HomeMy WebLinkAbout1996CAFRC ITY OF SEWARD,
PREHENSIVE ANNUAL
INANCIAL REPORT
For Fiscal Year
Ended June 30, 1996
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COMPREHENSIVE ANNUAL
FINANCIAL REPORT
OF 'TIC
CITY OF SEWARD, ALASKA
For The Fiscal Year Ended
June 30, 1996
LOUIS BENCARDINO
MAYOR
RONALD A. GARZIN]
CITY MANAGER
PREPARED BY THE
DEPARTMENT OF FINANCE
RICK L. GIFFORD, CGFM
DIRECTOR OF FINANCE AND
ADMINISTRATIVE SERVICES
KRISTIN M. ERCHINGER
CONTROLLER
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PART I
Letter of Transmittal
INTRODUCTORY SECTION
Table of Contents
Letter of Transmittal
Certificate of Achievement for Excellence in Financial Reporting
List of Principal Officials
Seward Citizens - Organizational Chart
ICITY OF SEWARD
General Purpose Financial Statements
and Schedules
1 Table of Cont"
General Purpose Financial Statements - Overview: 3
PART I - INTRODUCTORY SECTION
4 -5
Exhibit B - Combined Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balances - Governmental Fund Types
PM
Table of Contents
Letter of Transmittal
I-'M
IX -XX UI
Certificate of Achievement for Excellence in Financial Reporting XXIV
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List of Principal Officials
Seward Citizens - Organizational Chart
XXV
XXVI
IPART II - FINANCIAL SECTION
Independent Auditors' Report 1 -2
I
General Purpose Financial Statements - Overview: 3
Exhibit A - Combined Balance Sheet - All Fund Types and Account Groups 4 -5
Exhibit B - Combined Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balances - Governmental Fund Types G
Exhibit C - Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual - General Fund 7
Exhibit D - Combined Statement of Revenues, Expenses, Operating Transfers
and Changes in Retained Earnings - Proprietary Fund Types - Enterprise Funds
and Internal Service Fund 8 -9
Exhibit E - Combined Statement of Cash Flows - Proprietary Fund Types -
Enterprise Funds and internal Service Fund 10 -11
Notes to General Purpose Financial Statements 13-47
Combining, Individual Fund and Account Group Financial Statements:
Governmental Fund Types:
General Fund:
Schedule 1 - Balance Sheet 49
Schedule 2 - Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance 50
Schedule 3 - Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance - Budget and Actual 51 -58
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CITY OF SEWARD
General Purpose Financial Statements
and Schedules
Table of Contents
Statements: Combining, Individual Fund and Account Group Financial
Governmental Fwd Types:
Special Revenue Funds: 59-60
Schedule 4 - Combining Balance Sheet 62-63
Schedule 5 - Combining Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balances 64-65
Summer Youth Employmenv Training Program:
Schedule 6 - Balance Sheet 66
Schedule 7 - Statement of Revenues, Expenditures and Changes
in Fund Balance 67
Historic Preservation Plan:
Schedule 8 - Balance Sheet 68
Schedule 9 - Statement of Revenues, Expenditures, Other Financing
Sources and Changes in Fund Balance 69
Police Fund:
Schedule 10 - Balance Sheet 70
Schedule 11 - Statement of Expenditures, Other Financing Sources
and Changes in Fund Balance 71
Litter Control:
Schedule 12 - Balance Sheet 72
Schedule 13 - Statement of Revenues, Expenditures and Changes
in Fund Balance 73
Interpretive Signs:
Schedule 14 - Balance Sheet 74
Schedule 15 - Statement of Revenues, Expenditures, Other Financing
Sources and Changes in Fund Balance 75
Accident Free day:
Schedule 16 - Balance Sheet 76
Schedule 17 - Statement of Revenues, Expenditures and Changes
in Fund Balance 77
Minor DWI Prevention:
Schedule 18 - Balance Sheet
Schedule 19 - Statement of Revenues, Expenditures and Changes
78
in Fund Balance 79
Emergency Rescue Vehicle - Schedule 20 - Balance Sheet 80
Campground Brochure - Schedule 21 - Balance Sheet 81
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19
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III
CITY OF SEWARD
General Purpose Financial Statements
and Schedules
Table of Contents
Pane
Combining, Individual Fund and Account Group Financial Statements:
Governmental Fund Types:
Special Revenue Funds:
Seward Community Cemetery:
Schedule 22 - Balance Sheet 82
Schedule 23 - Statement of Revenues, Expenditures, Other Financing
Sources and Changes in Fund Balance 83
Qutekcak Oyster Nursery:
Schedule 24 - Balance Sheet 84
Schedule 25 - Statement of revenues, Expenditures, and Changes
in Fund Balance 85
Qutekcak Native Crafts - Schedule 26 - Statement of Revenues,
Expenditures and Changes in Fund Balance 86
Gateway Park - Schedule 27 - Balance Sheet 87
DARE Program - Schedule 28 - Statement of Revenues, Expenditures,
Other Financing Sources and Changes in Fund Balance 88
Prison Library:
Schedule 29 - Balance Sheet 89
Schedule 30 - Statement of Revenues, Expenditures and
Changes in Fund Balance 90
Public Library - Schedule 31 - Statement of Revenues, Expenditures
and Changes in Fund Balance 91
State Revenue Sharing - Schedule 32 - Statement of Revenues,
Expenditures, Other Financing Uses and Changes in Fund Balance
Spring Creek Correctional Center:
92
Schedule 33 - Statement of Revenues, Expenditures and Changes
in Fund Balance
Chamber of Commerce Restrooms - Schedule 34 - Statement of Revenues,
93
Expenditures and Changes in Fund Balance 94
Hospital Critical Care Equipment:
Schedule 35 - Balance Sheet 95
Schedule 36 - Statement of Revenues, Expenditures and Changes in
Fund Balance 96
III
4
CITY OF SEWARD
General Purpose Financial Statements
and Schedules
Table of Contents
Statements: Combining, Individual Fund and Account Group Financial
Governmental Fund Types:
Special Revenue Funds:
Traffic Enforcement Equipment - Schedule 37 - Statement of Revenues,
Expenditures and Changes in Fund Balance 97
Debt Service Funds
Schedule 38 - Balance Sheet 99
Schedule 39 - Statement of Revenues and Changes in Fund Balance 100
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Capital Projects Funds: 101 -102
Schedule 40 - Combining Balance Sheet 104 -105
Schedule 41 - Combining Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balances (Deficit) 106 -107
Schedule 42 - Projects to Date - Combining Statement of Revenues,
Expenditures, Other Financing Sources (Uses) and Changes in
Fund Balances 108 -109
1995 Flood Disaster Relief-
Schedule 43 - Balance Sheet 110
Schedule 44 - Statement of Revenues, Expenditures and Changes
in Fund Balance 111
Senior Citizens Center:
Schedule 45 - Balance Sheet 112
Schedule 46 - Statement of Expenditures and Changes in Fund Balance
Seward Association for Advancement of Marine Science: 113
Schedule 47 - Balance Sheet 114
Schedule 48 - Statement of Revenues, Expenditures and Changes
in Fund Balance 115
Community Center Improvements:
Schedule 49 - Balance Sheet 116
Schedule 50 - Statement of Revenues, Expenditures. Other Financing
Sources and Changes in Fund Balance 117
Seward General Hospital Roof Repair - Schedule 51 - Statement of
Expenditures, Other Financing Sources and Changes in Fund Balance 118
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CITY OF SEWARD
General Purpose Financial Statements
and Schedules
Table of Contents
Page
i Combining, Individual Fund and Account Group Financial Statements:
Governmental Fund Types:
Capital Projects Funds
Police Dispatch:
Schedule 52 - Balance Sheet 119
Schedule 53 - Statement of Revenues, Expenditures and Changes
in Fund Balance 120
Emergency Shelter:
Schedule 54 - Balance Sheet 121
Schedule 5 5 - Statement of Revenues, Expenditures and Changes
in Fund Balance 122
Mini- Service Campground:
Schedule 56 - Balance Sheet 123
Schedule 57 - Statement of Revenues, Expenditures, Other Financing
Sources and Changes in Fund Balance 124
SBA Tree Planting:
Schedule 58 - Balance Sheet 12S
Schedule 59 - Statement of Revenues, Expenditures and Changes
in Fund Balance 126
Bike Path Continuation.:
Schedule 60 - Balance Sheet 127
Schedule 61 - Statement of Changes in Fund Balance 128
Hospital Anesthesia:
Schedule 62 - Balance Sheet 129
Schedule 63 - Statement of Revenues and Changes in Fund Balance 130
Waterfront Improvement:
Schedule 64 - Balance Sheet 131
Schedule 65 - Statement of Revenues, Expenditures, Other Financing
Sources and Changes in Fund Balance (Deficit) 132
Capital Acquisition Fund:
Schedule 66 - Balance Sheet 133
Schedule 67 - Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance 134
Fire Hall Improvements - Schedule 68 - Statement of Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balance 135
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6
CITY OF SEWARD '
General Purpose Financial Statements
and Schedules
Table of Contents
Statements: Combining, Individual Fund and Account Group Financial
Governmental Fund Types:
Capital Projects Funds
City Hall Roof Replacement - Schedule 69 - Statement of Expenditures,
Other Financing Sources and Changes in Fund Balance 136
Council Chamber Renovations - Schedule 70 - Statement of Expenditures,
Other Financing Sources and Changes in Fund Balance 137
Library Handicapped Access:
Schedule 71 - Balance Sheet 138
Schedule 72 - Statement of Revenues, Expenditures, Other Financing
Sources and Changes in Fund Balance 139
Streets and Sidewalks - Schedule 73 - Statement of Expenditures and
Changes in Fund Balance I40
Street Improvements - Schedule 74 - Statement of Expenditures, Other
Financing Sources and Changes in Fund Balance 141
City Hall Elevator - Schedule 75 - Statement of Expenditures, Other
Financing Sources and Changes in Fund Balance 142
Underground Storage Tanks - Schedule 76 - Statement of Changes in
Fund Balance 143
Proprietary Fund Types:
Enterprise Funds:
145
Schedule 77 - Combining Balance Sheet 146 -147
Schedule 78 - Combining Statement of Revenues, Expenses and
Changes in Retained Earnings (Deficit) 148 -149
Schedule 79 - Combining Statement of Cash Flows 150 -151
Electric:
Schedule 80 - Balance Sheet 152 -153
Schedule 81 - Statement of Revenues, Expenses and Changes
in Retained Earnings 154
Schedule 82 - Statement of Cash Flows 156 -157
Water and Sewer:
158Schedule83 - Balance Sheet
Schedule 84 - Statement of Revenues, Expenses and Changes
in Retained Earnings 159
Schedule 85 - Statement of Cash Flows 160
VI
CITY OF SEWARD
General Purpose Financial Statements
and Schedules
Table of Contents
Combining, individual Fund and Account Group Financial Statements:
Page
Proprietary Fund Types:
Enterprise Funds:
Harbor:
Schedule 86 - Balance Sheet 162 -163
Schedule 87 - Statement of Revenues, Expenses and Changes
in Retained Earnings 164
Schedule 88 - Statement of Cash Flows 166 -167
Seward General Hospital:
Schedule 89 - Balance Sheet 168
Schedule 90 - Statement of Revenues, Expenses and Changes
in Retained Earnings
Schedule 91 - Statement of Cash Flows
169
170
Parking Revenue:
Schedule 92 - Balance Sheet
Schedule 93 - Statement of Revenues, Expenses and Changes
171
in Retained Earnings (Deficit) 172
Schedule 94 - Statement of Cash Flows 173
Internal Service Fund:
Motor Pool:
t Schedule 95 - Balance Sheet 175
Schedule 96 - Statement of Revenues, Expenses and Changes
in Retained Earnings 176
Schedule 97 - Statement of Cash Flows 177
Fiduciary Fund Type - Agency Funds:
Schedule 98 - Combining Balance Sheet 179
Schedule 99 - Combining Statement of Changes in Assets and Liabilities 180
General Fixed Assets Account Group:
Schedule 100 - General Fixed Assets by Sources 181
Schedule 101 - General Fixed Assets Activity 182
Schedule 102 - General Fixed Assets by Function and Activity 183
Schedule 103 - Changes in General Fixed Assets by Function and Activity 184
VII
Pane '
Combining, Individual Fund and Account Group Financial Statements:
General Long -term Debt Account Group:
Schedule 104 - Statement of General Long -term Debt 185 '
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CITY OF SEWARD
General Purpose Financial Statements
and Schedules
Table of Contents
Pane '
Combining, Individual Fund and Account Group Financial Statements:
General Long -term Debt Account Group:
Schedule 104 - Statement of General Long -term Debt 185 '
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PART III - STATISTICAL SECTION
Statistical Tables: 187
Table I General Fund Revenues by Source 188
Table 1 A General Government Tax revenues by Sources 188
Table 2 General Fund Expenditures by Function 189
Table 3 Property Tax Levies and Collections 190
Table 4 Assessed and Estimated Actual Value of Taxable Property 191
Table 5 Property Tax Rates - Direct and Overlapping Governments 192
Table 6 Special Property Assessment Collections 193
Table 7 Ratio of Net General Obligation Bonded Debt to Assessed Value
and Net General Obligation Bonded Debt Per Capita 194
Table 8 Legal Debt Margin 195
Table 8A Computation of Direct and Overlapping Bonded Debt 195
Table 9 Ratio of Annual Debt Service Expenditures for General
Obligation Debt to Total General Fund Expenditures 196
Table 10 Revenue Bond Coverage 197
Table I 1 Property Value, Construction and Bank Deposits 198
Table 12 Principal Taxpayers 199
Table 13 Miscellaneous Statistics 200 -201
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CITY OF SEWARD •
Main Office (907) 224 -3331
Police (907) 224 -3338
r.o. eox 167 • Harbor (907) 224 -3138
SEWARD, ALASKA 9%64
Fire (907) 224 -3445
O #d °` + •Fax (907) 224 -3248
September 6, 1996
To the Honorable Mayor, 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, 1996, is submitted as mandated by 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, account groups and component unit. 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
statements and the combining and individual fund and account group financial statements and schedules, as
well as 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 of the City, as well as
the component unit of Seward General Hospital. The General Fund is supported by taxes and general
government revenues which are not restricted to a particular use. The City provides utility services, including
electric, water and sewer. These services are enterprise funds, supported through user charges established by
tariff. The City maintains enterprise funds to account for the operations of all harbor and port related activities
and public parking services provided by the City.
The hospital is a component unit of the City and is a legally separate entity which the City controls and
is financially accountable for. All operating and management functions for the hospital have been delegated
to the Seward General Hospital Board, whose members are appointed by the City Council. The City provides
significant financial subsidies for hospital operations. The financial statements of Seward General Hospital are
included in this report. As of July 1, 1996, the City has entered into a lease and operating agreement for the
operation of the hospital with the Sisters of Providence in Washington doing business as Providence Alaska
Medical Center. Beginning with fiscal year 1997, the hospital will no longer be a component unit of the City.
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Seasonal activity has generated increased economic activity in tourism, sport and commercial fishing. '
Tourism is a significant, expanding industry in Seward. In the summer of 1995, over 950,000 people visited
the State of Alaska, with the majority flying into the Anchorage International Airport or arriving by cruise ship.
Industry studies estimate that over 350,000 of these non - resident visitors to the State visited the City of ,
Seward in 1995. In addition, over 300,000 Alaskans reside within 3 hours' highway travel time to the City,
and an estimated 158,000 visit the City each year. Seward has become known as the best one -day trip from
Anchorage, due in part to the Exit Glacier, Kenai f=jords National Park, world -class sport fishing and great scenic
splendor of the area in general. Numerous tourism related businesses serve the thousands wishing to enjoy Ithesenaturalattractions.
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.
The City Manager is the administrative head of the City Government and is responsible to the Council
for the proper handling of all City affairs. The office of City Clerk is subordinate to, and appointed by, the
Council. The City Clerk has duties in connection with the keeping of the public records and City elections.
The City Attorney is appointed by the Council. All other officers and employees of the City are appointed by
the City 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. 1
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 its
library and parks and recreation departments, electric utility, deep draft port, small boat harbor, parking
services, industrial and 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 3,034.
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 -tree 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
between the growing demand for Alaska's resources in the Pacific Rim countries and the sources of those
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 efforts towards 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, ship repair (setvices),
forest products, education and government. While avoiding tax rate increases, Seward has been able to
maintain existing government service levels as increased revenues have been acquired from tax receipts, user
fees, service fees and payments for public property leases.
Seasonal activity has generated increased economic activity in tourism, sport and commercial fishing. '
Tourism is a significant, expanding industry in Seward. In the summer of 1995, over 950,000 people visited
the State of Alaska, with the majority flying into the Anchorage International Airport or arriving by cruise ship.
Industry studies estimate that over 350,000 of these non - resident visitors to the State visited the City of ,
Seward in 1995. In addition, over 300,000 Alaskans reside within 3 hours' highway travel time to the City,
and an estimated 158,000 visit the City each year. Seward has become known as the best one -day trip from
Anchorage, due in part to the Exit Glacier, Kenai f=jords National Park, world -class sport fishing and great scenic
splendor of the area in general. Numerous tourism related businesses serve the thousands wishing to enjoy Ithesenaturalattractions.
A major factor in local economic development was the opening of the State's first maximum security
prison in 1988. The opening of the Spring Creek Correctional Center greatly enhanced the local economy,
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 moneys 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.
MAJOR INITIATIVES
For th2 Yeaf
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 became concerned about the operations of the hospital and the financial drain the
hospital was to the City's General Fund. During fiscal year 1996, the Council contracted with health industry
consultants to review the operations of the hospital and meet with medical and other community members to
determine the best course of action for the medical needs of the community. The voters of Seward, in May
1996, approved the sale of bonds not to exceed $7.5 million for the construction of a new medical center and
approved a lease and operating agreement with Providence Alaska Medical Center to operate the hospital and
construct the new medical center. The Council ordered the dissolution of the Seward General Hospital
Enterprise Fund effective June 30, 1996 and Providence took over the hospital operations on July 1, 1996.
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 included the continuation of the replacement and upgrading to sections of the electrical
transmission and distribution system, improvements to the Fire Hall, financing for a new pumper truck and a
new rescue truck for the fire department, improvements to the City Hall heating system, renovations to the
Community Center for youth activities, and continuation of the upgrading of the small boat harbor float system,
including a major overhaul of the electrical system.
The City obtained $9.5 million dollars from the State of Alaska in 1990 to replace and upgrade the
electric utility's transmission line from approximately Mile three to Mile twenty -four of the Seward Highway.
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.
With the remainder of grant moneys and the sale of $3.225 million in revenue bonds in June 1995, phase II
of the transmission line project from Mile eighteen of the Seward Highway to approximately Mile twenty -four
was completed in late 1995.
Just under $700,000 of State, federal and local moneys were targeted to repair and upgrade sections
of the small boat harbor float system during FY96 including engineering costs to upgrade the electrical system,
a new boat launch ramp with floats, paved handicapped parking, new sewer pump station, replacement of X-
float and flood damage repairs.
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Financing was approved for the purchase of a new pumper truck and to supplement state grant moneys ,
for the purchase of a new rescue truck for the fire department. Completion and delivery of the fire trucks is
expected in November, 1996.
The lower floor of the Community Center was renovated to provide a Teen and Youth Center for '
activities replacing the Teen Center facility that was dislocated due to the construction of the Alaska SeaLife
Center.
Heavy rains in September, 1995 caused flooding in Seward and the Kenai Peninsula Borough. An '
emergency declaration by Governor Tony Knowles and President Bill Clinton made available state and federal
moneys totaling $366,844 to repair the damage and to compensate the City for flood fighting costs. Some
of the damage was repaired during FY96 with the remainder to be completed in FY97. '
For t iture I
Providence Seward Medical Center, operated by Providence Alaska Medical Center, began operations
on July 1, 1996. With the sale of $7.5 million in general obligation bonds in August, 1996 for the construction '
of a new medical center, the design and site preparations have begun and construction will commence in the
spring of 1997 with completion targeted for November, 1997.
The Harbor Enterprise continues its efforts to replace and upgrade the float system in the small boat
harbor, including upgrades to the electrical system. State, federal and local moneys are planned for the
rehabilitation of A and C floats, a drainage system for the east side of the harbor uplands, commitment to a
feasibility study with the Army Corps of Engineers for the eastward expansion of the basin and new electrical
system on D float. The Corps of Engineers issued a Reconnaissance Report in July, 1996 recommending that
a feasibility study be initiated for a eastward expansion of the small boat harbor. An eastward expansion could
accommodate approximately 472 more vessels than in the existing harbor which is over crowded and has over
400 vessels on a waiting list for slip space.
With over 100 cruise ship calls to the Port of Seward in 1996 and the increased freight demands for
dock capacity, the City continues its efforts to work with the public and private sectors to increase dock
capacity by 50% through construction and/or expansion of existing dock facilities within the Port of Seward.
The Alaska SeaLife Center is being developed under cooperative agreements with the City of Seward,
Seward Association for the Advancement of Marine Science, University of Alaska, Alaska Department of Fish
and Game and the Exxon Valdez Oil Spill Trustee 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 $50.5 million. The
project is primarily financed by a $12.5 million grant from the Exxon Combined Settlement moneys authorized
by the Alaska legislature in 1993 and $24.956 million from the Exxon Valdez Oil Spill Trustees Council in 1994.
