HomeMy WebLinkAbout1994CAFRt
i
CITY
OF
SEWARD
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For Fiscal Year
Ended June 30, 1994
I( °nom Peat Marwick LLP
SEWARD GENERAL HOSPITAL
AN ENTERPRISE FUND OF THE CITY OF SEWARD)
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
TWO YEARS ENDED JUNE 30, 1994
INCREASE PERCENT
1994 1993 DECREASE) CHANGE
OPERATING REVENUES:
PATIENTS 3,318,196 2,503,509 814,687 32.54%
OTHER 44,190 43,442 748 1.72%
TOTAL OPERATING REVENUES 3,362,386 2,546,951 815,435 32.02%
OPERATING EXPENSES:
SALARIES AND BENEFITS 1,995,113 1 ,741 ,591 253,522 14.56%
PROFESSIONAL SERVICES 715,309 385,704 329,605 85.46%
SUPPLIES 317,671 319,975 2,304) 0.72%)
PURCHASED SERVICES 276,510 226,372 50,138 22.15%
PROVISION FOR UNCOLLECTIBLE ACCOUNTS 259,800 229,500 30,300 13.20%
INSURANCE 148,337 94,912 53,425 56.29%
DEPRECIATION 95,034 84,279 10,755 12.76%
OTHER 120,786 141,284 20,498) 14.51 %)
TOTAL OPERATING EXPENSES 3,928,560 3,223,617 704,943 21.87%
LOSS FROM OPERATIONS 566,174) 676,666) 110,492
NONOPERATING REVENUES (EXPENSES):
CITY SALES TAX 501,277 420,000 81,277 19.35%
REVENUE SHARING 104,417 113,866 9,449) 8.30%)
INTEREST EXPENSE 3,131) 2,195) 936) 42.64%
OTHER 12,933 57,986) 70,919 122.30%
615,496 473,685 141,811 29.94%
NET INCOME (LOSS) 49,322 202,981) 252,303
RETAINED EARNINGS AT BEGINNING OF YEAR 690,778 893,759
RETAINED EARNINGS AT END OF YEAR 740,100 690,778
kiWW Peat Marwick LLP
SEWARD GENERAL HOSPITAL
AN ENTERPRISE FUND OF THE CITY OF SEWARD)
BALANCE SHEET
JUNE 30, 1994 AND 1993
INCREASE
ASSETS 1994 1993 DECREASE)
CURRENT ASSETS:
CASH 47,166 60,111 12,945)
RECEIVABLES 1,024,151 610,539 413,612
INVENTORIES 126,051 116,802 9,249
DUE FROM CITY OF SEWARD 64,555 1,266 63,289
OTHER ASSETS 2,983 66,530 63,547)
TOTAL CURRENT ASSETS 1,264,906 855,248 409,658
PROPERTY, PLANT AND EQUIPMENT 707,660 609,403 98,257
1,972,566 1,464,651 507,915
LIABILITIES
CURRENT LIABILITIES:
CURRENT PORTION OF CAPITAL LEASES 29,224 7,080 22,144
ACCOUNTS PAYABLE 256,493 246,383 10,110
OTHER LIABILITIES 213,432 162,555 50,877
DEFERRED GRAM' REVENUE 46,734 46,734
TOTAL CURRENT LIABILITIES 545,883 416,018 129,865
LONG -TERM CAPITAL LEASES 175,855 4,026 171,829
DEFERRED PENSION CREDIT 277,097 293,897 16,800)
FUND EQUITY
CONTRIBUTIONS IN AID OF CONSTRUCTION 233,631 59,932 173,699
RETAINED EARNINGS 740,100 690,778 49,322
TOTAL FUND EQUITY 973,731 750,710 223,021
1,972,566 1,464,651 507,915
Peat Marwick LLP
354,573)
250,850 263,115
CITY OF SEWARD
64,555 1,266 63,289
BALANCE SHEET
195,974 42,348
1,398,344
JUNE 30, 1994
261 ,201)
3,361,791 2,965,867 395,924
4,760,135
INCREASE
ASSETS 1994 1993 DECREASE)
CASH 2,021 ,286 1,280,867 740,419
RECEIVABLES 1,227,384 1,102,018 125,366
INVENTORY 3,998 9,449 5,451)
DUE FROM OTHER FUNDS 1,507,467 2,233,078 725,611)
4,760,135 4,625,412 134,723
LIABILITIES
ACCOUNTS PAYABLE
OTHER ACCRUED LIABILITIES
DUE TO OTHER FUNDS
DEFERRED REVENUES
TOTAL LIABILITIES
FUND BALANCE
DESIGNATED FOR:
WORKING CAPITAL
HOSPITAL LOANS
AML/JIA LIABILITY POOL
TOTAL DESIGNATED
UNRESERVED
TOTAL FUND BALANCE
844,617 1,199,190 354,573)
250,850 263,115 12,265)
64,555 1,266 63,289
238,322 195,974 42,348
1,398,344 1,659,545 261 ,201)
1,500,000 1,500,000
113,965 113,965)
26,700 26,700
1,526,700 1,613,965 87,265)
1,835,091 1,351,902 483,189
3,361,791 2,965,867 395,924
4,760,135 4,625,412 134,723
m
ki W Peat Marwick LLP
CITY OF SEWARD
GENERAL FUND
STATEMENT OF REVENUES, OTHER FINANCING SOURCES,
EXPENDITURES, OTHER FINANCING USES AND CHANGES IN FUND BALANCE
TWO YEARS ENDED JUNE 30, 1994
REVENUES AND OTHER FINANCING SOURCES:
REVENUES:
TAXES
INTERGOVERNMENTAL
CHARGES FOR SERVICES
INTEREST
OTHER
TOTAL REVENUES
OTHER FINANCING SOURCES:
OPERATING TRANSFERS FROM OTHER FUNDS
PROCEEDS FROM REFUNDING BONDS
TOTAL OTHER FINANCING SOURCES
TOTAL REVENUES AND OTHER FINANCING
SOURCES
EXPENDITURES AND OTHER FINANCING USES:
EXPENDITURES:
GENERAL GOVERNMENT
PUBLIC SAFETY
PUBLIC WORKS
PARKS AND RECREATION
LIBRARY
DEBT SERVICE
TOTAL EXPENDITURES
OTHER FINANCING USES:
OPERATING TRANSFERS TO OTHER FUNDS
PAYMENT OF REFUNDED BONDS
TOTAL OTHER FINANCING USES
TOTAL EXPENDITURES AND OTHER
FINANCING USES
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES
t%D OTHER FINANCING USES
FUND BALANCE AT BEGINNING OF YEAR
RESIDUAL EQUITY TRANSFERS TO OTHER FUNDS
FUND BALANCE AT END OF YEAR
INCREASE
1994 1993 (DECREASE)
2,882,005 2,509,780 372,225
903,835 983,759 79,924)
2,104,588 2,425,012 320,424)
102,824 236,986 134,162)
124,964 145,991 21,027)
6,118,216 6,301,528 183,312)
175.846 3,195 1 72, 651
1,823,295
819,216
1,823,295
1,999,141 3,195 1,995,946
8,117,357 6,304,723 1,81 2,634
1,542,179 1,779,085 236,906)
1,782,396 1,682,176 100,220
722,022 689,209 32,813
443,661 471,045 27,384)
200,553 184,274 16,279
343,702 367,509 23,807)
5,034,513 5,173,298 138,785)
819,216 954,168 134,952)
1,823,295 1,823,295
2,642.511 954,168 1,688,343
7,677,024 6,127,466 1,549,558
440,333 177,257 263,076
2,965,867 2,831,247 134,620
44,229) (42,637) (1,592)
3,361,971 2,965,867 396,104
H
1
IF
IFS-
0.0
m
NW
Dcc
LL (L a
Q T WQFOOw
a
Wr
C
n
W
a
QH
lfZy
a
Q
H
rWx'
m 7
WO Y! N
Nw
t
J
F- D
J }
aaU
0w
CL7in
W
L
y
LUW
a
LLW
LL m
W_
4S
J
I
CO N 17 M V 7 V A N tp cl m O O lV
W ; a O N +- O O!
m r w N O r O n
omaaoaoor
0 A n T n b n N
W Q m e m O N VNNInNVI
Oa 01
V b m
00
m
m m
m kn V O m O
T V N w M 10
ll N V V
r M M N V
N M
00 'n
a• O A W a
A A v V) CI O 01
O N m M Oi m A
N m m N NNN
Oi N b b N N
Q m V V) V]
rte.
onom,n o
N 1n O OY W M O
in N N r N m
M N m r C1 to
0 110
O N ;; r IV
Vl m a n V) Vl
m 1! O rp I c
b M Il m M b to NI10
Oi M N b N O A w o
m N 0 b M o n m M
n 0 m A 0i M n T N
N b t7 V7 N m 0 m
OY M N
b N m V] m m
O M A 01 O
Ot O b m N N
In M O N M
N d
A A Q m l7 r O N N
ap M N a rn Ol A M
OI m V O f 0 N m A
O O A to a r m N
r V7 r b
r C'1
m Oi .- M in O V7 VI N
O O m O M; M tO M VVmnbOVtiNb
v w r NN
mvwnr. o a rntn
N 00 A A O m M m
b N O M OI m
W CO O
N
w r A n 0 b
m ID on A O M N N
n n N O n M O
n tp 0 N 0 0/ m
0 b N' r in V m
D O
aR,oao
V V
N M V1
m t7 N N
r°i n o
N b r
o v b
N
b 0
N
rte.
onom,n o
N 1n O OY W M O
in N N r N m
M N m r C1 to
0 110
O N ;; r IV
Vl m a n V) Vl
m 1! O rp I c
b M Il m M b to NI10
Oi M N b N O A w o
m N 0 b M o n m M
n 0 m A 0i M n T N
N b t7 V7 N m 0 m
OY M N
b N m V] m m
O M A 01 O
Ot O b m N N
In M O N M
N d
A A Q m l7 r O N N
ap M N a rn Ol A M
OI m V O f 0 N m A
O O A to a r m N
r V7 r b
r C'1
m Oi .- M in O V7 VI N
O O m O M; M tO M VVmnbOVtiNb
v w r NN
mvwnr. o a rntn
N 00 A A O m M m
b N O M OI m
W CO O
N
w r A n 0 b
m ID on A O M N N
n n N O n M O
n tp 0 N 0 0/ m
0 b N' r in V m
D O
i
O0
d
b
d
0
M10
ul
a
na
0
b
OD
c
00u>
V)
3°
N
0
mN
V
e
Om
O
m
Q
N
4 N
cc
Q + s (n
w
U }
NN
U ¢
L Q)
U LL y C7 ¢ .. F O uiCC77
ui
a Gi
o
to
w 23, a o
8wYY
yo uZ FY- ¢
nCO (n Ua Q"
qD ¢
F C7 uu °
q,+ ,I
w CL C 7
i a q a m Z a C -.
0
W L
QV }
y
V
w ¢
J3 a aR O Zpa2 Oa}
CSuWiC,
UUcZ ~zd im ~vim ~a ~8 ~ ILL I ca
aR,oao
V V
m t7 N N b O N M w T
m m
O
O A Vi N b 0 M N b m
m w m O 07 0 b m O V M
01 V A N O b V7 n, v
N; n N N M O M M m
N no N W mPOfNaOlV7
to
0 N N m 0 o
V)
i
O0
d
b
d
0
M10
ul
a
na
0
b
OD
c
00u>
V)
3°
N
0
mN
V
e
Om
O
m
Q
N
4 N
cc
Q + s (n
w
U }
NN
U ¢
L Q)
U LL y C7 ¢ .. F O uiCC77
ui
a Gi
o
to
w 23, a o
8wYY
yo uZ FY- ¢
nCO (n Ua Q"
qD ¢
F C7 uu °
q,+ ,I
w CL C 7
i a q a m Z a C -.
0
W L
QV }
y
V
w ¢
J3 a aR O Zpa2 Oa}
CSuWiC,
UUcZ ~zd im ~vim ~a ~8 ~ ILL I ca
V V
NI C7
m m
N N
A
M th
V d
1 M
Oidb
mto
0 N N m 0 o
O N N m A
0 0 O N V1 b m
N b ON-
m M M,* b M; n
fn If N1OV b ll O Qt R
It"
A
O O+ e+f
r Q A to Q 0 r' n
NN r 0
m A m Of cn b W e m
V A M O N e'1 m to
to m N F. r- N at in
V) mO
toN
CO m n m N 0 0 b
A ID
V] m O b V1 01 N
LO N r 0 Vl m N
m b m Ot Vn W, O R N
m N N N m M N n m
n M O r n u9 M N A
r V N W r b
r MI, N N •- a
i
O0
d
b
d
0
M10
ul
a
na
0
b
OD
c
00u>
V)
3°
N
0
mN
V
e
Om
O
m
Q
N
4 N
cc
Q + s (n
w
U }
NN
U ¢
L Q)
U LL y C7 ¢ .. F O uiCC77
ui
a Gi
o
to
w 23, a o
8wYY
yo uZ FY- ¢
nCO (n Ua Q"
qD ¢
F C7 uu °
q,+ ,I
w CL C7
i a q a m Z a C -.
0
W L
QV }
y
V
w ¢
J3 a aR O Zpa2 Oa}
CSuWiC,
UUcZ ~zd im ~vim ~a ~8 ~ ILL I ca
Peat Marwick ALP
CITY OF SEWARD
ELECTRIC UTILITY
BALANCE SHEET
JUNE 30, 1994
ASSETS
CURRENT ASSETS:
CASH
RECEIVABLES:
ACCOUNTS
GRANTS
INVENTORY
TOTAL CURRENT ASSETS
PROPERTY PLANT AND EQUIPMENT
CONSTRUCTION WORK IN PROGRESS
DEFERRED CHARGES
LIABILITIES
CURRENT LIABILITIES:
CURRENT PORTION OF LONG -TERM DEBT
OTHER LIABILITIES
DUE TO OTHER FUNDS
DEFERRED REVENUE
TOTAL CURRENT LIABILITIES
LONG -TERM DEBT
1994 1993
INCREASE
DECREASE)
1,215,539 1,215,539
12,156 48,252 36,096)
1,764,833 1,764,833)
387,961 372,784 15,177
1,615,656 2,185,869 570,213)
14,585,344 15,223,207 637,863)
8,563,847 5,028,541 3,535,306
63,819 63,819
24,828,666 22,437,617 2,391,049
425,000
231,062
108,774
764,836
4,995,736
360,235
252,455
971,139
1,583,829
5,379,000
FUND EQUITY
CONTRIBUTIONS IN AID OF CONSTRUCTION 17,284,672 14,338,901
RETAINED EARNINGS 1,763,422 1,135,887
TOTAL FUND EQUITY 19,068,094 15,474,788
24,828,666 22,437,617
64,765
21,393)
971,139)
1 08,774
818,993)
383,264)
2.945,771
647,535
3,593,306
2,391,049
ki4W Peat Marwick LLP
CITY OF SEWARD
ELECTRIC UTILITY
STATEMENT OF REVENUES AND EXPENSES
TWO YEARS ENDED JUNE 30, 1994 AND 1993
OPERATING REVENUES:
RESIDENTIAL
SMALL GENERAL SERVICES
LARGE GENERAL SERVICES
INDUSTRIAL
HARBOR
OTHER
TOTAL OPERATING REVENUES
OPERATING EXPENSES:
BEFORE DEPRECIATION
OPERATING INCOME BEFORE
DEPRECIATION
DEPRECIATION
OPERATING INCOME
NONOPERATIONAL REVENUES:
INTEREST INCOME
INTEREST EXPENSE
NET NONOPERATING REVENUES
INCOME (LOSS) BEFORE
TRANSFERS TO OTHER FUNDS
INCREASE
1994 1993 (DECREASE)
1,620,980 1,488,614 132,366
1,271,850 1,042,966 228,884
1,623,398 1,934,544 31 1 ,146)
635,835 195,636 440,199
109,911 89,928 19,983
253,804 155,120 98,684
5,515,778 4,906,808 608,970
4,080,074 3,911 ,590 168,484
1,435,704 995,218 440,486
965,162 966,084 (902)
470,522 29,134 441,388
25,962 8,181 17,781
303,632) 464,409) 160,777
277,670) 456,228) 178,558
192,852 427,094) 619,946
OPERATING TRANSFERS TO OTHER FUNDS (3,000)
NET INCOME (LOSS)
2=1
192,852 (430,094) 622,946
Peat Marwick LLP
CITY OF SEWARD
WATER AND SEWER UTILITY
BALANCE SHEET
JUNE 30, 1994
ASSETS
CURRENT ASSETS:
RECEIVABLES:
ACCOUNTS
GRANTS
STATE
INVENTORY
TOTAL CURRENT ASSETS
PROPERTY PLANT AND EQUIPMENT
CONSTRUCTION WORK IN PROGRESS
LIABILITIES
CURRENT LIABILITIES:
CURRENT PORTION OF LONG -TERM DEBT
OTHER LIABILITIES
DUE TO OTHER FUNDS
TOTAL CURRENT LIABILITIES
LONG -TERM DEBT
FUND EQUITY
CONTRIBUTIONS IN AID OF CONSTRUCTION
RETAINED EARNINGS
TOTAL FUND EQUITY
1994
INCREASE
1993 (DECREASE)
7,973,064 8,342,293 (369,229)
3,025,320 1,846,856 1,178,464
11.430,087 10,897,462 532,625
100,000
57,716 57,716)
243,168 296,894 53,726)
146,104 308,999 162,895)
42,431 44,704 2,273)
431,703 708,313 276,610)
8,223,872
7,973,064 8,342,293 (369,229)
3,025,320 1,846,856 1,178,464
11.430,087 10,897,462 532,625
100,000 94,295 5,705
43,455 23,900 19,555
341,150 434,941 93,791)
484,605 553,136 68,531)
1,059,783 745,068 314,715
8,223,872 8,179,256 44,616
1,661,827 1,420,002 241,825
9,885,699 9,599,258 286,441
11,430,087 10,897,462 532,625
0
kWii Peat Marwick LLP
CITY OF SEWARD
WATER AND SEWER UTILITY
STATEMENT OF REVENUES AND EXPENSES
TWO YEARS ENDED JUNE 30, 1994 AND 1993
OPERATING LOSS 112,573) (217,522) 104,949
NONOPERATIONAL REVENUES:
INCREASE
INTEREST INCOME
1994 1993 DECREASE)
OPERATING REVENUES:
45,569) 47,111) 1.542
RESIDENTIAL 553,939 449,215 104,724
SMALL GENERAL SERVICES 138,699 76,627 62,072
LARGE GENERAL SERVICES 219,779 163,937 55,842
SMIC 108,242 13,790 94,452
INDUSTRIAL 89,265 52,502 36,763
METERED 157,109 157,109)
OTHER 52,697 46,472 6,225
TOTAL OPERATING REVENUES 1,1 62,621 959,652 202,969
OPERATING EXPENSES:
BEFORE DEPRECIATION 904,002 789,847 114,155
OPERATING INCOME BEFORE
DEPRECIATION 258,619 169,805 88,814
DEPRECIATION 371,192 387,327 16,135)
OPERATING LOSS 112,573) (217,522) 104,949
NONOPERATIONAL REVENUES:
INTEREST INCOME 4,109 332 3,777
INTEREST EXPENSE 45,569) 47,111) 1.542
07HER 49,420 13,246 36,174
NET NONOPERATING REVENUES 7,960 33,533) 41,493
INCOME (LOSS) BEFORE
TRANSFERS TO OTHER FUNDS 104,613) (251,055) 146,442
OPERATING TRANSFERS FROM OTHER FUNDS 195,000 (195,000)
NET INCOME (LOSS) 104,613) (56,055) (48,558)
ki6i6l Peat Marwick LLP
CITY OF SEWARD
HARBOR
BALANCE SHEET
JUNE 30, 1994
ASSETS 1994
CURRENT ASSETS:
CASH 200
RECEIVABLES:
ACCOUNTS 182,937
GRANTS 315,226
TOTAL CURRENT ASSETS 498,363
PROPERTY PLANT AND EQUIPMENT
CONSTRUCTION WORK IN PROGRESS
DEFERRED CHARGES
LIABILITIES
INCREASE
1993 (DECREASE)
200
166,297 16,640
64,985 250.241
231,482 266,881
47,899,098 33,113,041 14,786,057
664,442 664,442
31,755 37,394 (5,639)
49,093,658 33,381,917 15,71 1,741
CURRENT LIABILITIES:
CURRENT PORTION OF LONG -TERM DEBT 139,703 110,000 29,703
OTHER LIABILITIES 93,461 76.642 16,819
DUE TO OTHER FUNDS 1,164,163 711,866 452,297
DEFERRED REVENUE 8,784 8,784
TOTAL CURRENT LIABILITIES 1,406,111 898,508 507,603
LONG -TERM DEBT 2,440,805 2,577,063 136,258)
FUND EQUITY
CONTRIBUTIONS IN AID OF CONSTRUCTION 43,566,143 28,008,235 15,557,908
RETAINED EARNINGS 1,680,599 1,898,111 (217,512)
TOTAL FUND EQUITY 45,246,742 29,906,346 15,340,396
49,093,658 33,381 ,917 15,71 1 ,741
0
Peat Marwick LLP
CITY OF SEWARD
HARBOR
STATEMENT OF REVENUES AND EXPENSES
TWO YEARS ENDED JUNE 30, 1994 AND 1993
OPERATING LOSS
NONOPERATIONAL REVENUES:
943,037) (1,533,427) 590,390
INTEREST INCOME 30,372 38,681
INCREASE
INTEREST EXPENSE
1994 1993 DECREASE)
OPERATING REVENUES:
180,170) 234,493) 54,323
MOORAGE 946,833 815,338 131,495
WHARFAGE 227,023 154,279 72,744
BOAT LIFT 207,552 193,708 13,844
POWER SALES 148,990 137,689 11,301
STORAGE 149,514 144,127 5,387
RENTAL AND LEASE 238,611 238,611
OTHER 188,166 73,876 114,290
TOTAL OPERATING REVENUES 2,106,689 1,519,017 587,672
OPERATING EXPENSES:
BEFORE DEPRECIATION 1,796,586 1,802,543 5,957)
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION 310,103 283,526) 593,629
DEPRECIATION 1,253,140 1,249,901 3,239
OPERATING LOSS
NONOPERATIONAL REVENUES:
943,037) (1,533,427) 590,390
INTEREST INCOME 30,372 38,681 8,309)
INTEREST EXPENSE 210,542) 273,174) 62,632
NET NONOPERATING REVENUES 180,170) 234,493) 54,323
INCOME (LOSS) BEFORE
TRANSFERS TO OTHER FUNDS 1,123,207) 1,767,920) 644,713
OPERATING TRANSFERS TO OTHER FUNDS 175, 846) 175,846)
NET INCOME (LOSS) 1,299,053) (1,767,920) 468,867
MEMORANDUM
DATE: November 11, 1994
TO: Honorable Mayor & Members of Council
THRU: Tyler ]ones, City Manager
FROM: Rick L. Gifford, Director of Finance
Administrative Services
SUBJ: FY 1994 Comprehensive Annual Financial Report
Enclosed is a Letter to the City Council from KPMG Peat Marwick concerning the FY 1994
audit, the City of Seward's Fiscal Year 1994 Comprehensive Annual Financial Report
CAFR), the State Financial Assistance Reports, the Federal Financial Assistance Reports,
and a Letter to Management from KPMG Peat Marwick with policy and procedure
recommendations.
If the Council so desires, the city administration is available to discuss the financial reports and
the audit at a work session. The City's auditors, KPMG Peat Marwick, can also be in
attendance to discuss the audit at either a regular council meeting or at a work session. If
possible, KPMG would like to coordinate their visit with the City Council and the Seward
Hospital Board on the same day.
In this memo, I would like to briefly review the enclosed materials. If you have any questions
concerning the enclosed reports, please contact me.
LETTER TO THE CITY COUNCIL
The letter to the City Council from KPMG Peat Marwick is their report to City Council on the
audit they performed on the City's financial reports for fiscal year ending June 30, 1994.
COMPREHENSIVE ANNUAL FINANCIAL REPORT
The Comprehensive Annual Financial Report (CAFR) for the City of Seward, Alaska, for the
fiscal year ended June 30, 1994 is the City's annual financial report for all of its operations.
The auditors have audited this report and the City's financial records and have expressed an
FY94 CAFR
November 11, 1994
PM 2
opinion to the correctness of the report and the conformity with generally accepted accounting
principles. The auditor's opinion can be found on page 1.
On page IX of the CAFR you will find the administration's transmittal letter describing the
City's financial report and operations for fiscal year 1994.
STATE FINANCIAL ASSISTANCE REPORTS
The State Financial Assistance Reports are required by the State of Alaska and requires the
auditors to audit all funds received by the City from the State and prepare a report. Schedules
for all FY94 State financial assistance can be found on pages 2 and 3. A schedule of findings
and questioned costs of the State compliance requirements by the auditors and the response of
the City can be found on pages 10 and 11. There were no questioned costs. These reports are
sent, along with copies of the CAFR, to the State of Alaska.
FEDERAL FINANCIAL ASSISTANCE REPORTS
The Federal Financial Assistance Reports are similar to the State Financial Assistance Reports
and are required by the Federal Government. The Federal Government requires the auditors
to audit all funds received by the City from the Federal Government and prepare a report.
Schedules for all FY94 Federal financial assistance can be found on page 2. There were no
findings or questioned costs of the Federal compliance requirements by the auditors for FY94.
These reports are sent, along with copies of the CAFR, to the State of Alaska and the Federal
Government agency providing the grant funds.
LETTER TO MANAGEMENT
The letter to management is KPMG Peat Marwick's report to management with comments and
recommendations involving internal control structure and other operational matters. The auditors
had several recommendations and the following is management's response to the
recommendations:
Segregation of Duties
It is difficult in small departments to segregate duties that apply to a similar function. However,
management agrees that in order to ensure the safekeeping of the City's assets, proper
segregation of duties is essential. The following is management's response to KPMG's
recommendations concerning segregation of duties:
L1
FY94 CAFR
November 11, 11994
Page 3
Accounts Pa able: The Finance Department has reassigned the responsibilities for separating
and mailing the checks after signing to another employee in the Finance Department other than
the employee assigned the responsibility for accounts payable.
Harbormaster's Office: The Finance Department is working with the Harbormaster's office
to develop a procedure that will segregate the handling of mail receipts and the posting of the
mail receipts to the accounting system, which will ensure separate verification of the Harbor's
deposits.
Review of Supporting Documentation Prior to Cash Disbursement
The Finance Director approves purchase requisitions and check requests prior to processing for
purchase orders and/or checks. The Finance Director reviewed the cash requirement report
prior to the printing of checks and reviewed invoices and backup documentation when there were
questions and /or concerns.
Based on KPMG's recommendation, the responsibility for verifying that the invoices and other
supporting documentation agree to the checks printed has been assigned to the Controller. The
Finance Director will still be responsible for approving purchase requisitions, purchase orders
and check requests prior to processing orders and checks. The Finance Director will continue
to review the cash requirement report prior to the printing of the checks.
Monthly Bank Reconciliations
The Finance Department agrees with KPMG's recommendation and in fact, while preparing for
the FY94 audit and discovering that adjustments for FY94 had not been recorded in the general
ledger, the Finance Department implemented procedures for the Finance Director to review and
approve monthly bank reconciliations, including adjustments starting with the July, 1994 bank
reconciliation.
