaneous revenues saw a large increase in revenue of over $1.4 million
primarily because of a large increase in Wildland Revenues in 2024 compared to the prior year. The
utility revenues increased by over $1 million as well. We also saw a significant increase in permits
and licenses of over 55% due to a large increase in building permits obtained in 2024 as compared to
the prior year. The other operating increases were less dramatic in other areas.
BASIC FINANCIAL STATEMENTS
CITY OF REXBURG, IDAHO
STATEMENT OF NET POSITION
GOVERNMENT WIDE
September 30, 2024
The Accompanying Notes are an Integral Part of the Financial Statements
22
Component Unit
(Rexburg
Governmental Business-type Urban Renewal
Activities Activities Total Agency)
ASSETS
Current Assets:
Cash and Investments 23,409,352$ 24,818,314$ 48,227,666$ 8,564,634$
Receivables 7,592,042 1,678,193 9,270,235 13,255
Accrued Interest Receivable-Leases 493 - 493 -
Short Term Lease Receivable 74,736 - 74,736 -
Supplies inventory 58,965 20,392 79,357 -
Total Current Assets 31,135,588 26,516,899 57,652,487 8,577,889
Noncurrent Assets:
Revolving Loan Receivable 1,160,449 - 1,160,449 -
Long Term Lease Receivable 234,809 - 234,809 -
Capital Assets:
Capital Assets, net 86,909,509 53,124,841 140,034,350 1,986,562
Right of Use - Lease, net 1,024,458 - 1,024,458 -
Right of Use - SBITAs, net 242,493 - 242,493 -
Net Capital Assets 88,176,460 53,124,841 141,301,301 1,986,562
Total Noncurrent Assets 89,571,718 53,124,841 142,696,559 1,986,562
TOTAL ASSETS 120,707,306 79,641,740 200,349,046 10,564,451
Deferred Outflows - Related to Pensions 2,576,570 349,571 2,926,141 -
TOTAL ASSETS AND DEFERRED OUTFLOWS 123,283,876$ 79,991,311$ 203,275,187$ 10,564,451$
LIABILITIES
Current Liabilities:
Accounts Payable 4,828,434$ 1,071,343$ 5,899,777$ 691,247$
Accrued Payroll Liability 714,595 85,099 799,694 -
Accrued Interest Payable 17,734 4,347 22,081 -
Deferred Revenue Payable 76 - 76 -
Grants Received in Advance - 730,000 730,000 -
Other 131,423 279,662 411,085 -
Total Current Liabilities 5,692,262 2,170,451 7,862,713 691,247
Noncurrent Liabilities:
Due in less than one year
Accrued Compensated Absences 1,046,870 135,050 1,181,920 -
Lease Liability 282,397 - 282,397 -
Financed purchase 51,682 - 51,682 -
Contracts Payable 98,985 - 98,985 -
Long-term Debt - 988,617 988,617 191,802
Due in more than one year
Lease Liability 556,943 - 556,943 -
Financed purchase 122,804 - 122,804 -
Contracts Payable 38,159 - 38,159 -
Long-term Obligations - 6,746,136 6,746,136 2,431,603
Net Pension Liability 8,551,042 1,281,831 9,832,873 -
Total Noncurrent Liabilities 10,748,882 9,151,634 19,900,516 2,623,405
TOTAL LIABILITIES 16,441,144 11,322,085 27,763,229 3,314,652
DEFERRED INFLOWS OF RESOURCES
Landlord Leases Deferred Inflows 290,385 - 290,385 -
Pension Deferred Inflows 189,252 23,022 212,274 -
TOTAL DEFERRED INFLOWS OF RESOURCES 479,637 23,022 502,659 -
TOTAL LIABILITIES AND DEFERRED INFLOWS
OF RESOURCES 16,920,781$ 11,345,107$ 28,265,888$ 3,314,652$
NET POSITION
Invested In Capital Assets, Net of Related Debt 87,025,490$ 45,390,089$ 132,415,579$ 1,986,562$
Restricted for:
Capital Projects 13,760,005 7,068,997 20,829,002 4,910,864
Debt Service - 988,617 988,617 278,897
Intergovernmental Agreement 1,845,807 - 1,845,807 -
Operations - 15,198,501 15,198,501 73,476
Unrestricted 3,731,793 - 3,731,793 -
TOTAL NET POSITION 106,363,095$ 68,646,204$ 175,009,299$ 7,249,799$
Primary Government
CITY OF REXBURG, IDAHO
STATEMENT OF ACTIVITIES
GOVERNMENT WIDE
For the year ended September 30, 2024
The Accompanying Notes are an Integral Part of the Financial Statements
23
Charges Operating Capital
for Services Grants and Grants and Governmental Business-Type Component
FUNCTIONS/PROGRAMS Expenses and Taxes Contributions Contributions Activities Activities Total Unit
PRIMARY GOVERNMENT
GOVERNMENTAL ACTIVITIES
General and Administrative 8,890,069$ 6,912,972$ 262,443$ 523,375$ (1,191,279)$ -$ (1,191,279)$ -$
Public Safety 16,176,642 3,421,776 3,312,141 40,000 (9,402,725) - (9,402,725) -
Parks, Golf, Recreation and Arts 5,038,894 2,455,966 251,975 311,888 (2,019,065) - (2,019,065) -
Streets 5,449,060 2,757,459 - 5,832,247 3,140,646 - 3,140,646 -
Interest Expense (Unallocated) 38,957 - - - (38,957) - (38,957) -
Total Governmental Activities 35,593,622 15,548,173 3,826,559 6,707,510 (9,511,380) - (9,511,380) -
BUSINESS-TYPE ACTIVITIES
Water 4,064,530 4,056,599 - 1,717,627 - 1,709,696 1,709,696 -
Waste Water 5,617,805 5,974,980 - 3,248,453 - 3,605,628 3,605,628 -
Sanitation 3,142,041 3,356,040 - - 213,999 213,999 -
Total Business-type Activities 12,824,376 13,387,619 - 4,966,080 - 5,529,323 5,529,323 -
TOTAL PRIMARY GOVERNMENT 48,417,998$ 28,935,792$ 3,826,559$ 11,673,590$ (9,511,380)$ 5,529,323$ (3,982,057)$ -
COMPONENT UNIT
Rexburg Urbal Renewal District 908,800$ -$ -$ -$ -$ -$ -$ (908,800)$
GENERAL REVENUES:
Property Taxes Levied for General Purposes 7,804,168 - 7,804,168 2,270,628
State Taxes 8,202,338 - 8,202,338 -
Investment Earnings 1,811,426 1,220,730 3,032,156 405,556
Miscellaneous 653,897 124,328 778,225 18,531
Proceeds from (Loss on) Sale of Capital Assets (101,712) (886,333) (988,045)
Total General Revenue 18,370,117 458,725 18,828,842 2,694,715
Change in Net Position 8,858,737 5,988,048 14,846,785 1,785,915
NET POSITION - BEGINNING BALANCE 98,504,358 62,658,156 161,162,514 5,463,884
Prior Period Adjustment (1,000,000) - (1,000,000) -
NET POSITION - BEGINNING BALANCE, as restated 97,504,358 62,658,156 160,162,514 5,463,884
NET POSITION - ENDING BALANCE 106,363,095$ 68,646,204$ 175,009,299$ 7,249,799$
Program Revenues Net (Expense) Revenue and Changes in Net Position
CITY OF REXBURG, IDAHO
BALANCE SHEETS – GOVERNMENTAL FUNDS
September 30, 2024
The Accompanying Notes are an Integral Part of the Financial Statements
24
Emergency LID Debt LID Other Total
General Street Service Service Construction Governmental Governmental
Fund Fund Fund Funds Fund Funds Funds
ASSETS
Cash and Investments 5,187,751$ 3,469,398$ 96,857$ -$ 522,065$ 14,133,281$ 23,409,352$
Receivables 1,334,176 1,601,419 251,182 2,352,854 - 3,212,860 8,752,491
Accrued Interest Receivable-Leases 493 - - - - - 493
Lease Receivable 309,545 - - - - - 309,545
Supplies Inventory 58,965 - - - - - 58,965
Due from Other Funds 2,680,305 - - - - - 2,680,305
TOTAL ASSETS 9,571,235$ 5,070,817$ 348,039$ 2,352,854$ 522,065$ 17,346,141$ 35,211,151$
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts Payable 3,038,179$ 258,286$ 152,886$ 49,972$ 522,065$ 807,046$ 4,828,434$
Accrued Payroll Liability 297,829 32,948 145,969 - - 237,849 714,595
Due to Other Funds - - - 2,107,864 - 572,441 2,680,305
Other 35,409 25,200 49,184 - - 21,706 131,499
TOTAL LIABILITIES 3,371,417 316,434 348,039 2,157,836 522,065 1,639,042 8,354,833
DEFERRED INFLOWS OF RESOURCES
Landlord Leases Deferred Inflows 290,385 - - - - - 290,385
Unavailable Revenues 49,242 - - 2,178,807 - 9,973 2,238,022
TOTAL DEFERRED INFLOWS
OF RESOURCES 339,627 - - 2,178,807 - 9,973 2,528,407
FUND BALANCES
Nonspendable 58,965 - - - - - 58,965
Restricted - 4,754,383 - - - 8,765,965 13,520,348
Committed 5,773,800 - - - - 6,931,161 12,704,961
Unassigned 27,426 - - (1,983,789) - - (1,956,363)
TOTAL FUND BALANCES 5,860,191 4,754,383 - (1,983,789) - 15,697,126 24,327,911
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES 9,571,235$ 5,070,817$ 348,039$ 2,352,854$ 522,065$ 17,346,141$ 35,211,151$
CITY OF REXBURG, IDAHO
RECONCILIATION OF THE BALANCE SHEETS – GOVERNMETAL FUNDS
TO THE STATEMENT OF NET POSITION
GOVERNMENT WIDE
September 30, 2024
The Accompanying Notes are an Integral Part of the Financial Statements
25
Amounts reported for governmental activities in the statement of net position are different
because:
TOTAL FUND BALANCE - GOVERNMENTAL FUNDS 24,327,911$
Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the funds.
Right of Use Lease Asset, net 1,024,458
Right of Use SBITA Asset, net 242,493
Cost of Assets 143,641,742
Accumulated Depreciation (56,732,233)
Net Cost of Assets 88,176,460
Certain receivables are not financial resources and are reported
as deferred revenues
Property Tax Deferred Revenue 59,215
Special Assessment Deferred Revenue 2,178,807
Long-term liabilities, including bonds payable, are not due and
payable in the current period and therefore are not reported
in the funds
Deferred Pension Outflows 2,576,570
Deferred Pension Inflows (189,252)
Net Pension Liability (8,551,042)
Lease Liabilites (839,340)
Contract Liabilites (137,144)
Long-Term Debt (174,486)
Accrued Compensated Absences (1,046,870)
Accrued Interest Payable (17,734)
TOTAL NET POSITION - GOVERNMENTAL ACTIVITIES 106,363,095$
CITY OF REXBURG, IDAHO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
– GOVERNMETAL FUNDS
For the year ended September 30, 2024
The Accompanying Notes are an Integral Part of the Financial Statements
26
- - Emergency LID Debt LID Other Total
General Street Service Service Construction Governmental Governmental
Fund Fund Fund Funds Fund Funds Funds
REVENUES
Taxes 10,698,062$ 4,156,919$ -$ -$ -$ 1,135,387$ 15,990,368$
Grants and Contributions 883,212 4,753,757 2,352,890 - 796,216 1,758,902 10,544,977
Fees and Charges 4,634,183 2,558,487 650,506 500,575 - 7,204,422 15,548,173
Investment/Interest Income 1,124,410 - - 82,518 - 604,498 1,811,426
Miscellaneous 209,756 91,790 1,900 - - 350,451 653,897
TOTAL REVENUES 17,549,623 11,560,953 3,005,296 583,093 796,216 11,053,660 44,548,841
EXPENDITURES
Current:
General and Administrative 5,546,399 - - - - 1,855,902 7,402,301
Public Safety 7,284,247 - 5,764,032 - - 1,508,620 14,556,899
Parks and Recreation and Arts 1,389,302 - - - ‐ 2,663,427 4,052,729
Streets ‐ 2,314,655 - - 809,886 110,280 3,234,821
Debt Service:
Interest on Bonds and Other Debt 31,443 - - - - 7,514 38,957
Principal on Bonds and Other Debt 422,774 - - - - 51,682 474,456
Capital Improvements:
General and Administrative 186,298 - - - - 586,760 773,058
Public Safety 288,717 - 301,593 - - 678,354 1,268,664
Parks and Recreation and Arts 55,798 - - - - 1,607,618 1,663,416
Streets - 5,927,144 - - 2,823,585 1,114,861 9,865,590
TOTAL EXPENDITURES 15,204,978 8,241,799 6,065,625 - 3,633,471 10,185,018 43,330,891
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 2,344,645 3,319,154 (3,060,329) 583,093 (2,837,255) 868,642 1,217,950
OTHER SOURCES (USES)
Proceeds From Borrowing 699,770 - - - - - 699,770
Operating Transfers In 37,465 4,839,027 3,060,329 - 3,526,418 2,498,849 13,962,088
Operating Transfers Out (4,173,021) (7,137,433) - (735,331) - (1,916,303) (13,962,088)
TOTAL OTHER SOURCES (USES)(3,435,786) (2,298,406) 3,060,329 (735,331) 3,526,418 582,546 699,770
REVENUES OVER (UNDER) EXPENDITURES
AND OTHER SOURCES (USES)(1,091,141) 1,020,748 - (152,238) 689,163 1,451,188 1,917,720
FUND BALANCE, BEGINNING OF YEAR 6,951,332 3,733,635 - (1,831,551) (689,163) 15,245,938 23,410,191
Prior Period adjustment - - - - - (1,000,000) (1,000,000)
6,951,332 3,733,635 - (1,831,551) (689,163) 14,245,938 22,410,191
FUND BALANCE, END OF YEAR 5,860,191$ 4,754,383$ -$ (1,983,789)$ -$ 15,697,126$ 24,327,911$
FUND BALANCE, BEGINNING OF YEAR, as
restated
CITY OF REXBURG, IDAHO
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES – GOVERNMETAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the year ended September 30, 2024
The Accompanying Notes are an Integral Part of the Financial Statements
27
Amounts reported for governmental activities in the statement of activites are different because:
NET CHANGES IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 1,917,720$
Governmental funds report capital outlays as expenditures. However,
in the statement of activities, assets with an initial, individual cost of
more than $5,000 are capitalized and the cost is allocated over their
estimated useful lives and reported as depreciation expense. This is
the amount by which capital outlays are reduced by depreciation in the
current period:
Capital Expenditures Capitalized as Fixed Assets 13,336,516
Depreciation Expense (5,012,007)
Basis in Assets Disposed of (101,712)
Principal Payments on Leases 468,366
Revenues in the Statement of Activities that do not provide current
financial resources are not reported as revenues in the funds:
Special Assessments Levied 277,535
Changes in deferred revenue not in Statement of Activites:
Special Assessment Deferred Revenue (239,274)
Property Tax Deferrals 16,138
Recreation and Cultural Arts Revenue Deferral (49,169)
Compensated Absences Accrual adjustment (499,541)
Net Pension (Expense) Revenue (1,255,835)
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES 8,858,737$
CITY OF REXBURG, IDAHO
STATEMENT OF NET POSITION – PROPRIETARY FUNDS
September 30, 2024
The Accompanying Notes are an Integral Part of the Financial Statements
28
Sanitation Water Wastewater Total
ASSETS
Current Assets:
Cash and Investments 2,222,354$ 9,854,317$ 12,741,643$ 24,818,314$
Receivables 337,778 621,773 718,642 1,678,193
Supplies Inventory 20,392 - - 20,392
Total Current Assets 2,580,524 10,476,090 13,460,285 26,516,899
Capital Assets:
Capital Assets 3,299,040 33,339,854 48,845,536 85,484,430
Accumulated Depreciation (1,876,147) (10,415,223) (20,068,219) (32,359,589)
Total Capital Assets 1,422,893 22,924,631 28,777,317 53,124,841
TOTAL ASSETS 4,003,417 33,400,721 42,237,602 79,641,740
DEFERRED OUTFLOWS OF RESOURCES
Pension Related 93,555 114,956 141,060 349,571
TOTAL ASSETS AND DEFERRED
OUTFLOWS OF RESOURCES 4,096,972$ 33,515,677$ 42,378,662$ 79,991,311$
LIABILITIES
Current Liabilities:
Accounts Payable 315,029$ 146,925$ 609,389$ 1,071,343$
Accrued Compensated Absences 25,562 43,968 65,520 135,050
Accrued Payroll 14,105 32,900 38,094 85,099
Accrued Interest Payable - 3,996 351 4,347
Other 18,710 260,882 70 279,662
Grants Received in Advance - - 730,000 730,000
Current Portion of Long-term Obligations - 198,617 790,000 988,617
Total Current Liabilities 373,406 687,288 2,233,424 3,294,118
Noncurrent Liabilities:
Noncurrent Portion of Long-term Obligations - 6,746,136 - 6,746,136
Net Pension Liability 309,462 439,326 533,043 1,281,831
Total Nonurrent Liabilities 309,462 7,185,462 533,043 8,027,967
TOTAL LIABILITIES 682,868 7,872,750 2,766,467 11,322,085
DEFERRED INFLOWS OF RESOURCES
Pension related 4,315 8,549 10,158 23,022
NET POSITION
Invested in Capital Assets
Net of Related Debt 1,422,893 15,979,878 27,987,317 45,390,088
Restricted for:
Capital Projects - 2,946,959 4,122,038 7,068,997
Operations 1,986,896 6,707,541 7,492,682 16,187,119
TOTAL NET POSITION 3,409,789 25,634,378 39,602,037 68,646,204
TOTAL LIABILTIES, DEFERRED INFLOWS
OF RESOURCES, AND NET POSITION 4,096,972$ 33,515,677$ 42,378,662$ 79,991,311$
Enterprise Funds
Business-type Activities
CITY OF REXBURG, IDAHO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES
IN NET POSITION – PROPRIETARY FUNDS
September 30, 2024
The Accompanying Notes are an Integral Part of the Financial Statements
29
Sanitation Water Wastewater Total
OPERATING REVENUES
Monthly Utility Services 3,356,040$ 3,963,123$ 5,957,626$ 13,276,789$
One Time Fees - 93,476 17,354 110,830
Miscellaneous 7,626 63,835 52,867 124,328
TOTAL OPERATING REVENUES 3,363,666 4,120,434 6,027,847 13,511,947
OPERATING EXPENDITURES
Utility Expenses 2,976,502 3,220,009 4,220,935 10,417,446
Depreciation and Amortization 165,539 767,376 1,379,258 2,312,173
TOTAL OPERATING EXPENDITURES 3,142,041 3,987,385 5,600,193 12,729,619
OPERATING INCOME 221,625 133,049 427,654 782,328
NON-OPERATING REVENUES (EXPENSES)
Grants and Contributions/Sale of Capacity - 657,522 2,555,969 3,213,491
Contributed Capital - 1,060,105 692,484 1,752,589
Net Proceeds from Capital Asset Sales (17,842) (327,939) (540,552) (886,333)
Investment Earnings 53,061 303,722 363,844 720,627
Unrealized Gain (Loss) - 277,890 222,213 500,103
Interest Expense - (77,145) (17,612) (94,757)
TOTAL NON-OPERATING REVENUES
(EXPENSES)35,219 1,894,155 3,276,346 5,205,720
CHANGE IN NET POSITION 256,844 2,027,204 3,704,000 5,988,048
FUND BALANCE, BEGINNING OF YEAR 3,152,945 23,607,174 35,898,037 62,658,156
FUND BALANCE, END OF YEAR 3,409,789$ 25,634,378$ 39,602,037$ 68,646,204$
Enterprise Funds
Business-type Activities
CITY OF REXBURG, IDAHO
STATEMENT OF CASH FLOWS
– PROPRIETARY FUNDS
September 30, 2024
The Accompanying Notes are an Integral Part of the Financial Statements
30
Sanitation Water Wastewater Totals
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Customers 3,344,053$ 4,030,270$ 6,006,531$ 13,380,854$
Payments to Suppliers (1,183,480) (962,871) (1,276,925) (3,423,276)
Payments to Employees (506,709) (1,142,097) (1,130,002) (2,778,808)
Internal Activity - Payments to Other Funds for Services (792,576) (1,010,475) (1,319,749) (3,122,800)
Other Payments/Interest Payments (238,748) (20,539) - (259,287)
NET CASH FROM OPERATING ACTIVITIES 622,540 894,288 2,279,855 3,796,683
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Sale of Capacity and Contributions - 657,522 2,555,969 3,213,491
Acquisitions of Property, Plant and Equipment (549,850) (1,282,809) (1,745,281) (3,577,940)
Change in Grants Received in Advance - - 730,000 730,000
Proceeds from Sale of Assets - (85,484) (540,552) (626,036)
Interest Income 53,061 303,722 363,844 720,627
Principal Payments on Revenue Bonds - (194,847) (785,000) (979,847)
Interest Payments - (77,145) (17,612) (94,757)
Change in Interest Payable for Capital - (112) (413) (525)
Unrealized Gain (Loss) on Investments - 277,890 222,213 500,103
Contributed Capital - 71,355 72,384 143,739
NET CASH FROM CAPITAL AND
RELATED FINANCING ACTIVITIES (496,789) (329,908) 855,552 28,855
NET CHANGE IN CASH AND INVESTMENTS 125,751 564,380 3,135,407 3,825,538
CASH AND INVESTMENTS AT BEGINNING OF YEAR 2,096,603 9,289,937 9,606,236 20,992,776