An additional $13 million was provided from the proceeds of the sale of nonrecourse Revenue Bonds sold by
the City in May, 1996. The facility will be owned by the City of Seward and operated by the Seward
Association for the Advancement of Marine Science and is scheduled to open in May, 1998 with an anticipated
300,000 visitors in its first year of operations.
The Electric Utility Enterprise has budgeted $50,000 in FY97 for the purpose of developing a strategic
plan for the utility and to negotiate a long -term wholesale contract for the purchase of power.
Community leaders are working with the State of Alaska and private enterprise to expand the coal
terminal facility and the State's only long -term prison facility.
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A citizens group consisting of Councilmembers and members of the downtown business community
are traveling to the State of Oregon to seek ideas from communities for enhancements to the downtown in
preparation of the opening of the Alaska SeaUfe Center.
Each year the City focuses attention on the efforts and accomplishments of a selected department.
This year the fire department has been selected for this purpose.
The Seward Fire Department has two full -time employees, one part-time employee and 30 volunteers.
The mission statement of the department is a simple one: TO PROVIDE THE MAXIMUM PROTECTION
POSSIBLE FOR LIFE AND PROPERTY. The department has a variety of responsibilities, which are divided into
these main sections: OPERATIONS, ADMINISTRATION, FIRE PREVENTION, and EMERGENCY PREPAREDNESS.
The operations section is the one the general public sees the most. Operations include fire suppression, rescue,
hazardous material, training functions, vehicle and equipment maintenance. The administrative section deals
with all personnel matters, records of the department, reports to government agencies; development and
monitoring of the budget, specifying and purchasing of equipment, and the department's safety program. The
fire prevention section deals with public fire education, code enforcement and development, fire safety
inspections, plan reviews for new construction and as of September 1996, building construction inspections.
The emergency preparedness section deals with the City's ability to survive a natural or man -made disaster;
field supervision for overall operations, training for all city personnel, development of a budget Ito incorporate
all city needs for response), development and editing of the City's emergency plan, purchasing of small tools
and equipment for use in the Emergency Operation Center.
The age of the department's fleet is varied. The oldest front line apparatus are two 1965 American
LaFrance pumpers. Each is well maintained and a plan for replacing these units is being developed. The
current fleet includes four pumpers (1 -1500 gpm pump and 3 -1250 gpm pumps), two rescue and support
vehicles, one utility and mountain rescue jeep, two command and support pickups and one 12' inflatable boat.
One of the goals of the department is to continually review its ability and capability of its fleet in relationship
to the growth and demands of the City.
The department works well with other City departments to ensure the City's goals are met. Sharing
of information, and sometimes equipment, are one of the ways to meet City goals. Grants that are available
to the fire department and grants that can be shared with other departments are identified and pursued.
Training is a high priority for the department. Out of thirty volunteer members, fourteen are certified
firefighters. Seven are certified as State Fire Instructors. The department's firefighter training program has
been certified by the State Fire Service Training and is reviewed by them to ensure it meets State standards.
The department has been asked to supply evaluators for Fire Service Training to evaluate other departments
and programs.
Continued success of the department depends on its volunteers, their commitment to training and to
responding to emergencies. The community's support of the department and the volunteers has to be high
for continued success. The local merchants and businesses that allow employees who are volunteers to
respond to emergencies during working hours must be recognized for their large contribution to the City and
the community.
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FINANCIAL INFORMATION
ITheCity's financial statements for governmental funds have been prepared on the modified accrual basis
of accounting in conformity with generally accepted accounting principles. Revenues on this basis of
accounting are recognized when measurable and available to finance current expenditures; expenditures are '
recognized when goods and services are received and liabilities are incurred. 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 and charged as '
expenses when used.
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:
11 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 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.
determineAspartofthesingleauditperformedbytheCity's independent accountants, tests are made to
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 30, 1996, provided no t
instances of material weaknesses in the internal control structure or significant violations of applicable laws
and regulations. 1FormalbudgetaryintegrationisemployedasamanagementcontroldeviceduringtheyearfortheGeneral
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 the
annual appropriated budget approved by the City Council. The General Fund is the only fund which is legally
required to have budget appropriations. 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, by resolution, transfer appropriations between funds
and amend the original budget, including the total budget of the Hospital Enterprise Fund. The City Manager
Themaytransferamountsbetweenlineitemswithinadepartmentandbetweendepartmentswithinafund.
Seward General Hospital Board may 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,
which is required to have a budget, certain Special Revenue Funds and the Enterprise Funds are included in
the annual appropriating budget; and appropriations lapse at year end. The City 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.
CityAsdemonstratedbythestatementsandschedulesincludedinthefinancialsectionofthisreport, the
of Seward continues to meet its responsibility for sound financial management.
1X[V
General Gomernmental Function
Revenues from general governmental functions (which includes General, Special Revenue, Debt Service
and Capital Project Funds) totaled $13,653,539 in fiscal year 1996, an increase of $3,434,788 (33.6%) from
fiscal year 1995. The amount of revenue from major sources and the increase or decrease over 1995 is shown
in the following tabulations:
Dollar
Increase
Percent
Increase
Revenue SouEces
Percent
Total
IDecrease) Decrease)
tTaxes
gmQunt
2,923,340
of
21.41%
f(gL13 1995
157,837)
from 1995
5.1) %
Property assessments 524 0.00 1,718) 76.6)
Licenses and permits 119,982 0.88 58,909 96.5
Intergovernmental revenue 8,639,949 63.28 3,610,434 71.8
Charges for services 1,595,223 11.68 28,460 1.8
Fines and bails 26,945 0.20 22,344) 45.3)
Interest 219,.991 1.61 1,842) 0.8)
Miscellaneous revenue 127.E 0.94 79.274) 38.3)
11§53JU2 100.00% WZAM J=
t
I
GENERAL G O V ERN M EN T REVENUES
General, Special Revenue and Capital Project Funds
13,653,539
Intergov't Rev. 63.28%
Taxes 21.41%
All Other 3.637E
Charges for Services 11.66%
Tax revenues decreased $157,837 from FY95 with the largest decrease in payments in lieu of tax (PILT),
211,263 or 23.3% decrease. General property tax revenues produced $514,588, compared to $498,016
for the prior year. Real property tax revenues increased, $324,354 from $286,700, while personal property
tax revenues decreased, $173,267 from $202,216. The decrease in personal property taxes was primarily due
to one time revenues in FY95 resulting from an oil drilling rig that moored in Resurrection Bay during the winter
of 1994 -1995. The vehicle property tax increased from $9,100 to $16,967 in FY96. Sales tax revenues
generated $1,619,606, an increase from $1,587,199 for the prior year. Payment in lieu of taxes from the
Enterprise Funds decreased $211,263 primarily due to a change in policy from charging PILT on enterprise
gross revenues to enterprise operating revenues. Operating revenues declined in the Harbor Enterprise Fund
due to leasing out the operations of the syncrolift. The harbor parking assessment fees decreased by $36,044
over FY95 primarily due to a harbor business who obtained their own parking which was not subject to the
fee. The harbor parking assessment fee was discontinued by the City Council effective January 1, 1996. The
lodging assessment fee was replaced with a 4% hotel/motel room tax effective January 1, 1996. The lodging
tax of $53,461 for fiscal year 1996 was the amount of tax revenues reported for the new hotel/motel room
tax for the period January 1, 1996 through June 30, 1996.
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. FY96 tax revenues are based on the 1995
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
2,923,340
Sales Tax 55.40%
Other 1.44%
Property Tax 17.60%
PILT 23.731A
Lodging 1.83%
Property assessment revenues decreased by $1,718 from FY95. Most of the General Fund special property
assessments have been collected, thereby reducing this revenue category.
Licenses and permits experienced an increase of $58,909 from FY95 primarily due to the building permit
fees collected on the Alaska SeaLife Center project. Building permit revenues increased $59,578 to $94,416.
intergovernmental revenues increased $3,610,434 from FY95 due to higher revenues from State grants
for Special Revenue Funds and Capital Project Funds, of which $7,410,253 was for the Alaska SeaLife Center.
State revenue sharing and municipal assistance decreased by $23,970 from FY95, The State jail contract was
increased to $372,465 from $273,000 and the contract with the State for dispatch services remained at
48,500. Raw fish tax was estimated (due to not receiving the raw fish tax from the State by June 30, 19961
at $127,569, a decrease from $127,791 received in FY95.
XVi
1
1
I
L-
Revenue from charges for services were up in some line items and down in others with an overall increase
of $28,460 from FY95. Administrative fees were down overall by $23,911. Administrative fees charged to
the capital projects and the State of Alaska for the jail operations were down while administrative fees charged
to the enterprise funds were up slightly. Rents and leases were down by $22,434 from FY95 due to the loss
of a lease because of the Alaska SeaLife Center construction. Commissions from the Department of Motor
vehicles were up by over $9,000. Parks and recreation revenues increased by $34,922 of which $30,160 was
in campground revenues.
Fines and bails were down by $22,344 from FY95 due to reductions in general court fines and the transfer
of parking ticket revenue to the newly established Parking Revenue Enterprise Fund.
Miscellaneous revenues decreased by $79,274 from FY95 due to a one -time legal recovery in FY95.
Expenditures for general governmental purposes totaled $12,946,652 in fiscal year 1996, an increase of
3,020,412 (30.4%) from FY 1995. 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) (Decrease)
gmypj of 'Total Over 1995 Oyer 1995
General Government $ 1,573,917 12.16% $ (97,400) (5.8) %
Public Safety 1,868,405 14.43 6,220 0.3
Public Works 791,868 6.12 (9,885) (1.2)
Parks and Recreation 510,231 3.94 78,228 18.1
Library 230,880 1,78 25,501 12.4
Capital Outlay 7,701,150 59.48 3,030,295 64.9
Debt Service 270.201 2.09 (12.5471 (4.4)
12.946.652 ".0,2 4,
1
1
I
GENERAL GOVERNMENT EXPENDITURES
General, Special Revenue and capital Project Funds
12,945,652
Public W orks 6.12% Public Safety 14.43%
Parks & Rec. 3.94%
Library 1.78%
Gen'l Gov't. 12.16%
Debt Service 2.09%
Capital Outlay 59.48%
The overall increase in expenditures for general government purposes, which includes the General, Special
Revenue, Debt Service and the Capital Project Funds, in FY96 was due primarily to pass through grant moneys
received from the State of Alaska for the Alaska SeaLife Center. Capital outlay expenditures include
7,410,253 of State grant moneys to the Seward Association for the Advancement of Marine Science (SAAMS)
during FY96 for the Alaska SeaLife Center. '
Total expenditures in the General Fund increased by $27,352 from FY95. Expenditures for the General Fund
were higher in FY96 for public safety, parks and recreation and the library. Expenditures were lower in FY96 ,
for general government, public works and the General Fund debt service. Public safety is up primarily due to
a reclassification of utility costs from general government to the fire department for fire hydrant water charges.
Parks and recreation is up primarily due to the renovation of the Teen and Youth Center which increased activity '
at the canter and required additional staffing. The library is up due to a new copier and computer equipment,
as well as new carpeting. The decrease in general government expenditures was primarily due to the
reclassification of utility costs to the fire department and utility costs to the street department for street light
electrical charges of approximately $87,000. Public works decreased slightly by $9,885. Snore removal costs '
for FY96 were lower than FY95 while rental costs for equipment from the Motor Pool Fund wera higher in FY96
as compared to FY95. The General Fund debt service was down as result of paying off several capital leases
in FY96. General Fund expenditures were $387,248 lower than budgeted in FY96. ,
General Fund Balance
The General Fund year -end fund balance totaled $3,0'15,077, a decrease of $848,476 from the FY95 fund
balance of $3,863,553. The decrease is primarily the result of the dissolution of the Seward General Hospital
Enterprise Fund.
During fiscal year 1996, the City Council and the Seward voters determined that it was in the community's
best interest to cease operations of Seward General Hospital ISGH1 and enter into an agreement with the Sisters
of Providence in Washington d.b.a. Providence Alaska Medical Center (Providence) to operate a primary care
hospital. The agreement with Providence became effective July 1, 1996. At June 30, 1996, SGH's balance
sheet was adjusted for the effects of the provisions of the agreement. Under the terms of the agreement,
certain assets were transferred to Providence and certain liabilities were assumed by them. The dissolution of
the hospital resulted in a loss and is reflected in the financial statements. The loss on dissolution and the loss
from hospital operations for fiscal year 1996 resulted in a net loss for SGH of $2,437,238. Of the hospital's
2,437,238 net loss, $402,374 was absorbed by the hospital's retained earnings, $99,000 was transferred
from the Seward Electric Enterprise Fund and $1,935,864 was transferred from the City's General Fund.
The decrease of $848,476 in the General Fund's fund balance consists of an excess of revenues over ,
expenditures, operating transfers to other funds, proceeds provided from an estimated long -term loan from the
State of Alaska for the retirement debt assumed by the General Fund related to the dissolution of the Seward
General Hospital Enterprise Fund and residual equity transfers to other funds as shown on the following page:
XVIII I
1
Fund balance at beginning o'. the year $ 3,863,553
1 Excess of revenues over expenditures 766,212
The ratio of net general obligation bonded debt to assessed valuation and the amount of net general
obligation bonded debt per capita are useful indicators of the City's debt position to management, citizens, and
investors.
1
1 Net General Obligation Bonded Debt
Ratio of Net
Bonded Debt to
Operating transfers to other funds:
Assessed Value
1 Special Revenue Funds:
Debt Per
CaoitaAmount
2,151,535 1.31%
Community Cemetery 12,475)
DARE Program
Capital Project Funds:
13,921)
Community Center Renovation 74,000)
Council Chambers Renovation 11050)
Capital Acquisition 191,647) 1 Enterprise Funds:
Seward General Hospital 618,587)
Proceeds of long -term loan from State of Alaska 1,256.5Q3
Net other financing sources (uses) 364,823
Residual Equity Transfers to other funds:
Enterprise Funds:
Seward General Hospital 1,935,664)
Internal Service Fund:
Motor Pool 43.64711Netresidualequitytransfersout 11.979.5111
Fund balance at and of year
Debt Adrn'nijt[1d4on
L26ULM
The ratio of net general obligation bonded debt to assessed valuation and the amount of net general
obligation bonded debt per capita are useful indicators of the City's debt position to management, citizens, and
investors.
1
1 Net General Obligation Bonded Debt
Ratio of Net
Bonded Debt to Net
Assessed Value Bonded
000% of
Market Value)
Debt Per
CaoitaAmount
2,151,535 1.31% 709
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. Net general obligation bonds excludes those
general obligation bonds which are carried in the Enterprise Funds.
At June 30, 1996, the City had $8,786,000 in outstanding general obligation bonds. Of this total, general
obligation bonds of $6,636,465 have been recorded in the Enterprise Funds which benefited from proceeds of
such bonds issued.
The City issued revenue bonds in the amount of $3,225,000 for the Electric Enterprise Fund in June, 1995
to be used for completing the Transmission Line project from Mile 3 of the Seward Highway to approximately
Mile 24. The first principal payment for the revenue bonds will not be due until June of 1998. Interest
1 XIX
Machinery and equipment have been capitalized in the amount of $335,350 in the General Fixed Assets
Account Group, $1,075,000 in the Enterprise Funds and $281,170 in the Motor Pool Internal Service Fund for '
which the equipment was purchased. As of June 30, 1996 the total minimum lease payments, if carried to
term, would be $1,429,842 of which $1,158,666 is recorded in the Enterprise Funds, $11,782 is recorded in
the General Fund and $259,394 is recorded in the Motor Pool Internal Service Fund. Of the $1,429,842 in '
minimum lease payments, approximately $347,077 is interest as of June 30, 1996.
Cash Manauement 1
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 Iresourcesforinvestment.
The investment and collateralization of City funds is governed by Section 5.15 of the Seward Code of '
Ordinances. The ordinance clearly identifies safety as the primary concern in the selection and management
of the City's investments.
1
XX I
I
1
payments are made semi - annually starting in December, 1995. The revenue bond issue requires that electric
rates be maintained at a level that will make annual income available for revenue bond debt service equal to at
least 1.3 times the amount required each such calendar year to pay the principal and interest on all outstanding
electric revenue bonds. Annual income available for revenue bond debt service is equal to operating revenues
less operating expenses before depreciation and payments in lieu of taxes plus interest income. For fiscal year
1996, annual income available for revenue bond debt service was $2,206,902, the debt service requirement
was $184,435, resulting in a ratio of 11.97.
The State of Alaska Department of Environmental Conservation loaned the City $924,000 for restoration
of the Lowell Point Sewage Lagoon and $26,231 for engineer cost studies to connect portions of the Dairy Hill
area to the sewer system. The note payables to the State of Alaska are carried in the Water and Sewer
Enterprise Fund and the balances due at June 30, 1996 was $916,906 and $24,918, respectively. Annual
installments are made until November, 2013 for the Lowell Point Sewage Lagoon loan and July, 2014 for the
Dairy Hill loan.
in the terminationThedissolutionoftheSewardGeneralHospitalEnterpriseFundonJune30, 1996 resulted
of all Hospital employees. The City assumed the obligation for the additional pension contributions for Hospital
employees vested in the State of Alaska Public Employees Retirement System at June 30, 1996. At June 30,
1996, management estimated this liability at $1,256,503. The ultimate amount of this obligation and the terms
of payment are in the process of being calculated by the State of Alaska Department of Administration, Division
of Retirement and Benefits. Any adjustment to this estimated obligation and terms of payment will be reflected
in the June 30, 1997 financial statements. It is the City's intent to retire this obligation and the general
obligation bonds issued in August, 1996 for the construction of a new medical facility with the one cent sales
tax designated for the hospital.
The City has several lease purchase agreements for the financing of a sand truck, a motor grader, a fire
truck, heavy equipment, hospital equipment and a 250 -ton boat 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 $335,350 in the General Fixed Assets
Account Group, $1,075,000 in the Enterprise Funds and $281,170 in the Motor Pool Internal Service Fund for '
which the equipment was purchased. As of June 30, 1996 the total minimum lease payments, if carried to
term, would be $1,429,842 of which $1,158,666 is recorded in the Enterprise Funds, $11,782 is recorded in
the General Fund and $259,394 is recorded in the Motor Pool Internal Service Fund. Of the $1,429,842 in '
minimum lease payments, approximately $347,077 is interest as of June 30, 1996.
Cash Manauement 1
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 Iresourcesforinvestment.
The investment and collateralization of City funds is governed by Section 5.15 of the Seward Code of '
Ordinances. The ordinance clearly identifies safety as the primary concern in the selection and management
of the City's investments.
1
XX I
I
Total City cash and investments at June 30, 1996 were:
City:
Cash on hand $ 2,795
Deposits - (210,908)
Investments 4.543.065
Total City cash and investments $4,334,952
Seward General Hospital cash and deposits 193.561
I Total City and Hospital cash
and investments $4528.51.3
Deposits (cash carried on the City's books) shows a negative amount of $ (210,908) due to the bank
sweeping available cash overnight and investing in repurchase agreements which are shown above in
investments. Cash temporarily idle during the year was invested in short -term time deposits, repurchase
agreements and government agency securities. The amount of interest earned in the fiscal year ended June
30, 1996, was $431,487. This amount was $62,023 higher than the interest earned in the fiscal year ended
June 30, 1995 as a result of slightly higher interest rates and higher cash balances during FY96.
1
Enterprise Operations
Enterprise funds are used to account for operations that are financed and operated in a manner similar to
private business enterprises - where the intent of the City is that the costs of providing services to the general
public on a continuing basis be financed or recovered primarily through user charges. Four of the City's
Enterprise Funds provide electric, water /sewer, hospital, and harbor services. A fifth Enterprise Fund, the
Parking Revenue Enterprise Fund, was established in FY96 to account for the revenues and expenses for public
parking services within the City.
Enterprise Fund plant in service, acquired by contributions in aid of construction from grantor agencies,
customers and others is depreciated. The related depreciation expense is included in the determination of net
income. The annual depreciation on such contributed plant is transferred from retained earnings to contributions
in aid. Accumulated amortization of contributions in aid represents the cumulative total of such depreciation
transfers.
Utility revenues are based on cycle billings rendered to customers monthly. As a result of this cycle billing
method, the utilities do not accrue revenue at the end of any fiscal period for services sold but not billed at such
date.
Interfund charges by the General Fund, in lieu of taxes and administrative expenses, are made in accordance
with the budget ordinance.
1 XXI
The Government Finance Officers Association of the United States and Canada IGFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Seward for its Comprehensive '
Annual Financial Report for the fiscal year ended June 30, 1995. This is the second consecutive year that the
City has received this prestigious award. The Certificate of Achievement is a prestigious national award
recognizing conformance with the highest standards for preparation of state and local government financial ,
reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and '
efficiently organized comprehensive annual financial report, whose contents conform to program standards.
Such CAFR must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe our current Comprehensive '
Annual Financial Report continues to conform to the Certificate of Achievement program requirements, and we
are submitting it to the GFOA to determine its eligibility for another certificate.
