HomeMy WebLinkAbout1993CAFRi
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aTY
of
SEWARD
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For Fiscal Year
Ended June 30, 1993
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
OF THE
OF SEWARD, ALASKACITY
For The Fiscal Year Ended
June 30, 1993
DAVE CRANE
MAYOR
TYLER JONES
CITY MANAGER
1
PREPARED BY THE
DEPARTMENT OF FINANCE
RICK L. GIFFORD
DIRECTOR OF FINANCE AND
ADMINISTRATIVE SERVICES
1
PART I
I INTRODUCTORY SECTION
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CITY OF SEWARD
General Purpose Financial
Statements and Schedules
Table of Contents
PART I - INTRODUCTORY SECTION
1 Page
Table of Contents
Letter of Transmittal
I -VI
VII -XVIII
List of Principal Officials IX
Organizational Chart XX
PART Ii - FINANCIAL SECTION
Independent Auditors' Report I
General Purpose Financial Statements - Overview: 2
Exhibit A - Combined Balance Sheet - All Fund Types and Account Groups 3 -4
Exhibit B - Combined Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balances - Governmental
Fund Types 5
Exhibit C - Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance - Budget and Actual -
General Fund 6
Exhibit D - Combined Statement of Revenues, Expenses, Operating
Transfers and Changes in Retained Earnings • Proprietary Fund
Types - Enterprise Funds and Internal Service Fund 7
Exhibit E - Combined Statement of Cash Flows - Proprietary Fund
Types - Enterprise Funds and Internal Service Fund 8
Notes to General Purpose Financial Statements 9-38
Combining, Individual Fund and Account Group Financial Statements: 39
Governmental Fund Types:
General Fund: 40
Schedule I - Balance Sheet 41
r Schedule 2 - Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance 42
Schedule 3 - Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance - Budget and Actual 43 -47
Special Revenue Funds: 48
49Schedule4 - Combining Balance Sheet
Schedule 5 - Combining Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balances 5I -52
DARE Program:
Schedule 6 - Balance Sheet 53
Schedule 7 - Statement of Revenues, Expenditures and
Changes in Fund Balance 54
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CITY OF SEWARD
General Purpose Financial
Statements and Schedules
Table of Contents '
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Combining, Individual Fund and Account Group Financial Statements:
Governmental Fund Types, Continued:
Special Revenue Funds, Continued:
Summer Youth Employment /Training Program:
Schedule 8 - 1993 -94 Program - Balance Sheet 55
Schedule 9 - Combining Statement of Revenues, Expenditures
and Changes in Fund Balances 56
Day Care Assistance: 57Schedule10 - Balance Sheet
Schedule 11 - Statement of Revenues, Expenditures and Changes
in Fund Balance 58
Historic Preservation Plan:
59Schedule12 - Balance Sheet
Schedule 13 - Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance 60
Spring Creek Correctional Center:
Schedule 14 - Balance Sheet 61
Schedule 15 - Statement of Revenues, Expenditures and
Changes in Fund Balance 62
Police Fund:
Schedule 16 - Balance Sheet 63
Schedule 17 - Statement of Revenues, Expenditures and
Changes in Fund Balance 64
Litter Control:
65Schedule18 - Balance Sheet
Schedule 19 - Combining Statement of Revenues, Expenditures,
Other Financing Sources and Changes in Fund Balances 66
Prison Library:
67Schedule20 - Balance Sheet
Schedule 21 - Statement of Revenues, Expenditures and
Changes in Fund Balance 68
Public Library: 69Schedule22 - Balance Sheet
Schedule 23 - Statement of Revenues, Expenditures and
Changes in Fund Balance 10
State Revenue Sharing - Schedule 24 - Statement of Revenues,
Expenditures, Other Financing Uses and Changes in Fund Balance 71
Interlibrary Cooperation Grant - Schedule 25 - Statement of
Revenues, Expenditures, Other Financing Sources and Changes
in Fund Balance 72
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CITY OF SEWARD
General Purpose Financial
Statements and Schedules
Table of Contents
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Combining, Individual Fund and Account Group Financial Statements:
Governmsntal Fund Types, Continued:
Capital Projects Funds: 73 -74
Schedule 26 - Combining Balance Sheet 75 -76
Schedule 27 - Combining Statement of Revenues, Expenditures,
Other Financing Sources (Uses) and Changes in Fund Balances
Deficit) 77-78
Schedule 28 - Projects to Date - Statement of Revenues,
Expenditures, Other Financing Sources (Uses) and Changes
in Fund Balances (Deficit) 79-80
Senior Citizens Center:
Schedule 29 - Balance Sheet 81
Schedule 30 - Statement of Expenditures and Changes
t in Fund Balance 82
Streets and Sidewalks:
Schedule 31 - Balance Sheet 83
Schedule 32 - Statement of Revenues, Expenditures and
Changes in Fund Balance 84
Library Handicapped Access:
Schedule 33 - Balance Sheet
Schedule 34 - Statement of Expenditures and Changes in
85
Fund Balance 86
Jail Sprinkler:
Schedule 35 - Balance Sheet 87
Schedule 36 - Statement of Revenues, Expenditures, Other
Financing Uses and Changes in Fund Balance (Deficit) 88
Bike Path:
Schedule 37 - Balance Sheet 89
Schedule 38 - Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance 90
Hospital Boiler:
Schedule 39 - Balance Sheet 9I
Schedule 40 - Statement of Expenditures, Other Financing
Sources and Changes in Fund Balance 92
Hospital Fire Alarm System:
Schedule 41 - Balance Sheet 93
Schedule 42 - Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance 94
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CITY OF SEWARD
General Purpose Financial
Statements and Schedules
Table of Contents
Combining, Individual Fund and Account Group Financial Statements:
Governmental Fund Types, Continued:
Capital Projects Funds, Continued:
City Hall Elevator:
Schedule 43 - Balance Sheet
Schedule 44 - Statement of Revenues, Expenditures and
Changes in Fund Balance
Waterfront Improvement:
Schedule 45 - Balance Sheet
Schedule 46 - Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Underground Storage Tanks:
Schedule 47 - Balance Sheet
Schedule 48 - Statement of Expenditures, Other Financing
Sources and Changes in Fund Balance
Capital Acquisition Fund:
Schedule 49 - Balance Sheet
Schedule 50 - Statement of Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance
Proprietary Fund Types:
Enterprise Funds:
Schedule 51 - Combining Balance Sheet
Schedule 52 - Combining Statement of Revenues,
Changes in Retained Earnings (Deficit)
Schedule 53 - Combining Statement of Cash Flows
Electric:
Schedule 54 - Balance Sheet
Schedule 55 - Statement of Revenues, Expenses
in Retained Earnings
Schedule 56 - Statement of Cash Flows
Water and Sewer:
Schedule 57 - Balance Sheet
Schedule 58 - Statement of Revenues, Expenses
in Retained Earnings
Schedule 59 - Statement of Cash Flows
Harbor:
Schedule 60 - Balance Sheet
Schedule 61 - Statement of Revenues, Expenses
in Retained Earnings
Schedule 62 - Statement of Cash Flows
IV
Expenses and
and Changes
and Changes
and Changes
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Page
95
96
97
98
99
100
101
102
103
104
105
106 -107
108
109
110
III
112
113
115 -116
117
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CITY OF SEWARD
General Purpose Financial
Statements and Schedules
Table of Contents
Pag_e
Combining, Individual Fund and Account Group Financial Statements:
Proprietary Fund Types, Continued:
Enterprise Funds, Continued:
Seward General Hospital:
Schedule 63 - Balance Sheet 119
Schedule 64 - Statement of Revenues, Expenses and Changes in
Retained Earnings 120
Schedule 65 - Statement of Cash Flows 121
Grain Terminal:
Schedule 66 - Balance Sheet 122
Schedule 67 - Statement of Revenues, Expenses and Changes in
Retained Earnings (Deficit) 123
Schedule 68 Statement of Cash Flows 124
Internal Service Fund: 125
Motor Pool:
Schedule 69 - Balance Sheet 126
Schedule 70 - Statement of Revenues, Expenses and Changes
in Retained Earnings 127
Schedule 71 - Statement of Cash Flows 128
Fiduciary Fund Type:
Agency Funds: 129
Schedule 72 - Combining Balance Sheet 130
Schedule 73 - Combining Statement of Changes in Assets and
Liabilities 131
Account Groups:
General Fixed Assets: 132
Schedule 74 - General Fixed Assets by Sources 133
Schedule 75 - General Fixed Assets Activity 134
General Long -term Debt: 135
Schedule 76 - Statement of General long -term Debt 136
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CITY OF SEWARD
General Purpose Financial
Statements and Schedules
Table of Contents '
PART III - STATISTICAL SECTION
Page
Statistical Tables: 138
General Fund Revenues by Source 139 -140
General Fund Expenditures by Function 141
Property Tax Levies and Collections 142
Assessed and Estimated Actual Value of Taxable Property 143
Property Tax Rates - All Overlapping Governments 144
Special Assessment Collections 145
Ratio of General Bonded Debt Assessed Value and Bonded Debt Per
Capita 146
Legal Debt Margin 141
Computation of Direct and Overlapping Bonded Debt 148
Ratio of Annual Debt Service Expenditures for General Bonded Debt
to Total General Fund Expenditures 149
Property Value, Construction and Bank Deposits 150
Principal Taxpayers 151
Miscellaneous Statistics 152
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CITY OF SEWARD
h
P.O. WX 167
SEWARD, ALASKA 9664
January 16, 1994
The Honorable Mayor Dave Crane
and Members of the City Council
City of Seward
P. O. Box 167
Seward, Alaska 99664
Honorable Mayor Crane and Council:
Main Office (907) 224 -3331
Police (907) 224 -3338
Harbor (907) 224 -3138
Fire (907) 224-3445
Telecopier (907) 224.3248
The Comprehensive Annual Financial Report of the City of Seward, Alaska, for the fiscal year ended June
30, 1993, is submitted herewith. Responsibility for both the accuracy of the presented data and the
completeness and fairness 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 financial activity 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.
Scoge of Presentation of Financial Statements
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 organizational chart for the City,
and a Table of Contents; the Financial Section, which begins with the general purpose financial statements and
provides an overview of the City'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 recommendations,
and the auditor's report on the internal control structures and compliance with applicable laws and regulations,
are issued in separate reports.
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
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funds, supported through user charges. The City also maintains an enterprise fund to account for the
operations of all harbor and port related activities.
All operating and management functions for Seward General Hospital have been delegated to the
Community Hospital Board, whose members are appointed by the City Council. The City Council exercises
budgetary oversight over hospital operations. The financial statements of Seward General Hospital are included
in this report.
The ReRorting Entity and Its Services
The City provides a comprehensive range of services for its citizenry. Among these services are police andfire, water, sewer, medical services through Seward General Hospital, culture and leisure services through its
recreation departments, electric utility, deep draft port, small boat harbor, industrial andlibraryandparksand
economic development support, planning and general administrative services.
The community is located on the eastern side of the Kenai Peninsula in south central Alaska, 125 highway
miles south of Anchorage. Year -round access is available by road, rail, water and commuter air service.
Seward was established in 1903 as the terminus of the (then) Alaska Central Railway. Its location was
carefully chosen for its attributes as a year - round, ice -free Port. The world class harbor characteristics of
Resurrection Bay established the town economically and still drive the economic base for the community.
Seward currently is the only town in Alaska with an ice -free, deep -draft harbor with road and rail service to
interior Alaska. Seward's unique port and transportation system have positioned it to be a key connection
in the Pacific Rim countries and the sources of thosebetweenthegrowingdemandforAlaska's resources
resources in interior Alaska.
Seward's people, and its physical assets, have created a much more diversified economy than exists in
any other coastal community in Alaska. Seward has directed its economic efforts towards diversification. TheCityhasspentconsiderableefforttocreateandencourageprivateinvestmentandyear -round jobs in Seward. Diversification efforts have and are succeeding with the City's economic base, focused around seven primary
economic activities including: fishing, tourism, bulk transportation, ship repairlservices), forest products,
education and government. The City's efforts to increase activity and year -round jobs have resulted in over
While avoiding tax
300 new jobs and over $125,000,000 of new construction over the last fifteen years.
existing government service levels as increased revenues haveincreases, Seward has been able to maintain
been acquired from user fees, service fees and payments for public property leases.
A major factor in local economic development was the opening of the state's first maximum security prisonCorrectionalCenterbeganinMayofthesameyear, 206inMarch, 1988. As operations of the Spring Creek
to serve the Center's population of 439 prisoners. Full capacity of employment was attainedjobswerecreated
in November of 1988. These jobs greatly enhanced the local economy, providing much needed year -round
The facility was financed and constructed by theemploymenttotheprimarilyseasonaleconomyofthearea.
City of Seward and is being leased by the State of Alaska under a long -term lease agreement signed in October
of 1985 with appropriations issued by the Alaska legislature.
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 iSMIC). This area contains over 80 acres of prime
marine industrial land that the City is developing for long -term lease to companies needing marine dependent
or marine related developable land. The City has invested over 40 million dollars of State grant and local
The SMIC is the only dedicated marine industrialmoniestocreatethisprimeindustrialdevelopmentarea.
center in Southcentral Alaska.
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In addition to developing industrial land for lease, the City sponsored the construction of two major shipP9YP1P
lift facilities to provide emergency and normal maintenance repairs to large vessels operating in Alaskan waters.
Seward is the only significant operating ship repair and dry -dock facility in Alaska. The ship repair industry is
rapidly growing with over 600 large boats lifted and repaired to date, and over five million dollars per year of
gross ship repair billings. New ship repair companies continue to express interest in establishing operations
in Seward, utilizing the City's ship lifting equipment. The City's 250 ton travelift, 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 concerns available in Seward.
A cargo dock (SMIC North Dock) was completed in 1988. This dock and barge ramp have since been
heavily utilized for log unloading, ship mooring and cargo, Construction of this facility was financed with a
combination of State grants and 12.1 million of City general obligation bonds.
A SMIC ground lease was negotiated in 1989 with Inlet Fisheries for development of a commercial fish
receiving and canning facility. As part of the lease, the company constructed a dock adjacent to its watert•ont
plant. The dock was constructed and then sold to the City for one dollar. This dock and additional constru ,ted
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 long -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. The Seward mill is now operating under the name of Seward Forest Products, Inc„
a joint venture consisting of Chugach Alaska Corporation, Young & Morgan and Citifor Corporation (a Chinese
forest products company). The sawmill operates with one shift and employs approximately 60 employees.
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 fiberboard. Additionally, the joint venture
plans to construct a new, dedicated log 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 ldemitsu Kosan and the
loading, exporting of this resource to the Far East. 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 Railbelt.
In the summer of 1990, Pacific Telecom Cable, Inc. commenced its project of installing 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 plc of the
United Kingdom. The new cable was landed at Seward and provides fiber optic capabilities to Alaska.
Applications of the cable include 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 extended to Anchorage where connections are available to all other areas of Alaska.
Cable repair operations have added considerable monies to Seward's economy.
Seasonal activity has generated increased economic activity in tourism, sport and commercial fishing.
Tourism was a significant activity in Seward in 1993. Industry analysts established a visitor activity level of
nearly 300,000 visitors during 1993. Seward has become known as the best one -day trip from Anchorage,
due in part to the Exit Glacier, Kenai Fjords National Park, and great scenic splendor of the area in general. An
indicator of the success of the tourism industry is the establishment and continuation of seven - day -per -week
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passenger service to Seward from Anchorf,ge by the Alaska Railroad.
Because of the increase in marine and tourist activity, Seward's small boat harbor is heavily utilized and
in need of expansion. {The waiting list for certain size mooring slips in the harbor is eight yE,ars.l Currently,
under review is a plan to develop harbor facilities at Nash Road to accommodate approximately 1,200
commercial and recreational vessels. The proposal, put forth by a private developer, would add to the City's
tax base and help relieve the presently over - crowded condition of the current city facility. The City has
obtained a Corps of Engineers fill permit for this project.
After considerable effort from the City of Seward and other development assistance agencies, Princess
Tours, Inc. and Regency, Inc. have decided to move all "across the gulf' cruise tours to the port of Seward
starting in May of 1993. With the efforts of the City and the proposed construction of a new cruise ship
multipurpose dock, Seward expects to have all "across the gulf" cruise ships destined for Southcentral Alaska
stop at Seward. This could equal over 90 ship calls to Seward with over 100,000 additional passengers and
crew through the town.
The Alaska SeeLife Center is being developed under the sponsorship of the Seward Association for the
Advancement of Marine Science, City of Seward, University of Alaska and the Exxon Valdez Oil Spill Trustee
Council. Its principal emphasis is the development of research facilities to provide the required research and
monitoring relating to injured marine mammals, marine birds and their habitat. The Center will also include a
large aquarium exhibiting marine mammals, sea buds, and fishes indigenous to Alaskan waters. The total
planned cost of the project is 846.3 million, including 936.3 million for the research facilities. The project
received 912.5 million in 1993 from the Alaska legislature and in early 1994 received preliminary approval of
a $25 million proposal from the Exxon Valdez Oil Spill Trustees Council.
City ov rnmental Organization
The City was incorporated on June 1, 1912, and became a first -class City under the Alaska Statute's home
rule provisions upon the adoption of the City Charter by a referendum vote of the people on January 5, 1960.
The form of government established by the Charter is the Council - Manager plan, The Council exercises the
legislative power of the City and determines all matters of policy. The Council is composed of a Mayor and
six council members who are elected at large on a non - partisan basis. Council members and the Mayor each
serve a term of two years.
The City Manager is the administrative head of the City Government and is responsible to the Council for
the proper handling of all City affairs. The office of 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
Attorney is appointed by the Council. All other officers and employees of the City are appointed by the City tManager. Appointments to the following positions are made by the City Manager with approval of the Council;
City Engineer tChiefofPolice
Director of Finance and Administrative Services
Fire Chief
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Accounting Svstem and Budoetary Control
The City's financial statements for governmental funds have been prepared on the modified accrual basis
of accounting in conformity with generally accepted accounting principles. Revenues on this basis of
accounting 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 not recorded as revenue until collected by the
Kenai Peninsula Borough. The City's Proprietary Funds are accounted for on the accrual basis. Revenues on
the accrual basis are recognized when earned; expenses are recognized when incurred. Inventories are stated
at cost using the first -in, first -out method.
In developing and evaluating the City's accounting system, consideration is given to the adequacy of
internal accounting controls. Internal 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 believes that its
internal accounting controls adequately 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. Ali budgets are controlled at the fund level. Estimated purchase order amounts are encumbered
prior to the release of the order to the vendor. 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 .tune 30, 1993.
1 The City authorizes expenditure levels of appropriations by type of service. Ordinance requirements provide
that budgetary guidelines are not restrictive and may be re- allocated by either the City Manager or the Council.
General Governmental Functions
Revenues from general governmental functions (which includes General, Special Revenue and Capital
Project Funds) totaled $6,716,052 in fiscal year 1993, a increase of $112,806 (1.7 %) from fiscal year 1992.
The amount of revenue from major sources and the increase or decrease over 1992 is shown in the summary
on the next page.
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GENERAL GOVERNMENT REVENUES
General, Special Revenue and Capital Project Funds
6,716,052
PiL»T 10.1% Sales Tax 19.2%
681,615 $1,286,358
State Rev 20.8%
1,395,325
Property Tax 7.7%
515,286
All Other 6.7%
452,745
Charge for Services 35.5%
2,384,723
Tax revenues decreased $11 7, 342 from FY92 primarily due to the one time revenues of $102,468 collected
in FY92 from oil property tax as a result of the moorage of the Glomar Adriatic VIII, a jack -up drill rig. General
property tax revenues produced $515,286, compared to $517,098 for the prior year. Real property tax
revenues increased slightly, $309,215 from $296,638, while personal property tax decreased by $10,629.
Sales taxes generated $1,286,358, an increase from $1,268,572 for the prior year. Payment in lieu of taxes
from the enterprise funds decreased $11,038 due to lower revenues in the Electric Utility and the Harbor
Enterprise Fund.
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Dollar
Increase
Percent
Increase
Percent Decrease) Decrease)
Revenue Sources Amount of Total from 1992 nom 1992
Taxes 2,509,708 37.4% 117,342) 4.5) %
Assessments 32,573 0.5 26,068 400.7
Licenses and permits 64,025 1.0 91980) 113.51
Intergovernmental revenue 1,395,325 20.8 222,884) 113.8)
Charges for services 2,384,723 35.5 505,060 26.9
Fines and bails 41,892 0.6 23,734 130.7
Interest 236,986 3.5 18,886) 13.61
Miscellaneous revenue 50.820 0.7 964) 62.0)
6,7161.052 100.01; 112,806 1.7$
GENERAL GOVERNMENT REVENUES
General, Special Revenue and Capital Project Funds
6,716,052
PiL»T 10.1% Sales Tax 19.2%
681,615 $1,286,358
State Rev 20.8%
1,395,325
Property Tax 7.7%
515,286
All Other 6.7%
452,745
Charge for Services 35.5%
2,384,723
Tax revenues decreased $11 7, 342 from FY92 primarily due to the one time revenues of $102,468 collected
in FY92 from oil property tax as a result of the moorage of the Glomar Adriatic VIII, a jack -up drill rig. General
property tax revenues produced $515,286, compared to $517,098 for the prior year. Real property tax
revenues increased slightly, $309,215 from $296,638, while personal property tax decreased by $10,629.
Sales taxes generated $1,286,358, an increase from $1,268,572 for the prior year. Payment in lieu of taxes
from the enterprise funds decreased $11,038 due to lower revenues in the Electric Utility and the Harbor
Enterprise Fund.
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Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied on July 1, and
are payable in two installments on August 15 and November 15. FY93 tax revenues are based on the 1992
property assessments. The Kenai Peninsula Borough bills and collects all property and sales taxes on behalf
of the City.
Assessment revenues increased by $26,068 from FY92.
Licenses and permits decreased $9,980 from FY92 primarily as a result of decreased automobile license
commissions. Building permits increased $3,817.