CASH AND INVESTMENTS AT END OF THE YEAR 2,222,354$ 9,854,317$ 12,741,643$ 24,818,314$
RECONCILIATION OF OPERATING INCOME TO NET CASH
FROM OPERATING ACTIVITIES
Operating Income 221,625$ 133,049$ 427,654$ 782,328$
Adjustments to Reconcile Operating Income to
Net Cash Provided by Operating Activities:
Depreciation and Amortization 165,539 767,376 1,379,258 2,312,173
Changes in Assets and Liabilities:
(Increase) Decrease in accounts receivable (9,018) (121,267) (21,426) (151,711)
(Increase) Decrease in inventory 7,544 - - 7,544
Increase (Decrease) in accounts payable 198,390 (16,032) 382,105 564,463
Increase (Decrease) in accrued compensated absences 12,555 25,542 24,585 62,682
Increase (Decrease) in payroll accrual 3,541 9,207 9,976 22,724
Increase (Decrease) in net pension related items 32,959 65,310 77,593 175,862
Increase (Decrease) in deposits payable (10,595) 31,103 110 20,618
NET CASH FROM OPERATING ACTIVITIES 622,540$ 894,288$ 2,279,855$ 3,796,683$
Non-Cash Investing and Financing Activities:
Water 988,750$
Wastewater 620,100
Business-Type Activities -
Enterprise Funds
The City received capital infrastructure contributions from several builders and organizations in relation to street, water, wastewater, and
lighting improvements. The value of these infrastructure contributions is listed below by impacted proprietary fund, and are charged
against capital expenditures and contribution revenue.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
31
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Rexburg, Idaho (the “City”) was incorporated in 1883 under the provisions of the State
of Idaho. The City operates under a Council-Mayor form of government and provides the
following services as authorized by its charter: public safety (police and fire), streets, sanitation,
culture-recreation, public improvements, planning and zoning, general administrative, utilities,
and airport operations. The accompanying financial statements present the government and its
component units, entities for which the government is considered to be financially accountable.
The financial statements of the City have been prepared in conformity with accounting principles
generally accepted in the United States of America (GAAP) as applied to local government units.
The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles. The more significant
accounting policies of the City are described below.
Basic Financial Statements
Basic financial statements are presented at both the government-wide and fund financial level.
Both levels of statements categorize primary activities as either governmental or business-type.
Governmental activities, which are normally supported by taxes and intergovernmental revenues,
are reported separately from business-type activities, which rely to a significant extent on fees and
charges for support.
Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of
activities) report information on all of the non-fiduciary activities of the Primary Government and
its component units. For the most part, the effect of interfund activity has been removed from
these statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities, which rely to a
significant extent on fees and charges for support.
The Statement of Activities demonstrates the degree to which the direct expenses of a given
function or segment are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function. Program revenues include 1) charges to customers or
applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a
given function or segment and 2) grants and contributions that are restricted to meeting the
operational or capital requirements of a particular function or segment. Taxes and other items not
properly included among program revenues are reported instead as general revenues.
Certain eliminations have been made as prescribed by GASB 34 regarding interfund activities,
payables, and receivables. All internal balances in the Statement of Net Position have been
eliminated except those representing balances between the governmental activities and business-
type activities, which are presented as internal balances and eliminated in the total primary
government column. There are no internal service fund transactions to be eliminated.
Separate financial statements are provided for governmental funds and fiduciary funds, even
though the latter are excluded from the government-wide financial statements. Major individual
governmental funds are reported as separate columns in the fund financial statements.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
32
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund financial
statements. Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues
in the year for which they are levied. Grants and similar items are recognized as revenue as soon
as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as
soon as they are both measurable and available. Revenues are considered to be available when
they are collectible within the current period or soon enough thereafter to pay liabilities of the
current period. For this purpose, the City considers revenues to be available if they are collected
within 60 days of the end of the current fiscal period. Expenditures generally are recorded when
a liability is incurred, as under accrual accounting. However, debt service expenditures, as well
as expenditures related to compensated absences, early retirement, arbitrage rebates, and post-
employment healthcare benefits, are recorded only when payment is due.
Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are
all considered to be susceptible to accrual and have been recognized as revenues of the current
fiscal period. Only the portion of special assessments receivable due within the current fiscal
period is considered to be accrued as revenue of the current period. All other revenue items are
considered to be measurable and available only when the City receives cash.
The City reports the following major governmental funds:
The General Fund is the City’s primary operating fund. It is used for all financial resources of
the general government, except those required to be accounted for
in another fund.
The Street Fund accounts for the resources accumulated and payments made for street and
bridge maintenance, street lighting, traffic engineering, snow removal, street sweeping and
storm sewer maintenance. Street Fund resources are restricted by law to be used only to benefit
City streets.
The Emergency Services Fund accounts for the operations of the fire and ambulance service
in and surrounding the City.
The LID Debt Service Fund is a consolidation on the financial statements of funds 59-79 and
accounts for the debt service actions related to street, sidewalk, curb and gutter, and other
improvements made by the City on behalf of property owners that is paid back to the City with
interest over a period of time that is generally 10 years.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
33
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The LID Construction Fund is a consolidation on the financial statements of fund 53-58 and
accounts for the LID construction actions related to road reconstruction, sewer and water
improvements/replacements, street, sidewalk, curb and gutter, and other improvements made
by the City. Some of the improvements are made on behalf of property owners and some are
paid by the City. The City generally starts a new LID each year designated to a specific fund
and generally closes out a specific LID designated fund each year.
The City reports the following major enterprise funds:
The Utility Funds are the funds that account for the activities provided to the residents of the
City for its utilities. These utilities include water, wastewater and sanitation.
Private-sector standards of accounting and financial reporting issued prior to December 1, 1989,
generally are followed in both government-wide and proprietary fund financial statements to the
extent that those standards do not conflict with or contradict guidance of the Governmental
Accounting Standards Board. Governments also have the option of following subsequent private-
sector guidance for their business-type activities, subject to this same limitation. The City has
elected not to follow subsequent private-sector guidance.
When both restricted and unrestricted resources are available for use, it is the government’s policy
to use restricted resources first, then unrestricted resources as they are needed. The City considers
restricted amounts to have been spent first when an expenditure is incurred for purposes for which
multiple classifications may be included in a fund balance. For example, restricted amounts are
used first, followed by committed, assigned, and unassigned amounts in that order, for purposes
of reporting fund balance.
As a general rule the effect of interfund activity has been eliminated from the government-wide
financial statements.
Amounts reported as program revenues include 1) charges to customers or applicants for goods,
services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and
contributions, including special assessments. Internally dedicated resources are reported as
general revenues rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund’s principal on- going operations. The
principle operating revenues of water, wastewater, and sanitation enterprise funds are charges to
customers and users for sales and services. Operating expenses for enterprise funds include the
cost of sales and services, administrative expenses and depreciation on capital assets. All revenue
and expenses not meeting this definition are reported as non-operating revenues and expenses.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
34
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Component Unit
Component units are organizations which are legally separated from the City, which are financially
accountable to the City, or their relationship with the City are such that exclusion would cause the
City’s financial statements to be misleading or incomplete. Discretely presented component units
are reported in a separate column to emphasize that they are legally separate from the primary
government and are governed by separate boards. The City has one discretely presented
component unit. A brief description of the discretely presented component unit follows:
Rexburg Urban Renewal Agency – was organized to make improvements to infrastructure
in specific areas of the City. It derives its revenues from the incremental tax increases
that all taxing districts forfeit from increase in value of the land and buildings in the new
construction areas.
Property, Plant and Equipment
Property, plant and equipment used in governmental fund type operations (those items which relate
to the general activities and services of the City) are accounted for in the government-wide
financial statements. The City defines capital assets as assets with an initial, individual cost of
more than $5,000 (see Resolution 2012-02), with an estimated useful life in excess of two years.
Property, plant and equipment used in proprietary fund type operations (i.e., the Utility Funds) are
accounted for within the proprietary funds and on the government-wide financial statements.
Depreciation is provided on property, plant and equipment using the straight-line method over the
estimated useful lives of the related assets:
Server/Software……………………………………………………. 6 years
Office Equipment ............................................................................. 10 years
Furniture ........................................................................................... 20 years
Vehicles.............................................................................................. 7 years
Light Equipment .............................................................................. 10 years
Heavy Equipment............................................................................. 20 years
Buildings .......................................................................................... 40 years
Water and Wastewater Systems ................................................ 20-100 years
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate section for
deferred outflows of resources. This separate financial statement element represents a consumption
of net position that applies to a future period(s) and so will not be recognized as an outflow of
resources (expense/expenditure) until then.
The City has only one type of deferred outflows of resources. This amount relates to the City’s
allocable share of the effect of changes during the year on the valuation of the net pension liability.
This amount is reported only in the business-type funds and in the government-wide financial
statements.
In addition to liabilities, the statement of financial position or the statement of net position will
sometimes report a separate section for deferred inflows of resources. This separate financial
statement element represents an acquisition of net position that applies to a future period(s) and so
will not be recognized as an inflow of resources (revenue) until that time.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
35
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Deferred Outflows/Inflows of Resources, continued
The City has three types of items in this area. One item, which arises only under a modified accrual
basis of accounting, unavailable revenue, is reported only in the governmental funds balance sheet
and represents unavailable revenues from property taxes and revenues received in advance. These
amounts are deferred and recognized as an inflow of resources in the period that the amounts
become available. The second type of deferred inflows of resources relates to the effect of changes
during the year in the calculation of the net pension liability. The third type is deferred income
related to leases receivable which will be recognized over time as the lease is earned.
Pensions
For purposes of measuring the net pension liability and pension expense (revenue), information
about the fiduciary net position of the Public Employee Retirement System of Idaho Base Plan
(Base Plan) and the Firefighters’ Retirement Fund Plan (FRF) and additions to/deductions from
Base Plan’s and FRF’s fiduciary net position have been determined on the same basis as they are
reported by the Base Plan and FRF. For this purpose, benefit payments (including refunds of
employee contributions) are recognized when due and payable in accordance with the benefit
terms. Investments are reported at fair value.
Budgetary Policy
The City prepares one combined budget which includes the operations of all funds. The combined
statement of revenues and expenditures budget and actual - all budgetary funds presents
comparisons of legally adopted budgets with actual data on a budgetary basis. Under Idaho Code,
the City's budget establishes maximum legal authorization for expenditures during the fiscal year.
Expenditures are not to exceed the budgeted amounts, except as allowed by the Code for certain
events. During the fiscal year ended September 30, 2024 the City amended the budget for several
of the funds.
Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the
expenditures of monies are recorded in order to reserve that portion of the applicable appropriation,
is not employed by the City because it is not considered necessary to assure effective budgetary
control or to facilitate effective cash planning and control.
Fund Balance
In the fund financial statements, governmental funds are reported in classifications that comprise
a hierarchy based primarily on the extent to which the government is bound to honor how those
amounts may be spent. Designations of fund balances are classified on the relative strength of the
spending constraints placed on the purpose for which resources can be used as follows:
Nonspendable fund balance – amounts that cannot be spent because they are either (1) not in
spendable form or (2) legally or contractually required to be maintained intact.
Restricted fund balance – amounts constrained to specific purposes externally imposed by
creditors (such as through debt covenants), grantor and contributors or laws, or regulations or other
governments, or through constitutional provisions, or by enabling legislation.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
36
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Fund Balance (continued)
Committed fund balance - amounts that can only be used for specific purposes determined by a
formal action of the City Council.
Assigned fund balance – amounts intended to be used by the government for specific purposes.
Intent can be expressed by the governing body or by an official or body to which the governing
body delegates the authority. In the case of the City, this authority is not delegated, which is why
there is no assigned fund balance.
Unassigned fund balance – amounts that represent fund balance that has not been assigned to other
funds and that has not been restricted, committed, or assigned to specific purposes within the
General Fund. In other governmental funds, it may be necessary to report a negative residual
balance as unassigned.
The City considers restricted amounts to have been spent first when an expenditure is incurred for
purposes for which multiple classifications may be included in a fund balance. For example,
restricted amounts are used first, followed by committed, assigned, and unassigned amounts in that
order, for purposes of reporting fund balance.