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
OF THE
ALASKACITYOFSEWARD,
For The Fiscal Year Ended
June 30, 1994
DAVE CRANE
MAYOR
TYLER JONES
CITY MANAGER
1
PREPARED BY THE
DEPARTMENT OF FINANCE
RICK L. GWFORD
DIRECTOR OF FINANCE AND
ADMINISTRATIVE SERVICES
PART I
I INTRODUCTORY SECTION
u
CITY OF SEWARD
General Purpose Financial
Statements and Schedules
Table of Contents
PART I - INTRODUCTORY SECTION
Page
Table of Contents I -VII
Letter of Transmittal IX -XXI
List of Principal Officials XXII
Seward Citizens - Organizational Chart XXIII
PART II - FINANCIAL SECTION
Independent Auditors' Report 1
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 0 - Combined Statement of Revenues, Expenses, Operating
Transfers and Changes in Retained Earnings - Proprietary Fund
Types - Enterprise Funds and Internal Service Fund 7 -8
Exhibit E - Combined Statement of Cash Flows - Proprietary Fund
Types - Enterprise Funds and Internal Service Fund 9 -10
Notes to General Purpose Financial Statements 11 -43
Combining, Individual Fund and Account Group Financial Statements: 44
Governmental Fund Types:
General Fund: 45
Schedule 1 - Balance Sheet 46
Schedule 2 - Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance 47
Schedule 3 - Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance - Budget and Actual 48 -52
Special Revenue Funds: 53 -54
Schedule 4 - Combining Balance Sheet 55
Schedule 5 - Combining Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balances 51 -58
DARE. Program:
Schedule 6 - Balance Sheet 59
Schedule 1 - Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance 60
2 '
CITY OF SEWARD '
General Purpose Financial
Statements and Schedules
Table of Contents '
II 1
Page
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 61
Schedule 9 - Combining Statement of Revenues, Expenditures
and Changes in Fund Balances 62
Day Care Assistance:
Schedule 10 - Balance Sheet 63
Schedule 11 - Statement of Revenues, Expenditures and Changes
in Fund Balance 64
Historic Preservation Plan:
Schedule 12 - Balance Sheet 65
Schedule 13 - Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance 66
Spring Creek Correctional Center:
Schedule 14 - Balance Sheet 67
Schedule 15 - Statement of Revenues, Expenditures and
Changes in Fund Balance 68
Police Fund:
Schedule 16 - Balance Sheet 69
Schedule 17 - Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance 70
Litter Control:
Schedule 18 - Balance Sheet 71
Schedule 19 - Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance 72
Prison Library:
Schedule 20 - Balance Sheet 73
Schedule 21 - Combining Statement of Revenues, Expenditures
and Changes in Fund Balances 74
Public Library:
Schedule 22 - Balance Sheet 75
Schedule 23 - Combining Statement of Revenues, Expenditures
and Changes in Fund Balances 76
State Revenue Sharing - Schedule 24 - Statement of Revenues,
Expenditures, Other Financing Uses and Changes in Fund Balance 77
Interlibrary Cooperation Grant - Schedule 25 - Statement of
Revenues, Expenditures, Other Financing Sources and Changes
in Fund Balance 78
II 1
i
0
1
3
CITY OF SEWARD
General Purpose Financial
Statements and Schedules
Table of Contents
Combining, Individual Fund and Account Group Financial Statements:
Governmental Fund Types, Continued:
Special Revenue Funds, Continued:
Kenai Peninsula Guided Hikes:
Schedule 26 - Balance Sheet
Schedule 27 - Statement of Revenues, Expenditures and
Changes in Fund Balance
Qutekcak Oyster Nursery - Schedule 28 - Statement of Revenues,
Expenditures and Changes in Fund Balance
Seward Association for Advancement of Marine Science -
Schedule 29 - Statement of Revenues, Expenditures and Changes
in Fund Balance
Mt. Marathon Crafts Outlet - Schedule 30 - Statement of Revenues,
Expenditures and Changes in Fund Balance
Shellfish Hatchery - Schedule 31 - Statement of Revenues,
Expenditures and Changes in Furd Balance
Capital Projects Funds:
Schedule 32 - Combining Balance Sheet
Schedule 33 - Combining Statement of Revenues, Expenditures,
Other Financing Sources (Uses) and Changes in Fund Balances
Deficit)
Schedule 34 - Projects to Date - Statement of Revenues,
Expenditures, Other Financing Sources (Uses) and Changes
in Fund Balances
Senior Citizens Center:
Schedule 35 - Balance Sheet
Schedule 36 - Statement of Expenditures and Changes
in Fund Balance
Streets and Sidewalks:
Schedule 37 - Balance Sheet
Schedule 38 - Statement of Revenues, Expenditures and
Changes in Fund Balance
Library Handicapped Access:
Schedule 39 - Balance Sheet
Schedule 40 - Statement of Expenditures, Other Financing
Sources and Changes in Fund Balance
III
Page
79
80
81
82
83
84
85 -86
87 -88
89 -90
91 -92
93
94
95
96
97
98
4
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:
Jail Sprinkler:
Schedule 41 - Balance Sheet
Schedule 42 - Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balance
Deficit)
Police Dispatch:
Schedule 43 - Balance Sheet
Schedule 44 - Statement of Revenues, Expenditures and
Changes in Fund Balance
Emergency Shelter:
Schedule 45 - Balance Sheet
Schedule 46 - Statement of Changes in Fund Balance
Hospital Equipment - Schedule 47 - Statement of Revenues, Other
Financing Uses and Changes in Fund Balance
Street Improvements:
Schedule 48 - Balance Sheet
Schedule 49 - Statement of Revenues, Expenditures,
Financing Sources and Changes in Fund Balance
SBA Tree Planting:
Schedule 50 - Balance Sheet
Schedule 51 - Statement of Changes in Fund Balance
Bike Path Continuation:
Schedule 52 - Balance Sheet
Schedule 53 - Statement of Changes in Fund Balance
Hospital Anesthesia - Schedule 54 - Balance Sheet
Hospital Boiler:
Schedule 55 - Balance Sheet
Schedule 56 - Statement of Revenues, Expenditures
Changes in Fund Balance
Hospital Fire Alarm System:
Schedule 57 - Balance Sheet
Schedule 58 - Statement of Revenues, Expenditures
Financing Sources and Changes in Fund Balance
IV
Other
and
Other
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
i
i
5
CITY OF SEWARD
General Purpose Financial
Statements and Schedules
Table of Contents
IPage
Combining, Individual Fund and Account Group Financial Statements:
Proprietary Fund Types, Continued:
Enterprise Funds, Continued:
City Hall Elevator:
Schedule 59 - Balance Sheet 117
Schedule 60 - Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance 116
Waterfront Improvement:
119Schedule61 - Balance Sheet
Schedule 62 - Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance 120
Underground Storage Tanks:
Schedule 63 - Balance Sheet 121
Schedule 64 - Statement of Expenditures, Other Financing
Sources and Changes in Fund Balance 122
Capital Acquisition Fund:
Schedule 65 - Balance Sheet 123
Schedule 66 - Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balance 124
Bike Path - Schedule 67 - Statement of Revenues, Expenditures
and Changes in Fund Balance 125
Proprietary Fund Types: 126EnterpriseFunds:
121Schedule68 - Combining Balance Sheet
Schedule 69 - Combining Statement of Revenues, Expenses and
Changes in Retained Earnings (Deficit) 128
Schedule 70 - Combining Statement of Cash Flows 129 -130
Electric:
Schedule 71 - Balance Sheet 131 -132
Schedule 72 - Statement of Revenues, Expenses and Changes
in Retained Earnings 133
Schedule 73 - Statement of Cash Flows 134 -135
Water and Sewer:
136Schedule74 - Balance Sheet
Schedule 75 - Statement of Revenues, Expenses and Changes
in Retained Earnings 137
Schedule 76 - Statement of Cash Flows 138
CITY OF SEWARD ,
General Purpose Financial
Statements and Schedules
Table of Contents '
Combining, Individual Fund and Account Group Financial Statements:
Proprietary Fund Types, Continued:
Enterprise Funds, Continued:
Harbor:
Schedule 77 - Balance Sheet 139 -140
Schedule 18 - Statement of Revenues, Expenses and Changes
in Retained Earnings 141
Schedule 79 - Statement of Cash Flows 142 -143
Seward General Hospital:
Schedule 80 - Balance Sheet 144
Schedule 81 - Statement of Revenues, Expenses and Changes in
Retained Earnings 145
Schedule 82 - Statement of Cash Flows 146
Grain Terminal:
141Schedule83 - Balance Sheet
Schedule 84 - Statement of Revenues, Expenses and Changes in
Retained Earnings (Deficit) 148
Schedule 85 - Statement of Cash Flows 149
Internal Service Fund: 150
Motor Pool:
Schedule 86 - Balance Sheet 151
Schedule 87 - Statement of Revenues, Expenses and Changes
in Retained Earnings 152
Schedule 88 - Statement of Cash flows 153 t
Fiduciary Fund Type - Agency Funds: 154
Schedule 89 - Combining Balance Sheet 155
Schedule 90 - Combining Statement of Changes in Assets and
Liabilities 156
General Fixed Assets Account Group: 157
Schedule 91 - General Fixed Assets by Sources 158
Schedule 92 - General Fixed Assets Activity 159
General Long -term Debt Account Group: 160
Schedule 93 - Statement of General Long -term Debt 161
VI I
1
1
CITY OF SEWARD
1 General Purpose Financial
Statements and Schedules
Table of Contents
1 VII
PART III - STATISTICAL SECTION
1 Page
Statistical
Table 1
Tables:
General Fund Revenues by Source
162
163
Table lA General Government Tax revenues by Sources 163
Table 2 General Fund Expenditures by Function 164
1 Table 3 Property Tax Levies and Collections 165
Table 4 Assessed and Estimated Actual Value of Taxable Property 166
Table 5 Property Tax Rates - Direct and Overlapping Governments 167
Table 6 Special Property Assessment Collections 168
Table 7 Ratio of General Bonded Debt Assessed Value and Bonded
Debt Per Capita 169
Table 8 Legal Debt Margin 170
1 Table 8A Computation of Direct and Overlapping Bonded Debt,
General Obligation Bonds 170
Table 9 Ratio of Annual Debt Service Expenditures for General
Obligation Debt to Total General Fund Expenditures 171
Table 10 Property Value, Construction and Bank Deposits 172
Table 11 Principal Taxpayers 173
1
Table 12 Miscellaneous Statistics 174 -175
1 VII
THIS PAGE INTENTIONALLY LEFT 8 L A N K
n
CITY OF SEWARD
P.O. !o% 167
SEWARD, ALASKA 99664
September 15, 1994
1.. S
i
41
Main Office (907) 224 -3331
Police (907) 224 -3338
Harbor (907) 224.3138
Fire (907) 224 -3445
Telecopier (907) 224.3248
To the Honorable Mayor Dave Crane, members of the City Council and the Citizens of the City of Seward:
The Comprehensive Annual Financial Report of the City of Seward, Alaska, for the fiscal year ended
June 30, 1994, is submitted as mandated by both local ordinances and state statutes. These ordinances and
statutes require that the City of Seward issue annually a report on its financial position and activity, and that
this report be audited by an independent firm of certified public accountants. Responsibility for both the
accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with
management. 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 results of operations of the City as measured by the
financial activity of the various funds. All disclosures necessary to enable the reader to gain an understanding
of the City's financial activities have been included.
The Comprehensive Annual Financial Report is presented in three sections: introductory, financial and
statistical, The introductory section, which is unaudited, includes this letter of transmittal, a list of the City's
principal officials and an organizational chart. The financial section includes the general purpose financial
sta, 3ments and the combining and individual fund and account group financial statements and schedules, as
vtie, 3s the independent auditor's report on these financial statements and schedules. The statistical section,
which is unaudited, includes a number of statistical tables that present various financial and demographic
information for the City, generally presented on a multi -year basis.
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 general government revenues which are not restricted to a particular use. The City also
provides utility services, including electric, water and sewer. These services are enterprise funds, supported
through user charges established by tariff. 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 the hospital
enterprise fund have been delegated to the Seward General 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.
IX
GOVERNMENTAL STRUCTURE, LOCAL ECONOMIC CONDITION AND OUTLOOK
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.
is to the CouncilTheCityManageristheadministrativeheadoftheCityGovernmentandresponsible
for the proper handling of all City affairs. The office of City Clerk is subordinate to, and appointed by, the
TheCouncil, The City Clerk has duties in connection with the keeping of the public records and City elections.
City Attorney is appointed by the Council. All other officers and employees of the City are appointed by the
City Manager. Appointments to the following positions are made by the City Manager with approval of the
Council: City Engineer, Chief of Police, Director of Finance and Administrative Services and the Fire Chief.
The City provides a comprehensive range of services for its citizens. Among these services are police,
fire, water, sewer, medical services through Seward General Hospital, culture and leisure services through itsboatharbor, industrial andlibraryandparksandrecreationdepartments, electric utility, deep draft port, small
economic development, planning and general administrative services.
The community is located on the eastern side of the Kenai Peninsula in Southcentral Alaska, 125
highway miles south of Anchorage. Year -round access is available by road, rail, water and commuter air
service. The City currently has an area of 22 square miles and a population of 2,704.
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 City economically and still drive the economic base for the community.
Seward currently is the only city 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 other coastal communities in Alaska. Seward has directed its post - pipeline economic efforts toward economic
diversification. The City has created and encouraged private investment and year -round jobs in Seward.
Economic base expansion is focused on seven primary economic activities: fishing, tourism, bulk transportation,
The City's efforts to increase activity and
t
ship repair (services), forest products, education and government.
year -round jobs have resulted in over 300 new jobs and over $125,000,000 of new construction over the last
fifteen years. While avoiding tax rate increases, Seward has been able to maintain existing government servicehavebeenacquiredfromtaxreceipts, user fees, service fees and payments forlevelsasincreasedrevenues
public property leases.
Seasonal activity has generated increased economic activity in tourism, sport and commercial fishing. a visitor activity level of nearlyTourismisasignificantactivityinSeward. Industry analysts established
during calendar year 1993. Seward has become known as the best one -day trip from300,000 visitors
Anchorage, due in part to the Exit Glacier, Kenai Fjords National Park and great scenic splendor of the area in
is and continuation of a seasonalgeneral. An indicator of the success of the tourism industry the establishment
seven- day-per -week passenger service to Seward from Anchorage by the Alaska Railroad.
A major factor in local economic development was the opening of the State's first maximum security
X
1
prison in 1988. The opening of the Spring Creek Correctional Center greatly enhanced the local economy,
e
providing year -round employment to the primarily seasonal economy of the area. Another cornerstone of the
City's efforts to increase jobs, private investment and economic activity has been the creation of the Seward
Marine Industrial Center (SMIC), This area contains over eighty 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 forty million dollars of State grant and local monies to create this prime
industrial development area. The SMIC is the only dedicated marine industrial center in Southcentral Alaska
In addition to developing industrial land for lease at SMIC, the City sponsored the construction of two major
ship 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,
1 MAJOR INITIATIVES
For the Year
The City's staff, following specific directives of the City Council, have been involved in a variety of
projects throughout the year. These projects reflect the government's commitment to ensuring that its citizens
are able to live and work in an enviable environment.
The City Council identified several major improvements that were needed to meet citizen's demands for
services and to safeguard the environment in conformity with applicable federal and state standards. These
improvements include the repair and upgrade of the Lowell Point wastewater treatment facility, replacement and
upgrading to sections of the electrical transmission and distribution system, continuation of the waterfront park
improvements, major street repairs and maintenance, upgrade of fuel tanks at the electric utility's generating
plant, upgrade of fuel tanks and fuel dispensing system at the City shop, new high mast lighting system for the
SMIC North Dock, construction of a new boat launch ramp for the small boat harbor, an elevator to the second
floor of City Hall, a new fire alarm system for the hospital, installation of the enhanced emergency 91 1
communication system for the police department, an additional fish cleaning station in the small boat harbor
and the installation of a new computer network system for the small boat harbor.
The wastewater treatment facility at Lowell Point was returned to operational status in October, 1993
after two years of construction to repair and upgrade the sewage lagoon. This project was completed with a
combination of state monies from the Division of Emergency Services, a matching grant from the Department
of Environmental Conservation(DEC), a low interest loan provided through DEC and local monies for a total
reconstruction cost of approximately 83 million.
The City's electric utility completed the reconstruction of the transmission line from mile eight to
approximately mile eighteen of the Seward Highway in late 1993 which completed phase IB of the transmission
line project. The City obtained 89.5 million dollars from the State of Alaska in 1990 to replace and upgrade the
utility's transmission line from approximately mile three to mile twenty -four of the Seward Highway. The utility
has also been extending the distribution line from the Spring Creek substation to eventually connect to the Fort
Raymond substation. The extension of this distribution line has already added an industrial customer and a large
general service commercial customer to the utility's customer base. A new extension was also completed at
the end of 1993 to the Bear Lake subdivision which was made possible by an assessment district for that
subdivision. The utility has also replaced the diesel fuel tanks at the generation plant with double - walled tanks
and improved piping to the generators in order to ensure safe delivery of fuel when the generators are
operational,
The City's parks and recreation department received matching grant monies in 1992 for improvements
to the waterfront park area. Improvements continued with the construction of a new restroom and shower
1
XI
1
facility to be completed in the fall Of 1994 for use during the 1995 tourist season. Other improvements
included park user amenities, improved parking for motor homes, improvements to the picnic pavilions and '
generally improving the appearance of the waterfront park.
Other major improvements included over $450,000 to complete street repairs and paving a large portio,i '
of deteriorating streets within the City, the replacement of the underground fuel tanks at the City shop with an
above ground tank which included a new fuel dispensing system, improved lighting for the SMIC North Dock,
completed construction of an elevator for City Hall, installation of a new fire alarm system for Seward General
Hospital and construction of a new fish cleaning station in the small boat harbor area. The harbor constructed ,
a new $400,000 boat launch ramp which was completed in time for the Seward Silver Salmon Derby in August
of 1994. The harbor also installed a new computer network system in 1994. The new system has automated
the tracking of boat usage in the harbor slips on a daily basis which has greatly improved the month -end billing '
process,
The police department, in conjunction with the Kenai Peninsula Borough, completed the installation of
an Enhanced 911 system at the end of 1993. The E911 system, supported by computer technology, ,
automatically recognizes caller location. The E91 1 system features, including automatic number identification
ANTI, automatic location identification (ALI) and selective routing, have all but eradicated the greatest
communication problem associated with basic 911 service: the inability to determine the location of the '
incommunicative caller.
For the Future '
The City Council approved expansion of the harbor operations in the small boat harbor along with major
repairs and renovations to the float system in conjunction with a new boat harbor use agreement with the State
of Alaska. Over $$50,000 of State and local monies is planned to repair and upgrade the float system during ,
FY95, which will include a major overhaul of the electrical system in the small boat harbor. In addition, plans
are being made to build a sewer pump station and a new restroom, shower facility near the new northeast
launch ramp that was recently completed. The Corp of Engineers is preparing a reconnaissance study for
completing the SMIC breakwater for future dock and harbor expansion.
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 years.) 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.
Phase II of the electric utility's transmission line project is being planned and designed with construction
to begin in the spring of 1995. Phase II includes the replacement and upgrade of the transmission line from
approximately mile eighteen to mile twenty -four of the Seward Highway. It is possible that additional funds
will be sought to complete the full project to mile twenty-four including a new substation at mile three.
After considerable effort from the City and other development assistance agencies, Princess Tours, Inc. ,
and Regency, Inc. decided in 1993 to move all "across the gulf" cruise tours to the Port of Seward. 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 City.
The Alaska SeaLife 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
XII 1
Council, Its principal emphasis is the development of research and rehabilitation facilities to provide the required
research and monitoring relating to injured marine mammals, sea birds and fishes indigenous to Alaskan waters.
The total planned cost of the project is $46.3 million, including $36.3 million for the research facilities, the
project received $12.5 million in 1993 from the Alaska legislature and recently received approval of $25 million
from the Exxon Valdez Oil Spill Trustees Council.
Other improvements planned for FY95 include a new phone system for City Hall that is compatible with
the police and fire phone systems, the relocation of the youth center, completion of the new shower facilities
at the waterfront park and completion of the handicapped access to the City library and continued
renovation /repair of the small boat harbor.
The community development department is currently developing a City Land Management Plan to be
used for managing City owned lands for the purpose of future development of land for city uses, including parks
and various city facilities. The police department has plans to install video cameras in additional patrol cars
during FY 1995.
Department Focus
This year the City decided to annually focus attention on the efforts and accomplishments of a selected
department. The Harbor Enterprise department has been selected for this purpose.
The Harbor Enterprise department employs 13 full -time and 2 seasonal employees. The department is
responsible for all port operations including the small boat harbor, various City docks, a 50 ton travelift, a 250
ton travelift and a 5,280 ton syncrolift operation. The inner - harbor facilities of the small boat harbor are owned
by the State of Alaska and operated through a management agreement with the City. The newly negotiated
agreement establishes a 10 -year cycle of State- and City - sponsored improvements to the harbor with a shared
goal of City ownership thereafter. The State's capital improvements ($700,000 in projects in 1994 -5), are
funded through the State of Alaska general fund. The City's improvements will be funded by fees charged boat
owners who rent slips in the harbor. The agreement calls for the City to commit $250,000 per year toward
such improvements in the first five years of the new agreement and $300,000 per year in the final five years
of the agreement. The small boat harbor is a 17 acre boat basin which contains 13 major float systems and
a fixed dock complex. The design of the small boat harbor offers 550 individual stalls and 6,000 lineal feet of
transient berthing. Of the approximately 3,000 registered pleasure and commercial vessels, over 900 vessels
can be in Port during any given time during the peak season. The Harbor Enterprise also maintains its own
computer system for tracking harbor slip usage and for billing purposes of the various operations of the Harbor.
The FY94 budget reflected the City's desire to remedy negative cash flow, address deferred
maintenance and increase the hours of coverage in harbor operations. The following steps have or are being
taken to improve operations of the Harbor Enterprise:
1 . Transfer of all upland property affected by the harbor operations from the General Fund to the
Harbor Enterprise Fund in FY94 resulted in lease revenues of approximately $220,000.
2. Develop a new policy for payment in lieu of taxes and administrative overhead that will
adequately reimburse the General Fund for governmental services and administrative services
provided to the Harbor Enterprise.
i3. Develop a mairtenance and operational agreement with private enterprise to eliminate City
subsidies for the syncrolift operation.
4. Installation of a new computer system to improve the tracking of harbor slip usage and other
XIII
XIV 1
harbor revenue operations.
5. Increasing user fees at the harbor by approximately 30% to help offset the impact of deferred
maintenance and higher operational costs of the harbor.
In addressing deferred maintenance, an additional employee has been obtained primarily for maintenance
work, harbor monies have been specifically budgeted for the purpose of repairs and maintenance and a
successful program has been initiated to secure additional monies for repairs and maintenance from grants.
Coverage of the harbor summer operations have been increased from eight hours to sixteen hours per
day with the addition of two seasonal employees and the re- scheduling of the other harbor staff.
Other initiatives started in FY94 include a quarterly news letter to users of the harbor about marine
operations and services, negotiation of a new Boat Harbor Use Agreement with the State of Alaska, the Seward
Marine Industrial Center Plan and a review and updating of the City Code governing the harbor operations.
FINANCIAL INFORMATION
The City's financial statements for governmental funds have been prepared on the modified accrual bass
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 areUnderthisrecognizedwhengoodsandservicesarereceivedandlialailitiesaredueandpayableatyear -end.
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.
Management of the City is responsible for establishing and maintaining an internal control structure designed
to ensure that the assets of the City are protected from loss, theft or misuse and to ensure that adequate
accounting data are compiled to allow for the preparation of financial statements in conformity with generally
accepted accounting principles. The internal control structure is designed to provide reasonable, but not
absolute, assurance that these objectives are met. The concept of reasonable assurances recognizes that: 1 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.
As a recipient of federal and state financial assistance, the City also is responsible for ensuring that an
adequate internal control structure is in place to ensure and document compliance with applicable laws and
regulations related to these programs. This internal control structure is subject to periodic evaluation by
management.
As part of the single audit performed by the City's independent accountants, tests are made to determine
the adequacy of the internal control structure, including that portion related to federal financial assistance
programs and state awards, as well as to determine that the City has complied with applicable laws and
regulations. The results of the City's single audit for the fiscal year ended June 34, 1994, provided no
instances of material weaknesses in the internal control structure or significant violations of applicable laws and
regulations.
Formal budgetary integration is employed as a management control device during the year for the General
Fund and certain Special Revenue Funds. The Capital Project Funds are budgeted on a project length basis and
formal budgetary control is achieved as such. The objective of these controls is to ensure compliance with legal
XIV 1
I
provisions embodied in the annual appropriated budget approved by the City Council. Resources are allocated
to and accounted for in individual funds, based upon the purposes for which those funds were created. The
City Council may, by resolution, transfer unencumbered balances between line items within a department or
between departments, with the exception of the Hospital Enterprise Fund. The City Council may also, by
resolution, transfer appropriations between funds and amend the original budget, including the tota'. budget of
the hospital enterprise fund. The City Manager may transfer amounts between line items within a department
and between departments within a fund. The Seward General Hospital Board may also transfer amounts
between line items within a department and between departments within the Hospital Enterprise Fund. The
level of budgetary control (i.e., the level at which expenditures cannot legally exceed the appropriated amount)
is at the fund level.
Capital projects and grant activities are budgeted on a project length basis. Activities of the General Fund,
certain Special Revenue Funds and the Enterprise Funds are included in the annual appropriating budget; and
appropriations lapse at year end. The City also maintains an encumbrance accounting system as one technique
of accomplishing budgetary control. Open encumbered amounts lapse at year end; however, they can be
reappropriated as part of the following year's budget.
As demonstrated by the statements and schedules included in the financial section of this report, the City
of Seward continues to meet its responsibility for sound financial management.
General Governmental Functions
Revenues from general governmental functions (which includes General, Special Revenue and Capital Project
Funds) totaled $9,499,404 in fiscal year 1994, an increase of $2,783,352 (41.4°/x) from fiscal year 1993. The
amount of revenue from major sources and the increase or decrease over 1993 is shown in the following
tabulations:
I xv
Dollar Percent
Increase Increase
Percent Decrease) Decrease)
Revenue Sources Amount of Total from 1993 from 1993
2,882,005 30.3% S 372,297 14.8 %
Taxes
19,795 0.2 12,778) 39.2)
Property assessments
33,132 0.3 9,396 39.6
Licenses and permits
4,278,767 45.0 2,883,442 206.7
Intergovernmental revenue
2,104,588 22.2 320,424) 13.2)
Charges for services
35,230 0.4 6,662) 15,9)
Fines and bails
105,280 1.1 1131,706) 55.6)
Interest
40,607 0.5 10,213) 20.1)
Miscellaneous revenue
4 a a 10783 3
I xv
GENERAL GOVERNMENT REVENUES
Gerwral, Speclal Revenue and Capttal Project Funds
i 9,499,404
rawM .w, ax
Inbr9M Rw. 16.0%
Al OthW 25%
1CWM1PXSW= xt2%
Tax revenues increased $372,297 from FY93 as a result of increased sales tax revenues and increased
payment in lieu of taxes from the Enterprise Funds. General property tax revenues produced $468,880,
compared to $515,286 for the prior year. Real property tax revenues increased slightly, $310,629 from
309,215, while personal property tax revenues decreased by $17,611 as a result of the lower property values
for the sawmill. Sales tax revenues generated $1,484,355, an increase from $1,286,358 for the prior year,
Payment in lieu of taxes from the Enterprise Funds increased $183,307 due to higher revenues in the Enterprise
Funds.
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. FY94 tax revenues are based on the 1993
property assessments. The Kenai Peninsula Borough bills and collects all property and sales taxes on behalf
of the City. The following chart shows the breakout of the various categories of tax revenues;
TAX REVENUES
General Fund
2,102,006
Salsa Tax 61.5%
Olhm 1,4%
proQarty Tax 1E,3%
PILT 3 PanaHy 8 InbnMt 0.5%
Xvl
Property assessment revenues decreased by $12,778 from FY93.
Licenses and permits experienced a slight increase of $9,396 from FY93 primarily as a result of the nevv
City business license instituted in FY94. Building permits increased $279.
Intergovernmental revenue increased $2,883,442 from FY93 due to higher revenues from State grants for
Special Revenue Funds and Capital Project Funds, of which $2,600,000 was for the Alaska SeaLife Center.
State revenue sharing and municipal assistance was decreased by $21,456 from FY93. The State jail contract
remained at $273,000 and the contract with the State for dispatch services which was negotiated in FY93 was
48,500 with an additional $12,125 from FY93 receipted in FY94, Raw fish tax was $145,033, a decrease
from $236,705 received in FY93.
Revenue from charges for services decreased from FY93 due to a policy change giving ownership of
property benefited from the harbor operations to the Harbor Enterprise Fund resulting in a decrease of rents and
leases to the General Fund. Rents and leases decreased from FY93 by $367,020. Parks and recreation
revenues increased slightly by $4,701 while commission revenue from the Department of Motor Vehicles
decreased by 52,530.
Fines and bails decreased slightly by $6,662 for FY94 due to a lower parking ticket fine and less parking
ticket revenues.
The decrease in interest revenue resulted from lower interest rates in FY94 and a lower cash balance
available for investments.
Miscellaneous revenues decreased by $10,213 from FY93 primarily due to lower surplus property sales.
Expenditures for general governmental purposes totaled $8,384,262 in fiscal year 1994, an increase of
2,743,608 (48.6%) from 1993. increases and decreases in levels of expenditures for major functions of the
City from the preceding year are shown in the following tabulations:
Dollar Percent
Increase Increase
Percent (Decrease) IDecreasel
Amount of Total Over 1993 Over 1993
General Government $ 4,544,790 54.2% $ 2,518,1 58 124.3 q4
Public Safety 1,782,396 2'.2 100,220 6.0
Public Works 722,202 8.6 32,993 4.8
t Parks and Recreation 443,661 5.3 (27,364) (5.8)
Library 215,149 2.6 14,074 7.0
Capital Outlay 332,362 4.0 129,354 63.7
Debt Service 343,702 4.1 (23,807) 16.51
5 8 834,262 1010% 48-6--c'.
1
XVII
GENERAL GOVERNMENT EXPENUTURES
General, Special Revenue and Capital Project Funds
5.384,252
Genova! G0ywmmnt 542%
Debt Swvm 4.1%
Caput Outlay 40%
Library 16%
Parks 3 RaG. 5.3%
PuWc sa" 21 1%
PUbk Works 8.E%
The overall increase in expenditures for the general government, which includes the General, Special Revenue
and the Capital Project Funds, in FY94 was due primarily to pass through grant monies received from the State
of Alaska for the Alaska SeaLife Center and an increase in capital outlay for capital projects. The increase in
general government expenditures includes $2,600,000 of State grant monies to the Seward Association for the
Advancement of Marine Science ISAAMSI during FY94 for the Alaska SeaLife Center. Total expenditures in the
General Fund actually decreased by $138,605 from FY93.
Expenditures for the General Fund were lower than FY93, largely due to lower legal fees in FY94. Public
safety, public works, and library expenditures all increased from FY93 while general government, parks and
recreation and the General Fund debt service experienced decreases in expenditures from FY93. General Fund
expenditures were $207,289 lower than budgeted in FY94.
General Fund Balance
The General Fund year -end fund balance totaled $3,361,791, an increase of $395,924 from 1993. The increase
consists of an excess of revenues over expenditures of $1,083,523 and a net General Fund transfer out of
687,599. A total of $175,846 was transferred into the General Fund and $863,445 was transferred from the
General Fund to other funds as indicated by the following:
I
L
Operating Transfers In (Out):
Special Revenue Funds:
D.A.R.E, Program
15581
Police Fund
19,250)
Capital Project Funds:
Jail Sprinkler
1'051)
City Hall Elevator
11,944)
Waterfront improvement
839,365)
Capital Acquisition Fund 141,806}
XVIU
I
LJ
Debt Administration
The ratio of bonded debt to assessed valuation and the amount of bonded debt per capita are useful
Iindicators of the City's debt position to management, citizens, and investors.
