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Home My WebLink AboutRes2011-088 Sponsored by: Administration fi r.. CITY OF SEWARD, ALASKA RESOLUTION 2011 -088 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, ADOPTING THE SMALL BOAT HARBOR ENTERPRISE FUND BIENNIAL BUDGET FOR CALENDAR YEARS 2012 AND 2013 WHEREAS, the Seward City Council met on August 23, 2011 and September 12, 2011 to authorize budget policies and provide budget guidance to the administration, and conducted no less than eight extensive work sessions for the purpose of discussing enterprise fund capital infrastructure needs and rate reviews; and WHEREAS, on September 12, 2011, the City Manager submitted to the City Council a proposed biennial budget for the City of Seward for Calendar Years 2012 and 2013; and WHEREAS, the biennial budget was introduced at the regularly scheduled Council meeting on September 12, 2011, and work sessions were conducted and televised; and WHEREAS, a public hearing was held on the proposed budget on November 14, 201 1 with final adoption scheduled for December 12, 2011. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, that: Section 1. The Harbor Enterprise Fund biennial budget for Calendar Years 2012 and 2013 which is attached hereto and made a part hereof by reference and which contains estimated revenues and expenses for the period January 1, 2012 - December 31, 2013, 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 12 day of December, 2011. ... CITY OF SEWARD, ALASKA RESOLUTION 2011 -088 THE CITY OF SEWARD, ALASKA ad David Se , M r AYES: Valdatta, Bardarson, Keil, Shafer, Casagranda, Terry, Seaward NOES: None ABSENT: None ABSTAIN: None ATTEST: ZAGLA/41 I hanna Kinney, CMC ity Clerk (City Seal) ' ��; %Iaeit° • • pri SMALL BOAT HARBOR ENTERPRISE FUND Budgeted Statement of Revenues and Expenses and Change in Net Assets For Fiscal Year 20I2 and 20I3 2010 2011 2012 2013 Actual Budget Budget Budget Operating revenue: Moorage I,450,738 I,378,085 1,458,600 I,489,700 Wharfage 60,476 55,000 55,000 55,000 Boat Lift Fees 99,877 89,250 100,000 I00,000 Power Sales 225,303 255,000 280,500 286,000 Passenger Transit Fee 544,947 550,000 555,000 560,000 Capital Renewal & Replacement Fee (e) 0 I00,000 (e) 0 Rents and Leases 308,866 0 8,866 302,985 326,416 326,416 Miscellaneous 113,621 I07,950 I00,250 I00,750 Total operating revenue $2,803,828 $2,838,270 $2,875,766 $2,917,866 Operating expense before depreciation: Salaries & Benefits 842,203 948,973 923,669 937,843 Purchased Services 341,4I5 306,800 330,150 300,653 Power for Resale I49,796 I76,400 I90,000 I96,000 Supplies and Maintenance I05,946 I29,450 144,500 I50,900 General and Administrative 345,527 408,I74 368,234 372,728 Total operating expense: $I,784,887 $I,969,797 $I,956,553 $I,958,124 i lium ' Operating income before depreciation I,018,94I 868,473 919,213 959,742 Depreciation I,086,89I (a) 1,2I0,663 (b) 1,543,648 (c) I,538,I33 Operating loss - $67,950 - $342,I90 - $624,435 - $578,391 Non - operating revenue (expense) Interest & other income 767,154 21,000 I2,000 I2,500 Interest & other expense - 34I,168 - 326,487 - 310,482 - 290,302 Total non - operating revenue (expense) 425,986 - 305,487 - 298,482 - 277,802 Income (loss) before transfers $358,036 - $647,677 - $922,9I7 - $856,I93 Transfers in 302,262 365,000 320,000 320,000 Capital contributions and special items 642,478 0 0 0 Transfers out - 336,046 - 6I5,8I7 - 44I,395 - 480,4I4 Change in net assets $966,730 - $898,494 - $I,044,312 - $1,016,607 Beginning net assets 17,908,080 18,874,8I0 I7,976,316 16,932,004 Ending net assets $18,874,8I0 * $ I 7976,316 $ I6,932,004 $15,915,397 ° Ties to annual Comprehensive Annual Financial Report Of total depreciation expense, the following amounts were attributable to capital assets funded with capital contributions: ... (a) 636,620 or 59 %; (b) $760,549 or 63 %; (c) $780,549 or 5I %; ( d) $780,549 or 5I% CITY OF SEWARD SMALL BOAT HARBOR ENTERPRISE FUND Budgeted Statement of Cash Flow _ _ For Fiscal Year 2012 and 2013 2011 2012 20I3 Budget Budget Budget Beginning Cash Balance at I /I /II*: $I,534,331 Cash is provided by (used for): Change in net assets - 898,494 - I,044,3I2 - 1,0I6,607 Passenger fee revenues under budget 0 0 0 Add expense items not affecting cash Depreciation I,2I0,663 1,543,648 1,538,I33 Net cash provided by operations $3I2,I69 $499,336 $521,526 Other sources (uses) of cash Transfer fm Passenger Fee Fund to cover shortfat 0 (a) 0 (b) 0 (b) Debt principal payments - 406,I93 - 422,358 (c) - 443,588 (d) Capital outlay -54,900 - 56,850 (e) - 57,8I0 (e) Net increase (decrease) in cash - $148,924 $20,I28 (f) $20,128 (f) Estimated ending cash balance: 1 385407 $ 1,405,535 $ I,425,663 Ties to CAFR and includes only Harbor Enterprise Fund; excludes related capital projects (a) Passenger fee revenues expected to exceed 2011 budget by $4K but fall short by $ I83K of full bond requirement. The balance in Passenger Fee Bond fund at I2 /3I /I I is estimated at $66,873. (b) Passenger fee revenues less than total harbor bond payments by $I83K in 2011; $172K in 2012; $3I5K in 2013. (c) $I55K = 2000 Bond; $65K = 2005 Float Extension Bond; $180K = 2006 South Harbor Bond and $22,358 is Travelift loan reimbursement to motor pool fund. (d) $I65K = 2000 Bond; $65K = 2005 Float Extension Bond; $I90K = 2006 South Harbor Bond and $23,588 is Travelift loan reimbursement to motor pool fund. (e) Motor Pool contributions. No investment in equipment or assets. J CITY OF SEWARD SMALL BOAT HARBOR ENTERPRISE FUND Budgeted Interfund Transfers Fiscal Year 2012 and 2013 2012 2013 Transfers -In Transfers -Out Transfers -In Transfers -Out Raw Fish Tax from General Fund 320,000 320,000 Harbor Passenger Fee Fund to cover shortfall 0 0 To Harbor MRRF from Raw Fish Tax 0 0 To Harbor MRRF for critical capital needs 102,199 138,250 General Fund: One -half of land rents and leases 163,208 163,208 Federal and state lobbying 16,440 16,440 Payments -in- Lieu -of -Tax 159,548 162,516 Lease management and administration 0 0 $320,000 $441,395 $320,000 ikrit t L