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Intergovernmental revenue decreased $222,884 from FY92 primarily due to lower revenues from State
grants for special revenue funds and capital project funds which decreased by $293,506 from FY92. State
revenue sharing and municipal assistance also decreased by $61,945. The State jail contract increased
13,000 and the City negotiated a separate contract with the State for dispatch services for an additional
36,375 in revenues. Raw fish tax was $236,705, an increase from $153,393 received in FY92.
Revenue from charges for services increased substantially from FY92, primarily due to the increase in
capital project overhead fees from the transmission line project and the sewage lagoon project. Rents and
leases increased from FY92 by $55,852. Parks and recreation revenues also increased by $30,989 primarily
due to increased campground revenues.
Fines and bails increased $23,734 for FY93 due to the strict parking enforcement in the harbor parking lots.
The 3.6% decrease in interest revenue resulted from lower interest rates in FY93 and a lower cash balance
due to the reduction in state grant funds.
Miscellaneous revenues decreased by $82,964 due to the sale of land in FY92 and insurance recovery
revenues received in FY92.
Expenditures for general governmental purposes totaled $5,640,654 in fiscal year 1993, a decrease of
779,997 from 1992. Increases and decreases in levels of expenditures for major functions of the City from
the preceding year are shown in the following tabulations:
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Dollar Percent
Increase Increase
Percent Wecrease) IDecrease)
Amount of Total Over 1992 Over 1992
General Government 2,026,632 35.9% 1180,740) 18.21%
Public Safety 1,682,176 29.8 7,444 0.4
Public Works 689,209 12.2 13,444) 10.51
Parks and Recreation 471,045 8.4 22,061) 4.5)
Library 201,075 3.6 7,140) 3.4)
Capital Outlay 203,008 3.6 596,300) 74.6)
Debt Service 367,509 6.5 22,244 6.4
6,640,654 100.0:% 779 997) L.11%
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GENERAL GOVERNMENT EXPENDITURES
General, Special Revenue and Capital Project Funds
6,640,654
Library 3.6%
201,075
Parks & Rec. 8.4%
471,045
General Government 35.9%
2,026,632
I&
itPublicSafety29.8%
1,682,176
Captl Outlay 3.6%
203,008
11ppublic Works 12.2%
689,209
Debt Service 6.5%
367,509
The overall decrease in expenditures in FY93 was due primarily to the reduction in capital outlay in the
capital project funds. However, all expenditure functions decreased with the exception of public safety
functions and the General Fund debt service.
Expenditures for general government were lower than FY92, largely because of a $200,000 litigation
settlement made in FY92. Public Safety increased due to personnel turnover and overtime in the police
department. Public Works, parks and recreation and the library experienced decreases in expenditures as
compared to FY92.
The General Fund year -end fund balance totaled $2,965,867, an increase of $134,620 from 1992. A total
of $3,195 was transferred into the General Fund and $996,805 was transferred from the General Fund to other
funds as indicated on the following page.
Xlv
Operating Transfers InlOutl:
Special Revenue Funds:
Historic Preservation Plan
Litter Control
Interlibrary Cooperation Grant
Capital Project Funds:
Jail Sprinkler
Hospital Fire Alarm System
Waterfront Improvement
Capital Acquisition Fund
Enterprise Funds:
Water and Sewer
Seward General Hospital
Net Operating Transfers Out
Residual Equity Transfers InlOut):
Internal Service Fund - Motor Pool Fund
NET GENERAL FUND TRANSFERS OUT
5,500)
63)
J7)
3,195
158)
15,300)
313,140)
1200,000)
4{ 20.OQO)
950,973)
42,637)
8(99
Debt Administration
The ratio of 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
Ratio of
Bonded Debt to
Assessed Value
100% of Per
Amount Market Value) Capita
10,039,000 6.06% $3,713
General Obligation bonds are carried in the General Long -Term Debt group of accounts or in the respective
Enterprise Funds which benefited from the proceeds of the issue.
At June 30, 1993, the City had $10,039,000 in outstanding general obligation bonds. Of this total, general
obligation bonds of $7,886,063 have been recorded in the Enterprise Funds which benefited from proceeds of
such bonds issued.
The City has several lease purchase agreements for the financing of vehicles, communication equipment,
fire truck, computers, heavy equipment, hospital equipment and a 250 ton travelift. The lease agreements
qualify as capital leases for accounting purposes (titles transfer at the end of the lease terms) and therefore,
have been recorded as capital leases.
1
XV
1
Machinery and equipment have been capitalized in the amount of $670,079 in the General Fixed Assets
Account Group and $1,214,051 in the Enterprise Funds for which the equipment was purchased. As of June '
30, 1993 the total minimum lease payments, if carried to term, would be $1,627,994 of which $1,310,063 is
recorded in the Enterprise Funds. Of the $1,627,994 in minimum lease payments, approximately $505,215 is
interest as of June 30, 1993.
Cash Mananamennt 1
The City has combined all its funds into a "Central Treasury ". 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, 1993 were: ,
City:
Petty Cash 3,416
Cash (Overdraft) 158,445)
Certificates of Deposit 164,000
Repurchase agreements 849,128
U.S. Government Securities 1,125,178
Total City Cash and investments 1,983,277
Seward General Hospital Cash 60,111
Total City and Hospital Cash
and investments 2,043,388
Cash temporarily idle during the year was invested in short -term time deposits, repurchase agreements and '
government agency securities. The amount of interest earned in the fiscal year ended June 30, 1993, was
309,375. This amount was $28,434 less than the interest earned in the fiscal year ended June 30, 1992 as
a result of lower interest rates and lower cash balances. '
Capital Pro'eots 1
Proceeds of general obligation bond issues are accounted for in Capital Projects Funds until improvement '
projects are completed. Completed projects and uncompleted construction in progress at year -end are
capitalized in the General Fixed Assets Account Group.
XVI 1
General Fixed Assets
The general fixed assets of the City are those fixed assets used in the performance of general governmental
functions. Public domain (infrastructure) general fixed assets consisting of certain improvements other than
buildings, including roads, bridges, curbs, etc. are not capitalized. Depreciation is not taken on general fixed
assets.
At June 30, 1993, general fixed assets totaled $41,970,180, an increase of $125,319 from June 30, 1992.
Most of the increase resulted from completion of the street and sidewalk and bike path capital projects.
The City maintains detailed, identifiable records of all general fixed assets. Values of general fixed assets
other than land are recorded at cost or the value at time of receipt by the City 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 acquisition was by purchase.
t
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 five to thirty years.
IEnterprise 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 the City is that the costs 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 fifth Enterprise Fund established
in FY9O accounts for the investment in the Seward Grain Terminal which the City of Seward purchased from
the State of Alaska in August, 1969. The City of Seward sold the grain terminal to a private business on June
1, 1993 for a $ 10,000 down payment and a $400,000 letter of credit payable to the City on September 1,
1993.
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 end of any fiscal period for services sold but not billed at such
date.
Interfund charges by the General Fund, in lieu of taxes and administrative expenses, are made in accordance
Iwith the budget ordinance.
1 XVII
1
Independent Aud
The City Charter and Section 29,35.120 of the Alaska Statutes both require an annual audit of the booksofaccount, financial records, and transactions of ail administrative departments of "home ruse" 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.
Respectfully submitted,
l
Tyler Jones
City Manager
4 Z,Az
Rick L. Gifford
Director of Finance and
Administrative Services
XVlll
n
li
CITY OF SEW ARD
LIST OF PRINCIPAL OFFICIALS
Council Members
Dave Crane
James A. Krasnasky
Margaret Anderson
Louis A. Bencardino
Hugh Darling
Patrick D. O'Brien
Bruce Sieminski
Tyler Jones
Michael V. Yanez
Linda S. Murphy
Rick L. Gifford
David Calvert
Foster M. Singleton
Tom Walker
John R. Gage
Karin Sturdy
Catherine L. Nicolas
Kerry T. Martin
IXIX
Mayor
Vice Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
C ity Manager
Deputy 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 Director
Community Development
Director
PLANN1NO
a`
PORT & COMMERCEHOSPITALBOARD
ZONING
ADVISORY BOARD
CITY
CLERK
ORGANlZA710NAL
CHART
POLICE
MAYOR
aff
MANAGE
mm
OiY MANAC,B
LIBRARY I 1 HARB
xx
CITY
ATTORNEY
CITY OF
SEWARD
PARKS
i
FIRE
F-
ji
PART II
FINANCIAL SECTION
I
1
1
at Marwick
Certified Public Accountants
601 West Fifth Avenue
Suise 700
Anchorage, AK 995012258
Independent Auditors' Report
The Honorable Mayor and City Council
City of Seward:
We have audited the accompanying general purpose financial statements of the
City of Seward as of and for the year ended June 30, 1993, as listed in the
table of contents (pages 2 to 38). These general purpose financial statements
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.
We conducted our audit in accordance with generally accepted auditing stan-
dards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of mate-
rial misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant esti-
mates made by management, as well as evaluating the overall financial state-
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
present fairly, in all material respects, the financial position of the City
of Seward as of June 30, 1993, 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.
Our audit was made for the purpose of forming an opinion on the general pur-
pose financial statements taken as a whole. The combining, individual fund
and account group financial statements, as listed in the table of contents
pages 39 to 136), are presented for purposes of additional analysis and are
not a required part of the general purpose financial statements. Such infor-
mation has been subjected to the auditing procedures applied in the audit of
the general purpose financial statements and, in our opinion, is fairly stated
in all material respects in relation to the general purpose financial
statements taken as a whole.
December 16, 1993
Boom
1 GENERAL PURPOSE FINANCIAL STATEMENTS - OVERVIEW
I
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.
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
Funds. and changes in cash balances of the Enterprise
1
I
CITY OF SWARD
Combined Ysisnce Sheet - All Fund Types and Account Groups
June 30, 1993
with comparative totals for 1992
Assets and Qjh0T Debits
Cash
Equity in central treasury
Cash and equity in central treasury
Investment in deferred compensation plan
Taxes receivable, net
Accounts receivable, net
special assessments receivable
Federal grants receivable
State of Alaska receivable
Accrued Interest receivable
Seward Life Action Council receivable
Alaskans for Litter Prevention and Recycling
Other receivables
Inventories
out from other funds
Prepaid&
Property, plant and equipment, not
Deferred charges
Other assets
Amount to be provided for retirement of general long-term debt
and accrued annual leave
Liabilities, Fund Equity-arAEquity-a other Credits
Liabilities:
Estimated third -party payor 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 Teen Center
Deferred revenue
Note payeble to State of Alaska
Bonds payebte
Capital loam* obligations
Retirement incentive Program
Deferred pension credit
Total liabilities
Fund equity and other credits:
Investment in general fixed assets
Contributions in aid of construction
Retained earnings:
Designated for capital improvements
Undesignatod
Fund balances:
Reserved for prepaid&
Unreserved:
Designated for working capital needs
Designated for Seward General Hospital loans
Designated for subsequent year expenditures
Undesignated
Total fund equity and other credits
so* accompanying notes to general purpose financial statements.
3—
Ggvernmen ai Fund TXRes
Special Capital
General ev Projects
t 3,216 3,550
1.277,651 244,061 435 476
1,280,867 247,611 435,976
60, 784 -
668,208 .
170,394
10,434
192,378 19,824 6,041
10,254 -
1,050
9,449 -
2,233,078 -
i 4,62 . LM&. 442 0
1
I
w
1,199,190 2,287
218,646
36,924 60 15
1, 1,2266 " 23,952 1,051
195,974 245,882 203,827
1,659.545 272.181 0? 4.893
1,500,000
113,965
1.351,902 6.738 237,124
2.965,867 6.738 237,124
S 4 625 41 27
C
Proprietary FFund_TYIl FFlducisry
internal FFund Typo-
Accowt GE29n-
G*nerst Long -term
Fixed Itsset• RIM
41,970,180
2 0
41.970.1301 2 663 0
Exhibit A
Totsis
memorandum ant
IM 199
67,077 45,672
1.976,311 4.402.759
2,043,388 4,448,431
1,658,787 1,402,511
60,7x4 27,120
1,493,512 1,875,516
170,394 203,655
10,434 5,811
2,653,954 229,859
10,254 51,624
41
1,050 -
465,926 -
543,739 560,652
2,234,344 343,867
29,065
106,291,321 103,352,940
37,394 39,867
66,530 -
2,663-033 _ 2.879,638
120120 4 844 115 4 50617
11,623 62.478
200,000
19,420
381,843 - - - 1,583,320 1,089,630
96,550 - - - - 96,550 93,310
111,904 - - 231,109 561,659 534,567
295,475 - - - - 332,474 335,416
7,545 10,942
2,208,075 • - - - 2,234,344 343,867
1,638,787 - - 1,658,787 1,402,511
1.749 1.749 4,970
645,683 723,897
535,068 - - - - 535,065 -
7,886,063 _ - - 2,152.937 10,039,000 10,563,000
555,636 - - - 267,143 1.122,779 1,339,261
11,844 11,544 35,678
29389 - 293.897 _ 310 -697
12,676,134 1 660 2.663,033 19,136,M 17 4
41,970,180 - 41,970.180 41,844,861
50,586,324 169,637 - - 50,755,961 47,791,709
54,536 - - - 54,536 -
5,273,079 51037 - - - S.278,116 64,000
3,434
1,500,000 1,500,000
113.965 113,965
273,598
1. 95,764 6.789406
5555 9913,939 174.674 - 41.97 0,1 80 - 101.268.522 98.380.973
68 590 073 174 674 t 660 5 6 41,970.150 2 663 033 120 404 844 115.450.617
a .s i azkrnpcir+.. sir
2,663-033 _ 2.879,638
120120 4 844 115 4 50617
11,623 62.478
200,000
19,420
381,843 - - - 1,583,320 1,089,630
96,550 - - - - 96,550 93,310
111,904 - - 231,109 561,659 534,567
295,475 - - - - 332,474 335,416
7,545 10,942
2,208,075 • - - - 2,234,344 343,867
1,638,787 - - 1,658,787 1,402,511
1.749 1.749 4,970
645,683 723,897
535,068 - - - - 535,065 -
7,886,063 _ - - 2,152.937 10,039,000 10,563,000
555,636 - - - 267,143 1.122,779 1,339,261
11,844 11,544 35,678
29389 - 293.897 _ 310 -697
12,676,134 1 660 2.663,033 19,136,M 17 4
41,970,180 - 41,970.180 41,844,861
50,586,324 169,637 - - 50,755,961 47,791,709
54,536 - - - 54,536 -
5,273,079 51037 - - - S.278,116 64,000
3,434
1,500,000 1,500,000
113.965 113,965
273,598
1. 95,764 6.789406
5555 9913,939 174.674 - 41.97 0,1 80 - 101.268.522 98.380.973
68 590 073 174 674 t 660 5 6 41,970.150 2 663 033 120 404 844 115.450.617
a .s i azkrnpcir+.. sir
Exhibit 8 1
CITY CF SEWARD
Combined statement of Revenues, Expenditures, Other Financing ,
Sources (Uses) and Changes in Fund •glances - Governmental. Furl Types
Year ended June 30, 1993 '
with comparative totals for 1992
Totals
special capital mog2Elndum and
Geograt INVO Project 1 9 199
Revenues• .
f 2,509,706 2,509,708 2,627,050
Taxes
32,573 32,573 6,505
Assessments
Licenses and permits 64,025
983,759 372,742 38,824
64,025
1,395,325
74,005
1,618,209
Intergovernmental
Charges for services 2,384,723 2,384,723
41,892
1,879,663
18,158
Fines and bails 41,892
236,986 236,986 245,872
Interest
Miscellaneous 47 86 2.34 110
38.
50 BZ2
6 7
133 784
6 646
Total revenues 6,301.52 373.520_
Expenditures:
Current:
General government 1,779,083 247,547 2,826,632
1,682,176
2,207,372
1,674,732
Public safety 1,682,176
689,209 689,209 692,653
Public works
Parks and recreation 471,045
184,274 16,801
471,045
201,075
493,106
2D8,215
Library 203,008 203,008 799,308
capital outlayp
Debt service 367.509
5.173,298 64 34 203.00
367.509
5,640,654
345.265
6.420.651
Total expenditures
Excess (deficiency) of
revenues over expenditures 1,128,230 111 4 164,074) 1,075.398 1821595
other financing sources (uses):
Operating transfers from other funds 3,195 5,570
178.
198
178.195)
520,
221,246,222)
78,718
866,148)
Operating transfers to other funds
Net other financing sources (uses)
954.1 )
950,973)
113 )
100,29 ) 333.403 72S.866) 587,390)
Excess (deficiency) of
revenues and other financing
sources over expenditures
and other financing uses 177,257 2,946 169,329 349,532 4040795)
Fund balances at beginning of year 2,831,247 3,792 67,795 2,902,834 3,350,6040
Residual equity transfers from other funds
Residual equity transfers to other funds w (
42,637) 2,637) 43,100)
Fund balances at end of year f 2.9677 73 237 1 4 3•zg 2,904
see accompanying notes to general purpose financial statements.
Exhibit C
CITY OF SEWARD
Statement of Revenues, Expenditures, Other Financing sources
Uses) and Charges in Fund Balance - Budget and Actual - General Fund
Year ended June 30, 1993
with comparative figures for 1992
6-
199
Yar I once
favor able 1992
Budget Actual unfavorable) actual
Revenues:
Taxes s 2,485,200 2,509.708 24,508 2,627,050
Assessments 45,000 32.573 12,427) 6,505
Licenses and permits 73,900 64,025 9,875) 74,005
Intergovernmental 950,068 983,759 33,691 913,137
Charges for services 1,945,298 2,384,723 439.425 1,879,663
Fines and bails 40,714 41,892 1,178 18,158
Interest 166,000 236.986 70,986 245,872
Miscellaneous 40,400 47,862 7,461 124,466
Total revenues 5.746,580 6,301.528 554,948 5.888.856
Expenditures:
Current:
General government 1,815,907 1,779,085 36,822 1,851,718
Public safety 1,738,899 1,682,176 56.723 1,640,081
Public works 764.174 689.209 74.965 692,653
Parks and recreation 491,905 471.045 20,860 493,106
Library 186,614 184,274 2,340 193,510
Debt service 368,190 367.509 681 34_ 5,265
Total expenditures 5,365,689 5,173.298 192,391 5.216,333
Excess of revenues over expenditures 380.891 1,128,230 747.339 67 52
Other financing sources (uses):
Operating transfers from other funds 3,195 3.195
Operating transfers to other funds:
Special Revenue Funds
Capital Projects Funds
5,570)
528,598)
5.570)
528.598) 78,718)
Enterprise Funds 420.000) 42-0- O ) 462.857)
Met other financing uses 6,950.973) 950.973) 541,575)
Excess of reverwes and other
financing sources over
expenditures and other
financing uses 380,891 177,257 203,634) 130,948
Fund balance at beginning of year 2,831,247 2,831,247 2,743,199
Residual equity transfers from other funds 100
Residual equity transfers to other funds 162,63 7) 42.63 7) 43,000)
Fund balance at end of year S 212 138 96..,"7 246 ?1) 2.83
See accompanying notes to general purpose financial statements.
6-
Retained earnings at end of year comprised of:
Designated for capital improvements 54,536
Undesignmted 5,273 079 5.037
Total retained earnings S 5,315
See accompanying notes to general purpose financial statements.
7-
1
u
1
54,536
5.278.116 5,777,569
161L ' 2 65 5 777 5669
Exhibit D
CITY OF SEWARD
Combined Statement of Revenuer, Expenses, Operating
Transfers and Changes in Retained Earnings Proprietary
Fund Types - Enterprise Funds and Internal Service Fund
Year ended June 30, 1993
with comparative totals for 1992
Total&
Internal memorandum ant
Enterprise Service im 19
Operating revenues:
Sales:
Residential S 1,939,648
1,639,805
1,939,848
1,639,805
1,888,709
1,660,711
Commiercial
Industrial 255,483 255,483 310,278
Governmental 1,421,325
512,393
1,421,325
512,393
1,367,801
502,347
City of Seward 815,338 815,338 838,790
Moorage
wharfage 154,279
193,708
154,279
193,708
294,326
192,479
toot lift fees
Power Baler 137,689 137,689 172,136
Patient service revenues, net 2,274,009 2,274,009 2,697,172
City's portion of proceeds from solo of and
expired option on grain terminal 180,496 180,496
Vehicle rentals
359.051
35,301 33,301
359,051
48939
413,880
Miscetioneous
Total operating revenues 9,883,424 33,301 9,918,725 10,343,570
Cost of &ales
9 ZI -M 9 90 4904
1,
8.62 TO1.5
Gross profit
Operating expenses:
Before depreciation:
2,110,984 28110,984 2,407,827
Power
Distribution 525,865
92,448
525,865
92,448
606,851
81,342
Pumping
Salaries and benefits 2,232,919 2,232.919
506,312
2,219,263
510,081
Supplies and maintenance
Administration ad
506,312
9
454
344 9 954 314 V y70 466
l orwdapreclstion
Operating Income
before depreciation 430,481 35,301 485,782 847,740
Depreciation 2 687 591
7 11 )
310-903
9
22_''71 494494
5236.0
2 623_ 4_7_7_.
1,775.7-37)
Operating income (lose)
Monoperating revenues (expenses):
72,389 72,389 91,937
Interest income
787,821) 787,821) 719,282)
Interest expense
Other revenues 13,246
5 7986)
13.246
57.986) X46 ,514)
Other expenses
760 17 ) J760,172) 6( 73.859}
Loss before operating transfers 2,997,282) 4,398 2,992,884) 2,449,596)
Operating transfers from other funds 725 86
4,391
725,966
yJ6
587 390
1
Mat Iota 2,2 1,41 ) 018) 206)
Amortisation of contributions in aid of
1 185 10- 15 1_01_ 1.850.079
construction
Increase (decrease)
in retained earnings
8
386,315) 4,398 381,917) 12,127)
Retained earnings at beginning of year
funds
5,776,930
63 0 )
639 5,777,569
6( s30„0_0)
5,810.696
21,000)
Residue( equity transfers to other
Retained earnings at end of year S L&71.6 1 7 51.332 652 5.6777
Retained earnings at end of year comprised of:
Designated for capital improvements 54,536
Undesignmted 5,273 079 5.037
Total retained earnings S 5,315
See accompanying notes to general purpose financial statements.
