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HomeMy WebLinkAbout1992CAFRx a' COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE CITY OF SEWARD, ALASKA For The Fiscal Year Ended dune 30,1992 DAVE CRANE MAYOR DARRYL SCHAEFERMEYER CITY MANAGER PREPARED BY THE DEPARTMENT OF FINANCE RICK L. GIFFORD DIRECTOR OF FINANCE AND ADMINISTRATIVE SERVICES PART I INTRODUCTORY SECTION F, 1 CITY Of SEWARD General Purpose Financial Statements and Schedules Table of Contents PART I - INTRODUCTORY SECTION page Table of Contents Letter of Transmittal I -VI List of Principal Officials VII - Organizational Chart XVIIV11 X PART II - FINANCIAL SECTION Independent Auditors' Report I General Purpose Financial Statements - Overview: 2ExhibitA - Combined Balance Sheet - All Fund Types and Account GroupsExhibitB - Combined Statement of Revenues, Expenditures, Other 3 -4 Financing Sources (Uses) and Changes in Fund Balances - GovernmentalFundTypes Exhibit C - Statement of Revenues, Expenditures, Other financingSources (Uses) and Changes in Fund Balance - Budget Actual 5 General Fund and - 1 Exhibit D - Combined Statement of Revenues, Expenses, OperatingTransfersandChangesinRetainedEarnings - Proprietary 6 FundType - Enterprise Funds and Internal Service Fund 7ExhibitE - Combined Statement of Cash Flows - Proprietary FundType - Enterprise Funds and Internal Service Fund Notes to General Purpose Financial Statements 8 9-35 Combining, Individual Fund and Account Group Financial Statements: Governmental Fund Types: 36 General Fund: t Schedule I - Balance Sheet Schedule 2 - Statement of Revenues, Expenditures, Other Financing 37 39-40 Uses and Changes in Fund Balance 41Schedule3 - Statement of Revenues, Expenditures, Other FinancingSources (Uses) and Changes in Fund Balance Budget and Actual 42 -46 Special Revenue Funds: Schedule 4 - Combining Balance Sheet Schedule 5 - Combining Statement of Revenues, Expenditures, Other 47 49-50 Financing Sources (Uses) and Changes in Fund BalancesDAREProgram: 51 -52 Schedule 6 - Balance Sheet 53Schedule7 - Statement of Revenues, Expenditures, Other Financing Sources and Changes in Fund Balance 54 CITY OF SEWARD , General Purpose Financial Statements and Schedules ' Table of Contents 1 AM 1 Combining, Individual Fund and Account Group Financial Statements: Governmental Fund Types: Special Revenue Funds, Continued: Summer Youth Employment /Training Programs: Schedule 8 - 1992-93 Program - Balance Sheet 55 Schedule 9 - Combining Statement of Revenues, Expenditures and Changes in Fund Balances 56 Comprehensive Plan: 51Schedule10 - Balance Sheet Schedule 11 - Statement of Revenues, Expenditures and Changes in Fund Balance 58 Day Care Assistance: 59Schedule12 - Balance Sheet Schedule 13 - Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit) 1989 Flood Disaster: 61Schedule14 - Balance Sheet Schedule 15 - Statement of Revenues, Expenditures and Changes in Fund Balance 62 Spring Creek Correctional Center: 63Schedule16 - Balance Sheet Schedule 11 - Statement of Revenues, Expenditures and Changes in Fund Balance 64 Police Fund: 65Schedule18 - Balance Sheet Schedule 19 - Statement of Revenues, Expenditures and Changes in Fund Balance 66 Prison Library - Schedule 20 - Statement of Revenues, Expenditures and Changes in Fund Balance 67 Public Library - Schedule 21 - Statement of Revenues, Expenditures and Changes in Fund Balance 68 State Revenue Sharing - Schedule 22 - Statement of Revenues, Expenditures, Other Financing Uses and Changes in Fund Balance 69 Litter Control: 10Schedule23 - 1991 Program - Balance Sheet Schedule 24 - Combining Statement of Revenues, Expenditures tandChangesinFundBalances71 Oil Spill - Schedule 25 - Statement of Revenues, Expenditures and Changes in Fund Balance 12 CITY OF S €WARD General Purpose Financial Statements and Schedules Table of Contents P, ag-e Combining, Individual Fund and Account Group Financial Statements: Governmental Fund Types: Capital Projects Funds: 73 -14Schedule26 - Combining Balance Sheet 75Schedule27 - Combining Statement of Revenues, Expenditures, Other Financing Sources and Changes in Fund BalancesSeniorCitizensCenter: 77 -78 Schedule 28 - Balance Sheet 79Schedule29 - Statement of Expenditures and ChangesinFundBalance 80StreetsandSidewalks: Schedule 30 - Balance Sheet 81Schedule31 - Statement of Revenues, Expenditures, Other Financing Sources and Changes in fund Balance Municipal Building Capital Improvements: 82 Schedule 32 - Balance Sheet 83Schedule33 - Statement of Expenditures, Other FinancingSourcesandChangesinFundBalance 84HandicappedAccess: Schedule 34 - Balance Sheet 85Schedule35 - Statement of Revenues, Expenditures and Changes in Fund Balance 86LibraryHandicappedAccess: Schedule 36 - Balance Sheet 87Schedule37 - Statement of Expenditures, Other FinancingSourcesandChangesinFundBalance BeJailSprinkler: Schedule 38 - Balance Sheet 89Schedule39 - Statement of Revenues, Expenditures and Changes in Fund Balance 90LowellCreekBridge: Schedule 40 - Balance Sheet 91Schedule41 - Statement of Revenues, Expenditures andChangesinFundBalance 92LibraryRenovation - Schedule 42 - Statement of Revenues, Expenditures and Changes in Fund Balance Seward Marine Industrial Center, Civil Expansion - Schedule 43 - 93 Statement of Expenditures and Changes in Fund Balance 94 III r7 CITY OF SEWARD General Purpose Financial Statements and Schedules Table of Contents Combining, Individual Fund and Account Group Financial Statements: Governmental Fund Types: Capital Projects Funds, Continued: Lowell Canyon Tunnel - Schedule 44 - Statement of Revenues, Expenditures, Other Financing Sources rind Changes in Fund Balance Bike Path: Schedule 45 - Balance Sheet Schedule 46 - Statement of Revenues, Expenditures, Other Financing Sources and Changes in Fund Balance Hospital Boiler: Schedule 47 - Balance Sheet Schedule 48 - Statement of Expenditures, Other Financing Sources and Changes in Fund Balance Hospital Handicapped Access - Schedule 49 - Statement of Expenditures, Other Financing Sources and Changes in Fund Balance Projects to Date - Schedule 50 - Statement of Revenues, Expenditures, Other Financing Sources (lases) and Changes in Fund Balances Proprietary Fund Types: Enterprise Funds: Schedule 51 - Combining Balance Sheet Schedule 52 - Combining Statement of Revenues, Expenses and Changes in Retained Earnings Schedule 53 - Combining Statement of Cash Flows Electric: Schedule 54 - Balance Sheet Schedule 55 - Statement of Revenues, Expenses and Changes in Retained Earnings Schedule 56 - Statement of Cash Flows Water and Sewer: Schedule 57 - Balance Sheet Schedule 58 - Statement of Revenues, Expenses Retained Earnings Schedule 59 - Statement of Cash Flows Page 95 96 97 96 99 100 , 101 -102 ' 103 104 105 106 107 108 109 110 and Changes in 111 112 u IY 1 5 CITY OF SEMARD General Purpose Financial Statemants and Schedules Table of Contents 1 Page Combining, Individual Fund and Account Group FinancialProprietaryFundTypes, Continued: Statements: Enterprise Funds, Continued: Harbor: Schedule 60 - Balance Sheet Schedule 61 - Statement of Revenues, Expenses and Changes in 113 -114 Retained Earnings Schedule 62 - Statement of Cash Flows 1I5 116SewardGeneralHospital: Schedule 63 - Balance Sheet 117Schedule64 - Statement of Revenues, Expenses and Changes in 1 Retained Earnings Schedule 65 - Statement Cash 11$ of Flows 119GrainTerminal: Schedule 66 - Balance Sheet Schedule 67 - Statement of Expenses and Changes in Retained 120 Earnings (Deficit) Schedule 68 - Statement of Cash Flows 121 122 Internal Service Fund: Motor Pool: 123 Schedule 69 - Balance Sheet 124Schedule70 - Statement of Revenues, Expenses and Changes inRetainedEarnings Schedule 71 - Statement of Cash Flows 125 126 Fiduciary Fund Type: Agency Funds: Schedule 72 - Combining Balance Sheet Deferred Compensation - Schedule 127 128 73 - Statement of Changes inAssetsandLiabilities Teen Center - Schedule 74 - Statement of ChangesLiabilities in Assets and 129 130 Account Groups: General Fixed Assets: Schedule 75 - General Fixed Assets by Sources 131 132Schedule16 - General Fixed Assets Activity 133GeneralLong -term Debt: 134Schedule77 - Statement of General Long -term Debt 135 6 CITY OF SEWARD ' General Purpose Financial ' Stateronts and Schedules Table of Contents ' I I PART III - STATISTICAL SECTION Lqe 136 Statistical Tables: 137 General Fund Expenditures by Function 139 -140 General Fund Revenues by Source 141 Property Tax Levies and CollectionsAssessedandEstimatedActualValue of Taxable Property 142 Property Tax Rates - All Overlapping Governments 143 144 Special Assessment Collections Ratio of General Bonded Debt Assessed Value and Banded Oebt Per 145 Capita 146 Legal Debt Margin Computation of Direct and Overlapping Bonded Debt for General Bonded Debt 147 Ratio of Annual Debt Service Expenditures 148 to Total General Fund Expenditures 149 Property Value, Construction and Bank Deposits 150 Principal Taxpayers 151 Miscellaneous Statistics I I CITY OF SEWARD • Main Office (907) 224 -3331 e Police (9077) 224-3338 P.O. Box 167 a Harbor (9oi} 2243138 SEWARD, ALASKA 9%64 " - ' ' i e Fire (907) 2243445 Telecopier (907) 224 -3248 October 16, 1992 The Honorable Mayor Dance Crane and Members of the City Council City of Seward P. C. Sox 167 Seward, Alaska 99664 Honorable Mayor Crane and Council: The Comprehenslve Annual Financlel Repot of the City of Seward. Alaska, for the fiscal year ended June 30, 1992. is submitted herewith. Responsibility for bath the aocursay of the presented data and the completeness and takrwm of the presentation, including all disclosures, rests with the City. We believe the data as presented is accurate in all material aspects. It is presented In a manner designed to fairly set forth the financial position and the results of operations of the City as measured by the financal actift of its various funds. All disclosures necessary to enable the reader to gain the maximum understanding of the City's financial activity have been included. SMW of MWntallon of FinangN M92111210 This report covers all funds and financial transactions of the City. The report is divided into three sections: An Introductory Section, which contains a list of principal City officials, an organixatlonal chart for the City, and a 'fable of Contents; the Financial Section, which begins with the general purpose financial statementsandprovidesanoverviewoftheCity's financial position and operating results, including the footnotes to the financial statements, and the combining and Individual fund type and account group statements and schedules that provide additional detailed Information relative to the general purpose financial statements; and the Statistical Section, which Includes a number of statistical tables and charts that present various financial, economic, social and demographic data for the City for the last ten years. The City is required to undergo an annual single audit in conformity with the provisions of the State of Alaska Single Audit Regulation 2 ACC 45.010, the Single Audit Act of 1984, and the U.S. Office of Management and Budget Circular A -128, "Audits of State and Local Governments.' Information related to the single audits, including the schedule of Federal and State financial assistance, findings and moornmendations, and the auditor's report on the internal control structures and compliance with applicable laws and regulations, are Issued in a separate report. For financial reporting purposes, the City includes all funds and account groups. The general fund is supported by taxes and other general government revenues which are not restricted to a particular use. The City also provides utility services, including electric, water, sewer and refuse. These services are enterprise funds, supported through user charges. The City also maintains an enterprise fund to account for the operations of all harbor and port related activities. Long -term debt and earnings provide for capital outlay. IVII Ali operating and management functions for Seward y General C Hospital Council. The been del eexercisestothe Community Hospital Board, whose members are appointedbudgetaryoversightoverhospitaloperations. The financial statements of Seward General Hospital are included in this report. ce Tho Em- The City provides a comprehensive range of services Hosptaa a re amend i a rv through its and fire, waterlsewer, medical services throughlibraryandparksandrecreationdepartments, electric utility, deep draft port, small boat harbor, Industrial andeconomicdevelopmentsupport, planning and general administrative services. The community is located Year -round accesssiis available Kenai water and commuter air service. highway miles south of Anchorage. Seward was established in 1903 as the terminus of the (then) Alaska Central Railway. its location was carefully chosen for its attributes an emically and stilll drive the economic base f rthe communitty. Sewa d Resurrection Say established the taw harbor with road and rail service lo interior Alaska. currently is the 20 town in Alaska with an ice-free, deep-draftSeward's unique port and transportation system have posftioned it to be a key connection between the growingdemandforAlaska's resources in the Pacffio Rim countries and the sources of those resources in interior Alaska. Seward's physical and people assets, have created a much more diversified economy than exists In any other coastal community In Alaska. Seward has directed its econom nt and year -round jobs in diversification. eward. Diversification eiiorts ha eb and dare to create and encourage Private invest succeeding with the City's economic base, focused around seven primary is break-bulk(0139) ncl shipments tourism, look transportalbn, ship repair(servlces), forest products, ro have resulted in over 300 new jobstheNorthSlope. The City's efforts to increase activity and year -round jobs and over $125,000,000 of new constructb the levels as increased revenues i have been ctluired from has been able to maintain existing Uonepubfic property leases. user fees, service fees and pay A major factor in the local economic developmentA was the opening of the state's nMay of the same year, anprisoninMarch, 1988. As operations of the Spring Creek Correctional Center began additional 206 jobs were created to serve the Centees population of 439 prisoners. Full capacity of employment was attained in November of 1988. These lobs greatty enhanced the local economy, providing much needed year-round employment to the p0marity seasonal economy of the area. a tog- srtn ease agreement signed in by the City of Seward and is being leased the aska Alaska legislature. P October of 1985 with the appropriations In 1993, the City anticipates constructing, for the benefit of the State of Alaska, a 20 to 32 bed minimum security housing facility for prison maintenance stair. One cornerstone of the City's efforts to increase full time jobs, Private investment, and economic activity has been the creation of the Seward Marine Industrial Center. This 200 -acre area contains over 80 acres of prime marine industrial land that the City is developing for long -term lease to companies needingdependantormarinerelateddevelopableland. The City has invested over 40 million dollars of Stale grant andlocalmoniestocreatethisprimeindustrialdevelopmentarea. The SMIC is the only dedicated manna industrial center in the Railbelt area of Alaska. VIII I 1 11 In addition to devebping industrial land for base. the City sponsored the constructln of two major ship lift faoilltles b Provide emergency and normal maintenance repairs to large vessels operating In Alaskan waters. Seward Is the only significant ship repair and dryoiock facility north of Ketchlcan. The ship repair Industry Is rapidly growing with over 600 large boats lifted and repaired to date, and over four mftn dollars per yew of gross ship repair billings. New contracts are currently being negotiated between the City's ship repair operator and the State of Alaska Marine Highway System for Seward repair and maintenance of SotAhcentral Marine Highway ferry vessels. New ship repsir companies continue to express Interest in establishing operations In Seward, utilizing the City's ship lifting equipment. The City's 250 ton travelifl, Installed In 1990, continues to bring in additional revenues and provides boat owners dry storage and repair options, either by the owner or by several repair facilities available in Seward. A cargo dock (SMIC North Dods) was completed in 1968 at the SMIC. This dock and barge ramp have since been heavily utilized for timber unloading, ship mooring and cargo. Construction of this facility was financed with a combination of state grants and $2.1 rNilbn of city general obligation bonds. A SMIC ground lease was negotiated in 1989 with Inlet Fisheries for development of a commercial receiving and canning facility. As part of the lease, the company constructedfed a dock adjacent to its waterfront plant. The dock was constructed and then sold to the City for one dollar. This dock and additional constructed dolphins, have assisted harbor and port operations In meeting the increased demand for mooring while gaining revenues for the city harbor enterprise fund. In 1988, the City executed a Jong -term ground lease with Chugach Alaska Corporation for construction and operation of a $20 million timber mill which began operations in January, 1990. The state -of -the -art mill, which yearly produces 25 MMBF of export and domestic dimension lumber and wood chips, employed over 130 people in timber processing and export. During the summer of 1990, Chugach Alaska constructed a conveyor dock for the purpose of loading ships with wood chips for export to Pacific Rim industries dependent upon wood by- products. In March of 1991, cling economic losses associated with fishing and a lack of an oil spill settlement with Exxon Shipping Company, Chugach filed for protection from creditors. Since that date, the Seward sawmill decreased activity, with a cessation of operations in November of 1891. The Seward mill is expected to start operations again on February 1, 1993 under Seward Forest Products, Inc., a joint venture consisting of Chugach Alaska Corporation, Young & Morgan and C40ar Corporation a Chinese forest products company). The sawmill will open with one shift and employ approximately 50 employees, it is anticipated that the sawmill will eventually go to two shifts employing a total of 100 employees and enter into other value -added markets, such as veneer manufacturing and a multiple density fibreboard. Additionally, the City has committed to assist the joint venture to construct a new, dedicated Jog transferring facility closer to the sawmill's operations. Suneel's Seward coal terminal continues its operations in receiving coal from interior mines with expectations to include the future Wishbone Hill coal owned by the Japanese firm of Idemitsu Kosan and the loading, exporting of this resource to the Far East. Suneel also has prospects of receiving coal from the Beluga mines on the west side of the Cook Inlet for additional exporting of Alaska's resources. With resources transported to Seward by the Alaska Railroad, Suneel and Its operations generate millions of dollars in economic activity in Seward and throughout the Raiibefl. In the summer of 1990, Pacific Telecom Cable, Inc. commenced Its project of instaiiing the first direct fiber optic cable between the United States and Japan. The North Pacific Cable project is a joint venture with Pacific Telecom Cable, Inc., International Digital Communications Inc. of Japan, and Cable and Wireless plo of the United Kingdom. The new cable was landed at Seward and provides fiber optic capabilities to Alaska. Applications of the cable incuude voice, data, facsimile, video and enhanced value -added services for financial institutions, corporate users with large traffic volumes, manufacturers and government agency networks. The Seward terminal has been connected to Anchorage where connections are available to all other areas of Alaska. Cable repair operations have added considerable monies to Seward's economy. 1X l ' The City was incorporated on June 1, 1912, and became a first -class City under the a c January 5, home rule provisions upon the adoption o1 the City Charter by a referendum vote of the Tpeopl urn exercises 1960. The form of government established by the Charter is the The composed of a Mayor and six ' the legislative power of the City and determines all matters of policy, council members who are elected at large on a non -partisan basis. Council members and the Mayor each serveatermoftwoyears. The City Manager is the head of the administrative branch of the City Government and is responsible to the Council for the proper handling of all City affairs . X Seasonal activity has generated increased economic activity in tourism and commercial fishing. Althoughthetremendoussuccessofthehatchery Seward experienced a decline In fishing activity versus prior years, for the COMMUnity. Tourism was aprograminPrinceWRIamSoundensuresastrong, consistent, fishing industry a visitor activityasignificantbright, busy spot in Seward in 1992. Industry analysts eatablislred Seward has became known as the beat, one-day due in part to indicWr200,000 peopb during 1992. in of the the Exit Giacier, Kenai Fjords National Park, and great scenic splendor r serviceofseven- day-per4*91k parssenf success of the tourism Industry Is the establishment and continuation Raikosd. to Seward from Anchorage by the Alaska Because Of the increase in marine and tourist activity, Seward's small boat harbor Is heavily utlllzed andslipsIntheharborIsabout10yearslongQ In need of expansion. {The waking list tot certain We mooringCurrently, under review is a plan to expand harbor facilities in Seward to accommodate at least 440 newisconstructionofanewdockfacilityfortheAlaskacommercialandrecreationalvessels. included in this plan the dock to serve a new, expanded marine rosearCh vesselMarineHighwaysystemtoservetheMVTustumena, afortheUniversityofAlaskaandadocktotoceancruise liners which come to Seward on a regular basis duringsmallboatharbormoorage18the the summer. One demonstration of the City's efforts to generate additionaltodevelopanew16- million - dollar $mail boat harbor with room for over 1000currentreviewofaPrivateproposaltotheCity's tax base and help relieve new boats. The proposal from a private The Cityyiis currently Securing Corps permits for the presently over - crowded pond n of the carte y facility. this project. Princess Tours, After considerable effort from the City of Seward and other development Seward assistance ageencies, of 1993. With Inc. has decided 10 knave all "ac po the constructionof a to of the City and the proposed new cruise Ship multipurpose dock, Seward expects to Seward This could equaltheeffortsattheport. have all "across the gulf" cruise ships destined for 0,000 ernral Alaska stop rs and crew through the town. Seward with over 100,000 additional paaaertgeover90shipcasttotheportof In addition to the industrial and commercial development planned or underway in Seward the town is starting toTheprojectwillbeaworld -class landmark taciiky embark upon a major, $ay million dollar, marine wife center. bulk around a permanent and strategically a world Scale facility at a location thati esep cheand reohaboMionsin accommodate public display, to the important mammals in the area. The project is well timed with ensures continuous access to the critically mP° monies possibly available to the project. settlement monies from the Exxon Valdez and other pubNc and private The State of Alaska and a private limn, Chugach Resources Corporation, Inc., have chosen Seward as a site for ashell -tish research and hatchery facility. The State of Alaska expects to have landsfour - million- dollar oyster and for the facility in its 1993 capital budget. cost no f acilitities at the Seward has also been recently iniormed of plans by the military for a substantial expansion to The is over the Seward Military Recreation Camp commence in 1993. project next two years. 