Net Position
Net investment in capital assets consists of capital assets, net of accumulated depreciation, reduced
by the outstanding balances of any borrowing used for the acquisition, construction, or
improvement of those assets. Net position is reported as restricted when there are limitations
imposed on its use through external restrictions imposed by creditors, grantors, or laws and
regulations of other governments.
Net position restricted for the purpose of capital outlay is only spent upon Council approval.
The City has a policy to expend restricted amounts first when an expenditure has been incurred for
purposes for which both restricted and unrestricted fund balances are available. The policy states
the order of releasing fund balance for current expenditures is restricted, committed, assigned and
then unassigned.
Inventory
Inventory is stated at the lower of cost or market. Inventory for all funds consists of
expendable supplies held for consumption and is recorded when consumed (consumption method).
Cash and Investments
For the purpose of the statement of cash flows for the proprietary funds, the City considers all
highly liquid debt instruments purchased with a maturity of three months or less to be cash
equivalents. Funds invested with the State Treasurer's Pool are classified as investments on the
combined balance sheet and are considered to be cash equivalents. Cash and cash equivalents that
are held as a portion of the City’s investment portfolio are classified as investments and are not
considered to be cash equivalents.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
37
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Cash and Investments (continued)
The City is authorized under Idaho Code to invest in cash, certificates of deposit, U.S. Government
securities, commercial paper and repurchase agreements. All investments must be held by or
registered in the name of the City.
Cash balances of most of the City’s funds are pooled and invested. Interest earned from
investments purchased with pooled cash is allocated to each of the funds based on the fund's cash
balance. The City maintains two primary checking accounts and other miscellaneous accounts
with local banks where a minimum balance is maintained. All excess funds are then invested with
the State Treasurer’s Local Government Investment Pool, the State’s Diversified Fund or accounts
managed through contracts with private investment advisors (Managed Accounts). These accounts
invest in time certificates of deposit, local government tax anticipation notes, federal loans, U.S.
treasury notes and other U.S. governmental securities. Information regarding insurance or
collateralization of amounts invested in the pooled accounts is not available.
Fair Value Measurements
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
ordinary transaction between market participants at the measurement date. A three-tier hierarchy
prioritizes the inputs used in measuring fair value. These tiers include:
Level 1, defined as observable inputs such as quoted market prices in active markets;
Level 2, defined as inputs other than quoted market prices in active markets that are either
directly or indirectly observable; and
Level 3, defined as unobservable inputs in which little or no market data exists, therefore,
requiring an entity to develop its own assumptions.
The asset’s or liability’s fair value measurement within the hierarchy is based on the lowest level
of any input that is significant to the fair value measurement.
Although the City believes its valuation methods are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine the fair value of
certain financial instruments could result in a different fair value measurement at the reporting
date.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
38
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
New Accounting Pronouncement
During the year, the City implemented GASB Statement No. 100, Accounting Changes and Error
Corrections. This statement will improve the clarity of the accounting and financial reporting
requirements for accounting changes and error corrections, which will result in greater consistency
in application in practice. In turn, more understandable, reliable, relevant, consistent, and
comparable information will be provided to financial statement users for making decisions or
assessing accountability. In addition, the display and note disclosure requirements will result in
more consistent, decision useful, understandable, and comprehensive information for users about
accounting changes and error corrections. The implementation of this standard adjusted the way
the prior period adjustment was presented in the financial statements and the note disclosures
during the current year.
The following GASB pronouncements have been issued, but will be effective in future years and
may impact the City’s future financials:
GASB Statement No. 101, Compensated Absences: Issued June 2022, this Statement is intended
to increase consistency and comparability for reporting liabilities associated with compensated
absences. This statement is effective for fiscal years beginning after December 15, 2023.
GASB Statement No. 102, Certain Risk Disclosures: Issued December 2023, this Statement is
intended to provide financial statement users with essential information about risks related to a
government’s vulnerabilities due to certain concentrations or constraints. This statement is
effective for fiscal years beginning after June 15, 2024.
GASB Statement No. 103 – Financial Reporting Model Improvements. Issued April 2024, this
Statement is intended to improve key components of the financial reporting model to enhance its
effectiveness in providing information that is essential for decision making and assessing a
government’s accountability. This Statement continues the requirement that the basic financial
statements be preceded by management’s discussion and analysis (MD&A), which is presented as
required supplementary information. The Statement requires that governments display the inflows
and outflows related to unusual or infrequent items separately as the last presented flow(s) of
resources prior to the net change in resource flows in the government-wide and governmental fund
statements of resource flows. The Statement continues the requirement that the proprietary fund
statement of revenues, expenses, and changes in fund net position continue to distinguish between
operating and nonoperating revenues and expenses. The Statement requires governments to
present budgetary comparison information using a single method of communication – RSI.
Governments are also required to present (1) variances between original and final budget amounts
and (2) variances between final budget and actual amounts. The requirements of this Statement are
effective for fiscal years beginning after June 15, 2025.
GASB Statement No. 104 – Disclosure of Certain Capital Assets. Issued September 2024, this
Statement requires certain types of capital assets to be disclosed separately in the capital assets
note disclosures required by Statement No. 34, including right-of-use assets under GASB 87 and
GASB 96, and PPP arrangements under GASB 94. This statement is effective for fiscal years
beginning after June 15, 2025.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
39
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Subsequent Events
In preparing these financial statements, the management of the City has evaluated events and
transactions for potential recognition and disclosure through March 19, 2025; the date the financial
statements were available to be issued.
2. CASH AND SHORT-TERM INVESTMENTS
Deposits – At September 30, 2024, the carrying amount of the City’s bank deposits was
$2,250,676.
Custodial Credit Risk, Deposits – Custodial credit risk is the risk that, in the event of a bank
failure, the government’s deposits may not be returned. As of September 30, 2024, $578,248 of
the City’s deposits and $938,457 of the Fire District’s deposits were not covered by the FDIC or
NCUA insurance, and thus was exposed to custodial credit risk. Of the Investments, $29,753,214
were not covered by FDIC or NCUA, but may be covered in part by SIPC.
Investments – As of September 30, 2024, the City had the following investments:
Investment Type:
WAM
(years)Fair Value Less than 1 1-5 6-10 More than 10
State Diversified Bond Fund 2.670 9,052,794$ 4,245,760$ 3,756,910$ 1,050,124$ -$
State Investment Pool 0.230 4,310,588 4,245,929 64,659 - -
Moreton Asset Management 2.329 13,081,374 3,003,532 9,837,849 239,993 -
Zion's Bank Capital Advisors 1.452 5,613,695 2,660,509 2,953,186 - -
TVI Bond Investments 2.926 11,446,036 2,726,083 8,453,293 266,660 -
Certificates of Deposit N/A 2,022,712 2,022,712 - - -
Land & Non-cash Investments N/A 449,791 - - - 449,791
45,976,990$ 18,904,526$ 25,065,896$ 1,556,777$ 449,791$
Investment Maturity (in years)
Custodial Credit Risk, Investments – For an investment, custodial credit risk is the risk that, in
the event of the failure of the counterparty, the City will not be able to recover the value of the
investments. The State diversifies these funds to reduce this risk.
Interest Rate Risk – As a means of limiting its exposure to fair value losses arising from
changes in interest rates, the City structures its portfolio so that securities mature to meet cash
requirements for ongoing operations. The Weighted Average Maturity (WAM) is stated above.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
40
2. CASH AND SHORT-TERM INVESTMENTS (continued)
The following is a reconciliation of the City’s deposit and investment balance as of September
30, 2024:
Deposits 2,247,416$
Petty Cash 3,260
Investments 45,527,199
Land & Non-cash Investments 449,791
Total Cash & Investments 48,227,666$
All assets have been valued using a market approach except for the land which is categorized at a
Level 3 based on recent purchase price and appraisal inputs. There were no changes in the
valuation techniques during the year. There are no assets or liabilities measured at fair value on a
nonrecurring basis except land. Management does not believe that the land value has decreased
since purchase.
The following table summarized investments by level at September 30, 2024:
Investment Type: Fair Value: Level 1 Level 2 Level 3
State Diversified Bond Fund 9,052,794$ -$ 9,052,794$ -$
State Investment Pool 4,310,588 - 4,310,588 -
Moreton Asset Management 13,081,374 13,081,374 - -
Zion's Bank Capital Advisors 5,613,695 5,613,695 - -
TVI Bond Investments 11,446,036 11,446,036 - -
Certificates of Deposit 2,022,712 2,022,712 - -
Land & Non-cash Investments 449,791 - - 449,791
45,976,990$ 32,163,817$ 13,363,382$ 449,791$
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
41
3. CAPITAL ASSETS
Capital assets activity for the governmental funds for the year ended September 30, 2024, was:
PRIMARY GOVERNMENT 9/30/2023 Increases Decreases 9/30/2024
GOVERNMENTAL ACTIVITIES
Capital assets, not being depreciated
Land 5,017,483$ 61,736$ -$ 5,079,219$
Capital assets, being depreciated
Buildings 15,529,235 983,984 (58,357) 16,454,862
Land improvements 83,512,693 8,571,405 - 92,084,098
Equipment 15,594,424 2,902,816 (86,047) 18,411,193
Office furniture 182,297 - - 182,297
Vehicles 10,992,559 816,575 (379,062) 11,430,072
Total Capital Assets,
Being Depreciated 125,811,208 13,274,780 (523,466) 138,562,522
Depreciation
Buildings (5,776,171) (430,424) 16,362 (6,190,233)
Land improvements (32,267,492) (3,022,387) - (35,289,879)
Equipment (8,324,332) (701,228) 60,448 (8,965,112)
Office furniture (145,539) (5,061) - (150,600)
Vehicles (6,055,626) (402,235) 321,451 (6,136,410)
Total Depreciation (52,569,160) (4,561,335) 398,261 (56,732,234)
Total capital assets being
depreciated, net 73,242,048 8,713,445 (125,205) 81,830,288
Right of Use Assets - Leases
Lease assets 1,201,325 636,143 (238,676) 1,598,792
Amortization (522,145) (290,862) 238,676 (574,331)
Total right-of-use assets
- leases, net 679,180 345,281 - 1,024,461
Right of Use Assets - SBITAs
Subscription IT assets 640,446 63,627 - 704,073
Amortization (301,768) (159,813) - (461,581)
Total right-of-use assets
- SBITAs, net 338,678 (96,186) - 242,492
Total capital assets, net
- Governmental Activities 79,277,389$ 9,024,276$ (125,205)$ 88,176,460$
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
42
3. CAPITAL ASSETS (continued)
Depreciation expense was charged to the government activities as follows:
General and Administrative 784,794$
Public Safety 734,719
Parks and Recreation and Arts 841,330
Streets 2,651,167
Total Depreciation and Amortizatio 5,012,010$
Capital assets activity for the proprietary funds for the year ended September 30, 2024, was:
PROPRIETARY ACTIVITIES 9/30/2023 Increases Decreases 9/30/2024
Capital assets, not being depreciated
Land 329,696$ -$ -$ 329,696$
Capital assets, being depreciated
Buildings 14,995,599 1,112,068 (215,869) 15,891,798
Land improvements 52,577,981 3,880,492 (1,901,812) 54,556,661
Equipment 11,304,752 575,266 (1,166,801) 10,713,217
Vehicles 3,801,480 289,999 (98,421) 3,993,058
Total Capital Assets,
Being Depreciated 82,679,812 5,857,825 (3,382,903) 85,154,734
Depreciation
Buildings (3,900,887) (400,999) 180,860 (4,121,026)
Land improvements (21,114,032) (1,200,900) 1,128,826 (21,186,106)
Equipment (4,998,118) (501,198) 1,061,052 (4,438,264)
Vehicles (2,485,949) (209,076) 80,832 (2,614,193)
Total Depreciation (32,498,986) (2,312,173) 2,451,570 (32,359,589)
Total capital assets being
depreciated, net 50,180,826 3,545,652 (931,333) 52,795,145
Total capital assets, net
- Proprietary Activities 50,510,522$ 3,545,652$ (931,333)$ 53,124,841$
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
43
4. PROPERTY TAXES
Property taxes of the City are based on the assessments against property owners as of the first
Monday in January of the calendar year in which the fiscal year commences. Tax levies on such
assessed values are certified to the County prior to the commencement of the fiscal year. Taxes are
collected by Madison County and remitted to the City primarily in January and July of the fiscal
year. Accordingly, the tax revenues for the fiscal year ended September 30, 2024, are based on the
assessed values and tax revenues established in 2023. The City defers recognition of property taxes
assessed but not collected by fiscal year-end. Such amounts will be recognized as revenues in the
fiscal year they become available.
5. REVOLVING LOANS RECEIVABLE
The City received a grant from the United States Department of Housing and Urban Development,
the proceeds of which have been designated to be used as a revolving loan fund for small businesses
within the community. Repayments on the initial loan have been used to finance other projects at
the discretion of the City.
Altura Community Consulting & Business Finance (also known as East-Central Idaho Planning &
Development Association, Inc. or the “Development Company”) is currently administering these
funds for the City. The balances of outstanding loans at September 30, 2024 are as follows:
Recipient Repayment Terms Amount
Robertson Taylor, LLC Receivable in monthly installments including
interest through 2028.33,691$
Appible, LLC Receivable in monthly installments including
interest through 2017.4,177
Coates Landscape Receivable in monthly installments including
interest through 2037.277,977
Stoney Court Playcare, LLC Receivable in monthly installments including
interest through 2040.167,342
Rexburg Flowers, LLC Receivable in monthly installments including
interest through 2031.185,390
Integrity Development Receivable in monthly installments including
interest through 2031.83,302
Graystone Ventures, LLC Receivable in monthly installments including
interest through 2031.183,140
Debrock River Property LLC Receivable in monthly installments including
interest through 2043.100,430
Altura This was matching funds to create the USDA
Rural Development IRP Revolving Loan Fund 125,000
1,160,449$
Between cash in the Development Company and cash/investments the City is holding, there is a
total of $443,483, which is available for future revolving loan projects.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
44
6. ACCRUED COMPENSATED ABSENCES/ HRA-VEBA
The City has elected to show its unused sick leave benefits as compensated absences. In 1990, the
City established individual sick leave banks whereby an employee’s unused days over the 60 day
maximum at the end of the calendar year were deposited in the sick leave bank, after the first 2
days were converted to vacation. From 2001 and thereafter, the employees no longer accumulate
sick days at the end of the year in the sick bank, which will eventually phase out as those with
remaining balances become eligible for full retirement.
The current policy states that all additional, unused, accumulated sick leave above
480 hours for each employee (above 672 hours for ESD27 department employees), after the first 2
days were converted to vacation, will be converted to cash at a rate of 35% of the employee’s
current hourly rate and deposited in the City’s designated Health Reimbursement Arrangement
(HRA)-Voluntary Employee Benefit Association (VEBA) in that employee’s name in the custody
of a third party administrator so there is no outstanding unfunded liability. Upon retirement, the
City will add to the employee’s HRA-VEBA account 35% of their unused sick leave of the first
480 hours (672 hours for ESD27 department employees) plus 35% of any Sick Leave Bank
balance.
The balance in the employee’s HRA-VEBA account is subject to a 20 year eligibility proration.
The percentage of their account that is made available to them at qualified retirement shall be
calculated by adding five percent (5%) for each full year of employment of the individual employee
up to a maximum of one hundred percent or twenty years (100% = 20 years times 5% each).
Employees will be eligible for this benefit after 5 years of continuous City employment and upon
eligible retirement as described below.
To promote longevity, this benefit is available only to employees who obtain one of the following
requirements:
1) They receive full monthly retirement benefits as defined and controlled by the State of Idaho
Retirement System (PERSI) meeting the Rule of 80 or 90 as applicable, or a combination thereof
depending on applicability and as determined by PERSI.
2) They meet the age requirements of a PERSI Service Retirement.
3) The employee is terminated without cause.
Once the employee retires, the HRA-VEBA eligible funds will be available for the employee to
use on qualified medical expenses as allowed by the IRS code found in section 213 (d). The ending
balance of the HRA-VEBA funds was $722,691 as of September 30, 2024.
The Sick Leave Bank is not a savings account, nor is it maintained with any specific funding.
Therefore, no interest is earned, nor may any be claimed or drawn upon it. If the employee does
not obtain one of the three requirements identified above, the unearned balance of their accounts
will be remitted back to the City.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
45
7. HEALTH REIMBURSEMENT ARRANGEMENT (HRA)
The City will contribute a designated amount per deductible, into an HRA account administered
by a third party provider of the City for each eligible employee annually in order to offset the
employee’s share of costs related to a high deductible health insurance plan. The HRA designated
contribution amount is available each year if the employee and their spouse (if applicable) have
completed a Health Qualifying Form (wellness exam) in the prior calendar year and engaged in
health coaching (if required). Half of this amount is available to the employees at the start of each
calendar year in January and the second half at the beginning of July, and can be carried forward
for reimbursement in future years to offset qualified medical expenses. HRA balances may be
used during employment or after termination of employment to pay, or be reimbursed for, eligible
medical bills. The City contributes the amount of this liability every year to an account in the
employee’s name in the custody of a third party administrator so that there is no outstanding
unfunded liability.