7-
1
u
1
54,536
5.278.116 5,777,569
161L ' 2 65 5 777 5669
CITY OF SEWARD
Combined Statement of Cash Flows
Proprietary Fund Types - Enterprise Funds and Internal Service Fund
Year ended June 30, 1993
with comparative totals for 1992
I
Cash flows from operating activities:
Operating income (lose)
Adjustments to reconcile operating income (loss)
to net cash provided by operating octivitiese
Depreciation
Deferred charges
Allowance for doubtful receivables
Loss on disposal of equipment
Changes in assets and liabilities which
increase (decrease) cash:
Increase in accounts receivable
Increase in inventory
Increase (decrease) in accounts payable
Increase (decrease) in annual leave payable
Increase (decrease) in deferred revenue
Increase (decrease) in accrued liabilities
Increase (decrease) in due to other funds
Total adjustments
Net cash provided by
operating activities
Cash flows from noncapital financing activities:
Customer deposits
operating transfers from other funds
Operating transfers to other funds
Other nonoperating revenues
Other nonoperating expenses
interest on central treasury borrowings
Net cash provided by non -
capital financing activities
Cash flows from capital and related financing
activities:
Principal payments on long -term obligations
interest payments on long -term obligations
Note payable to State of Alaska
Proceeds from disposal of fixed assets
Acquisition of fixed assets
Contributions in aid
Deferred revenue
Residual equity transfers to other funds
Net cash used by capital and
related financing activities
Cash flows from investing activities:
interest income
Interest expense
Net cash provided by
investing activities
Exhibit E
Totals
Internal r only)
Enterprise Service im 1992
S (2,237,110) 4,390 (2,232,712) (1,775,737)
2,687,591 30,903 2,718,494 2,623,477
16,800) 16,800) 14,307)
101,080 101,080 662,291
1,018
2,583,222) 2,583,222) 619,472)
14,537) 14,537) 11,864)
206,001 206,001 178,870)
17,538) 17,539) 17,789
20,000) 20,000) 20,000
52,563) 52,563) 2,366
2.007.085 2,007-485 273.821)
2,297,097 30,903 2.328.90 21 28.607
59.987 35,301 95.288 452,870
3,115 3,115 4,069)
733,866 733,866 587,390
5,000) 8,000)
13,246 13,246
57,986) 57,986) 46,514)
113,567) 113,567)
570;674 570,674 536.aa7
570,725) 510,725) 529,254)
641,840) 641,840) 719,282)
535,068 5351068
2,268 2,268
5,403,496) 130,326) 5,533,822) 2,029,651)
4,679,716 105,637 4,785,353 1,817,042
351,544) 351,644) 1,346,533)
63,000) 63,000) 21,000)
1.813,653) (24,689) (1.838,342) (2,828.678)
72,389 - 72,389 91,937
932) (932)
71,457 - 71.457 _ 91,937
Not increase (decrease)
in cash and equity in
central treasury (1,111,535) 10,612
Cash and equity in central treasury at beginning of year 1.171,846 - 6.262
Cash and equity in central treasury at end of year S 1166 87
See accompanying notes to general purpose financial statements.
a-
1,100,923) (1,747,064)
1,173,108 2.925.172
785 1,17
CITY OF SEWARD ,
Notes to General Purpose Financial Statements
tJune30, 1993
1) Summary of Significant Accounting Policies 1
Organization and Services Provided
The City of Seward, Alaska, 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 Alaska
Statute. This includes police and fire protection, electric, water and
wastewater services, library, parks and recreation, public improvements,
planning and zoning, port and harbor, and general administrative services.
Scope and Presentation
The accounting poT i'cies of the City conform to generally accepted accounting
principles as applicable to governmental units.
Reporting Entity
The City's general purpose financial statements include the operations of all
organizations for which the City Council exercises oversight responsibil-
ity. Oversight responsibility is demonstrated by financial interdependency,
selection of governing authority, designation of management, ability to
significantly influence operations, and accountability for fiscal matters.
Based on the aforementioned oversight criteria, Seward General Hospital is a
component unit for which the City has oversight responsibilities. Accord-
ingly, the accompanying general purpose financial statements include all
activities of the City and Seward General Hospital.
Basis of AccountingtTheaccountsoftheCityaremaintainedinaccordancewiththebalanced -fund
principle of accounting, whereby all related assets, liabilities and equities
are segregated into self - balancing groups for the purpose of accounting for '
specific activities or attaining certain objectives in accordance with
special resolutions or restrictions.
The accounting and financial reporting treatment applied to a fund is determined '
by its measurement focus. All Governmental Fund Types are accounted for
using a current financial resources measurement focus. With this measurement
focus, only current assets and current liabilities generally are included on '
the balance sheet. Operating statements of these funds represent increases
i.e., revenues and other financing sources) and decreases (i.e., expendi-
tures and other financing uses) in net current assets. '
Continued)
9- 1
CITY OF SEWARD
rNotes to General Purpose Financial Statements
1 -10-
FundTheProprietaryFundTypes - Enterprise Funds and Internal Service are
accounted for on a flow of economic resources measurement focus. with this
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 on1behalfofoutsideparties, 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-
ties. The major sources of revenues not considered susceptible to accrual
are sales tax revenues and fees, and permits. All other revenue sources are
considered susceptible to accrual. Investments in the Deferred Compensation
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)
1 -10-
3 '
CITY OF SEWARD
Notes to General Purpose Financial Statements r
Fund Accounting
Various funds are grouped in the general purpose financial statements in this
report into three broad fund categories, five generic fund types and two '
account groups as follows:
Governmental Fund Types ,
General Fund - The General Fund is the general operating fund of the
City. It is used to account for all financial resources except those '
required to be accounted for in another fund.
Special Revenue Funds - The Special Revenue Funds are used to account for
dedicated revenues derived from such sources as state grants, specific '
City operations and other sources.
Capital Projects Funds - Capital Projects Funds are used to account for '
financial resources to be used for the acquisition or construction of
major capital facilities (other than those financed by the Proprietary
Fund Type). '
Proprietary Fund Type
Enterprise Funds - The 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 the City is that costs
expenses, including depreciation) of providing goods or services to the
general public on a continuing basis be financed or recovered primarily
through user charges or where the City has decided that periodic
determination of revenues earned, expenses incurred and /or net income is
appropriate for capital maintenance, public policy, management control,
accountability or other purposes.
Internal Service Fund - The Internal Service Fund is used to account for
the inancing o go s and services provided by one department to other
departments of the City on a cost - reimbursement basis.
Fiduciar Fund T e . A ncy Funds - The Agency Funds are used to account
t e City as an agent for private organizations and otherorassetsey
governments. The Agency Funds are custodial in nature (assets equal
liabilities) and do not involve measurement of results of operations.
Continued)
li- 1
CITY OF SEWARD
Notes to General Purpose Financial Statements
AAccount Groups - Account groups are used to establish accounting control
over the city's general fixed assets and general long -term debt. The City
uuses the fallowing 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 - C
Enterprise Funds and Internal Service Fund.
General Long-term Debt Account -
t
G
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
ffund 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- a
tion. Interfund eliminations have not been made in the aggregation of these
data.
Budgets and Budgetary Accountin
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 pres-
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.
1 (
Continued)
1
1 -12-
1-1
CITY OF SEWARD
Notes to General Purpose Financial Statements '
Encumbrance accounting is employed during the year under which purchase orders, ,
contracts and other commitments for the expenditure of moneys are recorded in
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 $ 5,714,279 61225,435 '
Central Treasur
central treasury is used to account for all the City's cash and investments to '
maximize interest income. Investment earnings are allocated to various funds
based on average central treasury balances. At June 30, 1993, certain funds
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 1. Pursuant to Alaska Statutes, Title 29.45.240, the City
establishes the mull rate before June 15. The City is located within the '
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
prior to July l and are payable on August 15; tax bills for the second half
of the taxes are mailed by October 1 and are payable on November 15. City
property tax revenues are recognized in the fiscal year in which they are
collectible and available.
At June 30, the delinquent real and personal taxes not currently available are t
reflected as deferred revenues of the General Fund.
Continued
13- 1
1 -14-
6
CITY OF SEWARD
Notes to General Purpose Financial Statements
Investments
Investments 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.
Inventor
Inventory, 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.
LiabilitiesFixedAssetsandLan -term
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 other than
buildings including roads, bridges, curbs and gutters, streets and 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
estimated 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.
Continued)
1 -14-
7
CITY OF SEWARD
Notes to General Purpose Financial Statements
Account Group. Upon disposal of significant property items, the General
Fixed Assets Account Group is relieved of the related cost and value received
Noncurrent portions of long -terra receivables due to the Governmental Fund Types
in spite of their spending measurementarereportedontheirbalancesheets,
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
is deferred until they become currentrepresentedbynoncurrentreceivables
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 -termfundamountsarenotrecognizedasGovernmentalFundTypeexpendituresor
liabilities.
General Fixed Assets
ix assets acquired by funds other than the Enterprise Funds and Internal
Service Fund are recorded as expenditures in each fund and, depending on the
capitalized at historical cost, estimated
nature of the acquisition, are
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 Typesl
Assets comprising property, plant an 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
10Buildings -50
Improvements other than buildings Equipment2-30
Enterprise Fund property, plant and equipment acquired by contributions in aid
externallyofconstructionfromgrants, entitlements or shared revenues
are depreciated. The related depreciation expense is included inrestricted
the determination of net income. The annual depreciation on such contributed
from retained earnings to contributions in aid. Accumu-
plant is transferred
lated amortization of contributions in aid represents the cumulative totals
of such depreciation transfers.
Continued) I
1s- I
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.
2) Stewardship, Com liance Accountability and ApproDriations
e City authorizes 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, 1993, General Fund expenditures exceeded
amounts appropriated for some services but did not exceed the total amount
appropriated or actual revenues.
Other Individual Fund Disclosures
Following is a schedule of inter and receivables and payables at June 30, 1993:
Receivables Payables
General Fund:
Special Revenue Funds:
Summer Youth Employment /Training Program $ 8,090
Day Care Assistance 15,862
Total Special Revenue Funds 23,952 -
Capital Projects Funds - Jail Sprinkler -
Project
Continued)
1 -15-
9
CITY OF SEWARD
Notes to General Purpose Financial Statements
Enterprise Funds:
971,139Electric
Water and Sewer 434,941
Harbor 711,866
1,266SewardGeneralHospital
90 129GrainTerminal
Total Enterprise Funds 8,0 1,269
Total General Fund 2,233_,078 1,266
Special Revenue Funds:
General Fund:
Summer Youth Employment /Training Program 8 040
Day Care Assistance
15 862
Total Special Revenue Funds'
JailCapitalProjectsFunds - General Fund -
1 051SprinklerProjecta---
Enterprise Funds:
General Fund: 971,139
Electric 434,941
Water and Sewer 711,866
Harbor
Seward General Hospital 1,266
90,129
Grain Terminal
Total Enterprise Funds 1-,16-9 2.208.075
Total 2,23 44 2,23
Continued)
I
17- 1
10
CITY OF SEWARD
Notes to General Purpose Financial Statements
tA summary of operating transfers for the year ended June 30, 1993 follows:
From To
other other
funds funds
General Fund:
Special Revenue Funds:
Historic Preservation Plan t - 5,500
Litter Control 63
Interlibrary Cooperation Grant 7
Capital Projects Funds:
Jail Sprinkler 3,195
Hospital Fire Alarm System 158
Waterfront Improvement 15,300
Capital Acquisition Fund 313,140
Enterprise Funds:
Water and Sewer 200,000
Seward General Hospital
Total General Fund X68
420,000
tSpecial Revenue Funds:
Historic Preservation Plan from General Fund 5,500
Litter Control from General Fund
State Revenue Sharing to Seward General
63
Hospital 113,866
Interlibrary Cooperation Grant from General
Fund 7
Total Special Revenue Funds x,570 1132866
Capital Projects Funds:
Jail Sprinkler to General Fund 3,195
Hospital Fire Alarm System from General Fund 158
Hospital Fire Alarm System from Capital
Acquisition Fund 20,000
Waterfront Improvement 78,300
Underground Storage Tanks from Capital
Acquisition Fund 100,000
Capital Acquisition Fund from General Fund 313,140
Capital Acquisition Fund to Hospital Fire
Alarm System
Capital Acquisition Fund to Waterfront
20,000
Improvement 55,000
Capital Acquisition Fund to Underground
Storage Tanks
Total Capital Projects Funds 5_1.1,598
100,000
1 959'
I -ia-
Continued)
11
CITY OF SEWARD
Notes to General Purpose Financial Statements '
A summary of residual equity transfers for the year ended June 30, 1993 follows: I
From To
1
Enterprise Funds:
Electric to waterfront Improvement
other
3,000
Water and Sewer to waterfront Improvement
funds
5 000
Water and Sewer from General Fund 200,000
Seward General Hospital from General Fund 533,866
66TotalEnterpriseFunds 000
Total 1,254,229229 1,254,229
A summary of residual equity transfers for the year ended June 30, 1993 follows: I
Continued) '
t
From To
other other
funds funds
General Fund to Motor Pool Internal Service Fund 421 631
Enterprise Funds:
Electric to Motor Pool Internal Service Fund 21,000
Water and Sewer to Motor Pool Internal Service 25,000
Fund
Harbor to Motor Pool Internal Service Fund 17,000
Total Enterprise Funds 63 000
0
Internal Service Fund, recorded as contributions
in aid of construction on Internal Service Fund
balance sheet:
Motor Pool from General Fund 42,637
Motor Pool from Electric Fund
Fund
63 000
106!637TotalInternalService
Total S 10 637 105,;,637
Fund Deficits
The Jai Sprinkler Capital Projects Fund has a $3,195 deficit. City management
plans to eliminate this deficit with an operating transfer in fiscal year
1994.
Continued) '
t
12
CITY OF SEYARD
Notes to General Purpose Financial Statements
3) Cash and Investments
Statutes authorize the City to invest in obligations of the U.S. Treasury and
U.S. Agencies, banker's acceptances, repurchase agreements, commercial paper
rated A -1 by Standard & Poor's Corporation or P -1 by Moody's Commercial Paper
Record and maturing within nine months, and certificates of deposit insured
by federal depository insurance or secured by eligible collateral held by a
third party in the City's name.
1 (Continued)
1 -20-
The City maintains a general cash and investment pool for the purpose of maxi-
mizing investment returns for all funds except those moneys in the Police
Special Revenue Fund and the Agency Fund. The cash and investments pool
operates essentially as a demand deposit account for the various funds, and
interest income earned on pooled cash and investments is allocated monthly to
the funds based on their cash balance at the end of the month. The portion
of this pool for each fund type is displayed in the combined balance sheet
under the caption equity in central treasury. At June 30, 1993, the central
treasury was composed of the following:
Categoriescries Carrying Market
1 2 3 value value
City of Seward:
Petty cash 3,416 - - 3,416 3,416
Deposits 103,550) (54,895) - 158,445) 12,738
Certificates of deposit 164,000 164,000 164,000
Overnight repurchase agreffiffits - 849,128 - 849,128 849,128
U.S. Goaemffent securities - 1,125,178 _
Sewall 63,866 -1,919,411 -
1 125 178 1 098 373
Total City of
Seward General Hospital:
Petty cash 400 _ - 400 400
Deposits 5919 711 - 59,111 59,711
Total Seward General Hospital 60,111 - 60,111 60,111
123,977 1,919,411 - 2,043,388 22187,766
Investwnts in deferred
I conperrsatian 1,668,787 1,658,787
1 (Continued)
1 -20-
13
CITY OF SEWARD
Notes to General Purpose Financial Statements
Category 1 includes cash deposits which are insured or collateralizedwithsecuritiesheldbytheCityorbyitsagentintheCity's name and
investments that are insured or registered or for which the securities
are held by the City or its agent in the City's name.
Category 2 includes cash deposits that are collateralized with securi- ties held by the pledging financial institution's trust department oragentintheCity's name and uninsured and unregistered investments for
which the securities are held by the counterparty's trust department or
agent in the City's name.
Category 3 includes cash deposits that are uncollateralized (this
includes any bank balance that is collateralized with securities held
by the pledging financial institution, or by its trust department or
agent but not in the City's name) and uninsured and unregistered
investments for which the securities are held by the counterparty, or
by its trust department or agent but not in the City's name.
The following is a summary of all fund equity in the central treasury and cash:
General Fund
Special Revenue Funds:
DARE Program
Historic Preservation Plan
Spring Creek Correctional Center
Police Fund
Litter Control
Prison Library
Public Library
Total Special Revenue Funds
Capital Projects Funds:
Senior Citizens Center
Streets and Sidewalks
Library Handicapped Access
Hospital Boiler
Hospital Fire Alarm System
City Hall Elevator
Waterfront Improvement
Underground Storage Tanks
Capital Acquisition Fund
Total Capital Projects Funds
1,280,867
1,001
2,074
236,573
3,550
3,850
486
77
247 611
773
35,482
12,535
1,303
19,951
201,783
46,633
83,546
33,968
435j976
Continued)
21- 1
14
CITY OF SEWARD
Notes to General Purpose Financial Statements
1 (Continued)
1 -22-
Enterprise Funds:
Harbor 200
Seward General Hospital 60 111
31TotalEnterpriseFunds
Internal Service Fund - Motor Pool 16,874
Fiduciary Trust Fund - Teen Center 1 749
Total cash and equity in central treasury 2,043
4) Fixed Assets
A sumaary of changes in general fixed assets follows:
Balance at Balance at
July 1 1992 Additions Deletions June 30, 1993
Land $ 19,614,281 - 19,614,281
Buildings 7,272,787 921,728 8,194,515
Improvements other
than buildings 8,572,850 1,094,275 9,667,125
Equipment 2,344,714 63,876 41,724 2,366,866
Fixed assets
in service 37,804,632 2,079,879 41,724 39,842,787
Construction work
in progress 4,040,229 82,381 1,995,217 2,127,393
41,844,861 2,162,260 2036,941 41,970,180
A summary of Proprietary Fund Type property, plant and equipment at June 30,
1993 follows:
Land $ 120,709
Buildings 4,288,727
Improvements other than buildings 7,408,724
Equipment 69,873 666
81,fi025
Less accumulated depreciation 24 246 282
51,44 44
Construction work in progress 6,875,397
64,321,1;,1
1 (Continued)
1 -22-
15 '
CITY OF SEWARD
Notes to General Purpose Financial Statements '
5 Retirement Plans
1
State o aska Public Em to ees' Retirement System
A. an escri tion ,
e ty contributes to the State of Alaska Public Employees' Retirement System
Plan), an agent multiple- employer public employees defined benefit retire-
ment system that acts as a common investment and administrative agent for '
state, political subdivision and public organizations in the State of Alaska.
All full -time employees, except union Electric Fund employees, are eligible to
participate in the Plan. 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 after
June 30, 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 average monthly compensation for the first ten years of service, 2.25%
for the second ten years of service, and 2.5% for the third ten years of ser-
vice. All service earned prior to July 1, 1986 will be calculated using the
2% multiplier. Employees with thirty or more years of credited service
twenty years for peace officers and firemen) may retire at any age and
receive a normal benefit. Minimum benefits for all employees eligible for
retirement are $25 per month for each year of credited service.
Major medical benefits are provided without cost to all participants first hired
before July 1, 1986. Participants first hired after June 30, 19866 may elect
major medical benefits. The Plan also provides death and disability bene-
fits. These benefit provisions and all other requirements and provisions of
the Plan are established by Alaska Statutes.
Prior to January 1, 1987, participating employees were required to contribute
4.25% 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 and '
6.75% 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 i and are based on actuarial valuations made
two years prior to that date. The employer rate for amortizing all future
service liabilities is uniform for all participating employers and a separate
rate is determined for amortizing each employer's unfunded past service lia-
bility.
Continued) I
23- 1
1
15
CITY OF SEWARD
Notes to General Purpose Financial Statements
B. Investments
The City, at June 30, 1993, does not have any of its notes, bonds or other
instruments included in Plan assets.
C. Funding Status and Pro ress
The pension benefit obligation is a standardized disclosure measure of the
present value of pension benefits, adjusted for the effects of projected
salary increases and 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, 1992. Significant actuarial
assumptions used for the Plan include:
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. Deaths are assumed to be occupational 85% of the time
for police /fire members and 35% of the time for all others.
c. Retirement age - retirement rates based on actual experience.
d. Discount rate - 8.75% per annum, compounded annually, net of investment
expenses.
Continued)
1 -24-
Continued)
25-
17
CITY Of SEWARD
Notes to General Purpose financial Statements
e. Health cost inflation:
Year Per annum t
1992 12.5%
1993 11.5
1994 10.5
1995 9.5
1996 8.5
1997 7.5
1998 and thereafter 7.5
f. Salary scale - increase of 6.5% for the first five years of employment
and 5.5% per year thereafter.
9. Cost of allowance
those receiving
allowance
h. Contribution refunds - 100% of those employees terminating after age
of service will leave their contri- thirty -five with five or more years
butions thereby retain t deferred benefit.
All others who terminateareasumedtohave their contributions
r efunded.
i. Asset valuation - five -year average ratio of actuarial and book values
June 30, 1992, the actuarial value of theofthePlanassets. Prior to
equaled the market value of the Plan's assets, except that fixed
assets
income investments are carried at amortized cost. Effective June 30,
fixed income investments equals the market1992, the actuarial value of
Valuation of assets cannot be outside of the range of amortizedvalue.
cost and actuarial values. This change was made as a result of a
buy hold" change in investment philosophy over time from a and
for fixed income investments to a "managed" strategy. This
strategymeansthat the fixed income funds are actively managed to obtain market
advantages, making the market value a more appropriate valuationincreasedvaluationassetsby
method. The effect of the change
103,790,000, which increased the funding ratio by 2.8% and lowered the
average employer contributiobn rate by 0.88%. The amount specifically
applicable to the City and Hospital is not available.