Enterprise Funds:
Harbor
Seward General Hospital
175,846
1615,242)
Net Operating Transfers Out 643,370)
100% of Per
Net Direct Bonded Debt
Residual Equity Transfers InlOuti:
C_ap to
3,790
Capital Project Funds - Police Dispatch 3,353)
Bike Path Extension 11,056)
Emergency Shelter Supplies 3,107)
SBA Tree Planting 4,200)
Internal Service Fund - Motor Pool Fund 22,5131
NET GENERAL FUND TRANSFERS OUT g5B7•!9M
Debt Administration
The ratio of bonded debt to assessed valuation and the amount of bonded debt per capita are useful
Iindicators of the City's debt position to management, citizens, and investors.
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, 1994, the City had $10,249,000 in outstanding general obligation bonds, Of this total, general
obligation bonds of $7,930,106 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.
Machinery and equipment have been capitalized in the amount of $546,660 in the General Fixed Assets
Account Group and $1,107,000 in the Enterprise Funds for which the equipment was purchased. As of June
30, 1994 the total minimum lease payments, if carried to term, would be $1,719,229 of which $1,433,044 is
recorded in the Enterprise Funds and $149,522 is recorded in the Motor Pool Internal Service Fund. Of the
1,719,229 in minimum lease payments, approximately $473,448 is interest as of June 30, 1994.
Cash Management
The City has combined all its moneys 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.
I
XIX
Ratio of
Bonded Debt to
Assessed Value
100% of Per
Net Direct Bonded Debt
Amount Market Value)
10,249,000 6.60%
C_ap to
3,790
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, 1994, the City had $10,249,000 in outstanding general obligation bonds, Of this total, general
obligation bonds of $7,930,106 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.
Machinery and equipment have been capitalized in the amount of $546,660 in the General Fixed Assets
Account Group and $1,107,000 in the Enterprise Funds for which the equipment was purchased. As of June
30, 1994 the total minimum lease payments, if carried to term, would be $1,719,229 of which $1,433,044 is
recorded in the Enterprise Funds and $149,522 is recorded in the Motor Pool Internal Service Fund. Of the
1,719,229 in minimum lease payments, approximately $473,448 is interest as of June 30, 1994.
Cash Management
The City has combined all its moneys 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.
I
XIX
rah Hospital cash
tal City and Hospital cash
nd investments
ing the year was invested in short-term time de
yes. The amount of interest earned in the fi c
as 1 less than the interest earned in th
rates and lower cash balances.
d to account for operations that are financed
where the 'intent of the City is that the costs c
is be financed or recovered primarily through
trio, waterisewer, hospital, and harbor services.
vestment in the Seward Grain Terminal which I
t, 1 989. The City of Seward sold the grain to rr
n payment and a $400,000 letter of credit pz
ioriJ the transfer of the proceeds, less epn
a pitl projects.
surariue UFL)Ker PFQV1Qe io55 conirai 5ervice5 ana gun uci penuo is
P has utilized are established safety committee to review and re cc
apartments. During 1994, the City Council designated a portio
antial losses related to the later enforcement liability pool (LELP)
to insurance pool for law enforcement professional liability, incli
ION
r and Section 29.35,120 of the Alaska Statutes both require a
financial transactions of the City by a certified public aounta
k, LLP was selected by the City Council. In addition to meeting
3,, the audit also was designed to meet the requirements of the
O B Circular -1 28 and the State of Alaska Single Audit Act
ral purpose financial statements is included in the financial s
I fund and account group financial statements and schedules arE
The auditor's reports related specifically to the single audit
of the Comprehensive Annual Financial Report could not have
icated services of the entire staff of the finance department. Wi
nembers of the department who assisted and contributed to thf
uld be given to the mayor and the members of council for tl
ti ng the operations of the City of Seward in a responsible and
td,
CITY OF SEWARD
LIST OF PRINCIPAL OFFICIALS
Dave Crane
Hugh Darling
Margaret Anderson
Darrell Deeter
Jerry King
Patrick D. O'Brien
Bruce Sieminski
Tyler Jones
Michael Yanex
Linda S. Murphy
Rick L. Gifford
David Calvert
Foster M. Singleton
Tom Walker
John R. Gage
Karin Sturdy
Catherine L. Nicolas
Kerry T. Martin
Council Members
Administration
XXil
Mayor
Vice Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
City 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
t
i
Seward Citizens
MUM
E
co"ssos
PLAm mVG a zols"
HOSPITAL BOARD
PORT & COMM9ta
ADVISORY BOARD
HSTORIC PRESERVATION
POLICE
HARBOR
CITY OF
SEWARD
MAYOR CITY
CLERK
COUNCL
QTY CITY
NWUGM ATTORNEY
DOUff
arY MANAGa
ara osea+o
FIMAMCE a LIBRARY
urarr=
PARKS
tt aFIRECEVBQFM*ff
RECREATION
xxul
ORGAN/ZATlONAL
CHART
THIS PAGE INTENTIONALLY LEFT BLANK
u
1
I
1
xxiv I
PART II
FINANCIAL SECTION
ti
1-1
I
Peat Marwick LLP
601 West Filth Avenue
Suite 700
Anchorage, AK 99501 -2258
Independent Auditors' Report
The Honorable Mayor and
Members of the 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, 1994, as listed in the table of contents (pages 2 to 43). 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 standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material 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 estimates made by management, as welt as evaluating the
overall financial statement 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, 1994, 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.
As discussed in note 1 to the general purpose financial statements, the City adopted the provisions of
the Governmental Accounting Standards Board's Statement 16, Accounting for Compensated Absences, and
Statement 23, Accounting and Financial Reporting for Refunding of Debt Reported by Proprietary
Activities.
Our audit was made for the purpose of forming an opinion on the general purpose financial statemw:nts
taken as a whole. The combining, individual fund and account group financial statements, as listed in
the table of contents (pages 44 to 161), are presented for purposes of additional analysis and are not
a required part of the general purpose financial statements. Such information has been subjected to
the auditing procedures applied in the audit of the general purpose financial statements end, in our
opinion, is fairly stated in all material respects in relation to the general purpose financial
statements taken as a whole.
PrnK G- P'e oaC' rn OAWZVJ. L, ,4. to
1
September 15, 1994
I
GENERAL PURPOSE FINANCIAL STATEMENTS - OVERVIEV
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
and changes in cash balances of the Enterprise Funds.
CITY OF SEWARD
Combined Balance sheet - All Fund Types and Account Groups
June 30, 1994
with comparative totals for 1993
Assets and Other Debits
Cash
Equity in central treasury
cash and equity in central. treasury
Investment in deferred compensation plan
Taxes receivable, net
Accounts receivable, net
Property assessments receivable
Federal grants receivable
State of Alaska receivable
Accrued interest receivable
Alaskans for Litter Prevention and Recycling
other receivables
Inventories
Due from other funds
Other asset@
Property, plant and equipment, net
Deferred charges
Amount to be provided for retirement of general long -term debt
and accrued annual leave
Liabilities Fund Equity and Other Cre0i_tA
Liabilities:
Estimated third -party payor settlement
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 Youth Center
Deferred revenue
Bonds payable
Mote payable to State of Alaska
Capital lease 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
Undesignated
Fund balances:
Unreserved:
Designated for working capital needs
Designated for Seward General Hospital loans
Designated for AML /JIA and Law Enforcement Liability Pool
Undesignated
Total fund equity and other credits
See accompanying notes to general purpose financial statements.
3
Governmental_FUnd Types
Special Capital
General Reven a Pr- oiects
S 335,165 4,250
1.686.121 14,148 513,710
2,021,286 18,398 513,710
J
108,577
739,477
1.835.091 7,181 504.485
222,513
7,181 504,485
156,817 3,552 11,719
3,998
1,507,467
S47 l3 2 50 555
1
844,617 1,302
220,299
25,218
5,333
64,555 2,128
238,322 11,339 20,944
1.398.344 14,7.69 20.944
1,500,000
26,700
1.835.091 7,181 504.485
3,361,791 7,181 504,485
S 4.760.1.35 22.1 525429
Proprietary Fund Types
Internal
Enterprise service
47, 366
1,, 15.53_9 175.144
1,262,905 175,144
1,219,244
704,498
556,443
64,555
2,983 -
83,418,77S 183,625
95,574 -
a7 3 249 359
Fiduciary
Fund Type -
AgenCy
3.045
3,045
1,651,475
8
11,65
Account Groups
General Long -term
Fixed Assets Debt
26,344,557
2,628,995
26.344.557 2 628996
256,493 -
1993
104,463 -
108,077 - - 184,390
368,870 - -
1,505,339 - -
1,651,475
3,045
164,292
7,421,244 - - 2,318,894
949,783 -
995,079 124,985 _ 125,712
277.09
1,050
12,150,737 124,985 1,654,520 2.628, 996
26,344,557 -
69,308,318 215,933 '
140,606 - '
5,725,316 17,851 - - -
Exhibit A
Totals
memorandum on(
1994 1993
386,781 67,077
3.607.707 1.976311
3,994,488 2,043,388
1,651,475 1,658,787
108,577 60,784
1,958,721 1,493,512
222,513 170,394
10,434
876,586 653,954
10,254
1,050
3,998 465,926
556,443 543,739
1,572,022 2,234,344
2,983 66,530
109,946,957 106,291,321
95,574 37,394
2,628,996 2,663,033
123123 6 120 4
11,623
1,102,412 1,583,320
104,463 96,550
512,766 561,659
394,088 332,474
5,333 7,545
1,572,022 2,234,344
1,651,475 1,658,787
3,045 1,749
434,897 645,683
9,740,138 10,039,000
949,783 535,068
1,245,776 1,122,779
11,844
277,097 293.897
17.993.295 19.136.322
26,344,557 41,970,180
69,524,251 50,755,961
140,606 54,536
5,743,167 5,278,116
1,500,000 1,500,000
113,965
26,700
2.346.757 1.595,764
75.174,240 233.784 26.344,557 105.626.038 101.268.522
87,324,977 358 769 1 654 520 26 344 557 z 62a,996 123,619.333 120.404.844
4
Exhibit 8 '
CITY OF SEWARD '
Combined Statement of Revenues, Expenditures, other Financing
Sources (Uses) and Changes in Fund Salances - Governmental Fund Types
Year ended June 30, 1994 '
with comparative totals for 1993
Revenues:
Texts
Property assessments
Licenses and permits
intergovernmental
Charges for services
Fines and bails
Interest
iliscelleneous
Total revenues
Expenditures:
Current:
General goverment
Public safety
Public works
Parks and recreation
Library
Capital outlay
Debt service
Total expenditures
Excess (deficiency) of
revenues over expenditures
other financing sources (uses):
Operating transfers from other funds
Operating transfers to other funds
Proceeds of refunding bonds
Payment of escrow and issuance costs
on refunded bonds
Met other financing sources (uses)
Excess of revenues and
other financing sources
over expenditures and
other financing uses
Fund balances at beginning of year
Residual equity transfers from other funds
Residual equity transfers to other funds
Fund balances at and of year
Totals '
special Capital onLyl
General Revenue Projects 1994 1993
f 2,882,005 - - 2,882,OD5 2,509,708
19,795 - 19,795 32,573
t33,132 33,132 23,736
903,835 3,108,589 266,343 4,275,767 1,395,325
2,104,588 - - 2,104,588 2,425,012
35,230 - - 35,230 41,892
102,824 - 2,456 105,280 236,986 ,
36807 3.67D 130 40.60 50,820
6,118.21;6 :3,-_-11 2 2,SV 26x.929 9,499.404 6.716,052
1,542,179 3,002,611 - 4,544,790 2,026,632 '
1,782,396 1,782,396 1,682,176
722,202 - - 722,202 689,209
443,661 - - 443,661 471,045 '
200,553 14,596 - 215,149 201,075
332,362 332,362 203,008
343,702 343,702 367,509
5,034,693 3,017.207 332,362 8.384,262 55 6454
1,083,523 95,052 6S3,433) 1,115,142 tj75,398 '
175,846 9,808 338,859 524,513 520,363 '
819,216) (104,417) (194,693) (1,118,326) (1,246,229)
1,823,295 - - 1,823,295
1,823,295) - - (1 823,295_) '
643,370) „ (94,609) 144.1 _(593,$13) _(725.866)
440,153 443
2,965,867 6,738
w(
44,229)
S 3.36 41 7
see accompanying notes to general purpose financial statements.
80,733
237,124
191,671
5,043)
504,485
521,329
3,209,729
191,671
49.272)
16117.31.41.7
349,532 '
2,902,834
4) '
3.209,729
r
fl
CITY OF SEWARD
Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual - General Fund
Year ended June 30, 1994
with comparative figures for 1993
Revenues:
Taxes
Property assessments
Licenses and permits
Intergovernmental
Charges for services
Fines and bails
Interest
Miscellaneous
Total revenues
Expenditures-
Current:
General government
Public safety
Public works
Parks and recreation
Library
Debt service
Total expenditures
Excess of revenues over expenditures
Other financing sources (uses):
Operating transfers from other funds
Operating transfers to other funds:
Special Revenue Funds
Capital Projects Funds
Enterprise Funds
Proceeds of refunding bonds
Payment of escrow and issuance costs on
refunded bonds
Met other financing uses
Excess of revenues and other
financing sources over
expenditures and other
financing uses
Fund balance at beginning of year
Residual equity transfers to other funds
Fund belence at and of year
Exhibit C
See accompanying notes to general purpose financial statements.
6
1994
variance
favorable 1993
9udsmt Actual junfavorab actual
i 2,778,907 2,882,005 103,098 2,509,708
22,500 19,795 2,705) 32,573
56,750 33,132 23,618) 23,736
905,914 903,835 2,079) 963,759
1,799,803 2,104,588 304,785 2,425,012
35,000 35,230 230 41,892
106,000 102,824 3,176) 236,986
40,400 36,8.07 3,593_) 47,862
5,,745.274 b 11 16 372,94? 6,301,528
1,693,823 1,542,179 151,644 1,779,085
1,778,502 1,782,396 3,894) 1,682,176
767,444 722,202 45,242 689,209
459,421 443,661 15,760 471,045
199,725 200,553 828) 184,274
343,067 433,702 635) 367,509
5.241.9§g 5,034,693 207,289 5.173298
503,291 1,083,523 580,231 128,230
175,846 175,846 3,195
558) 9,808) 9,250) 5,570)
208,887) 194,166) 14,721 528,598)
694,917) 615,242) 79,675 420,000)
1,823,295 1,823.295
0 823 29 ) 1 3 295)
728.516) 64 70) 850146 950973)
225,224) 440.153 665,377 177,257
2,965,867 2,965,867 2,831,247
44,229) 44 29) 4( 2,637)
S 266964.414 -- 363.61 1 66 5 3,7T 969„b7
See accompanying notes to general purpose financial statements.
6
CITY OF SEWARD
Combined Stat"Ient of Revenues, Expenses, Operating
Transfers and Changes in Retained Earnings - Proprietary
Fund Types - Enterprise Funds and Internet Service Fund
Year ended June 30, 1994
with comparative totals for 1993
Operating revenues:
Sales:
Residential
Small general service
Large general service
Industrial
Harbor power
Street end yard tights
Seward Marine Industrial, Center
Meter
Moorage
wharfage
Boat lift fees
Power sales
Storage
Rents and losses
Patient service revenues, net
City's portion of proceeds from sale of and
expired option on grain terminal
Vehicle rentals
Miscellaneous
Total operating revenues
cost of sales
Gross profit
Operating expenses:
Before depreciation:
Power
Distribution
Pumping
Salaries and benefits
Supplies and mointenance
Administration and general
Total before depreciation
Operating income
before depreciation
Depreciation
Operating income (kola)
Monoperating revenues (expenses):
Interest income
Interest expense
Other revenues
Other expenses
Enterprise
S 2,174,919
1,410,549
1,643,177
725,100
109,911
64,463
108,242
946,833
227,023
207,552
148,990
149,514
238,611
3,318,196
2,902
474,394
12,150,376
Internet
Service
52,491
52,491
Exhibit D '
Totals
memorendum only)
1994 1993
2,174,919
1,410,549
1,843,177
725,100
109,911
64,463
108,242
946,833
227,023
207,552
148,990
149,514
238,611
3,318,196
2,902
52,491
474,394
12,202,667
12,150.376 52491 12 2ii867
1,937,829
1,119,593
2,098,481
248,138
89,928
64,513
13,790
157,109
815,338
154,279
193,708
137,689
144,127
2,274,009
180,496
35,301
254397
9,918,725
10,101
9,908,624
2,290,409 2,290,409 2,110,984
472,764 472,764 525,865
168,513 168,513 92,448
2,579,492 2,579,492 2,232,919
521,398 521,398 506,312
406041692 4,604,692 , 3.954 314
10.637,26 10,637,268 9,422.842
1,513,108 52,491 1,565.599 465,782
X7,684.548 38.440 2,722.9 2.718.494
1,171,440) 14,051 1,157,389) 2.232.712)
62,843 1,109 63,952 72,389
563,047) 2,346) 565,393) 787,821)
62,353 62,353 13,246
57,986)
437,851) J,1,237) 439.08 760.172)
Continued)
I
1
I
1
2
CITY OF SEWARD
Combined Statement of Revenues, Expenses, Operating
Transfers and Changes in Retained Earnings - Proprietary
Fund Types - Enterprise Funds and Internal Service Fund
I
Exhibit_D._Cont.
1 8185,1_01
381,917)
5,777,569
63.000)
51.332 652
54,536
5,278116
55 332 .
Amrtizstion of contributions in aid of
Totals
construction 1,906,445 1.906.445
Internal memorandum only)
Enterprise Service 1994 1993
739,816
Income (loss) before
Retained earnings at beginning of year 5,327,615 5,037 5,332,652
operating transfers S (1,609,291) 12.614 1,596,477) 2,992,884)
Operating transfers:
S 5 8 6 22 17A65S1 3 658773
Retained earnings at and of year comprised of:
Designated for capital improvements
From other funds 605,694 605,694 733,866
5,725,316
To other funds 175.846) 175.846) 8,000)
13
Not operating transfers 429,840
statements.
429-04a 725.866
Met income (loss) 1,179,443) 12,814 1,166,629) 2,267,018)
1 8185,1_01
381,917)
5,777,569
63.000)
51.332 652
54,536
5,278116
55 332 .
Amrtizstion of contributions in aid of
construction 1,906,445 1.906.445
increase (dacrease)
in retained earnings 727,002 12.614 739,816
Retained earnings at beginning of year 5,327,615 5,037 5,332,652
Residual equity transfers to other funds 18!)695) 188,695)
Retained earnings at end of year S 5 8 6 22 17A65S1 3 658773
Retained earnings at and of year comprised of:
Designated for capital improvements 140,606 140,606
Undesignated 5,725,316 17,851 5,743,167
Total retained earnings S 5 865 92 13 5.883773
See accompanying notes to general purpose financial statements.
L
S
1 8185,1_01
381,917)
5,777,569
63.000)
51.332 652
54,536
5,278116
55 332 .
CITY OF SE YARD
Exhibit E
Combined Statement of Cash Flows '
Proprietary Fund Types • Enterprise Funds and Internal Service Fund
Year ended June 30, 1994
with comparative totals for 1993
Totals
Internal (memorandum-only) ,
Enterprise Service 1994 1993
Cash flows from operating activities:
Operating income (toes)
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation
Deferred charges
Allowance for doubtful receivables
Changes in assets and liabilities:
increase) decrease in accounts receivable
Increase) decrease in inventory
Increase in accounts payable
Decrease in annual leave payable
Decrease in accrued liabilities
Increase (decrease) in due to other funds
Increase (decrease) In deferred revenue
Total adjustments
Met cash provided by
operating activities
Cash flows from noncepitat financing activities:
Customer deposits
Operating transfers from other funds
Operating transfers to other funds
Other nonoptrating revenues
Other nonoperating expenses
Interest on central treasury borrowings
Met 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 -team obligations
Proceeds from disposal of fixed assets
Acquisition of fixed assets
Mote payable to State of Alaska
Contributions in aid
Proceeds from loan
Deferred revenue
Residual equity transfers to other funds
Transfers from other funds
Capital lease proceeds
Not cash used by capital and
related financing activities
Cash flows from investing activities:
interest income
Interest expense
Met cash provided by
investing activities
Met increase (decrease)
in cash and equity in
central treasury
0,171,440) 14.051 (1.157.389) (2.232.712)
Cash and equity in central treasury at beginning of year
Cash and equity in central treasury at end of year
2,684,548 38,440 2,722,988 2,718,494
8,730) 8,730) 16,800)
66,492) 66,492) 101,080
1,869,691 1,869,691 2,583,222)
41,394 41,394 14,537)
10,110 10,110 206,001
3,827) 3,827) 17,538)
52,596) 52,596) 52,563)
766,025) 766,025) 2,007,085
55,518 55.51$ 20000)
3 76633,E911 38.440 3.802.031 2.328,000
2,592.151 52,491 2,644,642 95.,_288
8,038 8,038 3,115
605,694 605,694 733,866
175,846) 175,846) 8,000)
62,353 62,353 13,246
57,986)
35,043) 35,043) 1)
465,196 465J96 570.674
633,789) 5,131) 638,920) 570,725)
506,885) 2,346) 509,231) 641,840)
2,268
5,964,975) 64,265) OP029,715) 5,
535,068) 414,715
4,653,432 4,653,432 4,785,353
200,000 200,000
108,774 108,774 351,644)
188,695) 188,695) 63,000)
46,296 46,296
130.116 130.116
1 917 42 ) 104,670 1,812,753) 1.838.342)
62,843 1,109 63,952 72,389
173) 173) 32)
62670 1,109 63,779 Zy457
1,202,594 158,270 1,360,864 1,100,923)
600,351 16,874 17,155 1 15,,108
S 1.262903 5,144 1 43 8 041 8
Continued)
4
r'
i
i
2
CITY OF SEWARD
Combined Statement of Cash Flows
Proprietary Fund Types - Enterprise Funds and Internet Service Fund
Interprise
Moncash investing, capital and financing activities:
loss on 1993 advance refunding general obligation
bonds f 557 09 )
Bond issuance cost paid from 1993 refunding bond
proceeds S (10)
Refunding of 19116 electric bonds S ( 95 000)
Refunding of 1987 -A harbor bonds S (lid 1
1993 refunding bonds S 55 6G701
See accompanying notes to general purpose financial statements.
10
Exhibit E Cont.
Totals
Internet (memorandum only)
Service 1994 1993
55 =0.95
3& 5.9.5. 100)
CITY OF SEWARD
Motes to General Purpose financial Statements ,
June 30, 1994 '
1) Summar of Si nificant Accountin Policies
Or anization an Services Provided '
The ity o Sewar , A aska,
awass
incorporated
form of government.
home -rule city.
The City operates under
The City provides the full range of municipal services as provided for by Alaska '
electric
Statute. This includes police fire
and recreation, public improvements,
wastewater services, library, p arks
planning and zoning, port and harbor, hospital, and general administrative
services.
V a and Presentation
accounting po icies of the City conform
unitsnerally
accepted accounting
principles as applicable
governmental
Re ortin Entit
The City s general purpose
the
CitalCouncileexercisesdoversightrresponsoibil-
organizations for which the City ,
ity. oversight responsibi oytis des° gnataondofymanagement ,
abeldityetoency,
selection of governing authority,
significantly
influence operations, and accountability for fiscal matters.
Based on the aforementioned oversighthacriteria,
Seward Geseraliospital is a '
component unit for which the y
Accord-
ingly, the accompanying general purpose financial statements include allactivitiesoftheCityandSewardGeneralHospital. '
Basis of Accountin ante with balanced- fund
The accounts of the City are maintained in ities
actor
principle of accounting, whereby for the purpose of accounting forsegregatedintoself - balancing groups in accordance withrespecificactivitiesorattainingcertainobjectives
special resolutions or restrictions.
The accounting and financial reporting treatment applied to a fund is determinedfor
by its measurement focus•
cesrmeasurementdfocus. by
a current financial resour , n
using
focus, only current assets and tatements of thesesfundsrrepresent increases
the balance sheet. Operating s
and other financing sources) an decreases (i.e., expendi-
i.e., revenues
tures and other financing uses) n net
Continued)
Li
CITY OF SEWARD
Notes to General Purpose Financial Statements
1 12
Continued)
The Proprietary Fund Types - Enterprise Funds and Internal Service Fund are
1
accounted for on a flow of economic resources measurement focus. With this
ml. =asurement focus, all assets and all liabilities associated with the
operation of these funds are included on the balance sheet. Fund equity
i.e., net total assets) is segregated into contributed capital and retained
earnings components. Proprietary Fund Type operating statements present
increases (e.g., revenues) and decreases (e.g., expenses) in net total
assets.
The Fiduciary Fund Type - Agency Funds are used to account for assets held on
behalf of outside parties, including other governments, or on behalf of other
funds within the government. When these assets are held under the terms of a
formal trust agreement, either a nonexpendable trust fund or an expendable
trust fund is used. The terms nonexpendable and expendable refer to whether
or not the government is under an obligation to maintain the trust princi-
pal. The Agency Funds generally are used to account for assets that the
government holds on behalf of others as their agent.
The general purpose financial statements of the Governmental Fund Types and
Fiduciary Fund Type and the related financial statements of the General Fund,
Special Revenue Funds, Capital Projects Funds and Agency Funds have been pre-
sented on the modified - accrual basis of accounting. Under this method,
expenditures or liabilities, other than interest on general obligation bonds
and certain other expenditures, are recorded when made or incurred. Revenues
are recognized in the accounting period in which they become susceptible to
accrual (i.e., both measurable and available). Available means collectible
within the current period or soon enough thereafter to pay current liabili-
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.
1 12
Continued)
3
CITY OF SEWARD
Notes to General Purpose financial Statements
Changes in Accounting Principles
The City has considered the currently issued Governmental Accounting Standards
Board (GASB) statements and implemented those which are applicable as
follows:
GASB 16: Accounting for Compensated Absences. The City materially
accounts for compensated absences as required by this statement;
therefore, no change is required.
GASB 18: Accounting for Municipal Solid waste Landfill Closure and Post-
closure Care Costs. The landfill is owned by the Kenai Peninsula
Borough. It is City management's opinion that closure and post -
closure care costs are the responsibility of the Borough.
GASB 20: Accounting and Financial Reporting for Proprietary Funds and
Other Governmental Entities That Use Proprietary Fund Account-
ing. This statement requires following GASB guidance but also
allows proprietary funds to elect either to follow or not to
follow Financial Accounting Standards Board (FASB) statements
which are not in conflict with GASB statements and have been
issued subsequent to November 30, 1989. This statement is not
effective for the City until July 1, 1994.
GASB 22: Accounting for Taxpayer- Assessed Tax Revenues in Governmental
Funds. This statement requires revenue from taxpayer- assessed
taxes, such as sales tax, net of estimated refunds, to be recog-
nized in Governmental Fund Types in the accounting period in
which they become susceptible to accrual - -that is, when they
become both measurable and available to finance expenditures of
the fiscal period. This statement is effective for periods
beginning after June 15, 1994 with earlier application encour-
aged. The City has not implemented this statement for this
financial statement period.
GASB 23: Accounting and Financial Reporting for Refunding of Debt Reported
by Proprietary Activities. This statement establishes standards
of accounting and reporting for current refundings and advance
refundings resulting in defeasance of debt reported by proprie-
tary activities. This statement requires that the difference
between the reacquisition price and the net carrying amount oflifetheolddebtbedeferredovertheshorteroftheremaining
of the old debt or the life of the new debt. On the balance
sheet, the deferred amount is reported as a deduction from or an
Continued)
13
4
CITY OF SEWARD
Notes to General Purpose Financial Statements
addition to the new debt liability. This statement is effective
for periods beginning after June 25, 1994 with earlier applica-
tion encouraged. The City implemented GASB 23 during fiscal year
1994 for the refunding of the 1986 Series A electric bonds and
the 1987 Series A water /sewer bonds.
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:
1 14
Continued)
Governmental Fund Types
theGeneralFundTheGeneralFundisthegeneraloperatingfundof
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 Types
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 financing of goods and services provided by one department to other
departments of the City on a cost - reimbursement basis.
1 14
Continued)
CITY OF SEWARD
1
Notes to General Purpose Financial Statements
Fiduciar Fund T e - Agency Funds - The Agency Funds are used to account
for assets held by the City as an agent for private organizations and other
governments. The Agency Funds are custodial in nature (assets equal
liabilities) and do not involve measurement of results of operations.
Account Groups - Account groups are used to establish accounting control
over the City's general fixed assets and general long -term debt. The City
uses the following account groups:
General Fixed Assets Account Group - Accounts for all fixed assets of the
City other than those accounted for in the Proprietary Fund Types -
Enterprise Funds and Internal-Service Fund.
General Long-term Debt Account Grou - Accounts for all long -term debt of
t e City except that accounted or in the Proprietary Fund Types -
Enterprise Funds and Internal Service Fund.
The general purpose financial statements provide a summary overview of the
financial position of all funds and account groups and of the operating
results of all funds. These general purpose financial statements have been
individualpreparedfromthedetailedstatementsincludedinthecombining,
fund and account group financial statements included in this report.
Total columns on the general purpose financial statements are captioned Totals
memorandum only) to indicate that they are presented only to facilitate
financial analysis. Data in these columns do not present financial position,
results of operations or cash flows in conformity with generally accepted
accounting principles. Neither are such data comparable to a consolida-
tion. Interfund eliminations have not been made in the aggregation of these
data.
Budgets and Bud etary Accounting
The City Counci 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.
Continued) '
1
is 1
u
v
CITY OF SEWARD
Notes to General Purpose Financial Statements
Encumbrance accounting s employed during the year under which purchase orders, 9 9
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 $ 5,227,4433 6,19
1 16
Central Treasury
A 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, 1994, 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 mill 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 1 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
reflected as deferred revenues of the General Fund.