8. LOCAL IMPROVEMENT ASSESSMENTS
Assessments are made against property owners within the City for each owner's pro-rata share of
the costs of Local Improvement District construction. Such assessments represent a lien against
the related property and are generally payable in ten equal payments of principal and interest.
Special assessments are recognized as revenue only to the extent that individual installments are
currently due. The balance of such assessments is shown as deferred inflow. The collection of
revenues for special assessments and the payment of special assessment bonds are accounted for
in the LID Debt Service Fund.
9. LOCAL IMPROVEMENT DISTRICT WARRANTS PAYABLE
Each year, as needed, the City authorizes warrants to finance the improvements of certain streets
along with constructing or reconstructing sidewalks, curbs, gutters, drainage facilities and other
work incidental to improvements along streets and issues warrants to finance the construction. As
of September 30, 2024, there were no warrants outstanding. The City has self-funded the deficits
in the LID Debt Service Funds by borrowing from the General Fund. The LID Debt Service Funds
had a total deficit of $1,983,789 as of September 30, 2024 that was self-funded by the General
Fund.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
46
10. CHANGES IN LONG-TERM OBLIGATIONS
A summary of long-term obligations of the City for the year ended September 30, 2024, is as
follows:
PRIMARY GOVERNMENT 9/30/2023 Increases Decreases 9/30/2024
GOVERNMENTAL ACTIVITIES
Accrued Compensated Absences (Note 6) 547,329 499,541 - 1,046,870 1,046,870
Lease Liability (Note 11) 528,021 311,319 - 839,340 282,397
Financed Purchase Obligations (Note 12) 226,165 - (51,679) 174,486 51,682
Contracts Payable (Note 13) 171,471 - (34,327) 137,144 98,985
Net Pension Liability (Note 14) 8,883,839 - (332,797) 8,551,042 -
10,356,825 810,860 (418,803) 10,748,882 1,479,934
BUSINESS-TYPE ACTIVITIES
Accrued Compensated Absences (Note 6) 72,368 62,682 - 135,050 135,050
Water DEQ Loan (Note 10) 7,139,600 - (194,847) 6,944,753 198,617
Wastewater Revenue Bonds (Note 10) 1,575,000 - (785,000) 790,000 790,000
Net Pension Liability (Note 14) 1,310,065 - (28,234) 1,281,831 -
10,097,033 62,682 (1,008,081) 9,151,634 1,123,667
Total Government Long-Term Liabilities 20,453,858 873,542 (1,426,884) 19,900,516 2,603,601
Business-type Activity Long-Term
Liabilities
Due within
One Year
Governmental Acitity Long-Term
Obligations
Description of Long-term Debt:
Wastewater Revenue Bonds outstanding at September 30, 2024, were as follows:
The bond ordinance for the revenue bonds provides for the establishment of certain accounts and
reserves and further provides that all revenues of the wastewater system are to be used initially for
payment of operation and maintenance costs of the system, principal and interest on the bonds, and
establishment of certain defined debt repayment reserves.
Water DEQ Loan outstanding as of September 30, 2024:
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
47
10. CHANGES IN LONG-TERM OBLIGATIONS (continued)
This loan was obtained through the Idaho State Department of Environmental Quality (DEQ) and
was funded 77.5281% by the Federal Environmental Protection Agency (EPA) and 22.4719% by
DEQ. The total amount the City was able to draw was $11,100,000, of which approximately 20%
was forgiven as a grant. The final loan terms were established in 2022.
The annual repayment requirements as of September 30, 2024, including interest, are as follows:
Total
Principal Interest Principal Interest
2025 198,617$ 120,657$ 790,000$ 9,322$ 1,118,596$
2026 202,108 117,166 - - 319,274
2027 205,660 113,613 - - 319,273
2028 208,968 110,305 - - 319,273
2029 212,948 106,325 - - 319,273
2030-2034 1,121,941 474,425 - - 1,596,366
2035-2039 1,224,109 372,256 - - 1,596,365
2040-2044 1,335,463 260,904 - - 1,596,367
2045-2049 1,457,265 139,101 - - 1,596,366
2050-2052 777,674 20,506 - - 798,180
Total 6,944,753$ 1,835,258$ 790,000$ 9,322$ 9,579,333$
Wastewater Revenue BondsWater DEQ Loan
Bonded Debt Repayment Requirements: The local improvement warrant interest expenditures
are recorded in LID Debt Service Funds.
11. LEASE ACTIVITY
Lessee Activities:
As a lessee, the City recognizes a lease liability and a right of use asset in the government-wide and
proprietary financial statements under the full accrual method. At the commencement of the lease,
the City initially measures the lease liability at the present value of payments expected to be made
during the lease term and any likely extensions outlined in the contract. Key estimates and
judgments related to leases include how the City determines (a) the discount rate it uses to discount
the expected lease payments to present value, (2) lease term, and (3) lease payment.
- The City uses the stated rate of the contract, if provided, or its estimated incremental borrowing
rate.
- The lease term includes the noncancellable period of the lease.
- Lease payments included in the measurement of the lease liability are composed of fixed
payments and purchase option prices that the City is reasonably certain to exercise.
The City monitors changes in circumstances that would require a remeasurement of its lease and
will remeasure the lease liability and related right of use asset if certain changes occur that are
expected to significantly affect the amount of the liability or asset.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
48
11. LEASE ACTIVITY (continued)
Lease agreements are summarized by type as follows:
Vehicles – Starting in 2018, the City has leased its police fleet. This represents 32 vehicles. The
vehicles are leased for 5 years and are replaced as the lease term expires. The lease is discounted at
3% with annual payments totaling $324,821.
Remaining lease obligations are as follows:
Principal Interest Total
2025 282,397$ 29,374$ 311,771$
2026 244,516 18,726 263,242
2027 181,450 9,009 190,459
2028 130,977 1,557 132,534
839,340$ 58,666$ 898,006$ Lessor Activities:
As a lessor, the City recognizes a lease receivable and a deferred inflow of resources in the
governmental fund financial statements and proprietary fund statements under the full accrual
method.
At the commencement of a lease, the City initially measures the lease receivable at the present value
of payments expected to be received during the lease term. Subsequently, the lease receivable is
reduced by the principal portion of lease payments received. The deferred inflow of resources is
initially measured as the initial amount of the lease receivable, adjusted for lease payments received
at or before the lease commencement date. Subsequently, the deferred inflow of resources is
recognized as revenue over the life of the lease term.
Key estimates and judgments related to leases include how the City determines (1) the discount rate
it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts.
- The City uses the stated rate of the contract, if provided, or its estimated incremental borrowing
rate.
- The lease term includes the noncancellable period of the lease.
- Lease receipts included in the measurement of the lease receivable are composed of fixed
payments.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
49
11. LEASE ACTIVITY (continued)
Lessor agreements summarized by type are as follows:
Buildings – The City owned building where City Hall is housed provides business space (suite 3,
3,177 sq ft) which is currently leased to the Research & Business Development Center. The lease
term is 5 years with an option to renew for successive 5-year terms. The lease is discounted at 3%
with monthly payments of $3,010.
Space – The City has leased 3 spaces for cell towers. Two of these leases are for 5 years, and the
third is for 30 years. All leases are discounted at 3.0% with monthly payments from $578 to $2,070.
Remaining lease receipts are as follows:
Principal Interest Total
2025 74,737$ 14,923$ 89,660$
2026 76,515 14,760 91,275
2027 48,627 8,155 56,782
2028 54,307 4,140 58,447
2029 11,170 1,444 12,614
2030-2034 41,729 3,612 45,341
2035-2039 2,460 6 2,466
309,545$ 47,040$ 356,585$
12. FINANCED PURCHASE
The City Golf Construction Fund has assisted in financing leases between the County and the
City related to golf cart purchases. There are currently three agreements totaling $226,168 at
September 30, 2024. The payment schedules are over 5 years and are discounted at a rate of 3%.
Payments are variable between $15,346 and $23,085. Remaining obligations are as follows:
Principal Interest Total
2025 51,682$ 5,818$ 57,500$
2026 51,682 4,122 55,804
2027 51,682 2,425 54,107
2028 19,440 729 20,169
174,486$ 13,094$ 187,580$
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
50
13. CONTRACTS PAYABLE
Subscription-based Information Technology Agreements:
The City subscribes to a multi-year agreements with companies to fulfill IT related services. The
agreement terms are set by contract, and the City records a liability and right of use asset in
connection with this agreement. At the commencement of the agreement, the City measures the
contract payable at the present value of payments expected to be made during the contract term and
any likely extensions outlined in the contract. Key estimates and judgments related to leases include
how the City determines (1) the discount rate it uses to discount the expected lease payments to
present value, (2) contract term, and (3) contract payment.
- The City uses its estimated incremental borrowing rate.
- The term includes the noncancellable period of the contract.
- Payments included in the measurement of the contract liability are composed of fixed payments
less amounts paid in advance, plus implementation costs prior to the City’s ability to use the
software.
The City monitors changes in circumstances that would require a remeasurement of its contracts
and will remeasure the liability and related right of use asset if certain changes occur that are
expected to significantly affect the amount of the liability or asset.
They have two such agreements in place at September 30, 2024. The first is with Tyler
Technologies for their main financial software. The agreement is discounted using a 3% discount
rate, and costs $89,668 per year. The second agreement is with Apptegy and is discounted at 3%
with an annual cost of $13,500 over 5 years.
Remaining contract obligations are as follows:
Principal Interest Total
2025 98,985$ 1,940$ 100,925$
2026 12,339 901 13,240
2027 12,715 517 13,232
2028 13,105 122 13,227
137,144$ 3,480$ 140,624$
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
51
14. RETIREMENT PLANS
Public Employee Retirement System of Idaho
Plan Description
The City contributes to the Base Plan and the Fireman’s Retirement Fund (FRF), which are cost-
sharing multiple-employer defined benefit pension plans administered by Public Employee
Retirement System of Idaho (PERSI or System). The Base Plan covers substantially all employees
of the State of Idaho, its agencies, and various participating political subdivisions. The FRF Plan
covers a closed group of firefighters who were hired before October 1, 1980, and who received
benefits in addition to those provided under the PERSI Base Plan. The cost to administer the plan
is financed through the contributions and investment earnings of the plans. Additional FRF funding
is obtained from receipts from a State fire insurance premium tax. PERSI issues a publicly available
financial report that includes financial statements and the required supplementary information for
PERSI. That report may be obtained on the PERSI website at www.persi.idaho.gov.
Responsibility for administration of the Base Plan and FRF is assigned to the Board comprised of
five members appointed by the Governor and confirmed by the Idaho Senate. State law requires
that two members of the Board be active Base Plan members with at least ten years of service and
three members who are Idaho citizens not members of the Base Plan except by reason of having
served on the Board.
Pension Benefits
The Base Plan provides retirement, disability, death and survivor benefits of eligible members or
beneficiaries. Benefits are based on members’ years of service, age, and highest average salary.
Members become fully vested in their retirement benefits with five years of credited service (5
months for elected or appointed officials). Members are eligible for retirement benefits upon
attainment of the ages specified for their employment classification. The annual service retirement
allowance for each month of credited service is 2.0% (2.3% for police/firefighters) of the average
monthly salary for the highest consecutive 42 months.
The benefit payments for the Base Plan are calculated using a benefit formula adopted by the Idaho
Legislature. The Base Plan is required to provide a 1% minimum cost of living increase per year
provided the Consumer Price Index increases 1% or more. The PERSI Board has the authority to
provide higher cost of living increases to a maximum of the Consumer Price Index movement or
6%, whichever is less; however, any amount above the 1% minimum is subject to review by the
Idaho Legislature.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
52
14. RETIREMENT PLANS (continued)
The FRF provides retirement, disability, death and survivor benefits of eligible members or
beneficiaries. A firefighter must have 5 years of service to be eligible for a lifetime retirement
allowance at age 60. Members are eligible for retirement benefits upon attainment of the ages
specified for their employment classification. The annual service retirement allowance is based on
Idaho Code Title 72 Chapter 14.
The benefit payments for the FRF are calculated using a benefit formula adopted by the Idaho
Legislature. The FRF cost of living increase is based on the increase in the statewide average
firefighter’s wage.
Member and Employer Contributions
Member and employer contributions paid to the Base Plan and FRF are set by statute and are
established as a percent of covered compensation. Contribution rates are determined by the PERSI
Board within limitations, as defined by state law. The Board may make periodic changes to
employer and employee contribution rates (expressed as percentages of annual covered payroll)
that are adequate to accumulate sufficient assets to pay benefits when due.
The contribution rates for employees covered under the Base Plan are set by statute at 60% of the
employer rate for general employees and 74% for public safety. As of June 30, 2024, the employee
contribution rate was 6.71% for general employees and 9.83% for public safety. These amounts
were adjusted effective July 1, 2024 to 7.18% for general employees and 10.83% for public safety.
The employer contribution rate as a percent of covered payroll is set by the Retirement Board and
at June 30, 2024, was 11.18% for general employees and 13.26% for public safety. These rates
also adjusted at July 1, 2024 to 11.96% for general employees, and 14.65% for public safety. The
City’s contributions to the Base Plan were $1,625,948 for the year ended September 30, 2024. The
City’s contributions were $42,909 for the year ended September 30, 2024.
Pension Liabilities, Pension Expense (Revenue), and Deferred Outflows of Resources and
Deferred Inflows of Resources Related to Pensions
At September 30, 2024, the City reported a liability for its proportionate share of the net pension
asset or liability. The net pension asset of FRF and net pension liability of the Base Plan were
measured as of June 30, 2024, and the total pension liability for the Plans used to calculate the net
pension asset/liability were determined by an actuarial valuation as of that date. The City’s
proportion of the net pension asset/liability was based on the City’s share of contributions to the
Plans relative to the total contributions of all participating PERSI Base Plan and FRF employers.
At June 30, 2024 the City’s proportions were:
1) Base Plan including non-FRF firemen 0.2780816%
2) Base Plan including FRF firemen 0.0080118%
3) FRF Excess Costs Plan 0.3452044%
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
53
14. RETIREMENT PLANS (continued)
For the year ended September 30, 2024, the City recognized pension expense (revenue) of:
1) Base Plan including non-FRF firemen 3,067,380$
2) Base Plan including FRF firemen 69,701$
3) FRF Excess Costs Plan (49,598)$
At September 30, 2024, the City reported deferred outflows of resources and deferred inflows of
resources related to the Base Plan pension plan from the following sources:
Diff between expect & actual experience $ 1,656,101 $ -
Changes in assumptions 412,076 -
Net Diff between projected & actual earnings - 188,814
Changes in employer's proportion & diff in contributions 262,924 -
Subsequent contributions 491,033 -
Total 2,822,134$ 188,814$
Deferred Inflows
of Resources
Deferred Outflows
of Resources
$491,033 reported as deferred outflows of resources related to Base Plan pensions resulting from
Employer contributions subsequent to the measurement date will be recognized as a reduction of
the net pension liability in the year ending September 30, 2025.
At September 30, 2024, the City reported deferred outflows of resources and deferred inflows of
resources related to the Base FRF pension plan from the following sources:
Diff between expect & actual experience $ 47,714 $ -
Changes in assumptions 11,872 -
Net Diff between projected & actual earnings - 5,440
Changes in employer's proportion & diff in contributions - 18,020
Subsequent contributions 16,491 -
Total 76,077$ 23,460$
Deferred Outflows
of Resources
Deferred Inflows
of Resources
$16,491 reported as deferred outflows of resources related to Base FRF pensions resulting from
Employer contributions subsequent to the measurement date will be recognized as a reduction of
the net pension liability in the year ending September 30, 2025.
The average of the expected remaining service lives of all employees that are provided with
pensions through the System (active and inactive employees) determined at July 1, 2024 the
beginning of the measurement period ending June 30, 2023, is 4.4 years and 4.4 years for the
measurement period June 30, 2024.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
54
14. RETIREMENT PLANS (continued)
At September 30, 2024 the City reported deferred outflows of resources and deferred inflows of
resources related to the FRF Excess pension plan from the following sources:
Diff between expect & actual experience $ - $ -
Changes in assumptions - -
Net Diff between projected & actual earnings 27,930 -
Changes in employer's proportion & diff in contributions - -
Subsequent contributions - -
Total 27,930$ $ -
Deferred Outflows
of Resources
Deferred Inflows
of Resources
The average of the expected remaining service lives of all employees that are provided with
pensions through the System (active and inactive employees) determined at July 1, 2024 the
beginning of the measurement period ending June 30, 2024, is 1 year and 1 year for the
measurement period June 30, 2023.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related
to pensions will be recognized in pension expense (revenue) as follows:
Fiscal Year Base Plan FRF Base Plan FRF Excess
2025 595,796$ 11,496$ (10,136)$
2026 2,025,726 51,843 46,769
2027 (265,201) (17,008) (8,509)
2028 (214,034) (10,206) (193) Actuarial Assumptions
Valuations are based on actuarial assumptions, the benefit formulas, and employee groups. Level
percentages of payroll normal costs are determined using the Entry Age Normal Cost Method.