1 l ' The City was incorporated on June 1, 1912, and became a first -class City under the a c January 5, home rule provisions upon the adoption o1 the City Charter by a referendum vote of the Tpeopl urn exercises 1960. The form of government established by the Charter is the The composed of a Mayor and six ' the legislative power of the City and determines all matters of policy, council members who are elected at large on a non -partisan basis. Council members and the Mayor each serveatermoftwoyears. The City Manager is the head of the administrative branch of the City Government and is responsible to the Council for the proper handling of all City affairs . X 11 The office of the City Clerk Is subordinate to, and appointed by, the Council. The City Clerk has duties In connection with the keeping of the public records and City elections. The city Attomey Is appointed by the Council. All other officers and employees of the City are appointed by the City Manager. Appointments to the following positions are made by the City Manager with approval of the Council: City Engineer Chief of Police Director of Finance and Administrative Services Fire Chief I The City's financial statements for govemmentai funds have been prepared on the modified accrual basis of accounting In conformity with generally accepted accounting principles. Revenues on this basis are recognized when measurable and available to finance current expenditures; expenditures are recognized when goods and services are received and liabilities are due and payable at year-end. Under this method, unpaid sales taxes and property taxes are generally rat recorded as revenue until moslved. The City's Enterprise Funds are accounted for on the accrual basis. Revenues on the accrual basis are recognized when aamed; expenses are recognized when incurred. Inventories are stated at cost using the first -In, first-mit method. in developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls. Intemal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: 1) the safeguarding of assets against loss from unauthorized use or disposition; and 2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurances recognizes that: 1) the cost of a control should not exceed the benefits likely to be derived; and 2) the evaluation of costs and benefits requires estimates and judgments by management. All evaluations of the City's internal controls occur within the above framework. The City betieve&that its intemal accounting controls adequatsy safeguard assets and provide reasonable assurance of proper recording of financial transactions. The City adopts a fiscal year budget for the general fund. Supplemental appropriations require a resolution of the Council. All budgets are controlled at the fund level. Estimated purchase order amourns are encumbered prior to the release of the order to the vendor. When an encumbrance exceeds available appropriation authority, the order Is delayed until the budget Is amended. Open encumbrances lapse at year end and must be re- appropriated in the following year. Therefore, encumbrances are not reported as a reservation of fund balance at June 30, 1992. The City authorizes expenditure levels of appropriations by type of service. Ordinon c requirements provide that budgetary guidelines are not restrictive and may be re- allocated by either the City Manager or the Council. s Revenues from general governmental functions (which MckxMs General, Special Revenue and Capital Projects Funds) totaled $6,603,246 in flecal year 1992, a deorease of ($800,534) ( -6.3%) from fiscal year 1991. followingTheamountofrevenuefrommajorsourcesandtheIncreaseordecreaseover1991IsshownInthe summary: Dollar Percent Increase Increase Pof ( (C TOW from tM >trgm 1991 Revenue Sourc es Amount Taxes and assessments $ 2,633,556 39.9% $ 109,281 4.3% 74,005 1.1 4,810 7.0 Licenses and permits intergovernmental revenue 1,818,209 24.5 (429,271) -21.0 Charges for services 1,879,863 28.5 {146,103001 -7.2 0.3 5,1 39.1 Fines and bails 18,158 379,658 (I"Al.) Miscellaneous revenue —U 6,603246 IQU% L X96 General property tax revenues produced $517,098, compared to $489,883 for the prior year. Real The cry alsopropertytaxrevenueswerefairlystable, while personal property tax was up by over $100,000. oollected an additional $102,468 in oil property tax revenues In FY 1992 as a result of moorage of the Glomar Adriatic VIII, a jack -up drill rig. Sales taxes generated $1,268,572, up from $1,190,645 for the prior year. Assessments were down over $200,000 from FY 1991 due to an assessment pay off in FY 1991 on a tarps piece of property. Property taxes attach as an erdorceable lien on property as of January 1. Taxes are levied on July 1, and are payable in two installments on August 16 and November 15. FY 1992 tax revenues are based on the 1991 property assessments. The Kenai Peninsula Borough bills and oopec:ts all property and sales taxes on behalf of the City. Licenses and permits were up $4,810 trom FY 1991 as a result of increased automobile license commissions, even though building pem>lt revenues were down by $10,000. Intergovernmental revenue was down substantially from FY 1991 due to lower revenues and grant revenue from the State. Fines and bails were up $5,100 for FY 1992 as compared to FY 1991. Revenue from charges for services were down $146,103 from FY 1991, primarily because of decreasedfilingoverheadlose. decrease areawas part h offset byy Increased parks & b fees oof the Chugach sawmill. The total of over $50,000. The 27.596 decrease in miscellaneous revenues revenue oreductbn resulted tra lower interest rates In FY 1992 and a lower cas h balance due to the lo state gra nt funds• m XII I ii L. -J Expenditures for general governmental purposes totaled $6,420,861 in flscal year 1992, a decrease of 676,152 from 1991. Increases and decreases In levels of expenditures for major functkWo of the City from the preceding year are shown in the following tabulations. Dollar Peroent Increase increase Penent (Decrease) (Decrease) AMQW of Total Over 1991 OVEE1921 General Govemment(including library) $2.415,587 37.6% $553,286 29.9% Public Set" 1,674,732 26.1 75,859 4.7 Public Works 692,653 10.6 84,366 13.9 Caa* sala .8Recreation493,106 7.7 43,987 9 Debt Service i (1,416,M) i 1222% 78.152) The overall decrease In expenditures In FY 1992 was due primarily to the completion or near completion of several capital projects during FY 91. Expenditures for general government were higher than FY 1991, largely because of a $200,000 legal settlement and increased Special Revenue fund MOMW. Public Safety, Public Works, and Parks and Recreation also experienced Increases in expenditures. The General Fund year -end fund balance totaled $2,831,247, an increase of $88,048 from 1991. A total of $584,575 was transferred from the general fund to other funds as follows: 1 The ratio ot bonded debt to assessed valuation and the amount of bonded debt per capita are useful indicators of the City's debt position to management, citizens, and investors. Net Direct Bonded Debt 10,563,000 XIII Rata of Bonded Debt to Assessed Value Market t Value) 911120a 7.49% $3,764 Operating Transfers: Me Path Capital Project 36,120 Hospital Boiler Capital Project 27,407 Hospital Handicapped Access 15,191 Harbor Enterprise Fund 40,000 Seward General Hospital 422,857 Total Operating Transfer$ 641,575 Residual Equity Transfers; Motor Pool Fund 0,000 TOTAL GENERAL FUND TRANSFERS 5504,111 1 The ratio ot bonded debt to assessed valuation and the amount of bonded debt per capita are useful indicators of the City's debt position to management, citizens, and investors. Net Direct Bonded Debt 10,563,000 XIII Rata of Bonded Debt to Assessed Value Markett Value) 911120a 7.49% $3,764 General Obligation bonds ere carried in the General L wWTerm Debt group of a000urts or In the ' respective Enterprise Funds which benefited from the proceeds of the issue. At June 30, 1992, the City had $10,563,000 In outstanding general obligation bonds. Of this total, general ' obligation bonds of $6,350,945 have been reoorded In the Enterprise funds which benefited from proceeds of such bonds issued. 1 Cash The City has oombir»d all Its funds into a - Centni Tfeasury'. The Central Treasury concept permits ' investment of combined funds. and earnings thereon have been reported in the fund which supplied the resources for investment. ' The investment and collateralization of City funds is governed by Section 5.15 of the Seward Code of Ordinances. The ordinance clearly Identifies safety as the primary concern In the selection and management of , the City's Investments. Total City cash and investments at June 30,1992 were: I$ easash (Overdraft) 150 06156CertificatesofDeposit 777,442Repurx:hase agreements U.S. Government Securities 3,299+04 Total City Cash and investments 4,425,634 Seward General Hospital Cash 22,797 T City Cash stm rdB 94,446,431 Cash temporarily idle during the year was Invested In short -term time deposits, repurchase agreements ' and government agency securities. The amount of interest eamed In the fiscal year ended June 30, 1992, was 245,872. This amount was $164,721 less than the interest earned in the fiscal year ended June 30, 1991 as a result of lower interest rates and lower cash balances. ' gm-1winsm 1 Proceeds of general obligation bond Issues are accounted for in Capital Projects Funds until Improvement proods are completed. Completed projects and uncompleted constriction in progress at year -end are ' capitalized in the General Fixed Assets Account Group. Geneml EM &M8 The general fixed assets of the City are those foxed assets used in the performance of general ' governmental functions. Public domain (infrastructure) general fixed assets consisting of certain Improvements XIV , other than buildings, including roads, bridges, curbs, etc. are not capitalized. Depreciation Is not taken on general fixed assets. At June 30, 1992, general fixed assets totaled $41,84401, an knew of $1,024,485 from June 30, 1991. Most of the increase resulted from completion of the street and sidewalk and bike path capital projects. The City maintains detailed, kfentliable records of all general tbxed assets. Values of general fixed assets other than land are recorded at cost or the value at lime of receipt by the Cky from a donor. Land Inventories were completed in 1983. Valuation was established, as near as could be determined, to the value at the time of ownership transfer from the State or cost where aoquisdion was by purchase. Fixed asset acquisitions by the Enterprise Funds are capitalized at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets ranging from live to thirty years. EntlMdes Funds Enterprise funds are used to account for operations that are financed and operated In a manner similar to private business enterprises - where the intent of City Council Is that the costs (including depreciation) of providing services to the general public on a continuing basis be financed or recovered primarily through user charges. Four of the City's Enterprise Funds provide electric, water /sewer, hospital, and harbor services. A lMh Enterprise Fund established in FY 1994 accounts for the investment in the Seward grain terminal which the city of Seward purchased from the State of Alaska In Augu at, 1989. The city of Seward plans to sell the grain terminal to private business. Enterprise Fund Plant In service, acquired by contributions In aid of construction from grantor agencies, customers and others is depreciated. The related depreciation expense is included In the determination of net Income. The annual depreciation on such contributed plant is transferred from retained earnings to contributions In aid. Accumulated amortization of contributions In aid represents the cumulative total of such depreciation transfers. Utility revenues are based on cycle billings rendered to customers monthly. As a result of this cycle billing method, the utilities do not accrue revenue at the and of any fiscal period for services soli but not billed at such date. Irderfund charges by the General Fund, in lieu of taxes and administrative expenses, are made in accordance with the budget ordinance. Independent &Wit The City Charier and Section 29.35.120 of the Alaska Statutes both require an annual audit of the books of account, financial records, and transactions of all administrative departments of `home rule" municipalities by a Certified Public Accountant selected by the City Council. This requirement has been complied with and the auditor's report has been included in this report. I I The preparation of this report could not be a000m Aehed without the efficient and dedicated ambotheASa<iaM Fwwm Director, the WOO Staff of the Finance Department and Department Heads. We would like , to exprm our appreciadon to as ttmm who assisted and corobaated to Ile preparation. We would also like to thark the CNy hh a trwporNib a Council for V*r InNwO VW support and pro reeaiw nrnner• in planning and , conducting the financial operations Respecitully submitted, i I I Darryl Schaetemmyer City Manager a4 L. G fiordRids Director of Finance and Administrative Services i I I 1 CITY OF SEWARD LIST OF PRINCIPAL OFFICIALS Dave Crane Louis A. Bencar+dino Hugh Darling James A. Krasnansky Bruce Sieminsld Kazin Swartz Dale White Darryl Schaefermeyer Michael V. Yanez Linda S. Murphy Rick L. Gifford Everett P. Diener Foster M. Singleton Tom Walker John R Gage Lucy Chaffin Catherine L. Nicolas Kerry T. Martin Christopher Gates xvil Mayor Councilperson Councilperson Councilperson Councilperson Councilperson Councilperson City Manager Assistant City Manager City Clerk Director of Finance and Administrative Services City Engineer and Utility Manager Harbormaster Chief of Police Fire Chief Parks & Recreation Director Library Dizector Community Development Director Port Marketing Director ORGANIZATIONAL CHART CITY CLERK PORT MARKETING FINANCE POLICE ENGINEERING k UTILITIES PI.AAININC r. two MAYOR COUNCIL CITY MANAGER DEPUTY LIBRARY XYIII Tumn y CITY ATPM MY CaTy DF BENYAND PAM k RECREATEN HARBOR COMMUNITY DEVELOPMENT FIRE 1 PART II 1 FINANCIAL SECTION fl 1 0 Peat Marwick 1 Certified Public Accountants 601 Wem Fifth Avenue Suite 700 Anchorage. AK 99501 -; 258 1 Independent Auditors' Report 1 The Honorable Mayor and City Council City of Seward: We have audited the accompanying general purpose financial statements of thelistedintheCityofSewardasofandfortheyearendedJune30, 1992, as table contents (pages 2 to 35). These general purpose financial statementsof are the responsibility of the City's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. stan- We conducted our audit in accordance with generally accepted auditingrequirethatweplanandperformtheauditto obtaindards. Those standards reasonable assurance about whether the financial statements are free of mate- test basis, evidence rial misstatement. An audit includes examining, on a supporting the amounts and disclosures in the financial statements. An audit 1 also includes assessing the accounting principles used and significant esti- the overall financial state- mates made by management, as well as evaluating ment presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above fairly, in all material respects, the financial position of the City present of Seward as of June 30, 1992, and the results of its operations and the cash flows of its Proprietary Fund Type Enterprise Funds for the year then ended in conformity with generally accepted accounting principles. 1 Our audit was made for the purpose of forming an opinion on the general pur- financial statements taken as a whole. The combining, individual fund pose and account group financial statements, as listed in the table of contents analysis and are pages 36 to 135), are presented for purposes of additional a required part of the general purpose financial statements. Such infor- not mation has been subjected to the auditing procedures applied in the audit of in our opinion, is fairly statedthegeneralpurposefinancialstatementsand, in material respects in relation to the general purpose financialall statements taken as a whole. 1 October lb, 1992 1 GENERAL PURPOSE FINANCIAL STATEMENTS - OVERVIEV f! These financial statements provide a summary overview of the financial position of all funds and account groups and the operating results of all funds. The following statements are included in this section: Combined Balance Sheet - All Fund Types and Account Groups -- reports assets, liabilities and fund balances for all funds and account groups. I 1 1 I 2- Combined Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit) - Governmental Fund Types -- reports.results of operations of the General Fund, Special Revenue Funds and Capital Projects Funds. Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund -- compares the results of operations with budget for the General Fund. Combined Statement of Revenues, Expenses and Changes in Retained Earnings - Proprietary Fund Type - Enterprise Funds -- reports results of operations of the Enterprise Funds. Combined Statement of Cash Flows - Proprietary Fund Type - Enterprise Funds -- reports the sources, uses and changes in cash balances of the Enterprise Funds. I 1 1 I 2- CITY OF SUMO combined aalance $hest - All fund Types and Account Groups June 30, 1992 with comparative totals for 199i Cash Equity In central. treasuryCashand equity in Central treasury investment In deferred Compensation plan Texas receivable, net Accounts recelvsbls, not Special ssssssmsnts receivable Federal grants receivable State of Alaska receivable Accrued interest receivable Seward Life Action Council recelvable Inventories Due from other funds Frepaids Property, Plant and equipment, net Deferred chargesAmounttobeprovided for retirement of general long-term debt and accrued annual leave Liabilities- fvnd gautty r Crodils Liabilities: fstimeted third -party payer settlement Litigation settlement payable Due to state of Alaska Accounts payable Customer deposits salaries and annual leave payable Accrued liabilities Funds held in trust Due to other funds Due to City employees Due to toen center Deferred revenue Bonds payable Capital lease obligations Retirement Incentive program Deferred pension Total liabilities Fund equity and other credits: Investment in general fixed assets Contributions in aid of construction Retained earnings Fund balance (deficit): Raserved for prepoids unreserved: Designated for working Capital needs Designated for Seward General Nospital loans Designated for subsequent year expenditures undesignsted Total fund equity and ether credits Sea sccompsnying notes to general purpose financisl statements. 3– 120ws pee a ItY1011lR Capitol V121 "Se s 2,128 1-02.122 113,965 7i.b3- 27,tZ0 3,792 67,795 70q,a7a n3,655 S.a11 153,063 7,128 51,624 41 Z7T,a59 g44 T 1ST 74 a9 200,000 912,935 160,156 60,436 10,942 66,005 229,235 j t9,4Z0 633 12,127 1tS,974 7,0<4 44 3,434 1,500,000 113,965 273,39a 9100.250 3,792 67,795 2.831.24 3,792 67,795 S 4 47rig 9 , 15w 61W 74 839 i i i i Ai iE b t A 1 r r Fiduciary mlp;, Totsl lnterna Fund Type- Qanar L"- term n Ent:rdriaa lervic encr LLUAAAM l 22,997 45,672 20,495 t 1,141, 46 401,Z19 1,659,666 44 680,161 1,402,511 1,402,511 1,247,230 1,174,638 27120 1,87S,516 51225 1,780,922 203,655 230,200 67,668 5,811 229,839 62,919 417,548 51,624 83,209 41 560,652 S6o,652 563,e55 66,003 343,$67 503,695 25,631 61,459,702 58,377 41,844,$61 29,065 503,332,940 11,657 102,923,379 39,837 39,6$7 42,380 2 2.379.638 1,019_379 gin 1.4 4 5 1 2.$_ 1 L 17 11 62,478 62,478 200,000 19,420 175,842 1,089,630 982,223 93,310 93,310 97,379 1201288 254,123 334,567 486,736 274,978 335,416 382,499 265,732 10,942 3<3,867 8,001 08,695 1,402,511 1,402,511 1,247,230 4,470 4,970 371,6i4 723,897 2,133,205 8, 31 , 943 2,212,053 10,563,000 11,896,000 461, 945 377,782 1,339,261 674,017 35,676 35,678 76,730 10 697 310,697 7 497 47,791,709 41,844,86) 41,844,961 4779170 40,82D,456 47$88,74 64,00o 641000 3,434 1,093 1,500,000 1,500,000 113,965 113,965 273,596 3,241 5.776.930 639 6.739.406 7.543.026 13.568.639 64,639 41.844 -,861 48.380.973 97,870.327 11- 5.4 11 65D 759 CITY OF SEIMRD Combined Statement of Revenues, Expenditures, Other Financing Sources (Uses) and Changes in Fund Balances - Governmental Fwd Types Year ended June 30, 1992 with cooperative totals for 1991 @venues. taxes Assessrents Liceneos and permits intergovernsentat Charges for services Fines and hails interest Miscellaneous Total revenues Expenditures. Current: Central governaont Public safety Public works Parks and recreation Library Capital outlay Debt service Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Opersting transfers from other funds Operating transfers to other funds Not other financing sources (uses) Excess (deficiency) of revenues and other financing sources over expenditures and other financing Mate Fund balances at beginning of year Residual equity transfer* from other funds Residual equity transfers to other funds Fund balances at end of year Special, Capital General Revenue Projects Exhibit e 1 1 fondle jewrandue ni S 2,627,050 - 2.627,050 2,293,728 6,505 - 6.503 230,546 74,005 - 74,005 69,195 913,137 518,231 186,841 1,616,209 2,047,480 1,879,663 - 1.8791663 2,025,766 18,158 - 18,158 13,058 243,872 - 245.872 410,593 124.466 1 ` 113.414 1,851,718 355,664 2,207,372 1,691,431 1,640,081 34,631 1.674,732 1,596,673 692,653 - 692,653 608,287 493,106 - 493.106 449.119 193,310 14,705 208,215 170.870 799 308 799,308 2,215,963 W1.1bIFititi ,,, :aFII xtll[1 .UNTIL 672.523 122.539 ( 1 4 T) 78,716 41 ) 0 4 ) 41 ) (124,533) 130,948 (1,994) (533,749) 2,743,199 5,786 601,644 100 - - 43.000) ...: (100) 6 LAL4 47 A= Sae accompanying notes to general purpose financial statements. 