XXII 1
Risk_Manaaement
The City is a member of the Alaska Municipal League Joint Insurance Association QW, a governmental
insurance pool established by the Alaska Municipal League. The JIA provides the City coverage for property,
including building and contents, automobiles, mobile equipment and data processing equipment; casualty,
including general liability, public officials and employees liability, law enforcement professional liability, auto
liability and employee benefit liability; workers' compensation, including employers liability; commercial blanket
bond; and time element. The City also maintains special marine insurance coverages and boiler and machinery
insurance coverages with insurance companies placed through JIA. The JIA provides loss control services and
conducts periodic inspections to ensure safe operations. The City has utilized an established safety committee
to review and recommend safety policies and procedures for all departments. The City Council designates a
portion of the General Fund fund balance to meet potential losses related to the JIA basic core coverages and
the law enforcement liability pool {LELP). LELP was established by the JIA as a separate insurance pool for law
enforcement professional liability, including jail liability.
1
OTHER INFORMATION
Independent Audit
The City Charter and Section 29.35.120 of the Alaska Statutes both require an annual independent audit
of the accounts and financial transactions of the City by a certified public accountant. The accounting firm of
KPMG Peat Marwick, LLP was selected by the City Council. In addition to meeting the requirements set forth
in the State Statutes, the audit also was designed to meet the requirements of the Federal Single Audit Act of
1984 and related OMB Circular A -128 and the State of Alaska Single Audit Act 2 AAC 45.010. The auditor's
report on the general purpose financial statements is included in the financial section of this report. The
combining, individual fund and account group financial statements and schedules are presented for purposes
of additional analysis. The auditor's reports related specifically to the single audit are contained in a separate
report.
The Government Finance Officers Association of the United States and Canada IGFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Seward for its Comprehensive '
Annual Financial Report for the fiscal year ended June 30, 1995. This is the second consecutive year that the
City has received this prestigious award. The Certificate of Achievement is a prestigious national award
recognizing conformance with the highest standards for preparation of state and local government financial ,
reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and '
efficiently organized comprehensive annual financial report, whose contents conform to program standards.
Such CAFR must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe our current Comprehensive '
Annual Financial Report continues to conform to the Certificate of Achievement program requirements, and we
are submitting it to the GFOA to determine its eligibility for another certificate.
XXII 1
Acknowledgments
The preparation of the Comprehensive Annual Financial Report could not have been accomplished without
the efficient and dedicated services of the entire staff of the finance department. We would like to express our
appreciation to all members of the Finance Department who assisted and contributed to the preparation of this
report, with a special thanks to Kristin Erchinger, Controller. Due credit also should be given to the mayor and
the members of council for their interest and support in planning and conducting the operations of the City of
Seward in a responsible and progressive manner.
1
Respectfully submitted,
1r Ronald A. arz N Rick L. Gifford
City Mana er Director of Finance and
Administrative Services
I
1
XXIII
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Seward,
Alaska
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1995
A Certificate of Achievement for Excellence in Fwancial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
2& -r-
F
aM
Preside
4
aria R#7 zz!rwe
Executive Director
XXI V
t
I
Ronald A. Garzim City Manager
Linda S. Murphy City Clerk
Michael V. Yanez Deputy City Manager
Rick L. Gifford Director of Finance and
Eric E. Wohlforth City Attorney
CITY OF SEWARD
Dave Calvert City Engineer and
Utility Manager
Foster M. Singleton
LIST OF' PRINCII'AL OFFICIALS
Couneil Members
Chief of Police
Louis Bencardino Mayor
John R. Gage
Margaret Anderson Vice Mayor
Karin Sturdy
Dave Crane Council Member
Cheryl Pearson Library Director
Darrell Deeter Council Member
Community Development
Marianna Keil Council Member
Jerry King Council Member
Bruce Sieminski Council Member
Ronald A. Garzim City Manager
Linda S. Murphy City Clerk
Michael V. Yanez Deputy City Manager
Rick L. Gifford Director of Finance and
Eric E. Wohlforth City Attorney
Administrative Services
Dave Calvert City Engineer and
Utility Manager
Foster M. Singleton Harbormaster
1
Tom Walker Chief of Police
John R. Gage Fire Chief
Karin Sturdy Parks & Recreation Director
Cheryl Pearson Library Director
Kerry T. Martin Community Development
Director
QU Clerk__Uepartment
Linda S. Murphy City Clerk
Patsy Jones Deputy City Clerk
icy
Eric E. Wohlforth City Attorney
Wohlforth, Argetsinger, Johnson
Brecht
1
XXV
1
CITY OF SEWARD
Organizational Chart
Citizens
Mayor &
Council
Boards & City Manager City Clerk City
Commissions Attorney
Planning &
Port &
C mme
Historic
Preservati n
E:
Police Finance Engineering & Library
Utilities
Harbor Fire Community Parks &
Development Recreation
XXVI
1
PART II
FINANCIAL SECTION
Independent Auditors' Report
General Purpose Financial Statements
Combining, Individual Fund and
Account Group Financial Statements and Schedules
1
1
Peat Marwick LLP
601 West Fifth Avenue
Suite 700
Anchorage, AK 99501 -2258
I
Independent Audi!Qrs' Report
The Honorable Mayor and
Members of the City Council
City of Seward:
I
We have audited the accompanying general purpose financial statements of the City of Seward as of
and for the year ended June 30, 1996, as listed in the table of contents (pages 4 to 47). 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 and Government
Auditing Standards issued by the Comptroller General of the United States. 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 well as evaluating
the overall financial statement presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the City of Seward as of June 30, 1996, and the results of its operations and the
cash flows of its Proprietary Fund Types for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated September 6,
1996 on our consideration of the City of Seward's internal control structure and a report dated
September 6, 1996 on its compliance with laws and regulations.
Page 2
The Honorable Mayor and
Members of the City Council
City of Seward:
Our audits were made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining, individual fiord and account group financial statements,
as listed in the table of contents (pages 48 to 185), are presented for the purpose 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 audits of the general purpose financial statements
and, in our opinion, is fairly stated in all material respects m relation to the general purpose financial
statements taken as a whole.
September 6, 1996
IK IPM Cr Pk&.J L1.f
2
i
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1
GENERAL PURPOSE F.LNANCL4 L STATEMENTS
The General Purpose Financial Statements include the basic financial statements
and notes to the financial statements which are essential to the fair presentation of
financial position and results of operations and the cash bows of the proprietary
fund type5
a
m
m
rtro
ti
i
GENERAL PURPOSE FINANCIAL STATEMENTS - OVERVIEW
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, Other Financing Sources
Uses) and Changes in Fund Balances - Governmental Fund Types -- reports
results of operations of the General Fund, Special Revenue Funds and Capital
Projects Funds.
Statement of Revenues, Expenditures, Other Financing Sources (Uses) and
Changes in Fund Balance - Budget and Actual - General Fund -- compares the
results of operations with budget for the General Fund.
1
3
Combined Statement of Revenues, Expenses, Operating Transfers and Changes
in Retained Earnings - Proprietary Fund Types - Enterprise Funds and Internal
Service Fund - reports results of operations of the Enterprise Funds and Internal
Service Fund.
Combined Statement of Cash Flows - Proprietary Fund Types - Enterprise Funds
and Internal Service Fund -- reports the sources and changes in cash balances of
the Enterprise Funds and Internal Service Fund.
Notes to General Purpose Financial Statements.
1
3
CITY OF SEWARD
Combined Balance Shen - All Fund Types and Account Group
June 30,1996
with comparative totals for 1995
Cash
Equity ui central trsaauey
Cask end equity in central trammy
Investment in deferred compeaWicn plans
Taxes receivable, net
Accounts receivable. net
Assessments reoeivable
Parking assessments receivable
Federal grants roaeivable
Stec of Alaska receivables
Accrued interest moeivable
Other receivables
Due from other funds
Restricted assets - equity in central treasury
Property, plant and eTupmcnt, net
Advances to other fiords
Loan receivable • noncurrent
Deferred charges
Amount available for retirement of general long -term debt
Amount to be provided for retirement of general long -term debt
Liabilities:
Accounts payable
Customer deposits
Salaries and annual leave payable
Accrued liabilities
Funds held in trust
Due to other Grids
Doe to City employees
Due to Teat Council
Deferred revenue
Bonds payable
Note payable to State of Alaska
Capital lane obligations
Advances franc other finds
Deferred pension credit
Seward General Hospital PF.RS liability
Payable to Providence Alaska Medical Canter
Est -d'cl Wrd-party payor aGikmetta
Total liabilities
Fund equity and other credits:
Investment in general fixed assets
Contributions in cud of construction, trot
Retai vad earnings
Fund balances:
Rumved for inventories
Reserved for debt service
Unreserved:
Designated for working capital needs
Designated for Community Carter (1996) and Seward General
Hospital been (1993)
Designated for AML/JIA and Law Enforcanatt Liability Pool
Designated for subsequent year expenditure
Undaignated
Total fund equity and other credits
See -4"yuig notes to general purpose financial satementL
4
Civvmamatal Fund T
Special Debt Capital
911,1014 Bmpll o rice
2,343 I30
24I,231 43,120 _ 113,979 346,873
843,762 43,270 115,979 346,873
544,876 - _
761,968 - -
22.297 - -
143,024 841 - 988,743
38.336 - -
Z496
5,268 -
1,614,753
S 3,974,306 44,111 113,979 1.338,114
r
1
I
1
424,290 822 944,399
107,295
13,943
33,868
338,611 313 39,730
39,222 36,727 61,894
1,046,243939,229 37,862
5,268 -
113,979
1,500,000
21,212 -
42,390 -
1,446,207 6,249 291,871
3,013,077 6,249 115,979 291,871
S 3,974,306 44,111 115,979 1,338,114
IExhibit
L
y
Proprietary Fwd Typo Faad Typo- A000ird Uroupa Taeah
internd ' Trm1 aad 1 mww 1.ottg4- Lmemo -i- only)
193,361 100 196,356 34,737
2,469,386 2011433 6,924 4,024,952 6,614,925
2,662,947 201,433 7,024 4,221,308 6,649,682
2,099,968 2,099.968 1,797,066
544,876 517,495
820,312 11382,280 1,875,514
11,442 33,739 230,930
20,375'_
134,940 134,940 1,437
1,132,610 773,068
38,336 41,036
2,496 4,971
688,463 693,731 650,825
338,611 1,953,366 2,034,798
7,390
307,205 307,20S 307,203
82,964,569 387,457 36,074,873 119,426,899 111,656,323
35,633 55,635 73,615
278,000 278,000 323,000
79,433 79,433 82,669
115,979 113,979
3,493,159 3,493,159 2,505,999
88,341,557 588,890 2,106,992 36,074,873 3,609,138 136,193,960 129,535,438
309,929 1 ,679,6401,679,640 1,131,181
174,997 174,997 145,086
118,542 189,701 415,538 437,285
342,363 356,306
35,868
337,930
44,666
1,574,692 1,953,366 2034,798
2,099,968 2,099,968 1,797.086
7,024 7,024 3,703
392,290 530,133 762,258
9,436,858 2,151,535 11,388,393 1 2,302,396
941,824 941,824 924,808
850,367 220,999 11,399 1,082,765 1,238,732
35,633
243,497
55,635
243,497
75,615
260,297
1,256,503 1,256,503
965.296 96312%
36,336 36,336
15,442,626 220,999 2,106,992 3,609,138 23,423,089 21,495,841
36.074,873 36,074,873 30,472,180
66,480,125
6,418,806
302,063
65,828
66,782,188
6,484,634
67,418,631
6,126,913
5,268
115,979
1,500,000 1,500,000
21,212 146,237
42,390 38,911
115,870
1,744,327 2,240,855
72,998.93I 367,891 36,074,873 112,770,871 108,059,597
88,341,357 588,890 2,106,992 36,074,873 3,609,138 136,193,960 129,555,438 .
5
Exhibit B
CITY OF SEWARD
Combined Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balances - Governmental Fund 'types
Revenues:
Taxes
Property assessments
Licenses and permits
intergovemmentil
Charges for services
Fines and bails
Interest
Miscellaneous
Total revenues
Expenditures:
Current:
General govcnunent
Public safety
Public works
Parks and recreations
Library
Capital outlay
Debt service
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other fuumcing sources (uses):
Operating transfers from other funds
Operating transfers to other funds
Proceeds of long -term loan from
State of Alaska
Net other financing sources (uses)
Excess (deficiency) of revenues
and other financing sources
over expenditures acrd
other fmancing uses
Fund balances at begk ing of year,
as previously stated
Restatement - implementation of GASB 22
Fund balances at beginning of year,
as restated
Residual equity transfers from other funds
Residual equity transfers to other funds
Fund balances at end of year
Year ended June 30, 1996
with comparative totals for 1995
Totals
special Debt Capital (memorandum only)
SarmW Reverare l 122A u
S 2,923,340 - 2,923,340 3,081,177
524 - 524 2,242
119,982 - 119,982 61,073
909,521 187,073 7,543,355 8,639,949 5,029,515
1,595,223 - 1,595,223 1,566,763
26,945 - 26,945 49,289
219,514 - 477 - 219,991 221,833
106,126 7,439 14,020 127,585 206,859
5,901,175 194,512 477 7,557,375 13,653,539 10,218,751
1,485,903 88,014 1,573,917 1,671,317
1,860,349 8,056 1,868,405 1,862,185
791,868 791,868 801,753
508,467 1,764 510,231 432,003
218,175 12,705 230,880 205,379
7,701,150 7,701,150 4,670,855
270,201 270,201 282,748
5,134,963 110,539 7,701,150 12,946,652 9,926240
766212 83,973 477 (143,775) 706,887 292.511
6,396 - 326,824 333,220 1,095,374
891,680) (86,302) - (60,127) (1,038,109) (1,433,360)
1,256,503 - - 1,256.503 -
364,823 (79,906) - 266,697 551,614 (337,986)
1,131,035 4,067 477 122,922 1,258,501 (45,475)
3,863,553 8,444 - 169,976 4,041,873 3,873,457
433,786
3,863,553 8,444 - 169,876 4,041,873 4,307,243
115,502 115,502 29,755
1,979,511) 6,262) - 927) 1,986,700) 249,650)
S 3,015,077 6,249 115,979 291,871 3,429,176 4,041,873
See accompanying notes to general purpose financial statements.
6
Exhibit_C
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, 1996
with comparative totals for 1995
See accompanying notes to general purpose financial statements.
7
1996
Variance
favorable 1995
Budaet Actual Mfavorabk) gala
Revernues:
Taxes S 3,000,295 2,923,340 76,955) 3,081,177
Property assessments 21,237 524 20.713) 2,242
Licenses and permits 113,800 119,982 6,182 61,073
Intergovernmental 948,779 909,521 39 58) 837.096
Charges for services 1,571,029 1,595,223 24,194 1,566,763
Finn and bails 45,000 26,945 18,055) 49,289
Interest 190,500 219,514 29,014 221.833
Miscellaneous 51,717 106,126 54.409 185,496
Total revenues 5,942,357 5,901,175 41.182) 6,004,969
Expenditures:
Current:
General gavenunent 1,652,109 1,485.903 166.206 1,567,287
Public safety 1,971.192 1,660,349 110,843 1,835,194
Public works 880,449 791,868 88,581 801,753
Parks and recreation 526,860 508,467 18,393 430.112
Library 222,694 218,175 4,519 190,517
Debt service 268,907 270.201 1.294) 282,748
Total expenditures 5,522.211 5,134,963 387,248 5,107,611
Excess of revenues over expenditures 420,146 766,212 346,066 897,358
Other financing sources (uses):
Operating transfers from other funds 328,837
Operating transfers to other furls:
Special Revenue Funds 9,018) 6,396) 2,622 17.356)
Capital Projects Funds 266,697) 266,697) 379,010)
Enterprise Funds 625,000) 618,587) 6,413 562,183)
Proceeds of long -term loan from State of Alaska 1,256,503 1,256,503
Net other financing sources (uses) 900,715) 364,823 1,265,538 629,712)
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
fumwing uses 480,569) 1,131,035 1,611,604 267,646
Fund balance at beginning of year, as previously reported 3,863,553 3,863,553 3,361,791
1 Restatement - implementation of GASH 22 433,786
Fund balance at beginning of year, as restated 3,863,553 3,863,553 3,795,577
Residual equity transfers to other funds 9,865) 1,979,511) 1.969,646) 199,670)
Fund balance S 3,373,119 3,015,077 3,863,553atendofyear358,042)
See accompanying notes to general purpose financial statements.
7
xhi i D
CITY OF SEWARD '
Combined Statement of Revenues, Expenses, Operating
Transfers and Changes in Retained Earnings - Proprietary
Fund Types - Enterprise Funds and Internal Service Fund '
Year ended June 30, 1996
with comparative totals for 1995 '
Continued)
9
1
Totals
Internal memorandum 291
t "se hiss V-2 t
Operating revenues:
Sales: -
Residential S 2,136,771 2,136,771 2,257,050
Small general service 1,377,586 1,377,586 1,383,720
Large general service 2,159,176 2,159,176 2,109,175
Industrial 612,109 612,109 667,151
Harbor power 112,566 112,566 123,023
Street and yard lights 64,588 64,588 61,978
Seward Marine Industrial Center 105,101 105,101 112,245
Ship water sales 72,261 72,261 85,278
Moorage 898,065 898,065 1,075,646
Wharfage 152,018 152,018 181,179
Boat lift fps 176,769 176,769 244,155
Power sales 154,735 154,735 194,961
Storage 59,298 59,298 126,499
Rents and leases 319,016 319,016 250,641
Patient service revenues, net 2,710,048 2,710,048 2,911,617
Vehicle rentals 108,407 108,407 94,490
Miscellaneous 435,397 435,397 476,355
Total operating revenues 11,545,504 108,407 11,653,911 _ 12,355,163
Operating expenses:
Before depreciation:
Power 2,276,525 2,276,525 2,311,867
Distribution 637,126 637,126 626,268
Salaries and benefits 2,592,680 2,592,680 2,784,959
Supplies and maintenance 500,396 500,396 550,596
Administration and general 4,043,898 54 4,043,952 4,669,879
Total before depreciation 10,050,625 54 10,050,679 10,943,569
Operating income before depreciation 1,494,879 108,353 1,603,232 1,411,594
Depreciation 2,721,591 77,314 2,798,905 2,744,296
Operating income(loss) 1,226,712) 31,039 1,195,673) _ 1,332,702)
Continued)
9
1
Exhi it D w,
CITY OF SEWARD
Combined Statement of Revenues, Expenses, Operating
Transfers and Changes in Retained Earnings - Proprietary
Fund Types - Enterprise Funds and Internal Service Fund
Totals
Internal memorandum only
En rix 12§
Nonoperating revenues (expenses):
Loss on disposal of assets $ (95,492) 95,492) 41,576)
Interest income 204,571
810,269)
6,925
14,861)
211,496
825,130)
129,993
612,910)
Interest expense
Other revenues 96,565 96,565 3,125
Other expense
Penalties and interest on assessments
1,548
3,235
1,548
3,235
5,075
7,586
606,312) 7,936)_ 8) 523,879
Income (loss) before operating transfers
and extraordinary item 1,833,024) 23,103 1,809,921} 1,856,581
operating transfers:
From other funds 704,889 704,889 651,223
To other funds
Net operating transfers 704,889 704,889
313,.237
337,98(1
Income (loss) before extraordinary item 1,128,135) 23,103 1,108,032) 1,518,595)
Loss from dissolution of Seward General Hospital 2,237,582) 2,237,582)
128,492)
Loss from failure of Lowell Point Sewer Lagoon
Net income (loss) 3,365,717) 23,103 3,342,614) 1,647,087)
Amortization of contributions in aid of construction 1,899,936 1,899,936 1,879,980
232,893
Increase in retained earnings 1,465,781) 23,103 l_ 442,678)
1 Retained earnings at beginning of year 6,084,188 42,725 6,126,913 5,883,773
Prior period adjustment - Chugach Electric Association 102,866
power overcharge
Retained earnings at beginning of year as restated 6,084,188 42,725 6,126,913 5,986,639
Residual equity transfers from other funds 2,034,864
234,465)
2,034,864
234,465)
26
92,645)
Residual equity transfers to other funds
Retained earnings at end of year S 6,4 6 6,484,634_ 6,126,913
rsee accompanying notes to general purpose financial statements. -
Combined Statement of Cash Flows
Proprietary Fund Types - Enterprise Fund and Internal Service Fund
Year ended June 30, 1996
with comparative totals for 1995
Cash flows provided (used) by operating activities:
Operating income (loss)
Exhibit E
Totals
Internal memorandum only
Entermi mice 1ft 1.M
S (1,226,712) 31,039 (1,195,673) l{ 332,702)
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation 2,721,591 77,314 2,798,905 2,744,296
Prior period adjustment - Chugach
Electric Association refund 102,866
Allowance for doubtful receivables 42,209 42,209 29,751)
Other nonoperati.ng revenues 96,565 - 565 1,034
Other nonoperatrng expenses 2,091
Amortization of deferred items 16,800) - 16,800) 16,800)
Changes in assets and liabilities:
Decrease in accounts receivable 287,870 - 287,870 651,749
Increase in inventory and other assets 34,433) - 34,433) 94,604)
Decrease in accounts payable 155,346) - 155,346) 22,589)
Increase in iltird -party payor settlements 41,307 - 41,307
Increase(decrease)in annual leave payable 8,579) - 8,579) 19,044
Increase (decrease) in accrued liabilities 37,115 - 37,115 64,597)
Increase in due from other funds 338,611) - 338,611)
Increase (decrease) in due to other funds 20,903) - 20,903) 154,811
Increase in deferred revenue 2,226 - 2,226 331,103
Increase in customer deposits 29,911 - 29,911 40,623
Total adjustments 2,684,122 77,314 2,761,436 3,819,276
Net cash provided by
operating activities 1,457,410 108,353 1,565,763 2,486,574
Cash flows provided (used) by noncapital financing activities:
Operating transfers from other funds 704,889 - 704,889 651223
Operating transfers to other funds 313,237)
Residual equity transfers from other funds 778,360 - 778,360 26
Residual equity transfers to other funds 234,465) - 234,465) 92,645)
Advances from other funds 75,615
Advances to other funds 75,615)
Interest on central treasury borrowings 75,473) - 75,473)
Net cash provided by non -
capital financing activities 1,173,311 - 1,173,311 245,367
Continued)
10
i
CITY OF SEWARD
Combined Statement of Cash Flows
Proprietary Fund Types - Enterprise Fund and Internal Service Fttnd
Cash [lows provided (used) by capital
and related financing activities:
Proceeds from revenue bond
Principal payments on long -term obligations
Interest payments on long -term obligations
Acquisition of fixed assets
Disposal of fixed assets
Note payable to State of Alaska
Contributions in aid
Deferred revenue
Penalty and interest on special assessments
Transfers from other finds
Net cash used by capital
and related financing
activities
Cash flows provided (used) by investing activities:
Loans made to Maska Railroad Corporation
Payment on loan made to Alaska Railroad Corp.