Continued)
25-
18
CITY OF SEWARD
Notes to General Purpose Financial Statements
Turnover and disability assumptions are based upon actual historical occurrence
rates of the Plan. The foregoing actuarial assumptions are based on the pre-
between market and book values equal 101.3%
sumption that the Plan will continue. Were the Plan to terminate, different
actuarial assumptions and other factors might be applicable in determining
plan. The net assets market value at June
the actuarial present value of accumulated benefits.
City was
The unfunded pension benefit obligation for the Plan is as follows as of
June 30, 1992, the latest actuarial valuation date:
tCity Hospital Total
Pension benefit obligation:
Retirees and beneficiaries
currently receiving benefits
and terminated employees not
yet receiving benefits 2,685,000 2,171,000 4,856,000
Current employees:
Accumulated contributions
including allocated
investment income 1,181,000 249,000 1,430,000
Employer financed - vested 3,333,000 818,000 4,151,000
Employer financed - nonvested 371,000 155,000 526,000
Total pension
benefit obligation 7,570,000 3,393,000 10,963,000
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 7,126,000 1,674,000 9,400,000
Unfunded (overfunded) pen-
sion benefit obligation $ 156,000) 1,719,000 1,56300
Assets as a percent of pension
benefit obligation 102.1% 4,9 4% 8
Net assets available for benefits computed on the three -year average ratio
between market and book values equal 101.3% of book value for the entire
plan. The average market value is equal to 100% of book value for the entire
plan. The net assets market value at June 30, 1992 for the City was
7,826,000 and $1,696,000 for the Hospital.
Continued)
1 -26-
19 1
CITY OF SEWAR0
Notes to General Purpose Financial Statements
1
Contribution Requirements and Contributions Made
un ing policy or t e an over time so thatasufficienteassets
willobecavail-
bution rates that change 1
able to pay benefits when due.
Employer and employee contributions by City and madeHinpaccordance
the
withar
ended June 30, 1993 are scheduled
determined wire eats computed
actuarial valuations
actuarially
performed as of
Total Covered Combined
atal
payroll paayroll Em o er m o ee
City:
Amount S 3,661, 2,815,641 2122,,300 194,696 40., 9
Percent of 5.39% 11.21%
payroll 10.00% 77.96% 5.88%
Ho sp ital; 045
Amount S 1 297,, 934 1,138, „ 23_ 8 2 z 7, j23 3 y
Percent of 3% 6.75%
payroll 100.00% B 2-
A breakdown of normal cost and amortization of the unfunded liability is not t
available.
contribution
Significant actuarial assumpe alsact June 3Oqu1989 are
are
as of June 30, 1989
arialcassumptions
different fray those uinmSectioneCsofnthisinote. The overall
effects
benefit obligation discussed a •16%
du to the 1onthefinancialstatusofa
hheaPlan
in funding ratio payroll
seiasthepemployer
decrease
contribution rate. 1
Continued)
1
27- 1
20
CITY OF SEWARD
Notes to General Purpose Financial Statements
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, 1993 annual report. Trend information follows:
Net Unfunded
assets PBO as a
Net Pension available Unfunded percent
assets benefit as a pension Annual of annual
available obligation percent benefit covered covered
Year for benefits JLBOI of PBO obligation payroll payroll
City:
1987 3,671,000 3,088,000 118.9% S (583,000) N/A N/A
1988 4,511,000 4,298,000 104.9 213,000) 2,146,654 10.0)%
1989 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)
1992 7,726,000 7,570,000 102.1 156,000) 2,815,641 5.5)
Hospital:
1987
1988
369,000
1,718,000
1,394,000
2,079,000
26.5
82.6
1,025,000
361,000
N/A
953,539
N/A
37.90
1989 881,000 2,274,000 38.7 1,392,000 969,590 69.65
1990 1,139,000 2,478,000 46.0 1,339,000 1,179,638 88.10
1991 1,419,000 2,915,000 48.7 1,496,000 1,116,642 74.64
1992 1 67i4y000 3,393,000 71 1j13 6
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 Hospital
1989 9.74% 19.04%
1990 3.14 14.09
1991 8.10 14.34
1992 6.40 19.34
1993 588 20.93 .
Continued)
1 -28-
1
21 ,
CITY OF SEWARD
Notes to General Purpose Financial Statements '
Retirement Incentive Pro an '
The Retirement Incentive Program (RIP) was established May 15, 1986 under House
Sill 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 of
incentive credit. The incentive credit is applied in the following order: '
1. To reduce the age or service requirement for normal or early
retirement. '
2. 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 1participatingemployeeswhowerepeaceofficersandfiremenwererequiredto
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 as indebtedness 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 ($11,844) is recorded in the General
Long -term Debt Account Group.
Continued),
29- 1
22
CITY OF SEWARD
Notes to General Purpose Financial Statements
A history of the RIP program follows:
Liability at June 30, 1989 $
Additions:
Year ended June 30, 1990 24,739
Year ended June 30, 1991 36,730
Year ended June 30, 1992 351_334
Total additions 97,003
Payments:
Year ended June 30, 1991 (24,739)
Year ended June 30, 1992 (36,586)
Year ended June 30, 1993 (23,834)
Total payments (85,159)
Liability at June 30, 1993 $ lip
International Brotherhood of Electrical workers
Electric Fund employees are members of the International Brotherhood of
Electrical workers, which maintains its own defined contribution pension
plan. The City's contribution rate for 1993 was $3 per compensable hour for
a total contribution of $38,434.
6) Accrued Leave
Accrued 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 (5231,109 at June 30, 1993) 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, 1992 $ 254,123
Decrease 23,014
Balance at June 30, 1993 $ 231,109
7) Deferred Compensation Plan
The 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
termination, retirement, death or an unforeseeable emergency.
1 (Continued)
1 -30-
23 ,
CITY OF SEWARD
Notes to General Purpose Financial Statements '
31- 1
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
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.
8) Capitalized Leases
e City has entered into several lease agreements as lessee for financing the
acquisition of a pickup truck, police communication equipment, a fire truck,
computers, heavy equipment and a one -ton truck 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 tanalysisofthecapitalleasesasofJune30, 1993:
General
Fixed
Assets
Account Enterprise
Group Funds
Machinery and equipment $ 670,079 1,214,051
Less accumulated depreciation - 297,711
Carrying value $ 670,079 916 340
Continued)
31- 1
24
CITY OF SEWARD
Notes to General Purpose Financial Statements
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,
1993:
General
Long -term
Debt
Account Enterprise
Group Funds
Fiscal year ending June 30:
1994 Z 169,911 121,808
1995 62,841 106,655
1996 54,957 98,088
1997 30,222 99,525
1998 100,588
Thereafter 783 399
Total minimum lease payments 1,310,063
Less interest 50,788 454,427
Present value of future
minimum lease payments $ 267,143 8 55
Current portion 61,610
Long -term portion M,026
855,636
9) Long-term Debt
General Obligation Bonds
T e City issues general 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.
1
Continued)
1 -32-
25 ,
CITY OF SEWARD
Notes to General Purpose Financial Statements '
I
33- 1
General obligation bonds are direct obligations and pledge the full faith and
credit of the government. General obligation bonds currently outstanding are
as follows:
Interest rates Amount
1,200,000 1976 water and sewer serial
bonds, due in annual installments
of $90,000 to $110,000, through
June 1, 1996 7% to 8% 300,000
1,700,000 1980 electric serial
bonds, due in annual installments
of $95,000 to $105,000, through
January 1, 2001 7% 970,000
5,000,000 1984 electric serial
bonds, due in annual installments
of $185,000 to $205,000, through 1
October 1, 1994 9.5% to 12.5% 390,000
4,845,472 1986 electric serial
bonds, due in annual installments
of $70,000 to $565,000, through
October 1, 2004 4.5% to 7.5% 4,369,000
2,550,000 1987 harbor /general
government serial bonds, due in
annual installments of $85,000 to
245,000, through December 1, 2004 5.75% to 8.25% 2,255,000
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% 1,755,000
10,039,000
Continued)
I
33- 1
26
CITY OF SEWARD
rNote; to General Purpose Financial Statements
Annual general obligation bond debt service requirements to maturity are as
follows:
General Long -term
Year ending Enterprise Funds Debt Account Group Total
June 30 Principal Interest Principa Interest Principal Interest
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
1996 603,353 478,952 72,647 150,810 676,000 629,762
1997 524,471 436,487 73,529 145,841 598,000 582,328
1998 564,706 396,568 80,294 140,683 645,000 537,251
1999 -2003 3,160,589 1,312,995 499,411 606,065 3,660,000 1,919,060
2004 -2008 1,968,826 268,116 716,174 384,222 2,685,000 652,338
2009 -2013 - - 585,000 114,000 585,000 114,000
17,
886,063 3 , 9791598 2,1521937 1,856,117 . 10,039,000 5,835,715
Notes payable by the water and Sewer Enterprise Fund at June 30, 1993 follow:
Interest
rates Amount
40,000 note payable to State of Alaska
Department of Environmental Conservation,
repayment schedule to be determined upon
completion of the Dairy Hill Sewer Project 4.75% $ 25,782
924,000 note payable to State of Alaska
Department of Environmental Conservation,
repayment schedule to be determined upon
completion of the Lowell Point Sewer
Repair Project 4.75% 509,286
535,068
I(Continued)
I
1 -34-
27
CITY OF SEWARD
Purpose Financial StatementsNotestoGeneral
Changeses in Long-term Liabilities
During the year ended June 30, 1993, the following changes occurred in long -term
liabilities:
Balance at Balance at
General government July 1 1992 Additions Reductions June 30, 1993
Compensated absences 254,123 - 23,014 231,109
General obligation bonds 2,212,055 - 59,118 2,152,937
Capital leases 377,782 10,691 121,330 267,143
Retirewent Incentive Program 35,678 - 23,834 11,844
21879,638 _10,691 22_ 7,296 2 66y3 033
Enterprise Funds
General obligation bonds 8,350,945 - 464,882 7,886,063
Capital leases 961,479 - 105,843 855,636
Notes payable 535,068 535,068
9,312,424 535,068 570,725 9,2761767
1Continued)
t
1
1
35-
r
28
r
CITY OF SEWARD
Notes to General Purpose Financial Statements
1 -36-
10) Segment Information for Proprietary Fund Types
Enterprise Funds,
The City maintains five enterprise funds which provide electric, water andrsewer, harbor, hospital services and grain terminal. Segment information for
the year ended June 30, 1993 follows:
Seward Total
Water General Grain Enterprise
Electric and Sewer Harbor Hotspital Terminal Funds
Total operating revenues $ 4,906,808 959,652 1,519,017 2,317,451 180,496 9,883,424
Operating revenues from
the City of Seward 445,954 66,439 - 512,393
Deprec iation a qww 956,084 387,327 1,249,901 84,279 2,687,591
Operating inoame (loss) 29,134 (217,522) (1,533,427) 676,666) 161,371 (2,237,110)
Net operating transfers
from (to) other funds 3,000) 195,000 - 533,866 725,856
Net inome (loss) 430,094) (56,055) (1,767,920) 202,981) 185,634 (2,271,416)
Current capital
contributions 3,591,620 1,013,364 55,000 19,732 4,679,716
Property, plant and
equipment additions 145,941 110,284 386,768 37,555 682,548
Working capital
surplus (deficiency) 602,040 155,177 (667,026) 439,230 182,637 712,258
Total assets 22,437,617 10,897,462 33,381,917 1,464,661 408,426 68,590,073
Bonds and other long -term
liabilities 5,379,000 745,068 2,577,063 4,026 8,705,151
Fund equity 15,474,788 9,599 258 29,9061,34466 750,710 182,837 55,93,939
A summary of changes in contributed capital follows:
Balance at Balance at
July 1z 1992 Additions Deletions June 30 1993
Electric Fund 13,975,416 3,591,620 17,567,036
Water and Sewer
Fund 11,012,491 1,013,364 12,025,855
Harbor Fund 36,328,089 55,000 36,383,089
Seward General
Hospital Fund 40,200 19,732 59,932
61,356,196: 4,679,716
i
661035,912_
r Continued)
r
1 -36-
C
29
CITY OF SEWARD
Notes to General Purpose Financial Statements
A summary of changes in accumulated amortization of contributions in aid
follows:
Balance at Balance at
July 1,,_ 1992 Additions Deletions June 30 1993
Electric Fund $ 2,773,279 454,856 - 3,228,135
Water and Sewer 3,846,599
Fund 3,476,327 370,272 -
8,374,854
Harbor Fund 7 3 141 11059,973 _ —
13,564,487, 1,885,101 - 151 449 588
Internal Service Fund - Motor Pool
A of changes in contra uteri capital follows: summary
Balance at July 1, 1992 S 64,000
Additions:
42,637GeneralFund
Electric Fund 21,000
Water and Sewer Fund 25,000
Harbor Fund 17,000
Balance at June 30, 1993 $ 169,637
11) S rinq Creek Correctional Center
t City undertook the financing and construction of a 320 -bed, maximum
In 1§-85 e
security correctional facility on behalf of the State of Alaska. The facil-
lease and
ity was financed with nonrecourse certificates of participation
the under the terms of a long -term lease signed in 1985. The
leased to state
facility is currently being operated by the state. Technically, the City is
both the financingtheownerofthefacility. However, under the terms of
lease agreements, there is no possibility of the City ever becomingandliableforthedebtorbeingobligedtotakeactualpossessionofthefacil- included the value of the facility in
ity. Consequently, the City has not
its general fixed assets. Payments for all costs of construction were made
directly by the project trustee, Security Pacific Bank of Washington, under
in 1985. the terms of a trust indenture executed by the parties
The City has maintained a Special Revenue Fund, Spring Creek Correctional Cen-
in monitoring construction of
ter, to account for its administrative costs
the facility. These administrative costs have been reimbursed to the City by
the project trustee from the project funds.
Continued)
37-
30
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
1 1994 $ 126,916
1995 6,746,110
13) Commitments and Contingencies
Amounts received or receivab a 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
covered by insurance or are the type which are normal and reasonable in 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.
1 -38-
1
1
COMBINING, ,
INDIVIDUAL FUND ,
AND
ACCOUNT GROUP FINANCIAL STATEMENTS
y
GENERAL FUND
The General Fund is established to account for the financial
operations of the City of Seward which are not accounted for in
any other fund.
Revenues for this fund are recorded by source. Principal sources
of revenues are property taxes, sales taxes, intergovernmental
revenue and charges for services.
Expenditures are recorded first by function, then by activity and
object of expenditure. General Fund expenditures are made
primarily for the operations of basic municipal services a
ssuch as
ipoliceandfireprotection, recreation, p legal
administrative services.
1 -40-
C11t! OF SEWARD
General Fund
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
Cash and equity in central treasury
Receivables:
Taxes
Personal property
Less allowance for doubtful receivables
Net personal property
Real property
sales
Net taxes
Accounts
Less allowance for doubtful receivables
Net accounts
special assessments
Less allowance for doubtful receivables
Net assessments
Inventory
State of Aleake
Accrued interest
Due from other funds
Prepaid insurance
Totat receivables
Liabilities and Fund Balance
Liabilities:
Accounts payable
Salaries and wages payable
Annuat leave payable
Accrued tiabilities
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
41-
schedule 1
199 1992
S 1.260.667 3.051,326
49,910 61,852
40,696 49,42
9,214 12,010
17,254 15,110
34.316
60,764 27,120
791,265 779,166
123.077 78 3.10
566.205 700 7
249,365 254,506
78,991 50.851
170.394 203,555
9,449 -
192,37a 155,063
10,254 51,624
1,111,467 1,138,340
2,233,076 277,659
3,434
f 4 52S 41 4,470,961
1,199,190 912,935
151,417 114,398
67,229 45,756
36,924 60,438
7,545 10,942
1,266 65,008
195,974 229,235
200,000
1,659,545 1,639,714
3,434
1,500,000 1,500,000
113,965 113,965
273,596
11 35 940,250
2.965.86 2.631.247
5 4 62 4e1i7 4 4 70 961
Crknrluln 9
CITY OF SEMARD
General Fund
Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
1 -42-
Revenues:
Taxes 2,509,708 2,627,050
Assessments 32,573 6,505
Licenses and permits 64,025 74,005
Intergovernmental 983,759 913,137
Charges for services 2,384,723 1,879,663
Fines and bails 41,892 18,158
Interest 236,986 245,872
124,46Miscellaneous47,862
Total revenues 6,301,528 888,856
rExpenditures:
Current:
General government
Public safety
1,779,085
1,682,176
1,851,718
1,640,081
Public works 689,209 692,653
Parks and recreation 471,045 493,106
Library 184,274 193,510
Debt service 367,509 345,265
Total expenditures 5,173,_298 5,216,333
Excess of revenues over expenditures 1,128,230 6523
Other financing sources (uses):
Operating transfers from other funds 3,195 r
Operating transfers to other funds 95( 4,168) 54( 1,575)
Net other financing uses 950 973) L541,575)
Excess of revenues and other
financing sources over expendi-
tures and other financing uses 177,257 130,948
Fund balance at beginning of year 2,831,247 2,743,199
Residual equity transfers from other funds 100
Residual equity transfers to other funds 42,637) 43,000)
Fund balance at end of year 2,965,867 2,831,247
1 -42-
CITY Of SEWARD
General Fund
Statement of Revenues. Expenditures, Other Financing Sources
Uses) and Changes In Fund Balance - Budget and Actual
Year ended June 30, 1993
with comparative figures for 1992
Revenues:
Taxes:
Property
Sales
Payments In lieu of tax
Penalty and interest
oil tax
Total taxes
Assessments
Licenses and permits:
Building permits
Text permits
Animal control licenses
Automobile license commissions
Nlacellsneous
Total licenses and permits
intergovernmental:
State of Alaska:
General revenue sharing
Municipal assistance
Jail contract
Dispatch contract
Raw fish tax
Liquor tax
Amusement tax
Total intergovernmental
Charges for services:
Administrative
Rents and leases
Copying charges
Police and fire contracts
Railroad surveillance
work orders
Recreation
Library
Other
Total chorgas for services
Fines and bails
Interest
Miscellaneous:
Sale of equipment and gravel
Garbage contract
Sale of land
Insurance recovery
Other
Total miscellaneous
Total r *venues
1
Schedule 3
1
1 9
Yar I Once
favorable 1992
Budget Ac (unfavorsble) actual
2. 435,126 515,286 80,158 517,098
1,260,000 1,286,358 26,358 1,268,572
770,072 681,615 88,437) 692,653
20,000 26,449 6,449 46,259
44,901
102.468
2.485,200 2.509.708 24,50e 2.627.050
45,000 32,573 12.427) 6.505
25,000 19,286 5,712) 15,471
900 1,411 511 760
3,000 787 2,213) 3,450
43.000 40,289 2.711) 50,248
2.000 2.250 250 4,076
7 f 64.025 9,875) 74.005
222.176 216,558 5,618) 246,$62
203.315 203,242 73) 234,883
273,000 273,000 260,000
36,37-3 36,375
232,577 236,705 4,128 153,393
18,000 17,375 625) 17,375
1,000 504 496) 624
950.068 983.7 3 91 913,137
1,069,568 1,465,514 395,946 1.061,815
511,445 495,203 16,242) 439,351
34,000 39,421 5.421 37,450
44,885 44,286 599) 51,085
15,000
28,000 92,8 84 64,884 60,434
242,100 230,049 12,051) 199,060
81500 9,230 730 7,516
1.
94M80
06
8.136
2,384.723
1 336
WV--4T7
7.950
1,879,663
40,714 41,892 1,178 18,158
166,000 236,986 70,986 245,872
I
I
43- 1
5,000 14,230 9,230 2,261
30,000 28,966 1,034) 27,431
44,901
44,679
5.400 4,6 734) 5,194
4C400
166
7,_§,¢2 7,462 124,466
51746.580 6.301,528 554.948 5.888,856
Continued)
43- 1
1 2 Schedule 3. Cont.