1 y22 106.977 76,718 42v,116 1 ) t1 7 400) L587—." ) (3(343,212) 404,795) (736.305) 3,350,629 4,086.934 100 - 43.100) L: 4 3.3L9 1 1 t Exhibitibit CITY OF SEWARD Statement of Rovenuss, in Expenditures, Other Financing Sources Uses) and Chenges Fund Balance - 8udgst and Actual - ioneral Fund Year ended duns 30, 1992 With COmParstive figures for 1941 1942 variance 1 et Actual favorable v r 11991 actual Revenues: Taxes Assessment@ S 2,445,'557 2,627,050 181,493 2,293,726 Licenses and permits Intergovernmental, 52,460 72,500 6,505 74,00S 45,953) 1,503 230,546 69,195 9,341 913,137 6,204) 1,046,859Chargesforservices Fine* and balls 1,850,682 1,879,663 28,981 2,025,766 Interest 15,000 194,500 18,158 245,872 31153 111,372 13,056 410,593Miscell, sTotalTotal TeVenue* s7_ " 65+sti i.. = Yi 124.4 LIALM 87,Q66 i.1 Expenditures: Current: General government 1,922,418 1,851,718 70,700 114881855 Public safety 1,716,614 1,640,081 76,533 1,584,821Publicworks Parks and recreation 730,158 508,979 692,653 493,106 37,SOS 15,873 608,287 449,119 Library Debt service 199,922 193,510 343102 154,8¢70 Total expenditures 337-92 14 34 -265 167- U) l L+. 4 1 Excess of revenues over expenditures 221,423 672.523 451,100 1 41 Other financing sources (uses): Operating transfers from other funds 11,783 11,783) Operating transfers to other funds: Special Revenue Funds Capital Projects Funds 49,000) 78,718) 29,718) 424,868) Enterprise Funds Not other financing uses 91 4 1; 114 857) 128.604 6T; Lill- 87,103 4 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses 407,255) 130,446 538,203 391,425 Fund balance at beginning of year 2,743,199 2,743,199 2,351,774 Residual equity transfers from other funds 100 100 Residual equity transfers to other funds Fund balance at and of 143,000) 41.00 year B 3 3 944 LM, 49 0 74 19 See accompanying notes to general purpose financial statements. t CITY OF SEWARO Combined Statement of Revenues, Expanses, Operating ' Transfers and Changes in Retained Earnings - Propri*teryFundTypes - Enterprise Funds and Internal Service Fund Year coded ,tune 30, T992 ' with comparative totals for 1991 tee accompanying notes to general purpose financial statements. ' Totals Internal m a n Operating revenues; QteEpria e 1 Seise: Residential Commercial 6 1,566,709 1,668 +709 1,861,970 Industrial 1 680 . 711711 310 881,0,711 1,656,277 G ov *rnmental City of Seward 1,367,801 310,278 1,367,801 323,631 1,229,026 Moorage Wharfage 502,347 38,790 502,347 838,740 516.057 578,739 City dock fees 294,325 294,326 202,612 Soot lift fees Gower solos 192 ` 79 192 479 72,115 275,133 Patient service revenues, net Vehicle rentals 172,138 2,897,172 172,136 2,697,172 128,268 1,983,754 Miscellaneous Total operating revenues 411 4,939 4,939 413,592 311.75 4 Operating expenses: Before depreciation: Power Distribution 2,407,827 2,407,827 1,870,408808821 81 , 342 606,651 524,623 SaalarieSalaries and benefits 2,219,263 81,342 101,374 Supplies and maintenance Administration and general 510,081 2,219,263 510,061 2,067,340 410,785 Total before depreciation 7 4 49 4 9 4 Operating income before depreciation 842,601 4,939 847,740 681,547 Depreciation Operating income (logo) T9 177 91L" Tb ¢) 300 <. 63 477 1 7 7) 811 67 1 75D.123) Monopersting revenues (expenses): Interest income interest expense Restricted revenues 91,937 719,282) 91,937 719,282) 148,646 and grants 810,328) Other 11,348 1) Income (loss) before operating transfers 2,450,235) 639 2,449,596) 2,313,188) Opersting transfers from other funds Not income (loss) 7 90 843.28 Amortization of contributions in aid of cons e rue tion Increase (decrease) 1"850.079 1_648.202 In retained earnings 12,768) 639 12,127) 378,318 Retained earnings at beginning of year Residual equity transfer& to other funds 5,810,696 5,610,698 5.432,378 121,000) Retained earnings at and of year S 778 930 777 5 9 610 698 tee accompanying notes to general purpose financial statements. ' L, CITY OF SIVAR0 Combined statement of Cash Flow Proprietary Fund Types - Enterprise Funds and Internal Service Fund Year ended June 30, 1992 with comparative totals for 1994 cash flows from operating activities: Operating Income (toss) Adjustments to reconcile operating income (loss) to not cash provided by operating activities: Depreciation Deferred charges Allowance for doubtful receivebles Loos on disposal of equipment Chenges in assets and liabilities which Increase (decrease) cash: Decrease In accounts receivable Increase (decrease) in inventory Increase (decrease) In accounts payable Decrease in notes payable Increase in annual leave payable Increase in deferred revenue Increase In accrued liabilities Increase (decrease) in due to other funds Total adjustments Not cash provided by operating activities Cash flows from noncapitol financing activities: Customer deposits Operating tronsfers from other funds Other nonoperating revenue trot cash provided by non - capital financing activities Fxhibit Totals Internal tmmrjndW9_9nIXj Enterprise sirvice 19V1 g (1.776.3?¢) x, 639 (I.M.73737) (1,750.123) Cash flows from capital and related financing activities: Principal payments on long -term obligations interest payments on long-term obligations Acquisition of fixed assets Contributions in aid Deferred revenue Residual equity transfers to other funds Not capital provided (used) by capital and rotated financing activities cash flows from investing activities - interest income Not increase (decrees*) in cash and equity in central treasury Cash and equity in central treasury at beginning of year Cash and equity in central treasury at end of year 2,619,177 4,300 2,623,477 2,611,870 14,307) - 04,307) 14,307) 662,291 - 662,291 364,529 11016 1,013 619,472) - 619,472) 617,027) 11,664) - 1t,364) 30,676 173,370) 176,670) 67,319 44,924) 17,769 - 17,769 93,455 20,000 - 20,000 2,366 13,260 4 732,• 336216 2,533.7 447-931 4.939 452. ?0_ 783,601 41069) - 4,069) 22,096) 557,390 567,390 343,232 14) 46,514) 98,439 536.607 336.607 919,62$ 529,254) 719,232) 1,966,974) 1,733,042 1,346,533) 121.000) 2,530,001) 91 -937 0 ,T33,326) 2.925 -17; S 11 1171 See accompanying notes to general purpose financial statements. 11- 529,254) 719,232) 62,677) (2,029,651) 64,000 1,417,042 1,346,533) 21.000) 1.323 (2,828AM) 1 9 7 6,262 (1,747,064) 20925,172 AJ26j 1 173 10 479,317) 799,969) 1,479,625) 1,200,722 1,605,703 47614 148.54 1,399,633 1.025.434 925 17 CITY OF SEWARO Notes to General Purpose Financial Statements June 30, 1992 1) Summary of Significant Accountin Policies Oraanizati on an ervices rovi e The City of ewar , Al as a, was incorporated June 1, 1912 as a home -rule city. The City operates under a Council- Manager form of government. The City provides the full range of municipal services as provided for by AlaskaStatute. This includes police and fire protection, electric, water andwastewaterservices, library, parks and recreation, public improvements, planning and zoning, port and harbor, and general administrative services. Scope and Presentation The accounting po ties of the City conform to generally accepted accountingprinciplesasapplicabletogovernmentalunits. Re ortin Entit The City,s general purpose financial statements include the operations of allorganizationsforwhichtheCityCouncilexercisesoversightresponsibil- ity. Oversight responsibility is demonstrated by financial interdependency, selection of governing authority, designation of management, ability tosignificantlyinfluenceoperations, and accountability for fiscal matters. Based on the aforementioned oversight criteria, Seward General Hospital is acomponentunitforwhichtheCityhasoversightresponsibilities. Accord- ingly, the accompanying general purpose financial statements include allactivitiesoftheCityandSewardGeneralHospital. Basis of Accountin The accounts o tie City are maintained in accordance with the balanced -fundprincipleofaccounting, whereby all related assets, liabilities and equitiesaresegregatedintoself - balancing groups for the purpose of accounting forspecificactivitiesorattainingcertainobjectivesinaccordancewithspecialresolutionsorrestrictions. The accounting and financial reporting treatment applied to a fund is determined ' by its measurement focus. All Governmental Fund Types are accounted forusingacurrentfinancialresourcesmeasurementfocus. With this measurementfocus, only current assets and current liabilities generally are included on ' the balance sheet. Operating statements of these funds represent increasesi.e., revenues and other financing sources) and decreases (i.e., expendi- tures and other financing uses) in net current assets. , Continued) ' YO- CITY OF SEWARD Notes to General Purpose Financial Statements The Proprietary Fund Types - Enterprise Funds and Internal Service Fund are focus. With thisaccountedforonaflowofeconomicresourcesmeasurement measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary Fund Type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. The Fiduciary Fund Type - Agency Funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the government. When these assets are held under the terms of a formal trust agreement, either a nonexpendable trust fund or an expendable trust fund is used. The terms nonexpendable and expendable refer to whether or not the government is under an obligation to maintain the trust princi- pal. The Agency Funds generally are used to account for assets that the government holds on behalf of others as their agent. The general purpose financial statements of the Governmental Fund Types and Fiduciary Fund Type and the related financial statements of the General Fund, Special Revenue Funds, Capital Projects Funds and Agency Funds have been pre- sented on the modified- accrual basis of accounting. Under this method, expenditures or liabilities, other than interest on general obligation bonds and certain other expenditures, are recorded when made or incurred. Revenues are recognized in the accounting period in which they become susceptible to accrual (i.e., both measurable and available). Available means collectible within the current period or soon enough thereafter to pay current liabili- considered susceptible to accrualties. The major sources of revenues not are sales tax revenues and fees, and permits. All other revenue sources are Compensationconsideredsusceptibletoaccrual. Investments in the Deferred Agency Fund are valued at market. The general purpose financial statements of the Proprietary Fund Types and the related financial statements of the Enterprise Funds and Internal Service Fund are presented on the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recognized when incurred. Continued) YO- K CITY OF S €WARD Notes to General Purpose Financial Statements Fund Accountin Various fun s are grouped in the general purpose financial statements in thisreportintothreebroadfundcategories, five generic fund types and twoaccountgroupsasfollows: Governmental Fund Types alFund - The General Fund is the general operating fund of theusedforaccountforallfinancialresourcesexceptthoserequiredtobeaccountedforinanotherfund. S ecial Revenue Funds - The SpecialecatsrevenueserivedfromsuchCityoperationsandothersources. 1 Ll Revenue Funds are used to account for sources as state grants, specific ' Ca ital Pro ects Funds - Capital Projects Funds are used to account forfinancialresourcestobeusedfortheacquisitionorconstructionofmajorcapitalfacilities (other than those financed by the ProprietaryFundType). Proprietary fund Types Enter rise Funds - The Enterprise Funds are used to account foroperationstatarefinancedandoperatedinamannersimilarto privatebusinessenterprises- -where the intent of the City is that costsexpenses, including depreciation) of providing goods or services to thegeneralpubliconacontinuingbasisbefinancedorrecoveredprimarilythroughuserchargesorwheretheCityhasdecidedthatperiodicdeterminationofrevenuesearned, expenses incurred and /or net income isappropriateforcapitalmaintenance, public policy, managementaccountabilityorotherpurposes. control, r Internal Service Fund - The Internal Service Fund 1s used to account forteinanengogoosandservicesprovidedbyonedepartmenttootherdepartmentsoftheCityonacost - reimbursement basis. Fiduciary-Fund- T e - A enc Funds - The Agency Funds are used to accountorassetseyteCityasanagentforprivateorganizationsandotherliovernments. The Agency Funds are custodial in nature (assets equalabilities) and do not involve measurement of results of operations. Continued) I 11- I CITY OF SEWAGD Notes to General Purpose Financial Statements 12- Account Groups - Account groups are used to establish accounting control over the City's general fixed assets and general long -term debt. The City uses the following account groups: General Fixed Assets Account Group - Accounts for all fixed assets of the City other than those accounte or in the Proprietary Fund Types - Enterprise Funds and Internal Service Fund. General Long-term Debt Account Group - Accounts for all long -term debt of e City except that accounted or n the proprietary Fund Types - Enterprise Funds and Internal Service Fund. The general purpose financial statements provide a summary overview of the financial position of all funds and account groups and of the operating results of all funds. These general purpose financial statements have been prepared from the detailed statements included in the combining, individual fund and account group financial statements included in this report. Total columns on the general purpose financial statements are captioned Totals memorandum only) to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations or cash flows in conformity with generally accepted accounting principles. Neither are such data comparable to a consolida- tion. Interfund eliminations have not been made in the aggregation of these data. Budgets and Bud etar Accounting The City Council is required to pass an appropriation ordinance for the General Fund which becomes the expenditure budget for the fiscal year. The City Council may pass subsequent supplemental appropriations which are added to the expenditure budget. Expenditures may not legally exceed the fund appro- priations. The City manager may transfer amounts between departments within a fund or between cost centers within a department's budget classification. Annual budget appropriations lapse at year -end. The City's legally Ares- cribed budgetary basis of accounting is consistent with generally accepted accounting principles and, accordingly, where budgetary data are presented, the budget and actual information conform to the same basis of accounting. Continued) 12- CITY OF SEWARD Notes to General Purpose Financial Statements based on average central had received short -term cash advances from the General Fund. These short - Encumbrance accounting is employed during the year under which purchase orders, are recorded incontractsandothercommitmentsfortheexpenditureofmoneys order to reserve that portion of the applicable appropriation, as an exten- sion of formal budgetary integration in the General Fund, Special Revenue Funds and Capital Projects Funds. Encumbrances outstanding at year -end are reported as reservations of fund balances and are charged to the subsequent year appropriations. A comparison of the original expenditure and operating transfers out appro- priation with the final amended expenditure and operating transfers out appropriation as presented in the financial statements is as follows: Final Original amended Fund appropriations appropriations General Fund $ 4,999 6,044,695 Central Treasury, central treasury is used to account for all the City's cash and investments tofunds maximize interest income. Investment earnings are allocated to various treasury balances. At June 30, 1992, certain funds based on average central had received short -term cash advances from the General Fund. These short - term cash advances are reflected in the general purpose financial statements as interfund loans. Property Taxes Property taxes are levied on the assessed value of taxable property as of January I. Pursuant to Alaska Statutes, Title 29.45.240, the City the rate before June 15. The City is located within theestablishesmill Kenai Peninsula Borough which acts as the City's agent in the billing and collection of property taxes. Tax bills for one half of the taxes are mailed to July 1 and are payable on August 15; tax bills for the second half prior of the ilnvwhich y tax revenueseareyrecognized indtheefiscallyear they arepropertyto collectible and available. At June 30, the delinquent real and personal taxes not currently available are reflected as deferred revenues of the General Fund. Continued) 13- 1 1 s CITY OF SEWARD Notes to General purpose Financial Statements Investments Hies rents of the City consist of time certificates of deposit, repurchase agreements, and U.S. Government Securities which are valued at the lower of cost or market and are included in equity in the central treasury. Inventory nvventory, carried in the Electric, water and Sewer and Hospital Enterprise Funds, is carried at cost, determined by the first -in, first -out method and accounted for using the consumption method of accounting. I( Continued) 14- Fixed Assets and Lon -term Liabilities The accounting and reporting treatment applied to the fixed assets and long -term liabilities associated with a fund are determined by its measurement focus. All Governmental Fund Types are accounted for on a spending or financial flow measurement focus. This means that only current assets and current liabili- ties are generally included in their balance sheets. Their reported fund balance (net current assets) is considered a measure of available spendable resources. Governmental Fund Type operating statements present increases revenue and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of available spendable resources during a period. fixed assets which are used in Governmental Fund Type operations general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than in the Governmental Fund Types. Public domain general fixed assets (infrastructure) consisting of certain improvements r *.her than buildings including roads, bridges, curbs and gutters, streets an. sidewalks, drainage systems, and 'lighting systems are not capitalized along with other general fixed assets. No depreciation has been provided on general fixed assets. Fixed assets are valued at historical cost, estimated historical cost or testimated fair value depending on the nature of the acquisition. Long -term liabilities expected to be financed from the General Fund are accounted for in the General Long -term Debt Account Group, not in the Governmental Fund Types. The two account groups are not funds. They are concerned only with the measurement of financial position. I( Continued) 14- CITY OF SEWARD ' Notes to General Purpose Financial Statements Noncurrent portions of long -term receivables due to the Governmental Fund Types are reported on their balance sheets, in spite of their spending measurement focus. Special reporting treatments are used to indicate, however, that they should not be considered available spendable resources since they do not represent net current assets. Recognition of Governmental Fund Type revenues ' represented by noncurrent receivables is deferred until they become current receivables. Noncurrent liabilities are reported in the General Long -term Debt Account ' Group. Expenditure recognition for Governmental Fund Types excludes amounts represented by noncurrent liabilities because of their spending measurement focus. Long -term liabilities do not affect current assets as such long -term ' amounts are not recognized as Governmental Fund Type expenditures or fund liabilities. General Fixed Assets 1M—e—cTlassets acquired by funds other than the Enterprise Funds and Internal Service Fund are recorded as expenditures in each fund and, depending on the nature of the acquisition, are capitalized at historical cost, estimated ' historical cost or estimated fair market value in the General Fixed Assets Account Group. Upon disposal of significant property items, the General Fixed Assets Account Group is relieved of the related cost and value received ' is normally accounted for as revenue in the General Fund. Fixed Assets (Proprietary Fund Types) ssets comprising property, plant and equipment in the Proprietary Fund Types are stated at cost. Depreciation has been provided by use of the straight - line method over the estimated lives of the assets. Estimated lives of major asset categories are as follows: ' Life in years ' Buildings 10 -50 Improvements other than buildings 10 -50 , Equipment 2 -30 Enterprise Fund property, plant and equipment acquired by contributions in aid of construction from grants, entitlements or shared revenues externally , restricted are depreciated. The related depreciation expense is included in the determination of net income. The annual depreciation on such contributed plant is transferred from retained earnings to contributions in aid. Accumu- lated amortization of contributions in aid represents the cumulative totals of such depreciation transfers. Continued) , 1 lg_ 8 CITY OF SEWARD Notes to General Purpose Financial Statements Accrued Leave Annual save (vacation) is recorded as an expense in the Proprietary Fund Types in the period it is earned by the employees, with the total liability for accrued leave presented in the related fund balance sheet. The amount of compensated absences recorded as expenditures in the