HomeMy WebLinkAboutRes2009-106 Sponsored by: Oates
CITY OF SEWARD, ALASKA
RESOLUTION 2009 -106
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE SEWARD MARINE INDUSTRIAL CENTER
ENTERPRISE FUND BIENNIAL BUDGET FOR CALENDAR YEARS
2010 AND 2011
WHEREAS, the Seward City Council met on September 14 and September 28,
2009 to authorize budget policies and provide budget guidance to the administration, and
conducted extensive work sessions for the purpose of discussing enterprise fund capital
infrastructure needs and rate reviews on September 15, 24, 28, and 29, 2009; and
WHEREAS, on October 12, 2009, the city manager submitted to the City Council a
proposed biennial budget for the City of Seward for Calendar Years 2010 and 2011; and
WHEREAS, the biennial budget was introduced at the regularly scheduled Council
meeting on October 12, 2009, and work sessions were conducted and televised on October 13,
14, 15, and 16, 2009; and
WHEREAS, a public hearing was held on the proposed budget on November 9, with
final adoption scheduled for November 23, 2009.
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
Years 2010 and 2011 which is attached hereto and made a part hereof by reference and which
contains estimated revenues and expenses for the period January 1, 2010 - December 31, 2011, is
HEREBY ADOPTED, and the necessary funds are hereby appropriated.
Section 2. This resolution shall take effect immediately upon adoption.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 23
day of November, 2009.
THE CITY R F SEWARD, ALASKA
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• illard E. 1 unham, Mayor
CITY OF SEWARD, ALASKA
RESOLUTION 2009 -106
NM.
AYES: Valdatta, Bardarson, Smith, Keil, Shafer, Amberg, Dunham
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
Jean Lewis, CMC
City Clerk
(City Seal) ''
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SMALL BOAT HARBOR ENTERPRISE FUND
Budgeted Statement of Revenues and Expenses
and Change in Net Assets
For Fiscal Year 2010 and 2011
2008 2009 2010 20II
Actual Budget Budget Budget
Operating revenue:
Moorage 1,353,666 I,324,400 I,351,306 1,378,085
Wharfage 5I,729 55,000 55,000 55,000
Boat Lift Fees 83,909 89,250 89,250 89,250
Power Sales 232,243 240,000 243,000 255,000
Passenger Transit Fee 657,248 650,000 500,000 550,000
Capital Renewal & Replacement Fee 0 0 I00,000 100,000
Rents and Leases 290,796 29I,893 292,660 302,985
Miscellaneous 107,085 I06,450 107,950 I27,950
Total operating revenue $2,776,676 $2,756,993 $2,739,I66 $2,858,270
Operating expense before depreciation:
Salaries & Benefits 839,212 885,167 9I4,786 948,973
Purchased Services 319,136 285,900 343,300 306,800
Power for Resale I47,197 160,000 I68,003 I76,400
Supplies and Maintenance 163,059 117,700 I2I,450 I29,450
General and Administrative 185,940 391,824 395,036 408,174
Total operating expense: $I,654,544 $I,840,591 $1,942,575 $I,969,797
Operating income before depreciation 1,122,132 9I6,402 796,591 888,473
Depreciation I,0I2,180 (a; 1,043,963 (b) 1,086,240 (c) I,210,663 (d)
Operating loss $109,952 - $127,561 - $289,649 - $322,190
Non - operating revenue (expense)
Interest & other income 878,127 38,000 21,000 21,000
Interest & other expense - 379,907 - 366,721 - 346,923 - 326,487
Total non - operating revenue (expense) 498,220 - 328,721 - 325,923 - 305,487
Income (loss) before transfers $608,172 - $456,282 - $615,572 - $627,677
Transfers in 0 0 365,000 365,000
Capital contributions and special items 2,095,572 0 0 0
Transfers out - 319,595 - 302,234 - 595,965 - 615,8I7
Change in net assets $2,384,149 - $758,516 - $846,537 - $878,494
Beginning net assets 15,647,139 18,031288 I7,272,773 I6,426236
Ending net assets $T8,031,288 1272.773, $16,426,236. §15 5472
° Ties to annual Comprehensive Annual Financial Report
Of total depreciation expense, the following amounts were attributable to capital assets funded with capital contributions:
(a) 546,515 or 54 %; (b) $556,432 or 53 %; (c) $628,245 or 58 %; ( d) $752,174 or 62%
CITY OF SEWARD
SMALL BOAT HARBOR EN 1 ERPRISE FUND
Budgeted Statement of Cash Flow
For Fiscal Year 20I0 and 2011 --r
2009 20I0 20II
Budget Budget Budget
Beginning Cash Balance at I /I /09*: $I,I69,083
Cash is provided by used for):
Change in net assets - 758,5I6 - 846,537 - 878,494
Passenger fee revenues under budget - I50,000 0 0
Add expense items not affecting cash
Depreciation 1,043,963 I,086,240 I2I0,663
Net cash provided by operations $I35,448 $239,703 $332,I69
Other sources (uses) of cash
Transfer fin Passenger Fee Fund to cover shortfal 150,000 (e) 197,791 (f) I53,459 (f)
Debt principal payments - 359,040 - 380,088 (a) - 406,193 (c)
Capital outlay - 5I,043 - 53,600 (b) - 54,900 (d)
Net increase (decrease) in cash - $124,636 $3,806 $24,535
Estimated ending cash balance: $1,044.448 $I,048,254 $1,072,789
° Ties to CAFR and includes only Harbor Enterprise Fund; excludes related capital projects
(a) $I40K = 2000 Bond; $60K = 2005 Float Extension Bond; $I60K = 2006 South Harbor Bond
and $20,088 is Travelift loan reimbursement to motor pool fund.
(b) $53,600 _ Motor Pool contributions; No investment in equipment. No MRRF contribution this year.
(c) $ISOK = 2000 Bond; $65K = 2005 Float Extension Bond; $I70K = 2006 South Harbor Bond
and $21,193 is Travelift loan reimbursement to motor pool fund.
(d) Motor Pool contributions. No investment in equipment. No MRRF contribution this year.
(e) Passenger fee revenues expected to come in $ISOK lower than budgeted.
(f) Passenger fee revenues expected lower than annual bond debt, so transfer from Bond Fund reserves is necessary.
Cash Balance - Harbor Fund & Related Capital Projects (Balance @ 9/30/09):
Fund 401 - Small Boat Harbor Enterprise Fund - $231,238
Fund 274 - Small Burt Harbor Expansion 468,50I Bond Funds: Earmarked
Fund 276 - Harbor Dredging 0 Earmarked for capital project
Fund 315 - Harbor Repair and Renovarion 77,955 Earmarked for capital project
Fund 402 - Major Maintenance and Repair 199,600 Cruise ship head tax for specific use
Fund 806 - Passenger Fee Bond 1,026,945 Earn for bond payments
Toral Harbor - related Cash: $ I,541,763