HomeMy WebLinkAboutRes2009-107 Sponsored by: Oates
CITY OF SEWARD, ALASKA
RESOLUTION 2009 -107
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE SMALL BOAT HARBOR 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 TIIE
CITY OF SEWARD, ALASKA, that:
Section 1. The Harbor Enterprise Fund biennial 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 ► EWARD, ALASKA
/ AA /
1, 'Ward E. Dunham, Mayor
CITY OF SEWARD, ALASKA
RESOLUTION 2009 -107
AYES: Valdatta, Bardarson, Smith, Keil, Shafer, Amberg, Dunham
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
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Jean Lewis, CMC
City Clerk
(City Seal)
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SMIC ENTERPRISE FUND
Budgeted Statement of Revenues and Expenses
and Change in Net Assets
For Fiscal Year 2010 and 2011
2008 2009 20I0 2011
Actual * Budget Budget Budget
Operating revenue:
Moorage 704 4,125 2,625 2,625
Wharfage 2,590 4,250 3,250 3,250
Boat Lift Fees I18,350 110,000 115,000 115,000
Power Sales 24,779 20,000 20,000 20,000
Storage 81,059 I00,000 I I0,000 1I0,000
Rents and Leases 72,573 72,669 70,986 73,1I6
Miscellaneous 4,462 I,000 1,000 I,000
Total operating revenue: $304,5I7 $312,044 $322,86I $324,99I
Operating expense before depreciation:
Salaries & Benefits 97,237 111,237 71,I38 73,818
Purchased Services 116,516 I26,800 I27,300 I20,800
Supplies and Maintenance 39,352 60,000 49,500 50,000
General and Administrative 247,I24 72,064 84,478 88,809
Total operating expense: $500,229 $370,101 $332,4I6 $333,427
Operating income before depreciation - 195,7I2 - 58,057 -9,555 -8,436
Depreciation 642,635 (a) 642,010 (b) 622,0I0 (c) 601,507
Operating loss (838,347) (700,067) (63I,565) (609,943)
Non - operating revenue (expense)
Investment income and other I0,665 0 0 0
Interest expense (6,589) (46,207) (3,719) (2,066)
Total non- operating revenue (expense) 4,076 (46,207) (3,719) (2,066)
Income (loss) before contributions & transfers (834,271) (746,274) (635,284) (6I2,009)
Transfers in 348,655 140,230 70,567 I24,640
Capital contributions 0 0 0 0
Transfers out - 54,I00 - 55,485 - 54,043 - 55,108
Change in net assets ($539,7I6) ($66I,529) ($6I8,760) ($542,477)
Beginning net assets $27,898,483 $27,358,767 $26,697,238 $26,078,478
Ending net assets $27,358,767 $26,697,238 $26,078,478 $25,536,00I
' Ties to annual Comprehensive Annual Financial Report
Of total depreciation expense, the following amounts were attributable to capital assets funded with capital contributions:
(a) $523,543 or 81 %; (b) $523,543 or 82 %; (c ) $503,042 or 81 %; (d) $482,529 or 80%
CITY OF SEWARD
SMIC ENTERPRISE FUND
Budgeted Statement of Cash Flow --
For Fiscal Year 20I0 and 20I I
2009 20I0 20II
Budget Budget Budget
Beginning Cash Balance at 1/1/09 *: $I26,457
Cash is provided by (used for):
Change in Net Assets - 66I,529 - 6I8,760 - 542,477
Add expense items not affecting cash
Depreciation 642,0I0 622,0I0 60I,507
Net cash provided by operations -$19,519 $3,250 $59,030
Other uses of cash
Debt principal payments - 55,094 - 55,094 (a) - 59,030 (a)
Net increase (decrease) in cash - $74,6I3 - $5I,844 $0
Estimated ending cash balance: $5I,844 $0 $0
Ties to CAFR
(a) North SMIC Dock Bond