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HomeMy WebLinkAboutRes2000-142 I I I Sponsored by: Janke CITY OF SEWARD, ALASKA RESOLUTION 2000-142 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, ADOPTING THE SEWARD MARINE INDUSTRIAL CENTER (SMIC) ENTERPRISE FUND BUDGET FOR CALENDAR YEAR 2001 WHEREAS, effective January 1,2000 the City's fiscal year changed from a July 1 - June 30 fiscal year to a January 1 - December 31 fiscal year; and WHEREAS, on October 9,2000, the City Manager submitted to the City Council a proposed budget for the City of Seward for Calendar Year 2001; and WHEREAS, the City Council met in work sessions to review the proposed budget on October 17,18,19, and 20, 2000; and WHEREAS, public hearings were held on the proposed budget on November 6, 2000 and November 20,2000; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, that: Section 1. The Seward Marine Industrial Center Enterprise Fund budget for Calendar Year 200 I which is attached hereto and made a part hereof by reference and which contains estimated revenues and expenses for the period January 1 - December 31,2001, is HEREBY ADOPTED. Section 2. This resolution shall take effect January 1,2001. PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 20th day of November, 2000. THE CITY OF SEWARD, ALASKA LL . I oj' o.:;:r..-, _-' Edgar Blatchford, Mayor CITY OF SEWARD, ALASKA RESOLUTION 2000-142 AYES: NOES: ABSENT: ABSTAIN: Blatchford, Brossow, Orr, Shafer None Calhoon, Clark, King None ATTEST: , ~7~ Patrick Reilly City Clerk ~,.....~~,.,1. ~,~~~eE '#,~ ~.. ~ ........ ~...:~ I (J~..... flOA~_":'>'A ~ - I .~~~~ ~ : : ....... "Q.. ~ ;.1 SEAL \ : : \ I.: \\. -- ,:E ~ .n. ":"'A. ~",..' ~ 1.. - ~"::1~ 1 \~ / ."" ~ ,i'i- .....&.... ro~1" ,.., OF"~ ",,, ,'........'". SMIC ENTERPRISE FUND Budgeted Statement of Revenues and Expenses and Changes in Retained Earnings I For Fiscal Year 2001 Six-Month FYOO FYOl FYOO-Ol Actual Budget Budget %Chg Operating revenues: Moorage 9,733 28,000 28.000 0.0% Wharfage 5.026 37.500 40.000 6.7% Boat Lift Fees 77,900 132.000 132.000 0.0% Power Sales 0 4.000 4.000 0.0% Storage 46.862 80.000 100.000 25.0% Rents and Leases 39.087 74.917 45,600 -39.1% Miscellaneous 6.28 I 8.200 8.200 0.0% Total operating revenues: $184,889 $364,617 $357,800 -1.9% Operating expenses before depreciation: Salaries 21,940 53.112 41.526 -21.8% Employee Benefits 4.468 8.885 12,198 37.3% Purchased Services 17,344 98.000 89.000 -9.2% Supplies and Maintenance 37.322 84.000 64.000 -23.8% General and Administrative 39,642 80,995 177.932 II9.7% Total Operating Expenses: $120,716 $324,992 $384,656 18.4% I Operating income before depreciation 64,173 39,625 (26,856) -167.8% Depreciation 565.420 I,936.467 1.232.667 -36.3% Operating Income (Loss) ($501,247) ($1,896,842) ($1,259,523) 33.6% Non-operating revenues (expenses) Inrerest Income 3.127 0 0 0.0% Interest Expense ( 65.530) (125.658) (I II,489) -11.3% Other revenues (expenses) 0 0 0 0.0% Total non-operating revenue (expense) ($62,403) ($125,658) ($111,489) 11.3% Income (loss) before operating transfers ($563,650) ($2,022,500) ($1,371,012) -32.2% Operating transfers /Tom ather funds 250.49 I 285,133 357,904 25.5% Operating transfers to orner funds (7,083) (12.538) (23,880) -90.5% Net income (loss) ($320,242) ($1,749,905) ($1,036,988) -40.7% Amonlzanon of CIA 493,070 986.140 I.II3,816 12.9% Increase (decrease) in retained earnings $172,828 ($763,765) $76,828 110.1% Retained earnings at beginning of year $0 $603,089 ($160,676) -126.6% Residual equity transfers 430,261 0 0 0.0% I Retained earnings at end of year SMIC Undesignated 603.089 (160.676) (83.848) 47.8% Total Retained Earnings $603.089 ($160.676) ($83.848) 47.8% QTY OF SEWARD SNUCENTERP~SEFUND Budgeted Statement of Cash Flow For Fiscal Year 2001 FYOO FYOl FYOO-Ol Budget Budget %Chg Cash is provided By (Used For): Net Income (Loss) ($1,749,905) ($1,036,988) 40.7% Add Expense Items Not Affecting Cash Depreciation 1,936,467 1,232,667 -36.3% Amortization of Bond Refimding 15,048 15,048 0.0% Amortization of Bond Issue Costs 2,268 2,268 0.0% Net Cash Provided By (Used For) Operations $203,878 $212,995 4.5% Other Uses or Cash Debt Principal Payments (200,878) (a) (209,995) (b) -4.5% Capital Outlay (3,000) (3,000) -100.0% Net Increase (Decrease) in Cash $0 $0 0.0% (a) $200,878 represents: North SMIC Dock bond - $135,878; 250-Ton Travelift lease - $65,000 (b) $209,995 represents: North SMIC Dock bond - $139,995; 250-Ton Travelift lease - $70,000