CI7Y OF SEYARD
General Fund
Statement of Revenues, Expenditures, Other Financing Sources
uses) and Changes in Fund Balance - Budget and Actual
1 -44-
variance
favorable 1992
Beset Actygi unfavorable) actual
Expenditures:
General government:
Mayor and council:
Salaries t 18.000 22,255 4,255) 18,000
Employee benefits 1,642
38,700
1,761
35,700
119)
3,000
2,134
35,700
Audit
Legal 370,077 331,242 38,835 184,914
Supplies 27,000
73,000
27,316
74,877
318)
1,877)
25,044
70,094
Legislative representation
Other services and charges 37,430 47,186 9,756) 38,275
Capital outlay 750
66.5_
592 4 6 870
0 94
Total mayor and council
City manager:
Salaries 190,232 194,694 4,462) 154,848
Employee benefits 35,885
4,000
34,499
4,186
11366
186)
28,578
5,685
Supplies
Other services and charges 22.150 27,902 5.752) 36,804
3 2"
Capital outlay
Total city manager
26)
City
Salaries 122,886 127,519 4,833) 123,407
Employee benefits 27,131
3,000
27,485
3,510
354)
510)
25,481
6,138
Supplies
Other services and charges 12,075 13,966 1,911) 22,194
3 749
Capital outlay
Total city clerk 165 9- 1 500 189
Finance:
Saleries 292,926 283,781 9,145 278,949
Employee benefits 68,840
35,000
66,083
27,198
2,757
7,802
62,785
23,621
Contracted servitea
Supplies 18,695 15,529 2,866 19,389
Other services and charges 51,003
13.649
46,052
12,923
4,951
726_
67,641
15,445
Capital outlay
Total finance 480.1 451.866 28.247 467.830
community development:
Salaries 54.785 51,720 3,065 51,984
Employee benefits 11,237
5,000
10,751
4,551
486
449
9,959
3,215
Supplies
Other services and charges 33J50 30 672
90M
2 678
ZX
6.819
71.977
Total community development 104.372
General government services:
Employee benefits 46,000 43,960 2,040 52,208
utilities 70,000 84,897 14,897) 79,797
Insurance 11.500
22,600
8,207
20,205
3,293
2,395
9,618
22,328
Supplies
Doubtful accounts 1,000
50,374 49,395
1,000
979 47,406
Other services and charges
Capital outlay 9,990 12,239 2,249) 14,480
Litigation expense
Total general government services 21104" 218,903 7.439)
200.000
425.837
Contributions to civic organizations 36;,000 36,000 92.450
Total general government 1.815.907 1.779 005 36.822 1.851.718
Continued)
1 -44-
I
3 Schedule 3 Cont.
CITY OF SEWARD
General fund '
Stat~t of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund galanca - Budget and Actual
Expenditures, continued:
Public safety:
Police:
Salaries
Employee benefits
supplies
Other services and charges
Capital outlay
Total police
Jail:
Salaries
Employee benefits
Supplies
Other services and charges
capital outlay
Total jail
Anisal control:
Salaries
Employee benefits
Supplies
Other services and charges
Total animal control
Fire:
Salaries
Employee benefits
Supplies
Other services and charges
capital outlay
Total fire
volunteer training:
Stipends
supplies
Other services and charges
Total volunteer training
Earrgency preperecineems
supplies
Other services and charges
Total emergency preparedness
Engineer and utility manager:
Salaries
Employee benefits
Supplies
Other services and charges
capital outlay
Totat engineer and utility manager
1993
variance
favorable
udoet Actual (unfavorable)
S 595,004
142,821
15,000
94,391
5.800
551.016
1S3,777
42,980
5,000
138,854
3,500
4" 3 4,111
22,397
7,420
3,800
7 350
4
109,985
27,018
14,300
60,402
13.839
225,594_
12,000
4,000
1__, 425
3342?
1,190
8,610
9,800
615,149
142,840
6,807
107,686
879,40? 1
148,348
41,338
772
136,906
600
327.2!H
22,783
7,449
25
6491
74
108,911
25,081
5,566
71,431
13.9 77
12,000
3,315
5-642
20.95
1,814
j. 685
1992 '
actual
20,145) 577,082
19) 138,1100
8,193 13,957
13,295) 74,272
769) 4.377
26,035), 808 48
S,429 155,763
1,642 42,665
4,223 6,191
1,948 125,808
2,900, 2,140
16,147 332.5b7
396) 22,582
29) 7.826
3,775 720
819 4.632
4.21. 35.560
1,074 112,093
1,937 26,652
8,714 12,940
11,029) 52,355
90)
59
34593
238.633
12,000
685 808
11,78] 11.521
1 4 24.329
624) 607
5.925 1. 232
5.301 1.839
111,694 92,519 19,175
27,162 20,276 6,886
900 S13 367
19,600 16,382 3,216
500 5fl
159.856 129,690 30.166
Continued)
45-
89,584
17,847
2,425
13,496
4.023
127.375
i
i
i
i
1 -
46-
4
acfiedule 3 Cont.
CITY OF SEYARD
moral Fund
Ststesent of Revenues, Expenditures, Other Financing Sources
Budget and Actual
uses) and changes In fund Balance
1993
Variance
favorable 1902
ou-dg Actual Unfsvorsblo act al
Expenditures, continued:
Public safety, continued:
Building inspector: 47,547 42,563 4,964 47,911
Setaries 13,507 6,566 4,941 9,700
426Employeebenefits300424124)
Supplies
Other services and charges
10,276
Soo
6,718 3,558
500
9.858
t Capital outlay
Total buitdinq inspector
3_ 58 71
Total public safety
991.115.5 - 1 17 56,721 1.640.081
Public works:
Roads and streets: 176,706 156,782 19,924 i64,000
Salaries
Employee benefits
50,507
51,742
40,531
49,443
9,956
2,299
43,866
22,796
Supplies 122,462 86,807 35,655 153,488
5.575otherservicesandcharges10,709
5d
10769
369 7 5Capitaloutlay
Total roads and streets
41 Z ^ 1 86 333 T8 60
102,019Cityshop: U0,796 130,199 9,403)
27,512Salaries
Employee benefits
29,581
5,600
29,207
12.019
374
6,419) 6,354
Supplies
other services and charges
48,765 70,145
9.102_
21,380)
5.896
47,258
sM
Capital outlay
15.000_
19 74 50 67 3( 0.930)
Y
193.255
Total city shop
Municipal building: 30,663 30,087 576 27,852
Salaries
Employee benefits
8,958
1,900
8,185
1,495
603
405
9,147
2,679
Supplies
Other charges and services
71,500 61,410
3.777
10,090
15.418_
50,156
19 837
Capital outlay
Total Amicipal building
199145
24132 104.954 27,292 109.673
Total public works
764.174 689.209 74.965 69..,663
t Parks and recreation:
Parka and recreation: 241,335 246,163 4,828) 251,726
49,778Salaries
Employee benefits
49,918
16,045
51,393
16,641
11475)
596) 14,894
Supplies
Other services and charges
115,595 107,302
5 857
8,293
1 643
93,932
2-
433,
3.404
Capital outlay
0
430.3 3 42- 7 4
Total parks and recreation
3
8,549 28,041Youthcenter: 34,512 25,963
8,711Salaries
Employee benefits
9,660
3,450
6,666
2,165
2,994
1,285 5,0"
Supplies
Other services and charges
13,190 8,895 4,295
700
15,047
2 507
capital outlay
700
61.5 3`689 17- S_?
Total youth center
Total parks and recreation
491,905 471 43 20.860 4931106
continued)
1 -
46-
5 Schedule 3. Cont.
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures, Other Financing Sources
uses) and Changes in Fund Balance - Budget and Actual
1
1993
Variance
favorable 1992
ud et Actual Mnfavorable) actual
Expenditures, continued:
Library:
Salaries S 102,790 94,615 3,17'5 101,950
Employee benefits 23,838 23,938 100) 17,166
Supplies 11,930 12,272 342) 4,340
Other services and charges 46,810 47,205 395) 40,702
Capital outlay 1,,246 1 244 29,352
193,510TotallibraryIMA141a4 z.3ay
Debt service:
Principal 182,757 180,448 2,309 143,5 63
interest 15S.433 1851461 1.621) 201,702
Total debt service 368.190 367,509 345,265
Total expenditures 5.365,689 5,173,29§ 192,391 5.216,333
Excess of revenues over expenditures 380,391 1J28.130 747 672,523
Other financing sources (uses):
Operating transfers from other funds 3,195 3,195
operating transfers to other funds:
Special Revenue Funds 3,066) 5,570) 2,504)
capital Projects Funds 543,540) 528,598) 14,942 76,718)
Enterprise Funds 313,140) 420_.000) 106.$60) 462,857)
Net other financing uses 859,746) 95 9 ) 91,227) 541,575)
Excess (deficiency) of revenues
and other financing sources
over expanditures and other
financing uses 478,655) 177,257 656,112 130,948
Fund balance at beginning of year 2,831,247 2,831,247 2,743,199
Residual equity transfers from other funds
Residual equity transfers to other funds 42.637) 4( 2.637)
100
43,D00)
Fund balance at and of year S 2 3592 2.465867 61 475 2 833
1
1
1
47—
1 SPECIAL REVENUE FUNDS
1
Special Revenue Funds are used to account for expenditures
associated with dedicated or restricted revenue sources.
DARE Program - To account for funds received and expend-
ed related to Drug Awareness Rehabilitation Education.
Summer Youth Employment /Training Program - To account
for funds received and expended to provide short -term
full or part -time work experience in a public or
nonprofit private organization for Seward youth.
Day Care Assistance - To account for the state - funded
day care assistance grant program. Moneys are distri-
buted directly to local day care providers.
1 -48-
Historic Preservation Plan - To account for costs
incurred to identify significant themes in Seward's
history as well as historic properties that illustrate
the significant themes. Funding is provided by the
federal and the State of Alaska. government
Spring Creek Correctional Center - To account for the
City's administrative costs incurred in oversight of the
construction of a maximum security 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.
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.
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
sharing received by the City on behalf of local health
care and social service entities. All moneys in this
fund are passed directly through to the subrecipients.
Interlibrary Cooperation Grant - To account for state
interlibrary cooperation grant funds.
1 -48-
Assets
Cash
Equity in central
treasury
Federal grants
receivable
State of Alaska
grants receivable
Seward Life Action
Council receivable
Alaskens for Litter
Prevention and
Recycling
Liabilities
and Fund Pleb
Liabilities:
ACCMMS Payable
Accrued liability
out to State of
Alaska
Due to other funds
Deferred revenue
Total
liabilities
Fund bet -ices
49—
Schedule 4
CITY OF SEWMD
Revenue FundsSpecial
Combining Balance Sheet
Jute 30, 1993
with comparative totals for 1992
Stamm Spring
Youth Day Historic Creek
DARE Empla ownt/ tare Preser- Corrov
Pro- Training Assis- vation tional Police Litter Prison
itbrary
Public
Libre r
Totals
1M 1992firmaprogramLiMPlanneertFuontrol
31"Q 3,550 20,547
1,001 2,074 236,575 3,850 486 77 I", 061 118,839
10,434 10,434 5,811
1,950 16,161 1,713 - 19,824 7,128
1.050
2 jU4A 716 236.573 3 X900 ift L7 278,919 1.52 16.6
2,287 2,287 853 I
60 60
19,420
80090 15,862 23,952 12,127
57 299 a6AS13 3A50 4,900 9!0 77 245.882 115,974
10,434 16.161 236,373 3,550 4,900 486 77 272.181 148,374
2.951 3-787 6.738 3,792
L 7.87 12"7.3 LZ Ja a 278A.9.19 15
49—
INTENTIONALLY LEFT BLANK
CITY OF SEWARD
Spacial Revenue Funds
Combining Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balances
Year ended June 30, 1993
with comparative totals for 1992
Revenues:
Federal grants
State of Alaska grants
Kenai Peninsula Borough grants
Local sources
Miscellaneous
Total revenues
Expenditures:
Salaries
Employee benefits
Supplies
Other services and charges
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
operating transfers from other funds
Operating transfers to other funds
Not other financing uses
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
financing uses
Fund balances at beginning of year
Fund balances at and of year
3 -T92
2. 3i
MIM i
Summer Youth
Employment/ Historic
DARE Training Day Care Preservation
Pr our Pr2or Assistim-4 Plan
31,910 64,757 1,713
1,950
201
2.151 31.910 84,757
26,727
2,315
1,824 3b6+- b9
1M M. 4
UM-1)
5,500
5.500
3 -T92
2. 3i
MIM i
Schedile S
1
5prir p Creek
Correctional Police litter Prison Public
State
Revenue
interlibrary
Cooperation Totals
Center fu Control i r r Library rin Grent 199 199?
16 , 998 16,998 5,635
23,362 5,514 8,53 8 192,20 6 Z,T4 1 350,742 4599,948
3,052 5,002 2,648
947 1,700 21843 1,554
E4 16.995 4.751 5.514 8.535 19 74• 373.90
7 764
2.49
5,062 4,646 35,455 27,820
834
265
169
189 1,
1888
68
3,813
3,971
3,388
5,962
14 12 16.998
5
7ys
1 T-49 218,104 ,
ib
040
63) 113 U) 111,242 122.53 9
63
113 8")
7 5,570
113.866) 124,533)
63 11 ) 7 106,296) 124,533)
2,946 1,994)
3,792 5.7
8p
6
n..r a.. wrir
T38
1
1
52-
Schedule b
CITY OF SEWARD
Special Revenue Funds
DARE Program
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Equity in central treasury $ 1,001 3,792
State of Alaska grants receivable I,950
L9, 51 3,792
Fund Balance
Fund balance $
2151 3 -792
53-
1
Schedule 7
CITY OF SEWARD
Special Revenue Funds
DARE Program
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Revenues:
Kenai Peninsula Borough grants i 1,950 7,764
Local sources
Total revenues
201
12,1 7,764
Expenditures:
General government:
Salaries 3,555
Employee benefits 633
Travel and subsistence 1,166
Operating supplies 1,824 3,648
Total expenditures 2,992 71836
Deficiency of revenues over expenditures 841) 72)
Fund balance at beginning of year 3,792 32864
Fund balance at end of year 2.L.951 3
54-
CITY OF SEWARO
Special Revenue Funds
Summer Youth Employment. /Training Program
1993 -94 Program
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Federal grant receivable $ 10,434 5,811
Liabilities
Accounts payable 2,287 853
Due to other funds 8,090 4,958
Deferred revenue 57 -
10,434 5,811
55-
CITY OF SEWARD
Special Revenue Funds
Summer Youth Employment /Training Program
Combining Statement of Revenues,
Expenditures and Changes in Fund Balances
Year ended June 30, 1993
with comparative totals for 1992
Revenues - State of Alaska grant
Expenditures:
General government:
Salaries
Employee benefits
Communications
Office supplies
Operating supplies
Total expenditures
Excess of revenues
over expenditures
Fund balances at beginning of year
Fund balances at end of year
56-
Schedule 9
1992 -93 1993 -94 Totals
Pr_ ogram Program 19 1992
21,476 10,434 31,910 51811
19,236 9,491 28,727 5,187
1,987 828 2,815 384
10
43 2 45 45
210 113 323 185
1 10,434 F;" , 811
CITY OF SEWARD
Special Revenue Funds
Day Care Assistance
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
Seward Life Action Council receivable
Grant receivable from State of Alaska
Liabilities
Due to other funds
Deferred revenue
57-
Schedule 10
1993 1992
41
16,161 71128
t 16,161 ZL1, 69
15,862 7,169
299
S 166 161 7,169
CITY OF SEWARD
Special Revenue Funds
Day Care Assistance
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
Revenues - State of Alaska grant
Expenditures - general government - contracted services
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
58-
Schedule 11
1993 1992
84,757 84,611
84,757 84,611
CITY OF SEWARO
Special Revenue Funds
Historic Preservation Plan
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Equity in central treasury $ 2,074 -
State of Alaska grants receivable 1,713
S 3,787
Fund Balance
Fund balance $ 3_,787
59-
CITY OF SEWARD
Special Revenue Funds
Historic Preservation Plan
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
Revenues from State of Alaska grants
Expenditures:
General government:
Advertising
Contract services
Office supplies
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
60-
Schedule 13
1993
S 1,713
84
3,273
69
X26
1,713)
5,500
3,787
S 3„787
1992
Schedule 14
CITY OF SEWARD
Special Revenue Funds
Spring Creek Correctional Center
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Equity in central treasury $ 236,573 92,4,75
Liabilities
Accrued liability (bid deposit)
Deferred revenue
61-
60 -
236,513 92,475
236,573 92,475
t
0
1
CITY OF SEWARD
Special Revenue Funds
1993
Spring Creek Correctional Center
Revenues:
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended ,tune 30, 1993
with comparative figures for 1992
947
1 1993 1992
Revenues:
State of Alaska 23,362 98,547
Local sources 947
Total revenues 24,309 98,541
Expenditures:
General government:
Salaries 5,082 1,883
Employee benefits 834 157
Advertising 321 118
Travel and subsistence
Communications
219
118 13
Legal 708
Other special services 5,142
Maintenance and repairs 118
Contractor services 11,122 96,310
Supplies 265 66
Administrative expenses 380
Total expenditures 24,309 98,547
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
11
Cash
Deferred revenue
Schedule 16
CITY OF SEWARD
Special Revenue Funds
Police Fund
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
3 20
Liabilities
MIM
3j.550 20,547
Schedule 17
CITY OF SEWARD
Special Revenue Funds
Polite Fund
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Revenues from federal grant $ 16,998 55,635
Expenditures - general government - other services and charges 16,998 55,635
Excess of revenues over expenditures - -
Fund balance at beginning of year - -
Fund balance at end of year $
I
I
I I
I I
I
1 -64-
CITY OF SEWARD
Special Revenue Funds
Litter Control
Balance Sheet
June 30, 1993
with comparative figures for 1992
1991 Program
Assets 1993 1992
Equity in central treasury S 3,850 2,952
Receivable from Alaskans for Litter Prevention and Recycling 1 050
4. , 900 2
Liabilities
Deferred revenue $ 4900 2j952
65-
Schedule 19
CITY OF SEWARD
Special Revenue Funds
Litter Control
Combining Statement of Revenues, Expenditures,
Other Financing Sources and Changes in Fund Balances
Year ended June 30, 1993
1992 1993
Program Program Total
Revenues:
Kenai Peninsula Borough grant 3,052 3,052
Local sources - Alaskans for Litter Prevention
1 100andRecyclinggrant1700
4 4. Total revenues
Expenditures:
General government:
4,646 4,646Salaries
Employee benefits 169 169
Total expenditures 4,8 481
Deficiency of revenues
over expenditures 63) 63)
Other financing sources - operating transfers from 63otherfunds63
Excess of revenues
and other financing
sources over expenditures
Fund balances at beginning of year
Fund balances at end of year
1
66-
Schedule 20
CITY OF SEWARD
Special Revenue Funds
Prison library
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Equity in central treasury $ 48
Liabilities
Deferred revenue $ 486
67-
Schedule 21
t
CITY OF SEWARD
Special Revenue Funds
Prison Library
ExpendituresStatementofRevenues,
and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1
1993 1992
1 Revenues from State of Alaska grant 51514 62000
Expenditures:
Library:
Books 3,088 3,116
Periodicals 2,218 2,336
Other 19
189
480
68
Operating supplies
Total expenditures 6 000
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
1
68-
Schedule 22
CITY OF SEWARD
Special Revenue Funds
Public Library
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Equity in central treasury $ 77
Liabilities
Deferred revenue $
77
69-
Schedule 23
1
CITY OF SEWARD
Special Revenue Funds
Public Library
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Revenues from State of Alaska grant 81538 81705
Expenditures:
Library:
Education and training 383 448
Nonprint materials 1,783 707
Other services and charges 279 58
Books 2,430 4,003
Stand order 2,475 2,327
Operating supplies 1 188
8
1 162
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
70-
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, 1993
with comparative figures for 1992
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
71-
1993
192,206
1992
208,219
18,219 17,933
60 121
X340
753631 _
83,686
113,866 124,533
113,866) 124,533)
1993 1992
S 2,7.42
1,764 -
712
205
68
2,]49
7)
7
S „ s
CITY OF SEWARD
Special Revenue Funds
einterlibrary Cooperation Grant
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
Revenues from State of Alaska grant
Expenditures:
Library:
Contracted services
Books
Periodicals
Operating supplies
Total expenditures
Deficiency of revenues over expenditures
Other financing sources - operating transfers from other funds
1
Excess of revenues and other financing
sources over expenditures
Fund balance at beginning of year
1 Fund balance at end of year
1
i
1
1
72-
1993 1992
S 2,7.42
1,764 -
712
205
68
2,]49
7)
7
S „ s
CAPITAL PROJECTS FUNDS
Capital Projects Funds are established to account for the
resources expended to acquire assets of a relatively permanent
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 1981 $450,000 City of Seward
General Obligation Bond issue.
Streets and Sidewalks - To account for the proceeds of
bond issue for construction of streets and sidewalks.
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.
Bike Path - to account for the construction of a bike
path for the recreation of the general public. Funds
were provided through a state grant.
Hospital Boiler - To account for the installation of a
boiler in Seward General Hospital. Funding was provided
by the General Fund.
Hospital Fire Alarm
ation of a new fire
Hospital. Funding
Acquisition Fund.
City Hall Elevator
an elevator in the
provided by a grant
System - To account for the install -
alarm system in the Seward General
was provided by the Capital
To account for the construction of
City Hall Building. Financing is
from the State of Alaska.
73-
I
1
1 CAPITAL PROJECTS FUNDS
n
Waterfront Improvement - To account for the construction
of a waterfront park within the City of Seward. Funds
were provided by a state matching grant.
Underground Storage Tanks - To account for the removal
of underground fuel storage tanks at the City Shops
Building. Funds were provided by the Capital
Acquisition Fund.
1 -74-
Capital Acquisition Fund To account for purchase of
equipment not funded by the Motor Pool Fund and capital
improvements and projects of at least 20,000. The
Capital Acquisition Fund is funded by 80% of each fiscal
year's excess of revenues and other financing sources
over expenditures and other financing uses in the
General Fund.
1
1 -74-
CITY OF SEWARD
Capital Projects Funds
Combining Balance Sheet
June 30, 1993
with comparative totals for 1992
Equity in central treasury
State of Alaska grants receivable
LimbitiSigg and Fund Balance$ fi 1
Liabilities:
Accrued liability
Due to other funds
Deferred revenue
Total liabilities
Fund balances (deficit)
Senior Streets Library
Citizens and Handicapped Jail
Center Sidewalks Access 5 r_p inkier
S 775 35,432 12,533
f 3 5 4W 1
2.144
3,195
775 35.482 12 (3.195)
f 35 48 12;5533.5
75—
Schedule 26
1
Hospital
Fir* City Capital
Hospital Alarm Hall Waterfront Underground
Tanks
Acquisition
Fund
Totals
199 1992
Boiler SSyste C vator improvement Starage
1,303 19,951 201,763 46,633 83,546 33,968 435,976 74,839
6,441 6,041
19+9,:: 201 7a 52&6.r4 8 46 33 s017
774
15 y 15
1,051
1
201 68.