Continued)
1 16
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.
Fixed Assets and Long -term_ Liabilities
The accounting and reporting treatment applied to the fixed assets and long -term
liabilities associated with a fund are determined by its measurement focus.
All Governmental Fund Types are accounted for on a spending or financial flow
measurement focus. This means that only current assets and current liabili-
ties are generally included in their balance sheets. Their reported fund
balance (net current assets) is considered a measure of available spendable
resources. Governmental Fund Type operating statements present increases
revenue and other financing sources) and decreases (expenditures and other
financing uses) in net current assets. Accordingly, they are said to present
a summary of sources and uses of available spendable resources during a
period. Fixed assets which are used in Governmental Fund Type operations
general fixed assets) are accounted for in the General Fixed Assets Account
Group, rather than in the Governmental Fund Types. Public domain general
fixed assets (infrastructure) consisting of certain improvements 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.
1
Continued)
1
17 1
7
8
CITY OF SEWARD
Notes to General Purpose Financial Statements
Noncurrent portions of long -term receivables due to the Governmental Fund Types
are reported on their balance sheets, in spite of their spending measurementfocus. Special reporting treatments are used to indicate, however, that they
should not be considered available spendable resources since they do not
represent net current assets. Recognition of Governmental Fund Type revenues
represented by noncurrent receivables is deferred until they become current
receivables.
Noncurrent liabilities are reported in the General Long -term Debt Account
Group. Expenditure recognition for Governmental Fund Types excludes amounts
represented by noncurrent liabilities because of their spending measurementfocus. Long -term liabilities do not affect current assets as such long -term
amounts are not recognized as Governmental Fund Type expenditures or fund
liabilities.
E
General Fixed Assets
Fixed assets acquired by funds other than the Enterprise Funds and Internal
Service Fund are recorded as expenditures in each fund and, depending on the
nature of the acquisition, are capitalized at historical cost, estimated
historical cost or estimated fair market value in the General Fixed Assets
Account Group. Upon disposal of significant property items, the General
Fixed Assets Account Group is relieved of the related cost and value received
is normally accounted for as revenue in the General Fund.
Fixed Assets (Proprietary Fund T es
Assets comprising property, plant and equipment in the Proprietary Fund Types
are stated at cost. Depreciation has been provided by use of the straight -
line method over the estimated lives of the assets.
Estimated lives of major asset categories are as follows:
Life in years
Buildings 10 -50
Improvements other than buildings 10 -50
Equipment 2 -30
Enterprise Fund property, plant and equipment acquired by contributions in aid
of construction from grants, entitlements or shared revenues externally
restricted are depreciated. The related depreciation expense is included in
the determination of net income. The annual depreciation on such contributed
plant is transferred from retained earnings to contributions in aid. Accumu-
lated amortization of contributions in aid represents the cumulative totals
of such depreciation transfers.
18
Continued)
9
CITY OF SEWARD
Notes to General Purpose Financial Statements
Accrued Leave
Annua eave (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.
Pre aid Ex enditures
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 Ca ital - Enterprise Funds
Contributed capital is reported, net of accumulated depreciation, on contributed
assets.
2) Stewardship, Cam liance Accountability and Appropriations
The 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, 1994, General Fund expenditures exceeded
amounts appropriated for some services but did not exceed the total amount
appropriated or actual revenues.
Continued)
I
I
19 1
i
t
10
CITY OF SEWARD
Notes to General Purpose Financial Statements
Other Individual Fund Disclosures
Following is a schedule of inter and receivables and payables at June 30, 1994:
Receivables Payables
General Fund:
Special Revenue Funds - Summer Youth
Employment /Training Program
Enterprise Funds:
Water and Sewer
Harbor
Seward General Hospital
Grain Terminal
Total Enterprise Funds
Total General Fund
Special Revenue Funds - General Fund - Summer
Youth Employment /Training Program
Enterprise Funds:
General Fund:
Water and Sewer
Harbor
Seward General Hospital
Grain Terminal
Total Enterprise Funds
Total
Fi•7
S 2,128 -
341,150 -
1,164,163 -
64,555
26 -
1,505,339 6 45
1,507,467 64,555
2,128
341,150
1,164,163
64,555 -
26
64.5 175.339
1,572,022 1,5i
Continued)
11
CITY Of SEWARD
Notes to General Purpose Financial Statements
A summary of operating transfers for the year ended June 30, 1994 follows:
From To
other other
General Fund: funds funds
Special Revenue Funds:
DARE Program S
Police Fund
Capital Projects Funds:
Jail Sprinkler
City Hall Elevator
Waterfront Improvement
Capital Acquisition Fund
Enterprise Funds:
Harbor Enterprise Fund
Seward General Hospital
Total General Fund
Special Revenue Funds:
DARE Program from General Fund
Police Fund from General Fund
State Revenue Sharing to Seward General
Hospital
Total Special Revenue Funds
Capital Projects Funds:
Jail Sprinkler from General Fund
Hospital Equipment to Seward General Hospital
Capital Acquisition Fund from General Fund
City Hall Elevator from General Fund
Waterfront Improvement from General Fund
Capital Acquisition Fund to City Hall
Elevator
Capital Acquisition Fund to Library
Handicapped Access
Capital Acquisition Fund to Street
Improvements
City Hall Elevator from Capital Acquisition
Fund
Library Handicapped Access from Capital
Acquisition Fund
Street Improvements from Capital Acquisition
Fund
Total Capital Projects Funds
21
1
175,846
1
558
1,051
9,250
1,051
11,944
819,216
39,365
141,806
175,846
1,051
6I5,242
175,846 819,216
11,944
558
24,000
9,250
104,417
9,808 104,417
24,000
20,693 -
100,000 ,
338,859 _ 194,693
Continued) '
1,051
50,000
141,806
11,944
39,365
24,000
20,693
100,000
24,000
20,693 -
100,000 ,
338,859 _ 194,693
Continued) '
1
12
CITY OF SEWARD
Notes to General Purpose Financial Statements
Enterprise Funds:
Harbor Enterprise Fund 175,846
Seward General Hospital:
From General Fund 501,277
From State Revenue Sharing Special Revenue
Fund 104,417
Total Enterprise Funds 605,694 175,846
Recorded as contributions in aid of construction
on Enterprise Fund balance sheet:
Seward General Hospital from General Fund 113,965
Seward General Hospital from Hospital
Equipment Special Revenue Fund 50,_000
Total S 1,294,172 1,294,
A summary of residual equity transfers for the year ended June 30, 1994 follows:
From To
other other
funds funds
General Fund: 1 Capital Projects Funds:
Police Dispatch 3,353
Emergency Shelter Supplies
SBA Tree Planting
3,107
4,200
Bike Path Continuation 11 ' 056
Total Capital Projects Funds 21,716
Motor Pool Internal Service Fund 22 513
Total General Fund 44,229
1 Capital Projects Funds:
General Fund:
Police Dispatch 3,353
Emergency Shelter Supplies 3,107
SBA Tree Planting 4,200
Bike Path Continuation 11,056
Total General Fund 21,716
Continued)
22
13
CITY OF SEWARD
to invest in obligations of the U.S. Treasury and
Notes to General Purpose Financial Statements
acceptances, repurchase agreements, commercial paper
rated A -1 by Standard & Poor's Corporation or P -1 by Moody's Commercial
1
Capital Projects Funds:
Record and maturing within nine months, and certificates of deposit insured
Hospital Boiler to Capital Acquisition Fund
by federal depository insurance
1,303
by a
Hospital Fire Alarm to Capital Acquisition
name.
Fund 3,740
Capital Acquisition Fund from Hospital Boiler 1,303
Capital Acquisition Fund from Hospital Fire
Alarm 3,740
Total Capital Projects Funds 5,043 5,043
Capital Acquisition Fund from Grain Terminal 164,912
Total Capital Projects Funds 191,671 5,043
Enterprise Funds:
Grain Terminal to Capital Acquisition Fund
Capital Projects Fund 164,912
Water and Sewer to Motor Pool Internal Service
Fund 23,783
Total Enterprise Funds 188,695
Motor Pool Internal Service Fund, recorded as '
contributions in aid of construction on
Internal Service Fund balance sheet:
General Fund 22,513
Water and Sewer Enterprise Funds 23,783
Total Internal Service Fund 46,296
Total S 237,967 2316967 '
1 ..._
Fund Deficits ,
The Grain Terminal Enterprise Fund has a $26 deficit. City management plans to
eliminate this deficit with an operating transfer in fiscal year 1995.
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.
Continued)
I
23 1
14
CITY OF SEWARD
Notes to General Purpose Financial Statements
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, 1994, the central
treasury was composed of the following:
Category 1 includes cash deposits which are insured or collateralized with
securities held by the City or by its agent in the City'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 securities
held by the pledging financial institution's trust department or agent in
the City'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.
24
Continued)
Categories Carrying Market
1 2 _ value value
City of Seward:
Petty cash 2,912 2,912 2,912
Deposits 78,141) 78,141) 10,026
Certificates of deposit 164,000 164,000 167,193
Overnight repurdwse agree mts 1,438,846 - 1,438,846 1,448,582
U.S. Government securities
Total City of Seward 88,771
2 419 705 -
T,858,'91- -
2 419 705
3322
2,439,549
4,068,262
Seward General Hospital:
Petty cash 400 y - 400 40D
Deposits 46,766 46,766 46,756
Total Seem
General Hospital 47,166 4 7,166 47,166
135,9037 3,858,551 - 3,994 i 488 4,115,428
Investments in deferned compensation f - 1,651,475 1,651,475
Category 1 includes cash deposits which are insured or collateralized with
securities held by the City or by its agent in the City'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 securities
held by the pledging financial institution's trust department or agent in
the City'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.
24
Continued)
15
CITY OF SEWARD
Notes to General Purpose Financial Statements
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:
Historic Preservation Plan
Spring Creek Correctional Center
Police Fund
Litter Control
Kenai Peninsula Guided Hikes
Total Special Revenue Funds
Capital Projects Funds:
Senior Citizens Center
Streets and Sidewalks
Library Handicapped Access
Police Dispatch
Emergency Shelter
Street Improvements
SBA Tree Planting
Bike Path Continuation
Hospital Anesthesia
Waterfront Improvement
Underground Storage Tanks
Capital Acquisition Fund
Total Capital Projects Funds
Enterprise Funds:
Electric
Harbor
Seward General Hospital
Total Enterprise Funds
Internal Service Fund - Motor Pool
Fiduciary Trust Fund - Youth Center
Total cash and equity in central treasury
2,021,286
2,569
4,334
4,250
5,670
X75
18.398
775
34,436
33,014
3,353
7,586
96,425
6,300
21,196
4,225
73,889
29,755
202 756
513
1,215,539
200
47,166
T,-262,905
175,144
3,045
3,994,488
Continued)
1
25 1
16
CITY OF SEWARD
Dotes to General Purpose Financial Statements
4) Fixed Assets
A summary 67 changes in general fixed assets follows:
Construction work
in progress 2,127393 274,271 31,549 - 21370,115
41,970,180 425,232 75,848 15,975,007 26,344,557
A summary of Proprietary Fund Type property, plant and equipment at June 30,
1994 follows:
Land and land rights $ 16,095,716
Buildings 4,295,020
Improvements other than buildings 21,209,191
Equipment 29,197,752
Docks 27,194,667
Less accumulated depreciation
Construction work in progress
26
97,992,346
262887,927
1,1
12,3142356 .
83,418,775
Continued)
Transfer to
Balance at
Harbor
Enterprise Balance at
July__1,_1993 Additions Deletions Fund June 30, 1994
Land and land rights 19,614,281 10,800 - 15,975,007 3,650,074
Buildings 8,194,515 19,408 - 8,213,923
lnnprouents other
than buildings 9,667,125 9,667,125
Equipment 2,366,866 120,753 44,299 2,443,320
Fixed assets
in service 39,842,787 150,961 44,299 15,975,007 23,974,442
Construction work
in progress 2,127393 274,271 31,549 - 21370,115
41,970,180 425,232 75,848 15,975,007 26,344,557
A summary of Proprietary Fund Type property, plant and equipment at June 30,
1994 follows:
Land and land rights $ 16,095,716
Buildings 4,295,020
Improvements other than buildings 21,209,191
Equipment 29,197,752
Docks 27,194,667
Less accumulated depreciation
Construction work in progress
26
97,992,346
262887,927
1,1
12,3142356 .
83,418,775
Continued)
11 '
CITY OF SEWARD '
Notes to General Purpose Financial Statements
1
5) Retirement Plans
State of Alaska Public Employees' Retirement System 1A. Plan Description
The City 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.
1Majormedicalbenefitsareprovidedwithoutcosttoallparticipantsfirsthired
before July 1, 1986. Participants first hired after June 30, 1986 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 1 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) '
21 1
1 28
18
CITY Or SEWARD
Notes to General Purpose Financial Statements
B. Investments
The City, at June 30, 1994, does not have any of its notes, bonds or other
instruments included in Plan assets.
C. Funding Status and Progress
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 pro-
gress 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
actuarial valuation performed as of June 30, 1993. 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 28
19
CITY OF SEWARD
Notes to General Purpose Financial Statements
e. Health cost inflation:
Year Per annum
1992 12.5%
1993 11.5
1994 10.5
1995 9.5
1996
1997
8.5
t7.5
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.
g. Cost of living allowance (domicile in Alaska) - 71% of those receiving
benefits will be eligible to receive the cost of living allowance.
h. Contribution refunds - 100% of those employees terminating after age
thirty -five with five or more years of service will leave their contri-
butions in the fund and thereby retain their deferred vested benefit.
All others who terminate are assumed to have their contributions
refunded.
i. Asset valuation - five -year average ratio of actuarial and book values
of the Plan assets. Prior to June 30, 1992, the actuarial value of the
assets equaled the market value of the Plan's assets, except that fixed
income investments are carried at amortized cost. Effective June 30,
1992, the actuarial value of fixed income investments equals the market
value. Valuation of assets cannot be outside of the range of amortized
cost and actuarial values. This change was made as a result of a
change in investment philosophy over time from a "buy and hold"
strategy for fixed income investments to a "managed" strategy. This
means that the fixed income funds are actively managed to obtain market
advantages, making the market value a more appropriate valuation
method. The effect of the change increased valuation assets by
103,790,000, which increased the funding ratio by 2.8% and lowered the
average employer contribution rate by 0.88%. The amount specifically
applicable to the City and Hospital is not available.
Continued)
29
n
I
i
20
1
CITY OF SEWARD
1 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-
sumption that the Plan will continue. were the Plan to terminate, different
actuarial assumptions and other factors might be applicable in determining
the actuarial present value of accumulated benefits.
1 The unfunded pension benefit obligation for the Plan is as follows as of
June 30, 1993, the latest actuarial valuation date:
1 C, ity Hospital Total
Pension benefit obligation:
Retirees and beneficiaries
1 currently receiving benefits
and terminated employees not
yet receiving benefits 3,222,000 2,242,000 5,464,000
1 Current employees:
Accumulated contributions
including allocated
investment income 1,204,000 363,000 1,567,000
Employer financed - vested 3,599,000 1,272,000 4,871,000
Employer financed - nonvested 464,000 180,000 644,000
Total pension
benefit obligation 8,489,000 4,057,000 12,546,000
Net assets available for benefits 8 988,000 2,258,000 46011,246,000
1 Unfunded (overfunded) pen -
sion benefit obligation 49) 1 79g 9000 1,300,000
1 Assets as a percent of pension
benefit obligation 105.88% 55.66% 89.64%
1 Continued)
1
I
1 30
21 1
CITY OF SEWARD
Notes to General Purpose Financial Statements
The average market value is equal to 101.81% of book value for the entire
plan. The net assets market value at June 30, 1993 for the City was
9,151,000 and $2,299,000 for the Hospital.
D. Contribution Re uirements and Contributions Made
Funding policy for the Plan provides or actuaria 17y determined periodic contri-
bution rates that change over time so that sufficient assets will be avail-
able to pay benefits when due.
Employer and employee contributions by the City and the Hospital for the year
ended June 30, 1994 are scheduled below and were made in accordance with
actuarially determined requirements computed using actuarial valuations
performed as of June 30, 1991 for the Plan:
Total Covered Contributions
payroll payroll Emp o er fmp ogee Total
City: 139 436,570
Amount $ 3,689,619 2,9451739 23 2 203,
Percent of
payroll 100% 79.64% 7.90% 6.92% 14-82%
Hospital:
Amount $ 1,440,392 1,146,803 279,13 „2 77,409 356,541
Percent of
payroll 10 79.62% 24.34% 6.75% 31.09%
is notAbreakdownofnormalcostandamortizationoftheunfundedliability
available.
Significant actuarial assumptions used to compute contribution are
orepensements
the same as those used to compute the standardized
obligation discussed in C above.
Continued)
31 1
I
22
CITY OF SEWARD
Notes to General Purpose Financial Statements
E. Trend Information
Tren in ormation 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
nual report. eates Ve lyear trendcinformation follows:
System
June 30, 1994
Unfunded
pension
benefit
obli astion
Unfunded
PBO as a
percent
Annual of annual
covered covered
Pal I RMLO 11
C i ty;
1987 $
Net
3,088,000 118.88%
assets
Net Pension available
assets benefit as a
available obligation percent
Year for benefits PBO of PBO
Unfunded
pension
benefit
obli astion
Unfunded
PBO as a
percent
Annual of annual
covered covered
Pal I RMLO 11
C i ty;
1987 $ 3,671,000 3,088,000 118.88% S (583,000)
213,000)
N/A
N/A
N /A%
N/A
1988 4,511,000
5,238,000
4,298,000
4'
455
104.96
23.29) 1989
1990 5,995,000 0005,455,000 109.90 541,000)
241,000)
2,322,978
2,679,008 9.00}
1991 6,652,000
7,726,000
6,411,000
7'
489
103.76
499,000) 17.72) 1992
1993 8,988,000 8> + 000 105.89 2,815,641
Hospital:
1987 369,000 1,394,000 26.47 1,025,000
361,000
N/A
N/A
N/A
N/A
1988 1,718,000
881,000
2,079,000
2,274,000
82.64
38.74 1,392,000 953,539 145.98
138.101989
1990 1,139,000 2,478,000 45.96
48.68
1,339,000
1,496,000
969,590
1,179,638 126.82
1991
1992
1,419,000
1,674,000
2,915,000
3,393,000 49.34 1,719,000
1,79 0-
1,116,642
1,138,115
153.94
15 7
1993 22 258,00 4,057,000 , 5_ 5'66
N/A - not available.
Employer contributions which made in accordance with
forutheayeardendedined
requirements as a percentage of
June 30 follow:
Year Cites Hos ital
1989 9.74% 19.047E
1990 3.14 14.09
1991 8.10 14.34
1992 6.40
1993 5.88 20.93
1994 6.31 24.34
1995 9.52 26.95
Continued)
32
23
CITY OF SEWARD
Notes to General Purpose Financial Statements
Retirement Incentive Program
The Retirement Incentive Program (RIP) was established May 15, 1986 under House
Bill 382. RIP was designed to encourage employees who were eligible for the
program to retire voluntarily with earlier retirement eligibility or
increased benefits. The cost of RIP is more than offset by the savings of
salary and other benefits provided to an active employee.
To be eligible for RIP, an employee must be vested, included in the organiza-
tional unit approved for participation, and meet the minimum age and service
requirements.
RIP gives each eligible employee participating in the program three years 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 tparticipatingemployeeswhowerepeaceofficersandfiremenwererequiredto
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 (SO at June 34, 1994) is recorded in
the General Long -term Debt Account Group.
1
Continued)
1
33 1
24
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 35,534
Year ended June 30, 1993 -
Total additions 97,003
1
1 34
Payments:
Year ended June 30, 1991 24,739)
Year ended June 30, 1992 36,586)
Year ended June 30, 1993 23,834)
Year ended June 30, 1994 11,8844)
Total payments 973003)
Liability at June 30, 1994
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 1994 was $3 per compensable hour for
a total contribution of $33,466.
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 ($184,389 at June 30, 1994) 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, 1993 S 231,109
Decrease 46,719
Balance at June 30, 1994 S 184,390
Continued)
1
1 34
25 1
CITY OF SEWARD '
Notes to General Purpose Financial Statements
7) Deferred Cam ensation 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 termina-
tion, retirement, death or an unforeseeable emergency.
All amounts of compensation deferred under the plan, all property and rights
purchased with those amounts, and all income attributable to those amounts,
property, or rights are (until paid or made available to the employee or
other beneficiary) solely the property and rights of the City (without being
restricted to the provisions of benefits under the plan), subject only to the
the City's general creditors. Participants' rights under the plan
claims of
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 forduethatwouldbelossesundertheplanbutdoeshavethedutyofcare
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.
Capitalized Leases8) lessee for financing theTheCityasenteredintoseveralleaseagreementsas
acquisition of a pickup truck, police communication equipment, a fire truck,
computers, heavy equipment and a one -ton truck for the Electric Fund and250 -ton boat lift. These tWaterandSewerFund, hospital equipment, and a
lease agreements qualify as capital leases for accounting purposes (titles
transfer at the end of the lease terms) and, therefore, have been recorded at
the present value of the future minimum lease payments. The following is an
analysis of the capital leases as of June 30, 1994;
General
Fixed
Assets
Account Enterprise
Group Funds
Machinery and equipment S 546,660 1,107,000
128,875Lessaccumulateddepreciation - _
Carrying value $ 54, b 660 978,125
1
Continued)
1
35
1
26
CITY OF SEWARD
Notes to General Purpose Financial Statements
The following s a schedule of future minimum lease payments under these capitalleasepaymentsatJune30, leases and the present value of the net minimum
1994:
General
Long-term
Debt Internal
Account Enterprise Service
Grp_qg Funds Fund
Fiscal year ending June 30: 14,217 141,491 20,561
51995 54,931 132,885 22,430
7,474 134,323 22,430
1997 135,386 22,430
1998 136,073 22,430
1999 395B
Thereafter S
Total minimum
lease payments 136,648 1,433,044 149,532
Less interest 1— 0,936 437_L965 247
Present value of
future minimum
lease payments S 125 712 995,079 124,985
Less current portion
74,224 1 4L6 12
Long -term portion
920,855: 11013
9) Lon -term Debt
Genera Ob i ation Bonds
T e City issues generaTobligation bonds to provideGeneral
funds far the
obligation
acquisition
bonds have
and construction of major capital facilities.
issued for both general government and proprietaryactivities. been
bonds are reported in the Proprietary Fund Type,
theyeare
expected to be repaid from proprietary revenues.
Continued)
1
1 36
27
CITY Of SEWARD
Notes to General Purpose Financial Statements
General obligation bonds are direct obligations and pledge the full faith and
credit of the government. General obligation bonds currently outstanding are
as follows:
Continued)
37
Interest rates Amount
1,200,000 1976 water and sewer serial
bonds, due in annual installments
of $100,000 and $110,000, through
June 1, 1996 7% to 8% S 210,000
1,700,000 1980 electric serial
bonds, due in annual installments
of $100,000 to $105,000, through
January 1, 2001 7% 875,000
5,000,000 1984 electric serial bonds,
due in an annual installment of
205,000 on October 1, 1994 9.5% to 12.5% 205,000
774,000 1986 nonrefunded electric
serial bonds, due in annual
installments of $75,000 to $323,000,
through October 1, 1996 6.9% to 7.4% 704,000
495,000 1987 harbor /general government
serial bonds, due in annual install-
ments of $90,000 to $115,000,
through December 1, 1997 6.6% to 7.4% 410,000
475,000 1990 general government serial
bonds, due in annual installments of
50,000 to $75,000, from 1993
through December 1, 2000 6.5% to 7.4% 430,000
3,990,000 1993 refunding electric
serial bonds, due in annual install-
ments of $45,000 to $560,000 through
October 1, 2004 2.8% to 5.4% 3,935,000
2,030,000 1993 refunding harbor/
general government serial bonds for
the 1987 Bonds, Series A, due in
in annual installments of $25,000
to $240,000 through December 1, 2007 2.8% to 5.7% 2,020,000
1,465,000 1993 refunding general gov-
ernment serial bonds for the 1990
Bonds, Series A, due in annual
installments of $10,000 to $165,000
through December 1, 2011 2.8% to 5.8% _1 460,000
t
10,249,000
Continued)
37
28
CITY Of SEWARD
Notes to General Purpose Financial Statements
Annual general obligation bond debt service requirements to maturity are as
follows:
LongGeneral -term
Year ending Enterprise Funds Debt Account Grou Total
June 30 Principal Interest P-ri R-1-p-aT Interest Princi a Interest
1995 $ 619,702 430,485 80,298 132,038 700,000 562,523
1996 673,938 385,124 87,062 126,887 761,000 512,011
1497 599,173 339,731 88,827 121,291 688,000 461,022
417,301
1998 639,408 302,026 95,592 115,275 735,000
1999 673,525 268,002 106,475 108,899 780,000 376,901
2000 -2004 3,435,562 798,543 629,437 440,025 4,064,999 1,238,568
100,010 771,203 243,077 2,060,001 343,087
2005 -2009 1,288,798
2010 -2012 - - 4601000 _ 41,180 460,000 41,180
7,930 106 2,623,921 , 2,318 894 1,3 2172 10,249,000 3,95
Notes payable by the Water and Sewer Enterprise Fund at June 30, 1994 follow:
Interest
rates Amount
1 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`k $ 25,783
924,000 note payable to State of Alaska
Department of Environmental Conservation,
repayment schedule to be determined upon
completion of the Lowell Point Sewer
4.31% 924,000RepairProject
949,783
Advance Refunding of General Obli ation Bonds
During July 1993, the City participated in the sale of three bond issues for theThepurposeofrefundingoutstandinggeneralobligationbonds. refundings
available and resulted intookadvantageoflowerinterestrateswhichwere
reductions in debt service requirements over the life of the new debt. Eco-
t nomic gains or losses generated by the refundings were calculated as the dif-
debt requirements of theferencebetweenthepresentvalueoftheservice
refunded debt and the present value of the debt service requirements of the
Continued)
38
29 1
CITY OF SEWARD '
Notes to General Purpose Financial Statements
new debt, discounted at the effective interest rate, and adjusted for any
additional cash paid. Accounting gains or losses were measured as the '
difference between the reacquisition price and the net carrying value of the
refunded debt on the date of extinguishment. Deferred accounting losses have
been recorded by all Proprietary Fund Types involved in the refundings. The '
losses are being amortized over the shorter of the remaining life of the
refunded debt or the life of the new debt in accordance with GASB 23.
Net proceeds, after payment of underwriting fees, insurance premiums and other
issuance costs, were used to purchase U.S. Government securities, which were
deposited in an irrevocable trust with an escrow agent to provide funds for
all future debt service payments or the early redemption and retirement of
the refunded debt. As a result, the refunded bonds are considered defeased
and no longer recorded in the general purpose financial statements of the
City.
The following table summarizes the advance refunding activity of the City during
the year ended June 30, 1994. The general obligation refunding bond issues
refund both Governmental and Proprietary Fund Type bonds. The accounting
loss is applicable only to the portion of the issue related to Proprietary
Fund Types.
Summary of Advance 1993 Bond Refundin sGeneralobligationrefundinggeneraTpurpose bonds are as follows:
QWV
Effective in debt
Issue interest Net Am mt service Ecm3d c Accenting
date New issue rate proceeds refunded -ash flaw gain loss in loss
Jui.1993 S 3,990,000 5.1(% $ 3,920,379 3,595,000 172,054 139,054 (325,379)
Apr.1993 2,030,000 5.45 1,988,683 1,760,000 190,439 138,073 (225,716)
Jun.1993 1,465,000 5.70 1,428,613 1,290,000 73,709 52,716
Continued)
I
39 1
L
1
30
CITY OF SEWARD
Notes to General Purpose Financial Statements
Defeasance of Debt
In t e current year, the City of Seward defeased certain general obligation
bonds by placing the proceeds of new bonds and other available funds in
irrevocable trusts to provide for all future debt service payments on the old
bonds. Accordingly, trust account assets and liabilities for defeased bonds
are not included in the City's financial statements.