Under the Entry Age Normal Cost Method, the actuarial present value of the projected benefits of
each individual included in the actuarial valuation is allocated as a level percentage of each year’s
earnings of the individual between entry age and assumed exit age.
The Base Plan amortizes any unfunded actuarial accrued liability based on a level percentage of
payroll. The maximum amortization period for the Base Plan permitted under Section 59-1322.
Idaho Code, is 25 years.
Unfunded actuarial accrued liability for FRF is the difference between the actuarial present value
of the FRF benefits not provided by the Base Plan and the FRF assets. Currently FRF assets exceed
this actuarial present value; therefore there is not an unfunded liability to amortize at this time. The
maximum amortization period for FRF permitted under Section 59-1394. Idaho Code, is 50 years.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
55
14. RETIREMENT PLANS (continued)
The total pension liability in the June 30, 2024 actuarial valuation for the Base Plan and the July
1, 2024 actuarial valuation for the FRF Plan were determined using the following actuarial
assumptions, applied to all periods included in the measurement:
Base Plan FRF
Inflation 2.30% 2.30%
Salary increases including inflation 3.05% 3.05% *
Investment rate of return-net of investment fees 6.35% 6.35%
Cost of Living (COLA) adjustments 1.00% **
* 3.05% assumed for the gross benefit paid to memebers of the FRF. A 1% assumed for PERSI benefit
offsets used to determine the benefits paid by FRF.
** There is an additional component of assumed salary growth (on top of the 3.05%) that varies for each
individual member based on years of service.
Contributing Members, Service Retirement Members, and Beneficiaries
General Employees and All Beneficiaries-Males Pub-2010 General Tables, increased 11%.
General Employees and All Beneficiaries-Females Pub-2010 General Tables, increased 21%.
Teachers - Males Pub-2010 Teacher Tables, increased 12%.
Teachers - Females Pub-2010 Teacher Tables, increased 21%.
Fire & Police - Males Pub-2010 Safety Tables, increased 21%.
Fire & Police - Females Pub-2010 Safety Tables, increased 26%.
5% of Fire and Police active member deaths
are assumed to be duty related. This
assumption was adopted July 1, 2021
Disabled Members - Males Pub-2010 Disabled Tables, increased 38%.
Disabled Members - Females Pub-2010 Disabled Tables, increased 36%.
For both the Base and FRF Plans, an experience study was performed for the period July 1, 2015
through June 30, 2020 which reviewed all economic and demographic assumptions, including
mortality. The Total Pension Liability as of June 30, 2024 is based on the results of an actuarial
valuation date of July 1, 2024.
The long-term expected rate of return on pension plan investments was determined using the
building block approach and a forward-looking model in which best estimate ranges of expected
future real rates of return (expected returns, net of pension plan investment expense and inflation)
are developed for each major asset class. These ranges are combined to produce the long-term
expected rate of return by weighing the expected future real rates of return by the target asset
allocation percentage and by adding expected inflation.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
56
14. RETIREMENT PLANS (continued)
Even though history provides a valuable perspective for setting the investment return assumption,
the System relies primarily on an approach which builds upon the latest capital market
assumptions. Specifically, the System uses consultants, investment managers and trustees to
develop capital market assumptions in analyzing the System’s asset allocation. The assumptions
and the System’s formal policy for asset allocation are shown below. The formal asset allocation
policy is somewhat more conservative than the current allocation of the System’s assets.
The best-estimate range for the long-term expected rate of return is determined by adding expected
inflation to expected long-term real returns and reflecting expected volatility and correlation. The
capital market assumptions are as of 2024.
Long-Term
Target Expected Real
Asset Class Allocation Rate of Return
Cash 0% 0.00%
Large Cap 18% 4.50%
Small/Mid Cap 11% 4.70%
International Equity 15% 4.50%
Emerging Markets Equity 10% 4.90%
Domesitc Fixed 20% -0.25%
TIPS 10% -0.30%
Real Estate 8% 3.75%
Private Equity 8% 6.00%
Total 100%
Discount Rate
The discount rate used to measure the total pension liability was 6.35%. The projection of cash
flows used to determine the discount rate assumed that contributions from plan members will be
made at the current contribution rate. Based on these assumptions, the pension plans’ net position
was projected to be available to make all projected future benefit payments of current plan
members. Therefore, the long-term expected rate of return on pension plan investments was applied
to all periods of projected benefit payments to determine the total pension liability. The long-term
expected rate of return was determined net of pension plan investment expense but without
reduction for pension plan administrative expense.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
57
14. RETIREMENT PLANS (continued)
Sensitivity of the Employer’s proportionate share of the net pension liability to changes in the
discount rate.
The following presents the Employer’s proportionate share of the net pension liability calculated
using the discount rate of 6.35 percent, as well as what the Employer’s proportionate share of the
net pension liability would be if it were calculated using a discount rate that is 1-percentage-point
lower (5.35 percent) or 1-percentage-point higher (7.35 percent) than the current rate:
5.35% 6.35% 7.35%
19,767,123$ 10,402,043$ 2,753,160$
5.35% 6.35% 7.35%
569,511$ 299,694$ 79,321$
5.35% 6.35% 7.35%
(801,786)$ (868,864)$ (927,537)$
Base Plan
1% Increase
Current
Discount Rate1% Decrease
Base FRF Plan
1% Decrease
Current
Discount Rate 1% Increase
FRF Excess Plan
1% Decrease
Current
Discount Rate 1% Increase
Pension plan fiduciary net position
Detailed information about the pension plan’s fiduciary net position is available in the separately
issued PERSI financial report.
PERSI issues a publicly available financial report that includes financial statements and the
required supplementary information for PERSI. That report may be obtained on the PERSI website
at www.persi.idaho.gov.
Payables to the pension plan
At September 30, 2024, the City reported no payables to the Plans.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
58
14. RETIREMENT PLANS (continued)
401(k) Plan
The City has a single employer defined contribution 401(k) pension plan (the 401k Plan),
established by ordinance and in compliance with Internal Revenue Service Regulations. The 401k
Plan covers substantially all city employees who meet defined age and service requirements. The
401k Plan is a salary reduction contribution plan with the employer matching 50% of the first 4%
of the employee’s contribution. Employees are 100% vested immediately on their salary reduction
amounts and become 100% vested after five years of service with the City on the employer’s
contribution portion.
The City’s total 2024 fiscal year payroll for all employees was $15,325,835; of which $9,690,040
was for covered payroll for employees who were members of the 401k Plan. Employer and
employee contributions to the 401k Plan were 1.85% and 4.20% respectively, of covered payroll.
Total contributions to the 401k Plan for the fiscal year by the City and the employees were
$179,202 and $407,307 respectively. The 401k Plan had $11,223,926 in net assets at September
30, 2024.
457 (b) Plan
Effective October 1, 2020, the City adopted and started a 457 (b) plan that the City Council
motioned to accept in a prior council meeting. The Plan adopted is the State of Idaho Plan through
Nationwide that is designed for state and local governments. It is primarily funded on a voluntary
basis by City employees and offers no matching contributions from the City. Employees can
choose to contribute either as a pre-taxed Roth IRA or a tax-deferred basis. The City does offer a
one-time incentive for signing up of $100 if the employee is willing to contribute 3% or more and
commits to do so for a 12- month minimum.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
59
15. OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES
The City expenditures exceeded the budgeted amounts in the following funds during the year ended
September 30, 2024:
LID Debt Service Funds-- There is a cumulative fund deficit of $1,983,789. The City expects to
eliminate this deficit as assessments are collected on the LID financed projects over time. The city
also has $102,791 in an LID Guarantee Fund to offset any shortfalls over time if necessary.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
60
16. COMPONENT UNIT – REXBURG URBAN RENEWAL AGENCY
Reporting Entity
In evaluating how to define the City, for financial reporting purposes, management has considered
all potential component units. The decision to include a potential component unit in the reporting
entity was made by applying the criteria set forth in Generally Accepted Accounting Principles.
The basic, but not the only, criterion for including a potential component within the reporting entity
is the governing body's ability to exercise oversight responsibility. The most significant
manifestation of this ability is financial interdependency. Other manifestations of the ability to
exercise oversight responsibility include, but are not limited to, the selection of governing
authority, the designation of management, the ability to significantly influence operations and
accountability for fiscal matters. Other criteria used to evaluate potential component units for
inclusion or exclusion from the reporting entity include the existence of special financing
relationships, regardless of whether the City can exercise oversight responsibilities. Based upon
the application of these criteria, the following is a brief review of the component units addressed
in defining the government's reporting entity.
Included with the reporting entity:
Rexburg Urban Renewal Agency – This component unit was organized to make improvements to
infrastructure. It derives its revenues from the incremental tax increases that all taxing districts
forfeit from increase in value of the land and buildings in the new construction areas.
Cash and Investments – The component unit had total cash and investment balances of $8,564,634;
broken down as follows:
Beehive Credit Union bank deposits of $87,542; covered by NCUA insurance up to $250,000. DL
Evans Bank Bond Reserve Fund deposit of $278,897; covered up to $250,000 by FDIC insurance.
Idaho State Local Government Investment Pool of $3,739,956; which is diversified to reduce risk
and is mostly invested in US Government securities. The Idaho State Diversified Bond Fund of
$111,844; which is diversified to reduce risk, and is mostly invested in US Government securities,
and US Agency Bonds purchased through Time Value Investments (TVI) of $4,346,396.
Long-term Debt – Revenue Allocation (Tax Increment) Bonds do not constitute indebtedness
within the meaning of any constitutional or statutory debt limitation or restriction, and does not
constitute a general obligation or debt of the City of Rexburg, Idaho, or any municipality, the State
of Idaho, or any of its political subdivisions. In no event does this Bond give rise to a general
obligation or liability of the Agency, any municipality, the State of Idaho, or any of its political
subdivisions, or give rise to a charge against their general credit or taxing powers, or be payable
out of any funds or properties other than those of the Agency specifically pledged therefore. Only
tax increment property tax revenues, which are paid to the tax increment district for which the
bonds were sold, are obligated to pay off the bond.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
61
16. COMPONENT UNIT – REXBURG URBAN RENEWAL AGENCY, continued
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
62
17. INTERFUND TRANSACTIONS
Transfers between funds during the year were as follows:
Funds
Governmental: Transfers Out Transfers In
General 4,173,021$ 37,465$
Street Operating 4,313,848 -
Recreation - 5,728
Tabernacle - 990,242
Police DARE - 8,500
Police Grant 16,132 -
High 5 Grant 5,083 -
Emergency Services - 3,060,329
Joint Fire Equipment - 210,000
Madison County Fire District 1,228,670 -
Fire Impact Fee Fund 40,008 -
Rexburg Rapids Operations - 25,008
Legacy Flight Museum - 15,000
New City/Police Building - 425,004
Street Impact Fee 508,931 -
Arts Promulgation 25,008 -
Parks Impact Fee 30,000 -
Madison Trails - 60,000
Romance Theatre - 225,071
Park Contruction - 100,000
Street Reconstruction 2,823,585 3,915,096
New Streets - 923,931
Airport Operations - 20,000
Airport Construction - 32,943
Airport Relocation Reserve - 10,008
Golf Course Operations 59,196 25,300
Golf Course Debt Service - 211,850
LID Construction - 3,526,418
LID Debt Service 735,331 -
Rexburg Cultural Arts - 134,195
501 C3 3,275 -
13,962,088$ 13,962,088$
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
63
17. INTERFUND TRANSACTIONS (continued)
The General Fund transfers cash to cover specific expenses or deficits in the following funds:
Legacy Flight Museum Fund for half the insurance cost
Airport Construction Fund for half of the local share of repairs and upgrades
Rexburg Cultural Arts Fund
Entrepreneurial Effort Fund
Golf Course Operations Fund to subsidize operating & capital costs
Golf Course Construction Fund loan payback
Airport Operations Fund
Airport Relocation Reserve Fund for future expenditures to relocate the Airport.
Romance Theatre Fund
Police Dare Fund
Recreation Programs Fund
Tabernacle Fund
Joint Fire Equipment for its assessment for new fire equipment
Emergency Services Operations Fund for its share of costs
Rexburg Rapids Fund to cover the future cost of replacing capital or covering operation losses.
Trails Fund to connect existing trails and build new ones
Parks Capital Reserve Construction Fund for future purchase of new equipment playground
equipment and other projects
New City and Police Building Fund to save up for future construction of these buildings
Street Fund transfers cash to cover street expenses in the LID funds
Police Small Grant Fund transfers any residual to the General Fund to cover Police expenditures
The High Five Grant Fund transfers cash to cover qualified expenditures in Recreation and Parks
Funds
Madison County Fire District Fund transfers cash to the Emergency Services Operations Fund to
cover its allocation of costs for the year and to the Joint Fire Equipment Fund
Fire Impact Fee Fund transfers cash to cover the City’s share of new large equipment costs
The Street Impact Fee Fund transfers cash to the New Street Construction Fund to help cover the
costs of new streets that added capacity to the City’s circulation system
The Arts Promulgation Fund transfers cash to cover a portion of the costs for the large construction
projects or salaries in the Cultural Arts Fund
The Parks Impact Fee Fund transfers cash to cover costs in Park Construction Fund
The Golf Course Operations Fund transfers cash to the Golf Course Construction fund to pay down
the loan payable on carts
The LID Debt Service Funds transfer cash to the LID Construction Funds to provide for local
property owners share of the construction within the LIDs.
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
64
17. INTERFUND TRANSACTIONS (continued)
The following is a schedule of interfund receivables and payables as of September 30, 2024:
Primary Government
General Fund* 2,680,305$ -$
Police Small Grants Fund - 12,322
Geographic Information Systems Fund - 40,281
Wildland ESD Paramedic Care Unit Fund - 447,948
LID Debt Service Funds - 2,107,864
North Interchange Construction Fund - 71,890
2,680,305$ 2,680,305$
Due To Other
Funds
Due From Other
Funds
*Amounts intended to provide short-term coverage for cash deficits.
18. TAX ABATEMENT
Madison County entered into an agreement with a major tax payer regarding a new
construction addition to a processing plant. The agreement was to abate a portion of the taxes on
the new construction over a period of five years. The total amount of the new construction was
estimated at $118,135,295. This was placed on the tax rolls for Madison County on January 1,
2021 effecting the taxes being collected starting in December of 2021, subsequent to the current
fiscal year of the City. The abatement will be 90% of the tax in the first year, 80% in the second
year, 60% in the third year, 40% in the fourth year and 20% in the final year. The value of the
property will be adjusted for depreciation for each year of the abatement. After the fifth year the
property will go back on as new construction at the full cost of the new project. The effect of the
abatement to the City will be the mill levy for each year multiplied by the value of the new
construction at the percent of reduction as listed above for each year the abatement is in place.