Governmental Fund Types is the amount accrued during the year that would normally be liquidated with expendable available resources. Only the current portion of the liability is recorded in the Governmental Fund Type balance sheet, with the remainder reported in the General Long-term Debt Account Group. Prepaid Expenditures Prepaid expenditures primarily represent costs of insurance and similar services allocated to succeeding periods and rents paid in advance of the period to which they apply. The City's policy is to charge such costs to the period benefited. Accordingly, reported prepaid expenses are equally offset by a fund balance reserve. Contributed Capital - Enterprise Funds Contributed capital is reported, net of accumulated depreciation, on contributed assets. I 1-1 2) Stewardshi I e pity autnorizes expenditure levels of appropriations by type of service. Ordinance requirements provide that budgetary guidelines are not restrictive and may be reallocated by either the City manager or the City Council. During the year ended June 30, 1992, General Fund expenditures exceeded amounts appropriated for some services but did not exceed the total amount appropriated or actual revenues. Other Individual Fund Disclosures 0 owing is a schedule of inter and receivables and payables at June 30, 1992: General Fund: Special Revenue Funds: Summer Youth Employment /Training Program Day Care Assistance Total Special Revenue Funds 16- Receivables Payables S 4,958 - r - Continued) 9 CITY OF SEWARD Notes to General Purpose Financial Statements Enterprise Funds: Water and Sewer 67,668 Harbor 137,925 Seward General Hospital Grain Terminal 60,139 otal Enterprise Funds Total General Fund 277,859 Special Revenue Funds: General Fund: Summer Youth Employment /Training Program Day Care Assistance Total Special Revenue Funds 66,008 66,008 4,958 ' 12,127 Enterprise Funds: General Fund: Water and Sewer 61,668 Harbor 137,925 Seward General Hospital 66,008 Grain Terminal wm 60 139 Total Enterprise Funds 1 Total 343 343,867 A summary of operating transfers for the year ended June 30, 1992 follows,, From To other other funds funds General Fund: Bike Path Capital Projects fund 36,120 Hospital Boiler Capital Projects Fund 27,407 Hospital Handicapped Access Capital Projects Fund 15,191 Harbor Enterprise Fund 40,000 Seward General Hospital Enterprise Fund 422,857 Total General Fund Special Revenue Funds - State Revenue Sharing Fund to Seward General Hospital 124,533 Continued) 11- 10 CITY OF SEWARD tNotes to General Purpose Financial Statements Capital Projects Funds: Bike Path from General Fund 36,120 Hospital Boiler from General Fund 27,407 Hospital Handicapped Access 15.191 Total Capital Projects Funds x$'718 Enterprise Funds: Harbor from General Fund 40,000 Seward General Hospital from General Fund 547 390 Total Enterprise Funds O Y Total S 6661108 666,08 A summary of residual equity transfers for the year ended June 30, 1992 follows: From To other other 1 funds funds General Fund: t Motor Pool Internal Service Fund 43,000 City Hall Handicapped Access Capital Projects Fund 100 Total General Fund 0,000 Capital Projects Fund - City Hall Handicapped Access to General Fund 100 Enterprise Fund - Electric Fund to Motor Pool Internal Service Fund 21,000 Internal Service Fund, recorded as contributions in aid of construction on Internal Service Fund balance sheet: Motor Pool from General Fund 43,000 Motor Pool from Electric Fund 21000 Total Internal Service Fund Total 64,100 600 The Grain Terminal Enterprise Fund has a deficit of 2,797. The deficit is anticipated to be recovered upon disposal of the facility or by transfersfromotherfunds. 1 (Continued) I - Is- 11 CITY OF SEWARD Notes to General Purpose Financial Statmwnts ' 3) Cash and investments . Treasury and ' taU.S. gut or z• tnkerisyacceptances, rrepurchasenagreements, copmercial paper U.S. Agencies, banker's 's Coeeeercial paperratedA -1 by Standard 5 poor s Corporation or P -1 by Moody Record and maturing within nine unsecured by certificates of third partydinotheoCityr' sunaame o , The City maintains a general cash fand ainvestment Pol those the neysin the police maximizing investment returns ' special Revenue Fund and the Agency aunt. The cash and invest snfunds ,land operates essentially as a demo P interest income earned on pooled cash investmen oftsismAllo. atehe portton of this pool for each fund type i play monthl to the funds based on their cash balance s dis at t e ed in the combined balance sheet ' under the caption equity in central treasury. At June 30, 1992, the central treasury was composed of the following: Mericet es value s x5,125 - - 2SIM 25,125 Petty cash (120,5 7) (138,0 - 0,196) 606, 0Deposits606,196 - - Certificates of deposit - M,442 - 7T7,412 777,462 0 Might r w rthase ovum. - 3024 _ 3 OQ4 3,` U.S..Garen t "Wities 510,714: 3,937,667 4,44e,431 4,872,122 Investm is in defertW _ 1,402,511 1,4402,5,11 I caper sation $ „_ .. •-• -- Category 1 includes cash deposits owhi h are insuredd ohecl1atsralized with securities held by the City registered or for which the securities investments that are insured or are held by the City or its agent in the City's name, Category 2 includes cash dephinstitutianisetrust department or secu ri- ties held by the pledging financial agent in the City's name and uninsured the counterupnartysse trust ndeparrttmentfor which the securities are held by agent in the City's name. Continued) 19- 1 12 t CITY OF SEWlARD Notes to General Purpose Financial Statements Category 3 includes cash deposits that are includes any bank balance that is collateralizeduncollateralized (this with securities heldbythepledgingfinancialinstitution, or by its trust department oragentbutnotintheCity's name) and uninsured investments for which the securities are held and unregistered by thebyitstrustdepartmentoragentbutnotin counterparty, or the City's name. The following is a summary of all fund equity in the central treasury and cash: General Fund i 31049,200 Special Revenue Funds: DARE Program 1989 Flood Disaster 3,112 Spring Creek Correctional Center 19,420 12,475ALPARLitterControl Total Special Revenue Funds Capital Projects Funds: Library Handicapped Access 12,535SeniorCitizensCenter1,904StreetandSidewalk 48,716JailSprinkler 7,044BikePath Hospital Boiler 3,335 Total Capital Projects Funds Enterprise Funds: water and Sewer 113,444Harbor Electric 31,545 Total Enterprise Funds 1 f - Internal Service Fund - Motor Pool 6,262FiduciaryTrustFund - Teen Center Demand deposits 4,910 Petty cash 44,322 1,350 Total cash and equity in central treasury 3 4 448,431 1 (Continued) 20- 13 CITY OF SEWARD Notes to General Purpose Financial Statements 4) Fixed Assets summary a changes in general fixed assets follows: Balance at Balance at Jul 1 1991 Addis s Deletions June 30 1992 S 19,627,781 - 13,500 19,614,281 7,129,269 143,318 - 7,272,787Land Buildings Improvements other than buildings Equipment Fixed assets in service 8,572,850 2,248,835 37,578,735 8,512,650 95,879 r, - 21344,714 239,397 13,500 37,804,632 Construction work 3,241,721 798, $ - 4,040,229 in progress -- -' S 40,8 56 1,037,905 113,5 41 8 t A summary of Proprietary Fund Type property, plant and equipment at June 30, 1992 follows: Land Buildings Improvements other than buildings Equipment Less accumulated depreciation Construction work in progress 21- 120,709 4,291,338 7,408,724 68 91 21 534 144 W 331 2,167,371 S 61 4702 Continued) L I 1 14 CITY OF SEWARD Notes to General Purpose Financial Statements 5) Retirement Plans State of as ca Public Em to ees' Retirement S stem an escri t on The ty contributes to the State of Alaska Public Employees' Retirement SystemPlan), an agent multiple - employer public employees defined benefit retire- ment system that acts as a common investment and administrative agent forstate, political subdivision and public organizations in the State of Alaska. All full -time employees, except union Electric Fund employees, are eligible toparticipateinthePlin. Benefits vest after five years of service. Employees hired prior to July 1, 1986 with five or more years of credited service are entitled to annual pension benefits beginning at normal retire- ment age fifty -five or early retirement age fifty. For employees hired afterJune30, 1986, the normal and early retirement ages are sixty and fifty -five, respectively. The normal annual pension benefit is equal to 2% of the mem- ber's highest three -year average monthly compensation for the first ten yearsofservice, 2.25% for the second ten years of service, and 2.5% for the thirdtenyearsofservice. All service earned prior to July 1, 1986 will be cal- culated using the 2% multiplier. Employees with thirty or more years ofcreditedservice (twenty years for peace officers and firemen) may retire atanyageandreceiveanormalbenefit. Minimum benefits for all employeeseligibleforretirementare $25 per month for each year of credited service. Major medical benefits are provided without cost to all participants first hired t before July 1, 1986. Participants first hired after June 30, 1986 may electmajormedicalbenefits. The Plan also provides death and disability bene- fits. These benefit provisions and all other requirements and provisions ofthePlanareestablishedbyAlaskaStatutes. Prior to January 1, 1987, participating employees were required to contribute4.25% of their compensation to the Plan, except for peace officers and fire- men who contributed 5% of their compensation. Beginning January 1, 1987, contribution rates were increased to 7.5% for peace officers and firemen and6.75% for other employees. The employer is required to contribute the remaining amounts necessary to finance the Plan, based on the Plan's actu- arial determinations as specified by the State Plan Board. Employer rates are adjusted annually on July 1 and are based on actuarial valuations madetwoyearspriortothatdate. The employer rate for amortizing all futureserviceliabilitiesisuniformforallparticipatingemployersandaseparate rate is determined for amortizing each employer's unfunded past service lia- bility. Beginning July 1, 1991, the employer's contribution rate throughJune30, 1992 is 6.40% and 19.34% for the City and hospital, respectively, of eligible employee compensation to the Plan. The employer's contributionrateswillbe6.37% and 6.75% for the City and hospital, respectively. Continued) t 22- 15 1 CITY OF SEWARD ' Notes to General Purpose Financial Statements B. Investments The City, at June 30, 1992, does not have any of its notes, bonds or other ' instruments included in Plan assets. C. Funding Status and Progress The pension benefit obligatlin is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases an step -rate benefits, estimated to be payable in the future as a result of employee service to date. The Measure, which is the actuarial ' present value of credited projected benefits, is intended to help users assess each plan's funding status on a going- concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure used is the actuarial present value of projected unit credits. The pension benefit obligation of the Plan was computed as a part of an actuar- ial valuation performed as of June 30, 1991. The actuarial assumptions used to determine the pension benefit obligation are identical to those used to determine contribution requirements. ' a. Actuarial cost Method - projected unit credit, unfunded accrued benefit liability amortized over twenty -five years, funding surplus amortized ' over five years. b. Mortality basis - 1984 Unisex Pension Mortality Table set forward one ' year for male and police /fire members, and set backward four years for female members. c. Retirement age - retirement rates based on actual experience. ' d. Discount rate - 8.75% per annum, compounded annually, net of investment expenses. ' Continued) ' 23- 1 16 , CITY Of SEWARD Notes to General Purpose financial Statements ' I(Continued) 1 e. Health cost inflation: Year Per annum 1992 12.5% 1993 11.5 1994 10.5 1995 9.5 1996 8.5 1997 and thereafter 7.5 f. Salary scale - increase of 6.5% for the first five years of employment and 5.5% per year thereafter. g. Cost of living allowance (domicile in Alaska) - 71% of those receiving benefits will be eligible to receive the cost of living allowance. h. Contribution refunds - 100% of those employees terminating after age thirty -five with five or more years of service will leave their contri- in the fund and thereby retain their deferred vested benefit. butions All others who terminate are assumed to have their contributions refunded. i. Asset valuation - five -year average ratio of actuarial and book values of the Plan assets. The actuarial value of the assets equals the mar- ket value of the Plan's assets, except that fixed income investments at boost value. Valuation of assets cannot be outside ofarecarried the range of book and actuarial values. Turnover and disability assumptions are based upon actual historical occurrence based theratesofthePlan. The foregoing actuarial assumptions are on pre- sumption that the Plan will continue. were the Plan to terminate, different actuarial assumptions and other factors might be applicable in determining benefits. the actuarial present value of accumulated I(Continued) 1 11 1 17 CITY OF SEWARD Notes to General Purpose Financial Statements The unfunded ension benefit obligation for the Plan is as follows as of June 30, 1991, the latest actuarial valuation date: City Hospital Pension benefit obligation: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits $ 2,115,000 1,909,000 Current employees: 1Accumulatedcontributionsincluding allocated investment income 19046,000 193,000 Employer financed - vested 2,882,000 687,000 000 tEmployerfinanced - nonvested 368 000 126 Total pension benefit obligations 2,915,000 Net assets available for benefits, valuation based on book value for fixed income investments and for other investments, a three -year average ratio between market and book values, but not outside the range of book or market values 6,652,000 1,419,000 Unfunded pension benefit obligation S 24000) 1,496,000 Assets as a percent of pension benefit 103.8% 4obligation Net assets available for benefits computed on the three -year average ratio between market and book values equal 103.99% of book value for the entire plan. The average market value is equal to loot of book value for the entire plan. The net assets market value at June 30, 1991 for the City was 6,823,000. Due to changes in the mortality basis, discount rate, health cost inflation rate and cost of living allowance actuarial assumptions, the pension benefit obli- for the Plan as a whole. gation at June 30, 1991 decreased $5.084 million The amount of the pension benefit obligation decrease applicable to the City is not available. Continued) 11 1 18 2 >,799 CITY OF SUARD 195,305 37', 7y489 Notes to General Purpose Financial Statements 100% 5.01% 5 37x 1 38'x D. Contribution Requirements and Contributions Made determined periodic contra- Funding policy or the an pray es or actuarially button rates that change over time so that sufficient assets will be avail- sed to 2 15,959 able to the areethetsameaasmthosesused to comp the competeo e contributionnrates pension benefit obligations. 4x8. 9 15% Any unfunded liability is amortized using the level percentage of payrollfor the 6.02% 2 tPlan. method. The unfunded liability is amortized over twenty -five yearsfundingsurplusesareamortizedoverfiveyearsforthe Plan. cost and amortization Any liability is not Employer contributions by the City for the year ended June 30, 1992 are were requirements perforrmedlasdofeJunee30, require P 1991 for the Plan: Total Covered Combined Total t payroll asyro11EmployerEmployee City: Amount 3,636,637 , 2 >,799 182,184 195,305 37', 7y489 Percent of payroll 100% 5.01% 5 37x 1 38'x Hospital: Amount 1,252, 1,116,642 2 15,959 75,373 2910 Percent of payroll 10000.00% 4x8. 9 15% 1. 6.02% 2 A breakdown of normal cost and amortization of the unfunded liability is not available. Continued) 1 11 11 19 CITY OF SEWARD Notes to General Purpose Financial Statements i u u u II Ii u u 11 E. Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Ten -year trend information for PERS may be found in the State of Alaska Public Employees' Retirement System June 30, 1992 annual report. Trend information follows: Net Unfunded Net assets PBO as a assets Pension available Unfunded percent available benefit as a pension Annual of annual for obligation percent benefit covered covered benefits 2001 of PBO obligation Puroll pUroll City: 1987 3,671,000 3,088,000 118.9% 583,000) N/A N/A 1988 4,511,000 4,298,000 104.9 213,000) 2,146,654 10)% 1969 5,238,000 4,693,000 111.6 545,000) 2,322,978 23.4) 1990 5,995,000 5,455,000 109.9 541,000) 2,679,008 20,2) 1991 6,652,000 6,411,000 103.8 241,000) 2,792,289 8.6) Hospital: 1987 369,000 1,394,000 26.5 1 025,000 N/A N/A 1988 1,718,000 2,079,000 82.6 361,000 953,639 37.90 1989 881,000 2,273,000 38.7 1,392,000 969,590 143.60 1990 1,139,000 2,478,000 46.0 1,339,000 1,082,001 123.80 1991 1,419,000 2,915,000 48.7 1,496,000 1,116,642 74.64 N/A not available. Employer contributions which were made in accordance with actuarially determined requirements as a percentage of annual covered payroll for the year ended June 30 follow: Year City 1989 9.74% 1990 3.14 1991 8.10 1992 X6^ 40 Hospital 19.04% 20.10 14.34 19-4 27- Continued) 1 I fl 1 II1 L11 20 ' CITY OF SEWARD ' Notes to General Purpose Financial Statements 1 ' Prior to 1987, Plan information was available for the total State Plan only, not by individual employer. Ten -year trend information for the State of Alaska ' Public Employees' Retirement System may be found in the PERS June 30, 1992 annual report. Significant actuarial assumptions used to compute contribution requirements are as of June 30, 1989. Several actuarial assumptions at June 30, 1989 are different from those used to compute the standardized measure of the pension benefit obligation discussed in Section C of this note. The overall effect on the financial status of the Plan due to the isrevisedassumptions no change in the funding.ratio and a 0.55% payroll increase in the employer contribution rate. Retirement Incentive Program e Retirement Incentive Program (RIP) was established May 15, 1986 under House Bill 382. RIP was designed to encourage employees who were eligible for the program to retire voluntarily with earlier retirement eligibility or increased benefits. The cost of RIP is more than offset by the savings of salary and other benefits provided to an active employee. To be eligible for RIP, an employee must be vested, included in the organiza- tional unit approved for participation, and meet the minimum age and service requirements. RIP gives each eligible employee participating in the program three years ofincentivecredit. The incentive credit is applied in the following order: I. To reduce the age or service requirement for normal or early retirement. L2. To reduce the actuarial adjustment for early retirement. 3. To increase the amount of PERS service used to determine the employee's benefit amount. The cost of the program is shared between the City and the employees. PERS participating employees who were peace officers and firemen were required to contribute 15%, and all other participating employees were required to con- tribute 12.5% of their annual compensation for the calendar year in which they terminated employment to participate in RIP. This may be paid in a lump sum or indebtednessas which will result in an actuarial reduction in the benefit. The employer is required to pay the remaining obligation within three years after the year in which an employee retires. The total amount that the City is liable for under RIP is35,678) recorded in the General Long -term Debt Account Group. Continued) 28- 21 CITY OF SEWARD Notes to General Purpose Financial Statements 1 International Brotherhood of Electrical Workers Electric Fund employees are members of t e nternational Brotherhood of Electrical workers, which maintains its own defined contribution pension The City's contribution rate for 1992 was $3 compensable hour forplan. per a total contribution of $35,613. 