Interest income
Interest expense
Net cash provided (used)
by investing activities
Net increase (decrease) in
cash and equity in central
treasury
Cash and equity in central treasury at beginning of year
Cash and equity in central treasury at end of year
Noncash investing, capital and financing activities:
Capital lease for new motor grader
Loss from failure of Lowell Point Sewer Lagoon
Loss from dissolution of Seward General Hospital
Transfer of fixed assets from the General Fixed
Asset Account
Reconciliation of cash and equity in central treasury to
1 See accompanying notes to general purpose furartcial statements.
Exhibit E. cunt.
balance sheet:
Cash and equity in central treasury:
Current assets
memorandum onl
Restricted assets
1996
1 See accompanying notes to general purpose furartcial statements.
Exhibit E. cunt.
5,132,565) (4,54 (5,137,106) 1,336,170
323,000)
45,000 - 45,000 -
204,571 6,925 211,496 129,993
32) - (32) -
249,539 6,925 256,464 (193,007)
2,252,305) 110,737 (2,141,568) 3,875,104
5,222,457 90,696 5,313,153 1,438,049
S 2,970,152 201,433 3,171,585 5,313,153
S - - - 151,054
81,630 - 81,630
2,662,947 201,433 2,864,380 5,005,948
307,205 - 307,205 307,205
S 2,970,152 201,433 3,171,585 _ 5,313,153
II
Totals
Internal memorandum onl
1996 1995
S - 3,225,000
744,424) 33,327) 777,751) 715,642)
714,150) 14,861) 729,011) 542,976)
5,118,848) 19,963) 5,138,811) 1,528,439)
11,112 11,112
17,016 17,016 24,975)
1,480,893 1,480,893 935,226
65,712) 65,712) 39,619)
1,548 1,549 5,075
63,610 63,610 22,520
5,132,565) (4,54 (5,137,106) 1,336,170
323,000)
45,000 - 45,000 -
204,571 6,925 211,496 129,993
32) - (32) -
249,539 6,925 256,464 (193,007)
2,252,305) 110,737 (2,141,568) 3,875,104
5,222,457 90,696 5,313,153 1,438,049
S 2,970,152 201,433 3,171,585 5,313,153
S - - - 151,054
81,630 - 81,630
2,662,947 201,433 2,864,380 5,005,948
307,205 - 307,205 307,205
S 2,970,152 201,433 3,171,585 _ 5,313,153
II
Oft-
THIS PAGE INTENTIONALLY LEFT BLANK
12
n
u
1
NOTES TO FIN CAN YAL STATEMENTS
The Notes to Financial Statements is a summary of significant accounting policies
and other notes to the financial statements necessary for adequate disclosure.
1
1
U
K
u
CITY OF SEWARD
Notes to General Purpose Financial Statements
June 30, 1996
1) SummM of Significant Accowtiajz P—Q-Iiqigg
Organi &ti n and Services Provided
The City of Seward, Alaska, was incorporated June 1, 1912 as a home -rule city. The City
operates under a Council- Manager form of government.
The City provides the fill range of municipal services as provided for by Alaska Statute. This
includes police and fire protection, electric, water and wastewater services, library, parks and
recreation, public improvements, planning and zoning, port and harbor, hospital, and general
administrative services. Effective July 1, 1996, the hospital operations will be transferred to
Providence Alaska Medical Center, a private health care provider.
Scope and Presentation
The accounting policies of the City conform to generally accepted accounting principles as
applicable to governmental units.
Reporting Entiri
As required by generally accepted accounting principles, the City's general purpose financial
statements present the City and Seward General Hospital, the City's blended component unit. A
blended component unit is an entity which the City Council controls and is financially
accountable to the City. Blended component units, although legally separate entities, are, in
substance, part of the government's operations and so data from these units are combined with
data of the primary government.
Complete financial statements for Seward General Hospital may be obtained at the City of
Seward Finance Office, P.O. Box 167, Seward, Alaska 99664.
Basis of Accounting
The accounts of the City are maintained in accordance with the balanced -fund principle of
accounting, whereby all related assets, liabilities and equities are segregated into self - balancing
groups for the purpose of accounting for specific activities or attaining certain objectives in
accordance with special resolutions or restrictions.
The accounting and financial reporting treatment applied to a fund is determined by its
measurement focus. All Governmental Fund Types are accounted for using a current financial
resources measurement focus. With this measurement focus, only current assets and current
liabilities generally are included on the balance sheet. Operating statements of these funds
represent increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures
and other financing uses) in net current assets.
13
Continued)
z ,
CITY OF SEWARD
Notes to General Purpose Financial Statements ,
The proprietary Fund Types - Enterprise Funds and Internal Service Fund are accounted for on a '
flow of economic resources measurement focus: With this measurement focus, all assets and all '
liabilities associated with the operation of these funds are included on the balance sheet. Fund
equity (i.e., net utal 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 principal. 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, Debt
Service Fund, Capital Projects Funds and Agency Funds have been presented on the modified-
accrual basis of accounting. Under this method, expenditures or liabilities, other than interest on
general obligations 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 liabilities. The major sources of revenues not considered
susceptible to accrual are 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.
Statement Number 20 of the Government Accounting Standards Board (GASB), Accounting and '
Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary
Fund Accounting, requires that proprietary activities follow GASB pronouncements. It also
allows proprietary activities to elect either to follow, or not to follow, Financial Accounting '
Standards Board (FASB) Statements and Interpretations which are not in conflict with GASB
pronouncements and have been issued after November 30, 1989. All of the City's funds,
including the component unit, which use proprietary fund accounting, have elected to follow only '
GASB pronouncements subsequent to November 30, 1989.
Continued) I
14
s
CITY OF SEWARD
Notes to General Purpose Financial Statements
In preparing the general purpose financial statements, management is required to make estimates
that effect the reported amounts of assets and liabilities as of the date of the balance sheet and
revenues and expenditures or expenses for the period. Actual results could differ from those
estimates. The more significant accounting and reporting policy estimates applied in the
presentation of the accompanying general purpose financial statements are discussed below:
Seward General Hospital Enterprise Fund
An agreement with the Sisters of Providence in Washington (Providence), see footnote 15,
provides that the City will receive one -half of the collections on June 30, 1996 Hospital
accounts receivable through December 31, 1996. Management estimates this amount to be
250,000.
General Fund and General Long -term Acco
The dissolution of the Seward General Hospital Enterprise Fund, a blended component unit,
on June 30, 1996 resulted in the termination of all Hospital employees. The City assumed
the obligation for the additional pension contributions for Hospital employees vested in the
State of Alaska Public Employees Retirement System at June 30, 1996. At June 30, 1996,
management estimated this liability at $1,256,503, net of $243,497 deferred pension credit
recorded in the Seward General Hospital Enterprise Fund Balance Sheet at June 30, 1996.
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 25: Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for
Defined Contribution Plans. This statement establishes financial reporting
standards for defined benefit pension plans and for the notes to the financial
statements of defined contribution plans of state and local governmental entities.
Financial reporting standards for postemployment healthcare plans administered
by defined benefit pension plans and for the pension expenditures/expense of
employers are included, respectively, in two related statements: No. 26,
Financial Reporting for Postemployment Healthcare Plans Administered by
Defined Benefit Pension Plans, and No. 27, Accounting for Pensions by State
and Local Governmental Employers. This statement is effective for periods
beginning after June 15, 1996.
Continued)
15
4 '
CITY OF SEWARD ,
Notes to General Purpose Financial Statements
GASB 26: Financial Reporting for Postemployment Healthcare Plans Administered by
Defined Benefit Pension Plans. This statement established financial reporting '
standards for postemployment healthcare plans administered by state and local
governmental defined benefit pension plans. It is an interim statement pending
completion of the GASB's project on accounting and financial reporting of other '
post employment benefits by plans and employers. Financial reporting
requirements for pension assets and benefits administered by defined benefit
pension plans are included in related Statement No. 25, Financial Reporting for ,
Defined Benefit Pension Plans and Note Disclosures for Defined Contribution
Plans (pension plan reporting standards). This statement is effective for periods
beginning after June 15, 1996. '
GASB 27: Accounting for Pensions by State and Local Governmental Employers. This
statement establishes standards for the measurement, recognition, and display of
pension expenditures /expense and related liabilities, assets, note disclosures and,
If applicable, required supplementary information the financial reports of state
and local governmental employers. Reporting requirements for pension trust
funds of employers are included in two related statements: No. 25, Financial
Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined
contribution Plans, and No. 26, Financial Reporting for Postemployment
Healthcare Plans Administered by Defined Benefit Pension Plans. This
statement is effective for periods beginning after June 15, 1997.
GASB 28: Accounting and Financial Reporting for Securities Lending Transactions. This
statement established accounting and financial reporting standards for securities
lending transactions. In these transactions, governmental entities transfer their
securities to broker - dealers and other entities for collateral, which may be cash
securities, or letters of credit, and simultaneously agree to return the collateral for
the same securities in the future. This statement is effective for periods
beginning after December 15, 1995,
GASB 29: The Use of Not -for Profit Accounting and Financial Reporting Principles by
Governmental Entities. This statement provides interim guidance that
entities that heretofore have applied not - for -profit accounting andgovernmental
financial reporting principles should generally apply the governmental model or
the not - far -profit model. Neither the City nor its component unit have any
activities that use the not - for - profit model.
fl
Continued) I
16
5
CITY OF SEWARD
Notes to General Purpose Financial Statements
GASB 30: Risk Financing Omnibus. This statement amends certain paragraphs of GASB
10, Accounting and Financial Reporting for Risk Financing and Related
Insurance Issues, for public entity risk pools and state and local governmental
entities other than pools. This statement is effective for periods beginning after
June 15,19%.
Fµnd Accounting Various
funds are grouped in the general purpose financial statements in this report into three broad
fund categories, six generic fund types and two account groups as follows: Governmental
Fund Types Gengr4
Fund - The General Fund is the general operating fund of the City. It is used to account
for all financial resources except those required to be accounted for in another fund.
Special
Revenue Funds - The Special Revenue Funds are used to account for dedicated revenues
derived from such sources as state grants, specific City operations and other sources.
Debt
Service Fund - The Debt Service Fund is used to account for the accumulation of resources
and payment of the $7,500,000 in general obligation bonds issued for construction
of a new hospital and for the Alaska Public Employees' Retirement System liability
related to the dissolution of the Seward General Hospital Enterprise Fund. 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). Proprigtn
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. 17
Continued)
G '
CITY OF SEWARD '
Notes to General Purpose Financial Statements
Fiduciary Fund IM - 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 of all fixed assets of the City other than '
those accounted for in the Proprietary Fund Types - Enterprise Funds and Internal
Service Fund. '
General Lon & -term Debt Acggunt Grown - Accounts for all long -term debt of the City
except that accounted for 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 prepared from the detailed statements included in the combining,
individual fund and account group financial statements included in this report. '
Total columns on the general purpose financial statements are captioned Totals (memorandum
only) to indicate that they are presented only to facilitate financial analysis, Data in these '
columns do not present financial position, results of operations or cash flows in conformity with
generally accepted accounting principles. Neither are such data comparable to a consolidation.
Interfund eliminations have not been made in the aggregation of these data I
Budgets and Budgetarsts ccounting
The City Council is required to pass an appropriation ordinance for the General Fund which '
becomes the expenditure budget for the fiscal year. The City Council may pass subsequent
supplemental appropriations which are added to the expenditure budget. Expenditures may not
legally exceed the fund appropriations. 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 prescribed 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) I
18
7
CITY OF SEWARD
Notes to General Purpose Financial Statements
Encumbrance accounting is employed during the year under which purchase orders, contracts
and other commitments for the expenditure of moneys are recorded in order to reserve that
portion of the applicable appropriation, as an extension 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 appropriation with the final
amended expenditure and operating transfers out appropriation as presented in the financial
statements is as follows:
Final
Original amended
Fund AppL%riations 0912ronriations
General Fund S 6,062,190 6,432,791
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, 1996, 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 liens 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 and tax levy on or before June
1S. 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 I
and are payable on November 15. City property tax revenues are recognized in the fiscal year in
which they are collectible and available (collected within sixty days after year -end) to finance
expenditures of the fiscal year.
At June 30, the delinquent real and personal taxes not currently available are reflected as deferred
revenues of the General Fund.
Investments
Investments of the City consist of time certificates of deposit, repurchase agreements, and U.S.
Government Securities which are valued at cost and are included in equity in the central treasury.
I(Continued)
19
8
CITY OF SEWARD
Notes to General Purpose Financial Statements
t
Inventories of Enterprise Funds are carried at cost (first -in, first -out) and are charged as expenses
as used (consumption method).
Supplies or material acquired by Governmental Fund Types are recorded at cost (first -in, first-
out) and are charged as expenditures as used (consumption method). Accordingly, reported
inventories for Governmental Fund Types are equally offset by a fund balance reserve.
Fixed Assets. Long-1grm. Liphilites and Long-term Receivabl
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 liabilities 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.
Noncurrent portions of long -term receivables due to the Governmental Fund Types are reported
on their balance sheets, in spite of their spending measurement focus. Special reporting
treatments are used to indicate, however, that they should not be considered available spendable
resources since they do not represent net current assets. Recognition of Governmental Fund
Type revenues represented by noncurrent receivables is deferred until they become current
receivables,
Continued) 1
20
y
CITY OF SEWARD
Notes to General Purpose Financial Statements
tNoncurrent liabilities are reported in the General Long -term Debt Account Group. Expenditure
recognition for Governmental Fund Types excludes amounts represented by noncurrent liabilities
because of their spending measurement focus. Long -term liabilities do not affect current assets
as such long -tern amounts are not recognized as Governmental Fund Type expenditures or fund
liabilities.
1 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. Donated fixed assets are recorded at their estimated fair
value at the date of donation. Upon disposal of significant property items, the General Fixed
Assets Account Croup is relieved of the related cost and value received is normally accounted for
as revenue in the General Fund.
1 Fixed Assets WmpripM Fund Types)
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.
1 Estimated lives of major asset categories are as follows:
Life in years
Buildings 10 -50
Improvements other than buildings 10 -50
1
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. Accumulated
amortization of contributions in aid represents the cumulative totals of such depreciation
transfers.
Accrued Leave
Accrued leave (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.
Continued)
21
10
CITY OF SEWARD
Notes to General Purpose Financial Statements
Preg 'aid Expenditures
Prepaid expenditures primarily represent costs of insurance and similar services allocated to
succeeding periods and rents paid in advance of the period to which they apply. The City's
policy is to charge such costs to the period benefited. Accordingly, prepaid expenditures are
equally offset by a fund balance reserve.
Contributed Capital - Enterprise Funds
Contributed capital is reported, net of accumulated depreciation, on contributed assets.
Reclassifications
Certain reclassifications have been made to the fiscal year 1995 General Purpose Financial
Statements to make them comparable with the fiscal year 1996 presentation.
2) Stewardship, Compliance, Accountability and Appropriations
Expenditures in Excesg Qf A ro riati
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, 1996, General Fund
expenditures exceeded amounts appropriated for some services but did not exceed the total
amount appropriated or actual revenues except for the effects of the dissolution of Seward
General Hospital Enterprise Fund as directed by the City Council. A summary of General Fund
expenditures, operating and residual equity transfers to other funds follows:
Expenditures
Operating transfers:
Seward General Hospital Enterprise Fund
All other funds
Residual equity transfers:
Seward General Hospital Enterprise Fund
All other funds
Total
1,935,864 (1,935,864)
9,865 43,647 33,782
L7
7
6,432,791 8,006,154 1,573,363 '
The City Council did not amend the budget as the amount of appropriations necessary to dissolve
the Seward General Hospital was not determined.
Continued)
22
Variance
favorable
Appropriations Actual Mfavorabk)
5,522,211 5,134,963 387,248
625,000 618,587 6,413
275,715 273,093 2,622
1,935,864 (1,935,864)
9,865 43,647 33,782
L7
7
6,432,791 8,006,154 1,573,363 '
The City Council did not amend the budget as the amount of appropriations necessary to dissolve
the Seward General Hospital was not determined.
Continued)
22
1 (Continued)
23
11
CITY OF SEWARD
Notes to General Purpose Financial Statements
Other Individual Fund Disclosures
Following is a schedule of interfund balances at lone 30, 1996:
Receivables Pavables
Due to/from other funds:
General Fund:
Special Revenue Funds:
Hospital Critical Care Equipment Fund 313
Capital Projects Funds:
Seward Association for the Advancement
of Marine Science Fund 8,362
Waterfront Improvement Fund 31,388
Total Capital Projects Funds 39,750
Enterprise Funds:
Harbor Fund 1,567,682
Parking Fund 7,010
Seward General Hospital Fund 338,611
Total Enterprise Funds 1,574,692 338,611
Total General Fund 1,614,755 338,611
Special Revenue Fund - General Fund:
Hospital Critical Care Equipment Fund 313
Capital Projects Funds - General Fund:
Seward Association for the Advancement
of Marine Science Fund 8,362
Waterfront Improvement Fund 31,388
Total Capital Projects Funds 39,750
Enterprise Funds - General Fund:
Harbor Fund 1,567,682
Parking Fund 7,010
Seward General Hospital Fund 338,611
Total Enterprise Funds 338,611 1,574,692
1,953,366 1,953,366
Advances to /from other funds:
Enterprise Funds:
Electric Fund 55,635
Harbor Fund 55,635
55,635 55,635
1 (Continued)
23
12
MY OF SEWARD
Notes to General Purpose Financial Statements
A summary of operating transfers for the year ended June 30, 1996 follows:
From To
other other
f fns
General Fund:
Special Revenue Funds:
Community Cemetery $ 2,475
DARE Program Fund 3,921
Capital Projects Funds:
Community Center Renovation Fund 74,000
Council Chambers Renovation Fund 1,050
Capital Acquisition Fund 191,647
Enterprise Funds:
Seward General Hospital Fund 618,587
Total General Fund 891,680
Special Revenue Funds:
Community Cemetery from General Fund 2,475
DARE Program Fund from General Fund 3,921
State Rcvcnuc Sharing Fund to Seward General
Hospital Enterprise Fund 86,302
Total Special Revenue Funds 6,396 86,302 1
Capital Projects Funds:
Community Center Renovation Fund from General Fund 74,000
Council Chamber Renovation Fund from General Fund 1,050
Capital Acquisition Fund from General Fund 191,647
Fire Hall Improvements Fund from Capital Acquisition Fund 34,000
Council Chambers Renovation Fund from Capital Acquisition Fund 25,000
Hospital Roof Repair Fund from Capital Acquisition Fund 47
F
City Hall Roof Repair Fund from Capital Acquisition Fund 47
Capital Acquisition Fund from Fire Hall Improvements Fund 1,033
Capital Acquisition Fund to Fire Hall Improvements Fund 34,000
Capital Acquisition Fund to Council Chambers Renovation Fund 25,000
Capital Acquisition Fund to Hospital Roof Repair Fund 47
Capital Acquisition Fund to City Hall Roof Repair Fund 47
Fire Hall Improvements Fund to Capital Acquisition Fund 1,033
Total Capital Projects Funds 326,824 60,127
Enterprise Funds:
Seward General Hospital Fund:
From General Fund 618,587
From State Revenue Sharing Special Revenue Fund 86,302
Total Enterprise Funds 704,889
Total S 1,038,109 091,038,109
Continued) 1
24
1
13
CITY OF SEWARD
Notes to General Purpose Financial Statements
1 A summary of residual equity transfers for the year ended June 30, 1996 follows:
From To
other fiodl
General Fund:
Seward General Hospital Enterprise Fund 1,935,864
Motor Pool Internal Service Fund 43,647
Total General Fund 1,979,511
tSpecial Revenue Fund:
Hospital Critical Care Equipment to Seward
General Hospital Enterprise Fund 6,262
Debt Service Fund:
Electric Enterprise Fund 115,502
Capital Projects Funds:
Hospital Anesthesia Fund to Seward General
Hospital Enterprise Fund 927
Enterprise Funds:
Harbor Fund to Motor Pool Internal Service Fund
Electric Fund to Hospital Debt Service Fund
19,963
115,502
Electric Fund to Seward General Hospital Fund 99,E
Seward General Hospital Fund from General Fund
Seward General Hospital Fund from Electric Fund
1,935,864
99,040
Total Enterprise Funds 2,034,864 234,465
Reconciling items:
Residual equity transfers recorded as additions
to Contributions in aid of Construction:
Seward General Hospital Enterprise Fund:
Hospital Critical Care Equipment -
Special Revenue Fund 6,262
Hospital Anesthesia - Capital
Project Fund 927
Total 7,189
Motor Pool Internal Service Fund:
General Fund 43,647
Harbor Enterprise Fund 19,963
63,610
Total residual equity tranfers 2,221,165 2,221 ,165
Continued)
25
14
CITY OF SEWARD
Notes to General Purpose Financial Statements '
Funds wAh Defici
The Waterfront Improvement Capital Project Fund and Parking Revenue Enterprise Fund have '
deficits of $16,516 and $5,959, respectively, at June 30, 19%. City management intends to
remove the Waterfront Improvement Capital Project Fund deficit with a residual equity transfer
from the General Fund in fiscal year 1997. The Parking Revenue Enterprise Fund commenced
operations in 1996. It is anticipated that 1997 operations will eliminate the Parking Revenue '
Enterprise Fund deficit.