As of the date of these financial statements, Madison County has not determined the amount of
lost revenue resulting from this tax abatement. Therefore, the financial effects of the tax
abatements have not been recognized. The City will continue to work with the County to
ascertain the financial impact of these tax abatements. Any adjustments required to the financial
statements will be made in the period in which the information becomes available
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
65
19. FUND BALANCES
Detail of constraints on fund balances of governmental funds as of September 30, 2024:
Non‐Major Total Capital Projects
General Streets
Emergency
Services
LID Debt
Service Funds
LID
Construction
Funds
Fund Balances:
Nonspendable:
Inventory 58,965$ ‐$ ‐$ ‐$ ‐$ ‐$ 58,965$ ‐$
Restricted for:
Streets ‐ 4,754,383 ‐ ‐ ‐ ‐ 4,754,383 4,754,383
Emergency Services ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Police Impact ‐ ‐ ‐ ‐ ‐ 360,247 360,247 360,247
DARE ‐ ‐ ‐ ‐ ‐ 24,076 24,076 ‐
Police Drug Enforcement ‐ ‐ ‐ ‐ ‐ 29,229 29,229 ‐
Joint Fire Equipment ‐ ‐ ‐ ‐ ‐ 1,435,018 1,435,018 1,435,018
Madison County Fire Prot. District ‐ ‐ ‐ ‐ ‐ 1,288,420 1,288,420 ‐
Fire Impact ‐ ‐ ‐ ‐ ‐ 3,023 3,023 3,023
ESD Rexburg Employees ‐ ‐ ‐ ‐ ‐ 26,611 26,611 ‐
Legacy Flight Museum ‐ ‐ ‐ ‐ ‐ 345,798 345,798 ‐
Street Impact ‐ ‐ ‐ ‐ ‐ 2,251,792 2,251,792 2,251,792
ESD Paramedic Care ‐ ‐ ‐ ‐ ‐ 685,551 685,551 ‐
Parks Impact ‐ ‐ ‐ ‐ ‐ 538,703 538,703 538,703
Trails of Madison County ‐ ‐ ‐ ‐ ‐ 292,845 292,845 292,845
Riverside Park Construction ‐ ‐ ‐ ‐ ‐ 318,386 318,386 318,386
Airport Operations ‐ ‐ ‐ ‐ ‐ 780 780 ‐
Airport Construction ‐ ‐ ‐ ‐ ‐ 38,678 38,678 38,678
Golf Operations ‐ ‐ ‐ ‐ ‐ 602,667 602,667 ‐
Golf Construction ‐ ‐ ‐ ‐ ‐ 41,601 41,601 41,601
Shop with a Cop ‐ ‐ ‐ ‐ ‐ 48,617 48,617 ‐
Ambulance Capital Replacement ‐ ‐ ‐ ‐ ‐ 428,854 428,854 428,854
City 501c3 Foundation ‐ ‐ ‐ ‐ ‐ 5,069 5,069 ‐
Committed to:
Stabilization 5,773,800 ‐ ‐ ‐ ‐ ‐ 5,773,800 ‐
Recreation ‐ ‐ ‐ ‐ ‐ 2,905 2,905 ‐
Tabernacle ‐ ‐ ‐ ‐ ‐ 146,558 146,558 146,558
Revolving Loan ‐ ‐ ‐ ‐ ‐ 1,603,932 1,603,932 ‐
Rexburg Rapids Operations ‐ ‐ ‐ ‐ ‐ 49,640 49,640 49,640
Building Safety Comm Dev ‐ ‐ ‐ ‐ ‐ 1,669,039 1,669,039 ‐
Joint City Hall Police Building Capital Reserv ‐ ‐ ‐ ‐ ‐ 1,681,216 1,681,216 1,681,216
Arts Promulgation ‐ ‐ ‐ ‐ ‐ 216,251 216,251 ‐
Romance Theatre ‐ ‐ ‐ ‐ ‐ 19,616 19,616 19,616
Airport Relation Reserve ‐ ‐ ‐ ‐ ‐ 1,110,869 1,110,869 1,110,869
Fiber Initiative Construction ‐ ‐ ‐ ‐ ‐ 127,506 127,506 127,506
Entrepreneurial Program ‐ ‐ ‐ ‐ ‐ 60,367 60,367 ‐
Shop with a Cop ‐ ‐ ‐ ‐ ‐ 161,070 161,070 161,070
Fiber Operations ‐ ‐ ‐ ‐ ‐ 82,192 82,192 ‐
Assigned to:‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Unassigned:27,426 ‐ ‐ (1,983,789) ‐ ‐ (1,956,363) ‐
Total Fund Balances 5,860,191$ 4,754,383$ ‐$ (1,983,789)$ ‐$ 15,697,126$ 24,327,911$ 13,760,005$
Major Revenue Funds
General Streets
Emergency
Services
LID Debt
Service Funds
LID
Construction
Funds
Non‐Major
Funds Total Capital Projects
Fund Balances:
Nonspendable 58,965$ ‐$ ‐$ ‐$ ‐$ ‐$ 58,965$ ‐$
Restricted ‐ 4,754,383 ‐ ‐ ‐ 8,765,965 13,520,348 10,463,530
Committed 5,773,800 ‐ ‐ ‐ ‐ 6,931,161 12,704,961 3,296,475
Assigned ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Unassigned 27,426 ‐ ‐ (1,983,789) ‐ ‐ (1,956,363) ‐
Total Fund Balances 5,860,191$ 4,754,383$ ‐$ (1,983,789)$ ‐$ 15,697,126$ 24,327,911$ 13,760,005$
Major Revenue Funds
CITY OF REXBURG, IDAHO
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
66
19. FUND BALANCES (continued)
The City Council has established a minimum fund balance guideline for the General Fund. As a
general practice, the City will strive to maintain a total General Fund committed fund balance equal
to a minimum of 25% or greater of General Fund budgeted expenditures for the last ended fiscal
year. The City Council strives to maintain a minimum committed fund balance in the General
Fund to mitigate current and future risks (e.g., revenue shortfalls, unanticipated expenditures, and
natural disasters or emergencies). Fund balance levels are affected by actual revenues and
expenditures and will be used to achieve and maintain the City’s minimum fund balance goals and
to meet the next year’s budget expenditure requirements. In the event there is excess fund balance
in the General Fund over the 25% minimum reserve, good management of public monies would
suggest that the surplus be designated to future expenses to increase service levels that are currently
deficient and maintain those that are sufficient.
20. PRIOR PERIOD ADJUSTMENT
During fiscal year 2024, the City determined that funding related to Coronavirus State and Local
Recovery Funds that were received in advance in a previous year were recognized as revenue rather
than recorded as grants received in advance for the unspent portion of funds at September 30, 2022.
Therefore, revenue and liabilities in fiscal years 2022 and 2023 were understated by $1 million.
The effect of correcting that error is shown in column C of the table below.
Adjustments to and Restatements of Beginning Balances During fiscal year 2024, changes to or
within the financial reporting entity and an error correction resulted in adjustments to and
restatements of beginning net position and fund net position, as follows:
Fiber Initiative Fund Governmental Activities
September 30, 2023, as previously reported 1,130,647$ 98,504,358$
Correction of an error (1,000,000) (1,000,000)
September 30, 2023, as restated 130,647$ 97,504,358$
Funds
Reporting Units Affected by Adjustments to and
Restatements of Beginning Balances
Government-wide
REQUIRED SUPPLEMENTARY INFORMATION
See Independent Auditors’ Report
67
Actual Variance to
Original Final Amounts Final Budget
Budget Budget Budgetary (Deficiency)/
Amount Amount Basis Excess
REVENUES
Taxes 11,071,500$ 11,071,500$ 10,698,062$ (373,438)$
Grants and Contributions 1,434,500 1,434,500 883,212 (551,288)
Fees and Charges 4,646,600 4,646,600 4,634,183 (12,417)
Investment/Interest Income 670,000 670,000 1,124,410 454,410
Transfers in from Other Funds 10,000 10,000 37,465 27,465
Miscellaneous 14,200 14,200 209,756 195,556
TOTAL REVENUES 17,846,800 17,846,800 17,587,088 (259,712)
EXPENDITURES
General and Administrative 5,506,400 5,561,900 5,546,399 15,501
Public Safety 6,826,000 7,002,600 7,038,694 (36,094)
Parks and Recreation and Arts 1,279,500 1,300,000 1,389,302 (89,302)
Capital Improvements: 1,199,600 1,199,600 530,813 668,787
Transfers Out 3,858,200 4,161,100 4,173,021 (11,921)
Contingency 413,000 5,100 - 5,100
TOTAL EXPENDITURES 19,082,700 19,230,300 18,678,229 552,071
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (1,235,900) (1,383,500) (1,091,141) 292,359
FUND BALANCE, BEGINNING OF YEAR 6,951,332 6,951,332 6,951,332 -
FUND BALANCE, END OF YEAR 5,715,432$ 5,567,832$ 5,860,191$ 292,359$
CITY OF REXBURG, IDAHO
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
For the year ended September 30, 2024
See Independent Auditors’ Report
68
Actual Variance
Original Final Amounts to Final Budget
Budget Budget Budgetary Under
Amount Amount Basis (Over)
REVENUES
Taxes 3,167,600$ 3,167,600$ 4,156,919$ 989,319$
Grants and Contributions 1,000,000 3,746,200 4,753,757 1,007,557
Fees and Charges 2,209,000 2,459,000 2,558,487 99,487
Transfers in from Other Funds 2,755,200 2,755,200 4,839,027 2,083,827
Miscellaneous 32,000 32,000 91,790 59,790
TOTAL REVENUES 9,163,800 12,160,000 16,399,980 4,239,980
EXPENDITURES
Streets 2,858,000 2,845,500 2,314,655 530,845
Capital Improvements: 2,785,400 5,531,600 5,927,144 (395,544)
Transfers Out 4,537,700 4,787,700 7,137,433 (2,349,733)
Contingency 462,900 475,400 - 475,400
TOTAL EXPENDITURES 10,644,000 13,640,200 15,379,232 (1,739,032)
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (1,480,200) (1,480,200) 1,020,748 2,500,948
FUND BALANCE, BEGINNING OF YEAR 3,733,635 3,733,635 3,733,635 -
FUND BALANCE, END OF YEAR 2,253,435$ 2,253,435$ 4,754,383$ 2,500,948$
CITY OF REXBURG, IDAHO
BUDGETARY COMPARISON SCHEDULE
STREET FUND
For the year ended September 30, 2024
See Independent Auditors’ Report
69
Actual Variance
Original Final Amounts to Final Budget
Budget Budget Budgetary Under
Amount Amount Basis (Over)
REVENUES
Grants and Contributions 2,284,100$ 2,358,900$ 2,352,890$ (6,010)$
Fees and Charges 531,700 531,700 650,506 118,806
Transfers in from Other Funds 2,747,100 2,896,700 3,060,329 163,629
Miscellaneous - - 1,900 1,900
TOTAL REVENUES 5,562,900 5,787,300 6,065,625 278,325
EXPENDITURES
Public Safety 5,551,900 5,551,900 5,764,032 (212,132)
Capital Improvements: 11,000 235,400 301,593 (66,193)
TOTAL EXPENDITURES 5,562,900 5,787,300 6,065,625 (278,325)
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES - - - -
FUND BALANCE, BEGINNING OF YEAR - - - -
FUND BALANCE, END OF YEAR -$ -$ -$ -$
CITY OF REXBURG, IDAHO
BUDGETARY COMPARISON SCHEDULE
EMERGENCY SERVICES FUND
For the year ended September 30, 2024
See Independent Auditors’ Report
70
Actual Variance
Original Final Amounts to Final Budget
Budget Budget Budgetary Under
Amount Amount Basis (Over)
REVENUES
Fees and Charges 694,700$ 694,700$ 500,575$ (194,125)$
Investment/Interest Income - - 82,518 82,518
TOTAL REVENUES 694,700 694,700 583,093 (111,607)
EXPENDITURES
Transfers Out 500,000 500,000 735,331 (235,331)
Contingency 194,700 194,700 - 194,700
TOTAL EXPENDITURES 694,700 694,700 735,331 (40,631)
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES - - (152,238) (152,238)
FUND BALANCE, BEGINNING OF YEAR (1,831,551) (1,831,551) (1,831,551) -
FUND BALANCE, END OF YEAR (1,831,551)$ (1,831,551)$ (1,983,789)$ (152,238)$
CITY OF REXBURG, IDAHO
BUDGETARY COMPARISON SCHEDULE
LID DEBT SERVICE FUNDS
For the year ended September 30, 2024
See Independent Auditors’ Report
71
Actual Variance
Original Final Amounts to Final Budget
Budget Budget Budgetary Under
Amount Amount Basis (Over)
REVENUES
Grants and Contributions -$ -$ 796,216$ 796,216$
Transfers in from Other Funds 2,950,000 2,950,000 3,526,418 576,418
TOTAL REVENUES 2,950,000 2,950,000 4,322,634 1,372,634
EXPENDITURES
Streets 500,000 500,000 809,886 (309,886)
Capital Improvements: 2,450,000 2,450,000 2,823,585 (373,585)
TOTAL EXPENDITURES 2,950,000 2,950,000 3,633,471 (683,471)
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES - - 689,163 689,163
FUND BALANCE, BEGINNING OF YEAR (689,163) (689,163) (689,163) -
FUND BALANCE, END OF YEAR (689,163)$ (689,163)$ -$ 689,163$
CITY OF REXBURG, IDAHO
BUDGETARY COMPARISON SCHEDULE
LID CONSTRUCTION FUNDS
For the year ended September 30, 2024
See Independent Auditors’ Report
72
Net Pension
Liability % Share
Amount of
Proportionate
Share of Net
Pension Liability
Covered
Employee Payroll
Net Pension
Liability % of
Covered Payroll
Plan Fiduciary
Net Position as a
% of Total
Pension Liability
2015 0.2354998% 3,101,149$ 6,532,443$ 47.47% 91.38%
2016 0.2346076% 4,755,856 6,828,131 69.65% 87.26%
2017 0.2405212% 3,780,580 7,754,370 48.75% 90.68%
2018 0.2651606% 3,911,165 8,454,828 46.26% 91.69%
2019 0.2637191% 3,010,280 9,174,510 32.81% 93.79%
2020 0.2588251% 6,010,261 9,482,345 63.38% 88.22%
2021 0.2638486% (208,381) 9,788,027 -2.13% 100.36%
2022 0.2674466% 10,534,075 10,819,487 97.36% 83.09%
2023 0.2664626% 10,193,904 11,138,729 91.52% 83.83%
2024 0.2780816% 10,402,043 12,686,660 81.99% 85.54%
Date reported in measured as of June 30, 2024 (measurement date)
Statutorily
Required
Contributions
Contributions in
Relation to
Statutorily
Required
Contributions
Contribution
(Deficiency)/
Excess
Employer's
Covered
Employee Payroll
Contribution
Percent of
Covered
Employee Payroll
2015 754,259$ 754,704$ 445$ 6,532,443$ 11.55%
2016 782,344 783,573 1,229 6,828,131 11.46%
2017 882,116 882,266 150 7,754,370 11.38%
2018 969,398 969,304 (94) 8,454,828 11.47%
2019 1,041,243 1,041,007 (236) 9,174,510 11.35%
2020 1,132,192 1,132,270 78 9,482,345 11.94%
2021 1,168,690 1,170,630 1,940 9,788,027 11.94%
2022 1,291,847 1,306,980 15,133 10,819,487 11.94%
2023 1,382,330 1,380,811 (1,519) 11,509,824 12.01%
2024 1,623,584 1,625,948 2,364 13,264,572 12.24%
Date reported in measured as of September 30, 2024 (reporting date)
CITY OF REXBURG, IDAHO
Last 10 Fiscal Years
PERSI Base Plan
Schedule of Employer's Share of Net Pension Liability
Schedule of Employer Contributions
PERSI Base Plan
Last 10 Fiscal Years
See Independent Auditors’ Report
73
Net Pension
Liability % Share
Amount of
Proportionate
Share of Net
Pension Liability
Covered
Employee Payroll
Net Pension
Liability % of
Covered Payroll
Plan Fiduciary
Net Position as a
% of Total
Pension Liability
2015 0.0074381% 97,948$ 202,664$ 48.33% 91.38%
2016 0.0069380% 140,644 203,554 69.09% 87.26%
2017 0.0081586% 129,239 250,204 51.65% 90.68%
2018 0.0085741% 126,469 267,230 47.33% 91.69%
2019 0.0082998% 94,740 287,660 32.93% 93.79%
2020 0.0078675% 182,694 228,656 79.90% 88.22%
2021 0.0089592% (7,076) 341,254 -2.07% 100.36%
2022 0.0094562% 372,455 376,027 99.05% 83.09%
2023 0.0094304% 376,333 381,242 98.71% 83.83%
2024 0.0080118% 299,694 331,943 90.28% 85.54%
Date reported in measured as of June 30, 2024 (measurement date)
Statutorily
Required
Contributions
Contributions in
Relation to
Statutorily
Required
Contributions
Contribution
(Deficiency)/
Excess
Employer's
Covered
Employee Payroll
Contribution
Percent of
Covered
Employee Payroll
2015 23,584$ 24,308$ 724$ 202,664$ 11.64%
2016 24,062 23,734 (328) 203,554 11.82%
2017 29,240 29,175 (65) 250,204 11.69%
2018 31,160 31,159 (1) 267,230 11.66%
2019 33,541 33,542 1 287,660 11.66%
2020 28,079 28,079 - 228,656 12.28%
2021 41,906 41,906 - 341,254 12.28%
2022 46,176 46,173 (3) 376,027 12.28%
2023 47,734 48,037 303 381,566 12.51%
2024 42,568 42,909 341 314,622 13.53%
Date reported in measured as of September 30, 2024 (reporting date)
Last 10 Fiscal Years
Schedule of Employer Contributions
PERSI Base FRF Plan
Last 10 Fiscal Years
CITY OF REXBURG, IDAHO
Schedule of Employer's Share of Net Pension Liability
PERSI Base FRF Plan
See Independent Auditors’ Report
74
Net Pension
Liability % Share
Amount of
Proportionate
Share of Net
Pension Liability
Covered
Employee Payroll
Net Pension
Liability % of
Covered Payroll
Plan Fiduciary
Net Position as a
% of Total
Pension Liability
2015 0.3292887% (177,851)$ 202,664$ -87.76% 118.08%
2016 0.2881284% (154,864) 203,554 -76.08% 118.42%
2017 0.3343618% (286,868) 250,204 -114.65% 129.65%
2018 0.3577169% (404,829) 267,230 -151.49% 140.15%
2019 0.3484669% (500,934) 287,660 -174.14% 152.74%
2020 0.3452044% (514,006) 271,530 -189.30% 155.55%
2021 0.3452044% (932,835) 296,518 -314.60% 211.83%
2022 0.3452044% (708,673) 272,249 -260.30% 184.72%
2023 0.3452044% (816,073) 282,527 -288.85% 200.58%
2024 0.3452044% (868,866) 331,943 -261.75% 207.66%
Date reported in measured as of June 30, 2024 (measurement date)
Statutorily
Required
Contributions
Contributions in
Relation to
Statutorily
Required
Contributions
Contribution
(Deficiency)/
Excess
Employer's
Covered
Employee Payroll
Contribution
Percent of
Covered
Employee Payroll
2015 17,600$ 16,894$ (706)$ 202,664$ 8.68%
2016 10,318 10,178 (140) 203,554 5.07%
2017 12,445 12,510 65 250,204 4.97%
2018 13,361 13,362 1 267,230 5.00%
2019 14,384 14,383 (1) 287,660 5.00%
2020 9,015 9,015 - 271,530 3.32%
2021 - - - 296,518 0.00%
2022 - - - 272,249 0.00%
2023 - - - 282,527 0.00%
2024 - - - 314,622 0.00%
Date reported in measured as of September 30, 2024 (reporting date)
FRF Excess Plan
Last 10 Fiscal Years
CITY OF REXBURG, IDAHO
Schedule of Employer's Share of Net Pension Liability
FRF Excess Plan
Last 10 Fiscal Years
Schedule of Employer Contributions
OTHER SUPPLEMENTARY INFORMATION
CITY OF REXBURG, IDAHO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2024
See Independent Auditors’ Report
75
Fund Number 03 04 07 08 09 13 15 18
Police High 5
Police Police Drug Small & Other Joint Fire
Recreation Tabernacle Impact Fee DARE Enforcement Grants Grants Equipment
ASSETS Fund Fund Fund Fund Fund Fund Fund Fund
