HomeMy WebLinkAboutRes2009-109 Sponsored by: Oates
CITY OF SEWARD, ALASKA
RESOLUTION 2009 -109
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE HOSPITAL DEBT SERVICE 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
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 Hospital Debt Service 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 expenditures 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 OF SEWARD, ALASKA
Villard E. Dunham, Mayor
.....
CITY OF SEWARD, ALASKA
RESOLUTION 2009 - 109 -->
AYES: Valdatta, Bardarson, Smith, Keil, Shafer, Amberg, Dunham
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
Je n Lewis, CMC
Ciiy Clerk
(City Seal)
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HOSPITAL DEBT SERVICE FUND
Budgeted Statement of Revenues, Expenditures, Other Financing
-. Sources (Uses) and Changes in Fund Balance
For Fiscal Year 2010 and 2011
2008 2009 2010 2011
Actual * Budget Budget Budget
Revenues (investment earnings): $35,140 522,890 $25,000 $25,000
Expenditures:
Debt service principal 640,000 685,000 735,000 785,000
Debt service interest and other costs 123,788 107,169 86,725 63,925
Hospital contributions for operational shortfall 42,249 500,000 0 0
Total expenditures $806,037 51,292,169 $821,725 $848,925
Excess (deficit) of revenues over expenditures - 5770,897 - $1,269,279 - $796,725 - 5823,925
Operating transfers from other funds I,023,383 1,025,000 951,685 981,63I
Operating transfers to other funds - 134,704 - 134,704 - I34,704 - I34,704
Net change in fund balance 5117,782 - $378,983 520,256 $23,002
Beginning fund balance $945,478 $1,063,260 $684,277 5704,533
Ending fund balance 51,063,260 $684,277 $704,533 $727,535
b Ties to annual Comprehensive Annual Financial Report
Budget policy allows for contributions to hospital for capital repairs and replacement, at the rate of 5% of the prior years' ending
fund balance, but only in years where the balance in this account equals the single highest years' debt payment, of $878,500.