Prior Period Adi ustm n 1
During 1996, the City's Electric Utility Fund received a power cost refund from Chugach
Electric Association, the City's supplier of power for the Seward area. The refund resulted from '
overcharges of power cost of $25,764, $77,102 and $78,474 respectively for fiscal years 1 993,
1994 and 1995. The refund resulted in a restatement of beginning retained earnings of $102,866
for fiscal year 1995. Power expense for 1995 was restated at $78,474 less than originally ,
reported. As a result, 1995 net income for the Electric Utility Fund was restated from $352,952
to $431,426.
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. '
The City maintains a general cash and investment pool for the purpose of maximizing 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 year -end, the City's carrying amount of deposits was $(210,908) and the bank balance was '
278,313. Of the bank balance, $278,313 was covered by federal depository insurance or by
collateral held by the government's agent in the government's name. The carrying amount of
deposits for Seward General Hospital, a blended component unit, was $193,561 and the bank
balance was $123,985. Of the bank balance $100,000 was covered by federal depository
insurance.
Continued) I
O
i
t
i
i
15
CITY OF SEWARD
Notes to General Purpose Financial Statements
Investments are categorized into these three categories of credit risk:
1. Insured or registered, with securities held by the government or its agent in the
government's name.
2. Uninsured and unregistered, with securities held by the cou nterparty's trust department
or agent in the government's name
3. Uninsured and unregistered, with securities held by the couunterparty, or by its trust
department or agent but not in the government's name.
At year -end, the government's investment balances were as follows:
City of Seward:
Overni& repurcliase securities
U.S. Govemmat securities
Investrrrents in defemod oorripensation
cgglg n Market Carying
1 2 3 Value value
2,552,719 - 2,552,719 2,552,719
1,980,714 1,980,724 1,990,346
4,533,443 - 4,533,443 4,543,065
2,099,968 2,099,968
A reconciliation of cash and investments to cash and equity in central treasury as shown on the
combined balance sheet for the City follows:
Cash on hand S 2,795
Carrying amount of deposits 17,347)
Carrying amount of investments 4,543,065
4,528,513
Cash and equity in central treasury
as shown on combined balance sheet:
Cash and equity in central treasury 4,221,308
Restricted assets- cash and equity in
central treasury 307,205
S 4,528,513
27
Continued)
16 '
CITY OF SEWARD ,
Notes to General Purpose Financial Statements
central treasury and cash: , The following is a summary of all fund equity rrr the ury
General Fund S 843,782 t
Special Revenue Funds:
Historic Preservation Plan Fund 1,742
Police fund 150
Litter Control Fund 1,112
Interpretive Signs Fund 1,623
Emergency Rescue Vehicle Fund 18,257
Campground Brochure Fund 4,351
Seward Community Cemetery Fund 4,010
Gateway Park Fund 11,840
Prison Library Fund 185
Total Special Revenue Funds 43,270_
Hospital Debt Service Fund 115,979
Capital Projects Funds:
1995 Flood Disaster 25,566
Community Center Improvement Fund 23,959
Police Dispatch Fund 3,353
Emergency Slicker Fund 5,571
Mini- Service Campground Fund 692
SBA Tree Planting Fund 632
Bike Path Continuation Fund 21,196
Capital Acquisition Fund 265,904
Total Capital Projects Funds 346,873
Enterprise Funds:
Electric Fund - unrestricted 2,054,845
Electric Fund - restricted 307,205
Water and Sewer Fund 414,541
Harbor Fund 200
Seward General Hospital Fund 193,361
Total Enterprise Funds 2,970,152
Internal Service Fund - Motor Pool Fund 201,433
Fiduciary Trust Fund - Youth Center Fund 7,024
Total cash and equity in central treasury 4,528,513
Continued) I
28
17
CITY OF SEWARD
Notes to General Purpose Financial Statements
4) Fixed Assets
A summary of changes in general fixed assets follows:
29
Continued)
Transfers
Balance at
to
Enterprise Balance at
J& 1. 1995 Additions Deletions Fundy une330 119996
Land and land rights S 3,650,074 27,700 3,622,374
Buildings 8,421,458 46,517 20,269 201,081) 8,246,625
Improvements other than buildings 9,514,763 221,142 1,182,971 3,428 8,556,362
Equipment 2,266,907 71,265 630,615 45,347) 1,662,210
Fixed assets in service 23,853,202 338,924 1,861,555 243,000) 22,087,571
Construction work in progress 6,618,978 7,589,466 221,142 13,987,302
1 S 30,472,180 7,928,390 2,082,697 243,004) 36,074,873
A summary of Proprietary Fund Type property, plant and equipment at June 30, 1996 follows:
Internal
Enterprise Service
Funds Fund
Land and land rights 16,095,716
Buildings 4,516,319
Improvements other than buildings 36,671,899
Equipment 38,969,217 602,880
Docks 14,361,751
110,614,902 602,880
1 Less accumulated depreciation 31,724,698) 215,423
78,890,204 387,457
in 4,074,365Constructionworkprogress
S 82,964,569 387,457
29
Continued)
zs '
CITY OF SEWARD '
Notes to General Purpose Financial Statements
5) Retire m nit P_ lens
S e of Alaska Public Em l ' Retirgmmmt stem '
A. Plan Descriogn
The City contributes to the State of Alaska Public Employees' Retirement System (Plan), an
agent multiple- employer public employees defined benefit retirement 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 credited service and plan participants are entitled to annual
pension benefits beginning at normal retirement 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 member's average
monthly compensation for the first ten years of service, 2.25% for the second ten years of service, ,
and 2.5% for all remaining years of service. All service earned prior to July 1, 1986 will be
calculated using the 2% multiplier. Employees with thirty or more years of credited service
twenty years for peace officers and firemen) may retire at any age and receive a normal benefit. '
Minimum benefits for all employees eligible for retirement are $25 per month for each year of
credited service.
Major medical benefits are provided without cost to all participants first hired before July 1, r
1986, Participants first hired after June 30, 1986 may elect major medical benefits. The Plan
also provides death and disability benefits. 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 firemen 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 actuarial 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 liability.
B. Investments '
The City, at June 30, 1996, does not have any of its notes, bonds or other instruments included in
the Plan assets. I
Continued) I
30
Notes to„General Purpose Financial Statements
C. Funding Status and PrWess
The pension benefit obligation is a standardized disclosure measure of the present value of
pension benefits, adjusted for the effects of projected salary increases and step -rate benefits,
estimated to be payable in the future as a result of employee service to date. The measure, which
is the actuarial present value of credited projected benefits, is intended to help users assess each
plan's funding status on a going - concern basis, assess progress made in accumulating sufficient
assets to pay benefits when due, and make comparisons among employers. The measure used is
the actuarial present value of projected unit credits,
The pension benefit obligation of the plan was computed as a part of an actuarial valuation
performed as of June 30, 1995. Significant actuarial assumptions used for the Plan include:
Actuarial cost method - projected unit credit, unfunded accrued benefit liability
amortized over twenty five years, funding surplus amortized over five years.
Mortality basis - 1984 Unisex Pension Mortality Table set forward one year for male
members, and set backward four years for female members.
Retirement age - retirement rates based on the 1986 -1990 actual experience.
Cost of living allowance (domicile in Alaska) - 71% of those receiving benefits will be
eligible to receive the cost of living allowance.
Contribution refunds - 100% of those employees terminating after age thirty five who are
vested will leave their contributions in the fund and thereby retail their deferred vested
benefit. All others who terminate are assumed to have their contributions refimded.
Turnover and disability assumptions are based upon the 1986 -1990 historical occurrence
rates of the Plan for PERS,
Inflation - total inflation as measured by the Consumer Price Index (CPI) for urban and
clerical workers for Anchorage is assumed to increase 4% annually.
Investment return - 8% per year, compounded annually, net of expenses.
Salary scale - Inflation 4% per year, productivity 0.5% per year, merit (first five years)
1% per year.
Health cost trend - FY96 8.5 %, FY97 7.5 %, FY98 6.5 %, FY99 and later 5.5 %.
20 ,
MY OF SEWARD
Notes to General Purpose Financial Statements ,
1
Continued) 1
32
The foregoing actuarial assumptions are based on the presumption that the Plans will continue.
Were the Plans to terminate, different actuarial assumptions and other factors might be applicable
in determining the actuarial present value of accumulated benefits.
The pension benefit obligation as of June 30, 1995, the latest actuarial valuation date, follows:
Chi ++ H ital Total
Pension benefit obligation:
Retirees and beneficiaries currently
receiving benefits and terminated
employees not yet receiving benefits 5 4,405,000 2,811,000 7,216,000
Current employees:
Accumulated contributions including
allocated investment income 1,623,000 470,000 2,093,000
Employer financed - vested 4,431,000 1,271,000 5,702,000
Employer financed - nonvested 388,000 175,000 563,000
Total pension benefit obligation 10,847,000 4,727,000 15,574,000
Net assets available for benefits 1 1,112,000 2,769,000 13,881,000
Unfunded (overfunded) pension
benefit obligation 5 265,000 1,958,000 1,693,000
Assets as a percent of pension benefit
obligation 102.44% 58.58% 89.13%
The average market value is equal to 101.71% of book value for the entire plan. The net assets
market value at June 30, 1995 for the City was $11,303,000 and $2,816,000 for the Hospital.
D. Contribution Requirements and Contributions Made
Funding policy for the Plan provides for actuarially determined periodic contribution rates that
change over time so that sufficient assets will be available to pay benefits when due.
1
Continued) 1
32
21
CITY OF SEWARD
Notes to General Purpose Financial Statements --
Employer and employee contributions by the City and the Hospital for the year ended June 30,
1996 are scheduled below and were made in accordance with actuarially determined
requirements computed using actuarial valuations performed as of June 30, 1995 for the Plan:
Total Covered Cqntri>`i t ..
payroll payroll Emplgyer EmRigy TOW
City:
Amount $3-867-366 3,12g,788 210,001 221.401 431.902
Percent of payroll 100,00 ° 880.75 6.73% 7.11 % 13.1a
Hospital:
Amount $1,384,621 .3.233.648 339.999 83.273 423.272
Percent of payroll 100.000/0 89.1 27.56% kM 34 °
A breakdown of normal cost and amortization of the unfunded liability is not available.
Significant actuarial assumptions used to compute contribution requirements are the same as
those used to compute the standardized measure of pension obligation discussed in
C above,
Continued)
33
22
CITY OF SEWARD
Notes to General Purpose Financial Statements
E. Trend In
Trend information gives an indication of the progress made m accumulating sufficient assets to
pay benefits when due. Ten -year trend information for PERS may be found in the State of
Alaska Public Employees' Retirement System June 30, 1995 annual report. Nine -year trend
information follows:
Unfunded
Net assets PBO as a
Pension available Unfunded percent of
Net assets benefit as a pension Annual annual
available for obligation percent of benefit covered covered
Year benefits PBO PBO obligation payroll oll
City: 119873,671,000 3,088,000 118.88% S (583,000) NIA NIA
1988 4,511,000 4,298,000 104.96 213,000) NIA NIA
1989 5,238,000 4,693,000 111.61 545,000) 2,146,654 25.39)
1990 5,995,000 5,455,000 109.90 541,000) 2,322,978 23.29)
1991 6,652,000 6,411,000 103.76 241,000) 2,679,008 9.00)
1992 7,726,000 7,570,000 102.06 156,000) 2,792,289 5.59)
1993 8,988,000 8,489,000 105.88 499,000) 2,815,641 17.72)
1994 9,800,000 9,505,000 103.10 295,000) 3,160,344 9.33)
1995 11,112,000 10,847,000 102.44 265,000) 3,122,788 8.49)
Hospital:
1987 369,000 1,394,000 26.47 1,025,000 NIA N/A
1988 1,718,000 2,079,000 82.64 361,000 NIA N/A
1989 881,000 2,274,000 38.74 1,392,000 953,539 145.98
1990 1,139,000 2,478,000 45.96 1,339,000 969,590 138.10
1991 1,419,000 2,915,000 48.68 1,496,000 1,179,638 126.82
1992 1,674,000 3,393,000 49.34 1,719,000 1,116,642 153.94
1993 2,258,000 4,057,000 55.66 1,799,000 1,138,115 158.07
1994 2,631,000 4,492,000 58.57 1,861,000 1,299,268 143.23
1995 2,769,000 4,727,000 58.58 1,958,000 1,233,648 158.72
NIA - not available
1
Continued)
34
i
23
CITY OF SEWARD
tNotes to General Purpose Financial Statements
Employer contributions which were made in accordance with actuarially determined
requirements as a percentage of annual covered payroll for the year ended June 30 follow:
Year City Hgpital
International BMtherhQgd of Eleetrig 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 1995
was $3 per compensable hour for a total contribution of $35,156,
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 ($187,701 at June 30,
1996) is recorded in the General Long -term Debt Account Group. The City's policy is to make
1
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, 1995 $ 203,851
Increase (decrease) (14,150
1 Balance at June 30, 1996 $ 189,701
7) Deferred Compensation Plan
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The plan, available to all full -time employees, permits them to defer
a portion of their salary until future years. Deferred compensation is not available to employees
until termination, retirement, death or an unforeseeable emergency.
1 (Continued)
35
1989 9.74 ° /a 19.041/6
1990 3.14 14.09
1991
1992
8.10
6.40
14.34
19.34
1993 5.88 20.93
1994 6.31 24.34
1995 9.52 26.95
1996 6.73 27.56
1997 7.90 24.92
International BMtherhQgd of Eleetrig 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 1995
was $3 per compensable hour for a total contribution of $35,156,
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 ($187,701 at June 30,
1996) is recorded in the General Long -term Debt Account Group. The City's policy is to make
1
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, 1995 $ 203,851
Increase (decrease) (14,150
1 Balance at June 30, 1996 $ 189,701
7) Deferred Compensation Plan
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The plan, available to all full -time employees, permits them to defer
a portion of their salary until future years. Deferred compensation is not available to employees
until termination, retirement, death or an unforeseeable emergency.
1 (Continued)
35
1
24
CITY OF SEWARD
Notes to General Purpose Financial Statements '
All amounts of compensation deferred under the plan, all property and rights purchased with ' P P
those amounts, and all income attributable to those amounts. property, or rights are (until paid or
made available to the employee or other beneficiary) solely the property and rights of the City '
without being restricted to the provisions of benefits under the plan), subject only to the claims
of the city's general creditors. Participants' rights under the plan are equal to those of general '
creditors of the City in an amount equal to the fair market value of the deferred account for each
participant.
It is the opinion of the City's legal counsel that the City has no liability for losses under the plan '
but does have the duty of due care that would be required of an ordinary prudent investor. The
City believes that it is unlikely that it will use the assets to satisfy the claims of general creditors '
in the future.
8) Capitalized Leases '
The City has entered into several lease agreements as lessee for financing the acquisition of a
sand truck, a motor grader, a fire truck, heavy equipment, hospital equipment, and a 250 -ton boat
lift. These lease agreements qualify as capital leases for accounting purposes (titles transfer at '
the end of the lease terms) and, therefore, have been recorded at the present value of the future
minimum lease payments. The following is an analysis of the capital leases as of June 30,1996:
General
Fixed
Assets internal
Account Enterprise Service
GrOUD Fun EA
Machinery and equipment $ 335,350 1,075,000 281,170
Less accumulated depreciation - 191,937 44,345
CarryingC value $ 335,350 1,266,937 325,515
Continued) I
36
25
CITY OF SEWARD
Notes to General Purpos a Financial Statements
Less interest 383 308,299
Present value of future minimum
lease payments S 11,399 850,367
38,395
220,999
Less current portion 200,367 36,922
Long -term portion 650,000 184,077
9) Long-term Debt
General Obligation Bonds
The City issues general obligation bonds to provide funds for the acquisition and construction of
major capital facilities. General obligation bonds have been issued for both general government
and proprietary activities. These bonds are reported in the Proprietary Fund Type, Enterprise
Funds if they are expected to be repaid from proprietary revenues.
Continued)
37
The following is a schedule of future minimum lease payments under these capital leases and the
present value of the net minimum lease payments at June 30, 1996:
General
Long -term
Debt internal
Account Enterprise Service
G<o a Funds Fund
Fiscal year ending June 30:
1997 11,782 273,514 49,338
1998 100,587 49,338
1999 101,275 49,338
2000 96,775 49,338
2001 97,088 41,861
Thereafter
Total minimum lease payments 11,782
489,427 20,181
259,3941,158,666
Less interest 383 308,299
Present value of future minimum
lease payments S 11,399 850,367
38,395
220,999
Less current portion 200,367 36,922
Long -term portion 650,000 184,077
9) Long-term Debt
General Obligation Bonds
The City issues general obligation bonds to provide funds for the acquisition and construction of
major capital facilities. General obligation bonds have been issued for both general government
and proprietary activities. These bonds are reported in the Proprietary Fund Type, Enterprise
Funds if they are expected to be repaid from proprietary revenues.
Continued)
37
26
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:
Interest rates Amount
1,700,000 1980 electric serial
bonds, due in annual installments
of $115,000 to $155,000, through
January 1, 2001
774,000 1986 nonrefunded electric
serial bonds, due in an annual
installment of $323,000 October 1,
1996
495,000 1987 harbor /general government
serial bonds, due in annual installments
of $105,000 and $115,000 through
December 1, 1997
475,000 1990 general government serial
bonds, due in annual installments of
55,000 to $75,000 through
December 1, 2000
3,990,000 1993 refunding electric
serial bonds, due in annual installments
of $50,000 to $560,000 through
October 1, 2004
2,030,000 1993 refunding harbor/
general government serial bond for
the 1987 Bonds, Series A, due in
annual installments of $30,000 to
240,000 through December 1, 2007
1,465,000 1993 refunding general
government serial bonds for the 1990
Bonds, Series A, due in annual
installments of $10,000 to $165,000
through December 1, 2011
38
7% $ 670,000
6.9% to 7.40/a 323,000
6.6% to 7.40/9 220,000
6.5% to 7.4% 325,000
2.8% to 5.4% 3,840,000
2.8% to 5.70/c 1,970,000
2.8% to 5.8% 1,440,000
8,788,000
Continued)
I . .