Cash and Short Term
Investments 23,334$ 287,431$ 360,769$ 26,994$ 29,229$ -$ -$ 1,233,436$
Receivables 5,500 - - 2,838 - 13,892 - 224,069
TOTAL ASSETS 28,834$ 287,431$ 360,769$ 29,832$ 29,229$ 13,892$ -$ 1,457,505$
LIABILITIES AND
FUND BALANCES
LIABILITIES
Accounts Payable 6,757$ 138,462$ 522$ 5,756$ -$ -$ -$ 22,487$
Accrued Payroll 992 1,811 - - - 1,570 - -
Due to Other Funds - - - - - 12,322 - -
Other 18,180 600 - - - - - -
TOTAL LIABILITIES 25,929 140,873 522 5,756 - 13,892 - 22,487
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenues - - - - - - - -
FUND BALANCES (DEFICIT)
Restricted - - 360,247 24,076 29,229 - - 1,435,018
Committed 2,905 146,558 - - - - - -
TOTAL FUND BALANCES 2,905 146,558 360,247 24,076 29,229 - - 1,435,018
TOTAL LIABILITIES AND
FUND BALANCES 28,834$ 287,431$ 360,769$ 29,832$ 29,229$ 13,892$ -$ 1,457,505$
CITY OF REXBURG, IDAHO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2024
See Independent Auditors’ Report
76
Fund Number 19 20 21 22 23 24 28 29
Madison
County Fire ESD Rexburg Legacy Building Geographic
Protection Fire Impact Rexburg Revolving Rapids Flight Safety Information
District Fee Employee Loan Operations Museum Comm Dev Systems
ASSETS Fund Fund Fund Fund Fund Fund Fund Fund
Cash and Short Term
Investments 1,289,275$ 3,809$ 26,611$ 443,483$ 76,699$ 343,647$ 1,745,178$ -$
Receivables 9,973 - - 1,160,449 - 2,500 585 69,365
TOTAL ASSETS 1,299,248$ 3,809$ 26,611$ 1,603,932$ 76,699$ 346,147$ 1,745,763$ 69,365$
LIABILITIES AND
FUND BALANCES
LIABILITIES
Accounts Payable 855$ 786$ -$ -$ 23,749$ 349$ 57,020$ 16,820$
Accrued Payroll - - - - 2,310 - 19,704 12,264
Due to Other Funds - - - - - - - 40,281
Other - - - - 1,000 - - -
TOTAL LIABILITIES 855 786 - - 27,059 349 76,724 69,365
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenues 9,973 - - - - - - -
FUND BALANCES (DEFICIT)
Restricted 1,288,420 3,023 26,611 - - 345,798 - -
Committed - - - 1,603,932 49,640 - 1,669,039 -
TOTAL FUND BALANCES 1,288,420 3,023 26,611 1,603,932 49,640 345,798 1,669,039 -
TOTAL LIABILITIES AND
FUND BALANCES 1,299,248$ 3,809$ 26,611$ 1,603,932$ 76,699$ 346,147$ 1,745,763$ 69,365$
CITY OF REXBURG, IDAHO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2024
See Independent Auditors’ Report
77
Fund Number 32 33 36 37 38 39 40 41
Joint City ESD Trails of
Hall/Police Street Arts Paramedic Parks Impact Madison Romance Park
Building Capital Impact Fee Promulgation Care Unit Fee County Theatre Construction
ASSETS Reserve Fund Fund Fund Fund Fund Fund Fund Fund
Cash and Short Term
Investments 1,681,216$ 2,253,652$ 216,251$ -$ 595,812$ 292,180$ 134,667$ 318,386$
Receivables - - - 1,346,014 - 21,195 - -
TOTAL ASSETS 1,681,216$ 2,253,652$ 216,251$ 1,346,014$ 595,812$ 313,375$ 134,667$ 318,386$
LIABILITIES AND
FUND BALANCES
LIABILITIES
Accounts Payable -$ 1,860$ -$ 44,002$ 57,109$ 20,530$ 112,446$ -$
Accrued Payroll - - - 168,513 - - 1,755 -
Due to Other Funds - - - 447,948 - - - -
Other - - - - - - 850 -
TOTAL LIABILITIES - 1,860 - 660,463 57,109 20,530 115,051 -
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenues - - - - - - - -
FUND BALANCES (DEFICIT)
Restricted - 2,251,792 - 685,551 538,703 292,845 - 318,386
Committed 1,681,216 - 216,251 - - - 19,616 -
TOTAL FUND BALANCES 1,681,216 2,251,792 216,251 685,551 538,703 292,845 19,616 318,386
TOTAL LIABILITIES AND
FUND BALANCES 1,681,216$ 2,253,652$ 216,251$ 1,346,014$ 595,812$ 313,375$ 134,667$ 318,386$
CITY OF REXBURG, IDAHO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2024
See Independent Auditors’ Report
78
Fund Number 47 48 49 50 51 81 82 83
Airport Golf Golf Rexburg
Airport Airport Relocation Course Course Cultural Fiber Entrepreneurial
Operation Construction Reserve Operations Construction Arts Initiative Programs
ASSETS Fund Fund Fund Fund Fund Fund Fund Fund
Cash and Short Term
Investments 4,654$ 46,738$ 1,110,869$ 690,951$ 1,601$ 3,170$ 127,782$ 66,867$
Receivables 3,231 114,374 - 2,160 40,000 - - 6,279
TOTAL ASSETS 7,885$ 161,112$ 1,110,869$ 693,111$ 41,601$ 3,170$ 127,782$ 73,146$
LIABILITIES AND
FUND BALANCES
LIABILITIES
Accounts Payable 6,600$ 122,434$ -$ 64,019$ -$ 170$ 276$ 12,779$
Accrued Payroll 505 - - 25,425 - 3,000 - -
Due to Other Funds - - - - - - - -
Other - - - 1,000 - - - -
TOTAL LIABILITIES 7,105 122,434 - 90,444 - 3,170 276 12,779
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenues - - - - - - - -
FUND BALANCES (DEFICIT)
Restricted 780 38,678 - 602,667 41,601 - - -
Committed - - 1,110,869 - - - 127,506 60,367
TOTAL FUND BALANCES 780 38,678 1,110,869 602,667 41,601 - 127,506 60,367
TOTAL LIABILITIES AND
FUND BALANCES 7,885$ 161,112$ 1,110,869$ 693,111$ 41,601$ 3,170$ 127,782$ 73,146$
CITY OF REXBURG, IDAHO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2024
See Independent Auditors’ Report
79
Fund Number 84 85 86 91 93 95
North Community Shop Ambulance City Total
Interchange Safety Fiber with a Capital 501c3 Nonmajor
Construction Lighting Operating Cop Replacement Foundation Governmental
ASSETS Fund Fund Fund Fund Fund Fund Funds
Cash and Short Term
Investments -$ 133,266$ 82,784$ 48,617$ 428,854$ 5,069$ 14,133,281$
Receivables 153,394 37,042 - - - - 3,212,860
TOTAL ASSETS 153,394$ 170,308$ 82,784$ 48,617$ 428,854$ 5,069$ 17,346,141$
LIABILITIES AND
FUND BALANCES
LIABILITIES
Accounts Payable 81,504$ 9,162$ 592$ -$ -$ -$ 807,046$
Accrued Payroll - - - - - - 237,849
Due to Other Funds 71,890 - - - - - 572,441
Other - 76 - - - - 21,706
TOTAL LIABILITIES 153,394 9,238 592 - - - 1,639,042
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenues - - - - - - 9,973
FUND BALANCES (DEFICIT)
Restricted - - - 48,617 428,854 5,069 8,765,965
Committed - 161,070 82,192 - - - 6,931,161
TOTAL FUND BALANCES - 161,070 82,192 48,617 428,854 5,069 15,697,126
TOTAL LIABILITIES AND
FUND BALANCES 153,394$ 170,308$ 82,784$ 48,617$ 428,854$ 5,069$ 17,346,141$
CITY OF REXBURG, IDAHO
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE— NONMAJOR GOVERNMENTAL FUNDS
Year Ended September 30, 2024
See Independent Auditors’ Report
80
03 04 07 08 09 13 15 18
Police High 5
Police Police Drug Small & Other Joint Fire
Recreation Tabernacle Impact Fee DARE Enforcement Grants Grants Equipment
Fund Fund Fund Fund Fund Fund Fund Fund
REVENUES
Taxes -$ -$ -$ -$ -$ -$ -$ -$
Grants and Contributions/Sale of Capacity 21,633 24,304 - 8,500 - 56,165 - -
Fees and Charges 240,789 24,006 61,244 - - - - 317,369
Investment/Interest Income - 2,464 3,200 - 2 - 1,928 39,209
Miscellaneous 2,186 - - - 16,166 - - 40,000
TOTAL REVENUES 264,608 50,774 64,444 8,500 16,168 56,165 1,928 396,578
EXPENDITURES
Current
General and Administrative - - - - - - 232 -
Public Safety - - - 14,663 3,632 40,033 - -
Parks and Recreation and Arts 261,703 148,013 - - - - - 3,159
Streets - - - - - - - -
Debt Service
Interest on Debt - - - - - - - -
Principal on Debt - - - - - - - -
Capital Improvements:
General and Administrative - - - - - - 63,500 -
Public Safety - - - - - - - 337,698
Parks and Recreation and Arts - 820,292 - - - - - -
Streets - - - - - - - -
TOTAL EXPENDITURES 261,703 968,305 - 14,663 3,632 40,033 63,732 340,857
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 2,905 (917,531) 64,444 (6,163) 12,536 16,132 (61,804) 55,721
OTHER SOURCES (USES)
Transfers In 5,728 990,242 - 8,500 - - - 210,000
Transfers Out - - - - - (16,132) (5,083) -
TOTAL OTHER SOURCES (USES)5,728 990,242 - 8,500 - (16,132) (5,083) 210,000
REVENUES OVER (UNDER) EXPENDITURES
AND OTHER SOURCES (USES)8,633 72,711 64,444 2,337 12,536 - (66,887) 265,721
FUND BALANCES, BEGINNING OF YEAR (5,728) 73,847 295,803 21,739 16,693 - 66,887 1,169,297
Prior Period adjustment - - - - - - - -
(5,728) 73,847 295,803 21,739 16,693 - 66,887 1,169,297
FUND BALANCES, END OF YEAR 2,905$ 146,558$ 360,247$ 24,076$ 29,229$ -$ -$ 1,435,018$
FUND BALANCE, BEGINNING OF YEAR, as
restated
CITY OF REXBURG, IDAHO
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE— NONMAJOR GOVERNMENTAL FUNDS
Year Ended September 30, 2024
See Independent Auditors’ Report
81
19 20 21 22 23 24 28 29
Madison
County Fire ESD Rexburg Legacy Building Geographic
Protection Fire Impact Rexburg Revolving Rapids Flight Safety Information
District Fee Employee Loan Operations Museum Comm Dev Systems
Fund Fund Fund Fund Fund Fund Fund Fund
REVENUES
Taxes 1,135,387$ -$ -$ -$ -$ -$ -$ -$
Grants and Contributions/Sale of Capacity - - - - - 197,639 - 259,296
Fees and Charges - 33,618 - 4,222 518,246 21,167 1,392,272 259,296
Investment/Interest Income 55,983 1,084 1,193 77,780 3,444 251 48,898 -
Miscellaneous - - - - - 150,000 - 558
TOTAL REVENUES 1,191,370 34,702 1,193 82,002 521,690 369,057 1,441,170 519,150
EXPENDITURES
Current
General and Administrative - - - 11,687 - - 922,058 519,150
Public Safety 100 - - - - - - -
Parks and Recreation and Arts - - - - 581,072 111,465 - -
Streets - - - - - - - -
Debt Service
Interest on Debt - - - - - - - -
Principal on Debt - - - - - - - -
Capital Improvements:
General and Administrative - - - - - - 50,091 -
Public Safety 300,657 - - - - - - -
Parks and Recreation and Arts - - - - 21,444 215,000 - -
Streets - - - - - - - -
TOTAL EXPENDITURES 300,757 - - 11,687 602,516 326,465 972,149 519,150
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 890,613 34,702 1,193 70,315 (80,826) 42,592 469,021 -
OTHER SOURCES (USES)
Transfers In - - - - 25,008 15,000 - -
Transfers Out (1,228,670) (40,008) - - - - - -
TOTAL OTHER SOURCES (USES)(1,228,670) (40,008) - - 25,008 15,000 - -
REVENUES OVER (UNDER) EXPENDITURES
AND OTHER SOURCES (USES)(338,057) (5,306) 1,193 70,315 (55,818) 57,592 469,021 -
FUND BALANCES, BEGINNING OF YEAR 1,626,477 8,329 25,418 1,533,617 105,458 288,206 1,200,018 -
Prior Period adjustment - - - - - - - -
1,626,477 8,329 25,418 1,533,617 105,458 288,206 1,200,018 -
FUND BALANCES, END OF YEAR 1,288,420$ 3,023$ 26,611$ 1,603,932$ 49,640$ 345,798$ 1,669,039$ -$
FUND BALANCE, BEGINNING OF YEAR, as
restated
CITY OF REXBURG, IDAHO
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE— NONMAJOR GOVERNMENTAL FUNDS
Year Ended September 30, 2024
See Independent Auditors’ Report
82
32 33 36 37 38 39 40 41
Joint City Hall ESD Parks Trails of
Police Street Arts Paramedic Impact Madison Romance Park
Building Capital Impact Fee Promulgation Care Unit Fee County Theatre Construction
Reserve Fund Fund Fund Fund Fund Fund Fund Fund
REVENUES
Taxes -$ -$ -$ -$ -$ -$ -$ -$
Grants and Contributions/Sale of Capacity - - - 58,743 - 21,195 - 25,999
Fees and Charges - 530,017 59,477 1,506,802 159,493 - 45,000 -
Investment/Interest Income 56,212 151,274 57 - 9,480 - - -
Miscellaneous - - - - 107,675 - - -
TOTAL REVENUES 56,212 681,291 59,534 1,565,545 276,648 21,195 45,000 25,999
EXPENDITURES
Current
General and Administrative - - - - - - - -
Public Safety - - - 1,432,339 - - - -
Parks and Recreation and Arts - - - - - - 120,328 -
Streets - - - - - - - -
Debt Service
Interest on Debt - - - - - - - -
Principal on Debt - - - - - - - -
Capital Improvements:
General and Administrative - - - - - - - -
Public Safety - - - 39,999 - - - -
Parks and Recreation and Arts - - - - 128,660 48,225 164,171 -
Streets - - - - - - - -
TOTAL EXPENDITURES - - - 1,472,338 128,660 48,225 284,499 -
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 56,212 681,291 59,534 93,207 147,988 (27,030) (239,499) 25,999
OTHER SOURCES (USES)
Transfers In 425,004 - - - - 60,000 225,071 100,000
Transfers Out - (508,931) (25,008) - (30,000) - - -
TOTAL OTHER SOURCES (USES)425,004 (508,931) (25,008) - (30,000) 60,000 225,071 100,000
REVENUES OVER (UNDER) EXPENDITURES
AND OTHER SOURCES (USES)481,216 172,360 34,526 93,207 117,988 32,970 (14,428) 125,999
FUND BALANCES, BEGINNING OF YEAR 1,200,000 2,079,432 181,725 592,344 420,715 259,875 34,044 192,387
Prior Period adjustment - - - - - - - -
1,200,000 2,079,432 181,725 592,344 420,715 259,875 34,044 192,387
FUND BALANCES, END OF YEAR 1,681,216$ 2,251,792$ 216,251$ 685,551$ 538,703$ 292,845$ 19,616$ 318,386$
FUND BALANCE, BEGINNING OF YEAR, as
restated
CITY OF REXBURG, IDAHO
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE— NONMAJOR GOVERNMENTAL FUNDS
Year Ended September 30, 2024
See Independent Auditors’ Report
83
47 48 49 50 51 81 82 83
Airport Golf Golf Rexburg
Airport Airport Relocation Course Course Cultural Fiber Entrepreneurial
Operation Construction Reserve Operations Construction Arts Initiative Programs
Fund Fund Fund Fund Fund Fund Fund Fund
REVENUES
Taxes -$ -$ -$ -$ -$ -$ -$ -$
Grants and Contributions/Sale of Capacity 20,000 150,868 - 35,000 - 15,001 270,000 332,876
Fees and Charges 27,785 - - 1,555,865 - 84,814 - 4,170
Investment/Interest Income - 2,000 78,973 9,372 800 - - -
Miscellaneous - - - 33,866 - - - -
TOTAL REVENUES 47,785 152,868 78,973 1,634,103 800 99,815 270,000 337,046
EXPENDITURES
Current
General and Administrative 51,250 - - - - - - 343,717
Public Safety - - - - - - - -
Parks and Recreation and Arts - - - 1,203,677 - 234,010 - -
Streets - - - - - - - -
Debt Service
Interest on Debt - - - - 7,514 - - -
Principal on Debt - - - - 51,682 - - -
Capital Improvements:
General and Administrative - 200,028 - - - - 273,141 -
Public Safety - - - - - - - -
Parks and Recreation and Arts - - - 209,826 - - - -
Streets - - - - - - - -
TOTAL EXPENDITURES 51,250 200,028 - 1,413,503 59,196 234,010 273,141 343,717
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (3,465) (47,160) 78,973 220,600 (58,396) (134,195) (3,141) (6,671)
OTHER SOURCES (USES)
Transfers In 20,000 32,943 10,008 25,300 211,850 134,195 - -
Transfers Out - - - (59,196) - - - -
TOTAL OTHER SOURCES (USES)20,000 32,943 10,008 (33,896) 211,850 134,195 - -
REVENUES OVER (UNDER) EXPENDITURES
AND OTHER SOURCES (USES)16,535 (14,217) 88,981 186,704 153,454 - (3,141) (6,671)
FUND BALANCES, BEGINNING OF YEAR (15,755) 52,895 1,021,888 415,963 (111,853) - 1,130,647 67,038
Prior Period adjustment - - - - - - (1,000,000) -
(15,755) 52,895 1,021,888 415,963 (111,853) - 130,647 67,038
FUND BALANCES, END OF YEAR 780$ 38,678$ 1,110,869$ 602,667$ 41,601$ -$ 127,506$ 60,367$
FUND BALANCE, BEGINNING OF YEAR, as
restated
CITY OF REXBURG, IDAHO
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE— NONMAJOR GOVERNMENTAL FUNDS
Year Ended September 30, 2024
See Independent Auditors’ Report
84
84 85 86 91 93 95
North Community Shop Ambulance City Total
Interchange Safety Fiber with a Capital 501c3 Nonmajor
Construction Lighting Operating Cop Replacement Foundation Governmental
Fund Fund Fund Fund Fund Fund Funds
REVENUES
Taxes -$ -$ -$ -$ -$ -$ 1,135,387$
Grants and Contributions/Sale of Capacity 226,533 11,495 - 20,380 - 3,275 1,758,902
Fees and Charges - 268,770 90,000 - - - 7,204,422
Investment/Interest Income - 35,999 - 2,123 22,772 - 604,498
Miscellaneous - - - - - - 350,451
TOTAL REVENUES 226,533 316,264 90,000 22,503 22,772 3,275 11,053,660
EXPENDITURES
Current
General and Administrative - - 7,808 - - - 1,855,902
Public Safety - - - 17,853 - - 1,508,620
Parks and Recreation and Arts - - - - - - 2,663,427
Streets 55,400 54,880 - - - - 110,280
Debt Service
Interest on Debt - - - - - - 7,514
Principal on Debt - - - - - - 51,682
Capital Improvements:
General and Administrative - - - - - - 586,760
Public Safety - - - - - - 678,354
Parks and Recreation and Arts - - - - - - 1,607,618
Streets 171,133 943,728 - - - - 1,114,861
TOTAL EXPENDITURES 226,533 998,608 7,808 17,853 - - 10,185,018
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES - (682,344) 82,192 4,650 22,772 3,275 868,642
OTHER SOURCES (USES)
Transfers In - - - - - - 2,498,849
Transfers Out - - - - - (3,275) (1,916,303)
TOTAL OTHER SOURCES (USES)- - - - - (3,275) 582,546
REVENUES OVER (UNDER) EXPENDITURES
AND OTHER SOURCES (USES)- (682,344) 82,192 4,650 22,772 - 1,451,188
FUND BALANCES, BEGINNING OF YEAR - 843,414 - 43,967 406,082 5,069 15,245,938
Prior Period adjustment - - - - - - (1,000,000)
- 843,414 - 43,967 406,082 5,069 14,245,938
FUND BALANCES, END OF YEAR -$ 161,070$ 82,192$ 48,617$ 428,854$ 5,069$ 15,697,126$