2-0-176-83' 01,68
203.827
204,893
7,044
7,044
1J03 19,936 100 52.674 3.546 33.948 237,124 67.795
1 ; 199i5 201 78 52&674
s
3y5 33 y;,r 4k, 7
1
1
1
76—
CITY OF SEWARD
Capital Projects Funds
Combining Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Stinnett (Deficit)
Year ended June 30, 1903
with comparative totals for 1992
77—
Senior Streets
Citizens and Jail
Center Sidewalks SS ri_nkler
Revenues:
State of Alaska grant
4,900
Local sources
4.900Totalrevenues
Expenditures:
530
Salaries
148Employeebenefits
Engineering
Contracted services 623 12,458 4,900
supplies
506
128
10
other services and charges
Capital outlay
Total expenditures 1,129 13.234 4.900
Excess ( deficiancy) of
revenues over expenditures 1 129) 13.234}
Other financing sources (uses):
Operating transfers from other funds
operating transfers to other funds 3.195) Met other financing sources (uses)
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing uses 1,129) 13,234) 3,195)
Fund balances at beginning of year 1,904 48,716
Residual equity transfers to other funds
Fund balances (deficit) at end of year 75 35 49 195)
77—
Schedule 27
totals
1993 1992
38,824 186,841
110
100)
38,934 186141
i
2,142
1,307 641
18,603
149,307 635,670
1
5,174
19,111 63,852
73.226
203.04d 799.308
164,074) 612.467)
511,598 78,718
178,195)
333.403 78.718
Maspitsl
Fire City Capital
Hospital AlsrM Hall Waterfront Underground Acquisition
like Path Soilar System levator iniaroveaent 6tors a tank UrW
13,317 20,607
100 10
13.417 20.617
702 7,348
105 1,094
3,335 7,519 16,300 104,172
24,575
2 222 12,510 5,707 154
x.335 2 22 13. 21T 46.243 16.454 104 17
2) 222) 100 25.626) 16,454) 104.172)
20,158 78,300 100,000 313,140
20.158 78.300 100.000
17( 5.000!
138140
3,335) 2) 19,936 100 52,674 83,546 33,968
3,335 1,305
1j30j 19j.936 100 52 67.4 8.3&5.4+ 3'5
1
i
Schedule 27
totals
1993 1992
38,824 186,841
110
100)
38,934 186141
8,580 2,142
1,307 641
18,603
149,307 635,670
24,703 5,174
19,111 63,852
73.226
203.04d 799.308
164,074) 612.467)
511,598 78,718
178,195)
333.403 78.718
169,329 533,749)
67,795 601,644
100)
237 24 67 791
CITY OF SEYARO
Capital Projects Funds
Projects to Date
Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes In Fund Balances (Deficit)
Beginning of projects through June 30, 1993
1
Senior Streets Library
Citizens and Handicapped Jail
Ce ter iSdeualieAccessSprinkler
Total project authorization 9 LA IJI" 1 IL5s
1Revenues:
State of Alaska grant 466,773 22,356
Local sources 4T 944 77,770
Total revenues 945.71 7,770 356
Expenditurest
Construction 415,925 1,668,578 4,900
Architect, engineering and other 529,017 400,075
Land, buildings and equipment 5 Boo 800 17.4S
Total expenditures 944.942 074 4 200 22.356
Excess (deficiency)
of revenues
over expenditures 775 2,066,681) r (
800)
Other financing sources (uses):
Bond proceeds 1,777,644
Operating transfers from other funds 324,521 13,335
Operating transfers to other funds 3.195)
Not other financing
sources (uses) 2,102,163 13.335 3.195)
Excess (deficiency) of
revenues and other
financing sources
over expenditures and
other financing uses 775 35,482 12,535 3,195)
Fund balances at beginning of year
Fund balances (deficit) at dune 30, 1993 2 775 35 48 1 a }
79-
Schedule 28
Hospital
Fire City capital
I Hospital Alars Matt waterfront Underground Acquisition
like Path goiter_ Syst 119r_1l4i leorovm eS Storage Tanks Fund TLo l
1&M UJU ILM 1S 0 191 77 100 00 11 144 3 alb 0
160,000 13,317 20,607
100
13• +17
1
zd.61160.000I
157,671
38.449 2 222
807
12,510
15,961
30,282
16,300
154
1_96.120
26 04 13.317 446,243' 16,454
I 536,120) 26,04) 222) 100 25.626) 154)
36,120 27,407 20,158 78,300 100,000
36,120
I
27,407 20,158 73,300 100.0
1,303 19,936 tOO 52,674 83,546
I
I
I
1 3 19 93 S 55.22674 85
80-
663,053
486. 8 4
1 1 4 77
104,172 2,384,314
1,010,711
50,158
104,172 3,445,183
104,172) < 72,2 5.3Ob)
1,777,644
313,140 912,981
175,000) 1S78,195)
135.140 2,512,430
33,968 237,124
3:.: 237 1 4
r
Schedule 29
r
CITY OF SEYARD '
Capital Projects Funds
Senior Citizens Center '
Balance Sheet
June 30, 1993 '
with comparative figures for 1992
r
Assets
Equity in central treasury
Fund Balance
Fund balance
1993
775
1992
1j904
1
1
CITY OF SEWARD
Capital Projects Funds
Senior Citizens Center
Statement of Expenditures and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1
1,925
506
1
1,129 1,925
1 904
Expenditures:
75 1,904
Contracted services
Other services and charges
Total expenditures
Fund balance at beginning of year
Fund balance at end of year
1
82-
Schedule 30
1993 1992
S 623 1,925
506
1,129 1,925
1 904 32829
75 1,904
Schedule 31
CITY OF SEWARD
capital Projects Funds
Streets and Sidewalks
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
1993 1992
Equity in central treasury i 35,482 48716
fund Balance
Fund balance
S 35,482 48,716
83-
i
CITY OF SEWARD
Capital Projects Funds
Streets and Sidewalks
Statement of Revenues,
Expenditures and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
Fund balance at end of year
1
1
84-
Schedule 32
1993 1992
s -
530
Revenues from local sources
641
Expenditures:
3,412
Salaries
Employee benefits
478,815
Engineering
21
Contracted services
17,811
Supplies
Other services and charges
Total expenditures
Deficiency of revenues
over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
1
84-
Schedule 32
1993 1992
s -
530 2,142
108 641
3,412
12,458 478,815
128 21
10 17,811
1 502,854
13,234) 502,854)
48,715 551,570
35,482 48,716
CITY OF SEWARD
Capital Projects Funds
Library Handicapped Access
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
Equity in central treasury
Fund Balance
Fund balance
as-
Schedule 33
1993 1992
12:535 12 535
S 12,535 12,535
I
CITY OF SEWARD
Capital Projects Funds
Library Handicapped Access
Statement of Expenditures and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1
Expenditures - building
Fund balance at beginning of year
Fund balance at end of year
1
II
II
u
u
u
u
11
1993 1992
S - 800
12,535 13,335
S 12,535 12,535
CITY OF SEWARD
Capital Projects Funds
Jail Sprinkler
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
Equity in central treasury
Liabilities and Fund Balance Deficit
Liabilities:
Due to other funds
Deferred revenue
Total liabilities
Fund balance (deficit)
87-
1993 1992
7,j044
1,051 -
2 144 7.20444
3 * 7,044
3,195) -
S 7
Schedule 36
CITY OF SEWARD
Capital Projects Funds
Jail Sprinkler
Statement of Revenues, Expenditures, Other
Financing Uses and Changes in Fund Balance (Deficit)
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Revenues from State of Alaska grants $ 4,900 141 108
Expenditures:
Contracted services 4,900 -
Capital outlay -
14,108
Total expenditures 4,900 14,108
Excess of revenues
over expenditures - -
Other financing uses - operating transfers to other funds (32195) -
Deficiency of revenues
over expenditures and
other financing uses (3.195)
Fund balance at beginning of year '
Fund balance (deficit) at end of year $ (3,195} -
88-
Schedule 37
CITY OF SEWABD
Capital Projects Funds
Bike Path
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Equity in central treasury 3i33g
s
Fund Balance I
Fund balance 33335
1
1
1
89-
Schedule 38
1
CITY OF SEWARD
Capital Projects Funds
Bike Path
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1
1993 1992
Revenues - State of Alaska grants t - 1601000
Expenditures:
Contracted services 3,335 154,336
t Supplies 5,141
Other charges 33,302
Total expenditures 3—,3-35 192,785
Deficiency of revenues over expenditures 3,335) 32,785)
Other financing sources - operating transfers from other funds
Excess (deficiency) of revenues and other
35,1.20__
financing sources over expenditures 3,335) 3,335
Fund balance at beginning of year 3,335
Fund balance at end of year 3,335
9o-
CITY OF SEARD
Capital Projects funds
Hospital Boiler
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
Equity in central treasury
Fund Balance
Fund balance
91-
Schedule 39
1993 1992
103 1,305
S 1.303 1, 305
Schedule 40
CITY OF SEWARD
Capital Projects Funds
Hospital Boiler
Statement of Expenditures, Other Financing
Sources and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Expenditures - other services and charges 2 26,102
Other financing sources - operating transfers from other funds 27,407
Excess of other financing
sources over expenditures 2) 1,305
Fund balance at beginning of year 1_1305
Fund balance at end of year 1,303
1
1
1
92-
CITY OF SEWARD
Capital Projects Funds
Hospital Fire Alarm System
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
Equity in central treasury
Liabilities and Fund Balance
Liabilities - accrued liability
Fund balance
QM:
Schedule 41
1993 1992
i9 =
15 -
19,936 R
19,951
1
CITY OF SEWARO
Capital Projects Funds
Hospital Fire Alarm System
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1
Revenues
Expenditures - other services and charges
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
94-
Schedule 42
1993
S -
222
2011 55
19,936
19,936
1992
Schedule 43
CITY OF SEWARD
Capital Projects Funds
City Hall Elevator
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Equity in central treasury 201,783 -
Liabilities and Fund Balance
Deferred revenue 201,683
Fund balance 100 -
f 201,183 -
1
1
1
95-
1
CITY OF SEWARD
Capital Projects funds
City Hall Elevator
Statement of Revenues,
Expenditures and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1
Revenues:
State of Alaska grant
Local sources
Total revenues
1 Expenditures:
Salaries
Employee benefits
Other services and charges
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
1
96-
Schedule 44
1993 1992
13,317 -
100 -
1 T
702 -
105 -
12,510
13,317
100
100
CITY OF SEWARD
Capital Projects Funds
Waterfront Improvement
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
Equity in central treasury
State of Alaska grants receivable
Fund Balance
Fund balance
97-
1993 1992
46,633 -
6,041
52,614 -
S 52,674
Schedule 46
CITY OF SEWARD
Capital Projects Funds
Waterfront Improvement
1 Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Revenues:
State of Alaska grant 20,607
Local sources
Total revenues
10 _
2T
Expenditures:
Salaries 7,348 -
Employee benefits 1,094 -
Contracted services 7,519
Supplies 24,575
Other services and charges 5,707 -
46, 24'3Totalexpenditures
Deficiency of revenues over expenditures 25,626) -
Other financing sources - operating transfers from other funds 78,300
Excess of revenues and other
financing sources over expenditures 52,674 ~
Fund balance at beginning of year
Fund balance at end of year 52_
98-
Schedule 47
CITY OF SEWARD
Capital Projects Funds
Underground Storage Tanks
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Equity in central treasury ; 83.._
Fund Balance
Fund balance $
183,
5461
99-
1
Schedule 48
CITY OF SEWARD
Capital Projects Funds
Underground Storage Tanks
Statement of Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 34, 1993
with comparative figures for 1992
1
1993 1992
Expenditures:
Contracted services 16,300 -
Other services and charges 154
Total expenditures 16— ,454 -
Other financing sources - operating transfers from other funds 100,000 -
Fund balance at beginning of year
Fund balance at end of year 83,546 -
t
100-
CITY OF SEWARD
Capital Projects Funds
Capital Acquisition Fund
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
Equity in central treasury
Fund Balance
Fund balance
101-
Schedule 49
1993 1992
S 33r _
133,
968 _
Schedule 50
CITY OF SEWARD
Capital Projects Funds
Capital Acquisition Fund
Statement of Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Expenditures contracted services 104,172
Other financing sources (uses):
Operating transfers from other funds 313,140
Operating transfers to other funds
financing
175 000) =
Net other sources 138,14 _
Excess of other financing
sources over expenditures
and other financing uses 33,968 -
Fund balance at beginning of year
Fund balance at end of year 33,968
1
102-
ENTERPRISE FUNDS
Enterprise Funds are established to account for the financing of
self - supporting activities of governmental units which render
services to the general public on a user - charge basis.
Enterprise Funds are maintained on the accrual basis of
accounting:
Electric - To account for the provision of electrical
service to the residents of the City and other areas
within the electric service area.
Water and Sewer - To account for the provision of water
and sewer services to the residents of the City.
Harbor - To account for the provision of harbor and
marine services to the public on Resurrection Bay,
Seward General Hospital - To account for the provision
of medical services to the area surrounding Seward.
Grain Terminal - To account for the acquisition and
disposal of a grain terminal acquired from the State of
Alaska.
1
1
103- '
50 edule 5'
CITY OF SEWARO
Enterprise Funds
Combining ialence Sheet
June 30, 1943
with comparative totals for 1942
Seward
Water General Grain Totals
Assets Electric and Sewer Rarbor hgkitat T rimi 19 1992
Currant assets:
Cash 200 60,111 60,311 22,997
Upity in central treasury 1,148,849
Accounts receivable 60,743 216 321,590 739,822 1,122,371 1,475,436
Less allowence for doubtful receivables 12 qj 15 5.
166,29
129,283 29 300,798
1:174. 638Notaccentsreceivable610.5344
Grants receivable 1,764.633 294,894 64,905 2,126,712 67,665
State receivables 30x,999 300,999
Other receivables 0057,5 408,426 465,926
Inventories V2, M4 44,704 116,602 534,290 560,652
Prepaid *q mas 25,631
Other assets 66,530 66,530
out from other funds 1.266 1,266 66,008
Total current assets 2.185.x69 MU13 231,482 655,248 408.426 4.30.336 3.066,443
Property, plant and squiprnt:
epment in serviceProperty, plant and qui 24,634,453 12,667,820 42,679,243 1,517,507 61,499,023 80,816,475
Less accumulated depreciation 9,411, 4. US, 527 9.%6.202 104 Z4,211.0 79 21,534,144
Not property, plant and
equipment in service
Construction work in progress
15,223,207
3-92.8,,5411
6,342,293
1,646. 4
33,113,041 608,403 57,267,944
6,375.39
59,2x2.331
2,107,371
Total proptrty. plant
and owiprent 20.251.748 10.189.149 33,113,041 609,403 64,163.341 61,449,702
Deferred charges 37394 37.394 39887
a6g.7d.61 11 10 "2 33"381&917 11611 590 02 61-4.156 1322
Liabilities and Fund EouitY
Current liabilities:
Currant portion of hoards psymble 350 ,000 90,000 70,000 510,000 465,600
Currant portion of capital lose
obli got Iam 10,235 4,295 40,000 7,080 61,610 105,221
Accounts payable 246,313 246.383 175,542
Customer deposits 96,425 125 96,550 93,310
Annual leave payable 39,317 22,033 51,554 111,904 120,288
t Accrued ifabilities payable 117,713 1,742 25,066 150,952 135,460 430,935 274,978
Due to other fts 971.139 434,941 711,866 90,129 2,208,075 265,732
Deferred tetiernus 371,644
Estimated third-party payer settlement 11.823 11.623 62.478
Total current liabilities 538 898 -,508 416.018 225.589 3.677.080 1.935.093
Long -tens debt:
sands parable, excluding cur. 'a+t portion 5,379,000 210,000 1,737,063 7,376,063 7,885,345
Mote payable - state 535,068 535,068
Capital lease obligations, excluding
current portion 790.000 4,-026 794,026 856.258
Total long -tens debt 5.379,000 745.06x 2.577.063 4,026 s, 705.157 8.741,603
Deferred pension credit 295.897 243.897 3107
Furl equity:
Contributions in aid of construction 17,567,036 12,025,855 36,383,089 59,932 66,035,912 61,356,196
Less accL=Lated amortization
Not contributions in
3,225,135 3.846.599 8,374,854 15.449.5x8 13,564.487
aid of construction 14,336,901 8,179,256 28,008,235 59,932 50,586,324 47,791,7D9
Retained earnings - dasigmted 54,536 54,536
Retaind sernings - udesigrated 1 1, 35,587 1.420.002 1,843,575 690,778_ 182.837 5.273.079 5.776.930
Total fund equity 15,474,788 9,599.258 29.906.346 750,110 152.837 55 9. 13.939 53.568.639
3 gat 10 42 33917 1651 MA b be 5 64,556:032
104-
Operating revenues:
Sales:
Residential
Commercial
Industrial
Governmental
City of Sward
Moorage
wharfage
Boot lift fees
Power sales
Patient service revenues, net
City$s portion of proceeds from
sale of and expired option on
grain termirel
M i scel l anwwua
Total operating reven+ea
Cost of ides
Gross profit
Operating expusae:
Before depreciation:
Poser
Distribution
Pumping
Salaries and benefits
Suppl iea and maintenance
Administration and general
Total before depreciation
Operating income (loss)
before dapreciatian
Depreciation
Operating income (loss)
Monopersting revenues (expanses):
interest income
Interest expense
Other revsraiee
Other expwwm
Seward '
Voter General Grain Totals
Electric ands Harbor Nowital Terminal 1992
s 1,41!4,612
Schedule 52 '
CITY of s1:D
Enterprise Funds
Combining statement of Revenues, Expenses
and Charges in Retained Earnings (Deficit)
2011,908
Year ended June 30, 1993
with comparative totals for 1992
1,639,505
Seward '
Voter General Grain Totals
Electric ands Harbor Nowital Terminal 1992
s 1,41!4,612 451,236
000)
1,939.648 11,888,704
1,430.897 2011,908 1,639,505 1,660,711
1,767,920)
195,634 59,1147 255,483 310,278
1,255,102 166,223 1,421,325 1,367,801
445,954 66,439
in retained earnings
512,303 502,347
815,335 815,338 838,790
154,279
2,623,058
154,279 294,328
2( 1,000)
193,705 193,708 192,479
1,,
jan
i,) 182 837
137,689 137,684 172,136
2,274,009 2,274,009 2,697,1172 t
180,496 180,496
90 607
4,906 :5008
6994
959,65 '
218.003
1,51 ,01
4 44
2,-M7,451 W,496
339 051
9,653,4 4
413,880
10,338,631 t
4.906,805 959 - 1,519,017 17 4 1
10 -10--1
170 3P}
10,101
4,873 323 10,338,631
2,110,966 2,407,827
359,387 166,476 525,865 606,851
92,448 92,448 81,342
491,328 1,741,591 2,232,919 2,219,263
17,774 168,563 319,975 506,312 10,081
1.441,219 513-147 1,142,652 848,272 9,024 3,954 314 3,670,466
93,911,590 i 1,802,543 22,909, 9,024 9 4, 1142 495, 830
995,218 169,805 283,526) 592,387) 161,371 450,481 642,801
966,084 387,327 1,249,901 84,279 2,687,591 2,619,177
29,134 217,522) 1,533.427) 67( 6,666) 161,371 2,237a110) 1,776.376)
8,181 332 38,681 25,195 72,389 91,937
464,409) 47,111) 273,174) 2,195) 932) 767,821) 719,282)
13,246 13,246
is, 7986) 7j9a6) 51 4614)
4( 56,228) 3( 3.533) tgAj,493) 60,181) 24,263 7) 673.854)
Income (lose) before
operating transform 425 7,094) 25( 1,055) (1,767.920) (736.847) 185,634 (2,,997.262) (2,450,235) _
Operating transfers: '
A. - 200 000 - 533 866 733 866 587 390Pramotherands
To other funds x(
3.000) 000)
Not operating transfers 3,000) 195,000
Net income (loss) 430,094) 56,055) 1,767,920) 202,951) 185,634
Amortization of contributions in aid
of construction 454 170.?Z7? 1,039 973
Increase (decrease)
in retained earnings 24,762 314,217 707,947) 202,951) 185,634
Retained earnings (deficit) at
beginning of year 1,132,125 1,130,785 2,623,058 893,759 2,797)
Residual e4nity transfers to other funds 2( 1,000) 000) 1, 7,000)
Retained earnings at end of year t 1 1 887 114 1,,
jan
i,) iTM 182 837
Dw) _
725,866 587,390 '
2,271,416) (1,662,845)
1.865.101 1.850.079) '
366,315) (12,766)
5,776,930 5,810,696 '
63.000) (21,000)
5327,615 5,776,930
I
I I
I
I I
I I
it
I I
I
Cash flown from operating activities:
Operating income (lass)
Adjustments to reconcile operating income
loss) to net cash provided (used) by
operating activities:
Depreciation
Deferred charges
Altowance for doubtful receivables
Loss on disposal of equipment
Changes in assets and liabilities
which increase (decrease) cash:
Increase (decrease) in accents
raceiveble
Increase (decrease) in inventory
Increase (decrease) in accounts
payable
Increase (decrease) in annual
leave payable
Increase in deferred revenue
Increase (doerease) in accrued
Liabilities
Increase ( decrease) in due to
other funds
Total adjustments
Net cash provided (used)
by operating activities
Cash flows from noncopi tat financing
activities:
Customer deposits
operating transfers from other funds
operating transfers to other funds
Other nonoperating revenues
other noncperating expenses
Interest on central treasury borrowings
Net cash provided
used) by nancepitat
financing activities
Cash flows from capital and related
financing activities:
Principal payments an long -term
obligations
Interest payments on long -term
obligation
Note payable to State of Alaska
Proceeds from disposition of fixed
assets
Acquisition of fixed assets
Contribution in aid of construction
Deferred revenue
Residual equity transfer to motor pool
Met cash used by capital
and related financing
activities
CITY OF SEWARD
Enterprise Funds
Combining Statement of Cash Flows
Year ended June 30, 1993
with comparative totals for 1992
Seward
Hater General Grain
Electric and Sewer Harbor Hospital Terminal
Schedule 53
Totals
1993 1992
S 29.134 c217.522) (1,533.427) (676,60 161,371 (2 23110) (1.776,376)
966,084 367,327 1,249,901 64,279 2,687,591 2,619,177
16,800) 16,800) 14,307)
2,059) 103,139 101,060 662,291
351,644)
1,018
1,802,284) 593,882) 31,136) 173,432 329,352) 2,583,222) 619,472)
9,297 4,259 38,194) 10,101 14,537) 11,864)
80,541 125,460 206,D01 178,870)
2,615 3,132 14,133) 9,152) 17,538) 17,789
20,000) 20,000) 20,000
125 50,855) 1,833) 52,563) 2,366
971,139 367,273 573.941 64,742 29,990 2.007.085 ND
146,851 166,175 1,881,712 287,993 185.634) 2,297,097 2,224,30
175,985 5( 1,347) 348,285 3$- 67!) 224,263) 59.987 447,931
3,115 3,115 4,069)
200,000 533,866 733,866 587,390
3,000) 5,000) 81000)
13,246 13,246
57,986) 57,966) 46,514)
X3,884) 2( 2,178) 5 7,505) 113567)
33,769) 186,068 57,505) 475 880 570,674 536.807
352,751) 89,117) 100,882) 27,975)
397,956) 25,333) 216,356) 2,195)
535,00
6 (3 000) 21,000)
2,268
3,622,526) 1,657,4794,036) 8 39,455)
3,591,620 1,013,364 55,000 19,732
351,644)
2(_1 000) 25.000) 1( 7,000)
1.154.257) 24( 8,497} 3G) 4( 9,893)
Continued)
106-
570,725) (529,254)
641,840) 719,282)
535,068
2,266
5,403,496) 1,966,974)
4,679,716 1,753,042
351,644) 1,346,533)
6 (3 000) 21,000)
1,813,653) (2,830,001)
r
2 Schedule 53. Cont. r
CITY OF SEWARD
Enterprise Funds
Combining State i of Cash Flow
1
Seword
water General Grain Totals
Electric, Sower Harbor Hospital Terminal I 1992
Cash flora from investing activities:
Interest incase 8,161 332 38,681 25,195 7x,389 91,937
Interest eMecsah 932) 9 )
provided by
Investing activities 8.181 332 36.681 24,263 71.45 7 91,937
Not increase (decrease)
In cash and equity in
central treasury 1,003,860) 113,444) 31,545) 37,314 1,111,535) 1,753,326)
cash and equity in central treaswy at rbeginningofyear1,003.860 11 31.745 22.797 1,171, 646 2.925_,172
Cash end equity in central treasury at
end of year 100 0` 1) 171346
r
r
r
r
r
r
r
r
r
107- r
Schedule 54
CITY OF SEWARO
Enterprise Funds
Electric
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Current assets:
Equity in central treasury S 1,003,860
Accounts receivable 60,743 23,292
Less allowance for doubtful receivables 12 491 12,491
0,_01Netaccountsreceivable
Grants receivable 1,764,833
Inventory 372,784 382,_081
Total current assets 2,185,8.69 1,396,742
Property, plant and equipment:
Property, plant and equipment in service 24,634,453 24,488,512
Less accumulated depreciation 9,411,246 8,445,162
Net property, plant and equipment in service 15,223,207 16,043,350
in 956Constructionworkprogress5,028,541 1 551
Total property, plant and equipment 20,251,748 172595,306
22, 437, 617 18 992,048
Liabilities and Fund Equity
Current liabilities:
Current portion of bonds payable 350,000 314,000
Current portion of capital lease obligations 10,235 38,904
Customer deposits 96,425 93,310
Annual leave payable 38,317 35,702
Accrued liabilities payable 117,713 85,144
Deferred revenue 351,644
t Due to other funds 971,139
825Totalcurrentliabilities1,51,5 918,704
Long -term debt:
Bonds payable, excluding current portion 5,379,000 5,729,000
Capital lease obligations, excluding current portion 10,082
Total long -term debt 5,379,000 5,739,082
Fund equity:
Contributions in aid of construction
Less accumulated amortization
17,567,036
3,228,135
13,975,416
2,773,279
Net contributions in aid of construction 14,338,901 11,202,137
Retained earnings 1,135,887 1,132 125
Total fund equity 15,474,788 12,334262
22,437,617 18,9922048
Schedule 55
CITY OF SEWARD
Enterprise Funds
Electric
Statement of Revenues, Expenses '
and Changes in Retained Earnings
Year ended June 30, 1993
with comparative figures for 1992
119931992
Operating revenues:
Sales:
Residential S 1,488,612 1,465,530
Commercial 1,430,897 1,451,887
Industrial 195,636 216,018
Governmental 1,255,102 1,220,631
City of Seward 445,954 440,989
Miscellaneous 90 607 136,408
4,931,463Totaloperatingrevenues49Q
Operating expenses:
Before depreciation:
Power 2,110,984 2,407,827
Distribution 359,387 450,148
Administration and general 1,441,219 1,443,673
Total before depreciation 3,911,590 4,301,648
Operating income before depreciation 995,218 629,815
Depreciation 9661084 936,156
Operating income (loss) 29,134 30_bi41)
Nonoperating revenues (expenses):
Interest income 8,181 50,187
Interest expense 464 409)
456 228}
44)
398,997)
Loss before operating transfers
to other funds 427,094) 705,338)
Operating transfers to other funds
Net loss
3,000)
430,094) 705,338)
Amortization of contributions in aid of construction 454,856 445,393
Increase (decrease) in retained earnings 24,762 259,945)
Retained earnings at beginning of year 1,132,125 1,413,070
Residual equity transfers to other funds 21,000) 21,000)
Retained earnings at end of year 11135,887 1,132,125
109-
Crhnillllc Cr.