At June 30, 1994, the following general obligation bonds are considered
defeased:
General obligation bonds:
General government S 1,590,640
Harbor 1,449,360
Electric 3,595_,000
Total general obligation bonds $ 6,635,000
Changes in Long-term Liabilities
During the year ended June 30, 1994, the following changes occurred in long -term
liabilities:
General government
Compensated absences
General obligation bonds
Capital leases
Retirement Incentive Program
Enterprise Funds
General obligation bonds
Capital leases
Notes payable
Balance at
July 1, 1993 Additions
231,109 -
2,152,937 1,823,295
267,143 -
11,844 -
S 2,66, 3 1,823,295
7,886,063 5,661,705 5,617,662
855,636 200,000 60,557
535,068 414,715 -
9,276,767 6,276,420 5 +6782,
40
Continued)
7,930,106
995,079
949,783
9,874,968
Balance at
Reductions June 30 1994
46,719 184,390
1,657,338 2,318,894
141,431 125,712
11,844
1,857,332 2,628,996
7,886,063 5,661,705 5,617,662
855,636 200,000 60,557
535,068 414,715 -
9,276,767 6,276,420 5 +6782,
40
Continued)
7,930,106
995,079
949,783
9,874,968
31
CITY OF SEWARD
Notes to General Purpose Financial Statements
10) Se me it Information far Pro rietar Fund T es
Enter rise un s
The ity maintains five enterprise funds which provide electric, terminal. Segment
water and
information for
sewer, harbor, hospital services and grain
the year ended June 30, 1994 follows:
Surd Total
Water General Grain Enterprise
Electric and Sewer Harbor Hospital Terminal Fuxds
Total operating revenues S 5,515,778 1,162,621
371,192
2,106,699
1,253,140
3,362,386
95,434
2,902 12,154,376
2,684,548
Depreciation a Mse
Operating lncame (loss)
965,182
470,522 (112,573) 943,037) 566,174) 20,178) (1,171,440)
Net operating transfers 175,846) 605,694 429 +848
from (to) other funds
192,852 (104,613) 1,299,053) 49,322 17,951) (1,179,443)
Net income (loss)
Cu rent capital
contributions 3,400,454 414,837 16,639,449 173,699 20,628,439
Property, plant and
equipment additions 319,619 1,963 16,039,197 132,544 16,493,323
Working capital
surplus (deficiency) 850,820 (52,902) 907,748) 719,023
1,972,566
26) 609,167
87,324,977
Total assets 24,=,666 11,434,087 49,093,658
Bonds and other long-term
liabilities
1,159,783
9, 8B5,fi99
2,791,106
4545 2 42
205,079
973,731
9,874,968
75,174,240
Fund equi ty 19_ , 468,094
A summary of changes in contributed capital follows:
Balance at
July 1, 1993 Additions Deletions
Balance at
June 30 1994
Electric Fund 17,567,036 3,400,454 20,967,494
Water and Sewer
Fund 12,425,855 414,837 12,440,692
53,022,538
Harbor Fund 36,383,089 16,639,449
Seward General
Hospital Fund 59,932 173,699 233,.631
S 6620 ,912 20,628,439 a
86,664,35
Continued)
41
L7
LJ'
32
CITY OF SEWARD
Notes to General Purpose Financial Statements
t
A summary of changes in accumulated amortization of contributions in aid
follows:
Balance at Balance at
July 1, 1993 Additions Deletions June 30,1994
Electric Fund $ 3,228,135 454,683 - 3,682,818
Water and Sewer
Fund 3,846,599 370,221 - 4,216,820
Harbor Fund $ 33742854 1,081,541 91456,395
15,449 ' 1,906,445 _ 17,356 03 „3
Internal Service Fund - Motor Pool
A summary of changes in contributed capital follows:
Balance at July 1, 1993 $ 169,637
Additions:
General Fund 22,513
Water and Sewer Fund 23,783
Balance at June 30, 1994 $ 21 933
11) Spring Creek Correctional Center
In 1985 the City undertook the financing and construction of a 320 -bed, maximum
security correctional facility on behalf of the State of Alaska. The facil-
ity was financed with nonrecourse certificates of lease participation and
leased to the state under the terms of a long -term lease signed in 1985. The
facility is currently being operated by the state. Technically, the City is
the owner of the facility. However, under the terms of both the financing
and lease agreements, there is no possibility of the City ever becoming
liable for the debt or being obliged to take actual possession of the facil-
ity. Consequently, the City has not included the value of the facility in
its general fixed assets. Payments for all costs of construction were made
directly by the project trustee, Security Pacific Bank of Washington, under
the terms of a trust indenture executed by the parties in 1985.
The City has maintained a Special Revenue Fund, Spring Creek Correctional Cen-
ter, to account for its administrative costs in monitoring construction of
the facility. These administrative costs have been reimbursed to the City by
the project trustee from the project funds.
1 (Continued)
1 42
33
CITY OF SEWARD
Notes to General Purpose Financial Statements
12) Revenue Bonds of
On December 10, the City forutheeAlaska,Pacifiic Uni-
Yariable Rate D emand Revenue
versity. The proceeds of the issue were used to refinance previous debt held
by the Alaska Pacifinvofsthe.
fullThe
fa thsand credit
constitute
Catyeand
l
obligation debt or pledge
accordingly, the bonds and the related assets are not reflected in the
accompanying
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 Princi al
1995 $ 5,7 4 6,1
13) Commitments and Contingencies
Amounts receive or receivabnciesom grantor al gencies
and
Jfederaland
adjustment by grantor age ,
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.
maCity
arisenfromesuch
believes
claims and lawsuits
amount
beyond that
liability, if any, which Y
which is covered by insurancb1 }a ldtonot
carry onfinancialconditionoritsability
as now conducted.
The City is defendant in a asserts
ofsthenvessel.
ofThevCityl of
165,000 and related loss of r evenue
believes it has defenses againecemberc1994. aThehCity'snattorneysis
initheon
this matter is scheduled for D ding outcome of this matter. The
discovery process and has no opinion regardingCityhasnoinsurancecoveragerelatedtothis claim and no provision for
loss, if any, is included in the financial statements.
43
1
1
1
I
1
I
1
COMBINING,
INDIVIDUAL FUND
AND
ACCOUNT GROUP FINANCIAL STATEMENTS
1
1
44
1
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 such as '
police and fire protection, recreation, planning, legal and
administrative services.
45 f
Schedule 1
1994 1993
S 2L1.286 1,280.857
68,569 49,910
50.220 40,696
18,349 9,214
3,331
1,266
CITY OF SEWARD
17,254
56.757
General Fund
60.784
Balance Sheet
June 30, 1994
791,285
75,+928
with comparative figures for 1993
1
668.208
265,103 249,385
42,590
Assets
222 „,513
Cash and equity in central treasury
156,817
Receivables:
10 254
taxes:
11 0-i
3,998
Personal property
1,507.467 2.233.078
Less allowance for doubtful receivables
Net personal property
Motor vehicle
Real property
Sales
Net taxes
Accounts
Less allowance for doubtful receivables
Net accounts
Property assessments
Less allowance for doubtful receivables
Net property assessments
State of Alaska
Accrued interest
Total receivables
Inventory
Due from other funds
Liabilities And,Fund Yslance
Liabilities:
Accounts payable
Salaries and wages payable
Annual leave payable
Accrued liabilities
Funds held in trust
Due to other funds
Deferred revenues
Total liabilities
Fund balance:
Unreserved:
Designated for working
Designated for Seward
capital needs
General Hospital loans
Designated for AML /JIA and law Enforcement Liability PoolUndesignated
Total fund balance
46
Schedule 1
1994 1993
S 2L1.286 1,280.857
68,569 49,910
50.220 40,696
18,349 9,214
3,331
1,266
30,140 17,254
56.757 34.316
1U8.577 60.784
815,405 791,285
75,+928 123 077
739,477 668.208
265,103 249,385
42,590 78.991
222 „,513 170.394
156,817 192,378
10 254
1.227.384 11 0-i
3,998 9,449
1,507.467 2.233.078
S 4760.13! 41.6 25412
844,617 1,199,190
151,186 151,417
69,113 67,229
25,218 36,924
5,333 7,545
64,555 1,266
238,;322 1951974
1.398.344 1,659,545
11500,000 1,500,000
113,965
26,700 -
1,835.091 1351,902
3,361.791 2.965.857
S 4, 7 4 525412
Schedule 2 '
CITY OF SEWARD '
General Fund
Statement of Revenues, Expenditures, Other '
Financing Sources (Uses) and Changes in Fund Balance
Year ended June 30, 1994 '
with comparative figures for 1993
1994 1993
Revenues:
Taxes 2,882,005 2,509,708
Property assessments 19,795 32,573
Licenses and permits 33,132 23,736
Intergovernmental 903,835 983,759
Charges for services 2,104,588 2,425,012
Fines and bails 35,230 41,892
Interest 102,824 236,986
Miscellaneous 36,807 47,862 1
Total revenues 6,118,216 6,301,528
Expenditures:
Current:
General government 1,542,179 1,779,085
Public safety 1,782,396 1,682,176
Public works 722,202 689,209
Parks and recreation 443,661 471,045
Library 200,553 184,274
Debt service 343,702 367,509
Total expenditures 5,034,693 5,173,298
Excess of revenues over expenditures 1,083,523 1,128,230
Other financing sources (uses):
Operating transfers from other funds 175,846 3,195
Operating transfers to other funds 819,216) 954,168)
Proceeds of refunding bonds 1,823,295
Payment of escrow and issuance costs on refunded
bonds 1,823,295)
Net other financing uses 643,370) 950 973)
Excess of revenues and other
financing sources over expendi-
tures and other financing uses 440,153 177,257
Fund balance at beginning of year 2,965,867 2,831,247
Residual equity transfers to other funds 44,229) 42,637)
Fund balance at end of year 3,361,791 2,965,867
47 1
Schedule 3
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, 1994
with comparative figures for 1993
1 48
1994
Variance
favorable 1993
Budget Actual unfavorable) actual
Revenues:
Taxes:
Property S 454,230 468,880 14,650 515,286
ales
1,350,000 1,484,355 134,335 1,286,358
Payments in lieu of tax
Penalty and interest
874,677
30,000
864,922
24,303
14,755)
5,697)
681,615
26,444
33,250 33,250
Harbor parkingH
6,295 6,245
Lodging
Bed and seat taxes 65.000
2.778.907 2.882.00S
65,000)
103,098 502• 9,7081Totaltaxes
Property assessments 22.500 19,795 70 5) 32,573
Licenses and permits:
50,000 19,567 30,433) 19.288
Building permits
750 1,160 410 1,411
Taxi permits
Animal control licenses 4,000 855 3,145) 787
Business license
2,000
10,530
1,020
10,530
480) 2,25.0
Miscellaneous
Total licenses and permits 56,750 33,132 7,3.618) s736
Intergovernmental:
State of Alaska:
General revenue sharing 201,399 206,592 5,193
2,737
216,558
203,242
Municipal assistance 189,015
273,000
141.752
273,000 273.000
Jett contract
Dispatch contract 48,500
175,000
60,625
145,033
12,125
29,967)
36,375
236,705
Raw fish tax
Liquor tax 18,000 26,425 8,425 17,375
Amusement tax
Tote( Intergovernmental
1000
905 914
408
403.835
59 2)
2.079)
504
983,759
Charges for services:
Administrative 1, 151,148 1,522,524 371,376 1,465,514
Rents and leases 143,119
35,000
128,183
37,875
16,936)
2,875
495,203
39,421
Copying charges
Department of Motor Vehicles commissions 43,000 37,759 5.241) 40,289
44,286
Police and fire contracts 45,939
35.000
45,939
70,830 35,830 92,884
Work orders
Recreation
247,597 234,750 12,847) 230,049
9,236Library
Other
7,000
40,000
6,219
20.509
781)
69 4 91) 8.136
Total charges for services 1.799A03 1.588204 304.785 2.425,012
Fines and bails 35,000
106,000
35,230
102,824
230
3,176)
41,892
236,986
Interest
Miscellaneous:
Sale of equipment and gravel 5,000 3,108
28,317
1,842)
1,683)
14.230
28,966
Garbage contract 30,000
5,400 382 ice) 4666
Other
Total miscellaneous 40,400
5
36,807 0 ,593) 4?862
Total revenues 5,745,274 6 118 16 372,942 6,301,528
Continued)
1 48
2 Schedule 3 Cont. '
CITY Of SEWARD
General Fund
Statement of Revenues, Expenditures, Other Financing
Budget
Sources
and ActualUses) and Changes in Fund Balance
1994
Variance
favorable 1993
Budget Actusk junfavorabi*l actual
Expenditures:
General government:
Mayor and council: 1i 18,000 13,500 4,500 22,255
Salaries 1,761 1,279 482 1,761
Employee benefits 51,000 52,000 1,000) 35,700
Audit 224,000 80,204 143,796 331,242
Legal 23,750 22,949 801 27,318
Supplies
Legiskative representation
73,000
36,097
73,138
40,796
136)
4,701)
74,877
47,186
Other services and charges 4,450 4 198 252 502
Capital outlay 4 Z 8$ Ob6 143 99 541 '
Total mayor and council
City manager: 182,236 182,828 592) 194,694
Salaries 34,121 35,519 1,396) 34,499
Employee benefits 3,400 5,312 1,912) 4,186
Supplies 19375 22,707 3,332) 27,902
other services and charges 1445 1445)
Capital outlay23q 1 47 11 8.679) 261 -2g?
Total city manager
City clerk: 101,160 106,991 5,831) 127,519
Salaries 20,854 22,001 1,147) 27,485
Employee benefits 3,510
supplies 10.000 8 477 1.523 133 9_96
Other services and charges 132 014 137 469 5,455) 17.2.500
Total city clerk
Finance: 341,642 327,713 13,929 283,781
Salaries 81,201 82,971 1,770) 66,0$3
Employee benefits 35,000 45,743 10,743) 27.148
Contracted services 23,500 15,746 7,714 15,529
Supplies 57,300 53,583 3,717 46,052
Other services and charges 22.0 0 21 24 1,224) 12 923
Capital outlay 560 b4 549 20 1 1623 45_1.866
Total finance
Community development: 54,390 61,516 7,126) 51,720
Salaries 11,561 11,880 319) 10,751
Employee benefits 3 699 1,346 2,353 4,551
Supplies 11,151 9,100 2,051 30,672
Other services and charges 3 000 31 60 160)
Capital outlay 83.801 1,002 3- 201_) 974 64
Total community development
General government services: 33,500 32,353 1,147 43,960
Employee benefits 85,000 66,649 1,449) 4,897
Utilities 15,575 8,2$0 7,295 8,207
Insurance 21 400 16,062 5,338 20,205
Supplies
Doubtful accounts
1,000
62,100
1,550
58,484
550)
3,616 49,395
other services and charges 600 2 43 1,833) 122223_9 '
Capital outlay
Total general government services
219 175
r
205.811 13.364 203
Contributions to civic organisations
00027 27.000 36,0000
Total general government
1-693,823 , 1.542.179 151.644 1 77_,_9_.00,8_5
Continued)
49
3
CITY Of SEWARO
General Fund
Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual
1
Expenditures, continued:
1,793)
Public safety:
1,092
Police:
16,431
Salaries
94
Employee benefits
Supplies
2.495
Other services and charges
148,348
Capital outlay
41,338
Total police
Jail:
136,906
Salaries
600
Employee benefits
327.96E
Supplies
Other services and charges
7,449
Capital outlay
25
Total jail
A
Animal control:
3;
491
36.748
Salaries
108,911
Employee benefits
25,081
Supplies
5,586
Other services and charges
Total animal control
13.987
Fire:
Salaries
Employee benefits
Supplies
other services and charges
Capital outlay
Total fire
Volunteer training:
Employee benefits
Stipends
Supplies
Other services and charges
Capital outlay
Total volunteer training
Emergency preparedness:
supplies
Other services and charges
Capital outlay
1 Total emergency preparedness
Engineer and utility manager:
Salaries
Employee benefits
Supplies
Other services and charges
Capital outlay
Total engineer and utility manager
Schedule 3. Cont.
1994
variance
favorable 1993
Budget Actual (unfavorable) actual
S 636,704
156,833
5,500
127,418
6.000
932,495
158,851
46,164
1,000
146,445
6.000
358.460
20,598
7,795
6,050
2.400
36.643
118,530
29,318
15,133
49,703
35.694
248,376
1,900
12,000
6,278
10,145
1.985
Pw1
300
810
4.709,
5.610
647,769
158,626
4,408
110,987
5.906
927,696
168,781
44,284
699
150,837
3,632
368,2
21,237
8,075
1,781
7.434
38.527
129,177
30,377
15,509
53,028
29+578
257 ;b9
1,900
12,000
4,035
9,493
1.595
19,323
310
991
2.211
3.356
11,065) 615,149
1,793) 142,840
1,092 6,807
16,431 107,686
94 6.569
4,75 87_99,051
2.495
9,930) 148,348
1,880 41,338
301 772
4,392) 136,906
2.368 600
9,773) 327.96E
639) 22,783
260) 7,449
4,269 25
5,034) A
1,604) 3;
491
36.748
10,647) 108,911
1,059) 25,081
376) 5,586
3,325) 71,431
6.116 13.987
9,291) 2241996
12,000
2,243 3,315
652 5,642
90
2,848)
2 485
565
10) 1,814
181) 2,685
2.495
2.304 4.499
58,986 59,736 750)
13,336 16,184 2,848)
900 565 335
16,264 11,290 4,974
500 500
89.986 87,,775
X71`
Continued)
1 50
92,519
20,276
513
16,382
129.690
Public works:
4 Schedule 3. Cont,
CITY OF SEYARo
Salaries 177,830 177,825
General Fund
156,782
Employee benefits 51,823
Statement of Revenues, Expenditures, Other Financing Sources
49,272 36,416
Uses) and Changes in Fund Balance - Budget and Actual
other services and charges 126,281 110,638 15,643 86,807
Capital outlay 15,708 1 2200_0 3.70
Total roads and streets
1994
392,980 27.934 333.583
City shop:
variance
Salaries 126,462 113,216 13,246
favorable 1993
28,598
Budget Actual unfavorable) actual
8,197
Expenditures, continued:
12,019
Other services and charges 54,665 49,443 5,222
Public safety, continued:
Capital outlay 2013 21013)
Building inspector.,
220,429 201467 13,962 250,672
Municipal building,
Salaries t 49,259 49,321 62) 42,563
42,924
Employee benefits 13,787 11,439 2,343 6,566
11,178
Supplies 200 235 35) 424
1,724
other services and charges 10,766 8,672 2,094 6,718
Capital outlay 250 250
3,777
Total municipal building
Total building inspector 74,262 6 4595 58,271
767,444
Total public safety 1,778,502 1,782.39 6 3,_994) 1 682.17
Public works:
Roads and streets:
Salaries 177,830 177,825 5 156,782
Employee benefits 51,823 56,101 4,278) 40,551
Supplies 49,272 36,416 12,856 49,443
other services and charges 126,281 110,638 15,643 86,807
Capital outlay 15,708 1 2200_0 3.70
Total roads and streets 420,914 392,980 27.934 333.583
City shop:
Salaries 126,462 113,216 13,246 130,199
Employe• benefits 31,702 28,598 3,104 29,207
Supplies 7,600 8,197 597) 12,019
Other services and charges 54,665 49,443 5,222 70,145
Capital outlay 2013 21013) 9,102
Total city shop 220,429 201467 13,962 250,672
Municipal building,
Salaries 42,924 40,238 2,686 30,087
Employee benefits 11,177 11,178 1) 8,185
Supplies 4,500 2,776 1,724 1,495
Other charges and services 65,000 73,563 6,563) 61,410
capital outlay 2.500 2,500 3,777
Total municipal building 126 101 127,755 1,624) 104,954
Total public works 767,444 722,202 45,242 689,209
Parks and recreation:
Parks and recreation:
Salaries 219,321 217,925 1,396 246,163
Employee benefits 46,049 51,018 4,969) 51,393
Supplies 20,835 17,083 3,802 16,641
Other services and charges 120,356 104,948 15,408 107,302
Capital outlay 10,810 11,522_ 712) 5.857
Total parks and recreation 417,421 402.49 134,42 427,356
Youth center:
Salaries 22,002 25,335 3,333) 25,963
Employee benefits 6,191 6,542 351) 6,666
Supplies 3,928 2,255 1,673 2,165
Other services and charges 9.879 7 0 2.846 8,895
Total youth center 42.000 41,165 835 43.689
Total parks and recreation 459,421 443,661 15,760
T
471045
Continued)
51
C
LJ
5
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual
Expenditures, continued:
Library:
Salaries
Employe* benefits
Supplies
Other services and charges
Capital outlay
Total library
Debt service:
Principal
Interest
Total debt service
Total expenditures
Excess of revenues over expenditures
Other financing sources (uses):
Operating transfers from other funds
Operating transfers to other funds:
Special Revenue Funds
Capital Projects Funds
Enterprise funds
Proceeds of refunding bonds
Payment of escrow and issuance costs on refunded
bonds
Met other financing uses
Excess of revenues and other
financing sources over
expenditures and other
financing uses
Fund balance at beginning of year
Residual equity transfers to other funds
Fund balance at end of year
Schedule 3. Cont_
52
1914 --
Variance
favorable 1993
Budget Actual unfavorable) actual
114,149 112,704 1,495 99,615
25,591 26,910 1,319) 23,938
6,050 5,814 236 12,272
48,575 49,457 882) 47,205
5 310
MAIM
5 668
00 5
356)
828)
1,244
184,274
173,920 199,898 25,978) 180,448
169,147 143.804 25,343 157.061
343,067 343,702 635) 367,509
5.241,982 5,034,693 207.28 5,173,298
503292 1,083,523 560,231 1,128,230
175,846 175,846 3,195
558) 9,806) 9,250) 5,570)
208,887) 194,166) 14,721 528,596)
694,917) 615,242) 79,675 420,000)
1,823,295 1,823,295
1 8 23 245) 0 821"M)
728.516) 643 37 ) 85,146 950973)
225,224) 440,153 665,377 177,257
2,965,867 2,965,867 2,831,247
44 9) 44.229) 42,637)
S 2.696.414 3,,36.1.1.791 3-17 2j.1 61861
52
Summer Youth Employment /Training Program - To account
for moneys received and expended to provide short -term
1
full or part -time work experience in a public or
SPECIAL REVENUE FUNDS
Day Care Assistance - To account for the state - financed
day care assistance grant program. Moneys are distri-
Special Revenue Funds are used to account for expenditures
associated with dedicated or restricted revenue sources.
DARE Program - To account for moneys received and
expended related to Drug Awareness Rehabilitation
Education.
for the State of Alaska. Revenues are provided by the
Summer Youth Employment /Training Program - To account
for moneys 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 - financed
day care assistance grant program. Moneys are distri-
buted directly to local day care providers.
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. Moneys are provided by the
federal government and the State of Alaska.
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, State of Alaska and City of Seward.
Litter Control - To account for the cost of a City -
administered litter control program. Program employs
local youth and is financed by a grant from the
nonprofit Alaskans for Litter Prevention and Recycling.
Prison Library - To account for state prison library
grant moneys.
Public Library - To account for state public library
grant moneys.
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.
53 1
z
SPECIAL REVENUE FUNDS
Interlibrary Cooperation Grant - To account for state
interlibrary cooperation grant moneys.
Kenai Peninsula Guided Hikes - To account for the federally
funded guided hikes program. Moneys are passed directly to
subrecipients.
Qutekcak Oyster Nursery - To account for the federally funded
oyster nursery project. All moneys are passed directly to
subrecipients.
Seward Association for Advancement of Marine Science - To
account for the development of the Alaska Sealife Center as a
recreation and marine mammal rehabilitation center and as a
center for education and research related to the natural
resources injured by the Exxon Valdez oil spill and to the
prevention and amelioration of marine spills. Moneys are
provided by grants from the federal government and the State
of Alaska.
Mt. Marathon Crafts Outlet - To account for the federally
financed crafts outlet program. All moneys are passed
directly to subrecipients.
Shellfish Hatchery - To account for the federally financed
shellfish hatchery program. All moneys are passed directly
to subrecipients.