6) Accrued Leave ccrue leave estimated to be paid with current available resources is recorded in the General Fund. The portion to be paid from future resources of the General Fund ($254,123 at June 30, 1992) is recorded in the General Long -term Debt Account Group. The City's policy is to make no distinction between vacation and sick leave as accrued leave includes both types of leave. A summary of the change in long -term accrued annual leave is as follows: Balance at July 1, 1991 $ 254,308 Decrease 185 Balance at June 30, 1992 S 254,123 t(7) Deferred Com ensation Plan e City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all full -time employees, permits them to defer a portion of their salary until future years. Deferred compensation is not available to employees until t termination, retirement, death or an unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the City (without being restricted to the provisions of benefits under the plan), subject only to the claims of the City's general creditors. Participants' rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. It is the opinion of the City's legal counsel that the City has no liability for i losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The City believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. Continued) 29- I I I r CITY OF SEWARD Motes to General Purpose Financial Statements 8) Capitalized Leases The City has en Bred into several lease agreements as lessee for financing the acquisition of police automobiles and communication equipment, a fire truck, computers, heavy equipment for the Electric Fund and water and Sewer Fund, hospital equipment, and a 250 -ton boat lift. These lease agreements qualify as capital leases for accounting purposes (titles transfer at the end of the lease terms) and, therefore, have been recorded at the present value of the future minimum lease payments. The following is an analysis of the capital leases as of June 30, 1992: General Fixed Assets Account Enterprise Group Funds Machinery and equipment S 696,999 1,214,051 Less accumulated depreciation - 224,606 Carrying value $ 696,999 989,445 The following is a schedule of future minimum lease payments under these capital leases and the present value of the net minimum lease payments at June 30, 1992: Fiscal year ending June 30: 1993 1994 1995 1996 Thereafter Total minimum lease payments Less interest Present value of future minimum lease payments 1 -3A- General Long -term Debt Account Grouv 153,224 166,004 62,841 54,957 3$ Enterprise Funds 173,389 121,808 I06,655 98,088 984.678 484,61 89,466 _ 523,139 371 9_ Continued) fl 1 1 I L I 23 ' CITY OF SEWARD Notes to General Purpose Financial Statements 31- 9) Long-term Debt enera ation Bonds The city issues genera obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for both general government and proprietary activities. These bonds are reported in the Proprietary Fund Type, Enterprise Funds if they are expected to be repaid from proprietary revenues. General direct d outstanding are as follows: Interest rates Amount 226,000 1962 water serial bonds, due September 1, 1991 3.375% 1,200,000 1976 water and sewer serial bonds, due in annual installments of $80,000 to $110,000, through 7% to $% 385,040 June 1, 1996 1,700,000 1980 electric serial bonds, due in annual installments of $80,000 to $105,000, through 7% 1,055,000January1, 2001 5,000,000 1984 electric serial bonds, due in annual installments of $150,000 to $205,000, through 9,5% to 12.5% 555,000October1, 1994 4,845,472 1986 electric serial bonds, due in annual installments of $61,000 to $565,000, through 4.5% to 7.5% 4,433,000October1, 2004 2,550,000 1987 harbor /general government serial bonds, due in annual installments of $75,000 to 245,000, through December 1, 2004 5.75% to 6.25% 2,335,000 1,800,000 1990 general government serial bonds, due in annual installments of $45,000 to 165,000, from 1993 through December 1, 2011 6.4% to 7.5% 11800,000 10,5 Continued) 31- 24 ' CITY OF SEWARD , Notes to General Purpose Financial Statements Annual general obligation bond debt service requirements to maturity are as follows: t General Long -term Year ending Enterprise Funds Debt Account Group Total Interest June 30 Principal nrest Principal interest Pr nc pa ' 1993 $ 464,885 602,863 59,115 163,055 524,000 765,918 1994 510,000 564,543 60,000 159,228 570,000 723,771 ' 1995 554,118 521,937 65,882 155,268 620,000 677,205 1995 603,353 478,952 72,647 154,810 676,000 629,762 1997 524,471 436,487 73,529 145,841 598,000 $82,328 1998 -2002 3,094,413 1,537,956 465,587 640,662 3,560,000 2,178,618 , 2003 -2007 2,397,940 431,401 667,060 435,649 3,065,000 867,050 2D08 -2012 201,765 8,323 748,235 168,658 950,000 176.981 1 S 8,350 54, 212 2,2121055 2,0,171 10,5 00000 6,601,633 Changes in Long-term Liabilities ' urred in long -termDuringtheyearendedJune30,_T992, the following changes occ liabilities: Balance at Balance at ' General government July 1 1991 Additions Reductions June 30 1992 Compensated absences $ 254,308 _ 185 254,123 ' General obligation bonds 2,225,292 13,237 2,212,055 Capital leases 503,049 - 125,267 377,782 Retirement Incentive Program 36,730 35,534 _36,586 35,L678 3,019,379 35, 5 175 275 2j.879,638 Enterprise Funds ' General obligation bonds 8,795,708 - 444,763 8,350,945 Capital leases 11051,844 - 90,365 961,479 ' 9,847,552 535! 9 3, LI 1 , Continued) u u 11 32- 25 1 CITY OF SEWARD ' Notes to General Purpose Financial Statements , 10) Segment Information for Proprietary Fund Types nter r se Funds The City sut nta ns five enterprise funds which provide electric, water and harbor, hospital services and terminal. Segment information forsewer, grain the year ended June 30, 1992 follows: Total Water w se Electric Sewer Harbor Fbsoi_ I Total operating rev== S 41931,463 938,396 1,731,509 2,737,261 10,338,631 Operating rw mm from the City of Seward 4401999 61,358 - 936,156 379,073 11219,094 84,854 502,347 2,619,177Depreciationwpm Operating loss 306,341) (147,247) (1,064,536) 245,649) 12,603) (1,776,376) Operating transfers from other funds 40,000 547,390 587,390 Net ir (loss) 706,338) (163,909) (1,216,428) 231,050 81220) (1,862,845) C Tot capital contributions 1,398,460 302,297 12,085 40,200 1,753,042 Property, plant and equlp mnt additions 1,501,190 306,587 94,104 1,550 65,0 60¢,588 1,,974 12, kbrtinrg capital (deficiva) 478,038 51,959 Total assets Bonds and other long -term 18,992,048 9,149,072 34,653,5% 1,672,141 89,175 64,556,032 8,741,603liabilities5,739,082 304,017 2,686,345 12,159 Fund equity 12,334,262 8,666,949 31,636,266 903,959 2y797 53 639 A summary of changes in contributed capital follows: Balance at Additions Deletions Balance at June 30, 1992July1, 1991 Electric Fund 12,576,956 1,399,730 1,270 13,975,416 Water and Sewer Harbor Fund 10,710,194 302,297 36,316,004 12,085 11,012,491 36,328,089 Seward General Hospital 40,200 40,200 59,603,154 1,754,312 1 270 611356,196 Continued), 33- 1 26 CITY OF SEWARD Kotes to General Purpose Financial Statements 1 A summary of changes in accumulated amortization of contributions in aid follows: Balance at Balance at July 1 1991 Additions Deletionsetions June 30 1992 Electric Fund $ 2,327,686 445,393 - 2,773,279 Water and Sewer 3,106,233 370,094 - 3,476,327 Harbor Fund 6,280,269 1,034,592 _ 7,314,881 11,714,408 1,850,079 13,564,487 Internal Service Fund - Motor Pool summary of changes In contr uted capital follows: Balance at July 1, 1991 Additions: General Fund 43,000 1 Electric Utility Enterprise Fund 21,000 Balance at June 30, 1992 $ 64,000 11) Spring Creek Correctional Center In 8 the City un ertoo t e inancing and construction of a 320 -bed, maximum security correctional facility on behalf of the State of Alaska. The facil- ity was financed with nonrecourse certificates of Rase participation andleasedtothestateunderthetermsofalong -term lease signed in 1985. The facility is currently being operated by the state. Technically, the City is the owner of the facility. However, under the terms of both the financing is of the City ever becomingandleaseagreements, there no possibility liable for the debt or being obliged to take actual possession of the facil- ity. Consequently, the City has not included the value of the facility in its fixed assets. Payments for all costs of construction were madegeneral directly by the project trustee, Security Pacific Bank of Washington, under the terms of a trust indenture executed by the parties in 1985. The City has maintained a Special Revenue Fund, Spring Creek Correctional Cen- ter, to account for its administrative costs in monitoring construction of the facility. These administrative costs have been reimbursed to the City by funds. the project trustee from the project Continued) 34- 27 CITY OF SEWARD Notes to General Purpose Financial Statements 12) Revenue Bonds On December 10, 1990, the City participated in the issuance of $7,300,000 of Variable Rate Demand Revenue Bonds, Series 1991 for the Alaska Pacific University. The proceeds of the issue were used to refinance previous debt held by the Alaska Pacific University. The bonds do not constitute a general obligation debt or pledge of the full faith and credit of the City and, accordingly, the bonds and the related assets are not reflected in the accom- panying financial statements. These bonds have a floating interest rate based on 77% of the Security Pacific Bank of Washington prime rate, adjusted automatically to reflect each change in the rate. A schedule of the remaining principal debt, with a balloon payment in the final year, follows: Year ending June 30 Principal 1993 S 119,295 1994 126,916 1995 6,746,110 13) Commitments and Contingencies Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the state and federal govern- ment. Any disallowed claims, including any amount already collected, could become a liability of the applicable funds. Various other claims and lawsuits against the City are pending, but are either incoveredbyinsuranceorarethetypewhicharenormalandreasonable view of the City's operations. City management believes the total amount of the liability, if any, which may arise from such claims and lawsuits beyond that which is covered by insurance would not have a material effect on the City's financial condition or its ability to carry on its activities substantially as now conducted. During August 1991 the City experienced a failure in the sewage treatment lagoon due to damage to a sewage treatment cell. The failure has been declared a disaster emergency by the State of Alaska. The City is eligible to receive up to $745,000 from the State of Alaska for the costs to determine the cause of the failure. In addition, the City is eligible to receive a $924,000 grant and a $924,000 matching loan from the Department of Environmental the treatment cell. Conservation to rebuild sewer 1 35- t 1 1 1 1 1 1 1 1 1 1 INDIVIMK FM 1 1 Am 1 1 ACCOUNT GROUP FINANCIAL STATEMENTS 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GENERAL FUND The General Fund is established to account for the financial for inoperationsoftheCityofSewardwhicharenotaccounted any other fund. Revenues for this fund are recorded by source. principal sources taxes, intergovernmentalofrevenuesarepropertytaxes, sales revenue and charges for services. Expenditures are recorded first by function, then by activity and object of expenditure. General Fund expenditures are made the of basic municipal services such asprimarilyforoperations police and fire protection, recreation, planning, legal and administrative services. 1 1 1 1 1 t 37- THIS PAGE INTENTIONALLY LEFT BLANK 34- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF SEWARD General Fund Balance Sheet June 30, 1992 with comparative figures for 1991 r rAssets Cash and equity in central treasury Receivables: Taxes: Personal property Less allowance for doubtful receivables Net personal property rReal property Sales Net taxes Accounts Less allowance for doubtful receivables Net accounts Special assessments Less allowance for doubtful receivables Net assessments State of Alaska Accrued interest Total receivables Due from other funds Prepaid insurance 1 1 1 i 39- 1 1992 1991 3,051,328 2,074,27574,,275 61,852 53,096 49 842 37 094 7 15,110 7,987 Z1,IZU 27,236 779,188 742,438 78 310 f 79,364 254,506 250,200 50,851 155,063 288,394 51.624 40 83,209 211,859 308,695 3,434 1,093 S447709_61 39j265 i Liabilities and Fund Balance Liabilities: Accounts payable Salaries and wages payable Annual leave payable Accrued liabilities Funds held in trust Due to other funds Deferred revenues Litigation settlement payable Total liabilities Fund balance: Reserved for prepaid insurance Unreserved: Designated for working capital needs Designated for Seward General Hospital loans Designated for subsequent year expenditures Undesignated Total fund balance 40- Schedule 1 ' 1992 1991 S 912,935 621,511 ' 114,398 91,353 45,758 38,594 60,438 109,887 ' 10,942 8,001 66,008 229,235 301,620 ' 200 000 1,639,714 3,434 1,093 1,500,000 1,500,000 ' 113,965 113,965 273,598 3,241 940 1 124,900 s 41470,961 3 9 20,E ' 1 Schedule 2 1 CITY OF SEWARD ' General Fund Statement of Revenues, Expenditures, Other ' Financing lases and Changes in Fund Balance Year ended June 30, 1992 , with comparative figures for 1991 1992 1991 Revenues: Taxes 2,627,050 2,293,728 Assessments 61505 230,546ILicensesandpermits74,005 69,195 Intergovernmental 913,137 1,046,659 Charges for services 1,879,663 2,025,766 Fines and bails 18,158 13,058 Interest 245,872 410,593 Miscellaneous 124 466 95,077 Total revenues Expenditures: Current: General government 1,851,718 1,488,855 Public safety 1,640,081 1,584,821 Public works 692,653 608,287 Parks and recreation 493,106 449,119 Library 193,510 154,870 Debt service 345 265 362,260 ITTotalexpenditures Excess of revenues over expenditures 672,523 1,536,410 Other financing uses - operating transfers to other funds 54( 1,_575) 1 1(_, 44,985) Excess of revenues over expenditures and other financing uses 130,948 391,425 Fund balance at beginning of year 2,743,199 2,351,774 Residual equity transfers from other funds 100 Residual equity transfers to other funds 4[_3,000) Fund balance at end of year S 2 83y y1 .241 2,743,199 1 schedule 3 CITY OF 81W1R0 ' General Fund Statement of Revenues, Expenditures, Other Financing Sources ' lases) and Changes in Fund Salance - budget and Actual Year ended June 30, 1092 with comparative figures for 1991 ' var snee favorable 1991 gy">1S Actual tunfevershte) 8ctusl Revenues: Taxes: Property f 419,438 1,200,000 517,0911 1,266.572 97,660 68'572 409,663 1,190,645 Sales Payments in lieu of tax Penalty interest 716,375 692,653 46,`59 23,722) 34,259 679,292 14,128 and oil tax 17,704 1020 Lw 2.293725 Total texas i.+i r Assessment• 52.46 jot 5) 230.546 Licenses and permits: Building permits 35,000 15,471 19.529) 26, 436 Taxi permits 500 1,500 760 3'450 260 1'950 3,100 AM I control license* Automobile license eommlssions Nisetllaneous 35,000 S 50,246 7 15,248 37,394 Total licenses and permits 4 69,195 Intergovernmental: State of Alaska: General revenue sharing 230,000 246,862 16,662 232,290 Nuniclpsl assistance Jail contract 248,341 260,000 234,883 2,00060 13,456) 251,225 260,000 210,000 153,393 56,607) 283,900 Now fish tax Liquor tax 20,000 17,375 2,625) 18,000 Amusement tax Totst interoovwrrrental 1,000 969-341 4 1 7 1376) 56,204) 1.244 1-046,619 Charges for eervieess Administrative 1,024.133 1,061,615 37'682 1,221,995 Rents end lasses Copying charges 471,764 36,000 439,351 37,450 32, 45413) 1'0 498,058 53.508 531 Television Police and fire contracts 46,085 24,000 51.085 15,000 5,000 9,000) 51,010 24,000 Railroad surveillance York orders 37,500 60, 434 22,934 3.360 11,776 144,709 Recreation 193,700 6,500 199,060 77 :5118 1,015 7,069 Library Other 1 1 o r.4 01 158 Total charges for services 1 Fines and bails 15,000 194,500 18,158 245,872 3,158 31,372 13,058 410,593 Interest Niscollaneous: Sale of equipment and gravel 5,000 2.261 2,739) 19,417 29,608 Garbage contract 30,000 27,431 440901 2,569) 44.901 Sets of land Alaska Pacific University bonds Insurance recovery 44,679 44,679 39,000 Other 4 1" 2 Total iscstlanaoua Total revenues 5.637.440 251,416 6J54,622 Continued) ri u u u u II u 11 2rr+edule Cltr OF SEYARD General Fund Statement of Revenues, Expenditures, Other Financing Sources uses) and Changes In Fund Balance - Oudget and Actual 1 Yar anti favorable 1491 Budget LjyL tunfavor3bie) actual Expenditures: General govern",;, Mayor and council: Salaries S 18,000 18,000 17,721 Employee benefits 1,509 2,134 625) 2,464 Audit 37,700 3S,700 2,000 35,748 Legal 215,000 1",914 30,066 139,663 supplies 19,600 23,044 514") 34,094 Legislative representation 73,000 70,004 2.996 72,122 Other services and charges 41,092 38,273 2,817 39,242 Capital outlay Toalmayor and council 343-174 City manager: salaries 137.699 154,640 2,051 149,025 Employee benefits 29."1 28,S76 1,323 31,920 supplies 5,250 5.605 433) 3.531 I Other services end charges 52,540 301604 13.736 21,610 capital l Toalcity manager 1Cityclerk: Sateries 122,601 123,907 1,306) 110,207 Employee benefits 25,737 25,481 256 27,787 supplies 3,000 6,136 3,138) 2,650 Other services and charges 19,657 22,194 2,537) 9.040 capital ici 4 1 1,251 4Taltyclerk'1ao 1 4 finance: salaries 289,676 278,949 10,727 265,875 Employee benefits 65,231 62,785 2,446 68,781 Contracted services 45,000 23,621 2t,379 21,$16 supplies 19,000 19,369 389) 18,132 Other services and charges 54,920 67,641 12,721) 34,039 CapiLeToallfinance 14.39 7 1 44 1 1 ) 5941467.81 411 Community development. Sotariss 51,057 51,984 927) 44,330 Employee banafits 10.334 9,959 379 11,312 Supplies 4,500 3,215 1,263 2,791 Other services aM charges 40,240 6.019 33.421 14,267 Capital outlay Total cano city development 10J.131 6.584 General government servicest Employes benefits 35,680 52.206 16,328) 66,404 utilities 66.100 79,797 13.697) 69,669 Insurance 5,411 9,616 4,207) 9,903 supplies 25,500 22.328 3.171 23,786 Doubtful accounts 1,000 1,000 500 Other services and charges 45,327 47,406 2,079) 1140339 Capitol outlay 16,960 14,480 2,500 Litigation expense 200.000 Total 396,195 4 4 1generalgovernmentservices Contributions to civic organizations 92.000 42.450 450) Total general government 1,912,416 1_81i. 718 70,700 1,498,122 Continued) 43- Fire; Salaries Employee benefits 3 112,093 26,652 Schadule 3. Cont. Supplies Other services and charges CITY OF 811110 D 12.940 52,355 260 11,147) 22,333 38,448 Capital outlay Total fire General Fund 34,593 Statement of Revenues, Expenditures, Other Financing Bourses 10,000 Wass) and Charges in Fund 8atance - budget and Actual supplies „ Other services and erer8 3,941 8106 30133 7,604 4,053 1 - 4 Total volunteer training t 1992 Variance 150 457) 425 51 favorable 1991 1,537 Budzet Actual f r r actin Expenditures, continued: Engineer and utility manager: stories 110.171 89,564 17,847 20,567 7,965 Public safety: Employ** benefit• 25,812 1,044 2,425 1,381) Police: stories Employee benefits S S90,OS9 144,933 77,082 138,800 12,977 6.133 569,216 161,870 15,735 13,633 13,957 124) 12,690 1 7 sties. Other services and charges Capital outlay 66.372 7,725 74,272 4.3 7,700) 3,346 72.183 8.817 Continued) 1 Total police 1 824.776 Jail: Calories iS9,0a7 135,763 3,324 181,329 Employee benefits Supplies 45.935 61200 42.665 6.t91 3,270 9 53,299 5,435 Other aervicas and charges 130,71) 123.a06 4,903 26,501 CapiteTotal 2,140 13MWjait34- 5.711A 13,144 169.8!5 Animal control: salaries 26,627 22,582 4,245 22.196 Employee benefits 8,246 2,600 7,626 720 620 1,860 7,283 1,2% supplies Other services and charges 4 3a 41,164 Total animal control V.i73 Fire; Salaries Employee benefits 112,161 27.552 112,093 26,652 ba 900 101,856 28,410 Supplies Other services and charges 13,200 41,208 12.940 52,355 260 11,147) 22,333 38,448 Capital outlay Total fire 34.300 34,593 Volunteer training: Stipends 12,000 12,000 10,000 supplies „ Other services and erer8 3,941 8106 30133 7,604 4,053 1 - 4 Total volunteer training Emergency preparedness: S uppllea 150 607 457) 425 51 Other services and charges 1.504 1„630 1,537Totalemergencypreparedness Engineer and utility manager: stories 110.171 89,564 17,847 20,567 7,965 89,459 I1,158 Employ** benefit• 25,812 1,044 2,425 1,381) 1,374 supplies Other services and chars" Capital outlay 17,355 13,496 4,013 3,859 3+ Oz 15,735 Total engineer and utility manager 161,005 1 7 Continued) 1 4 CITY OF fHMRO Gonaral Fund Statement of Revenwsr Espendlturoa, other Financing SouStatement ( Uses) and Changes in Fund /@lance • Budget and Actual Expenditures, continnuednued: public safety, Building inspector: Eateries Eaplayee benefits fuppli@s Other services and charges capital outlay T inspectorTothbuilding Total public safety public works, Roads and streets: salaries Employee benefits supplies Other services and char, @a Capital outlay Total roads and streets City shops @Lori@• Employee benefits supplies other Services and charges capital outlay Total city shop Municipal buildin8: Salaries Employ** benefits Supplies Other charges and services Capital outlay Total municipal building Total public works parks and recreation: Parks end recreations stories Employee benefits SWpl i as NOther •ervie and charges Capital outlay Total parks end recreation Youth canter: Salaries Eiaployee benefits supplies Other services and charges capital outlay Total youth center Total perks and recreation Schedule n I 241,111 45,536 1 Variance favorable 1941 3 ActuGL I&AXII-low actual 6 47,414 12,947 47,911 91 700 497) 3,247 42,447 11,946 1150 11,375 426 9,856 24 1,517 251 7,621 3 m S,0" 15,047 105 3.630 11,8S9 1.716.6} ZAV 76,533 1 4 1 182,295 47,104 164,000 43, 866 1s, 295 3,238 153,147 45,876 35,683 32,302 119,504 ZZ.796 153,488 29,506 33,984) 12,194 83,835 11-30 45- 9qTM 23,261 102,019 27.512 2,283) 4,251) 63,493 17,806 8,1174 6,000 43,363 1 8,354 47.25• 2,354) 3,695) 11c0i6 46,397 4 0 CID 1 1 291771 27,852 9,147 1,926 219 25,434 9,073 9,36` 6,000 2,679 50,158 3,321 9,727 1,263 79,456 59,115 14M 4 19,837 Ojil) to, 41 1 241,111 45,536 2510726 49,778 10,615) 11,242) 241,330 1/,135 102,775 14,894 93,932 3,x41 1,14? 64.• 3823 16,802 29,730 440,557 34,356 26,041 30711 4,315 S28 30,242 0,618 9,239 5,550 S,0" 15,047 484 840 3.630 11,8S9 IS,887 68.421 ZAV U3 9 5 IL i0 44910 Continued) 45- it t i 5 CITY Of MWAR0 General Fund Statement of Revenues, Expenditures, Other financing 5"rces User) and Changes In Fund Balance - Budget and Actual schedule nt. Variance ludeet Actual favorable tunfE orahis) 1991 861usx. 1 Variance ludeet Actual favorable tunfE orahis) 1991 861usx. Expenditures, continued: Llre salastories 104,652 101,950 2,702 24 3,512 20,893 Employs* benefits Supplies 17,190 4,280 17,166 4,340 60) 3,758 Other services and charges Capital outlay 40,700 3.100 x.922 40,702 2) 35,452 1` S Total library Debt service: Principal 138,746 143,563 4,817) 129,890 Interest J"-160 201-742 112,370 Total debt service Total expenditures 1,416,017 5.216.333 199.684 4.6.41,212 1 Excess of revenues aver expenditures 221.423 672.523 451"144 1.536.410 Other financing sources (uses), operating transfers from other funds 11,783 operating transfers to other funds: i,250} special Revenue Funds Capita( Projects Funds Enterprise :ands 49,000) 9(51 ,) 75,718) 1) 29,718) 128.604 424086$) 7 7) 144 9 Total other financing uses 1 1 ) Excess (deficiency) of revenues and other financing sources over expenditures. and other financing uses 407,255) 130,948 538,203 391,425 Fund balance At beginning of year 2,743,199 2,743,199 2,351,774 Residual equity transfers from Other funds Residual equity transfers to other funda.: 100 43-000) 100 Fund balance at and of year s 2.33 L&1"4 t 46— SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for expenditures r associated with dedicated or restricted revenue expend- DARE aAwarenessrRehabilitationdEduca. related to Drugedrelat9 Summer Youth Employment /Training Program - To account termforfundsreceivedandexpendedtoprovideshort full or part -time work experience in a public or nonprofit private organization for Seward youth. Comprehensive Plan - To account for funds from the Kenai Peninsula Borough for the purpose of updating the City's comprehensive plan. Day Care Assistance - To account for the state - funded day care assistance grant program. Moneys are distri- buted directly to local day care providers. 1989 Flood Disaster - To account for the repair and replacement of roads and other facilities damaged by the Alaska. 