CITY OF SEWARD
Enterprise Funds
1 Electric
Statement of Cash Flows
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Cash flows from operating activities:
Operating income (loss) 29,134 3( 06,341)
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities:
Depreciation 966,084 936,156
Allowance for doubtful accounts 4,706
Changes in assets and liabilities which increase
decrease) cash:
Increase) decrease in accounts receivable 1,802,284) 35,070
Increase) decrease in inventory 9,297 2,141)
Increase in due to other funds 971,139
Increase in annual leave payable 2,615 6,275
Increase (decrease) in accrued liabilities
payable
71-4-6
10,668)
Total adjustments R 969,398
Net cash provided by operating activities 175,985 663 057
Cash flows from noncapital financing activities:
Customer deposits 3,115 4,069)
Operating transfers to other funds 3,000)
Interest on central treasury borrowings 3_ ( 3)
Net cash used by non-
capital financing activities 3[ 3,769) 4,069)
Cash flows from capital and related financing activities:
Principal payments on long -term obligations 352,751) 327,707)
Interest payments on long -term debt obligations 397,956) 449,184)
Acquisition of fixed assets 3,622,526) 1,501,190)
Increase in contributions in aid
Deferred revenue
3,591,620
351,644)
1,398,460
1,346,333)
Residual equity transfer to motor pool 2_ ( 1,000) 21,000)
Net cash used by capital and
related financing activities 1,154,257) 2,247,154)
Cash flows from investing activities - interest income 81181 50,187
Net decrease in cash and
equity in central treasury 1,003,860) 1,537,979)
Cash and equity in central treasury at beginning of year 1,003,860 2,541,839
Cash and equity in central treasury at end of year ti 1,003,860
CITY OF SEWARD Schedule 57
Enterprise Funds
Water and Sewer
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
Current assets: 1993 1992
Equity in central treasury 113,444
Accounts receivable 216 2,059Lessallowancefordoubtfulreceivables1059Netaccountsreceivable21
Grant receivable
State receivable 296,894 67,668
Other receivable 308,999
57,500Inventory
Total current assets 44 704
708,31
48,963
230,015
Property, plant and equipment:
Property, plant and equipment in service
Less accumulated depreciation 12,667,820 12,557,536
Net property, equipmentppy, plant and a ui ment in service
4 325 527
8 342,29
3,938,200
8,619,336
Construction work in progress
Total property, plant and equipment
1 646 856
10 189 14
299 661
8 918,997
Liabilities and Fund Equity
10,897,462 9,149,072
Current liabilities:
Current portion of bonds payable 90,000 85,000Currentportionofcapitalleaseobligations4,295 4,395Customerdeposits125Annualleavepayable22,033 18,901Accruedliabilitiespayable1,742 2,142Duetootherfunds43494167,668Totalcurrentliabilities1361782106
Long -term debt:
Bonds payable, excluding current portion
Capital lease obligations, excluding current
210,000 300,000
portion
Mote payable to State of Alaska 53.5,068
4,017
Total long -term debt 745,068 3041417
Fund equity:
Contributions in aid of construction
Less accumulated amortization 12,025,855 11,012,491
Net contributions in aid of construction
3,846,599
8,179,256
3,476,327
7,536,164
Retained earnings
Total fund equity
1,420,002
F,599,258
1,130,785
8,666,949
111- 10,8_ 9 9,149,012
Schedule 58
CITY OF SEWARD
Enterprise Funds
Water and Sewer
Statement of Revenues, Expenses
and Changes in Retained Earnings
Year ended June 30, 1993
with comparative figures for 1992
Operating expenses:
1993 1992
Operating revenues:
Sales:
166,478 156,703
t
Residential
Commercial
451,236
208,908
423,179
208,824
Industrial 59,847 94,260
Governmental 166,223 147,170
City of Seward 66,439 61,358
Miscellaneous 6 999
52
31607
Total operating revenues
387 327
211 522)
938,398
Operating expenses:
Before depreciation:
Distribution 166,478 156,703
Pumping 92,448 81,342
Supplies and maintenance 17,774 15,328
Administration and general 513,147 453,199
Total before depreciation 789,847 706,572
Operating income before depreciation 169,805 231,826
Depreciation
Operating loss
387 327
211 522)
379,073
T147,247)
Nonoperating revenues (expenses):
Interest income 332 3,249
Interest expense 47,111) 30,972)
Other 13 246
33 533)
11,061
16,662)
Loss before operating transfers 251 055) 1( 63,909)
Operating transfers from other funds 200,000
Operating transfers to other funds 5,000)
Net operating transfers from other funds 195,000
Net loss 56,055) 163,909)
Amortization of contributions in aid of construction 370 272 370,094
Increase in retained earnings 314:217 206,185
Retained earnings at beginning of year 1,130,785 924,600
Residual equity transfer to Motor Pool 25,000)
Retained earnings at end of year S 1,420,002 1130,185
112-
Schedule 59
CITY OF SEWARD '
Enterprise funds
Water and Sewer '
Statement of Cash Flows
Year ended June 30, 1993 '
with comparative figures for 1992
1993 1992 '
Cash flows from operating activities: '
Operating loss $ (217,522) (147,247)
Adjustments to reconcile operating loss to net cash
provided (used) by operating activities:
Depreciation 387,327 379,073
Allowance for doubtful accounts 2,059) 141)
Changes in assets and liabilities which increase
decrease) cash:
Increase in accounts receivable 593,882) 59,098)
Decrease in inventory 4,259 9,401
Increase in annual leave payable 3,132 2,426
Decrease in accrued liabilities payable 125 1,022)
Increase in due to other funds
Total
367 273 47 41347,413
78,052adjustments16 :179
Net cash provided (used)
by operating activities 51,347.) 230,805
Cash flows from noncapital financing activities:
Operating transfers from other funds 200,000
Operating transfers to other funds 5,000)
Interest on central treasury borrowings 22,178)
Work order revenue 13,246 11,061
Net cash provided by non -
capital financing activities 186,068 11,061
Cash flows from capital and related financing activities:
Principal payments on long -term obligations 89,117) 96,409)
Interest payments on long -term debt obligations 25,333) 30,972)
Acquisition of fixed assets 1,657,479) 306,587)
Increase in contributions in aid 1,013,364 302,297
Note payable to State of Alaska 535,068
Residual equity transfer to Motor Pool 25,000)
Net cash used by capital and
related financing activities 248,497) 131,671)
Cash flows from investing activities - interest income 332 3,249
Net increase (decrease) in cash
and equity in central treasury 113,444) 113,444
Cash and equity in central treasury at beginning of year 113,444
Cash and equity in central treasury at end of year 1132444
113-
I THIS PAGE INTENTIONALLY LEFT BLANK
F.
I
1 -1I4'
CITY OF SEWARD
Enterprise Funds
Harbor
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets
Current assets:
Equity in central treasury
Cash
Accounts receivable
Less allowance for doubtful receivables
Net accounts receivable
Grant receivable
Total current assets
Property, plant and equipment:
Property, plant and equipment in service
Less accumulated depreciation
Net property, plant and equipment in service
Construction work in progress
Total property, plant and equipment
Deferred charges
115-
1993 1992
t 31,545
200 200
321,590 352,946
155,293
1
52,154
300,792
64,985
231,482 332,537
42,679,243 42,290,475
9,566,202 8,325,057
33,113,041 33,965,418
315,754
33,113.041 34,281,172
37,394 39,887
33,381,917, , 1653 „,,5,96
i
1
Liabilities and Fund E uit
Current liabilities:
Current portion of bonds payable
Current portion of capital lease obligations
Annual leave payable
Accrued liabilities payable
Due to other funds
Total current liabilities
1993
S 70,000
40,000
51,554
25,088
711,866
8-98 5_08
1992
66,600
35,000
65,685
25,775
137,925
330,985
Long-term debt:
Bonds payable, excluding current portion 1,787,063 1,856,345Capitalleaseobligations, excluding current portion 790 000 _ 830,000
Total long -term debt 2,57 ,06 2 686,345
Fund equity:
Contributions in aid of construction
Less accumulated amortization
Net contributions in aid of construction
Retained earnings
Retained earnings designated for capital improvement
Total fund equity
1 -116-
36,383,089
8 374 854
28,008,23
1,843,575
54, 536
29,906,346
36,328,089
7,314,881
29,013,208
2,623,058
31,636,266
33,381,917 34,653,596
Schedule 61
CITY OF SEWARD '
Enterprise Funds '
Harbor
Statement of Revenues, Expenses '
and Changes in Retained Earnings
Year ended June 30, 1993 '
with comparative figures for 1992
1993 1992 1
Operating revenues:
Moorage 815,338 838,790
Wharfage 154,279 294,328
Boat lift fees 193,708 192,479
Power sales 137,689 172,136
1
Miscellaneous 218 003 233 776
Total operating revenues 1,5 10ff 1. 1,509
Operating expenses:
X40 000
Before depreciation:
1,7) 1,216,428)
Salaries 353,972 378,657
Employee benefits 137,356 164,506
Supplies and maintenance 168,563 122,915
Administration and general 1 142 652
1,8f4f
910,873
1,576,951Totalbeforedepreciation
1,898,111 2,623,058
Operating income (loss) before depreciation 283,526) 154,558
Depreciation 1 249 901 1,219,094
Operating loss 1 53) 1,064,536)
Nonoperating revenues (expenses):
Interest income 38,681 34,118
Interest expense 2 )
234 493)
1Lossbeforeoperatingtransfers
from other funds 1,767,920) 1,256,428)
Operating transfers from other funds X40 000
Net loss 1,7) 1,216,428)
Amortization of contributions in aid of construction 11059,973 1,034,592
Decrease in retained earnings 707,947) 181,836)
Retained earnings at beginning of year 2,623,058 2,804,894
Residual equity transfers to other funds 17,000)
Retained earnings at end of year 1,898,111 2,623,058
117- 1
Schedule 62
CITY OF SEWARD
Enterprise Funds
Harbor
Statement of Cash Flows
Year ended June 30, 1993
with comparative figures for 1992
1
1993 1992
Cash flows from operating activities:
Operating loss $ 1,533 427) 1,064,536)
Adjustments to reconcile operating loss to net cash
provided (used) by operating activities:
Depreciation
Deferred charges
1,249,901 1,219,094
2,493
Allowance for doubtful accounts 103,139 31,274
Changes in assets and liabilities which
increase (decrease) cash:
Increase) decrease in accounts receivable 31,136) 1,320
Increase (decrease) in annual leave payable 14,133) 9,088
Decrease in accrued liabilities payable 14,730)
Increase (decrease) in due to other funds 573 941 229,088)
Total adjustments 188 1,01951
Net cash provided (used)
by operating activities 348,285 45,085)
Cash flows from noncapital financing activities:
Operating transfers from other funds 40,000
Interest on central treasury borrowings 57,505)
Net cash provided (used) by
noncapital financing activities 57,505) 40,000
Cash flows from capital and related financing activities:
Principal payments on long -term obligations 100,882) 71,765)
Interest payments on long -term debt obligations 216,356) 226,010)
Proceeds from disposition of fixed assets 2,268
Acquisition of fixed assets 84,036) 94,104)
Increase in contributions in aid 55,000 12,085
Residual equity transfer to Motor Pool 17,000)
Net cash used by capital and
related financing activities 361,006) 379,794)
Cash flows from investing activities - interest income 38,681 34,118
Net decrease in cash and
equity in central treasury 31,545) 350,761)
Cash and equity in central treasury at beginning of year 31,745 382,505
Cash and equity in central treasury at end of year $ 200; 31,745
CITY OF SEiiARD
Schedule 63
Enterprise Funds ,
Seward General Hospital
Balance Sheet '
June 30, 1993 '
with comparative figures for 1992
Assets 1993 1992
Current assets:
Cash 60,111 22,797
Accounts receivable 739,822 1,018,065
Less allowance for doubtful receivables 12 9,283 234,094
Net accounts receivable 610,539 783,971
Inventory 116,802 119,507
Due from other funds 1,266 66,008
other assets
Total current assets
fib 530
8 5, g
25,631
1,017,914
Property, plant and equipment in service 1,517,507 1,479,952
Less accumulated depreciation 908,104 825,725
Net property, plant and equipment 609,403 654,227
S 1 464,651 1,672,141
Liabilities and Fund Equity
Current liabilities:
Current portion of capital lease obligations 7,080 26,922
Accounts payable 246,383 165,842
Accrued liabilities payable 150,932 160,084
Estimated third -party payor settlement 11,623 62,478
Total current liabilities 416,018 415,326
Long -term capital lease obligations, excluding current
portion 4,026 12,159
Deferred pension credit 293,897 310,697
Fund equity:
Contribution in aid of construction 59,932 40,200
Retained earnings 690,778 893,759
Total fund equity 750,710 933,959
S 1,464,651 1,672,141
ii9- 1
1 -120-
Schedule 64
CITY OF SEwARD
Enterprise Funds
Seward General Hospital
Statement of Revenues, Expenses
and Changes in Retained Earnings
Year ended June 30, 1993
with comparative figures for 1992
1
1993 1992
Operating revenues;
Patient services 2,749,434 3,323,624
Less provision for doubtful accounts and contractual
allowances
Net patient services
475 425
2,2
626,452
2,6
Other
Total operating revenues
43 442
2,31 ,45
40,089
2,7
Operating expenses:
Before depreciation:
Salaries and benefits 1,741,591 1,676,100
Supplies and maintenance 319,975 371,838
Administration and general 848,272 850 118
Total before depreciation 2,909,838 2,898,056
Operating loss before depreciation 592,387) 160,795)
Depreciation
Operating loss
84,279
676 666)
84,854
2( 45,649)
Nonoperating revenues (expenses):
Interest expense
Other
2,195) 13,116)
60 181j
Loss before operating transfers 736,847) 316,340)
Operating transfers from other funds 533,866 547,390
Net income (loss) 202,981) 231,050
Retained earnings at beginning of year 893,759 662,709
Retained earnings at end of year 690,778, 893,75.9_
1 -120-
Schedule 65
CITY Of SEWARD
Enterprise Funds
Seward General Hospital
Statement of Cash Flows
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Cash flows from operating activities: 676,66b) 245,649)
Operating loss
Adjustments to reconcile operating loss to net cash used
in operating activities: 84,279 84,854
Depreciation
Amortization of deferred pension credit 16,800) 16,800)
Provision for doubtful accounts and contractual
allowances
62,452
1,0181Lossondisposalofequipment
Changes in assets and liabilities:
Increase) decrease in accounts receivable 173,432 567,174)
Decrease in inventories
Increase (decrease) in accounts payable
38,194)
80,541
19,124)
178,870)
Increase (decrease) in accrued liabilities payable 60,007) 28,786
Increase (decrease) in due to other funds 64 142
287,993 1j4) 50,81 Total adjustments
Net cash used in
operating activities 388,673) 396_t463)
Cash flows from noncapital financing activities:
Operating transfers from other funds 533,86 6 547 390
Contribution in aid of construction
57
40,200
5( 7,575)
Other nonoperating expense
9.86)
Net cash provided by non-
capital financing activities 475 880 530 015
Cash flows from capital and related financing activities: 27,975) 33,373) Principal payments on long -term debt
Interest payments on long -term debt 2,195) 13,116)
Acquisition of fixed assets 39,455) 65,093)
Contributions in aid of construction 19,732
Net cash used by capital and
related financing activities 4i 893) 111,582)
Net increase (decrease) in
cash and cash equivalents 37,314 21,970
Cash and cash equivalents at beginning of year 22,797 827
Cash and cash equivalents at end of year 60_„ 222797
12z-
CITY OF SEWARD
Enterprise Funds
Grain Terminal
Balance Sheet
June 30, 1993
with comparative figures for 1992
Assets 1993 1992
Accounts receivable f 408,426 79,07'4Inventory -
10,101
408_,426 89,175
Liabilities and Retained Earnings Deficit
Current liabilities:
Deferred revenue
Accounts payable
Accrued liabilities payable
Due to other funds
Total current liabilities
Retained earnings (deficit)
122-
20,000
10,000
135,460 1,833
90,129 60 139
225,589 11:972
182,837 (2,797)
40i 8,426 89,11 7 5
CITY OF SEWARD
Enterprise Funds
Grain Terminal
Statement of Revenues, Expenses and
Changes in Retained Earnings (Deficit)
Year ended June 30, 1993
with comparative figures for 1992
Operating revenues:
City's portion of proceeds from sale of grain terminal
Less cost of sales
Gross margin on sale of grain terminal
City's portion of proceeds from expired option to sell grain
terminal
Gross profit
Operating expenses:
Legal
Rents and lease
Miscellaneous
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Interest income
Interest expense
Net income (loss)
Retained earnings (deficit) at beginning of year
Retained earnings (deficit) at end of year
123-
1993 1992
f 160,496 -
10,101 -
150395 -
20,000 -
11095
1,775 332
6,727 11,026
522 1,245
9,024 12,603
161,371 12,603)
25,195 4,383
932)
24,263 4,383
185,634 8,220)
2,797) 5,423
182,837 2,797)
i
1 -124-
Schedule 68
CITY OF SEWARD
Enterprise Funds
Grain Terminal
Statement of Cash Flows
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Cash flows from operating activities:
Operating income (loss) 161,311 12,6603)
Adjustments to reconcile net income (loss) to net cash
used in operating activities:
Changes in assets and liabilities which increase
decrease) cash:
i
Increase in accounts receivable
Decrease in accrued liabilities payable
329,352)
1,833)
29,590)
Increase in due to other funds 29,990 11,810
Increase (decrease) in deferred revenues 20,000) 20,000
Decrease in inventory 10,101
Increase in accounts payable 125,460
81220Totaladjustments18',634)
Net cash used in
operating activities 24 263) 4,383)
Cash flows from investing activities:
4,383Interestincome25,195
Interest expense 932)
Net cash provided by
investing activities 24,263 4,383
Net increase in cash and
in central treasuryequity
Cash and equity in central treasury at beginning of year
Cash and equity in central treasury at end of year
1 -124-
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 Motor
Pool which accounts for the acquisition of vehicles and mobile '
equipment which are then leased to the various departments of the
City.