t
1 54
1
Schedule 4
CITY OF SEWARD
Special Revenue Funs
Combining gelance Sheet
June 30, 1944
with comparative totals for 1993
Summer Youth Kerri
Employment/
Training
Historic Spring Creek
Preservation Correctional Police Litter
Peninsula
Guided Totals
Assets Pr0l rae Plan Center Fes, Control Hikes 19% 1993
Cash s - 4,250 4,250 3,550
Equity in central treasury 2 0569 4,334 5,670 1,575 14,14$ 244,061
Federal grants receivabie 10,434
State of Alaska grants receivable 3,430 122 - 3,552 19,824
Alaskans for Litter Prevention and
Recycling
S 3i 4 3 4 5 21 950
1,050
2789192 1575
Liabilities and Fund galancea
Liabilities:
Accounts payable 1,302 1,302 2,287
Accrued liabikity 60
Due to other funds 2,128 2,128 23,952
Deferred revenue 4,094 5,670 1.575 11.339 245,682
Total liabilities 3,430 4,D94 5,670 1,575 14,769 272,181
Fund balances 2,691 240 4.250 7-4111 6.738
f 3 4 p 2669.1 41334 4 2.50 5 0 1. 5 21 950 27$.919 t
1
1
55
THIS PAGE INTENTIONALLY LEFT BLANK
56
CITY OF SEt,M
Special Revenue Funds
Combining Statamient of Revenues, Expenditurw,, Other
Financing Sources (Uses) and Ch-1 ass in Fund Balances
Year ended ,tune 30, 1994
with camparative totals for 1993
57
Sunnier Youth
Employment/ Historic Spring Creek
DARE Training Day Care Preservation Correctional Police
Pr2graM Pr2jreM Assistance Plan Center_ Fund
Revenues:
Federal grants
s 13,820 299 1,094
232,420
6,751
State of Alaska grants
Kenai Peninsula Borough grants 1,650
240
Local sources
Total revenues 1.650 13.820 299 1.096 232.660 6.751
Expenditures:
3,020 12,458 367 2,222
Salaries
Employee benefits 980
1,159
904
374
52 549
1,113
Supplias
Other services and charges
5.159
84
13
299
Z99
1,744
2.192
228.536
232,4„20
11,791
111251
Total expenditures
Excess (deficiency) of
revenues over expenditures 3.504) ice) 240 5.000)
Other financing sources (uses):
558 9,250
Operating transfers from other finds
operating transfers to other funds 4.250_
Met other financing sources (uses) 558
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
2,951) 1,046) 240 4,250
financing uses
Find balances at beginning of year 2.951 3.737
Fund balances at end of year f -; 2A.691 241) 1A.250
57
Schedule 5
1
Seward
Association
l(emi for
State Peninsula Gutekcak Adwancannt Mt. Marathon
Litter Prison Pubtic Revenue Guided Oyster of Marine Crafts Shellfish Totals
Control Library Library Sharing Mikes Nursery Science Gut let Mat 1944 1993
3,850 16,280 32,000 5,100 2,800 81,996 16,998
6,486 0 177,927 2,600,000 3,024,943 350,742
1,650 5,002
3,430 3.670 2x-848
3,430 66.W 8 110 177. 1 80 2.632,000 5.100 2.800 3 112 9 375,590
3,172 2,243 23,482 38,455
258 228 2,971 3,818
162 269 3,106 3,971
3.853 7,841 73510 3.850 16.280 J,632.000 5.100 2.800 2, %7.648 218.104
1,430 6.486 8.110 73,510 3.850 16.280 6,, ,000 5.100 2.800 3 01 ,207 264,348
104,417 95.052 111,242
9,808 5,574
104.417) 1( 04.417) 113,
104.41 T) 94.609) 108.2%)
443 2,946
6.738 3.792
7 181 6 7M
1
1
S8
Schedule 6
CITY OF SEWARD
Special Revenue Funds
DARE Program
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets 1994 1993
Equity in central treasury
Kenai Peninsula Borough School District grants receivable
11001
1,950 1
w L1
Fund Balance
Fund balance S ` 24951
1
1
1
1
59
CITY OF SEWARD
Special Revenue Funds
DARE Program
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
Revenues:
Kenai Peninsula Borough School District grants
Local sources
Total revenues
Expenditures:
General government:
Salaries
Employee benefits
Travel and subsistence
Operating supplies
Total expenditures
Deficiency of revenues over expenditures
Other financing sources - operating transfers from other funds
Deficiency of revenues and other
financing sources over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
1
60
Schedule 7
1994 1993
1,650 1,950
201
1,650 2,151
3,020
980
1 159
3,509)
558
2,951)
2,951
1,168
1,824
2 992
841)
841)
3,792
2951
Schedule 8
CITY OF SEWARO
Special Revenue Funds
Summer Youth Employment /Training Program
1993 -94 Program
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets 1994 1993
State of Alaska receivable 3,430 10,434
Liabilities
Accounts payable 1,302 2,287
Due to other funds 2,128 8,090
Deferred revenue 57
f 3x430 10, 434
61
1993 -94 1994 -95 Totals
Program Program 199 1993
12,458 28,727
205
Revenues - federal grants passed through State
CITY OF SEWARD
of Alaska
Special Revenue Funds
Summer Youth Employment /Training Program
323
Combining Statement of Revenues,
Expenditures:
Expenditures and Changes in Fund Balances
General government:
31,910
Year ended June 30, 1994
with comparative totals for 1993
8,614
t
Employee benefits
1993 -94 1994 -95 Totals
Program Program 199 1993
12,458 28,727
205
Revenues - federal grants passed through State
2,815
59
of Alaska 9,459
287 323
Expenditures:
4 3 11
General government:
31,910
Salaries 8,614
Employee benefits 699
Office supplies 28
Operating supplies 34
Travel 84
Total expenditures 9,4
Excess of revenues
over expenditures
Fund balances at beginning of year
Fund balances at end of year S ,
1
62
41361 13,820 31,910
3,844 12,458 28,727
205 904 2,815
59 87 45
253 287 323
84
4 3 11 13,820 31,910
CITY Of SEWARD
Special Revenue Funds
Day Care Assistance
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets
State of Alaska receivable
Liabilities
Due to other funds
Deferred revenue
63
Schedule 10
1994 1993
16,161
15,862
299
S - 16,161
CITY OF SEWARD
Special Revenue Funds
Day Care Assistance
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
1 -
Revenues - federal grant passed through State of Alaska
Expenditures - general government -
contracted services
Excess of revenues over expenditures
lFund balance at beginning of year
Fund balance at end of year
1
1
Schedule 11
1994 1993
3 299 84,757
299 4t757
CITY OF SEWARD
Special Revenue Funds
Historic Preservation Plan
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets
Equity in central treasury
State of Alaska receivable
Fund Balance
Fund balance
Schedule 12
1994 1993
2,569 2,074
122 1_,_713
S 2,691 3, ,787
2yg1 3j78 7
1
P -L _ J_.1 - 1 9
1
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, 1994
with comparative figures for 1993
1994 1993
Revenues - federal grant passed through State of Alaska 1,096 1 713
Expenditures:
General government:
Salaries 367
Benefits 52
Office supplies 29 69
Travel 244
Advertising 84
Contract services 1,500 3,273
Total expenditures X192 3 426
Deficiency of revenues over expenditures 1,096) 1,713)
Other financing sources - operating transfers from other funds 5,500
Excess (deficiency) of revenues and other
financing sources over expenditures 1,096) 3,787
Fund balance at beginning of year 3.787
Fund balance at end of year 2,691 3,,787
1 66
CITY OF SEWARD
Special Revenue Funds
Spring Creek Correctional Center
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets
Equity in central treasury
Liabilities and Fund Balance
Liabilities:
Accrued liability (bid deposit
Deferred revenue
Total liabilities
Fund balance
67
1994 1993
4,334 236,573
60
4,094 236,513
4,094 236,573
240 -
4,334 236,573
1
CITY OF SEWARD
Special Revenue Funds
Spring Creek Correctional Center
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
1
Revenues:
State of Alaska
Local sources
Total revenues
Expenditures:
General government:
Salaries
Employee benefits
Supplies
Advertising
Travel and subsistence
Communications
Legal
Other special services
Maintenance and repairs
Contractor services
Administrative expenses
Project overhead
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1 68
Schedule 15
1994 1993
232,420 23,362
240 947
232,660 24,309
2,222 5,082
549 834
1,113 265
144 321
85 219
41 118
708
48,952 5,142
4,986 118
151,088 11,122
380
23,240
232,420 24,309
240
240 -
Schedule 16
CITY OF SEWARD
Special Revenue Funds
Police Fund
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets 1994 1993
Cash S 3,550
Liabilities and Fund Balance
Deferred revenue 3,55D
Fund balance 41250
S a sa, 3,550
1
1
1
69
Schedule 17
1994
Federal grant passed through State of Alaska 6,751
CITY OF SEWARD
Special Revenue Funds
Police Fund
Total revenues
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
11,751
Year ended June 30, 1994
Excess (deficiency) of
revenues over expenditures
with comparative figures for 1993
Other financing
1
9,250
Revenues:
Schedule 17
1994 1993
16,998
16,998
16,998
Federal grant passed through State of Alaska 6,751
Federal grant
Total revenues 6,751
Expenditures - general government - other services and charges 11,751
Excess (deficiency) of
revenues over expenditures 5,000)
Other financing sources - operating transfers from other funds 9,250
Excess of revenues and other
financing sources over expenditures 4,250
Fund balance at beginning of year
Fund balance at end of year 4,250
1
70
1993
16,998
16,998
16,998
Schedule 18
CITY OF SEWARD
Revenue FundsSpecial
Litter Control
Balance Sheet
June 30, 1994
with comparative figures for 1993
1991 Program
Assets 1994 1993
Equity in central treasury 5,670 3,850
Receivable from Alaskans for Litter Prevention and Recycling 154
51.670 4,900
Liabilities
Deferred revenue 5j..6 70 4j.9 0 0
1
71
tSchedule 19
CITY OF SEWARD
Special Revenue Funds
Litter Control
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
1994 1993
Revenues:
Kenai Peninsula Borough grant 3,052
Local sources - Alaskans for Litter Prevention
and Recycling grant 3 430 1,700
41152Totalrevenues430
Expenditures:
General government:
Salaries 3,172 4,646
Employee benefits 258 169
Total expenditures 3,430 41815
Deficiency of revenues over expenditures 63)
Other financing sources - operating transfers from other funds 63
Excess of revenues and other financing
sources over expenditures
balance beginningFundat of year
Fund balance at end of year
72
1
Schedule 20
CITY OF SEWARD
Special Revenue Funds
Prison Library
Balance Sheet
June 30, 1994
with comparative figures for 1993
1
Assets 1994 1993 t
Equity in central treasury 486
Liabilities
Deferred revenue L 486
1
1
1
73
Schedule 21
1992 -93 1993 -94 Totals
Program Pr_ ogram 1994 1993
Revenues from State of Alaska grant $ 486 6,000 62486 51514
Expenditures: -
Salaries 486
Benefits
Operating supplies -
Library:
Books
Periodicals
Other -
Total expenditures 486
Excess of revenues over expenditures -
Fund balances at beginning of year
Fund balances at end of year $
74
1,157 2,243
228 228
162
C.TY OF SEWARD
189
Funds
1,957
Special Revenue
Prison Library
2,218
602
Combining Statement of Revenues,
19
Expenditures and Changes in Fund Balances
1
51514
Year ended June 30, 1994
with comparative totals for 1993
Schedule 21
1992 -93 1993 -94 Totals
Program Pr_ ogram 1994 1993
Revenues from State of Alaska grant $ 486 6,000 62486 51514
Expenditures: -
Salaries 486
Benefits
Operating supplies -
Library:
Books
Periodicals
Other -
Total expenditures 486
Excess of revenues over expenditures -
Fund balances at beginning of year
Fund balances at end of year $
74
1,157 2,243
228 228
162 162 189
1,957 1,957 3,088
1,294 1,294 2,218
602 602 19
6,000 6,486 51514
CITY OF SEWARD
Special Revenue Funds
Public library
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets
Equity in central treasury
Liabilities
Deferred revenue
75
1994 1993
77
s - 77
i
CITY OF SEWARD
Special Revenue Funds
Public Library
Combining Statement of Revenues,
Expenditures and Changes in Fund Balances
Year ended June 30, 1994
with comparative totals for 1993
Revenues from State of Alaska grants
Expenditures:
Operating supplies
Library:
Education and training
Konprint materials
Other services and charges
Books
Stand order
Equipment
Total expenditures
Excess of revenues
over expenditures
Fund balances at beginning of year
Fund balances at end of year
76
1992 -93 1993 -94 Totals
Pr. ogram Program 1994 1993
S 77 8,033 8,110 8L538
269 269 1,188
350 350 383
544 544 1,783
279
77 1,235 1,312 2,430
2,475
5,635 5,635
17 8,033 8,110 8,538
S -
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, 1994
with comparative figures for 1993
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
77
1994
S 177,927
Schedule 24
1993
192,206
18,377 18,219
55 133
3, 0
60,121
18,340
104,417 113,866
104,411) 113,866)
S -
Schedule 25
CITY OF SEWARD
1 FundsSpecialRevenue
Interlibrary Cooperation Grant
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
19931994
eRevenues from State of Alaska grant 21742
Expenditures:
Library:
Contracted services 1,764
Books 712
205
Periodicals
68
Operating supplies
Total expenditures 2,749
Deficiency of revenues over expenditures 7)
Other financing sources - operating transfers from other funds 7
Excess of revenues and other financing
sources over expenditures
Fund balance at beginning of year
Fund balance at end of year
78
Schedule 26
CITY OF SEWARD
Special Revenue Funds
Kenai Peninsula Guided Hikes
Balance Sheet
June 30, 1994
Assets
Equity in central treasury 1,575
Liabilities
Deferred revenue 1,575
1
1
1
1
t
1
79
1
Schedule 27
CITY OF SEYARD
Special Revenue Funds
Kenai Peninsula Guided Hikes
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1994
Revenues - federal grant 3,850
Expenditures - other services and charges 3,850
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
1
1
1
so
Schedule 28
CITY OF SEWARD
Special Revenue Funds
Qutekcak Oyster Nursery
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1994
Revenues - federal grant
Expenditures - other services and charges
S 16,280
16,280__
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
1
1
1
81
1
1
CITY OF SEWARD
Special Revenue Funds
Seward Association for Advancement of Marine Science
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1994
1
Revenues:
Federal grant
State of Alaska grant
Total revenues
Expenditures - other services and charges
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
1
1
82
Schedule 29
S 32,000
2,600,000
2,632,000
2,632,000
S
1
Schedule 30 '
CITY OF SEWARD
Special Revenue Funds
Mt. Marathon Crafts Outlet
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1994
Revenues - federal grant 5,100 ,
Expenditures - other services and charges 5,100
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
1
1
1
83
r
Schedule 31
CITY OF SEWARD
rSpecial Revenue Funds
rShellfish Hatchery
Statement of Revenues, Expenditures
r
and Changes in Fund Balance
Year ended June 30, 1994
r
Revenues - federal grant $ 2,800
Expenditures - other services and charges 22800
Excess of revenues over expenditures -
rFund balance at beginning of year
rFund balance at end of year $ -
r
r
r
r
r
r
r
r
r
84
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 1987 $450,000 City of Seward
General Obligation Bond issue.
Streets and Sidewalks - To account for the proceeds of a
bond issue for construction of streets and sidewalks.
Library Handicapped Access - To account for construction
of a handicapped access to the Seward Community
Library. Moneys have been provided by the General Fund,
although moneys are being sought through a state match-
ing grant.
Jail Sprinkler - To
sprinkler and smoke
Correction Center.
jail contract.
account for the construction of a '
detection system in the Seward
Moneys were provided through a state
Police Dispatch - To account for the renovation of
police dispatch electrical wiring and radios to meet
compliance requirements of the Americans with Disability
Act. Moneys were provided through a state matching
grant.
Emergency Shelter - To account for the purchase of
emergency shelter supplies in conjunction with
improvement of the Seward Emergency Preparedness Plan.
Moneys were provided through a state matching grant.
Hospital Equipment - To account for a pass - through of
funds to Seward General Hospital for the purchase of
equipment to be used in operating the out - patient
clinic. Moneys were provided through a state grant.
85
ICAPITAL PROJECTS FUNDS
1 Street Improvements - To account for moneys appropriated
from the Capital Acquisition Fund for paving several
side streets in the City of Seward.
SBA Tree Planting - To account for the purchase,
planting and /or maintenance of trees in waterfront
Park. Moneys were provided through a state matching
grant.
Bike Path Continuation - To account for the construction
of a high school bike path extension. Moneys were
provided through a state matching grant.
Hospital Anesthesia - To account for the acquisition of
an anesthesia machine by the Seward General Hospital.
Moneys were provided by a state matching grant.
Hospital Boiler - To account for the installation of a
boiler in Seward General Hospital. Moneys were provided
t
by the General Fund.
Hospital Fire Alarm System - To account for the install-
ation of a new fire alarm system in the Seward General
Hospital. Moneys were provided by the Capital
Acquisition Fund.
City Hall Elevator - To account for the construction of
an elevator in the City Hall Building. Moneys are
provided by a grant from the State of Alaska and the
City of Seward.
Waterfront Improvement - To account for the construction
of a waterfront park within the City of Seward. Moneys
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. Moneys were provided by the Capital
Acquisition Fund.
Capital Acquisition Fund - To account for purchase of
equipment not financed by the Motor Pool Fund and
capital improvements and projects of at least $20 000.
The Capital Acquisition Fund is financed by 80% of each
fiscal year's excess of revenues and other financing
sources over expenditures and other financing uses in
the General Fund.
86
CITY Of MAIM
Capital Projects Funds
Combining Balance Sheet
Tune 30, 1994
with comparative totals for 1993
Assets
Equity in central treasury
State of Alasks grants receivable
Liabilities and Fund Balances
Liabilities:
Accrued liability
Due to other funds
Deferred revenue
Total liabilities
Fund balances
Senior Streets library
Citizens and Handicapped Police Emergency
Center Sidewalks Access Dispatch Shelter
S 775 34,436 33,614 3,353 7,586
229
B 775 334436 33 43 33h353 77586
4.479
4,479
775 34,436 33.243 3.353 3,107
S 775 14 40 33243 3i5 7
87
t
1
Schedule 32
1
street
Capital
SYA Tree pike Path Hospital Waterfront Underground Acquisition Totals
Improvements Planting Continuation Anesthesia Improvewent Storage Tanks Fund 1994 1993
96,425 61300 21,196 4,225 73,889 29,755 202,756 513,710 435,976
11,490 11,719 6,041
9 61 21A.196 4 a79 255 20 52" 44T
2.100 10 140 4 225 20.944
15
1,051
203.627
2,100 10,14 44 20,944 204,893
96.425 4.200 11.056 85,379 29,753 022.736 504,485 237,124
9.664.25 61.300 196 4 2 3 8y4 19&7.5S 20* 525429 442,017
1
1
1
1
88
CITY OF SEW RD
Capital Projects Funds
Combining Statement of Revenues, Expenditures, Other
Financing Sources Uses) and Charges in Fund Balances (Deficit)
Year ended June 30, 1994
with comparative totals for 1993
Senior Streets Library
Citizens and Handicapped Jail Police Emergency Hospital
Center Sidewalks Access Sprinkler Dispatch Shelter E wigMnt
Revenues:
Federal grants
State of Alaska grants 229 2,141 6,538 50,000
Local sources 15
Total revenues 836 244 2,144 6.08 50,000
Expenditures:
Salaries 870
Employee benefits 187
Contracted services 6,000
Supplies 80 115
Other services and charges r
745 229 23
Total expenditures 1,882 229 6.838
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
15 2.144 50,000
Operating transfers from other fads 20,493 1,051
Operating transfers to other funds 50,000)
Net other financing sources (uses) 2o.6M 1L051 50,000)
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
financing uses 1,046) 20,708 3,195
Furl balances (deficit) at beginning of year 775 35,482 12,535 3,195)
Residue( equity transfers from other funds 3,353 3,107 -
Residual equity transfers to other furxia
Fund balances at end of year S .m 346436 33 43 s 3j353 3.107
1
89
Schedule 3-
1 Hospital
Fire City Capital
Street S6A Tree Bike Path Hospital Alarm Batt Waterfront tlyderprourd Acquisition Totals
Yvsiaen Plantlrta ContiMMtion S)Mt Ctevat2E lawtrwrarat Storaw Yanks Fud 1994 1993
5,449 5,449 20,607
201,63 260,694 16,217
15 1,720 2.586 110
13 201 W 5.449 1,720 268.929 38.934
565
124
1,435
311
8,580
1,307
9,971 15,972 149,307
M 280 24,703
3.575 16 211 237 727 1.343
MIN
5U7,91
53.791
314
332,
19
2_03,008
16.186) 36.044) J6 4,6¢,,,0) 53.791) 1.720 6f3.433) 164.074)
100,000 35,944 39,365 141,806 338,859 511,598
10D.000 35.944 3
044 6+93)
AdT)
194,693)
14-4.1
178.195)
333. »01
96,4 16,196) 100) 32,705 53,791) 1,167) 60,733 169,329
1,303 19,936 100 52,674 83,546 33,966 237,124 67,795
4,200 11,D56 - 169,955 191,671
96 25 4 200 85 37.9 5 4.. 756 L
t
90
CITY OF SEWARD
Capital Projects Funds '
Projects to Date
Statement of Revenues, Expenditures, Other '
Financing Sources (Uses) and Changes in Find Balances
Beginning of projects through June 30, 1994
Total project authorization
Revenues:
Federal grants
State of Alaska grants
Local sources
Total reverrus
Expenditures:
Construction
architect, engineering rd other
Land, buildings and equipment
Total expenditures
Excess (deficiency)
of reverun
over expenditures
Other financing sources (uses):
Bond proceeds
Operating transfers from other funds
Operating transfers to other fads
Net other financing
sources (uses)
Excess of revenues and
other financing sources
over expenditures and
other financing uses
Fund balances at begiming of year
Residual equity transfers from other funds
Residual equity transfers to other furls
Fund balances at June 30, 1994
Senior Streets Library
Citizens and Handicapped Jail Police Eaergency ilospitat
Center Sidewalks Access Winkler Dismtch Shelter Equipment
1t 946d.000 22 10 24&500 V.76 .0Q0 26d 5.00 50,000
1
466,773 229 24,500 6,x38 50,000
478.944 8.606 15
945.717 8606 244 24.500 a38 50 000
415,925 1,670,460 229 4,900 6,a38
529,017 400,075
944942
S 800
z.a7 6.3W
800
1.029
17 456
223E 6.538
775 2.067,729) 785) 2.144 50.000
1,777,64E
1,051 3,353 3,107324,521 34,028
3.195) 50.000)
2.102.165 34.028 2.14E) 3.353 3.107 50,000)
775 34,436 33,243 3,353 3,107
S 775 346436 33.&243 3 353 3 107
91
Schedule 34
Hospital
Fire City Capital
Street SBA Tres Bike Path Hospital Alarm Hall Waterfront Underground Acquisition
I!Kovmmts Plantirm Continuation Boiler Systetr Elevator tM:avwmt Storage Tanks Fred total
101 000 4j201 6ObOOO 5 81.4 X000 250 IUM 100 425 3 966 518
26,056 26,056
215,000 763,340
15 100 10 1.720 489.410
15 21_ 51 0 26.066 1.720 1.278.806
3,575 16,211 238,534 111,090 70,091 104,172 2,549,033
2 222 12,510 40,254 154 982,234
26 10
26,104 16,4_3 1.044 8 35 104,172
50,158
3581,425
3.575) 26.104) 16.41 ) J35 ,-944) 32.286) 70,245) 102.452) 2.302.614)
1,777,644
100,000 4,200 11,056 27,407 20,158 35,944 117,665 100,000 454,946 1,237,436
314.693) 3( 72,888)
100.000 4.200 11.056 7,407 20.158 35.944 117,665 100.000 135,x253 2,642,192
96,425 4,200 11,056 1,303 3,740 85,379 29,755 32,001 339,573
169,955 169,955
1.303) j,L740) 5,043)
96j.42.5 4200 1 85 37.9 2(I6 5 (11 81
1
1
1 92
CITY OF SEWARD
Capital Projects Funds
Senior Citizens Center
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets
Equity in central treasury
Fund Balance
Fund balance
93
1994 1993
S 775 775
S 775 775
Schedule 36
CITY OF SEWARD
Capital Projects Funds
Senior Citizens Center
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1494
with comparative figures for 1993
1994 1993
Revenues
Expenditures:
Contracted services 623
Other services and charges 506
Total expenditures 12129
tDeficiency of revenues over expenditures 1,129)
Fund balance at beginning of year 775 11904
Fund balance at end of year S 775 775
1
94
Schedule 37
CITY OF SEWARD
Capital Projects Funds
Streets and Sidewalks
tBalanceSheet
June 30, 1994
with comparative figures for 1993
1
Assets 1994 1993
Equity in central treasury 34,436 33,482
Fund Balance
Fund balance 34,436 35,482 t
1
1
1
95
CITY OF SEWARD
Capital Projects Funds
Streets and Sidewalks
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
Revenues from local sources:
Interest
Miscellaneous
Total revenues
Expenditures:
Salaries
Employee benefits
Contracted services
Supplies
other services and charges
Total expenditures
Deficiency of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
96
1994 1993
S 736 -
100 -
836 -
870
187
80
745
1,882
1,046)
35,482
S 34,436
530
108
12,458
128
10
13 234
13,234)
48,716
35,482
1
Schedule 39
ZITY OF SEWARD
FundsCapitalProjects
Library Handicapped Access
Balance Sheet
June 30, 1994
with comparative figures for 1993
1
Assets 1994 1993
Equity in central treasury 33,014 12,535
State of Alaska receivable 229
33243 12,535
Fund Balance
Fund balance f 33, ,243 12,5355
1
1
1
97
Schedule 40
CITY OF SEWARD
1 Capital Projects Funds
Library Handicapped Access
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
1994 1993
Revenues:
State of Alaska grant 229
Local sources 15
Total revenues 244
Expenditures - other services and charges 229
Excess of revenues over expenditures 15
Other financing sources - operating transfers from other funds 20,693
Excess of revenues and other
financing sources over expenditures 20,708
Fund balance at beginning of year 12,535 12,535
Fund balance at end of year 33, 243 12,535
1
98
Schedule 41
CITY OF SEWARD
Capital Projects Funds
Jail Sprinkler
Balance Sheet
June 30, 1994
with comparative figures for 1993
1
Assets 1994 1993
Equity in central treasury
Liabilities and Fund Balance Deficit
Liabilities:
Due to other funds 1,051
Deferred revenue 2,144
Total liabilities 3,195
Fund balance (deficit} 3,195)
1
1
99
CITY OF SEWARD
Capital Projects Funds
Jail Sprinkler
Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance (Deficit)
Year ended June 30, 1994
with comparative figures for 1993
1
Schedule 42
1994 1993
Revenues from State of Alaska grants
4,900Expenditurescontractedservices
1,051
Excess of revenues over expenditures
Other financing sources (uses):
Operating transfers from other funds
Operating transfers to other funds
Net other financing sources (uses)
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing uses
Fund balance deficit) at beginning of year
Fund balance deficit) at end of year
Schedule 42
1994 1993
2,144 4,900
4,900
2L 14t
1,051
3,195)
1,051 3,195)
3,195
3,195)
S -
3,195)
3j..195)
Schedule 43
CITY OF SEWARO
Capital 1ProjectsFunds
Police Dispatch
Balance Sheet
June 30, 1994
Assets
Equity in central treasury 34353
Fund Balance
Fund balance 3,353
1
1
101
Schedule 44
6,838
6,000
115
123
6,838
3,353
3,353
CITY OF SEWARD
Capital Projects Funds
Police Dispatch
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1994
State of Alaska grant
Expenditures:
Contracted services
Supplies
Other services and charges
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Residual equity transfers from other funds
Fund balance at end of year
1
102
Schedule 44
6,838
6,000
115
123
6,838
3,353
3,353
Equity in central treasury
Deferred revenue
Fund balance
CITY OF SEWARD
Capital Projects Funds
Emergency Shelter
Balance Sheet
June 30, 1994
Assets
Liabilities and Fund Balance
103
7_ „6
4,479
3,107
7,586
ISchedule 46
CITY OF SEWARD
Capital Projects Funds
Emergency Shelter
Statement of Changes in Fund Balance
Year ended June 30, 1994
Fund balance at beginning of year s
Residual equity transfers from other funds 3,107
Fund balance at end of year S 3,107
1
L
I
1
L_
1
1 104
CITY OF SEUARD
Capital Projects Funds
Hospital Equipment
Statement of Revenues, Other Financing
Uses and Changes in Fund Balance
Year ended June 30, 1994
Revenues from State of Alaska grant
Other financing uses - operating transfers to other funds
Excess of revenues over other financing uses
Fund balance at beginning of year
Fund balance at end of year
105
S 50,000
50,000)
S -
Equity in central treasury
Fund balance
CITY OF SEWARD
Capital Projects Funds
Street Improvements
Balance Sheet
June 30, 1994
Assets
Fund Balance
106
Schedule 48
S 96,425
S 9,
Y ,425
1
Schedule 49
CITY Of SEWARD
Capital Projects Funds
Street Improvements
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1994
Revenues
Expenditures - other services and charges 3,575
Deficiency of revenues over expenditures 3,575)
Other financing sources - operating transfers from other funds 100,_000
Excess of revenues and other financing
sources over expenditures 96,425
Fund balance at beginning of year
Fund balance at end of year 96,425
1
1
107
CITY OF SEWARD
Capital Projects Funds
SBA "free Planting
Balance Sheet
June 30, 1994
1
Assets
Equity in central treasury
Liabilities and Fund Balance
Deferred revenue
Fund balance
1
1
1
108
Schedule 50
6,300
2,100
4,200
S 6.1300
1
Schedule 51 '
CITY OF SEWARD
Capital Projects Funds '
SBA Tree Planting '
Statement of Changes in Fund Balance
Year ended June 30, 1994 '
F-1
L
Fund balance at beginning of year $ - '
Residual equity transfers from other funds 4,200
Fund balance at end of year $ 41200
1
I
109 1
CITY OF SEWARD
Capital Projects Funds
Bike Path Continuation
Balance Sheet
June 30, 1994
1
Assets
Equity in central treasury
Liabilities and Fund Balance
Deferred revenue
Fund balance
1
1
110
Schedule 52
21,196
10,140
lib
S 21,196
Schedule 53
1
CITY OF SEWARD
Capital Projects Funds ,
Bike Path Continuation '
Statement of Changes in Fund Balance
Year ended June 30, 1994 '
Fund balance at beginning of year $ - ,
Residual equity transfers from other funds 11,055
Fund balance at end of year S 11,055
111 I
Schedule 54
CITY OF SEWARD
Capital projects Funds
Hospital Anesthesia
Balance Sheet
June 30, 1994
1
Assets
Equity in central treasury S 41225
Liabilities
Deferred revenue S 4,225
1
112
Schedule 55
CITY OF SEWARD
Capital Projects Funds
Hospital Boiler
tBalanceSheet
June 30, 1994
with comparative figures for 1993
1
Assets 1994 1993
Equity in central treasury S _ 1,303
Fund Balance
Fund balance 1,303
1
1
1
1
1
113
i
i
CITY OF SEWARD
Capital Projects Funds
Hospital Boiler
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
Revenues
Expenditures - other services and charges
Deficiency of revenues over expenditures
Fund balance at beginning of year
Residual equity transfers to other funds
Fund balance at end of year
114
1994 1993
S - -
2
2)
1,303 1,305
1 _303 ) -
s_,, - I , 303
CITY OF SEWARO
Capital Projects Funds
Hospital Fire Alarm System
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets
Equity in central treasury
Liabilities and Fund Balance
Liabilities - accrued liability
Fund balance
115
Schedule 57
1994 1993
S - 19,951
15
19,936
S - 19,951
r _ , _ ,._ t _ I n
CITY OF SEWARD
Capital Projects Funds
Hospital Fire Alarm System
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
1 Year ended June 30, 1994
with comparative figures for 1993
1994 1993
Revenues - local sources S 15
Expenditures - other services and charges 16,211 222
Excess of revenues over expenditures 16,196) 222)
Other financing sources - operating transfers from other funds 20,158
Excess of revenues and other
financing sources over expenditures 16,196) 19,936
19,936Fundbalanceatbeginningofyear
Residual equity transfers to other funds 3,740)