FUND BALANCE, BEGINNING OF YEAR, as
restated
CITY OF REXBURG, IDAHO
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended September 30, 2024
85
Assistance Passthrough
Listing Award
Number Number Expenditures
U.S. Department of Housing and Urban Development
Passed Through Idaho Department of Commerce:
Community Development Block Grant 14.228 HUD021 332,126$
Community Development Block Grant HUD022 244,219
Total U.S. Department of Housing and Urban Development 576,345
U.S. Department of Justice
Direct Awards
Public Safety Partnership and Community Policing Grants 16.710 22,153$
Total U.S. Department of Justice 22,153
U.S. Department of Transportation
Passed Through Idaho Transportation Department
Airport Improvement Program 20.106 117,925$
Highway Planning and Construction 20.205 209,705
State and Community Highway Safety 20.600 24,490
National Priority Safety Programs 20.616 21,811
Enhanced Mobility of Seniors and Individuals with Disabilities 20.513 3,367
Enhanced Mobility of Seniors and Individuals with Disabilities 20.526 2,415
Total U.S. Department of Transportation 379,713
U.S. Department of Treasury
Passed Through Idaho Department of Treasury:
COVID-19 - Coronavirus State and Local Fiscal Recovery Funds 21.027 270,000$
Total U.S. Department of Treasury 270,000
U.S. Environmental Protection Agency
Direct Awards
Environmental Finance Center Grants 66.203 43,463$
Total U.S. Environmental Protection Agency 43,463
National Endowment for the Humanities
Direct Awards
Arts and Artifacts Indemnity Program 45.201 10,651$
Total National Endowment for the Humanities 10,651
U.S. Department of Health and Human Services
Passed through the Idaho Office of Drug Policy
Substance Abuse and Mental Health Services 93.243 4,283$
Total U.S. Department of Health and Human Services 4,283
U.S. Department of Homeland Security
Passed through the Idaho Military Division
Homeland Security Grant Program 97.067 13,442$
Total U.S. Department of Homeland Security 13,442
Total Federal Assistance 1,320,050$
CITY OF REXBURG, IDAHO
NOTES TO THE SCHEDULE OF EXPENDITURES
OF FEDERAL AWARDS
Year Ended September 30, 2024
86
1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the federal award
activity of The City of Rexburg, Idaho under programs of the federal government for the year
ended September 30, 2024. The information in this schedule is presented in accordance with
the requirements of Title 2 U.S. Code of Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance). Because the Schedule presents only a selected portion of the operations of the
City, it is not intended to and does not present the financial position or change in net assets of
the City.
2. Summary of Significant Accounting Policies
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on
the accrual basis of accounting. Such expenditures are recognized following the cost
principles contained in the Uniform Guidance, wherein certain expenditures are not allowed
or are limited as to reimbursement.
3. Nonmonetary Transactions
There was no nonmonetary assistance received by the City in the current fiscal year.
4. Indirect Cost Rate
The City did not use the 10% de minimis indirect cost rate.
5. Subrecipients
The City had no subrecipients or subrecipient expenditures.
87
Independent Auditor’s Report On Internal Control Over Financial Reporting
And On Compliance And Other Matters Based On An Audit Of Financial
Statements Performed In Accordance With Government Auditing Standards
To the Honorable Mayor and City Council
City of Rexburg, Idaho
We have audited, in accordance with the auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States, the financial statements of the
governmental activities, the business-type activities, the discretely presented component unit, each
major fund, and the aggregate remaining fund information of City of Rexburg, Idaho, as of and for
the year ended September 30, 2024, and the related notes to the financial statements, which
collectively comprise City of Rexburg, Idaho’s basic financial statements, and have issued our
report thereon dated March 19, 2025.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered City of Rexburg,
Idaho’s internal control over financial reporting (internal control) as a basis for designing audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on
the financial statements, but not for the purpose of expressing an opinion on the effectiveness of
City of Rexburg, Idaho’s internal control. Accordingly, we do not express an opinion on the
effectiveness of City of Rexburg, Idaho’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a
material misstatement of the entity’s financial statements will not be prevented, or detected and
corrected on a timely basis. A significant deficiency is a deficiency, or a combination of
deficiencies, in internal control that is less severe than a material weakness, yet important enough
to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph
of this section and was not designed to identify all deficiencies in internal control that might be
material weaknesses or significant deficiencies and therefore, material weaknesses or significant
deficiencies may exist that were not identified. We identified a deficiency in internal control,
described in the accompanying schedule of findings and responses as item 2023-001.
88
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether City of Rexburg, Idaho’s financial
statements are free from material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could
have a direct and material effect on the financial statements. However, providing an opinion on
compliance with those provisions was not an objective of our audit, and accordingly, we do not
express such an opinion. The results of our tests disclosed no instances of noncompliance or other
matters that is required to be reported under Government Auditing Standards.
City of Rexburg, Idaho’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the City’s
response to the findings identified in our audit and described in the accompanying schedule of
findings and responses. The City of Rexburg, Idaho’s responses were not subjected to the other
auditing procedures applied in the audit of the financial statements and, accordingly, we express
no opinion on the response.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
entity’s internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity’s internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Rexburg, Idaho
March 19, 2025
89
Independent auditors’ report on compliance for each major
program and on internal control over compliance required
by the uniform guidance
To the Honorable Mayor and City Council
City of Rexburg, Idaho
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited City of Rexburg, Idaho (the City)’s compliance with the types of compliance
requirements identified as subject to audit in the OMB Compliance Supplement that could have a
direct and material effect on each of the City’s major federal programs for the year ended
September 30, 2024. The City’s major federal programs are identified in the summary of auditor’s
results section of the accompanying schedule of findings and questioned costs.
In our opinion, the City complied, in all material respects, with the compliance requirements
referred to above that could have a direct and material effect on each of its major federal programs
for the year ended September 30, 2024.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted
in the United States of America; the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States; and the
audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Our responsibilities under those standards and the Uniform Guidance are further described in the
Auditor’s Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in
accordance with relevant ethical requirements relating to our audit. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on
compliance for each major federal program. Our audit does not provide a legal determination of
the City’s compliance with the compliance requirements referred to above.
90
Responsibility of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the
design, implementation, and maintenance of effective internal control over compliance with the
requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements
applicable to the City’s federal programs.
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an
opinion on the City’s compliance based on our audit. Reasonable assurance is a high level of
assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in
accordance with generally accepted auditing standards, Government Auditing Standards, and the
Uniform Guidance will always detect material noncompliance when it exists. The risk of not
detecting material noncompliance resulting from fraud is higher than for that resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control. Noncompliance with the compliance requirements referred to above is
considered material if there is a substantial likelihood that, individually or in the aggregate, it
would influence the judgment made by a reasonable user of the report on compliance about the
City’s compliance with the requirements of each major federal program as a whole.
In performing an audit in accordance with generally accepted auditing standards, Government
Auditing Standards, and the Uniform Guidance, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and
design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the City’s compliance with the compliance
requirements referred to above and performing such other procedures as we considered
necessary in the circumstances.
Obtain an understanding of the City’s internal control over compliance relevant to the audit
in order to design audit procedures that are appropriate in the circumstances and to test and
report on internal control over compliance in accordance with the Uniform Guidance, but
not for the purpose of expressing an opinion on the effectiveness of the City’s internal
control over compliance. Accordingly, no such opinion is expressed.
91
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and any significant deficiencies and material
weaknesses in internal control over compliance that we identified during the audit.
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control
over compliance does not allow management or employees, in the normal course of performing
their assigned functions, to prevent, or detect and correct, noncompliance with a type of
compliance requirement of a federal program on a timely basis. A material weakness in internal
control over compliance is a deficiency, or combination of deficiencies, in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of
compliance requirement of a federal program will not be prevented, or detected and corrected, on
a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a
combination of deficiencies, in internal control over compliance with a type of compliance
requirement of a federal program that is less severe than a material weakness in internal control
over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the
Auditor’s Responsibilities for the Audit of Compliance section and was not designed to identify
all deficiencies in internal control over compliance that might be material weaknesses or
significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control over compliance that we consider to be material weaknesses, as
defined above. However, material weaknesses or significant deficiencies in internal control over
compliance may exist that have not been identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of
our testing of internal control over compliance and the results of that testing based on the
requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other
purpose.
Idaho Falls, Idaho
March 19, 2025
CITY OF REXBURG, IDAHO
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
For the Year Ended September 30, 2024
92
Section I - Summary of Auditors’ Results
Financial Statements
Type of auditors’ report issued: Unqualified
Internal control over financial reporting:
Material Weaknesses identified? Yes
Significant Deficiencies identified? No
Noncompliance material to financial
statements noted? No
Federal Awards
Internal control over major programs:
Material weaknesses identified? No
Significant Deficiencies identified? No
Type or auditors’ report issued on compliance
for major programs: Unmodified
Any audit findings disclosed that are required
to be reported in accordance with 2 CFR 200.516 (a)? No
Identification of major programs:
AL Number(s) Name of Federal Program
21.027 Coronavirus State and Local Recovery Funds
14.228 Community Development Block Grant
Dollar threshold used to distinguish
between Type A and Type B programs: $750,000
Auditee qualified as low-risk auditee? No
CITY OF REXBURG, IDAHO
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
For the Year Ended September 30, 2024
93
Section II – Financial Statement Findings
2024-001 REVENUE RECOGNITION
Criteria: Management is ultimately responsible for the proper preparation and
presentation of their financial statements in accordance with generally
accepted accounting principles and Government Auditing Standards.
Condition: In 2022, funding from COVID grants was received in advance, but was
not spent completely the end of that fiscal year. The entire amount was
recognized as income in the year received rather than deferred to match
spending and SEFA presentation.
Cause: Receipt in advance of funding is extremely rare, and the City was
uncertain how to account for these funds.
Effect: The financial statements were not appropriately presented in accordance
with generally accepted accounting principles and Government Auditing
Standards in previous years, and had to be corrected in the current year to
reflect unspent remaining funds.
Recommendation: We recommend regular and ongoing training for GASB reporting
standards, and that when unusual events occur, the City of Rexburg should
consult with other Cities or research through the GFOA for proper
recording.
View of Responsible
Officials: We concur with the findings above. See CAP for additional response.
Section III – Federal Award Findings and Questioned Costs
None
CITY OF REXBURG, IDAHO
SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS
For the Year Ended September 30, 2024
94
Prior Year Findings:
2023-001 – APPLICATION OF GASB STANDARDS - Corrected
95
Corrective Action Plan
Finding 2024-001: REVENUE RECOGNITION
In 2022, funding from COVID grants was received in advance, but was not spent
completely by the end of the fiscal year. The entire amount was recognized as income
in the year received rather than deferred to match spending and SEFA presentation.
Auditor recommendation is regular and ongoing training for GASB reporting standards,
and that when unusual events occur, the City of Rexburg should consult with other
Cities or research through the GFOA for proper recording.
Comments on Finding and Recommendation(s): We concur with the findings above.
Actions Taken or Planned: We have included as part of our grant reconciliation process
each year to review all federal/state grants received and determine if they were received
in advance. If so, we will then determine if any of that grant revenue should be
recognized in the current year received as revenue earned and whatever is not earned
we will move it into a liability account for grants received in advance for that respective
fund. Once the revenue is earned in subsequent years, we will move that from the
liability account to the revenue account. We have completed this process for Fiscal
Year 2024 and will continue to do this process each year prior to finalizing the financial
statements and SEFA presentation.
3/19/2025
Signature of City Official Date
Title: CFO
Telephone: 208-372-2343
Email: mattn@rexburg.org