27
I' CrrY OF SEWARD
Notes to General Purpose Financial Statements
Revenue bond principal and interest are payable from resources generated by a particular
government operation such as a public utility. Revenue bonds currently outstanding are:
ates
3,225,0001995 Electric Fund serial bond, due in annual
Interest r Amount
installments of $50,000 to $290,000 commencing in 1998
through June 2015 5.70/6 to 7.35% $ 3,225,000
A reconciliation of bonds payable to the amount reported on the Combined Balance Sheet -All
Fund Types and Account Groups follows:
Total general obligation bondsg S 9,788,000
Less unamortized loss on 1993 refunding bonds 424,60
8,363,393
Revenue bonds
3,225,000
S 11,588,393
Annual general obligation bond and revenue8 bond debt service requirements to maturity are asfollows:
General Long -term
Year ending _Enterprise Funds De A unt Gr u Total
30 -Jun Princi Interest Principal Interest Principal inter
1997 $ 599,173 528,191 88,827 121,291 688,000 649,482
1998 689,408 490,661 95,592 115,275 785,000 605,936
1999 748,525 453,487 106,475 108,899 855,000 562,386
2000 811,760 412,812 1I3,240 102,169 925,000 514,981
2001 -2005 4,187,620 1,371,526 662,380 404,183 4,850,000 1,775,709
2006 -2010 1,524,979 578,289 770,021 199,225 2,295,000 777,514
2011-2015 1,300.000 229,625 3 Sp00 18,705 1,615,000 248,330
9,8861,465 4,064,591 2,151 1,069,747 12,013,0000 5,134,338_
39
Continued)
28 '
CITY OF SEWARD
Notes to General Purpos a Financial Statements ,
Water and Sewer Enterprise Fund at June 30 1996 follow: ' Notes payable by the rp ,
Interest rates Amour '
26,231 note payable to State of Alaska
Department of Environmental Conservation
due in annual installments based upon level
principal payments of $1,312; first payment
of $2,558 due July 15, 1995 and last payment
of $1,374 due July 15, 2014, including
interest 4.75% 24,918
924,000 note payable to State of Alaska
Department of Environmental Conservation
due in an initial installment of $59,121 t
on November 5, 1995 and annual installments
thereafter of $74,266 through November 5,
2013 4.31% 916,906
941,824
Debt service to maturity on notes payable follows:
Year ending 4.75 %t tepa 4.31 %r teRayblg Conibitied
30-Jun trans] Irderest Edoct al Irene Ir r 3 LOW
1
1997 $ 1,312 1,184 34,748 39,519 36,060 40,703 76,763
1998 1,312 1,121 36,245 38,021 37,557 39,142 76,699
1999 1,312 1,059 37,807 36,459 39,119 37,518 76,637
2000 1,312 997 39,437 34,829 40,749 35,826 76,575
2001 1,312 934 41,137 33,130 42,449 34,064 76,513
2002 -2006 6,557 3,738 233,855 137,476 240,412 141,214 381,626
2007 -2011 6,557 2,180 288,788 82,542 295,345 84,722 380,067
2012 -2014 5,244 624 204.889 17,914 210,133 18,534 228,667
24,918 11,837 916,906 419,886 941,824 431,723 1,373,547
1
Continued) '
40
L
29
CM OF SEWARD
Notes to General Purpose Financial Statements
1,256.5 03 Obligation-Payable to the State of Alaska 1 r
The dissolution of the Seward General Hospital Enterprise Fund, a blended component unit, on
June 30, 1996 resulted in the termination of all Hospital employees. The City assumed the
obligation for the additional pension contributions for Hospital employees vested in the State of
Alaska Public Employees Retirement System at June 30, 1996. At June 30, 1996, management
estimated this liability at $1,256,503, net of $243,497 deferred pension credit recorded in the
Seward General Hospital Enterprise Fund Balance Sheet at June 30, 1996.
The ultimate amount of this obligation and the terms of payment are in the process of being
calculated by the State of Alaska Department of Administration, Division of Retirement and
Benefits. Any adjustment to this estimated obligation and terms of payment will be reflected in
the June 30, 1997 financial statements.
Defeasan a of De t
in 1993, 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, 1996, the following general obligation bonds are considered defeased:
General obligation bonds:
General government
Harbor
Electric
Total general obligation bonds
41
1,590,640
1,449,360
3,595,000
S 6,635,000
Continued)
30 1
Revenue Bond Reauiremen
The City 'issued $3,225,000 of Electric Fund serial bonds in fiscal year 1995 related to ,
construction of the Lawing/Fort Raymond transmission line. The bonds require establishment of
certain cash reserves and maintenance of certain revenue levels.
The issue required a debt service reserve to be established in an amount equal to maximum '
annual debt service on the bonds. This amount at June 30 was $307,205 and will remain at that
level until the bonds mature in 2005. '
The revenue bond issue requires that electric rates be maintained at a level that will make annual
income available for revenue bond debt service equal to at least 1.3 times the amount required '
each such calendar year to pay the principal and interest on all outstanding electric revenue
bonds, Annual income available for revenue bond debt service is equal to operating revenues ,
less operating expenses before depreciation and payments in lieu of taxes plus interest income.
For fiscal year 1996, annual income available for revenue bond debt service was $2,206,902, the
debt service requirement was $184,435, resulting in a ratio of 11.97. The City is in compliance '
with the annual income requirement for fiscal year 1996.
Continued) 1
42
CITY OF SEWARD
Notes to General Purpose Financial Statements
Chances in Lona-terrn Liabilities
During the year ended June 30, 1996, the following changes occurred in long -term liabilities:
Balance at Balance at
J&Y 1. 1 5 Additions Reductions June 30.1996
General government
Compensated absences 203,851 - 14,150 189,701
General obligation bonds 2,238,597 - 87,062 2,151,535
Capital leases 63,551 - 52,152 11,399
State of Alaska 1,256,503 1,256,503
2,505,999 1,256,503 153,364 3,609,138
Enterprrise_Fun&
General obligation bonds 7,310,403 - 673,938 6,636,465
Revenue bonds 3,225,000 - 3,225,000
Capital leases 920,855 - 70,488 850,367
Notes payable 924,808 17,016 941,824
12,381,066 17,016 744,426 11,653,656
Intemal Service Fund
Capital Leases 254,326 - 33,327 220,999
Revenue Bond Reauiremen
The City 'issued $3,225,000 of Electric Fund serial bonds in fiscal year 1995 related to ,
construction of the Lawing/Fort Raymond transmission line. The bonds require establishment of
certain cash reserves and maintenance of certain revenue levels.
The issue required a debt service reserve to be established in an amount equal to maximum '
annual debt service on the bonds. This amount at June 30 was $307,205 and will remain at that
level until the bonds mature in 2005. '
The revenue bond issue requires that electric rates be maintained at a level that will make annual
income available for revenue bond debt service equal to at least 1.3 times the amount required '
each such calendar year to pay the principal and interest on all outstanding electric revenue
bonds, Annual income available for revenue bond debt service is equal to operating revenues ,
less operating expenses before depreciation and payments in lieu of taxes plus interest income.
For fiscal year 1996, annual income available for revenue bond debt service was $2,206,902, the
debt service requirement was $184,435, resulting in a ratio of 11.97. The City is in compliance '
with the annual income requirement for fiscal year 1996.
Continued) 1
42
31
CITY OF SEWARD
1 Notes to General Purpose Financial Statements
Continued)
10) Segment Information fgr Enriom hind TStnes
Enterprise Funds
The City maintain: five enterprise funds which provide electric, water and sewer, harbor, hospital
services and publi ; parking. Segment information for the year ended June 30, 1996 follows:
Seward Total
Water General Parking Enterprise
El and Seer Hater revenue F n
Total operating revenues S 5,678,061 1,289,862 1,831,584 2,743,057 2,940 11,545,504
Depreciation expense 938,452 406,778 1,253,324 123,037 2,721,591
Operating income (loss) 663,424 11,267) 971,019) 901,923) 5,927) 1,226,712)
Net operating transfers
from (to) other funds 704,889 704,889
Net income (loss) 289,296 84,143) 1,127,673) 2,437,238) 5,959) 3,365,717)
Current capital
contributions 1,020,196 539,684 7,189 1,567,069
Property, plant and
equipment additions 658,211 739,841 47,989 1,446,041
Working capital
surplus (deficiency) 1,809,454 474,044 1,693,945) 651,920) 5,959) 68,326)
Total assets 29,286,948 10,069,777 47,118,967 1,864,335 1,530 88,341,557
Bonds and other long -term
liabilities 8,058,000 941,824 2,503,465 11,503,289
Residual equity transfers
from (to) other funds 214,502) 19,963) 2,034,864 1,800,399
Fund equity 21,169,234 9,087,758 42,647,898 5,959) 72,898,931
Loss on dissolution 2,237,582) 2,237,582)
Continued)
i
32 1
CITY OF SEWARD
Balance at June
July 1, 1995 Additions Deletions 30, 1996
Notes to General Purpose Financial Statements
4,605,684
Water and Sewer Fund 4,256,361 372,909 302 4,628,968
Harbor Fund 10,498,197
A summary of changes in contributed capital follows:
S 18,894,886 1,899,936 302 20,794,520
Residual
equity
Balance at
transfers
from other Balance at June'
July 1, 1995 Additions funds Deletions 30,1996
Electric Fund $21,439,348 1,020,196 22,459,544
Water and Sewer Fund 11,586,804 - 9,735 11,577,069
Harbor Fund 52,698,348 539,684 53,238,032
Seward General Hospital Fund 350,564 - 7,189 357,753
86,075,064 1,559,880 7,189 367,488 87,274,645
A summary of changes in accumulated amortization of contributions in aid follows: 1
Balance at Balance at June
July 1, 1995 Additions Deletions 30, 1996
Electric Fund S 4,140,328 465,356 4,605,684
Water and Sewer Fund 4,256,361 372,909 302 4,628,968
Harbor Fund 10,498,197 1,061,671 11,559,868
S 18,894,886 1,899,936 302 20,794,520
Internal Service Fund - Motor Pool
A summary of changes in contributed capital follows:
Balance at July 1, 1995
Residual equity transfers from:
General Fund
Harbor Enterprise Fund
238,453 '
43,647 '
19,963
Balance at June 30, 1996 S 302,063 1
Continued) ,
44
33
CITY OF SEWARD
Notes to General Purpose Financial Statements
11) Spring Creek Cou -q!g inal 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 facility 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 terns 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 facility. 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.
12) Revenue Bonds
t
On December 10, 1990, the City participated in the issuance of $7,300,000 of Variable Rate
Demand Revenue Bonds, Series 1991 for the Alaska Pacific University (APU). The proceeds of
the issue were used to refinance previous debt held by the Alaska Pacific University. The bonds
do not constitute a general obligation debt or pledge of the full faith and credit of the City and,
accordingly, the bonds and the related assets are not reflected in the accompanying financial
statements. Alaska Pacific University reached an agreement with Bank of America to extend the
final maturity date on the bonds which originally matured July 10, 1995. The new maturity date
on the bonds is July 10, 2000 and they carry interest at Bank of America's publicly stated
reference rate, fully floating.
On May 1, 1996, the City participated in the issuance of $17,500,000 of revenue bonds to make
a loan to the Seward Association for the Advancement of Marine Science ( SAAMS), an Alaska
nonprofit corporation, to finance a portion of the costs incurred to construct, install and equip the
Alaska Seahfe Center Project (the Center). The bonds acre special obligations of the City, payable
solely from payments made by SAAMS under the loan agreement. The bonds do not constitute a
general obligation debt or pledge of the full faith and credit of the City and, accordingly the bonds
are not reflected in the accompanying financial statements.
The Center is a marine research facility, rehabilitation center, and public education and visitor
facility located in Seward. The total cost of the Project is approximately $50,500,000.
Approximately, $37,500,000 of total Project costs will be paid from equity contributions from
grants from the State of Alaska and from Exxon Valdez oil spill settlement moneys. The
remaining $13,000,000 of Project costs will be paid from bond proceeds. The Center and the
property on which it is located are owned by the City, SAAMS has leased the Center and the
1 property from the City and will operate the Center in accordance with an Operating Lease
between the City and SAAMS.
1 (Continued)
45
34 '
CITY OF SEWARD
Notes to General Purpose Financial Statements
A schedule of the debt outstanding at June 30, 1996 follows:
APT SAAMS 1
S 4,623,260 17,500,000
13) Risk M a m
The City is a member of the Alaska Municipal League Joint Insurance Association (JIA), a
governmental insurance pool established by the Alaska Municipai League. The J1A provides the
City coverage for property, including building and contents, automobiles, mobile equipment and
data processing equipment; casualty, including general liability, public officials and employees
liability, law enforcement professional liability, auto liability and employee benefit liability;
workers' compensation, including employers liability; commercial blanket bond; and time
element. The City maintains special marine insurance coverages and boiler and machinery
insurance coverages with insurance companies placed through J1.A. The J1A provides loss
control services and conducts periodic inspections to ensure safe operations. The City has
utilized an established safety committee to review and recommend safety policies and procedures
for all departments. The City Council designates a portion of the General Fund balance to meet
potential losses related to the JiA basic core coverages and the law enforcement liability pool
LELP). LELP was established by the J1A as a separate insurance pool for law enforcement
professional liability, including jail liability.
14) Commitments and Confingenci
Amounts received or receivable from grantor agencies are subject to audit and adjustment by
grantor agencies, principally the state and federal government. Any disallowed claims, including
any amount already collected, could become a liability of the applicable funds.
Various other claims and lawsuits against the City are pending, but are either covered by
insurance or are the type which are normal and reasonable in view of the City's operations. City
management believes the total amount of the liability, if any, which may arise from such claims
and lawsuits beyond that which is covered by insurance would not have a material effect on the
City's financial condition or its ability to carry on its activities substantially as now conducted.
15) Dissolution of Seward General Hos ital Entexprise Fund '
In fiscal year 1996, the City of Seward City Council determined that it was in the community's
best interest for the City to cease operations of the Seward General Hospital (SGH) and enter
into an agreement with the Sisters of Providence in Washington d.b.a. Providence Alaska tMedicalCenter (Providence) to operate a primary care hospital.
The agreement with Providence becomes effective July 1, 1996. At June 30, 1996, SGH's '
balance sheet has been adjusted for the effects of the agreement.
Continued) 1
46
I
2,237,582
The agreement provides that the City of Seward will issue bonds for construction of a new
hospital. In May 1996 voters approved the sale of $7,500,000 general obligation bonds for the
construction of a new hospital. The bonds were sold on August 21, 1996 at an effective interest
of 5.46 %. The bonds mature in October 2013. The new hospital is expected to be completed in
November 1997 and will be leased to Providence for $1 per year through June 30, 2011. The
lease is renewable for two additional ten -year terms.
47
35
CITY OF SEWARD
Notes to General Purpose Financial Statements
Under the terms of the agreement, certain assets are transferred to Providence and certain
liabilities will be assumed by them. Accordingly, a payable to Providence has been recorded in
SGH's accounting records at June 30, 1996. The consists of the following: payable
Assets to be transferred to Providence:
Cash (less final payroll costs and leave payout) 33,972
Accounts receivable (less allowances and
amounts to be paid to the City of Seward)
Inventory
293,089
137,355
Equipment (net of accumulated depreciation) 645,193
1,109,609
Liabilities to be assumed by Providence:
X -ray machine lease/purchase agreement 150,367)
One -half of future payments on clinic lease 7,648)
158,015)
Amount payable to Providence for July and August
1996 - service related to dissolution of the
Hospital 13,702
tTotal payable to Providence 965,296
tThe loss on dissolution consists of the following:
Amounts paid by the City of Seward on behalf of
Seward General Hospital 231,371
Write-off of building improvements net of related
accumulated depreciation
Write -off of contributions in aid of construction
137,618
353,206)
State of Alaska Public Employees' Retirement
System liability for Hospital vested employees 1,256,503
Amount payable to Providence upon dissolution 965,296
2,237,582
The agreement provides that the City of Seward will issue bonds for construction of a new
hospital. In May 1996 voters approved the sale of $7,500,000 general obligation bonds for the
construction of a new hospital. The bonds were sold on August 21, 1996 at an effective interest
of 5.46 %. The bonds mature in October 2013. The new hospital is expected to be completed in
November 1997 and will be leased to Providence for $1 per year through June 30, 2011. The
lease is renewable for two additional ten -year terms.
47
1
COMBINING,
INDMDUAL FUND
1
AND
ACCOUNT GROUP FINANCIAL STATEMENTS
1
48
I
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.
49
12.r&
S 843,782
58,938
51,592
7,346
2,354
44,096
9,315
481,765
544,876
817,979
56,011
761,968
272,190
249,893
22,297
143,024
38,336
1,510,501
5,268
1,614,755
S 3,974,306
424,290
60,482
46,813
1 3,943
35,868
338,611
39,222
959,229
5,268
1,500,000
21,212
42,390
1,446,207
3,015,077
S 3,974,306
SchtdWel
1
1,416,955
60,121
50,220
9,901
16,116
491,478
517,495
859,635
74,403
785,232
285,889
72,721
213,168
20,375
144,013
41,056
1,721,339
4,185
2,034,798
5,177,277
897,278
59,602
46,712
6,300
44,666
259,166
1,313,724
1,500,000
146,237
38,911
115,870
2,062,535
3,863,553
5,177,277
in treasury
MY OF SEWARD
General Fund
Balance Sheet
June 30, 1996
figures for 1995withcomparative
49
12.r&
S 843,782
58,938
51,592
7,346
2,354
44,096
9,315
481,765
544,876
817,979
56,011
761,968
272,190
249,893
22,297
143,024
38,336
1,510,501
5,268
1,614,755
S 3,974,306
424,290
60,482
46,813
1 3,943
35,868
338,611
39,222
959,229
5,268
1,500,000
21,212
42,390
1,446,207
3,015,077
S 3,974,306
SchtdWel
1
1,416,955
60,121
50,220
9,901
16,116
491,478
517,495
859,635
74,403
785,232
285,889
72,721
213,168
20,375
144,013
41,056
1,721,339
4,185
2,034,798
5,177,277
897,278
59,602
46,712
6,300
44,666
259,166
1,313,724
1,500,000
146,237
38,911
115,870
2,062,535
3,863,553
5,177,277
in treasuryCashandequitycentral
Receivables:
Taxes:
Personal Property
Less allowance for doubtful receivables
Net personal property
Motor vehicle
Hotel/motel room
Real property
Sales
Net Taxes
Accounts
Less allowance for doubtful receivables
Net accounts
Property assessments
Less allowance for doubtful receivables
Net property assessments
Parking assessments
State of Alaska
Accrued interest
Total receivables
inventory
Due from other funds
Liabilities and Fund Boyce
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:
Reserved for inventories
Unreserved:
Designated for working capital needs
Designated for Community Center (1996) and
and Seward General Hospital loans (1995)
Designated for AMUJIA and Law Enforcement Liability Pool
Designated for subsequent year expenditure
Undesignated
Total fund balance
49
12.r&
S 843,782
58,938
51,592
7,346
2,354
44,096
9,315
481,765
544,876
817,979
56,011
761,968
272,190
249,893
22,297
143,024
38,336
1,510,501
5,268
1,614,755
S 3,974,306
424,290
60,482
46,813
1 3,943
35,868
338,611
39,222
959,229
5,268
1,500,000
21,212
42,390
1,446,207
3,015,077
S 3,974,306
SchtdWel
1
1,416,955
60,121
50,220
9,901
16,116
491,478
517,495
859,635
74,403
785,232
285,889
72,721
213,168
20,375
144,013
41,056
1,721,339
4,185
2,034,798
5,177,277
897,278
59,602
46,712
6,300
44,666
259,166
1,313,724
1,500,000
146,237
38,911
115,870
2,062,535
3,863,553
5,177,277
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
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
Proceeds of long -term loan from State of Alaska
Net other finance uses
Excess of revenues and other financing
sources over expenditures and other financing uses
Fund balance at beginning of year, as previously reported
Restatement - implementation of GASB 22
Fund balance at beginning of year, as restated
Residual equity transfers to other funds
Fund balance at end of year
50
J22k IM
S 2,923,340 3,081,177
524 2,241
119,982 61,073
909,521 837,096
1,595,223 1,566,763
26,945 49,289
219,514 221,833
106,126 185,496
5,901,175 6,004,969
1,485,903 1,567,287
1,860,349 1,835,194
791,868 801,753
508,467 430,112
218,175 190,517
270,201 282,748
5,134,963 5,107,611
766,212 897,358
328,837
891,680) (958,549)
1,256,503 -
364,823 (629,712)
1,131,035 267,646
3,863,553 3,361,791
433,786
3,863,553 3,795,577
1,979,511) 199,670)
S 3,015,077 3,863,553
1
CTTY OF SEWARD
General Fund
Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual
Year ended June 30, 1996
with comparative figures for 1995
SsheAula.3
51
Continued)
1996
Variance
favorable 1995
Bud¢et tAcualamblelAygl
Revenues:
Taxes:
Property
Sales
S 490,469
1,650,000
514,588
1,619,606
24,119
30,394)
498,016
1,587,199
Payments in lieu of tax 771,616 693,626 77,990) 904,889
Penalty and interest 24,000 13,181 10,819) 18,801
Harbor parking 55,750 28,878 26,872) 64,922
Lodging 8,460 53,461 45,001 7,350
Total taxes 3,000,295 2,923,340 76,955) 3,081,177
Property assessments 21,237 524 20,713) 2,242
Licenses and permits:
Building permits 100,000 94,416 34,8385,584)
Taxi permits 800 1,540 740 1,070
Animal control licenses 1,000 475 525) 1,320
Business license 11,500 20,490 8,990 23,190
Miscellaneous S00 3,061 2,561 655
Total licenses and permits 113,800 119,982 6,182 61,073
Intergovernmental:
State of Alaska:
General revenue sharing 141,642 139,921 1,721) 152,303
Municipal assistance 145,734 145,115 619) 156,703
Jail contract 372,464 372,465 1 273,000
Dispatch contract 48,500 48,500 48,500
Police and fire contracts 47,939 50,000 2,061 47,939
Raw fish tax 150,000 127,569
6,
431) 118,791
Liquor tax 25,000 18,550 6,450) 18,500
Amusement tax 500 401 99) 360
Park and recreation grant 7,000 7,000 7,000
Fire department grant 5,000
Forest service grant 10,000 10,000)
Total intergovernmental 948,779 909,521 39,258) 837,096
51
Continued)
h 3 nt.