Fund balance at end of year S 19,936
116
CITY OF SEWARO
Capital Projects Funds
City Hall Elevator
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets
Equity in central treasury
Liabilities and Fund Balance
Deferred revenue
Fund balance
117
Schedule 59
1994 1993
S - 201,783
201,683
100
2001,783
Schedule 60
1994 1993
201,683 13,317
100
201,683 13,417
702
105
237,727 12,510
237,727 13,317
36,044) 100
35,944 -
100) 100
100 -
s ^ 100
CITY OF SEWARD
Capital Projects Funds
City Hall Elevator
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
Revenues:
State of Alaska grant
Local sources
Total revenues
Expenditures:
Salaries
Employee benefits
Other services and charges
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources - operating transfers from other funds
Excess (deficiency) of revenues
and other financing sources
over expenditures
Fund balance at beginning of year
Fund balance at end of year
iza
Schedule 60
1994 1993
201,683 13,317
100
201,683 13,417
702
105
237,727 12,510
237,727 13,317
36,044) 100
35,944 -
100) 100
100 -
s ^ 100
CITY OF SEWARD
Capital Projects Funds
Waterfront improvement
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets
Equity in central treasury
State of Alaska receivable
Fund Balance
Fund balance
Schedule 61
1994 1993
S 73,889 46,633
11,490 6,041
85,379 52,674
85,379 52,674
CITY OF SEWARD
Capital Projects Funds
Waterfront Improvement
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
1
Revenues:
Federal grant passed through State of Alaska
Local sources
Total revenues
Expenditures:
Salaries
Employee benefits
Contracted services
Supplies
Other services and charges
Total expenditures
Deficiency of revenues over expenditures
Other financing sources - operating transfers from other funds
Excess of revenues and other
financing sources over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
120
1994 1993
5,449 20,607
10
5,449 20,617
565
124
9,972
85
1,363
12,109
6,660)
39,365
32,705
52,674
S 85,379
7,348
1,094
7,519
24,575
5,707
46,243
25,626)
78,300
52,674
52,674
Schedule 63
CITY OF SEWARU
Capital Projects Funds
Underground Storage Tanks
Balance Sheet
June 30, 1994
with comparative figures for 1993
1
Assets 1994 1993 1
Equity in central treasury 29,755 83,54b
Fund Balance
Fund balance S 29,155 83,546
1
1
1
t
1
121
i
CITY OF SEWARD
Capital Projects Funds
Underground Storage Tanks
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
Revenues
Expenditures:
Contracted services
Other services and charges
Total expenditures
Deficiency of revenues over expenditures
Other financing sources - operating transfers from other funds
Excess (deficiency) of revenues and
other financing sources over expenditures
Fund balance at beginning of year
Fund balance at end of year
122
Schedule 64
1994 1993
S - -
16,300
53791 154
53,791 16,454
53,791) (16,454)
100,000
53,791) 83,546
83,546 -
S 29,755 83,546
Schedule 65
CITY OF SFWARD
Capital Projects Funds
Capital Acquisition Fund
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets 1994 1993
Equity in central treasury 202,756 33,968
Fund Balance
Fund balance S 202,756 33,968
1
1
1
1
1
123
i
CITY OF SEWARD
Capital projects Funds
Capital Acquisition Fund
Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
Revenues - interest
Expenditures - contracted services
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Operating transfers from other funds
Operating transfers to other funds
Net other financing sources (uses)
Excess (deficiency) of
revenues and other financing
sources over expenditures
and other financing uses
Fund balance at beginning of year
Residual equity transfers from other funds
Fund balance at end of year
124
Schedule 66
1994 1993
1,720
1042172
1,720 104,172)
141,806 313,140
142 138,
OQQ)
881) 140
1,167)
33,968
169,955
S 202,756
33,968
33,968
Schedule 67
CITY OF SEWARD
Capital Projects Funds
Bike Path
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1994
with comparative figures for 1993
1994 1993
Revenues - State of Alaska grants S - -
3,335Expenditures - contracted services
Deficiency of revenues over expenditures 3,335)
3,335Fundbalanceatbeginningofyear
Fund balance at end of year
1
t125
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
I
1 126
Assets
Current assets:
Cash
Equity in central treasury
Accounts receivable
Less allowance for doubtful receivables
Net accounts receivable
Grants receivable
State receivables
Other receivables
Invetitories
Due from other funds
Other assets
Total current assets
Property, plant and equipment:
Property, plant and equipment in service
Less eccuaulated depreciation
Net property, plant and
equipment in service
Construction worst in progress
Total property, plant
and equipment
Deferred charges
CITY OF SEWARD
Enterprise Funds
Combining galarce Sheet
June 30, 19%
with comparative totals for 1993
Liabilities and Furl Equity Deficient
Current liabilities:
Current portion of bonds payable
Current portion of capital lease
obligations
Accounts payable
Customer deposits
Annual leave payeble
Accrued liabilities payable
Due to other funds
Deferred revenue
Estimated third-party payor settlement
Total current liabilities
Long -term debt:
Bonds payable, excluding current portion
Less unamortized deferred anount on
refunding
Note payable - state
Capital lease obligations, excluding
current portion
Total long-term debt
Deferred pension credit
Fetid equity (deficiency):
Contributions in aid of construction
Less accumulated amortization
Net contributions in
aid of construction
Retained earnings - designated
Retained earnings (deficit) - undesignated
Total fund equity (deficiency)
24,954,072 12,669,763 58,715,440
Seward
10,368,723
Water
10,819,342
General Grain
Electric and Sewer Harbor Hospital Terminal
200 47,166 -
1,215,139
10 9911 84 48.563,540 707.660
13,071 283,314 1,154,634
915
1111 4a7
100,377 130,483 _
12-156
17,264,672
182,937 1,024,151 _
243,168 315,226
146,104
387,961 42,431 126,051
64,555
15,305
2,983
1,615,656 431,703 498,363 1.264.906
Liabilities and Furl Equity Deficient
Current liabilities:
Current portion of bonds payable
Current portion of capital lease
obligations
Accounts payable
Customer deposits
Annual leave payeble
Accrued liabilities payable
Due to other funds
Deferred revenue
Estimated third-party payor settlement
Total current liabilities
Long -term debt:
Bonds payable, excluding current portion
Less unamortized deferred anount on
refunding
Note payable - state
Capital lease obligations, excluding
current portion
Total long-term debt
Deferred pension credit
Fetid equity (deficiency):
Contributions in aid of construction
Less accumulated amortization
Net contributions in
aid of construction
Retained earnings - designated
Retained earnings (deficit) - undesignated
Total fund equity (deficiency)
24,954,072 12,669,763 58,715,440 1,650,051
10,368,723 4.696,719 10,819,342 1,003,136
14,585,344 7,973,064 47,899,098 646,913
8.563.847 3,025,320 664.442 60.747
23,149,191 10 9911 84 48.563,540 707.660
63,819
20,967,490
31,755
53,022,538
S 24.828.666 1111 4a7 49,093,658 1,972,566
17,264,672 8,223,872
425,000 100,000 94,703
4,389,338
45,000 29,224
1.539993
256,493
104,463
S 2_ 828.666 11,430.087
42,430 15,305 0,342
84,169 28,150 43,119 213,432
68,590,073
341,150 1,164,163
108,774 8,784 46,734
764.836 484,605 1,406111 545.883
5,294,000 110,000 1,906,403
26
26
298,264) 210,598)
1,215,539
50,586,324
949,783
1,451,019 1,122,371
231,775
745 000 175 855
4,995,736 11059,783 22444 805 175,855
2,126,712
146,104
277.097
20,967,490 12,440,692 53,022,538 233,631
3.682,818 4.216,820 9,456,395
17,264,672 8,223,872 43,566,143 233,631
3,810.628 4,389,338
140,606
1.783.422 1,661,827 1.539993 740,100 (26)
19,068.094 9,885.699 45 _21.6! 742 97 AI (26)
S 2_ 828.666 11,430.087 4D 0 X972,566
64,163, 341
37,394
127
95,574
Stheoute 581
Totals '
1994 ,, 9 3s
47,366 60,311
1,215,539
50,586,324
1,451,019 1,122,371
231,775 297,06%
1219,244 825, 30'
558,394 2,126,712
146,104 308,999
465,926
556,443 534,290
64,555 1,266
2,983 66,530
3,810.628 4,389,338
97,992,346 81,499,023 t
26..7,927 24,211,07
71,104,419 57,287,944
12,314356 6,875,397
83, 418,775 64,163, 341
37,39495,574
57,324 977 68,590,073
619,703 510,000
74,224 61,610
256,493 246,383
104,463 96,550
108,077 111,904
368,870 430,935
1,505,339 2,208,075 I164,292
11,623
3,201,461- 3.677,„80
7,310,403 7,376,063
508,862)
949,783 535,068
920.8 794,026
8,672.179 8.705.,_157
277_Q97 X293 _8_97 t
86,664,351
17,356,033
66,035,912
15,449,588
69,308,318 50,586,324
140,606 54,536
55 7 5316 5,273,J79
75.174,240 55,913934
87 321 977 68 5, 100 L71
t
Schedule 69
CITY Of SEW1R0
Enterprise Funds
Combining Statemant of Revenues, Expenses
and Changes in Retained Earnings (Deficit)
Year of June 30, 1994
with comparative totals for 1993
Seward
Electric
Water
and sewer Harbor
Genera(
mmi tat
Grain
Terminal
Totals
1994 1993
Operating revenues:
Sale$:
Residential s 1,620,960 553,939 2,174,919 1,937,829
Small general service 1,271,850 138,699 1,410,549 1,119,593
Large general service 1,623,396 219,779 1,843,177 2,098,481
Industrial 635,835 89,265 725,100 248,138
Harbor power 1D9,911 100,911 89,928
Street and yard light 463 64,463 64,513
Seward Marine Industrial Center 108,242 Y 108,242 13,790
Meter 157,109
Moorage WA, 833 946,833 815,338
wharfage 227,023 227,023 154,279
Boat lift fees 207,552 207,552 193,708
Power sales 148,990 148,990 137,689
Storage 149,514 149,514 144,127
Rental and leases 238,611 238,611
Patient service revv%ms, net 3,318,1% 3,318,1% 2,274,009
City's portion of proceeds from
sale of grain terminal 2,902 2,902 160,4%
Mi act llaneous
Total operating rtversns
189,341
51 S,
52.697
1,162,621
188.166
2,106,689
441190
3,362,386 2,902
474,394
12,1 5g3-r6
254 397
9,863,424
Cost of sales
12,150,3
10.101
9,873,323Grossprofit5,515, 1,162.621 2 106 1,362, 2.902
OpeBefore expenses:
Before depreciation:
Power 2,290,409 2,290,409 2,110,%4
Distribution 267,961 204,783 472,764 525,865
Ping 168,513 168,513 92,448
Saleries and benefits 584,379 1,995,113 2,579,492 2,232,919
Supplies and maintenance 7,507 196,221 317,670 521,390 506,312
Administration and general 1,521,664 „ 5 3 199 1.015 986 1.520.743 23.080 4A4.692 3,954.314
Total before depreciation 4.080.074 904.002 1.796.586 3.1133-5 23.060 10.637 9.422.842
Operating incoaue (loss)
before depreciation 1,435,704 258,619 310,143 471,140) 20,178) 1,513,108 450,481
Depreciation 5.182 371.192 1,253,140 95.034 2,684A50 2,687.591
Operating incoana (loss) i_ 70,SU 1( 12.575) c943.03 7} 5666,174) 20.1 ) 1,171,44-9) 2327,110)
Mcrgmtating revenues (expanses):
Interest incomes 25,%2 4,109 30,372 2,400 62,843 72,389
interest expense 303,632) 45,569) 210,542) 3,131) 173) 563,047) 787,821)
Other revenues 49,420 12,933 62,353 13,246
Other expenses
277. am} 7.060 1580,1703 9.802 437,851)
57, 98x6 )
7( 60,172)
Income (toss) before
operating transfers 192.852 1( 04.613) 1,123.207) 5( 56.372) 11) 1( .609.291) 2.997.282)
Operating transfers:
From other funds 605,694 605,694 733,866
10 other funds 1s, 75.8<6) 175.846} 8.000)
Not operating transfers 175.846) 605,644 429,_88 72?, -86b
wet income (loss) 192,852 104,613) 1,299,053) 49,322 17,951) 1,179,443) 2,271,416)
Amortization of contributions in aid
of construction 454,683 370,221 1.081.541 1,906.44S 1,885,101
Increase (decrease)
in retained earnings 647,535 265,608 217,512) 49,322 17,951) 727,002 386,315)
Retained earnings at beginning of year 1,135,887 1,420,002 1,848,111 690,776 182,837 5,327,615
188 695)
5,776,930
6- 000) Residual equity transfers to other funds 2{ 3,783) 164,912) L
Retained earnings (deficit) at end of year S 11 22 11 6627 1.680599 74..: 6) 5486; 5 3215
128
Cash flows from operating activities:
Operating income (LOSS)
Adjustments to reconcile operating income
toss) to net cash provided (used) by
operating activities:
Depreciation
Deferred charges
Allowance for doubtful receivables
Changes in assets and liabilities:
Increase) decrease in accounts
receivable
Increase) decrease in inventory
and other assets
Increase in accounts payable
Increase (decrease) in annual
leave payable
Increase (decrease) in accrued
Liabilities
Increase (decrease) in due to
other funds
Increase (decrease) in deferred
revenue
Total adjustments
Net cash provided (used)
by operating activities
Cash flows from noncepital financing
activities:
customer deposits
operating transfers from other finds
Operating transfers to other funds
Other nonoperating revenues
Other nonoperatinig expenses
Interest on central treasury borrowings
Net cash provided
used) by nioncepital
financing activities
Cash flows from capital and related
financing activities:
Principal payments on tong -term
obligations
interest payments on long -term
obligations
Proceeds from disposition of fixed
assets
Acquisition of fixed assets
Note payable to State of Alaska
Contributions in aid of construction
Proceeds from loan
Deferred revenue
Residual equity transfers to other funds
Net cash used by capital
and related financing
activities
CITY Of SEWARD
Enterprise Funds
Combining Statement of Cash Flows
Year ended June 30, 1994
with comparative totals for 1993
Electric
s 470,522
5, 1 a2
5,802
11,576)
1,812,505
15,177}
4,113
10,719
971,139)
1,800.429
I
Scinealu
Seward
Water Genera( Grain Totals
and Sewer Harbor Hospital Termini 1994 1993
11( 2,573) 94 3,037) (566,174) 2( 0,178) (1,171.440) (2,237,t10y
1
371,192 1,253,140 95,034 - 2,684,548 2,687,591
2,268 (16,800) - (8,730) (16,800)
54,916) - (66,492) 101,080
274,337
2,273
6,728)
928
93,791)
548,211
211,965)
1,212)
20,340
452,297
8,784
1,466,736
413,612) 408,426
54,298
10,110
50,877 (135,460)
63,289) (90,103)
46,734
236,648) 182.863
2,270,951 435,638 525, 699 (802,822) 162,685
1,869,691 (2,583,222)
141,394 (14,537)
10,110 206,001
3,827) (17,538,'
52,596) (52,563)
766,025) 2,007,085
55, 18 2( 0,ao(D) '
3,763,591 2,297,097
2,592,151 5_ 9987 '
8,038 3,115
605,694 - 605,694 733,866
175,646) - - (175,846) (8,000)
49,420 - 12,933 - 62,353 13,246
57,986)
21,_687) 3( 3,356) 3,( 5,043) 11( 3,567)
8,038 47,733 (209-202) 61627 - _ 465,196 570,674 ,
415,235) 94,295) 118,232) 6,027) 633,789) 570,725) ,
320,780) 18,527) 164,447) 3,131) 506,885) 641,840)
3,862,625) 1,180,427) 728,632) 193,291) 5,964,975)
2,268
5,403,496)
414,715 414,715 535,068
3,400,454 414,837 664,442 173,699 4,653,432 4,674,716
200,000 200,000
ID8,774 108,774 351,644)
23,783) 164,912) 1( 88, -695) 63,OOC)
1,089,412) 48_( 7,460) 3( 45,869) 171,250 (164.912) (1,917,423) (1.813,653)'
Continued)
129 1
1
1
130
22 SSchedule 70 Cont.
CITY OF SEWARDC
Enterprise Funds
Cwbining Stataamnt of Cash FlowsC
Sewrd
Water GGeneral GGroin Totals
Electric and Sewer HHarbor HHospital TTerminal 1944 11993
Cash flora from investing activities:
S
C
Interest incoae 8S225,962 4,109 330,372 22,400 62,843 772,3- -
Interest expense LL173) (173) ( 932:
Met cash provided by
2iinvestingactivitiesYY,,,
25.962 4,109 _ 30.372 2,227 62,670 771,457
in cash and equity in
central treasury 11,215,539 - - 12,445) - 1,202,544 ( 1,111,535;
CCash and equity in central treasury at - 1,171,845
begiminp of year 2200 660.111 6
Cash and equity in central treasury at -
S 1 4..r: 1
Moncash investing, capital and financing
activities:
Loss on 1993 advance refunding genera[ - L
obligation bonds ! 3 225716) 5
Bond issuance cost paid from 1993
refunding band proceeds $ 69,621) r
Refunding of 1986 electric bonds SS ( 3 5 ) ( 3.&M-001)
Refunding of 1487 -A harbor bonds ff ( 1 411 ) ( t 41y9b6)+;,
1993 refunding bads s OOM 1
CITY Of SEWARD
Enterprise Funds
Electric
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets
Current assets:
Equity in central treasury
Accounts receivable
Less allowance for doubtful receivables
Net accounts receivable
Grants receivable
Inventory
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 - unamortized debt issuance costs
131
1994 1993
1,215,539
13,071 60,743
915
1 2
12,491
8 2
1,764,833
387,961 372,784
615,656 2,185,869
24,954,072 24,634,453
1013681128 9,411,246
14,585,344 15,223,207
81563,847 5, 028, 541
23,149,191 20,251,748
63,819
S 2428282666 22,437,611
Continued)
2 Schedule 71, Cont.
CITY OF SEWARD
t
1993
Enterprise Funds
Electric
Balance Sheet
425,000 350,000
Liabilities and Fund Equity 1994 1993
Current liabilities:
Current portion of bonds payable 425,000 350,000
Current portion of capital lease obligations 10,235
Customer deposits 104,463 96,425
Annual leave payable 42,430 38,317
Accrued liabilities payable 84,169 117,713
Deferred revenue 108,114
Due to other funds
Total current liabilities 7641836 1,
58971,
139
3,829
Long -term debt:
Bonds payable, excluding current portion 5,294,000 5,379,000
Less unamortized deferred amount on refunding 298,264
Net long -term debt 4,995,736 379,000
Fund equity:
Contributions in aid of construction 20,967,490 17,567,036
Less accumulated amortization 3,682,818 3 2,2135
Net contributions in aid of construction 17,284,672 14,338,901
Retained earnings 1,783,422 1,135,887
15,4 4,788tTotalfundequity19,068,094
24,828,666_ 22,4_ 3i
1 132
1
Schedule 72
CITY OF SEWARD '
Enterprise Funds '
Electric
Statement of Revenues, Expenses '
and Changes in Retained Earnings
Year ended June 30, 1994 '
with comparative figures for 1993
1994 1993
Operating revenues:
Sales:
Residential S 1,620,980 1,488,614
Small general service 1,271,850 1,042,966
Large general service 1,623,398 1,934,544
Industrial 635,835 195,636
Harbor power 109,911 89,928
Street and yard lights 64,463 64,513
Miscellaneous 189,341 90,607
Total operating revenues 5,5152778 4,906,808
Operating expenses:
Before depreciation:
Power 2,290,409 2,110,984
Distribution 267,981 359,387
Administration and general 1,521,684 12441,219
Total before depreciation 4,080,014 3,911,590
Operating income before depreciation 1,435,704 995,218
Depreciation 965,182 966,084
Operating income 470,522 292134
Nonoperating revenues (expenses):
Interest income 25,962 8,181
Interest expense 303,632) 4{ 64,409)
2( 77,670) 45( 6,228)
Income (loss) before operating
transfers to other funds 192,852 427,094)
Operating transfers to other funds 3000)
Net income (loss) 192,852 430,094)
Amortization of contributions in aid of construction 454,683 454,856
Increase in retained earnings 647,535 24,762
Retained earnings at beginning of year 1,135,887 1,132,125
Residual equity transfers to other funds 21 000)
Retained earnings at end of year 1,783,422 1 1 35 887
133
1 134
Cash flows from capital and related financing activities:
Principal payments on long -term obligations
Schedule 73
352,751)
CITY OF SEWARD
Interest payments on long -term debt obligations 397,956)
Acquisition of fixed assets
Enterprise Funds
3,622,526)
Electric
3,400,454 3,591,620
Statement of Cash Flows
revenue 108,774
Year ended June 30, 1994
Residual equity transfer to motor pool
with comparative figures for 1993
Net cash used by capital and
related financing activities 1,089,41.2) 1,154,257)
1994 1993
Cash flows from operating activities:
Operating income 470,522 29,134
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation 965,182 966,084
Amortization of bond issuance costs 5,802
Allowance for doubtful accounts 11,576)
Changes in assets and liabilities:
Increase) decrease in accounts receivable
Increase) decrease in inventory
1,812,505
15,111)
1,802,284)
9,297
Increase in annual leave payable 4,113 2,615
Increase in accrued liabilities payable 10,719
Increase (decrease) in due to other funds 9 71,139) 971,139
Total adjustments 1,800,429 146,851
Net cash provided by
operating activities 2,270,951 175,985
Cash flows from noncapital financing activities:
Customer deposits 8,038 3,115
Operating transfers to other funds 3,000)
Interest on central treasury borrowings 33,884)
Net cash provided (used) by
noncapital financing activities 8,038 33,769)
1 134
Cash flows from capital and related financing activities:
Principal payments on long -term obligations 415,235) 352,751)
Interest payments on long -term debt obligations 320,780) 397,956)
Acquisition of fixed assets 3,862,625) 3,622,526)
Increase in contributions in aid 3,400,454 3,591,620
Deferred revenue 108,774 351,644)
Residual equity transfer to motor pool 21,000)
Net cash used by capital and
related financing activities 1,089,41.2) 1,154,257)
Continued)
1
1 134
2 Schedule 73, _Cont.'
CITY OF SEWARD
Enterprise Funds
Electric
Statement of Cash Flows
1994 1993
Cash flows from investing activities - interest income 25,962 8,181
Net increase (decrease) in cash
and equity in central treasury 1,215,539 (1,003,860)
Cash and equity in central treasury at beginning of year 1,003,860
Cash and equity in central treasury at end of year
Noncash investing, capital and financing activities:
Loss on 1993 advance refunding of general obligation
bonds (amortized over twelve years at $27,115
per year) S 3,S 25,379)
Bond issuance cost paid from 1993 refunding bond
proceeds (amortized over twelve years at $5,802
per year) 691 b21)
Refunding of 1986 electric bonds 3L5952000)
1993 electric refunding bonds 3,990,_000
1
135
Schedule 74
CITY OF SEWARD
Enterprise Funds
Water and Sewer
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets 1994 1993
Current assets:
Accounts receivable $ 216
Grant receivable 243,168 296,894
State receivable 146,104 308,999
Other receivable 57,500
Inventory 42,431 44,704
Total current assets 431,703 708,313
Property, plant and equipment:
Property, plant and equipment in service 12,669,783 12,667,810
Less accumulated depreciation 4,696,719 4,325z527
Net property, plant and equipment in service 7,973,064 8,34 ,293
Construction work in progress 32025,320 1,846,856
Total property, plant and equipment 10 9982384 10,189,149
11,430,081 10,897,462
Liabilities and Fund Equity
Current liabilities:
Current portion of bonds payable 100,000 90,000
Current portion of capital lease obligations 4,295
t
Customer deposits
Annual leave payable 15,305
125
22, 033
Accrued liabilities payable 28,150 1,742
Due to other funds 341,150 434,941
Total current liabilities 484,605 553,136
Long -term debt:
Bonds payable, excluding current portion 110,000 210,000
Notes payable to State of Alaska 949,783 535,068
Total long -term debt 1,059,783 745_,068
Fund equity:
Contributions in aid of construction 12,440,692 12,025,855
Less accumulated amortization 4,216,820 3,846,599
Net contributions in aid of construction 8,223,872 8,179,256
Retained earnings 1,661,827 1,420,002
Total fund equity 9,599,2589,885,699
11,430,081 10,897,462
136
Schedule 75 t
CITY OF SEWARD
Enterprise Funds '
Operating expenses:
Before depreciation:
Water and Sewer
Distribution 204,783
Statement of Revenues, Expenses
92,448
Supplies and maintenance 7,507
and Changes in Retained Earnings
523,199
Total before depreciation 904,002
513,141_
789,847
Operating income before depreciation 258,619
Depreciation
Operating loss
Year ended June 30, 1994
Nonoperating revenues (expenses):
with comparative figures for 1993
332
Interest expense 45,569) 41,111)
Other
1994 1993
Operating revenues:
7,960 33,533)
Loss before operating transfers 104,613) 251,055)
Sales:
Operating transfers from other funds 200,000
Operating transfers to other funds
Residential
Net operating transfers from other funds
553,939 449,215
Small general service
Amortization of contributions in aid of construction
138,699 76,627
Large general service
314,217
219,779 163,937
1,130,785
Seward Marine Industrial Center
25,000)
108,242 13,790
12661,827
Industrial sales
137
89,265 52,502
Meter sales 157,109
Miscellaneous
Total operating revenues
52,697
1,162,621
46,472
959,652
Operating expenses:
Before depreciation:
Distribution 204,783 166,478
Pumping 168,513 92,448
Supplies and maintenance 7,507 17,774
Administration and general 523,199
Total before depreciation 904,002
513,141_
789,847
Operating income before depreciation 258,619 169,805
Depreciation
Operating loss
371 192
11)
387 327
217 522)
Nonoperating revenues (expenses):
Interest income 4,109 332
Interest expense 45,569) 41,111)
Other 49,420 13,246
7,960 33,533)
Loss before operating transfers 104,613) 251,055)
Operating transfers from other funds 200,000
Operating transfers to other funds 5 2 000)
Net operating transfers from other funds 195,000
Net loss 104,613) 56,055)
Amortization of contributions in aid of construction 370,221 370,272
Increase in retained earnings 265,608 314,217
Retained earnings at beginning of year 1,420,002 1,130,785
Residual equity transfer to Motor Pool 23,783) 25,000)
Retained earnings at end of year 12661,827 124202002
137
1
c l,adiiln 7K
CITY OF SEWARD
Enterprise Funds
Water and Sewer
Statement of Cash Flows
Year ended June 30, 1994
with comparative figures for 1993
1994 1993
Cash flows from operating activities:
Operating loss 112,573) 21( 1,522)
Adjustments to reconcile operating loss to net cash
provided (used) by operating activities:
Depreciation 371,192 387,327
Allowance for doubtful accounts 2,059)
Changes in assets and liabilities:
Increase) decrease in accounts receivable 274,337 593,882)
Decrease in inventory 2,273 4,259
Increase (decrease) in annual leave payable 6,728) 3,132
Increase in accrued liabilities payable 928 125
Increase (decrease) in due to other funds 9( 3,791) 367,273
Total adjustments 548,211 166,175
Net cash provided (used)
by operating activities 435,638 51,347)
Cash flows from noncapital financing activities:
Operating transfers from other funds 200,000
Operating transfers to other funds 5,000)
Work order revenue 49,420 13,246
Interest on central treasury borrowings 1,687) 22,178)
Net cash provided by non -
capital financing activities 47,733 186,068
Cash flows from capital and related financing activities:
Principal payments on long -term obligations 94,295) 89,117)
Interest payments on long -term debt obligations 18,527) 25,333)
Acquisition of fixed assets 1,180,421) 1,657,479)
Increase in contributions in aid 414,837 1,013,364
Note payable to State of Alaska 414,715 535,068
Residual equity transfer to Motor Pool 23,783) 25,040)
Net cash used by capital and
related financing activities 4880) 2( 48,497)
Cash flows from investing activities - interest income
Net decrease in cash and
4,109 332
equity in central treasury 113,444)
Cash and equity in central treasury at beginning of year 113,444
Cash and equity in central treasury at end of year
138
CITY OF SEWARD
Enterprise Funds
Harbor
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets
Current assets:
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 - bond issue costs
139
Schedule 77 '
1994 1993
200 200
283,314 321,590
100,377 155,293
182,937 166,297
315,226 64,985
498,363 2232
58,718,440 42,679,243
10,819,342 9 55666'2202
47,899,098 33,113,041
664,442
48 5563, 54O 33,113,041
31 755 37,394
S 492093,658 3338 17
Continued)
J
1-1
1
2
CITY OF SEWARD
Enterprise Funds
Harbor
Balance Sheet
Liabilities and _Fund—Equity
Current liabilities:
Current portion of bonds payable
Current portion of capital lease obligations
Annual leave payable
Accrued liabilities payable
Due to other funds
Deferred revenue
Total current liabilities
Schedule 77, Cont.
1994 1993
94,703 70,000
45,000 40,000
50,342 51,554
43,119 25,088
1,164,163 711,866
8,784
11 898,508
Long -term debt:
Bonds payable, excluding current portion 1,906,403 1,787,063
Unamortized deferred amount on refunding 210,598)
Capital lease obligations, excluding current portion 745,000 790,000
Total long -term debt 2,440,805 2,5771063
Fund equity:
Contributions in aid of construction 53,022,538 36,383,089
Less accumulated amortization 9,456 =1.== 395 8,374,854
Net contributions in aid of construction 43,566,143 28,008,235
Retained earnings designated for capital improvement 140,606 54,536
Retained earnings - undesignated 1,539,993 1 8575
906 34bTotalfundequity45,2461 29
49,0931658 . 33,381 ^917
140
CITY OF SEWARD
Schedule 78
Enterprise Funds '
Harbor
Statement of Revenues, Expenses '
and Changes in Retained Earnings
Year ended June 30, 1994 '
with comparative figures for 1993
Operating expenses:
Before depreciation:
1994 1993
Operating revenues:
Moorage 946,833'' 815,338
Wharfage 221,023/ 154,279
193,708Boatliftfees207,552'
168,563
Power sales 148,990 137,689
Storage 149,514 144,127
Rental and leases 238,611
Miscellaneous 188,166 73,876
Total operating revenues 2,106,689 1,519,017
Operating expenses:
Before depreciation:
Salaries 400,876 353,972
Employee benefits 183,503 137,356
Supplies and maintenance 196,221 168,563
Administration and general 1,015,986 1,142,652
Total before depreciation 1,796,586 1,802,543
Operating income (loss) before depreciation 310,103 283,526)
Depreciation 1,253,140 1,249,901
Operating loss 94( 3,031) 1,533,421)
Nonoperating revenues (expenses):
Interest income 30,372 38,681
Interest expense 210 542) 27_( 3,174_)
180 170) 234 493)
Loss before operating
transfers to other funds 1,123,207) 1,767,920)
Operating transfers to other funds 17( 5,846) I
Net loss 1,299,053) 1,767,920)
Amortization of contributions in aid of construction 1,081,541 1,059,973
Decrease in retained earnings 217,512) 707,947)
Retained earnings at beginning of year 1,898,111 2,623,058
Residual equity transfers to other funds 17,000)
Retained earnings at end of year 1166800A5,99 1,898,111
141
L
I
I
1
CITY OF SEWARD
Enterprise funds
Harbor
Statement of Cash Flows
Year ended June 30, 1994
with comparative figures for 1993
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating loss to net cash
provided by operating activities:
Depreciation
Amortization of bond issuance costs
Allowance for doubtful accounts
Changes in assets and liabilities:
Increase in accounts receivable
Decrease in annual leave payable
Increase in accrued liabilities payable
Increase in due to other funds
Increase in deferred revenue
Total adjustments
Net cash provided by
operating activities
Cash flows from noncapital financing activities:
Operating transfers to other funds
Interest on central treasury borrowings
Net cash used by noncapital
financing activities
1 142
1994 1993
943,037) (1,533,427)
1,253,140 1,249,901
2,268
54,916) 103,139
211,965) 31,136)
1,212) 14,133)
20,340
452,297 573,941
8,784
1,468,736 1,881,71.2__
525,699 348,285
175,846)
33,356) (57,505)
209,202_) _ {57,505)
Continued)
2
CITY OF SEWARD
Enterprise Funds
Harbor
Statement of Cash Flows
Cash flows from capital and related financing activities:
Principal payments on long -term obligations $
Interest payments on long -term debt obligations
Proceeds from disposition of fixed assets
Acquisition of fixed assets
Increase in contributions in aid
Residual equity transfer to Motor Pool
Net cash used by capital and
related financing activities
Cash flows from investing activities - interest income
Net decrease in cash and
equity in central treasury
Cash and equity in central treasury at beginning of year
Cash and equity in central treasury at end of year
Schedule 79, Cont.