1989 flood. Funding is provided by the State of Spring Creek Correctional Center - To account for the incurred in oversight of theCity's administrative costsconstructionofamaximumsecurity correctional facility for the State of Alaska. Revenues are provided by the project trustee from an administrative budget within the construction fund of the facility. Police Fund - To account for costs incurred for certain police - related activities with moneys provided by the federal government and the State of Alaska. Prison Library - To account for state prison library grant funds. Public Library - To account for state public library grant funds. State Revenue Sharing - To account for the state revenue behalf of local healthsharingreceivedbytheCityon care and social service entities. All moneys in this fund are passed directly through to the subrecipients. Litter Control - To account for the cost of a City - administered litter control program. Program employs local youth and is funded by a grant from the nonprofit Alaskans for Litter Prevention and Recycling. 7_ e i THIS PAGE INTENTIONALLY LEFT BLANK 48- CITY OF SEWARD Special Revenue Funds Combining Balance Sheet June 30, 1992 with comparative totals for 1991 Summer Youth Employment/ Assets DARE Program Training Program r Cash Equity in central treasury 3.792 5,811 Federal grants receivable State of Alaska grants receivable Seward Life Action Council receivable S 3,y? it Liabilities and Fund Balances Liabilities: 853 Accounts payable Due to State of Alaska 4,958Duetootherfunds Deferred revenue Total liabilities 5,811 Fund balances 3 792 S3 792 5 811 1 1 49— mod Schedule 4 1989 Spring Creek Day Care Flood Correctional Police Litter Totals Assistance Disaster Center Fund Control l 1 20,547 20,547 17,180 19,420 92,475 2,952 118,639 40,837 51811 62,919 7,128 7,128 19,219 41 41 - 7 169 19 420 92 475 20,547 2,952 152,166 140,155 853 19,420 19,420 7,169 12,127 22,114 TTW 92 475 92,475 20 547 2 952 115,974 112.255 148,374 134,369 3,792 5,786 77j 69 19,420 92,475 20,547 2,952 152,166 140,155 1 so- CITY OF UWAEO Special Revenue Fund Combining Statewent of Revenws, Expenditures, Other Financing Sources (Uses) and Changes in Fund Balances Year ended June 30, 1992 with comparative totals for 1941 ussaar 11 Youth Employwent/ DARE Training Comprehensive Day Care ProorN r ra. AssitLgnce Revenues: gFederalgrants State of Alaska grants 19,769 84,611 Kenai Peninsula Borough grants Local seurees Mi act liro Tottal revenu esTotalal Expenditures: Saleries 3,535 633 1T,60S 1,615 1,St4 3;6Employeebenefits 3,6ti 339Suppller other services and charges 10 61,611 Capital outlay Total expenditures q LW L.1si 11 Excess (deficiency) of revenues over expenditures cr2) 1 9 ) Other financing sources (uses): Operating transfers from other finds Operating transfers to other funds Met other financing uses Excess (deficiency) of revenues and other financing sources over expenditures and other 72) financing uses Fund balances at twilinning of )ear 3.644 tfund balances at end of year S 51— sch*dule 5 1939 Flood spring Creek Correctional Police Prison Public state Revenue Litter Total$ , Disaster Centwr Lod Librsry Libre ry r n SdZLIML Im SS,635 53,635 6,417 34,097 93,547 6,000 3,705 206,219 2,648 459,943 2,643 40,741 954 1,000 17•,57354 7,631 j ENi 21 1,803 3,203 435 27,320 31338 3,703 1,025 9 33,982 157 66 441 55,635 da 5,932 1,162 7,543 331636 10 1,962 36677,84,00 17,460 205,440 4 1 1,635 JJM q•rV7 124,533 122,539 122.219 4,250 1 4 ) 1 4 ) 1 7 41 ) 123-1§5) 124,533) 1 1,994) 946) 5.736 i 52- Schedule 5 CITY OF SEWARD Special Revenue Funds DARE Program Balance Sheet June 30, 1992 with comparative figures for 1991 Assets 1992 1991 Equity in central treasury 3i 3i Fund Balance Fund balance 3.792 3—L— 1 t 1 53- Schedule 7 CITY OF SEWARD Special Revenue Funds DARE Program Statement of Revenues, Expenditures, Other Financing Sources and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1992 1991 Revenues: Miscellaneous police grants 7,764 Local sources Total revenues 250 0 I Expenditures: Salaries Employee benefits 3,555 633 Education /training 195 Travel and subsistence 2,288 Operating supplies 3 648 6 1 695 ki M- Total expenditures Deficiency of revenues over expenditures 72) 3,928) ' Other financing sources - operating transfers from other funds 4,250 Excess (deficiency) of revenues and other financing sources over expenditures 72) 322 Fund balance at beginning of year 3,864 3,542 Fund balance at end of year 3,792 3i,4 t CITY OF SEWARD Special Revenue Funds Summer Youth Employment /Training Programs 1992 -93 Program Balance Sheet June 30, 1992 with comparative figures for 1991 1 Assets Federal grant receivable Liabilities Accounts payable Due to other funds 1 t 1 1 -55- Schedule 8 1992 1991 Si 3,917 853 4,958 3,911 S 56811 3,917 CITY OF SEWARD Special Revenue Funds Summer Youth Employment /Training Programs Combining Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 Revenues from state sources Expenditures: Salaries Employee benefits Communications Office supplies Operating supplies Total expenditures Excess of revenues over expenditures Fund balance at beginning of year Fund balance at end of year 5i- Schedule 9 1991 -92 1992 -93 Program Program Total 1991 S 13,958 5,811 19,769 31917 12,418 5,187 17,605 3,188 1,431 384 1,815 224 10 10 22 41 45 86 46 68 185 253 437 IM TIM CITY OF SEWARD Special Revenue Funds Comprehensive Plan Balance Sheet June 30, 1992 with comparative figures for 1991 Assets Equity in central treasury Fund Balance Fund balance 57- Schedule 10 1992 1991 1,922 S; Ii Schedule 11 CITY OF SEWARD Special Revenue Funds Comprehensive Plan Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1 1992 1991 tRevenues from Kenai Peninsula Borough grants Expenditures: 1,574Salaries 348Employeebenefits 700Contractservices 578Officesupplies Total expenditures T-.,-.M- Deficiency of revenues over expenditures 1.922) 1,278) Fund balance at beginning of year 1,922 3 _200 Fund balance at end of year 1"922 1 1 1 1 sg_ Schedule 12 CITY Of SEWARD Special Revenue Funds Day Care Assistance Balance Sheet June 30, 1992 with comparative figures for 1991 Assets 1992 1991 Seward Life Action Council receivable $ 41 Grant receivable from State of Alaska 7 LI28 12,181 S 7.2159 12,181 Liabilities Due to other funds S 7.x 1169 12,181 59- t CITY OF SEWARD Special Revenue Funds Day Care Assistance Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit) Year ended June 30, 1992 with comparative figures for 1991 Revenues: State of Alaska grant Miscellaneous Total revenues Expenditures - contracted services Excess of revenues over expenditures Fund balance (deficit) at beginning of year Fund balance at end of year 60- Schedule 13 1992 1991 84,611 70,944 8 iT 76,952 84,611 1 0 910 10j s = Schedule 14 CITY OF SEWARD Special Revenue Funds 1989 Flood Disaster Balance Sheet tune 30, 1992 with comparative figures for 1991 1 Assets 1992 1991 Equity in central treasury 19,..14 35,051 Liabilities Due to State of Alaska 19 +420 Deferred revenue 3051 19,4, 20 3S.051 1 1 Schedule 15 CITY OF SEWARD Special Revenue Funds 1989 Flood Disaster Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1 1942 1991 Revenues: State of Alaska grant 34,097 10,728 Interest 554 3 324 Total revenues Expenditures: 150Salaries Employee benefits 22 Advertising 57 Contract services 33,925 Operating supplies 669 T 13888000 1Totalexpenditures Excess of revenues over expenditures 1 Fund balance at beginning of year Fund balance at end of year 1 1 62- Schedule 16 CITY OF SEWARD Special Revenue Funds Spring Creek Correctional Center Balance Sheet June 30, 1992 with comparative figures for 1991 Assets 1992 1991 Equity in central treasury $ 92,475 - State of Alaska grants receivable - 7.038 92,4475 Liabilities Due to other funds - 61016 Deferred revenue 92,475 11022 S 92,475 7s_ 63- Schedule 17 CITY OF SEWARD Special Revenue Funds Spring Creek Correctional Center Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1992 1991 Revenues from State of Alaska 98,547 36,148 Expenditures: Salaries 1,883 3,164 Employee benefits 157 603 Advertising 118 122 Travel and subsistence 165 Communications 13 11 Legal 9,904 Other special services Maintenance and repairs 2 144 542 Contractor services 96,310 18,556 Supplies 66 3 337 6Totalexpenditures 148 Excess of revenues over expenditures Fund balance at beginning of year Fund balance at end of year 1 1 64- 1 Schedule 18 CITY OF SEWARD Special Revenue Funds Police Fund Balance Sheet June 30, 1992 with comparative figures for 1991 Assets 1992 1991 Cash t 20,547 17,180 Federal grants receivable - 59,002 S 20,547 76a182 Liabilities Deferred revenue S 20 7-61182 65- Schedule 19 CITY OF SEWAR© Special Revenue Funds tPolice Fund Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1 1992 1991 Revenues from federal grant S 55,635 55,635 2,500 2,500 Expenditures other services and charges Excess of revenues over expenditures Fund balance at beginning of year Fund balance at end of year 66- Schedule 20 CITY OF SEWARD Special Revenue Funds Prison library Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1992 1991 Revenues from State of Alaska grant S 6,000 61000 Expenditures: Library: Books Periodicals 3,116 3,115 Other 2,336 2,169 Operating supplies 480 68 56 Total expenditures V Excess of revenues over expenditures Fund balance at beginning of year Fund balance at end of year 67- CITY OF SEWARD Special Revenue Funds Public Library Statement of Revenues, Expenditures and Changes In Fund Balance Year ended June 30, 1992 with comparative figures for 1991 Go- 1992 1991 Revenues from State of Alaska grant S 8,705 10,000 Expenditures: Education and training 448 151 Library: Monprint materials 707 1,000 Other services and charges 58 Books 4,003 6,332 Periodicals 561 Stand order 2,327 1,169 Operating supplies 1 162 V.1-i 187 10,000Totalexpenditures Excess of revenues over expenditures Fund balance at beginning of year Fund balance at end of year Go- CITY OF SEWARD Special Revenue Funds State Revenue Sharing Statement of Revenues, Expenditures, Other Financing Uses and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 Revenues from State of Alaska Expenditures: Contributions: Seward Life Action Council Weslyan Total expenditures Excess of revenues over expenditures Other financing uses - operating transfers to other funds Excess of revenues over expenditures and other financing uses Fund balance at beginning of year Fund balance at end of year 69- 1992 S 208,219 Schedule 22 1991 206,921 17,933 12,231 65,753 61 215 5 124,533 127,415 124,533) (127,415) i Schedule 23 CITY OF SEW= Special Revenue Funds Litter Control 1991 Program Balance Sheet June 30, 1992 with comparative figures for 1991 1 Assets 1992 1991 Equity in central treasury 2J 9b2 _ Liabilities Deferred revenue f 2y9 _ 1 1 1 70- 1 Schedule 24 CITY OF SEWARD Special Revenue Funds Litter Control Combining Statement of Revenues, Expenditures and Changes in Fund Balances Year ended June 30, 1992 1 1991 1992 Pr osram Program Total Revenues: Kenai Peninsula Borough t 1,295 1,353 2,648 ALPAR grant Total revenues rw 1 000 EM 1 000 4$ Expenditures: Salaries 1,074 2,129 3,203 Employee benefits 221 214 435 Operating supplies 10 10 Total expenditures 3,648 Excess of revenues over expenditures Fund balance at beginning of year Fund balance at end of year 1 t 71- Schedule 25 1992 1991 1,658 161 11 1 486 s; CITY OF SEWARD Special Revenue Funds Oil Spill Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 Revenues from local sources Expenditures: Salaries Employee benefits Legal Total expenditures Excess of revenues over expenditures Fund balance at beginning of year Fund balance at end of year 1 1 Schedule 25 1992 1991 1,658 161 11 1 486 s; CAPITAL PROJECTS FUNDS City Hall Handicapped Access - To account for structural Capital Projects Funds are established to account for the resources expended to acquire assets of a relatively ermanent nature. These funds evolved from the need for special accounting for bond proceeds, grants and contributions for the acquisition of capital assets. Capital Projects Funds provide a formal mechanism which enables administrators to ensure that revenues dedicated to a certain purpose are used only for that purpose, and further enables them to report to creditors and other grantors of Capital Projects Fund revenue that their requirements regarding the use of the revenue were fully satisfied: Senior Citizens Center - To account for the acquisition of a combination senior citizens and community center. Financing is provided by grants from the State of Alaska and the proceeds of a 1487 $450,000 City of Seward General Obligation Bond issue. Streets and Sidewalks - To account for the proceeds of a bond issue for construction of streets and sidewalks. Municipal Building Capital Improvements - To account for the costs to redecorate the finance office in City Hall. City Hall Handicapped Access - To account for structural modifications to the City's administrative building to permit better access and use by disabled persons. Financing is provided by a grant from the State of Alaska. Library Handicapped Access - To account for construction of a handicapped access to the Seward Community Library. Funds have been provided by the General Fund, although funds are being sought.through a state matching grant. Jail Sprinkler - To account for the construction of a sprinkler and smoke detection system in the Seward Correction Center. Funds were provided through a state Jail contract. Lowell Creek Bridge - To account for placement and construction of a bridge at Lowell Creek Falls. Funding was provided from a state grant. 73- 1 1 CAPITAL PROJECTS FUNDS Bike Path - to account for the construction of a bike w recreation e general public. Funds were providedthrougha state grant. Hospital Boiler - To account for the installation of a boiler in Seward General Hospital. Funding was provided by the General Fund. Hospital Handicapped Access - To account for the construction of a handicapped access to the Seward General Hospital. Funding was provided by the General Fund. T4- 1 Liabitities and Fund Balances Liabilities: Due to other funds Deferred revenue Total liabilities - Fund balances 1.904 s 1 ia6.7]b 44 3 -335 LM 13,036 1 15 1. "41253 ig z s9 Lm i Am 635 1 X34 CITY OF SEYARD Capital Projects Funds C06ininp lalonee Sheet tune 30, 1992 with 4000arative total• for 1991 1Library senior Streets Nandi- Citizens and upped last like Nespital TQJ@ t Assets center f dewtks Accaas sprinkler U2 L 1 199tr.. Equity in central treasury s 1,901 46,716 12,535 7,044 31335 11305 74,639 422,697 state of Atssks grants receivable 13,116 s =U i" 3m ULM Lm im 74 ILLM Liabitities and Fund Balances Liabilities: Due to other funds Deferred revenue Total liabilities - Fund balances 1.904 s 1 ia6.7]b 44 3 -335 LM 13,036 1 15 1. "41253 ig z s9 Lm i Am 635 75— 1 1 1 1 1 1 1 1 1 CITY of NUM Capital projects Fund* Cm6iniog St*tment of Revenws' Expenditures, Other Financing Sauces and Changes in Furd ealam*s year ended June 30, 1992 Vith comparative totals for 1991 Revenues: State of Alaska grant Local, sources Total revenues Expenditures: Satarles Eaptoyee be,ofits Engineering contracted services supplles Other services and charges capital outlay itureotalexpend e Deficiency of revenues over expenditures Other financing sources - operating transfers iron other funds Excess (deficiency) of revenues and other financing sources over exponditures Fund balance ; tactransfers f oother funds Residual equ Y Fund balances at and of year Nunicipel senior streets Building citi zens and capital facto s i d! «I Ju3mmo f - 1,925 1,9z5) 2,142 641 2,412 4711, 827 17,81r ffm 502,854) 594 32,810) City Nall Nandi carved ACC!!1 1,925) ($02,854) (32.810) 551,570 32,810 100 3,829 () 17- schtdute 27 1 Louetl NospitatLibrary Nandicapped fait Creek like Noapitot Nandicapped total Accaaa Sprinkler IEidae EM loiter Access 1 14.108 12.733 160,000 186,841 653,663 1 2,141 6,216 6 ;1 1,210 111.191 18,603 88,740 154,336 635.670 1,889,333 5,147 5,174 3,768 12,733 33,302 63,852 223,148 1 Soo 800 1 1 ,..' to-lot 1 159 IM 800) 32,785) 26,102) 15,191) 612,467) 1,531,652) 36,112 27.407 15,191 70.71 424,568 600) 3,335 1,305 533,749) 1,126,784) 13,335 601,644 1,728,428 100) 3 ;;;SS r, 35 1 1 1 Schedule 28 CITY OF SEWARD Capital Projects Funds Senior Citizens Center Balance Sheet June 34, 1992 with comparative figures for 1991 1 Assets 1992 1991 Equity in central treasury 1_j.904 31829 Fund Balance Fund balance S 1- 4 3,829 1 1 1 1 179- Schedule 29 CITY OF SEWARD Capital Projects Funds Senior Citizens Center Statement of Expenditures and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1 1992 1991 Expenditures: Salaries 133 Employee benefits 21 Contracted services 1,925 Other services and charges T—, 839 Total expenditures 03 Fund balance at beginning of year 3,829 4,868 Fund balance at end of year S 1.1904 L 1 1 r so- Schedule 30 CITY OF SEiIARD Capital Projects Funds Streets and Sidewalks Balance Sheet June 30, 1992 with comparative figures for 1991 1 Assets 1992 1991 Equity in central treasury S 48,715 S5 1,570 Fund Balance Fund balance 48,716 551,570 1 1 1 1 1 CITY OF SEWARD Capital Projects Funds Streets and Sidewalks Statement of Revenues, Expenditures, Other Financing Sources and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1992 S - 2,142 641 3,412 478,815 27 1 i 817 Schedule 31 1991 7.770 5,491 1,086 88,740 1,176,437 835 218 511 1,491:106 502,854) (1,483,336) 324,521 502,854) (1,158,815) 551,570 1,710,385 4488 716 55 1 1 Revenues from local sources Expenditures: Salaries Employee benefits Engineering Contracted services Supplies Other services and charges Total expenditures Deficiency of revenues over expenditures Other financing sources operating transfers from other funds Deficiency of revenues and other financing sources over expenditures Fund balance at beginning of year Fund balance at end of year es- 1992 S - 2,142 641 3,412 478,815 27 1 i 817 Schedule 31 1991 7.770 5,491 1,086 88,740 1,176,437 835 218 511 1,491:106 502,854) (1,483,336) 324,521 502,854) (1,158,815) 551,570 1,710,385 4488 716 55 1 1 Schedule 32 ' CITY OF S €WARD Capital Projects Funds ' Municipal Building Capital Improvements ' Balance Sheet Jone 30, 1992 ' with compar iti ve figures for 1991 1 Assets 1992 1991 ' Equity in central treasury = 32j. Fund Balance , Fund balance f 32,810 ' 1 1 1 83- ' Schedule 33 1992 1991 594 32 216 - 32,610 32,810 Nom: 3 B,, i' CITY OF SEWARD Capital Projects Funds Municipal Building Capital Improvements Statement of Expenditures, Other Financing Sources and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1 1 Expenditures: Contracted services Equipment Total expenditures Other financing sources - operating transfers from other funds Fund balance at beginning of year Fund balance at end of year t t 64- Schedule 33 1992 1991 594 32 216 - 32,610 32,810 Nom: 3 B,, Schedule 34 CITY OF SEWARD Capital projects Funds City Ha11 Handicapped Access Balance Sheet June 30, 1992 with comparative figures for 1991 1 Assets 1992 1991 State of Alaska grant receivable Liabilities and Fund Balance Liabilities due to other funds 154 Fund balance 100 1854 1 1 1 1 1 1 85- Schedule 35 t CITY OF SEWARD Capital Projects Funds City Hall Handicapped Access Statement of Revenues, Expenditures 1 and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 t 1992 1991 Revenues from State of Alaska grants 7,394 Expenditures: Contracted Contracted services 6,500 890 Supplies$ Total expenditures Excess of revenues over expenditures Fund balance at beginning of year funds 100 100 WOOD 1Residualequitytransfertoother Fund balance at end of year X100 1 t 66- CITY OF SEWARD Capital Projects Funds Library Handicapped Access Balance Sheet June 30, 1992 with comparative figures for 1991 1 Assets Equity in central treasury Fund Balance Fund balance 1 e 1 Schedule 36 1992 1991 S 12,535 13,335 S 12,535 13,335 I CITY OF SEWARD Capital Projects Funds Library Handicapped Access Statement of Expenditures, Other Financing Sources and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1 Expenditures - building Other financing sources - operating transfers from other funds Fund balance at beginning of year Fund balance at end of year Schedule 31 1992 1991 S B00 - 13,335 13,33.5 S 12 13,335 Schedule 38 CITY OF SEWARD Capital Projects Funds Jail Sprinkler Balance Sheet June 30, 1992 with comparative figures for 1991 Assets 1992 1991 Equity in central treasury 77 044 Liabilities Deferred revenue 7044 2I1 153 1 1 1 1 e as_ CITY OF SEWARD Capital Projects Funds Jail Sprinkler Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 Revenues from State of Alaska grants Expenditures - capital outlay Excess of revenues over expenditures Fund balance at beginning of year Fund balance at end of year 1 go- Schedule 39 1992 1991 14,108 3,348 143108 3,348 S i 1 Assets State of Alaska grant receivable Liabilities Due to other funds t 1 1 91- Schedule 40 1992 1991 S - 121,2 S .: 12,282 CITY OF SEWARD Capital Projects Funds Lowell Creek Bridge Balance Sheet June 30, 1992 with comparative figures for 1991 1 Assets State of Alaska grant receivable Liabilities Due to other funds t 1 1 91- Schedule 40 1992 1991 S - 121,2 S .: 12,282 Schedule 41 CITY OF SEWARD Capital Projects Funds Lowell Creek Bridge Statement of Revenues, Expenditures t and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1 1992 1991 Revenues: State of Alaska grants 12,733 270,594 Local sources: Interest 2,773 Other 105 Total revenues Expenditures: Salaries 552 Employee benefits Advertising 97 Travel and subsistence 108 16 Communications 19 Legal 45 Other special services 2,455 Contracted services 12,733 268,137 Supplies 2 043 fT 3fTotalexpendituresF' Excess of revenues over expenditures Fund balance at beginning of year Fund balance at end of year 1 1 192- CITY OF SEWARD Capital Projects Funds Library Renovation Statement of Revenues, Expenditures and Changes in Fund Balance 1 Year ended June 30, 1992 with comparative figures for 1991 1 Revenues from State of Alaska grant Expenditures: Contract services Other services and charges Total expenditures Excess of revenues over expenditures Fund balance at beginning of year tFund balance at end of year 1 1 93- Schedule 42 1992 1991 22784 1 Schedule 43 CITY OF SEW= Capital Projects Funds Seward Marine Industrial Center, Civil Expansion Statement of Expenditures and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 1992 Expenditures: Contracted services Other services and charges . Total expenditures = Fund balance at beginning of year _ Fund balance at end of year $ 1 1 1 1 94• 1 1991 12,975 140 T", n 13,075 i i Schedule 44 1992 1991 369,547 423 749 4,202. s_ CITY OF SEWARD Capital Projects Funds Lowell Canyon Tunnel Statement of Revenues, Expenditures, Other Financing Sources and Changes in Fund Balance Year ended June 30, 1992 with comparative figures for 1991 Revenues from State of Alaska grants Expenditures contract services Deficiency of revenues over expenditures Other financing sources - operating transfers from other funds Excess of revenues and other financing sources over expenditures Fund balance at beginning of year Fund balance at end of year 9s- Schedule 44 1992 1991 369,547 423 749 4,202. s_ Schedule 45 3,335 3,3„35 CITY OF SEWARD Capital Projects Funds Bike Path Balance Sheet June 30, 1992 Assets Equity in central treasury Fund Balance Fund balance 1 1 1 1 9b- Schedule 45 3,335 3,3„35 CITY OF SEWARD Capital Projects Funds Bike Path Statement of Revenues, Expenditures, Other Financing Sources and Changes in Fund Balance Year ended June 30, 1992 Revenues - State of Alaska grants Expenditures: Contracted services Supplies Other charges Total expenditures Deficiency of revenues over expenditures Other financing sources - operating transfers from other funds Excess of revenues and other financing sources over expenditures Fund balance at beginning of year Fund balance at end of year 97- Schedule 46 S 160,000 154,336 5,147 33 302 m 32,165) 36,120 3,335 S 3 CITY OF SEWARD Capital Projects Funds Hospital Boiler Balance Sheet June 30, I"t Assets Equity in central treasury Fund Balance Fund balance 1 1 go- Schedule 47 S 1j.305 I CITY OF SEWARD Capital Projects Fronds Hospital Boiler Statement of Expenditures, Other Financing Sources and Changes in Fund Balance Year ended June 30, 1992 1 Expenditures - capital outlay Other financing sources - operating transfers from other funds Excess of other financing sources over expenditures Fund balance at beginning of year Fund balance at end of year t 919- Schedule 48 26,102 27 407 1„ i i i i CITY OF SEWARD Capital Projects Funds Hospital Handicapped Access Statewnt of Expenditures, Other Financing Sources and Changes in Fund Balance Year ended June 30, 1992 Expenditures - engineering Other financing sources ss operati transfers other funds ures Fund balance at beginning of year Fund balance at end of year Schedule 49 t 15,191 1 191 S _ CITY OF 89VAN Capital Projects Funds Projects to Bate statement of Novenues, Expenditures, other Financing sources (uses) and Changes in fund 8610oee ga4lnning of projects through June 30, 1l92 Tote( project authori=atlon love nw6 : Mto of Atoske grants Locat sources Total revenues Expenditures: Construction Architect, engineering and other Land, buitdingo and equipment Total expenditures Excess (deficiency) of revenues ever expenditures Other financing sources (uses): Bond proceeds Operating transfers from other funds Operating transfers to other funds Not other financing sources (uses) Excess of revenues and other financing sources over expand - itures and other financing uses fund balances at beginning of projects Fund belence at tuna 30, 1992 1.904 48,716 - - 101- iMunicipalCity Senior streets Wilding Mall Cititens tenter and UdOWIM Capital laoreves U Handicapped Aees B iii 13 466 144,377 a 415,302 1,6SS,442 04 43,919 324,511 349,937+- 60.454 32,1110 1.904 2.053.ii4) 32.410) A00 1,777,644 324,521 32,410 CIO 1.904 48,716 - - 101- i mwyta 50 1 1 library Nan di appad rail Eorinkla Lowe; l Crook mat Ilk* Noapitat Nospi tat Nandfeappad em E931ar AUM Iotal 17.456 M.327 180 0 00 1, ON, 933 489.69160.00 26x,137 16.068 154,336 3E.ii9 15,191 2.577,770 1,060,614 tf3 am 3,720, 85) 2ja102) 15,191) I2 _133133) 13,335 36,120 27,407 15.191 1, " Q 12.535 3,335 1,305 67.795 w 55554 ate 102- ENTERPRISE FUNDS 1 I 103- I I Enterprise Funds are established to account for the financing ofself - supporting activities of governmental units which renderservicestothegeneralpubliconauser-char basis. yeEnterpriseFundsaremaintainedontheaccrua basis ofaccounting: Electric - To account for the provision of electricalservicetotheresidentsoftheCityandotherareaswithintheelectricservicearea. Water and Sewer - To account for the provision of waterandsewerservicestotheresidentsoftheCity. Harbor - To account for the provision of harbor and marine services to the public on Resurrection Bay. Seward General Hospital - To account for the rovisionofmedicalservicestotheareasurroundingSeward. Grain Terminal To account for the acquisition anddisposalofagrainterminalacquiredfromtheState ofAlaska. 1 I 103- I Limbititift Mg Fund EguitV Current liabilities: Current portion of bards payable CITY OF MUM A5,WO Enterprise Flsrde Current portion of capital lacer obligation 38,904 4,795 35,000 Coabiniry Mlanee shoot 73,887 354,712 ArsourKS payable 165,842 Ares 30. "a 175.842 95,310 97,379 Customer deposits Annual teew payable 18,901 2,142 with osap•rative Mote for 1991 esrrard 1,833 120,288 274.978 102,501 272,612 Accrued liabliltia payable 0w to other funds Weer rural mm1Ea1 8nin 60,139 20,000 266,732 371,6" 473,543 1,6A8.177 Electric lte6!saw NEW 351.644 Imiral Current resets: Cash 8 1,003.8560 M 113,884 31,54S 22,797 221"7 1.148.849 1,027 2,924,145 Equity In central treasury Total current liabilities 91 178.106 Accounts receivable x,292 2,059 332,946 1,018.066 79.074 1.475,4]6 1,323,8:0 Less allomme for doubtful J.174-JO lands pahable, atcluding current portion 5,729.000 Neat accounts receivable 1,836,345 7,885,345 9,215,913 Crsrsts receivable Inrentoria 382,081 N,668 - 48.983 - 119.307 10,101 67.668 560,652 96,799 563.865 10,864 Prepaid eapena pus fray ether funds 31 t 15.631 23.631 66,26 iTotalcurrentassets Deferred pension credits Property, plant srd equipeent: Fund equity: Contributions in aid of construction 13,975,416 11,012,491 36.328.089 40200 t Property, plant and e4rlpae4 In service 34.4813.512 12,157,536 42,290.475 1,47'9,952 80,821.iX. 4 78 Q.i leas accumulated depreciation 8.445.142 Q j.3n, t2S.8l5 Net contributions in rid of construction 11,202,137 7,536,164 29,013,208 Nat property, plant and squipmmt in service 16.043,350 8,619,316 33,963,418 6%,2ZT 59,282,331 59,111 *411 Construction work in progress 1.551.954 299.661 315+M S. 2.147. 3' MM Total property, plant WW swipaent 17.595__346 JL21LW 72 tDeferred chergas 12+ 39, 13 iiiiia i 9.1 B N= iii Limbititift Mg Fund EguitV Current liabilities: Current portion of bards payable 3 u,o4D A5,WO Current portion of capital lacer obligation 38,904 4,795 35,000 ffi ,922 105.221 73,887 354,712 ArsourKS payable 165,842 10,000 175.842 95,310 97,379 Customer deposits Annual teew payable 93,310 36,702 85.144 18,901 2,142 65,485 25,775 160,084 1,833 120,288 274.978 102,501 272,612 Accrued liabliltia payable 0w to other funds p,168 137,925 60,139 20,000 266,732 371,6" 473,543 1,6A8.177 Def erred ravmn 351.644 Estlawited third -party payer set t l sent Total current liabilities 91 178.106 L ii i gm .093 long -terms debt: lands pahable, atcluding current portion 5,729.000 300,000 1,836,345 7,885,345 9,215,913 Capital loess obligation, tutuding current portion 10, A 97 0081 lotel c-tern debtry 31 t Deferred pension credits 327.497 Fund equity: Contributions in aid of construction 13,975,416 11,012,491 36.328.089 40200 61,336,1986 59,603,154 11.i74.40 Las accumulated amortisation 2.773.279 3-476.32 7-314,13111 Net contributions in rid of construction 11,202,137 7,536,164 29,013,208 44.M 47,741.809 47,858.746 i RetsirreTourn 1 WAS S. equity 1 -104- Operating revenusa: sates: Residential Commercial Indatrial swarmmonte l C i ty of $wMrd moon Be Wharf am city deci: toss Bast lift foss Furor sales Patient service rwanwos, not Ili scel iarwa s Total aparatino roMerns Operatirr0 emperres: Before depreciation: Pawn Distribitiar Purp'ro eateries and benefits suQpl les and sainterow e Administration and Ban. I. Tsui bsfors depreciation Operstire Inowe (loss) Wore depreciation Depreciation gwst Ins less tlonroplsratIrld revawn (enlonres): Interest Incaao Interest asparne Restricted raarun and 0rsnts Other Less bef are gmrstirq transfers Owstins transfers: From other fads To ether fads Net aparetinr tranefen not moue (lees) Amortisation of ssrreribnlwu In old of construction Increase (dwrsssa) In retained serainps Retained oernirdo at bepirimird of year Residal sWity transfers to ether fun* Retained sernin0s (deficit) at end of Veer CITY OF UWAND ' EnterWiae Funds Cabinlns statasant of RaMaaess, 0nIerrses ' and C wws In Retained Earninp Vow adsd Jun 30, MR with carpsrotive totals far 1491 ' Beard Water Bears! Crain Electric m MchK ffingtot Twulnel 1w, I 1,46,530 4x.177 1.0x,709 1,861,9}0 703,178) 163,904) (1,216,42) 1,451,007 208,024 1,902.84x) 1,6W,7H 1,166,277 216,019 94,260 310,279 323,631 12,714) 371.3/8 1,220,631 147,170 1,30.901 1,229.026 440,9w4 61,358 5021347 516,057 838,790 038,790 07917!4 2K.3a8 291.307 202,512 105- 142,477 192,474 275,133 172,136 172,136 128,260 2.697,173 2,697.172 1,113,754 311,751 2,407.927 2.407,827 1,070,408 5o,1Y 156.7(15 606,851 924,023 91.742 91,342 101,374 543.163 1,06.10D 2.219,263 2.087,340 15031 122.915 A1,939 310,051 410.7x5 629,815 231,Ufi 154.558 10.795) 12.603) 942,001 061.547 IM.1 Mon 1,219, 1 11 } 50,197 3.249 34,116 4.313 11,4!7 149,866 449,194) 30,!72) 226,010) 13.116) 719.292) 810.320) 11,368 11,061 146,514) V. 071 MAX) L ) O.M6 -420) 316,340) JLM) i2.4iQ,M) 2.313,1") 40,000 547,390 597,39D 943.202 703,178) 163,904) (1,216,42) 2!1,030 8.220) 1,902.84x) 445•M 370.gM I.04-592 LIS ti) r c 259,945) 206,1133 (1 11,26) 231,030 8.220) 12,714) 371.3/8 1,413,070 924.6+00 2,804,994 612,709 3,423 5,810,6+96 3,432.370 LZLM) 105- 1 CITY OF Cash flora fray operating ectivitiaet Operating tau Adjustments to reconcile operating loom to net cash provided (used) by operating activities: Dspreeistion Oaf orred dwrlss Allo wrc* for doubtful recoivables Las an disposal of eWlpmmvt Charges in assets and liabilities which increase (dscreaae) cash: Increase (decrease) In accounts receivable Increase (decrease) in inventory Decrease in eocannte pale Deco same in notes payable Increase In annual !save peyote Increese in deferred nmenuo Increase (dscrsmae) in accrued liabilities lrtrwas (decrease) in an to other funds Totes edjustrmenta Met carp provided Coed) br operstino activities Cash flow from noncepitat finmrcing activities: Customer deposits daOperatingtransfersfromotPWfu Other nanopm ating revanr.e Not cash provided (used) by noncpital fineneins activities Cash f law f ran caps tat and related fineneing activities: Princ *t payssnts on tog -term obl lost two Interest peywrnta an log -term obi ioetiaw Acqui s i t I an of f i mW essets Contributions in aid Deferred revenue Resid at squlty transfer to motor pool ilet capital provided used) by capital and related financing activities Cash flocs from Investing activities - Interest incase Net incrome (decrease) In cash and equity in central trommury Cash end equity in central treammy at bpinning of year cash and equity in central treasury at and of yssr Enterprise Fumb Combining stat t of Caen Flow Toes on" Jura 30, "M with comparative totals far 19x1 VAN" Mate' gsnmral grain Electric g3LIM 18d K hospital Tominst 8 1) (AZAD (L ) Qjj- 4) (ILM) (yiMA376) (1.750.123) 93b,156 1,706 35.070 2,141) 6,179 379,073 1,2/9,004 84,854 2,619,177 2,611,670 2.4" (16,000) 14,307) (16,307) 141) 31.274 626,432 642,291 364.629 1.018 1,018 - o) 9,401 1.320 567.374} 19,414) 9,390) 37,319 449084) 2.426 9,016 20,000 1,022) 141770) 23,786 3021297 47.41 JU9. ) 1,743,042 1,200,722 1,346,533) 69,472) 617.027) 11,864) 30,83 178,870) 37,319 449084) 44,924) 17,70 95,455 70,000 2,366 13,840 65,Op3) 3,07 MAIM t4JAM) (MA40) 44LV31 7m. 4,069) (22,006) 40,000 547,300 587,390 343,232 11.061 QL5775) (46.5`14) 94.439 46 ) 11 -061 _ 40.000 489.811 .W1807 911P.&N 327,707) 96,409) 71,766) 33,373) 29,254) 479,317) 449084) 30,972) 126,010) 13,116) 719,211) 799,3b9) 1,501,190) 306,987) 94,106) 65,Op3) 1,966,974) 1,479,625) 11393,460 3021297 12,015 40,200 1,743,042 1,200,722 1,346,533) 1.405,703 tt,000} cll.000) 2.247,154) 131,671) X9.7%) 71382) U.S10,001) 47.614 XI.1 7 3.24 11 4.303 91.93 ,- 1".bt6 115371979) 1131444 (350,761) 21,910 - (1,743,326) 1,899,61E 106- Schedule 54 CITY OF SEWARD Enterprise Funds Electric Balance Sheet June 30, 1992 with comparative figures for 1991 Assets 1992 1991 Current assets: Equity in central treasury $ 1,003,860 2.541j839 Accounts receivable 23,292 58,362 Less allowance for doubtful receivables 12,491 7.785 Net accounts receivable T so, VT Inventory 382 081 379.940 Total current assets 2,972,356 Property, plant and equipment: Property, plant and equipment in service 24,488,512 24,241,380 Less accumulated depreciation 8 445 162 7.509.006 Net property, plant and equipment in service 15,043 15,732,374T5,732,374 Construction cork in progress 1.551.956, 297 896 Total property, plant and equipment S 18,992,048 20,002,628 Liabilities and Fund Equity Current liabilities: Current portion of bonds payable 314,000 291,000 Current portion of capital lease obligations 38,904 36,456 Customer deposits 93,310 97,379 Annual leave payable 35,702 29,427 Accrued liabilities payable 85,144 95,812 Deferred revenue 351.644 1,698,177 Total current liabilities 704 M Long -term debt: Bonds payable, excluding current portion 5,729,000 6,043,000 Capital lease obligations, excluding current portion 10 2 082 49,235 Total long-term debt Fund equity: Contributions in aid of construction 13,975,416 12,576,956 Less accumulated amortization 2 773 279 2,327,886 Net contributions in aid of construction 3 70 Retained earnings 191322126, 1 413 070 Total fund equit 207- $ 18 992 _048 20,002,628 Schedule 55 CITY OF SEWARD Enterprise Funds Electric Statement of Revenues, Expenses tand Changes in Retained Earnings Year ended June 30, 1992 twith comparative figures for 1991 1992 1991 Operating revenues: Sales: Residential 1,465,530 1,428,316 Commercial 1,451,887 1,471,373 Industrial 216,018 213,379 Governmental 1,220,631 1,069,726 City of Seward 440,989 454,702 Miscellaneous 136.408 91,519 Total operating revenues 639 Operating expenses: Before depreciation: Power 2,407,827 1,870,408 Distribution Administration and general 450,148 l 443 673 331,753 1,380,410 Total before depreciation 4:301:649 3,582,5YT Operating income before depreciation 629,815 1,146,444 Depreciation Operating income (loss) 936.156 932 899 Nono eratin g (expenses): revenues tInterest Interest income expense 50,187 4i 65,946 4 Net loss 705,338) 202,820) Amortization of contributions in aid of construction in 445 393 9, 4) 442 701 Increase (decrease) retained earnings Retained earnin g s at beginning of year 1,413,070 1,173,189 Residual equity transfers tootherfunds21,000) Retained earnings at end of year 1,1325 1,41 CITY OF SEWARD Enterprise Funds Electric Statement of Cash Flows Year ended June 30, 1992 with comparative figures for 1991 Cash flows from operating activities: Operating income (loss) Adjustments to reconcile operating income (loss) to net cash provided by operating activities: Depreciation Allowance for doubtful accounts Changes in assets and liabilities which increase decrease) cash: Increase (decrease) in accounts receivable increase in inventory Decrease in note payable Increase in annual leave payable Decrease in accrued e liabilities payable Net cash provided by operating activities Cash flows from noncapital financing activities - customer deposits Cash flows from capital and related financing activities: Principal payments on long -term obligations Interest payments on long -term debt obligations Acquisition of fixed assets Increase in contributions in aid Deferred revenue Residual equity, transfer to motor pool Net cash provided (used) by capital and related financing activities Cash flows from investing activities - interest income Net increase (decrease) in cash and equity in central treasury Cash and equity in central treasury at beginning of year Cash and equity in central treasury at end of year 109- Schedule 56 1 1992 1991 1 S (306.3 ) _ 213,545 1 663,057 1,109,10-6 ' 4,069) —ILL-0-96) 327,707) (300,507) 449,164) (486,949) 1,501,190) (410,061) 1,398,460 334,681 1,346,533) 1,605,703 21,000) 2 2054) 742.L867 1 936,156 932,899 1,895,823 4,706 5,600 1,0 03,860 35,070 2,141) 38,514) 10,925 44,924) 6,275 29, 27 663,057 1,109,10-6 ' 4,069) —ILL-0-96) 327,707) (300,507) 449,164) (486,949) 1,501,190) (410,061) 1,398,460 334,681 1,346,533) 1,605,703 21,000) 2 2054) 742.L867 b_ ,161 6_5 L 1,537,979) 1,895,823 2L541 39 646 016 1,0 03,860 2.5.,. 41,4 11 CITY OF SEWARD Enterprise funds Water and Sewer Balance Sheet June 301, 1992 with comparative figures for 1991 Assets Current assets: Equity in central treasury Accounts receivable Less allowance for doubtful receivables Net accounts receivable Grant receivable Inventory Total current assets 1992 S 113,444 2,059 2,059 67,668 75 Schedule 57 1991 10,629 3 Property, plant and equipment: Property, plant and equipment in service 12,557,536 12,550,610 Less accumulated depreciation 3,938,200 3 559 127 Net property, plant and equipment in service 3x36 8"991"8'3 Construction work in progress 299,661 Total property, plant and equipment 7 8,991,483 S 9,149,072 9 058 276 Liabilities and EquityFund Current liabilities: Current portion of bonds payable 85,000 92,000 Current portion of capital lease obligations 4,395 4,056 Annual leave payable 181901 16,475 Accrued liabilities payable 2,142 3,164 t Due to other funds Total current liabilities 67,668 178,106 20,255 Long-term debt: Bonds payable, excluding current portion 300.000 385,000 Capital lease obligations, excluding current portion 4,017 8,765 Total long -term debt 304,017 393,765, Fund equity: Contributions in aid of construction 11,012,491 10,710,194 Less accumulated amortization Net in aid of 3,476,327 3 3 106 233 7 Tcontributionsconstruction Retained earnings 1,130,785 924 600 Total fund equity 9 9,149.,072 9,058,27691 . CITY OF SEWARD Enterprise Funds Water and Sewer Staterent of Revenues, Expenses and Changes in Retained Earnings Year ended June 30, 1992 with comparative figures for 1991 Operating revenues: Sales: Residential Commercial Industrial Governmental City of Seward Miscellaneous Total operating revenues Operating expenses: Before depreciation: Distribution Pumping Supplies and maintenance Administration and general Total before depreciation Operating income before depreciation Depreciation Operating loss Nonoperating revenues (expenses): Interest income Interest expense Other Loss before operating transfers Operating transfers from other funds Net loss Amortization of contributions in aid of construction Increase in retained earnings Retained earnings at beginning of year Retained earnings at end of year III- Schedule 58 , 1 1 1992 423,179 208,824 94,260 147,170 61,358 156,703 81,342 15,328 453.199 231,826 379.073 3,249 30,972) 163,909) 370 09 924,600 S 1,130,785 1991 433,654 184,904 110,252 159,300 61,355 193,070 101,374 8,988 522 747 196! 179 129,320 373 491 4,182 36,551) 60742 269,798) 9,5. 4899 i 4,3v9) 370,099 96 728,810 924 600 1 Schedule 59 CITY OF SEWARD Enterprise Funds water and Sewer Statement of Cash Flows tYear ended June 30, 1992 with comparative figures for 1991 1992 1991 Cash flows from operating activities: Operating loss i 14I7,247) 24i4,171_) Adjustments to reconcile operating loss to net cash provided by operating activities: 379,073 373,491Depreciation Allowance for doubtful accounts 141} 1,700 Changes in assets and liabilities which increase decrease) cash: Increase in accounts receivable 594p8 5,629) Decrease in inventory Increase in annual leave payable 2,426 2,631 16,475 Increase (decrease) in accrued liabilities payable 1,022) Increase in due to other funds 47 413 378!652 20.255 409,04fTotaladjustments Net cash provided bytoperatingactivities 230,805 164,871 Cash flows from noncapital financing activities: 95Operatingtransfersfromotherfunds 11,,061 74g b,742Borkorderrevenue Net cash provided by non- capital financing activities 11,061 102,231 Cash flows from capital and related financing activities: 96,409} 89,743) Principal payments on long -term obligations Interest payments on long -term debt obligations 30,972) 37,199) Acquisition of fixed assets 306,587) 144,415) Increase in contributions in aid 302,297 Net cash used by capital and related financing activities l3 {_ 1,671) 2771,357) Cash flows from investing activities - interest income 3,249 4,182 Net increase (decrease) in cash and equity in central treasury 113,444 73) Cash and equity in central treasury at beginning of year 3 Cash and equity in central treasury at end of year 1131444 1 -112- CITY OF SEWARD ' Enterprise Funds Harbor ' Balance Sheet ' June 30, 1992 with comparative figures for 1991 n L 1113- 1 Assets 1992 1991 Current assets: Equity in central treasury 31S ,545 382,306 Cash 200 200 Accounts receivable 352,946 52,154 257,467 20,880Lessallowancefordoubtfulreceivables 300,79Z 87 Net accounts receivable Grant receivable 9fi 799 Total current assets I Property plant and equipment: p plant and equipment in serviceProperty, p 42,290,475 40,513,511 Less accumulated depreciation S 325 057 71105,963 Net property, plant and equipment in service Construction work in progress 315,754 1.998.614 property, plant and equipmentTotal Deferred charges 39,867 42,380 S 3434 6,3,596 36,1,E4 1 n L 1113- 1 u Schedule 60 1 . Fund equity: Liabilities and Fund Equity 1992 1991 Current liabilities: 7,314,881 6 280 289 Current portion of bonds payable S 66,600 11,765 Current portion of capital lease obligations 35,000 t Annual leave payable 65,585 56,599 Accrued liabilities payable 25,775 40,505 Due to other funds 137.925 367,013 Total current liabilities Long -term debt: Bonds payable, excluding current portion 1,856,345 2,787,943 Capital lease obligations, excluding current portion 830,000 Total long-term debt 61345 11- Fund equity: Contributions in aid of construction 36,328,089 36,316,004 Less accumulated amortization 7,314,881 6 280 289 Net contributions in aid of construction 15 Retained earnings 2,623,058 2 804 894 Total fund equity 34 653 596 10,164,434 1 11- Schedule 61 t CITY OF SEWARD ' Enterprise Funds Harbor ' Statement of Revenues, Expenses and Changes in Retained Earnings ' Year ended June 30, 1992 with comparative figures for 1991 , 1992 1991 Operating revenues: Moorage 838,790 878,739 Wharfage 2940328 202,812 City dock fees 72,116 Boat lift fees 192,479 275,133 Power sales 172,136 128,268 Miscellaneous 233,776 173 379 Total operating revenues 1,731.0 Operating expenses: Before depreciation: Salaries 378,657 374,516 Employee benefits 164,506 173,016 Supplies and maintenance 122,915 112,407 Administration and general 910.873 721.979 Total before depreciation 1. 