MY OF SEWARD
General Fund
Statement of Revenues, Expen&tures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual
I
u
Continued) ,
1
52
Variance
favorable 1995
Bud¢et A iunfavorable
I
Revenues, continued:
Charges for services:
S 899,483 926,E 4,739 928,133
Administrative
31,865 26,025 5,840) 48,459
Rents and leases
37,000 34,369 1,631) 32,663
Copying charges
Department of Motor Vehicles commissions 35,000 34,905 4,905 30,642
46,118
Work ordersWorkorders 2$,000
303,100
84,047
284,565
55,047
18,535) 249,643
6,400 5,904 496) 6,742
Library
230,181 216,186 13,995) _ 224,363
Other
Total charges for services 1,571,029 1595,223 24,1` 4 _ 1,566.763
Fines and bails 45,000 26,945 18,055)
29,014
49,289
221,833
Interest
190,500 219,514
Misccllancous;
Sale land, equipment and gravel 5,000 51,786 46,786 1,517
Garbage contract 28,000 29,951
24.389
1,951
5,672
29,591
154,388
Other
Total miscellaneous
18,717
51,717 106,126 54,409 185,496
Total revenues 5,942,357 5 901,17? 41,182) 6,004,969
Expenditures:
General Government:
Mayor and Council:
11,918 11,756
20,250
Salaries
Employee benefits 1,918 1,75b 62 1,944
162
Contracted services
621000 62,000 53,400
Audit
Leo 140,000 120,613 19,387 133,931
Supplies 26,300 26,545 245) 21,957
Legislative representation 73,000 73,482 482) 71,991
34,723
Other services and charges 36,431 38,323 1,892)
1,678
Capital outlay
Total mayor and council
T -
357,649 340,719 16,930 340.036
Continued) ,
1
52
I
L
u
Sche We 3. coot.
CTFY OF SEWARD
General Fund
Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual
9
Variance
favorable 1995
EmkSHbIlej Mwd
Expenditures, continued:
General Government, continued:
City manager: 159,762 158,826 436 179,206
Salaries
48,125 49,364 1,244) 36,529
Employee benefits
4,713 4,321 392 1,500
Contracted services
4,917 3,464 1,448 6,249
Supplies
27,662 27,652 1p 23,286
Other services and charges 6,034
Capital outlay
245,179 4 3,63 1,542 252,9044
Total city manager
City clerk:
i 10,838 109,469 1,369 104,030
Salaries
21,943 22,197 254) 24,399
Employee benefits
720 720 3,720
Contracted services
200 25 175 118
Supplies
15,413 1,548 5
Other services and charges
149,114 76 2,838 48,882
Total city clerk
Finance:
289,924 270,664 19,260 323,401
Salaries
110,530 113,578 3,048) 80,287
Employee benefits
51,500 40,274 11,226 24,778
Contracted services
21,000 20,067 933 18,930
Supplies
68,107 51.824 16,283 55,860
other services and chargesO
15,000 6.784 8,216 12'579
outlayCapitaloutlay
556,061 03,191 52,970 _ 520,935
Total a
Community development:
42,897 86,849 6,048 81,865
Salaries
20,525 20,334 191 21,705
Employee benefits
10,228 10,228 8,720
Contracted services
4,472 4 651 179) 4,171
Supplies
15,642 15,366 276 10,318
Other semces and charges 4,366
Capital outlay
Total community development 143,764 1_ 6 336 131.l45
53
Continued)
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual
Expenditures, continued:
General Government, continued:
General government services:
Employee benefits
Contracted services
Utilities
Insurance
Supplies
Doubtful accounts
Other services and charges
Total general government services
Contributions to civic organizations
Total general government
Public Safety:
Police:
Salaries
Employee benefits
Contracted services
Supplies
Other services and charges
Capital outlay
Total Police
Jail:
Salaries
Employee benefits
Contracted services
Supplies
Other services and charges
Capital outlay
Total jail
Animal control:
Salaries
Employee benefits
Contracted services
Supplies
Other services and charges
Total animal control
Schedule I ggnt.
1
1996
Variance
favorable 1995
Budget Apiuw [unfavorable} actual
S 5,174 2,429 2,746 1,000
110,978 40,175 70,803 1,774
1,000 1,000 87,295
9,050 5,679 3,371 17,465)
13,528 15,665 2,137) 32,619
1,000 5,674 4,674) 1,140
57,612 43,031 14,581 41,222
198,342 1 t2,652 85,690 147,585
2,000 2,000 26,000
1,652,109 1,485,903 166,206 1,567,287
634,751 588,220 46,531 679,909
229,119 239,213 10,094) 180,047
2,155 1,580 575 108
16,000 15,675 325 17,736
88,426 87,180 1,246 87,791
5,025 4,279 746 8,626
975,476 936,147 39,329 974,217
202,959 187,183 15,776 191,337
79,767 84,588 4,821) 53,541
5,031 3,432 1,599 70
3,600 3,698 98) 4,352
108,264 90,771 17,493 121,387
3,849 3,250 599 4,500
403,470 372,922 30,548 375,187
12,621 12,212 409 23,120
8,543 8,655 112) 9,466
14,096 13,263 833
948 946 2 2,105
9,965 8,719 1,236 8,224
46,173 43,805 2,368 42,915
54
11
Continued)
1
7
I7
L
MY OF SEWARD
General Fund
Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual
Expenditures. continued:
Public safety, continued:
Fire:
Salaries
Employee benefits
Contracted services
Supplies
Other services and charges
Capital outlay
Total fire
Volunteer training
Schedule 3. wN.
1996
Variance
favorable 1995
bl" AMW (Mabygrable l Kwd
S 111,983 114,372 2,389) 120,099
46,279 48,097 1,818) 35,445
720 720)
20,866 18,800 2,066 16,328
99,512 103,917 4,405) 67,530
854 854 1,365
279,494 285,906 6,412 ) 240,767
Employee benefits 1,900 2272 372) 1,900
Stipends 13,000 13,000 12,000
Supplies 3,275 2,451 824 6,532
Other services and charges 17,140 9,136 8,004 5,373
Capital outlay 837 837 6,565
Total volunteer training 36,152 26,859 9,293 32,370
Emergency preparedness:
Supplies 51
Other services and charges 7,750 5,116 2,634 4,000
Total emergency preparedness 7,750 5,116 2,634 4,051
Engineer and utility manager:
Salaries 65,226 54,301 10,925 67,488
Employee benefits 20,428 17,771 2,657 17,083
Contracted services 26,500 29254 2,754)
Supplies 800 875 75) 338
Other services and charges 14,469 13,329 1,140 13,661
Total engineer and utility manager 127,423 115,530 1 1,893 98,570
Building inspector:
Salaries 20,043 16,455 3,588 46,740
Employee benefits 18,703 5,046 13,657 12,668
Contracted services 33,920 30,770 3,150
Supplies 1,900 1,969 69) 691
Other services and charges 20,688 19,824 864 7,018
Total building inspector 95,254 74,064 21,190 67,117
Total public safety 1,971,192 1,860,349 110,843 1,835,194
55
Continued)
le 3 nt.
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual
56
19%
Variance
favorable 1995
B g unfavorablel acti>aj
Expenditures, continued:
Public works:
Roads and sorts:
Salaries S 163,393 163,400 7) 217,136
Employee benefits 70,068 61,200 8,868 64,963
Contracted services 53,000 32,864 20,136 43,892
Supplies 57,095 36,037 21,058 64,412
Other services and charges 174,329 166,832 7,497 91,150
Capital outlay 4,000 4,000
Total roads and streets 521,885 460,333 61,552 481,553
City shop:
Sales 128,975 105,494 23,481 88,723
Employee benefits 33,139 29,320 3,819 23,722
Contracted services 100 40 60 90
Supplies 8,400 7,929 471 22,782
Other services and charges 52,458 54,600 2,142) 44,588
Capital outlay
Total city shop 223,072 197,383 25,689 179,905
Municipal building: tSalaries40,274 38,046 2,228 42,921
Employee benefits 17,515 18,511 9%) 12,924
Contracted services 3,400 432 2,968 14,763
Supplies 6,620 5,368 1,252 4,474
Other charges and services 66,683 70,795 4,112) 65,213
Capital outlay 1,000 1,000
Total municipal building 135,492 134.152 1,340 140,295
Total public works 880,449 791,868 88,581 801,753
Parks and recreation:
Parks and recreation
Salaries 233,640 224,963 8,677 234,189
Employee benefits 78,875 78,800 75 57,743
Contracted services 12,300 10,603 1,697 9,482
Supplies 22,662 21,144 1,518 14,474
Other services and charges 88,987 78,067 10,920 56,870
Capital outlay 2,094 2,094 10,086
Total parks and recreation 438,558 413,577 24,981 382,844
Continued)
56
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changes in Fund Balance - Budget and Actual
Expenditures, continued:
Parks and recreation, continued:
Teen and Youth Center.
Salaries
Employee benefits
Supplies
Contracted services
Other services and charges
Capital outlay
Total Teen and Youth Center
Total parks and recreation
Library:
Salaries
Employee benefits
Contracted services
Supplies
Other services and charges
Capital outlay
Total library
Debt service:
Principal
Interest
Total debt service
Total expenditures
Excess of revenues over expenditures
SchjWule 3 c nt.
Variance
favorable 1995
Audw (unfavorable} ca usl
32,043 43,419 11,376) 32,455
7,052 9,314 2,262) 7,604
22,307 18,079 4,228 1,446
1,000 150 850
7,467 6,723 744 5,763
18,433 17,205 1,229
88,302 94,890 6,588) 47,268
526,860 508,467 18,393 430,112
110,567 106,967 3,600 114,717
29,074 28,394 680 29,823
80
34,948 34,47 2 476 6,442
29,958 30,093 135) 38,229
18,147 18,249 102) 1,226
222,694 218,175 4,519 190,517
139,095 139,216 121) 143,511
129,812 130,985 1,173) 139,237
268,907 270,201 1,294) 282,748
5,522,211 5,334,963 387,248 5,107,611
420,146 766,212 346,066 897,358
57
Continued)
CITY OF SEWARD
Ger^.eral Fund
Statement of Revenues, Expenditures, Other Financing Sources
Uses) and Changek in Fund Balance - Budget and Actual
other financing sources (uses);
Operating transfers from other funds
Operating transfers to other funds:
Special Revenue Funds
Capital Projects Funds
Enterprise Funds
Proceeds of long-term loan from State of Alaska
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, as previously reported
Restatement - implementation of GASB 22
Fund balance at beginning of year, as restated
Residual equity transfers to other funds
Fund balance at end of year
Schedule I cunt.
19% _
Variance
favorable
Hudgrt Actual (unfavorable)
1995
AGAMI
328,837
9,018) 6,396) 2,622 17,356)
266,697) 266,697) 379,010)
625,000) 618,587) 6,413 562,183)
1,256.503 1,256,503
900,715) 364,823 1,265,538 629,712)
480,569) 1,131,035 1,611,604 267,646
3,863,553 3,863,553 3,361,791
433,786
3,863,553 3,863,553 3,795,577
9,865) 1,979,511) 1,969,646) 199,670)
S 3,373,119 3,015,077 358,042) 3 8663,5 53
58
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
SPECIAL REVENUE FUNDS
1
The Special Revenue Funds are used to account for revenues from specific
sources, which are restricted to finance particular functions and activities. Funding
sources include grants and operating transfers from the General Fund.
1
ix
R
e
C
t
C
C
u
SPECIAL REVENUE FUNDS
1
The Special Revenue Funds are used to account for revenues from specific
sources, which are restricted to finance particular functions and activities. Funding
sources include grants and operating transfers from the General Fund.
1
SPECLkL REVENUE FUNDS
Special Revenue Funds are used to account for expenditures associated with dedicated or
restricted revenue sources.
Summer Youth EmploymentlTraining Program - To account for moneys received
and expended to provide short-term full or part -time work experience m a public
or non -profit private organization for Seward youth.
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.
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 (ALPAR) - To account for the cost of a City - administered litter
control program. Program employs local youth and is financed by a grant from
the no -profit Alaskans for Litter Prevention and Recycling.
Interpretive Signs - To account for the installation of interpretative signs
pertaining to local history and wildlife along the Seward bike trail and boardwalk.
Moneys provided 76% by the USDA Forest Service and 24% from local sources.
Accident Free Day - To account for the City police department's overtime costs
associated with the assignment of extra police officers to work traffic
enforcement exclusively on the date specified as "Accident Free Day ", and the
additional cost of providing traffic enforcement statistics to the State Troopers for
that day. Moneys were provided by a grant from the Alaska State Troopers.
Minor DWI Prevention - To account for the City police department's overtime
costs incurred in juvenile DWI prevention enforcement. Moneys were provided
by a grant from the Alaska Highway Safely Planning Agency.
Emergency Rescue Vehicle - To account for costs of purchasing a
rescue/emergency response vehicle for the Seward Fire Department. Moneys are
provided through the State Municipal Capital Project Matching Grant Program
with matching moneys from the City.
Campground Brochure, formerly Kenai Peninsula Guided Hikes - To account for
the federally funded guided hikes program. Moneys are passed directly to
subrecipients.
IL
59
0
2
SPECIAL REVENUE FUNDS 1
Seward Community Cemetery - To account for the refurbishment of the Seward '
community cemetery, provide for improved access to cemetery sites, upgrade
and straighten the existing road, plat land to establish formal grave sites, and '
clear and level 75 new grave sites.
Qutekcak Oyster Nursery - To account for the federally funded oyster nursery '
project. Ail moneys are passed directly to subrecipients.
Qutekcak Native Crafts - To account for renovation of the Qutekcak Native ,
Association's business office to provide space for display of original native
crafts, as well as appropriate flooring, lighting and display cases.
Gateway Park - To account for land acquisition and construction of a small park ,
in the Gateway subdivision area Moneys are provided through the State
Municipal Capital Project Matching Grant Program with matching moneys from '
the City.
DARE Program - To account for moneys received and expended related to Drug tAwarenessRehabilitationEducation.
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. '
Chamber of Commerce Restrooms - To account for pass- through moneys from
the U.S. Forest Service to the Seward Chamber of Commerce for the purpose of '
constructing resumms at the Chamber's new visitor center.
Hospital Critical Care Equipment - To provide for the acquisition of two pieces '
of emergency service equipment. An electrocardiogram monitor will enable
physicians to monitor patients in acute stress situations. A dynamap critical care
monitoring system will be purchased to monitor blood pressure, cardiac rhythm, '
blood oxygen concentration and body core temperature.
60
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF SEWARD
Special Revenue Funds
Combining Balance Sheet
June 30, 1996
with comparative totals for 1995
Assets
Cash
Equity in central treasury
Federal grants receivable
State of Alaska grants receivable
Liabilities and Fund Balan —e
Liabilities:
Accounts payable
Duc to other funds
Deferred revenue
Total liabilities
Fund balances
A
Historic
Preservation Police Litter Interpretative
Pin Lad CoatrQl Sim
S - 150
1,742 1,112 1,623
528
122 - 700 -
412 -
122 ~— 1,112
2,148 150 - 1,623
2,270 150 1,112 1,623
62
SchAmIq4
D0
313 313 2,061
18,257 4,351 1,682 11,840 185 - 36,727 33,470
Campgroud
185 313 37,862 35,531
2,328 - 6,249 8,444
18,257 4,351 4,010 11,840
3
Brochure
formerly) 913 (
Kenai 3 # 3EmergencyPeninsulaSeward Hospital
Rescue Guided Community Gateway Prison Critical Care Totals_
Vehicle H. _ ikes Cemetery Park t_ brats Eouiument 1996 IM
150 150
18,257 4,351 4,010 11,840 185 43,120 39,951
1,437
313 841 2,437
18,257 4,351 4.010 11,840 185 313 44,111 43,975
822
313 313 2,061
18,257 4,351 1,682 11,840 185 - 36,727 33,470
18,257 4,351 1,682 11,840 185 313 37,862 35,531
2,328 - 6,249 8,444
18,257 4,351 4,010 11,840 185 313 44,111 43,975
63
CITY OF SEWAM 1
Special Revenue Funds '
Combining Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balances '
Year ended June 30, 1996
With comparative totals for 1995 '
Summer Youth
Employment Historic
Training Preservation Police Litter Interpretative Accident Minor DWI
Prim Elan Fwd Control Ste+ Free
Revenues:
Federal grants S 691 6,150 1,341
State of Alaska grants 267 350
Local sources 7,439
Total revenues 691 6,150 7,439 1,341 267 350
Expenditures:
Salaries 2,531 6,924 36 186 287
Employee benefits 391 515 8 81 63
Supplies 691 28I 10
Other services and charges 7,047 1,710
Total expenditures 691 10.250 7,439 1,764 267 350
Excess (deficiency) of revenues
over expenditures 4,100) 423)
Other financing sources (uses):
Operating transfers from other funds
Operating transfers to other funds
Net other fuuuncing sources (uses)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing
sources 4.100) 423)
Fund balances at beginning of year 6,248 150 2,046
Residual equity transfers to other funds
Fund balances at end of year S 2,148 150 1,623
64
i
i
i
2,328 - - - - - - 6,262 4,067 1263
8,444 7,181
6.262) (6,262) -
2,328 - - - - - - _ 6,249 8,444
65
Chamber
Seward Qutckcak Qutckcak State of Hospital
Community Oyster Native DARE Prison Public Revame Commerce Critical Caro Tnuls___
Gemetety Nuraer_v Cr&N Program Lima Doty aid= 8gWoom FMipment 1996 L5
3,720 4,212 4,500 20,614 31,818
718 5,815 6,890 145,844 6,575 166,459 185,179
7,439 3,724
718 3,720 4,212 5,815 6,890 145,844 4,500 6,575 194,512 220,721
197 1,739 1,934 13,834 30,935
29 405 688 2,180 3,281
560 1,777 200 3,519 4,406
79 3,720 4212 2,993 6.890 59,542 4,500 313 91,006 109,152
865 3,720 4,212 3,921 5,815 6,890 59,542 4.500 313 110.539 147,774
147) 3,921) 86,302 6,262 83,973 72,947
2,475 3,921 6,396 17,356
86,302) 86,302) 89,040)
2,475 3,921 86,302) 79,906) 71,684)
2,328 - - - - - - 6,262 4,067 1263
8,444 7,181
6.262) (6,262) -
2,328 - - - - - - _ 6,249 8,444
65
Schedule 6
crrY of sEwARD
Special Revenue Funds
Summer Youth Employment/Training Program
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assets 1996 1995 '
Equity in central treasury $ - 691 '
Liabilites.
