HomeMy WebLinkAboutRes2013-084 Sponsored by: Hunt
CITY OF SEWARD, ALASKA
RESOLUTION 2013-084
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEWARD, ALASKA, ADOPTING THE ELECTRIC ENTERPRISE FUND
BIENNIAL BUDGET FOR CALENDAR YEARS 2014 AND 2015
WHEREAS, the City Manager has submitted to the City Council a proposed biennial
budget for the City of Seward for Calendar Years 2014 and 2015; and
WHEREAS, the biennial budget was reviewed by the City Council in budget work
sessions on September 16, 19, and 24. 2013, which were televised to the public; and
WHEREAS, a public hearing is scheduled on the proposed budget for October 28, 2013
with an additional public hearing and final adoption scheduled for November 12, 2013.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEWARD, ALASKA, that:
Section 1. The Electric Enterprise Fund budget for Calendar Years 2014 and 2015
which is attached hereto and made a part hereof by reference and which contains estimated
revenues and expenses for the period January 1, 2014 - December 31, 2015, 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
12th day of November, 2013.
THE CITY OF SEWARD, ALASKA
i24441) a1Z)-ekt)
an Bardarson, Mayor
AYES: Keil, Shafer, Casagranda, Terry, Squires, Bardarson
NOES: None
ABSENT: None
ABSTAIN: None
VACANT: One
CITY OF SEWARD, ALASKA
RESOLUTION 2013-084
ATTEST: ..r
anna K' y, CMC
C ty Clerk
(City Seal)
'\e\\\ti6i40iB
SEAL •
.
♦y., F OF A tssso
...�e�e\eoes
CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
Budgeted Statement of Cash Flow
For Fiscal Year 20I4 and 20I5
20I3 20I4 2015
Budget Budget Budget
Beginning Cash Balance at 1/I/I3 (*): $I,896,567
Cash is provided by(used for):
Change in net position (972,003) (I81,I22) (260,325)
Add expense items not affecting cash
Depreciation 1,855,102 1,82I,082 I,777,308
Net cash provided by operations $883,099 $I,639,960 $1,516,983
Other sources(uses) of cash
Loan repayment from General Fund 110,784 I 10,784 (a) I I0,784 (a)
Debt principal payments (345,000) (380,000) (b) (400,000) (c)
Irr Capital outlay (489,678) (I,370,744) (d) (I,224,323) (e)
Net increase(decrease)in cash $I59,205 $0 $3,444
Estimated ending cash balance $2,055,772 $2,055,772 $2,059,2I6
(a)From General Fund to recover payments made to subsidize SMIC enterprise fund over I5 years.
(b)$380K represents: I995 bond refunded in 2005-$260K;Electric generator bond- $120K.
(c)$400K represents I995 bond refuded in 2005-$275K;Electric generator bond-$I25K.
(d)Infrastructure$350K;Motor pool$I75K;Work orders$343,627;Equipment$50K;MRRF$452,117.
(e)Infrastructure$565K;Motor pool$I75K;Work orders $347,763;Equipment$50K;MRRF$86,560.
Ties to CAFR
ELECTRIC ENTERPRISE FUND
Budgeted Statement of Revenues and Expenses
And Change in Net Position
,,,, For Fiscal Years 20I4 and 20I5
20I2 20I3 20I4 2015
Actual* Budget Budget Budget
Operating revenue:
Sales:
Residential 3,344,4I6 3,435,232 3,267,4I8 3,329,561
Small General Service 1,868,892 1,983,659 1,857,302 I,893,594
Large General Service 4,581,I76 4,576,589 4,74I,923 4,832,455
Harbor Power Sales 288,839 290,646 308,204 310,958
Industrial Sales/Special Contracts 948,750 909,064 920,490 931,573
Street&Yard Lights 68,648 76,707 70,000 70,000
Miscellaneous 123,790 73,000 72,000 73,000
Total operating revenue: $II,224,5I1 $II,344,897 $II,237,337 $]:I,44I,141
Operating expense:
Before depreciation:
Salaries 938,524 1,005,852 1,034,933 1,060,049
Work order charges(salaries) (176,230) (295,000) (293,627) (297,763)
Employee benefits 547,009 645,061 568,223 587,696
Purchased services 424,678 516,992 557,444 553,422
Power for resale 4,985,312 5,096,000 4,760,000 4,991,000
Supplies&maintenance 248,437 522,100 447,000 503,000
Work order charges(supplies) -I23,3I9 -225,000 -50,000 -50,000
General&Administrative 1,132,575 1,120,191 I,107,137 1,1 I2,458
€L Total operating expense: $7,976,986 $8,386,I96 $8,131,1 10 $8,459,862
Operating income before depreciation 3,247,525 2,958,701 3,106,227 2,981,279
Depreciation 1,721,199 (a) I,855,102(b) I,821,082 (c) 1,777,308(d)
Earnings from operations $1,526,326 $I,I03,599 $1,285,145 $1,203,971
Non-operating revenue(expense)
Interest income 119,536 50,500 72,000 72,000
Interest expense (I86,304) (330,344) (299,961) (281,686)
Other revenue(expense) (13,755) 42,284 1,000 1,000
Total non-operating revenues(expenses) (80,523) (237,560) (226,96I) (208,686)
Earnings before contributions and transfers $1,445,803 $866,039 $I,058,184 $995,285
Capital contributions and special items 14I,677 0 0 0
Transfers(to)/from other funds (1,084,1I7) (I,838,042) (1,239,306) (1,255,610)
Change in net position 503,363 (972,003) (I81,I22) (260,325)
Beginning net position $2I,679,821 $22,I83,184 $21,211,181 $21,030,059
Ending net position $22,I83,I84 * $21,211,181 $21,030,059 $20,769,734
° Ties to annual Comprehensive Annual Financial Report
Of total depreciation expense,the following amounts were attributable to capital assets funded with capital contributions:
(a)$937,286 or 64%;(b)$1,063,795 or 57%;(c)$1,043,386 or 57%;(d) 1,030,760 or 58%