I
1994 1993
118,232) (100,882)
164,447) (216,356)
2,268
728,632) 84,036)
664,442 55,000
17,000)
346,869) 36 6)
30,372 38,681
31,545)
200 31,745
S 200 200
Noncash investing, capital and financing activities:
Loss on 1993 advance refunding of general obligation
bonds (amortized over fifteen years at $15,048
y /yyy///11
per year) $ 2, 2250 -
Bond issuance cost paid from proceeds of 1993
refunding bond proceeds (amortized over fifteen
years at $2,268 per year)
Refunding of 1987 -A harbor bonds
Transfer of land from the General Fixed Assets
Account Group to the Harbor Enterprise Fund
1993 refunding bonds
143
34,023)
1,411,966)
151975,007
1,671,705
L_J__Z_ AA
CITY OF SEWARD
Enterprise Funds
Seward General Hospital
Balance Sheet
June 30, 1994
with comparative figures for 1993
IAssets 1994 1993
1 144
Current assets:
Cash 41,166 60,111
Accounts receivable 1,154,634 739,822
Less allowance for doubtful receivables 130 483 129,283
610,539Netaccountsreceivable1,00
Inventory 126,051 116,802
Due from other funds 64,555 1,266
Other assets 2,983 66,530
Total current assets 1,264,906 855,248
1,517,507Property, plant and equipment in service 1,650,051
Less accumulated depreciation 1,003,138 908,104
Net property, plant and equipment 6466,913 609,403
Construction work in process 60,747
1,972,566 1 46651
Liabilities and Fund Equity
Current liabilities:
Current portion of capital lease obligations 29,224 7,080
Accounts payable 256,493 246,383
Accrued liabilities payable 213,432 150,932
Estimated third -party payor settlement 11,623
Deferred grant revenue
Total current liabilities
4 X734
545,883 416,018
Long -term capital lease obligations, excluding current
portion
175,855 4,026
Deferred pension credit 277,097 293,897
Fund equity:
Contribution in aid of construction 233,631 59,932
Retained earnings 740,100
973,731
69078
75 0,710Totalfundequity
1972,566 1,464
1 144
CITY OF SEWARD
Schedule 81
Enterprise Funds '
Seward General Hospital
Statement of Revenues, Expenses '
and Changes in Retained Earnings
Year ended June 30, 1994 '
with comparative figures for 1993
1
145 1
1994 1993
Operating revenues:
Patient services S 3,653,536 2,749,434
Less provision for contractual allowances 335,340 475,425
Net patient services 3,318,196 2,274,009
Other 44190 43442
Total operating revenues 3,362,386 2,317:451
Operating expenses:
Before depreciation:
Salaries and benefits 1,995,113 1,741,591
Supplies and maintenance 317,670 319,975
Administration and general 1,520,743 848,272
Total before depreciation 3,833,526 2,909,838
Operating loss before depreciation 471,140) 592,387)
Depreciation
Operating loss
9_5_034
5_ 64}
84 79
677 6,666)
Nonoperating revenues (expenses):
3,131)
12933
2,195)
est expense
57,986)
Other
9, 802 6— ( 0,181-)
Loss before operating transfers 556,372) 736,847)
Operating transfers from other funds 605,694
9 22
533,866
202,981) Net income (loss)
Retained earnings at beginning of year 690,778 893,759
Retained earnings at end of year 740,100 690,778
145 1
1
Schedule 82
CITY OF SE4IARD
Enterprise Funds
Seward General Hospital
Statement of Cash Flows
Year ended June 30, 1994
with comparative figures for 1993
1994 1993
Cash flows from operating activities:
loss 566,174) 676,666) Operating
Adjustments to reconcile operating loss to net cash used
in operating activities:
Depreciation 95,034 84,279
Amortization of deferred pension credit 16,800) 16,800)
Changes in assets and liabilities:
Increase) decrease in accounts receivable 413,612) 173,432
Increase in inventories 9,249) 38,194)
Increase (decrease) in due to other funds 63,289) 64,742
Decrease in other assets 63,547
Increase in accounts payable 10,110 80,541
Increase (decrease) in accrued liabilities payable 50,877 60,007)
Increase in deferred revenue 46,734
Total adjustments 236,648) 287,993
Net cash used in
operating activities 80822) 388,673)
Cash flows from noncapital financing activities:
Operating transfers from other funds 605,694 533,866
Other nonoperating expense 12,933 5( 7,986)
Net cash provided by non-
capital financing activities 618,627 475,880
Cash flows from capital and related financing activities:
Principal payments on long -term debt 6,027) 27,975)
1 Interest payments on long -term debt 3,131) 2,195)
Acquisition of fixed assets 193,291) 39,455)
Contributions in aid of construction 173,699 19,732
Proceeds from loan 200,000
Net cash used by capital and
related financing activities 171,250 4( 9,89.3)
Net increase (decrease) in
cash and cash equivalents 12,945) 37,314
Cash and cash equivalents at beginning of year 60,111 22,797
Cash and cash equivalents at end of year 47,166 60,111
146
Schedule 83
CITY OF SEWARD
Enterprise Funds
Grain Terminal
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets 1994 1993
Accounts receivable 408,426
Liabilities and Retained Earnings (Deficit)
Current liabilities:
Accrued liabilities payable 135,460
Due to other funds 26 90,129
Total current liabilities 26 225,589
Retained earnings (deficit) 26) 182,837
S ; 4082426
1
1
1
1
147
Schedule 84
1
CITY OF SEWARD
1 Enterprise Funds
Grain Terminal
Statement of Revenues, Expenses and
Changes in Retained Earnings (Deficit)
Year ended June 30, 1994
with comparative figures for 1993
1
1994 1993
Operating revenues:
City's portion of proceeds from sale of grain terminal $ 2,902 160,496
Less cost of sales - 10,101
Gross margin on sale of grain terminal 2,902 150,395
City's ortion of proceeds from expired option to sell graintermpnal - 2... 000
Gross profit 2z902 170,395
148
Operating expenses: 1,775Legal
Rents and lease 8,199 6,727
Miscellaneous 14,881 522
Total operating expenses T
91 02423,080
Operating income (loss) 2( 0,118) 1611371
Nonoperating revenues (expenses):
Interest income 2,400 25,195
Interest expense 173)
2,227 X263
Net income (loss) 17,951) 185,634
Retained earnings (deficit) at beginning of year 182,837 2,797)
Residual equity transfers to other funds 164,912)
Retained earnings (deficit) at end of year J26) 182,831
148
CITY OF SEWARD
Enterprise Funds
Grain Terminal
Statement of Cash Flows
Year ended June 30, 1994
with comparative figures for 1993
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss) to net
cash provided (used) by operating activities:
Changes in assets and liabilities:
Increase) decrease in accounts receivable
Decrease in accrued liabilities payable
Decrease) increase in due to other funds
Decrease in deferred revenues
Decrease in inventory
Increase in accounts payable
Total adjustments
Net cash provided (used)
by operating activities
Cash flows from capital and relating financing activities -
residual equity transfer to Capital Acquisition Fund
Cash flows from investing activities:
Interest income
Interest expense
Net cash provided by
investing activities
Net increase in cash and
equity in central treasury
Cash and equity in central treasury at beginning of year
Cash and equity in central treasury at end of year
Schedule 85 1
1994 1993 '
20,178) 161,371 1
164,912) 1
2,400 25,195 ,
173) (932)
2,227 24,263 ,
149 1
1
408,426 329,352)
135,460) 1,833)
90,103) 29,990
20,000)
10,101
125,460
182,863 185,634)
162,685 24,263)
164,912) 1
2,400 25,195 ,
173) (932)
2,227 24,263 ,
149 1
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.
fl
1 150
Schedule 86
CITY OF SEWARD
Internal Service Fund
Motor Pool
Balance Sheet
June 30, 1994
with comparative figures for 1993
Assets 1994 1993
Equity in central treasury S 175,144 16,874
Property, plant and equipment vehicles 257,268 193,003
Less accumulated depreciation 73,643 35,203
Net property, plant and equipment 183,625 157,800
35j69 174,674
Liabilities and Fund Equity
Liabilities:
Current portion of capital lease obligations 14,612
Capital lease obligations, excluding current portion 110,373
Total liabilities 1241 985
Fund equity:
Contributions in aid of construction 2i5 933 169 637
Retained earnings 17,851 5,037
Total fund equity 233,184 174,674 t
358,769 1T4,6T4
1
151
CITY OF SEWARD
Internal Service Fund
Motor Pool
Statement Revenues, Expenses
and Changes in Retained Earnings
Year ended June 30, 1994
with comparative figures for 1993
Operating revenues - vehicle rental
Operating expenses - depreciation
Operating income
Nonoperating revenues (expenses):
Interest income
Interest expense
Net income
Retained earnings at beginning of year
Retained earnings at end of year
152
Schedule 87
1994 1993
S 52,491 35,301
38,440 30,903
14,051 4,398
1,109
2,346) -
1 237) -
12,814 4,398
5,037 639
17,851 5,037
Schedule 88 '
CITY OF SEWARD '
Internal Service Fund
Motor Pool '
Statement of Cash Flows
Year ended June 30, 1994 '
with comparative figures for 1993
1994 1993 1
Cash flows from operating activities:
Operating income 14,051 4,398
Adjustments to reconcile operating income to net cash
provided (used) by operating activities - depreciation 38 3.0,903
Net cash provided by
2440
operating activities 52,491 35,301
Cash flows from capital and related financing activities:
Principal payments on long -term obligations 5,131) IInterestpaymentsonlong -term obligations 2,346)
Acquisition of fixed assets 64,265) 130,326)
Residual equity transfers from other funds, recorded as
contributions in aid of construction 46,296 105,637
Capital lease proceeds 130,116
Net cash provided (used)
by financing activities 104,670 L2C 689)
Cash flows from investing activities - interest income 1,109
Net increase in cash and
equity in central treasury 158,270 10,612
Cash and equity in central treasury at beginning of year 16,874 6,262
Cash and equity in central treasury at end of year 175,144 1fi,874
153 1
FIDUCIARY FUND TYPE - AGENCY FUNDS
Deferred Compensation - This fund accounts for the portion of
employee salaries which they have elected to defer under
Section 457 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 ICMA Retirement Corporation,
upon termination, retirement, death or unforeseeable financial
emergency.
Youth Center - This fund accounts for moneys earned and
expended by the youth group operating the Youth Center.
1 154
Schedule 89 1
CITY OF SEWARD
Agency Funds
Combining Balance Sheet
June 30, 1994
with comparative totals for 1993
Deferred Youth Totals
Assets Compensation Center 1994 1993
Equity in central treasury $ - 3,045 3,045 1,749
Investment in deferred compensation plan' 1,651,475 - 1,651,475 1,658,787
1,651,475 IM 1,6 54,520 1,660,536
Liabilities
Due to City employees
Due to Youth Center
1,651,475 - 1,651,475 1,658,787
3 045 3,04 1,749
S 1,651,475 3,045 1,654,52.0 1,66 0,536
155
CITY OF SEWARD
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year ended June 30, 1994
Balance at Balance at
July 1,_1993 Additions Deletions June 30,1994
190,155
190,1 1,651
31671 . 3,045
3,671 32045
3,671 3,045
190,155 1,651,475
193,826 1,654,520
3,671 3,045
190,155 1,651,475
193,826 1,654,520
1'
Deferred Compensation Plan:
Assets:
Investment in Deferred
Compensation Plan 1,658,787 182,843
Liabilities:
Due to City employees f 1,65, 8„ 18
Youth Center:
Assets:
Equity in central treasury S 4,961_
X1,
74.9,
Liabilities:
Due to Youth Center 1,749 4
Deferred Compensation Plan
and Youth Center Combined:
Assets:
Equity in central treasury 1,749 4,967
Investment in Deferred
Compensation Plan 1,658,787 182,843
1,66 0,536 18_ 7188 0
Liabilities:
Due to Youth Center 1,749 4,967
Due to City employees 1,658,787 182,843
1,660,536 187,810
1
156
190,155
190,1 1,651
31671 . 3,045
3,671 32045
3,671 3,045
190,155 1,651,475
193,826 1,654,520
3,671 3,045
190,155 1,651,475
193,826 1,654,520
1'
GENERAL FIXED ASSETS ACCOUNT GROUP
1
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 IaccountedforintheProprietaryFundType - Agency Fund.
I
157 1
CITY OF SEWAR0
General Fixed Assets by Sources
June 30, 1994
with comparative figures for 1993
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
Agency Fund revenues
Federal revenue sharing
1
158
Schedule 91
1994 1993
S 3,650,074 19,614,281
8,213,923 8,194,515
9,667,125 9,667,125
2,443,320 2,366,866
2.370.115 2.127,393
26,344 351 41,970,1.8.0
3,325,191 19,300,198
17,452,471 17,209,748
5,548,681 5,444,759
2,739
15,475 15,475
26,37, 41,910,_180
Schedule 92
CITY OF SEWARD
General Fixed Assets Activity
Year ended June 30, 1994
Balance at Balance at
Fixed asset type July 1, 1993 Additions Deletions June 30 1994
Land and land rights 19,614,281 10,800 15,975,007 3,650,074
Buildings 8,194,515 19,408 8,213,923
Improvements other than
buildings 9,667,125 9,667,125
Equipment 2,366,866 120,753 44,299 2,443,320
Construction work in progress 2,127,393 274,271 31,549 2,370,115
41, 970,180 425,232 16,050,855 26,344,557
1
159
GENERAL LONG -TERM DEBT ACCOUNT GROUP
The General Long -term Debt Account Group records the
unmatured principal of long -term general obligation bonds
and the long -term portion of accrued annual leave payable
from general revenues and backed by the full faith and
credit of the City.
I
160
Schedule 93 1
CITY OF SEWARD '
Statement of General Long -term Debt
June 30, 1994 '
with comparative figures for 1993
1
Amount to be Provided for the '
Payment of General Long -term Debt 1994 1993
Capital leases payable S 125,712 267,143 '
Bonds payable 2,318,894 2,152,937
Accrued leave 184,390 231,109
Retirement Incentive Program - 11,844
2,628,996 2,663,033
General Long -term Debt Payable 1
Accrued leave 184,390 231,109
1990 bonds payable 430,000 1,755,000 '
1987 bonds payable 72,364 397,937
1993 refunding bonds payable for the 1987 Series A 356,530 -
1993 refunding bonds payable for the 1990 Series A 1,460,000 -
Capital lease payable 125,712 261,143
Retirement Incentive Program - 11,844
2,628,996 2,663,033 1
1
161 '
L
I PART III
STATISTICAL SECTION
t
1
I
C
STATISTICAL TABLES
91
Statistical tables give report users a better historical perspective and assist in assessing current
financial status and trends. Statistical data is generally presented for ten fiscal years. The
following statistical tables are included:
General Fund Revenues By Source Table 1
General Government Tax Revenues By Source Table I A
General Fund Expenditures By Function Table 2
Property Tax Levies And Collections Table 3
Assessed And Estimated Actual Value of Taxable Property Table 4
Property Tax Rates -- Direct And Overlapping Governments Table 5
Special Property Assessment Collections Table 6
Ratio of General Bonded Debt Assessed Value And Bonded
Debt Per Capita Table 7
Legal Debt Margingg Table 8
Computation of Direct And Overlapping Bonded Debt Table 8A
Ratio of Annual Debt Service Expenditures For General Obligation
Debt to Total General Fund Expenditures Table 9
Property Value, Construction And Bank Deposits Table 10
Principal Taxpayers Table 11
Miscellaneous Statistics Table 12
91
1
Table ! ,
CITY OF SEWARD
General Fund Revenues By Source '
Last Ten Fiscal Years
163 1
Property Licenses Inter- Charges Fines
Fiscal Assess- and govern- for and
Year Taxes ments Permits mental Services Bails Interest Misc. Total
1985 986,450 19,364 $ 62,979 1,160,034 2,144,493 16,122 $507,593 63,574 4.96(),61 9
1986 1,272,376 13,471 187,393 798,506 2,935,897 9,152 174,203 26,481 5.a! ",-: -4
1987 1,349,042 14,864 62,029 755,182 1,236,299 13,495 128,709 147,399 3,70 -,o:9
1988 1,835,982 4I,918 72,681 605,928 1,506,194 14,465 180,774 44,167 4, -in 2,,1n9
1989 1,896,394 22,558 132,059 704,397 1,300,243 26,729 294,843 38,071 4,,115,29.
1990 2,312,297 35,470 77,920 903,879 1,357,203 15,539 330,434 161,314 5.194.156
1991 2,293,728 230,546 69,195 1,046,659 2,025,766 13,058 410,593 95,077
1992 2,627,050 6,505 74,005 913,137 1,879,663 18,158 245,872 124,466 5,880.446
1993 2,509,708 32,573 23,736 983,759 2,425,012 41,892 236,986 47,862 6,301.52ti
1994 2,882,005 19,795 33,132 903,835 2,104,588 35,230 102,824 36,807 6,11`1,2:6
Table I A
CITY OF SEWARD
General Government Tax Revenues By Source
Last Ten Fiscal Years
Payment
Fiscal Property Sales In Lieu
Year Tax Tax of Tax Other Total
1985 5 357,158 $ 240,825 388,467 986,450
1986 565,720 233,843 472,813 1,272,376
1987 393,815 448,304 506,923 1,349,042
1988 535,312 783,122 517,548 1,835,982
1989 452,319 918,470 525,605 1,896,394
1990 456,143 1,193,900 629,517 32,737 2,312,297
1991 409,663 1,190,645 679,292 14,128 2,293,728
1992 619,566 1,268,572 692,653 46,259 2,627,050
1993 515,286 1 „86,358 681,615 26,449 2,509,708
1994 468,880 1,484,355 864,922 63,848 2,882,005
163 1
Table
CITY OF SEWARD
General Fund Expenditures By Function
Last Ten Fiscal Years
Fiscal General Public Public Parks and Debt
Year Government Safety Works Recreation Library Service Total
1985 1,641,257 1,594,281 586,308 256,883 9,544 $
1986 1,475,315 1,688.989 542,857 199,159 10,188 3,916,58
1987 1,414,987 1,331,061 515,959 191,996 3,45.4,ou-,
1988 1,625,704 1,369,233 560,677 279,862 20,206 3,855.6'x2
1989 1,716,034 1,361,813 541,753 353,199 115,917 49,051 4,23 ".76 -
1990 1,353,714 1,359,214 550,255 357,802 122,392 154,574 3,89'7,95
1991 1,488,855 1,584,821 608,287 449,119 154,870 362,260 4,648,_;=
1992 1,851,718 1,640,081 692,653 493,106 193,510 345,265 5._'16,333
1993 1,779,085 1,682,176 689,209 471,045 184,274 367,509 5.171.2914
1994 1,542,179 1,782,396 722,202 443,661 200,553 343,702 5,1 #34,691,
164
Source: Kenai Pemnsula Borough
1
l
165 1
CITY OF SEWARD
Property Tax Levies And Collections
Last Ten Fiscal Years
Table 3
1
Ratio or
Total Tax Delinquent
Total Current Percent Delinquent Total Collections Outstanding Taxes As
Fiscal Tax Tax of Levy Tax Tax As A % Delinquent A Oc Of
Year Levy Collections Collected Collections Collections Of Levy Taxes Total Levv
1985 323,749 313,392 96.8% 4,634 318,026 98.2% 54.438 16.K`C
1986 571,294 536,059 93.8% 3,334 539,393 94.4% 52,253 9.1
1987 42 71,526 385,318 90.1% 1,764 387,082 90.5% 123,258 29. X
1998 457,793 406,572 88.8% 6,366 412,938 90.2% 125,560 27.41(
1989 456,600 388,691 85.1% 37)74 432,824 94.89 100,579 22.00(
1990 418,395 387,531 92.6% 68,612 487,007 116.4% 48,507 1 i.6"c
1991 463,743 413,850 89.2% 5,731 419,581 90.5% 61,460 13.3`',
1992 489,226 447,123 91.4% 22,471 469,594 96.0% 76,962 15. "`<
1993 498,366 470,322 94.4% 31,983 502,305 100.8% 67,164 13.5`',
1994 496,933 434,736 87.5% 29,171 463,907 93.4% 98,709 19.91".
Source: Kenai Pemnsula Borough
1
l
165 1
1
Table 4
1
64,748,500 20,743,586 20,743,586 81,340,216 85,492,086
CITY OF SEWARD
77,827,300 85,454,400 56,716,200
Assessed And Estimated Actual Value of Taxable Property
134,543,500
iLast
1
Ten Fiscal Years
86,452,400 102,797,600 59,765,300
Real Property Personal Property Total Property
Ratio of Total
1988
Estimated Estimated Estimated Assessed Value
162,902,721
Fiscal Assessed Actual Assessed Actual Assessed Actual To Total Est.
1 Year Value Value Value Value Value Value Actual Value
95.14 -1
94.6.1
94, 19`1
93.411
83.83`1
91,=7`t
83.16 "-c
M_
1985 60,596,630 64,748,500 20,743,586 20,743,586 81,340,216 85,492,086
1986 77,827,300 85,454,400 56,716,200 56,716,200 134,543,500 142,170,600
1
1987 86,452,400 102,797,600 59,765,300 74,541,800 146,217,700 177,339,400
1988 94,276,800 102,993,300 68,625,921 69,953,900 162,902,721 172,947,200
1989 93,279,802 104,334,000 56,450,349 55,976,000 149,730,151 160,310,000
1 1990 88,508,166 98,794,000 28,540,373 40,833,200 117,048,539 139,627,200
1991 97,193,437 100,612,800 53,601,900 64,419,000 150,795,337 165,031,800
1992 88,464,566 100,667,900 52,574,761 68,929,200 141,039,327 169,597,100
1993 92,122,180 98,261,300 50,038,979 66,112,200 142,161,159
155,396,108
164.383.500
180.817,5001994102,022,980 111,378,100 53,373,128 69,439,400
iSource: Alaska ", Taxable State of Alaska
1
1
1
i
1
1
1
1
166
95.14 -1
94.6.1
94, 19`1
93.411
83.83`1
91,=7`t
83.16 "-c
M_
Source: City of Seward
Kenai Peninsula Borough
CITY OF SEWARD
Property Tax Rates
Direct and Overlapping Governments
Last Ten Fiscal Years
Per $1,000 of Assessed Value)
Fiscal
Year City Borough Total
1985 5.00 1.75 6.75
1986 5.00 1.75 6.75
1987 3.00 4.00 7.00
1988 3.04 5.75 8.75
1989 3.00 5.75 8.75
1990 3.00 5.75 8.75
1991 3.00 5.75 8.75
1992 3.00 7.55 10.55
1993 3.00 8.55 11.55
1994 3.00 8.55 11.55
167
Table 5
I
1
1
1
1
1
1
1
1
1
1
1
I
1
1
1
1
1
1
Table 6
CITY OF SEWARD
Special Property Assessment Collections
Last Ten Fiscal Years
Current Current Ratio of Total
Fiscal Assessments Assessment Collections To Outstanding
Year Due Collections Amount Due Assessments
1985 17,146 S 19,364 112.94% S 57,315
1986 16,636 13,471 80.97% 382,215
1987 14,896 14.864 99.79% 408,022
1988 48,883 41,918 85.75% 366,104
1989 50,315 22,558 44.83% 376,358
1990 56,638 28,731 50.73% 361.919
1991 28,548 111,719 391.34% 250,200
1992 26,190 6,505 24.84% 263.978
1993 27,618 32,573 117.94% 249.385
1994 27,618 24,778 89.72% 265.103
J
1
1 168
CITY OF SEWARD
Ratio of General Bonded Debt
Assessed Value And Bonded Debt Per Capita
Last Ten Fiscal Years
Table 7
Ratio of
Bonded Debt Bonded
Fiscal Assessed Bonded to Assessed Debt Per
Year Population Value Debt Value Capita__
1985 2.072 81,340,216 7,682,000 9.44% 3,708
3,24519862,279 134,543,500 7,395,000 5.50%
1987 2,400 146,217,700 8,139,000 5.57% 3,391
1988 2,400 162,902,721 10,345,000 6.35% 4,310
1989 2,829 149,730,151 10,044,000 6.71% 3,550
1990 2,829 117,048,539 11,444,000 9.78% 4,045
1991 2,699 150,795,327 11,021,000 7.31% 4,083
1992 2,806 141,039,327 10,563,000 7.49% 3,764
1993 2,704 142,161,159 10,039,000 7.10% 3,713
1994 2,704 155,396,108 10,249,000 6.60% 3,790
Source: State of Alaska
Kenai Peninsula Borough
1
169 t
Table 8A
CITY OF SEWARD
Computation of Direct And Overlapping Bonded Debt
General Obligation Bonds
June 30, 1994
Net General
Obligation Percentage Amount
Bonded Debt Applicable To Applicable To
Jurisdiction Outstanding City of Seward City of Seward
Direct:
City of Seward $ 2,318,894 (1) 100.00% $
Overlapping:
Kenai Peninsula Borough 59,365,000 5.14% (2)
Total $ 69,938,894 $
2,318.894
3.051,361
5,370.255
1) Excluding general obligation bonds reported in the Enterprise Funds.
2) Based upon the ratio of City of Seward assessed value (real and personal property) to total assessed value of the Kenai
Peninsula Borough.
1
1
170
Table 8
CITY OF SEWARD
Legal Debt Margin
June 30, 1994
No debt limit mandated by law.
Table 8A
CITY OF SEWARD
Computation of Direct And Overlapping Bonded Debt
General Obligation Bonds
June 30, 1994
Net General
Obligation Percentage Amount
Bonded Debt Applicable To Applicable To
Jurisdiction Outstanding City of Seward City of Seward
Direct:
City of Seward $ 2,318,894 (1) 100.00% $
Overlapping:
Kenai Peninsula Borough 59,365,000 5.14% (2)
Total $ 69,938,894 $
2,318.894
3.051,361
5,370.255
1) Excluding general obligation bonds reported in the Enterprise Funds.
2) Based upon the ratio of City of Seward assessed value (real and personal property) to total assessed value of the Kenai
Peninsula Borough.
1
1
170
Table 9
CITY OF SEWARD
Ratio of Annual Debt Service Expenditures
For General Obligation Debt (1)
to Total General Fund Expenditures
Last Ten Fiscal Years
Total Ratio of
Total General Debt Service to
Fiscal Debt Fund General Fund
Year Principal Interest Service Expenditures. Expenditures
1985 9,000 S 544 S 9,544 S 4,088,273 0.28%
1986 10,000 188 10,188 3.916,508 0.23%
1987 3,453,513 0.00%
1988 20,206 20,206 3,855,682 0.52%
1989 9,233 39,818 49,051 4,237,767 1.16%
1990 79,757 74,817 154,574 4,416,425 3.50%
1991 129,890 232,370 362,260 4,648,212 7.79 %
1992 143,563 201,701 345,265 5,216,333 6.62%
1993 180,448 187,061 367,509 5,173,298 7.10%
1994 199,898 143,804 343,702 5,034,693 6.83 %
1) General obligation bonds reported in the enterprise funds with government commitment have been excluded.
171
Table 10
CITY OF SEWARD
Property Value, Construction and Bank Deposits
Last Ten Fiscal Years
1) Es=iated actual value from Table 4
172
111
Commercial Construction Residential Construction
Total Number Number
Fiscal Property of of Bank
Year Value(1) Permits Value Permits Value Deposits
1985 64.748,500 36 9,849,952 38 $ 2.539,790 S 17.875.000
1986 85,454,400 49 35,738,777 38 2,185,253 18,778.000
1987 102,797,600 34 448,475 44 768,493 23.438.000
1988 102,993,300 37 3,720,245 17 456,430 21,118.000
1989 104,334,000 32 12,075,250 55 4,580.896 25,160.000
1990 98,794,000 29 3,681,516 27 679,100 28,444,000
1991 100,612,800 29 2,163,276 21 1,053,150 27,477,800
1992 100,667,900 21 842,685 20 620,425 32.518.000
1993 98.261,300 16 328,462 34 1,504,173 27.808.000
1994 111,378,100 20 3,120,673 24 384,400 28.409.000
1) Es=iated actual value from Table 4
172
111
Table l l
CITY OF SEWARD
Principal Taxpayers
June 30, 1994
1) Includes real and personal property
Source: Kenai Peninsula Borough
173
Percent of
FY94 Total
Assessed Assessed
Taxpayer Type of Business Valuation(1) Valuation
Seward Forest Products Sawmill 13,552,811 8.7%
Suneel Alaska Corp. Coal Export 6,834,240 4.4%
Seward Fisheries Seafood Processing 6,684,549 4.3%
Alascom, Inc. Telecommunications 5,448,082 3.5%
Anderson Tug & Barge Tug & Barge Service 3,017,266 1.9%
Kenai Fjords Tours, Inc. Boat Tours 2,495,550 1.6%
New Seward Hotel Hotel 2,017,973 1.3%
Afognak Logging Construction 1,934,643 1.2%
Breeze Inn Hotel /Restaurant 1,860,692 1.2%
GTE Alaska, Inc. Telecommunications 1,823,856 1.1 %
1) Includes real and personal property
Source: Kenai Peninsula Borough
173
CITY OF SEWARD
MISCELLANEOUS STATISTICS
June 30, 1994
Date of Incorporation
Class
Form of Government
Number of employees (excluding hospital):
Non- Exempt
Exempt
Area, Square Miles
Population
Qualified Voters
t
City of Seward facilities and services:
Miles of streets
Number of street lights
Building Permits Issued
Recreation and Culture:
Number of Parks
Number of Libraries
Number of Volumes
Fire Protection
Number of Stations
Number of Paid Firefighters and Officers
Number of Volunteers
Number of Calls Answered
Fire Rating (ISO)
Police Protection
Number of Stations
Lumber of Officers
Number of law violations:
Physical arrests
Traffic violations
Parking violations
Sewerage System:
Number of treatment plants
Number of service connections
Daily average treatment in gallons
Maximum daily capacity of treatment plant in gallons
Water System:
Number of service connections
Number of fire hydrants
Daily average consumption in gallons
Maximum daily capacity of plant in gallons
Electric Distribution System:
Number of service connections
Miles of distribution lines
Miles of transmission lines
Number of sub - stations
Total number of kilowatt sales
1 17 9
Table 12
June 1, 1912
Home Rule
Councili Manager
65
16
22
2,704
1 ,474
43.14
192
44
9
1
25,635
2
30
162
5
841
828
1.407
2
755
570,000
1,175,000
795
167
1,480,000
4,300,000
1,930
50
42
3
48,695,000
Table l cont
Harbor and Fort Operations:
Registered vessels 3.171
Number on waiting list for boat slips 470
Number of boat lifts 645
General cargo tonnage 37,100
Fish product tonnage 26.312.000
Seward General Hospital:
Number of patient beds 0
Number of employees (including Resurrection Bay Health Center):
Non - Exempt 51
Exempt 4
Facilities and services not included in the reporting entity:
Education
Elementary School
Number of Students Enrolled 486 1NumberofTeachers28
Jr/Sr High School
Number of Students Enrolled 404
Number of Teachers 30
Alaska Vocational Technical Center
Number of Students Served Annually 1,843
Number of Teachers 34
1
1
175
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
End of File