t
125- 1
r
1
CITY OF SEWARD
Internal Service Fund
rMotor Pool
Balance Sheet
rJune 30, 1993
with comparative figures for 1992
1
Assets
rEquity in central treasury
Property, plant and equipment _ vehicles
Less accumulated depreciation
Net property, plant and equipment
rFund Equity
Contributions in aid of construction
Retained earnings
1
r
r
1
r
r
r
126-
Schedule 69
1993 1992
S 16,874 61262
193,003 62,677
35 203
157!800
43300
58,377
174,674 64,639
169,637 64,000
5,037 639
174,674 64,fi39
CITY OF SEWARD
Internal Service Fund
Motor Pool
Statement Revenues, Expenses
and Changes in Retained Earnings
Year ended June 30, 1993
with comparative figures for 1992
Operating revenues - vehicle rental
Operating expenses - depreciation
Net income
Retained earnings at beginning of year
Retained earnings at end of year
127-
Schedule 70
1993 1992
35,301 4,939
30 903
4, fifil
4,300
639
639
S _5,037 639
i
Schedule 71
CITY OF SEWARD
internal Service Fund
1
Motor Pool
Statement of Cash Flows
Year ended June 30, 1993
with comparative figures for 1992
1993 1992
Cash flows from operating activities:
Operating income 4,398 639
Adjustments to reconcile operating income to net cash
provided by operating activities - depreciation 30,903 4,300
Net cash provided by
operating activities 35,301 4, 939
Cash flows from capital and related financing activities:
Acquisition of fixed assets 130,326) 62,677)
Residual equity transfers from other funds, recorded as
contributions in aid of construction 105,637_ 64,000
Net cash provided (used)
by financing activities 24,689) 1,323
Net increase in cash and
equity in central treasury 10,612 6,262
Cash and equity in central treasury at beginning of year 6,262
Cash and equity in central treasury at end of year 16,874 6,2fi2
1
128-
TYPEFIDUCIARYFUNDTE - AGENCY FUNDS
1
Deferred Compensation - This fund accounts for the portion of '
employee salaries which they have elected to defer under
Section 451 of the Internal Revenue Code. The City retains title
to such moneys until they are paid or made available to the
employee by its agents, the ICNA Retirement Corporation, upon
termination, retirement, death or unforeseeable financial
emergency. '
Teen Center - This fund accounts for moneys earned and expended
by the teen group operating the Teen Center. '
11
129- 1
CITY OF SEWARD
Agency Funds
Combining Balance Sheet
June 30, 1993
with comparative totals for 1992
Assets
Equity in central treasury
Restricted funds
Liabilities
Due to City employees
Due to Teen Center
Deferred Teen Totals
Compensation Center 1993 1992
1,749 1,749 4,970
1,658,787 - 1,658,787 1,402,511
1,658,787 1,749 1,660,536 1,407,48
1,658,787 - 1,658,787 1,402 511
1,749 1,749 4,970
1,658,781_ 1,749 1,6536 1,407,481_
130-
CITY OF SEWARD
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year ended June 30, 1993
Deferred Compensation Plan:
Assets:
Investment in Deferred
Compensation Plan
Liabilities:
Due to City employees
Teen Center:
Assets;
Equity in central treasury
Liabilities:
Due to Teen Center
Deferred Compensation Plan
and Teen Center Combined:
Assets:
Equity in central treasury
Investment in Deferred
Compensation Plan
Liabilities:
Due to Teen Center
Due to City employees
Balance at Balance at
July 1, 1992 Additions Deletions June 30 1993
S 1,402,511 283,670 27,394 1,658,787
S 11 4011 283.1 27,,3994 1,658,787
4,970 - 31221 1,749I
4,970
X3,
221 _ 1,749
131-
4,970 3,221 1,749
1,402,511 283,670 27,394 1,658z787
S 1,400781 283^ 30,615 1,660,536
4,970 3,221 1,749
1,402,511 283,670 271394 1,658,787
S 1,407,481 283,670 30,615 1,660,536
131-
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.
132-
CITY OF SEWARD
General Fixed Assets by Sources
June 30, 1993
with comparative figures for 1992
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
133-
Schedule 74
1993 1992
3 19,614,281 19,614,281
8,194,515 7,272,787
9,667,125 8,572,850
2,366,866 2,344,714
2.127.393 4,040,229
41, 97018 4141 8
19,300,198 19,300,198
17,209,748 17,127,367
5,444,759 5,401,821
15.475 15,475
41, 970,180 41,844A861
CITY OF SEWARD
General Fixed Assets Activity
Year ended June 30, 1993
Balance at Balance at
Fixed asset type July 1, 1992 Additions Deletions June 30, 1993
Land and land rights 19,614,281 19,614,281
Buildings 7,272,787 921,728 - 8,194,515
Improvements other than buildings 8,572,850 1,094,275 - 9,667,125
Equipment 2,344,714 63,876 41,724 2,366,866
Construction work in progress 4,0402229 82,381 1,995,217 2,127,393
41,844,861 2,162,260 2,036,941 41,970,180
134-
GENERAL LONG -TERM DEBT ACCOUNT GROUP '
The General Long -term Debt Account Group records the '
unmatured principal of long -terra 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
135- 1
CITY OF SEWARD
Statement of General Long -term Debt
June 30, 1993
with comparative figures for 1992
Amount to be Provided for the
Payment of General Long -term 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
136-
Schedule 76
1993 1992
S 267,143 377,782
2,152,937 2,212,055
231,109 254,123
11,844 35,678
22,66 2,8 79
231,109 254,123
1,755,000 1,800,000
397,937 412,055
267,143 377,782
11,844 35,678
2,6 63 033 2,879,6388
THIS PAGE INTENTIONALLY LEFT BLANK 1
u
1
137- 1
u
PART III
STATISTICAL SECTION
I
1
I
I
STATISTICAL TABLES
Statistical tables give report users a better historical perspective and assist in assessing current
financial status and trends. Statistical data is included for ten fiscal years. The following
statistical tables are included:
GENERAL FUND REVENUES BY SOURCE
GENERAL FUND EXPENDITURES BY FUNCTION
PROPERTY TAX LEVIES AND COLLECTIONS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
PROPERTY TAX RATES -- ALL OVERLAPPING GOVERNMENTS
COLLECTIONSSPECIALASSESSMENT
RATIO OF GENERAL BONDED DEBT ASSESSED VALUE AND BONDED
DEBT PER CAPITA
LEGAL DEBT MARGIN
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED
DEBT TO TOTAL GENERAL FUND EXPENDITURES
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
PRINCIPAL TAXPAYERS
MISCELLANEOUS STATISTICS
1
138-
CITY OF SEWARD '
GENERAL FUND REVENUES BY SOURCE '
LAST TEN FISCAL YEARS
Fiscal
Year Taxes
Licenses
And
Permits
lnler—
Govermental
Charges
for
Services
Fines and
Hails
1984'_ 499,542 69,355 1,274,009 1,983,673' 12.027
1985 597983. 62,979_ 1,160,034 ' 1,918.817 16,122
1986 799,563, 187 93 798,506 2 693 839 , 9,1551
19871 812,119 62,029„ 755,I82 956,5801_ 13,495
1988 Q18,434 72,681 605,928 1.246%710 ` 14,465
1989! 1 70,789 132,059 939,397 739,101 26,729
1990
1991
1,682 780 F
1,614.436
77,920
69,195
903,8791
1046 659 !_
935,661
1.527,?(}g i
15.539 _
13,058
1992 1,934,397! 7005 913137' 1,440.312' 18.158
1
1993 1,82$ 093 64,025 983,759, 1,889,520 41,892
1
139- 1
Payment
In Lieu
of Taxes
Surplus
Sales
Rents
and
Leases Miscellaneous Total
331,438- 264,955 207,2341 757,580 399,813,
f
629,517 13,338 t
I"
513$801 5,194,056
388,467 _ 2,229 245,040' 568,938 S4.960,609
679,292
4
498,058 730 679 Sb,184,622
472,813 _ 2,043 255,
5291
198,6411 5,417,479
692,653 47,162 439,351 329,681 55,888,856
506,923 126,697 294,583' 149,411E S3,707,01W}
f
629,517 13,338 t
I"
513$801 5,194,056
517,548- 20,770 301,402 204,171 54,302,109
679,292 5,537 ! 498,058 730 679 Sb,184,622
K5,065- 21,145 348,700 1 311,767 54,415.292
f
629,517 13,338 t 421,542 513$801 5,194,056
679,292 5,537 ! 498,058 730 679 Sb,184,622
692,653 47,162 439,351 329,681 55,888,856
681,615 14,230, 495,203, 303,191 56301,528
140-
CITY OF SEWARD
GENERAL FUND EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
Puhtic Parks and Debt
CITY OF SEWARD
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Fiscal
Year
Total
Tax
Lew
Current
Tax
Collections
Percent
of Levy
Collected
Delinquent
Tax
Collections
Total
Tax
Collections
Total Tax
Collections
Asa %
of Levy
Outstanding
Delinquent
Taxes
Ratio of
Deliquent
Taxes As
a % of
Total Levy
1984 313.1411 303,695 97.0%. 4,302: 307,9971 98.4%
1
18,6401 6.0%
Y1985
1988
323,7491 313,3921 96.8% i d,,634 318,0261 98.2% i 54,438 16.8%1
F I
1
1986 571.294 I 536.059 I 93.8% 3.334: 539.393 I 94.4%1 52.253 9.1%
Source: Kenai Peninsula Borough
i 142-
I I I
1987 427,526 385,3181 90.1%1 1,764: 387.082! 90.5% 123,2581 28.8%
1988 457,7931 406,5721 98.8%1 6,3661 412,938 I 90.2% 125,560 27.4%
I 1
1989 456.6001 398,6911 85.1%1 37,074 1 432,824 94.8% 100,5781 22.0% '
I
1990 418.395: 387.531 '' 92.6% 68.612 487,0071 116.4%1 48,507 11.6%
I
1991 463,743 413.850 89.2%, 5,731 419,5811 90.5%1 61,4601 13.3%
1 i
1992 4S9,226; 447,123 i 91.4% I 22,471;l 469,594 96.0%1 76,962 15.7%
I I
1993 498.3661 470,3221 94.4%j 31,9831 502,305 i 100.8% 1 67,164! 13.5%
1 i I F.
Source: Kenai Peninsula Borough
i 142-
1
CITY OF SEWARD I
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS 1
Source: 'Alaska Taxable ", State of Alaska
143—
1
I
Ratio of
60,596,630! 64,748,500.. 20,743,586 20,743,586 i 81 0 216 85,492,086;' 95.14%
169,597,100;,
I
Total
Real Property Personal Property Total Property
77,_827,3001
Assessed
56,716.200
Fiscal Assessed
Estimated
Actual Assessed
Estimated
Actual Assessed
Estimated
Actual
to Total
Estimated
Year Value Value Value Value Value Value Actual Value
177,339,400 1 82.45c7
1983 37,817 000 43,917,949 16-3690471 19,564,285 ! 54,186,047 1 63 482,234 85.36%
94.276.800' 102,993300 ! 68,625,921 69 959001, 162,902,721 ! 172 947,200'! 1949`/c
i
I
1984 63.395.090 i 66.015500 15,493,670 i 21,587,90011 78,888.760
55,976 00011
90.05% _
Source: 'Alaska Taxable ", State of Alaska
143—
1
I
1985 60,596,630! 64,748,500.. 20,743,586 20,743,586 i 81 0 216 85,492,086;' 95.14%
169,597,100;,
I 1
1986, 77,_827,3001 85,454,400!! 56,716.200 56 716,200 134 43,5001 142,170.600 94.64c7c
1992 88.464,566 100,667,900 52674,761 ;
1987 i 86,452,4001 10'',797,600 i 59,765,300; 74 41,80011 146,;17,7001 177,339,400 1 82.45c7
L
i 11 I
1988 94.276.800' 102,993300 ! 68,625,921 69 959001, 162,902,721 ! 172 947,200'! 1949`/c
1993 111378,100'
I
165,684,794' 170 11,500'
1989 93,279,8021 104.334,0001; 56.450,349 55,976 00011 149 730,151 ! 160,310,000;1 9 3.40c"c '
19901 88 508,166 98.794,000 II 28.540,373 R 40.833.20011_____117,048,5391 139,627.ZA0'. 83.83L,c
Source: 'Alaska Taxable ", State of Alaska
143—
1
I
1991 97,193.437, I00 7,900' 53.601.900 i 68.929,200 1_5_0,795,337' 169,597,100;, 8891%
1992 88.464,566 100,667,900 52674,761 ; 68,929.200 1 i 141,039,327 ' 169597,100 ' 83.1617c
1993 103,543,080 111378,100' 62,141,714. 58,933,4001 165,684,794' 170 11,500' 97,28%
Source: 'Alaska Taxable ", State of Alaska
143—
1
I
CITY OF SEWARD
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS
PER S 1,000 OF ASSESSED VALUE)
Fiscal Seward City
Year General Fund Borough Total
1994 I 5.00 1 2.50 7.50
i 1
19851 5.00 1.75 6.75
I'
19961 5.00 1.75 6.75
I
1987. 3.00 4.00 7.00
1988 3.00 5.75 8.75
1
19891 3.00 5.75 8.75
1990 I 3.00 5.75 8.75
1991: 3.00 7.55 1 10.55
1992 3.00 8.55 11.55 I
I
1993 3.00 8.55 11.55
Source: City of Seward
Kenai Peninsula Borough
144-
CITY OF SEWARD
SPECIAL ASSESSMENT COLLECTIONS
LAST TEN YEARS
Current
Fiscal Assessments
Year Due
Ratio of
Curremt Collections Total
Assessments To Outstanding
C'nllectinm Ammint Trop Accwccmpnte
1984 14,828 ? 39,998 269.75% S76 679
1985 1 17,146; 19,w 1 112.94% S57,315 I
i
1986 i 16,6361 13,471 80.97% S382 15
1987E 14,896 14.864 99.79% S408,022
I 1988 i 48,8831 41.9181 85.75%1 366,104
I
1989! 50,3151 22 58! 44.83%1 5376 58
19901 56,6381 28,7311 50.73%1 53619191
1991, 28,548 k 111,7191 391.34% S250,2001
19921 26,190! 6,505 i 24.84% 263,978 I
I 1
1993; 27,6181 32,573 117.94%1 5249 85
145-
L
fl
i
r
rCITY OF SEWARD
RATIO OF GENERAL BONDED DEBT
ASSESSED VALUE AND BONDED DEBT PER CAPITArLASTTENFISCALYEARS
r
Ratio of
Bonded
Debt to Bonded
Fiscal Assessed Bonded Assessed Debt Per
rYear Population Value Debt Value Capita
1983 i 1828 ' 54,186,000 i 3,052,0001 5.63%; 1,670 I
1
19841 1,871 ' 78,889,000 2,874,000 I 3.64%! 1,536 '
1985 i 2,072 91,340,000 7,682,000 9.44% 3 708
i 1986 2J93 134,544,000 7,395,000 SSO% I 3 2S
19971 2,2791 14b 18000 8139000 5.57% M71
r
3
1988 2,4001 162.903 000 i 10,345,000 6.35% 4,310
1
19891 2,8291 149,730 000 10,044 000 6.71°10 3.550
19901 2,829 117049000 11,444,0001 9.78% 4,045
r
I
1991 2,699 150,795,000, 11021000 7.3196 4.083
1992 f 2,8061 14 i ,039 000 I 10 63 000 i 7.49% i 3 764
r 1943 ' 2704 166,121,607
i
10.039,000! 6.04%1 3,7131
1
1
Source: State of Alaska
r
Kenai Peninsula Borough
r
r
1
1
146-
LEGAL DEBT MARGIN
I'
June 30. 1993
i
i
No debt limit mandated by law.
1
147- 1
CITY OF SEWARD
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
Jane 30, 1993
Jurisdiction
Kenai Peninsula Borough
Total Overlapping Debt
City of Seward
Total Direct Debt
Total Direct and
Overlapping Debt
2,152,937
S2,152,937
570.715.723
100.00% $2,152,937 (2)
2,152,937
1)Based upon the ratio of City of Seward assessed value (real and personal
property) to total assessed value of the Kenai Peninsula Borough.
2)Excluding general obligation bonds reported in the Enterprise Funds.
14a-
SS,81J.189
Percentage (1) Amount
Net Debt Applicable to Applicable to
Outstandine City of Seward City of Seward
568,562,786 5.34% 3,661.252
568,562,7 3.661,252
2,152,937
S2,152,937
570.715.723
100.00% $2,152,937 (2)
2,152,937
1)Based upon the ratio of City of Seward assessed value (real and personal
property) to total assessed value of the Kenai Peninsula Borough.
2)Excluding general obligation bonds reported in the Enterprise Funds.
14a-
SS,81J.189
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
C,.e. "Aitim-4 Frnenditures
I Car r i uMs as
19941 9.0001 881 9,8811- 593A90 0.28%1
1985 V 9 000 544 944 4088 73 0.23%
19861 10 000 1881 ld 188 3,916,508 0.26%
19971 01 3,453, 131 0.00%
19981 01 202061 202061 3,85516921 0.52%
1989! 9,233 39,818 L 49.0511 1.16%
1990 79 757 74 817 154 74 4 416 425 3S0%
1991 129 890 232-3701 1677601 4 §49,212 7.79%
1992 143 63 201701 345,g65 5 16 33 6.62%
1993 180 448 187 061 367 09 5 173 98 7.10%
149-
I
r
I
CITY OF SEWARD
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN FISCAL YEARS
Commercial Residential
12,560,425
Coutrnctioll Construction
1 15.263.000
Number Number Property
Fiscal of of Banc Value
Year Permits Value Permits Value DeRzi ts Total
36
19841 42 12,560,425 34 1 958,101 1 15.263.000 87,603,3001
1
1985 36 849 9529,849,952' 38 2.539,790 17F5,000 85,492.086
19861 49 35,738,777 38 2,195 253 19.779,000 142.170.610
1987 34 448,475 44 768.493 1 23,438,000 177J39,400
t
1988 37 3 720 45 17 456.430, 21,118,000 172,947.2W
I 19891 32 12.075250 1 55 480 25 160 000 160.310,000
19901 29 3,"1,516 27 i 679.1001 1 28,444,000 139,627,g00
1991 29 2,163,2T6- 21 11053,150 27,477AW 169 97 100
1992 21 842 20 620,425 1 32.518.000 169 97 1001
1993 16 328 462 34 104173 27 000 170 11 00
150-
CITY OF SEWARD
PRINCIPAL TAXPAYERS
JUNE 30,1993
Percent
91192 Of Total
Assessed Assessed
T'.,....a..e. Turw nr R»cinpcs Valuation Valuation
Seward Forest Products Sawmill 514,327,180 8.65%
Seward Fisheries Seafood Processing 7,214,156 435%
I
Suneel Alaska Co , Coal Export 6,842,050 4.13%
I
Anderson Tux & Bare Tu & Barge Service 3,901164 235%
Kenai Fords Tours Boat Tours 2,221,503 134%
New Seward Hotel Hotel 4156,305 1.30%
Eagle Quality Center GSqqeU Store 1,991,867 1.14%
General Telephone of Alaska i Telecommunications 1,691220 1.02%
Breeze Inn HotcVRestaurant 1,655,782! 1.00%
Afo oak Lo in Construction 1,613 831 0.977c
Includes real and personal property
Source: Kenai Peninsula Borough
CITY OF SEWARD
MISCELLANEOUS STATISTICS
June 30, 1993
Date of incorporation June t, 1912
Class Home Rule
Form of Government Council - Manager
Area, Square Miles 22
Miles of Street
Number of Street Lights
43.14
192
Population 2,704
Fire Protection
Number of Stations 2
Number of Firefighters and Officers 2
Number of Volunteers 29
Fire Rating (ISO) 5
Police Protection
Number of Stations I
Number of Officers 9
Education
Elementary School
Number of Students Enrolled 480
Number of Teachers 22
Jr/Sr High School
Number of Students Enrolled 339
Number of Teachers 28
Alaska Vocational Technical Center
Number of Students Enrolled Annually
Number Teachers
1,750
34of
Municipal Water Department
Number of Consumers 786
Average Daily Consumption 1,480,000
Building Permits Issued 54
Recreation and Culture
Number of Parks 9
Number of Libraries I
Number of Volumes 23.984
1 Employees
City
Non - Exempt 59
Exempt 18
Seward General Hospital
Non- Exempt 42
Exempt 3
Qualified Voters 1,393
152-
I
1
w
1
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