576, f T. i8 t Operating income before depreciation 154,858 197,531 Depreciation 1 219 094 1 222 936 Operating loss Nonoperating revenues (expenses): Interest income 34,118 75,004 Interest expense 226 010; 81.310) = } t Loss before operating transfers 1,256,428) 1,231,711) tOperatingtransfersfromotherfunds40,000 143.400 Net loss 1) Amortization of contributions in aid of construction 1 034 592 1 035 402 Decrease in retained earnings Retained earnings at beginning of year 2,804,894 2,857,803 Retained earnings at end of year 2,623_ 22,80 1 1 Schedule 62 CITY OF SEWARD Enterprise Funds Harbor Statement of Cash Flows Year ended June 30, 1942 with comparative figures for 1991 1992 1991 Cash flows from operating activities: Operating loss f 1( 1064,536) 1 („ ,405) 0 Adjustments to reconcile operating loss to net cash provided (used) by operating activities: Depreciation 1,219,094 1,222,936 Deferred charges 2,493 2,493 Allowance for doubtful accounts 31,274 35,775 Changes in assets and liabilities which increase (decrease) cash: Increase (decrease) in accounts receivable 1,320 46,967) Decrease in accounts payable 52,620) Increase in annual leave payable 9,088 56,599 Increase (decrease) in accrued liabilities payable 14,730) 12,193 Decrease in due to other funds 229,088) 51 761) 6TotaladjustmentsT_ Net cash provided (used) by operating activities 45,085) 147,243 Cash flows from noncapital financing activities - operating transfers from other funds 40,000 143,400 Cash flows from capital and related financing activities: Principal payments on long -term obligations 71,765) 57,647) Interest payments on long -term debt obligations 226,010) 265,665) Acquisition of fixed assets 94,104) 867,329) Increase in contributions in aid 123085 866,041 Net cash used by capital and related financing activities 3[ 79,-794) 3( 24,500) Cash flows from investing activities - interest income 34,118 75,004 Net increase (decrease) in cash and equity in central treasury 350,761) 41,147 Cash and equity in central treasury at beginning of year 382,306 341,354 Cash and equity in central treasury at end of year $ 331,745 3 8 506 1 - 116- CITY OF SEWARD Enterprise Funds Seward General Hospital Balance Sheet June 30, 1992 with comparative figures for 1991 Assets Current assets: Cash Accounts receivable Less allowance for doubtful receivables Net accounts receivable Due from other funds Inventory Prepaid expenses Total current assets Property, plant and equipment in service Less accumulated depreciation Net property, plant and equipment Liabilities and Retained Earnings Current liabilities: Current portion of capital lease obligations Accounts payable Accrued liabilities payable Due to other funds Estimated third -party payor settlement Total current liabilities Long -term capital lease obligations, excluding current portion Deferred pension credit Contribution in aid of construction Retained earnings Schedule 63 1992 22,147 1,018,065 234.094 1 66,008 119,507 25 631 1,472,952 ei 1991 827 906,432 1 115,450 10.564 1,421,385 746.379 1,593 26,922 33,373 165,842 344,712 160,084 131,298 43,948 62,478 10,889 26 5 12,159 310,697 40,200 893.759 S 11667; 39,081 327,497 662,709 11593,507 1 Iil 1 1 Schedule 64 CITY OF SEWARD Enterprise Funds Seward General Hospital Statement of Revenues, Expenses and Changes in Retained Earnings Year ended June 30, 1942 with comparative figures for 1991 1 - 118- 1992 1991 1 Operating revenues: Patient services t 3,323,624 2,305,008 Less provision for contractual allowances and uncollectibie accounts 626 452 321,254 Net patient services fig 4 Other 40 089 40,826 Total operating revenues 1 7,251 2,024,586 Operating expenses: Before depreciation: Salaries and benefits 1,675,100 1,539,808 Supplies and maintenance 371,838 289,390 Administration and general Total before depreciation 850.118 794 456 Operating loss before depreciation 160,795) 599,074) 1 Depreciation 84,854 82 344 Operating loss U45,649 jjM) Nonoperating revenues (expenses): Interest expense 13,116) 10,156) Restricted revenues and grants Other 59 11,368 9 Loss before operating transfers 316,340) 599,877) Operating transfers from other funds Net income 547,390 Z31,050 589 393 0' 4ff) loss) 0 Retained earnings at beginning of year 662,709 673,193 Retained earnings at end of year S 893,759 662,709 1 - 118- CITY Of SEWARD Enterprise funds Seward General Hospital Statement of Cash flows Year ended June 30, 1992 with comparative figures for 1991 Cash flows from operating activities: Operating loss Adjustments to reconcile operating loss to net cash used in operating activities: Depreciation Amortization of deferred pension credit Provision for contractual allowances and uncollectible accounts Gain on disposal of equipment Changes in assets and liabilities: Increase in accounts receivable Increase (decrease) in inventories Increase (decrease) in accounts payable increase (decrease) in accrued payroll and benefits Increase (decrease) in due to other funds Total adjustments Net cash used in operating activities Cash flows from noncapital financing activities: Operating transfers from other funds Contribution in aid of construction Other nonoperating revenue (expense) Net cash provided by non - capital financing activities Cash flows from capital and related financing activities: Principal payments on long -term debt Interest payments on long -term debt Acquisition of fixed assets Net cash used by capital and related financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 119- 1992 Schedule 65 1991 t 24i„ 5,649) 68( 1,418) 849854 82,344 16,600) 16,800) 626,452 321,254 1,016 567,174) 499,355) 19,) 17,322 128,786(9,046) 1124) 26 857109,956) I B ) CEO 396,463) 618,903) 547,390 89,393 40,200 57,575) _ 91,697 530,015 681,090 31,420) 33,373 13,1161 10,156) 63) 5.__L) l 1(_ 1,562) 9( 9 , 395 ) t 21,970 37,209) 827 38,036 i 222,- i CITY OF SEWARD Enterprise Funds Grain Terminal Balance Sheet June 30, 1992 with comparative figures for 1991 Assets Accounts receivable Inventory Liabilities_ and Retained Earnings (Deficit) Current liabilities': Deferred revenue Accounts payable Accrued liabilities payable Due to other funds Total current liabilities Retained earnings (deficit) 120- Schedule 66 1992 1991 S 79,074 49,484 10,101 10,_101 89,175 59 1 5e5 20,000 - 10,000 10,000 1,833 1,833 91:272 42 2,797) • 5,423 S 89,175 59,585 Schedule 67 CITY OF SEWARD Grain Terminal Statement of Expenses and Changes in Retained Earnings (Deficit) Year ended June 309 1992 with comparative figures for 1991 121- I 1992 1991 Operating expenses: Legal 332 648 Rents and lease 11,026 11,026 miscellaneous 1.245 12,603 1 000 T;aT Total operating expenses Nonoperating revenues - interest Loss before operating transfers')b} 7423--8-3 3 714 Operating transfers from other funds Net income (loss) 15 000 Retained earnings (deficit) at beginning of year 5,423 617_) Retained earnings (deficit) at and of year i (2} 5,423 121- I 1 Schedule 68 CITY OF SEWARD Enterprise Funds Grain Terminal Statement of Cash Flows Year ended June 30, 1992 with comparative figures for 1991 e 1992 1991 Cash flows from operating activities: Operating loss 12,603) 12,674) Adjustments to reconcile operating loss to net cash used in operating activities: Changes in assets and liabilities which increase decrease) cash: Decrease in accounts receivable 29,590) 26,562) Increase in accrued liabilities payable 11000 Increase in due to other funds 17,810 19,522 Increased in deferred revenues Total adjustments 20 1 1_ Net cash used in operating activities 4,383) 18,714) Cash flows from noncapital financing activities - operating transfers from other funds 15,000 Cash flows from investing activities - interest income 4,383 3,71.4_ Net increase in cash and equity in central treasury Cash and equity in central treasury at beginning of year Cash and equity in central treasury at end of year S - 122— INTERNAL SERVICE FUND The Internal service fund is used to account for goods and ' services provided on a cost - reimbursement basis, by one City department to other City departments, and consists of the Notor Pool which accounts for the acquisition of vehicles and mobile ' equipment which are then leased to the various departments of the City. 1 123- CITY OF SEMARD Internal Servico Fund Motor Pool Balance Sheet June 30, 1992 Assets Equity in central treasury Property, plant and equipment - vehicles Less accumulated depreciation Net vehicles Fund Equity Contributions in aid of construction Retained earnings 1 124- 1 Schedule 69 6,262 62,611 4 300 64,639 64,000 639 64,639 Schedule 70 CITY OF SEWARD Internal Service fund Motor Pool Statement Revenues, Expenses and Changes in Retained Earnings Year ended June 30, 1992 Operating revenues - vehicle rental' 4,939 4 300Operatingexpenses - depreciation Net income Retained earnings at beginning of year Retained earnings at end of year 125- Schedule 71 CITY OF SEWARD Internal Service Fund Notor Pool Statement of Cash Flows Year ended June 30, 1992 1 Cash flows from operating activities: Operating income 639 Adjustments to reconcile operating income to net cash provided by operating activities - depreciation Net by 4 300 cash provided operating activities§ Cash flows from capital and related financing activities: Acquisition of fixed assets 62,677) Residual equity transfers from other funds, recorded as contributions in aid of construction 64 000 Net cash provided by financing activities Net increase in cash and equity in central treasury 6,262 Cash and equity in central treasury at beginning of year Cash and equity in central treasury at end of year S 6.. C I zb- FIDUCIARY FUND TYPE - AGENCY FUNDS I Deferred Compensation - This fund accounts for the portion of employes salaries which they have elected to defer under ' Section 457 of the Internal Revenue Code. The Cit retains title to such moneys until they are paid or made avaiiab a to the employee by its agents, the ICl1A Retirement Corporation, upon , termination, retirement, death or unforeseeable financial emergency. Teen Center - This fund accounts for moneys earned and expended IbytheteengroupoperatingtheTeenCenter, 127- 1 Restricted funds Central treasury Schedule 72 CITY OF SEWARD Agency Funds Combining Balance Sheet June 30, 1982 with comparative totals for M Deferred Teen Totals Assets Compensation Centern IIJ92 INI f 19402,511 - 1,402,511 1,247,230 4,310 4,970 - 1.4 4, 970 1,407,481 1,247,230 Liabilities Due to City employees Due to Teen Center 1,402,511 - 1,402,511 1,247,230 4,970 4970 i 1 402 5*11 4,970 1,407,481 1, 24 0 128- 1 1 1 1 Schedule 73 As Balance at Balance atJull1. 1991 Adds pe]e-ons June 30 1992 Restricted funds $ 1,247,230 , 240,8172 gr5ygl 1 402E 1 Liabilities Due to city employees = 41 240,872 85,591 1 1 229- 1,402.511 .... CITY OF S EliARD Agency Funds Deferred Compensation Stateaent of Changes in Assets and Liabilities Year ended June 30, 1992 Schedule 73 As Balance at Balance atJull1. 1991 Adds pe]e-ons June 30 1992 Restricted funds $ 1,247,230 , 240,8172 gr5ygl 1 402E 1 Liabilities Due to city employees = 41 240,872 85,591 1 1 229- 1,402.511 .... Schedule 74 CITY Of SEYARD Agency funds Teen Center Statement of Changes in Assets and Liabilities Year ended June 30, 1992 t t Balance at Balance at Assets July 1, 1991 Additions Deletions June 30, 1992 Equity in central treasury S _ 8L7767 3.797 4,970 tLiabilities Due to Teen Center 1B, 767 3jr797 4.970 1 1 t GENERAL FIXED ASSETS ACCOUNT GROUP The General Fixed Assets Account Group is established for con- trolling the City's sizeable investment in fixed assets, which are tangible assets of significant value having a life which extends beyond one year. No depreciation is provided on such assets. This control also allows establishing custodial responsibility for the assets. The investment in fixed assets by the Enterprise Funds is accounted for in the Proprietary Fund Type - Agency Fund. 1 1 1 CITY OF SEYAW General Fixed Assets by Sources June 30, 1992 with comparative figures for 1991 General fixed assets: Land and land rights Buildings Improvements other than buildings Equipment Construction work in progress Investment in general fixed assets: Prior year data Capital Projects Funds and state grants General Fund revenues Federal revenue sharing 1 1 1 1 132- Schedule 75 1992 1991 S 19,614,281 19,627,781 7,272,787 7,129,269 8,572,850 8,572,850 2,344,714 2,248,833 41040,229 3,241,721 41,844,861 40,8 19,300,198 19,300,198 17,127,367 16,287,566 5,401,821 5,217,217 15,475 15,475 S 41i844,_ 40,820,456 1 1 1 1 CITY OF SEWARD General Fixed Assets Activity Year ended June 30, 1992 Fixed asset type Land and land rights Buildings Improvements other than buildings Equipment Construction work in progress 1 1 Schedule 76 Balance at Balance at July 1. 1991 Additions Deletions June 30, 1992 S 19,627,781 13,500 19,614,281 7,129,269 143,518 7,272,767 6,572,850 515721850 2,248,835 95,879 2,344,714 3.241.721 796.508 4,040,229 40,820 1,037,905 13,500 41,544,861 133- i i i 1 GENERAL LONG -TERM DEBT ACCOUNT CROUP The general long -term Debt Account Group records the unmatured principal of long -term general obligation bonds and the long -term portion of accrued annual leave payable from general revenues and backed by the full faith and credit of the City. 1 1 1 1 134- i 1 1 1 CITY Of SEWARD Statement of General Long -tern Debt June 30, 1992 with comparative figures for 1991 Amount to be Provided for the PUMnt of General Long -team Debt Capital leases payable Bonds payable Accrued leave Retirement Incentive Program General Long-term Debt Payable Accrued leave 1990 bonds payable 1987 bonds payable Capital lease payable Retirement Incentive Program 1 1 1 I3S- Schedule 77 1992 199.1 377,782 503,049 2,212,055 2,225,292 254,123 254,308 35.678 36,730 2,879,638 3,0179 254,123 254,308 1,800,000 1,800,000 412,055 425,292 377,782 $03,049 35.678 36,730 S 2,87„ 9,,638 3,019,379 i PART III STATISTICAL SECTION 1 1 1 1 1 1 1 1 1 1 f 1 1 1 1 1 1 1 1 STATISTICAL TABUS It Statistical tables give report users a better historical perspective and assist in assessing current financial status Statistical data is included for ten fiscalandtrends. years. 1 t 1 1 136 - CITY OF SEWARD GENERAL FUND EXPENDITURES BY FUNCTION LAST TEN FISCAL YEARS Fiscal General Public Public Parks and Debt V -rr r%rwL#m mmggt C.tow wAr" V.r"atinn Cerview Tnist 1983 T 1.518M 1,259,195 595 184.971 22,1191 3 80 176' 1981 1,353M 1,362299 W.567 311 9J81 3,583.5 90 1985 IA41257 1,594AI 586 256M 9 S4 088 73, 1986 1,475215 IAO..989 542AS7. 199,159 10,188 S3.916.508' IM7 LOOP 1.331D61 5 iS 59 L91M Q S3 454 003 1988 1JW.704 1.369,233 560 77 279,862 20 S3 5 682 1989 1 1 1 1461 13 41753 353.199 49 0 S 1 4,237,-167 1990 IS94380 1 59 14 550255 357,802 154,574 S4,416,425 i 1991 1 3 725 1,584$21 608 449.119 362 S4,648,212 1992 2 S 1,640,0811 692,653 493 106 345 65 1 S5,216,333 I 237- 1 1 1 1 THIS PAGE INTENTIONALLY LEFT BLANK 1 1 1 1983 346.1531 65A211 CITY OF SEWARD 17 6081 GENERAL FUND REVENUES BY SOURCE LAST TEN FISCAL YEARS Licenses Charps, Fiscal And Inter— for Fines and 49902 Year Taxes Permits overmental Services DOW 1983 346.1531 65A211 IM.798 2,558,494' 17 6081 1994 49902 69,351 IL74X9. 1 73 12.027 1985 597,983 62in 1,16004 1,9183171 16122 19861 799,563 197393 798 39 9.1521 1987 942,119 62 755,192 956.5801 13,495'i 1988 1,318.4341 72 AS 605M 146 710 14,4651 1989 1,370,789 132 9 939 97 739,101 26,729 1990 1 780 77,920 903A79 935,661 15 39 1991 1 14 436 69195 1 9 1 27 708 13 058 1992 1 97 74,0051 913137 1440 12 18158 Payment Rents In Lieu Swptw and nrT„eet c.tet I stm MkneWneons Total 233,315 f.145, 1 M6 5,247AI9: 331,4 5 07 7 7 3 467 2.229 245,040 5W938 960 472,813 2,043 Z55,529 1 5,417.479 506.923 126A97 294,593 149.411 S3.707.019 517JW 20,770 301402 204171 S4 109 525405 21,145 348,700. 311,767 S4.415.292 629,117 13 38 421,542_ 513JM I S5.194.056 679.292 5.137 498.058, 730 79 S6 184 22 1 692A53 47.1621 4W51 329ABI S5 140- 1 CITY OF SEWARD PROPERTY TAX LEVIES AND COL XcTIONS LAST TEN FISCAL yEARS t Fiscal Year 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 Total Tax Le 239 757 313 141 323 749 571 94 427 W 457 793 456 418 95 463 743 489 6 Ctirt+ent Percent Tax of Levy Collections Collected 77 95.6% 97.0% 3 92 96.8% 536 9 93.8% 385 18 90.1% 406 72 88.8% 388 I 85.1% 387 31 92.6% 413 89.296 44X23 91.496 Delinquent Totalq Tax Tax Collections Conectiotu 7 419 236 87 4 307 997 434 318 3 34 539 93 1764 387 6 4I2 37074 432 4 68 12 487007 5731 419 81 2Z 471 469 94 Tote[ Tax Collections o a 98.795 98.496 98196 94.496 9as96 90296 94A% 116.496 90S9x, 96.096 Outstanding Delinquent axes 16 5 18 54,438 j=5_-2-a3: 123 s 125 60 100 78 48 07 6I 460 76 2 Ratio a[ Delinquent Taxes .4s a l of Total 7.007,,!. 6.D%. 168% 9.196 28.8% 27,4 22.0°h , 11.bgio 13.396 15.790 1 1 Source., Kenai Pen nsttla Borough CITY OF SEWARD ' ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY UST TEN FISCAL YEARS Ratio of Total Real Property Personal Property T_ o_tal ProPert Assessed Estimated Estimated Estimated to Total Fiscal Assessed Actual Assessed Actual Assessed Actual Estimated ' r v..% 'wah Velna V,lw Val u. Value Actual Value 1983 37J17.000 43L917,949 16.369.047 19,564,285 54.186.047 63 234 85.3696 1984 63,395,090 66.015.4W 15,493,670 21 900 M01.760 90.05% 1985 60.596,630 64.74&500 20.743.586 20 743 586 BL340116 9,492,066 95.14% 1986 77 85 454 400 56 716 200 56,716.2M 134,5433M 14 170 600 94.6496 1987 86A52.400 102 797 59-7653M 74 1800 14U17.700 177 39 400 82.45% 1988 94 76 800 1 69,M 921 69,953,900 i 721 172-9472001 94.19% 1989 93279.802 104 34 55 450 349 55 976 000 149 730 151 160 10 000 93.40%'0 1990 88 156 794 000 28 73 40,833,200 117,048,539 139 83.83% I 19911 97193 437 100 7 900 53 1900 68429 200 150 795 37 169.M.100 88.91% 1992 88 464 566 100 7 900 52A74,761 68924 200 1 169L97,100 83.16%'0 Source: "Alaska Taxable', State of Alaska 142— 1 CITY OF SEWARD PROPERTY TAX RATES — ALL OVERLAPPING OOVERNMEM PER $1,000 OF ASSESSED VALUE) Fiscal Seward City TmIll 1 G.1 19831 7.00 1 8.25 1984 5.00 2 750 1985 5.00 75 6.75 1986 5.00 1.75 6.75 1987 3.00 4. 7.00 19991 3.00 5.75 8.75 1989 3.00 5.75 8.75 1990 3.00 5.75 8.75 1991 3.00 7.55 10.55 1992 3.00 8.55 1155 Source. City of Seward Kenai Peninsula Borough 143- CITY OF SEWARD SPECLAL ASSESSMENT COLLECTIONS LAST TEN YEARS Current Fiscal Assessments Vier MIA Ratio of Curremt collections Total Assessments To Outstanding rntlwrtinne Amnunt flue Assessments 1983: 17 29,542, 162-51% $116A76 1984 14M 39,998 P9.75% 76,679 1985 17.146 19 112.94% 57,315, 1986 16AM 13,471 80.97% 382215 1987 14AM 14A64 99.79% 408 022 1988 49,883 41,918 85.75% 366104 1989 50,315 22,558 44.83% 376,358 1990 56AM 28,731 50.73% 361 19 1991 28 111,719 39134% 5250 1992 26190 6,5051 24.8496 S263.979 MUM CITY OF SEWARD RATIO OF GENERAL BONDED DEBT ASSESSED VALVE AND BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS Fiscal Assessed V-.. val.0 Ratio of Bonded Debt to Bonded Bonded Assessed Debt Per right V inr rmniM 19831 Ig§ 54186 000 3,052DW 5.63% 1 70 1984 1&71 78399,000 2,974DW 3.64% 1,536 1985 2,072 81,3Q,000 7A82.0Q0 9.44% 3.709 1986 2,293 134 ".000 7,395,000 5.3096 325 1987 2,279 1462 1$000 8139 557% 3,571 1988 2,400 162,903,000 10,3459M 635% 4,310 1989 2$29 149 30,000 10 000 6.71% 3.550 1990 2,829, 117,049,000 11444 000 9.78% 4,045 1991 2 150, 795 000 lixim 731% 4,083 1992 2 141039 004 10,563,000 7.49% 3 764 Source: State of Alaska Kenai Peninsula Borough 145- LEGAL DEBT MARGIN June 30, 1992 No debt limit mandated by law. 146- CTTY OF SEWARD COMPUTATION OF DIRECT AND OVERLAPPING sONDED DEBT June 30, 1992 Percentage (1) Amount Net Debt Applicable to Applicable to Jutisdiction Oula aft City of Seward City of Seward Kenai Peninsula Borough JUM5 4A3% Overlapping Debt S3E2&21TotalM City of Seward S2112M5 100AU% S2212.05S (2) 4 Total Direct Debt SZ212Q55 52112•055 1 Total Direct and Overlapping Debt S92,047,05 rA.191,746 1 1)Based upon the ratio of City of Seward assessed value (real and personal property) to toal assessed value of the Kenai Peninsula Borough. bonds in Enterprise Funds. 2)Exciading general obligation reported the 147 — CITY OF SEWARD RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL FUND EXPENDITURES LAST TEN FISCAL YEARS Fiscal Ratio of Debt Service Total Total to Total Debt General General carwi^o =~ndinrrfise Fmendituret 1983 11,377 10,742 9 3.180,176 1984 9 000 881 9A- 1 3,593,590 46 1985 9 000 544 9 4 73 0.23% 1986 10 000 188 10,198 3$16M 0.26% 1987 0 0 0 3A53,513 0.00% 1988 0 20,206 20,206 3M5AS213M5 0.5246 1989 9,P3 39 18 49 051 4.237,767 1,16%! 1990 79,757 74,817 154.574. 4 416 425 3-50%; 1991 129 90 232,370 362 12 7.7946 f5j16,33319921436320i70i345,265 6.62% 148- i t u CITY ' ] PROPERTY VALUE, CON F SEWARD STRUCTION AND SANK DEPOSITS LAST TEN FISCAL YEARS r 1 I Co=aercbl Resideausti 1 COMfilinllNumberNumber ProperlyFinalofo[ Bank ValuePermitvainPermitvalueDeMTALI 1 -144- CITY OF SEWARD PRINCIPAL TAXPAYERS JUNE 30, 199 Percent 91192 of Total Asseused Assessed r........,.. 'n.... of, U..eim a Vi11121inn Valuation Chu ach Alaska 99n. Sawmm R — - S15 179 10.4996 Fisheries Seafood ProcesdU 7,159.5 4.75 Suse el Alaska 960. coallmn 6,745,179 4.47% General Tclellboac Co. of Telommmw9atio 4 717 1 3.1396 Kenai F rda our Boat wurs 2317,550 1.54% AM(RA Louing Construction 410 1.524 New Seward Hotel Hotel 1,721&7 1.1496 Alascom Teiecommunicstions 1.461.080 0.97% Breeze Ian Hote j Restaurant 1446 73 0.96 Leiter Enterprises Real Estate 1,345,179 0.8946 Includes real and personal property Sown: Kenai Peninsula Borough ISO- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Crff OF SEWARD MISCHUA14EOUS STATISTICS JUNE 30, 1992 Date of Incorporation Class Form of Government Area, Square Miles Males of Street Number of Street Lights Population Fire Protection Number of Stations Number of Firefighters and Officers Number of Volunteers Fire Rating (ISO) Police Protection Number of Stations Number of Offices Education Attendance Centers Number of Students Number of Teachers Municipal Water Department Number of Consumers Average Daily Consumption Building Permits Issued Recreation and Culture Number of Parks Number of Libraries Number of Volumes Employees Classified Service Exempt gnalifred Voters 151- Juste 1, 1912 Home Rule C UKA -Manwr 22 43.14 194 21806 2 2 29 S 9 2j6W 97 798 1,480.000 41 9 1 22,929 104 19 1,326 I 1 r w All S, An E rr rf dA End of File