Deferred revenue $ - 691
1
1
1
1
66
CITY OF SEWARD
Special Revenue Funds
Summer Youth Employment/Tra4 ing Program
Statement of Revenues Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues - federal grants passed through State of Alaska
Expenditures:
General government:
Salaries
Employee benefits
Office supplies
Operating supplies
Travel
Communications
Education and training
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
1
1
i
67
Schedule
1996 1995
691 2 0,051
17,937
1,554
691 74
6
192
178
110
691 20,051
5rbedule 8
CITY OF SEWARD
Special Revenue Funds
Historical Preservation Plan
Balance Sheet
June 30, 1996
with comparative figures for 1995
1
Assets 1996 1995
Equity in central treasury S 1,742 5,872
State of Alaska grant receivable 528 376
2,270 6,248
Liabilities and Fund Balance
Accounts payable 122
Fund balance 2,148 6,248
S 2,270 6,248
1
I
1
1
i
68
Revenues - federal grant passed through State of Alaska
Expenditures:
General government:
Salaries
Employee benefits
Office supplies
Operating supplies
Travel
Communications
Contract services
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
1
t
h
1996 1995
S 6,150 2,330
2,531 1,833
391 67
CITY OF SEWARD
Special Revenue Funds
75
Historic preservation Plan
tStatement
14 71
of Revenues, Expenditures, other
3,555
Financing Sources and Changes in Fund Balance
5,742
Year ended June 30, 1996
with comparative figures for 1995
Revenues - federal grant passed through State of Alaska
Expenditures:
General government:
Salaries
Employee benefits
Office supplies
Operating supplies
Travel
Communications
Contract services
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
1
t
h
1996 1995
S 6,150 2,330
2,531 1,833
391 67
248 57
33 75
84
14 71
7,033 3,555
10,250 5,742
4,100) (3,412)
6,969
4,100)
6,248
3,557
2,148
70
1
e10
1
CIT Y OF SEWARD
Special Revenue Funds
Ponce Fund
Balance Sheet
June 30, 1996
with comparative figures for 1995
1
Assets 1996 1995
Cash
150 150
Fund Balk
1
Fund balance $
150 150
1
70
71
Schedule 11
C1TY OF SEWARD
Special Revenue Funds
Police Fund
Statement of Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended dune 30,19%
with comparative figures for 1995
1996 1995
Expenditures - general government - other services and charges S - 6,600
Other financing sources - operating transfers from other funds - 2,500
Excess (deficiency) of other financing sources over
expenditures - 4,100)
150 4,250Fundbalanceatbeginningofyear
Fund balance at end of year S 150 150
71
CITY OF SEWARD
Special Revenue Funds
Litter Control
Balance Sheet
June 30, 1996
with comparative figures for 1995
Equity in central treasury
Accounts payable
Deferred revenue
h ul 1
1996 1995
1,112 4,251
Vu -
412 4,251
a 1,112 4,251
73
Schedule 13
C1TY OF SEWARD
Special Revenue Funds
Litter Control
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
1996 191
Revenues - local sources - Alaskans for Litter Prevention
and Recycling grant 7,439 3,219
tExpenditures:
General government:
Salaries 6,924 2,978
Employee benefits 515 241
Total expenditures 7,439 3,219
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
73
ale 14
CITY OF SEWARD
Special Revenue Funds
Interpretive Signs
Balance Sheet
June 30, 1996
with comparative figures for 1995
Asset 1996 1995
Equity in central treasury $ 1,623 609
Federal grant receivable -
1,437
1,623 2,046
Fund Balance
Fund balance $ 1,623 2,046
74
Cr Y OF SEWARD
1 Special Revenue Funds
interpretive Signs
Statement of Revenues, Expenditures, Other
Financing Sourt;es and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
1
Revenues - federal grant
Expenditures:
Salaries
Employee benefits
Office supplies
Contract services
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
75
RP. M—MM
1996
S 1,341 1,437
36 167
8 14
10
1,710 1,710
1,764 1,891
423) 454)
2,500
423) 2,046
2,046
1,623 2,046
1
Schedule_16
Cr Y OF SEWA.RD
Special Revenue Funds
Accident Free Day
Balance Sheet
1June30, 1996
with comparative figures for 1995
1
1996 1995 '
State of Alaska Receivable - 515 '
Liabilitig
Due fundstoother $ - 515
1
1
76
i
i
i
i
i
i
i
i
i
CITY OF SEWARD
Special Revenue Funds
Accident Free Day
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 34. 1996
with comparative figures for 1995
Revenues from State of Alaska grant
Expenditures:
Salaries
Employee benefits
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
77
1996
Am `5 «
186
81
1995
1,164
992
172
1,164
Schedule 18
CITY OF SEWARD
Special Revenue Funds
Minor DWI Prevention
Balance Sheet
June 30, 1996
with comparative figures for 1995
1
Assets 1996 19K
State of Alaska grant receivable $ - 1,546
Liabilities
Due to other funds $ - 1,546
1
1
79
i
CITY OF SEWARD
Special Revenue Funds
Minor DWI Prevention
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues from State of Alaska grant
Expenditures
Salaries
Employee benefits
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
79
Schedule 19
1996 1995
350 2,445
287 2,064
63 381
350 2,445
1
Schedule 20
CM OF SEWARD
Special Revenue Funds i
Emergency Rescue Vehicle
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assets 1996 1995
Equity in central treasury $ 18,257 8,617
Li&ilities
Deferred revenue $ 18,257 8,617
1
80
1
CITY OF SEWARD
Special Revenue Funds
Campground Brochure
formerly, Kenai Peninsula Guided Hikes)
Balance Sheet
June 30,1996
with comparative figures for 1995
1 Aasets
Equity in central treasury
Liabil i
Deferred revenue
I
I
I
1
1
1
81
1996 1995
S 4,351
4,351 4,351
Scheduir, 22
MY OF SEWARD
Special Revenue Funds
Sewaid Community Cemetery
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assets 1996 1995
Equity in central treasury $ 4,010 -
Liabilities and Fund Balan g
Deferred revenue
Fund balance
82
1,682 -
2,328
4,010 -
i
t
i
CTIY OF SEWARD
Special Revenue Funds
Seward Community Cemetery
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues - State of Alaska grant
Expenditures:
Salaries
Employee benefits
Office supplies
Operating supplies
Project overhead
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources - operating transfer 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
83
Schedule 23
1996 1995
718
197 -
29 -
320 -
240 -
79 -
865 -
147) -
2,475 -
2,328 -
2,328 -
1
Schedule 24
1CMOFSEWARD
Special Revenue Funds
Qutekcak Oyster Nursery
Balance Sheet
1June30, 1996
with comparative figures for 1995
Assets 1996 1995
Equity in central treasury $ - 3,720
1
Liabilitics
3,720Deferredrevenue $ -
1
1
1
1
1
1
1
i
1
84
Schedule 25
CITY OF SEWARD
Special Revenue Funds
Qutekcak Oyster Nursery
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
1996 1995
Revenues - federal grant $ 3,720 299
Expenditures - other services and charges 3,720 299
Excess of revenues over expenditures - -
Fund balance at beginning of year - -
Fund balance at end of year
1
1
85
CITY OF SEWARD
Special Revenue Funds
Qutekcak Native Crags
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues - federal grant
Expenditures - other services and charges
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
86
Schedul,26
1996 1995
S 4,212 -
4,212 -
S - -
i
i
i
i
i
87
SphWule 27
CITY OF SEWARD
Special Revenue Funds
Gateway Park
Balance Sheet
June 30, 1996
with comparative figures for 1995
1996 1995
Assets
Equity in central treasury 11,840 11,840
Liabilities
S 11,840 11,840
Deferred revenue
1
1
87
CM OF SEWARD
Special Revenue Funds
DARE Program
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues - local sources
Expenditures:
General government:
Salaries
Employee benefits
Operating supplies
Total expenditures
Deficiency of revenues over expenditures
Other financing sources - operating transfers from other funds
Excess of revenues and other financing
sources over expenditures
Fund balance at beginning of year
Fund balance at end of year
88
Schedule 28
1996 IM
S - 505
1,739 2,881
405 593
1,777 2,418
3,921 5,892
3,921) 5,387)
3,921 5,387
S - -
SchtdWo 29
CITY OF SEWARD
Special Revenue Funds
Prison Library
Balance Sheet
June 30, 1996
with comparative figures for 1995
1996 1995
A
Equity in central treasury 185 -
Liabilities
Deferred revenue $ 185 -
1
1
89
CrrY OF SEWARD
Special Revenue Funds
Prison Library
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues from State of Alaska grant
Expenditures:
Salaries
Employee benefits
Operating supplies
Communications
Project overhead
Library:
Books
Periodicals
Other
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
U11
Schedule 30
1996 1995
a 5,815 7,000
1,934 2,063
688 236
200 287
4 15
431 537
1,766 2,511
792 1,351
5,815 7,000
CITY OF SEWARD
Special Revenue Funds
Public Library
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues from State of Alaska grant
Expenditures:
Operating supplies
Library:
Education and training
Nonprint materials
Other materials
Books
Equipment
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
1
91
Schedule
1996 1995
S 6,890 7,862
1,489
142
220
226
2,890 1,910
4,000 3,875
6,890 7,862
CTrY OF SEWARD
Special Revenue Funds
State Revenue Sharing
Statement of Revenues, Expenditures, Other
Financing Uses and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues from State of ,Alaska grant
Expenditures:
Contribctions:
Seward Life Action Council
Wesley Rehabilitation and Care Center
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
92
Sched g3-2
1996 1995
S 145,844 151,724
15,387 15,671
44,155 47,013
59,542 62,684
86,302 89,040
86,302 89,040
n
CITY OF SEWARD
Special Revenue Funds
Spring'Creek CorrectiorW Center
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1995
with comparative figures for 1995
Schedule 33
1996 1995
Revenues - State of Alaska grants S 4,094
Expenditures:
General government:
Salaries 20
Employee benefits 23
Communications 34
Contractor services 1,835
Project overhead 2,422
Total expenditures 4,334
Excess (deficiency) of revenues over expenditures 240)
Fund balance at beginning of year - 240
Fund balance at end of year $ - -
93
Schedule 34
C1TY OF SEWARD
Special Revenue Funds
Chamber of Commerce Restrooms
Statement of Remues, ExpaKlitures
and Changes in Fund Balance
Year ended June 30, 1995
with comparative figures for 1995
1996 1995
Revenues - federal grant $ 4,500 8,000
Expenditures - other services and charges 4,500 8,000
Excess of revenues over expenditures _
Fund balance at beginning of year
Fund balance at end of year
1
1
1
94
i
State of Alaska grant receivable
Due to other fiords
CITY OF SEWARD
Special Revenue Funds
Hospital Critical Care Equipment
Balance Sheet
June 30. 1996
with comparative figures for 1995
Assets
Ligbilities
95
1996
Schedule 35
1995
313 -
313 -
CITY OF SEWARD
Special Revenue Funds
Hospital Critical Care Equipment
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenue - State of Alaska grant
Expenditures - other services and charges
Excess of revenues over expenditures
Fund balance at beginning of year
Residual equity transfers to other funds
Fund balance at end of year
96
M77.
1996 1995
S 6,575 -
313 -
6,262
6,262 )
S - -
i
CITY OF SEWARD
Special Revenue Funds
Traffic Enforcement Equipment
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues - State of Alaska grant
Expenditures - equipment
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
97
5ghedule 37
1996 1995
10,890
10,890
S ., _
1
THIS PAGE INTENTIONALLY LEFT BLANK
7
I
98
L.
1.1
DEBT SERVICE FUNDS
The Debt Service Fund is used to account for the accumulation of resources for
payment of the $7,500,000 in general obligation bonds issued for construction of
a new medical center and the retirement of the liability to the State of Alaska Public
Employees Retirement System resulting from the dissolution of the Seward General
Hospital Enterprise Fund.
SchedWe 38
CTTY OF SEWARD
Debt Service Fund
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assets 1996 1995
Equity in central treasury $ 115,979 -
Fund Balance
Fund balance - reserved for debt service $ 115,979 -
1
1
1
CFTY OF SEWARD
Debt Service Fund
Statement of Revenues
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues - interest
Fund balance at beginning of year
Residual equity transfers from other funds
Fund balance at end of year
100
Schodulp 39
1996 1995
477 -
115,502
S 115,979
I
n
CAPITAL PROJECTS FUNDS
The 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.
1
CAPITAL PROJECTS FUNDS
1
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 assess.
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 Funds revenue that their
requirements regarding the use of the revenue were fully satisfied:
1995 Flood Disaster - To account for grants from the Federal Emergency
Management Agency for the repair and restoration of damaged roads, bne',ge
approaches, and culverts; the installation of culverts and levees; and the dredging
of a portion of the Small Boat Harbor, as a result of the 1995 flood disaster.
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 5450,000 City of Seward General Obligation
Bond issue.
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 resourced 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.
Community Center Improvements - To account for the remodeling of the
community center to accommodate the teen and youth center on the first floor of
the building. Improvements include the addition of handicapped accessible
restrooms, snack room, office, computer room, game room and television room,
as well as purchase of furniture and fixtures.
1 Seward General Hospital Roof Repair - To account for the costs associated with
temporary emergency repairs to the hospital roof, pending the construction of a
new hospital facility.
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.
u
101
2
CAPITAL PROJECTS FUNDS '
Mini- Service Campground - To account for the construction of a full - service
campground section that includes water and electric hook -ups and picnic tables
for twenty recreation vehicle sites. Moneys were provided by the General Fund '
campground revenues.
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.
Waterfront Improvement - To account for the construction of a waterfront park IwithintheCityofSeward. Moneys were provided by a state matching grant.
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.
Fire Hall Improvements - To account for repairs and improvements to the fire
hall building, including the addition of external siding, reconstruction of work
areas and storage area, construction of office, repair of floor drains, internal
painting, and replacement of light fixtures in vehicle bays and offices. '
City Hall Roof Replacement - To account for the replacement of the municipal
building roof with a membrane -type roofing system. '
Council Chambers Renovation - To account for the remodeling of the city hall
council chambers to include reconfiguring the dais to provide additional seating, ,
rewiring and replacing microphones to improve the quality of video broadcasts of
council meetings, and installing additional shelves and closet space.
1
102
THIS PAGE RMNTTONALLY LEFT BLANK
103
CITY OF SEWARD
Capital Projects Funds
Combining Balance Sheet
June 30, 1996
with comparative totals for 1995
Liabilities and Fund Balances Mcfici
Liabilities;
Accounts payable - 944,599 - - -
Due to other funds - 8,362 - - -
Deferred revenue 48,974 - - - 2,464
Total liabilities 48,974 952,961 - - 2,464
Fund balances (deficit) - - 23,959 3,353 3,107
S 48,974 952,961 23,959 3353 5,571
104
i
i
v15
Seward
DD P Association
7j D j 9 n
ufor
1995 Advancement Community
Flood of Marine Center Police Emergency
Assets Disas Science Improvements Dis at h Shelter
Equity in central treasury $ 25,566 23,959 3,353 5,571
State of Alaska grants receivable 23,408 950,465
Other receivable - 2,496
S 48,974 952,961 23,959 3,353 5,571
Liabilities and Fund Balances Mcfici
Liabilities;
Accounts payable - 944,599 - - -
Due to other funds - 8,362 - - -
Deferred revenue 48,974 - - - 2,464
Total liabilities 48,974 952,961 - - 2,464
Fund balances (deficit) - - 23,959 3,353 3,107
S 48,974 952,961 23,959 3353 5,571
104
i
i
40
M3
a 8 3 L)3
ini-
Service SBA Tree Bike Path waterfront
Capital
Acquisition Totals
Campground Plan in ConqUVation jLnpM ement Fund 1996 1995
692 632 21,196 265,904 346,873 182,975
14,872 988,745 437,889
2,496
692 632 21,196 14,872 265,904 1,338,114 620,864
944,599
31,388 39,750 437,142
316 10,140 61,894 13,846
316 10,140 31,388 1,046,243 450,988
692 316 11,056 16,516) 265,904 291,871 169,876
692 632 21,196 14,872 265,904 1,338,114 620,864
CITY OF SEWARD
Capital Projects Funds
Combining Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balances (Deficit)
Revenues:
Federal grsrtts
State of Alaska grants
local sources
Other merute
Total revenues
Expenditura:
Salaries
Employs benefits
Contracted services
Supplies
Other services and charges
Total expenditures
Excess (defciency)ofrevenues
over expenditures
Other financing sources (uses),
Operating transfers from other furls
Operating transfers to other funds
Net other financing sources (uses)
Exoas (deficiency) of revenues
and other financing sources over
expenditures and other financing
uses
Fund valances at beginning of year
Residual equity transfers from other funds
Residual equity transfers to other funds
Fund balances (deficit) at end of year
June 30, 1996
with comparative totals for 1995
Seward
Association Seward
for General
1993 Senior Advaoamatt Canmunity Hospital
Flood Cit zets of Marine tatter Roof Police EmuVwy
CA 11W S46 l Maim l Mahn
Mini -
Service '
S 143,632
7,410,253 3,048
3,412 5
145,632 7,413,665 3,048 3
43,506 181
7,088 63
9.859 299 - 41,919 200 10,425
10,984 3,473 2,571 5,423
72.215 7.413,665 4,649 47 277 1,598
1.15,632 299 7,413,665 50,041 47 3,048 17,690
299) - (50,04 (47) (11.7,685)
74,000 47
74,000 47
299) - 23,959 - - (17,683) '
299 - - 3,353 3,107 19,377
g 23,959 - 3,353 3,107 692
1
106
1
t
107
Capital City Hail Council
SBA Tree Bike Pats Hospital Waterfront Acquisition Fire Hall Roof Chambers Totals
P1aMina r, Kin"i AmmIlmis F 1"6
R•
M
16.313) 129,127 93,109
927 7,414,228 3,880,313
10,603 10,603 17,639
3,417
927 16szs> 10,603 7,557,373 3,993,061
9,148 34,835 3,242
1,276 8,427 402
2,913 15,594 81,209 633,492
16,397 9,439 48,307 8,054
11,644 3,033 47 997 7,508,172 4,023,662
11,644 32,967 47 26,050 7,701,150 4,670,833
927 16,325) 1041) 32,967) ____ I47) 2_ ( 6,030) 143,773) 677,794)
192,680 34,000 47 26,050 326,824 749,181
59,094 1.033) 60,127) A395,771)
1
133,586 32.967 47 26,050 266,697 363,410
927 16,525) 132,545 122,922 314,384)
316 11,036 - 9 133,359 169,876 504,483
927)
927)
29,755
49,980
316 11,056 16,516) 265,904 291,871 11669"
t
107
CITY OF SEWARD
Capital Projects Funds
Combining Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balances
June 30,1996
with comparative totals for 1995
Seward
Association Seward
for t;,amxxl
1995 Senior Advancement
Flood Citizens of Marine
Community
Center
Hospital
Roof Police Emergency
nisasur Center science Imvrovem_eas a I)ssnatcfi Shelter
Total project authorization $ 277.097 946,000 37.446.000 74.000 47 17,000 26,500
Revenues:
Federal grants 145,652 - 32,000
State of Alaska grants 466,773 12,574,853 11,169 2,015
Local sources 478,944 -
Total revenues 145.652 945,717 12,606.853 11.168 1,015
Expenditures:
Construction 416,224 - 41,919 11,168
Architect engineering and other 145,652 529,493 12,606,853 47 2,015
Land, building and equipment 8.122
Total expenditures 145.652 945,717 12.606.853 50,041 47 11,168 2,015
Excess (deficiency) of
revenues over expenditures 50,041) 47)
Other financing sources (uses):
BmW proceeds
Operating transfers from other funds 74,000 47 3,353 3.107
Operating transfer to other funds
Net other financing sources (uses) 74,000 47 3,353 3,107 t
Excess (deficiency of revenues
and other funning sources
over expenditures and other
financing uses 23,959 3,353 3,107
Residual equity transfers from (to)
other funds
Fund balances at June 30, 1996 S 23,959 3,353 3.107
1
1
108
Mini- Capital City Hail Council
Service SBA Troy Bike Path HospiW Waterfront Acquisition Fire Hall Roof Chambers
COM u N Gantittuaticn jm>rrovemgu EWA lmorovcmcnts Reniaaartent gg
26,000 8,400 60,000 25,000 233,729 936,516 34,000 627.03 26,050
3,884 74,363
21,126
5 10 29,963
5 3.884 21,126 74,373 29,963
19,313 18,098 104.173
7,768 46,402 47
21.126 156,642 37,644 32.967 26.050
19,313 7,768 21,126 221,142 141,817 32.967 47 26,050
19,308 ) 146,769 ) 111,854) 32,967) 47) 26,050)
20,000 4.200 11,056 130,253 942,632 34,000 47 26,050
764,584) 1,033)
20,000 4,200 11,056 130,253 178,048 32,967 47 26,050
692 316 11,056 - (16,516) 66,194 - - -
199,710 - - -
692 316 11.056 - (16,516) 265,904 - -
109
CITY OF SEWARD
Capital Projects Funds
1995 Flood Disaster Relief
Balance Sheet
June 30, 1996
with comparative figures for 1995
Equity in central treasury
State of Alaska grant receivable
Liabilities
Deferred revenue
110
1996
Schedule 43
1995
S 25,566
23,408 -
48,974 -
48,974 -
i
MY OF SEWARD
Capital Projects Funds
1995 Flood Disaster Relief
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues - federal grant
Expenditures:
Salaries
Employee benefits
Contracted services
Supplies
Other services and charges
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
111
1996
Schedule 44
1995
S 145,652 -
45,506 -
7,088 -
9,859 -
10,984 -
72,215 -
145,652 -
Schedulr,45
CITY OF SEWARD
Capital Projects Funds i
Senior Citizens Center
Balance Sheet
June 30, 1996
with comparative figures for 1995
M 1996 1995 '
Equity in central treasury 5 - 299 ,
Fund Balang;
Fund balance $ - 299
1
1
1
112
e
Expenditures:
Salaries
Employee benefits
Contracted services
Total expenditures
Fund balance at beginning of year
Fund balance at end of year
N D.:..
Capital Projects Funds
Senior Citizens Ceaw
Statement of Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
113
1996
Schedule 46
1995
S - 111
16
299 349
299 476
299 775
S - 299
Schedule 47
CITY OF SEWARD
Capital Projects Funds
Seward Association for Advancement of Marine Science
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assets 1996 1995
State of Alaska grant receivable $ 950,465 403,092
Other receivable 2,496 -
952,961 403,092
Liabilities
Accounts payable 944,599 -
Due to other funds 8,362 403,092
952,961 403,092
114
Capital Projects Funds
Seward Association for Advancement of Marine Science
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues:
State of Alaska grant
Other revenue
Total revenues
Expenditures - other services and charges
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
i
115
Schedule 48
1996 1995
7,410,253 3,856,817
3,412 -
7,413,665 3,856,817
7,413,665 3,856,817
Schedult2
CITY OF SEWARD
Capital Projects Funds
Community Center Improvements
Balance Sheet
June 30, 1996
with comparative figures for 1995
1996 1995 '
Assets
Equity in central treasury 23,959 -
MCCMUMMO
Fund Balance
Fund balance S 23,959
1
116
i
CM OF SEWARD
Capital Projects Funds
Community Center improvements
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Expenditures:
Contracted services
Supplies
Other services and charges
Total expenditures
Other financing sources - operating transfers
from other funds
Excess of other financing sources over expenditures
Fund balance at beginning of year
Fund balance at end of year
117
1996
Schedule 50
1995
41,919 -
3,473 -
4,649 -
50,04 1 -
74,000 -
23,959 -
23,959 -
CTTY OF SEWARD
Capital Projects Funds
Seward General Hospital Roof Repair
Statement of Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Expenditures - other services and charges
Other financing sources - operating transfers
from other funds
Excess of other financing sources over expenditures
Fund balance at begirming of year
Fund balance at end of year
119
Schedule 51
1996 1995
S 47
47 -
i
MY OF SEWARD
Capital Projects Funds
Police Dispatch
Balance Sheet
June 30, 1996
with comparative figure's for 1995
AsscU 1996 1995
Equity in central treasury S 3,353 2,615
State of Alaska grant receivable - 738
S 3,353 3,353
Fund balance
Fund Balocc
119
S 3,353 3,353
MY OF SEWARD
Capital Projects Funds
Police Dispatch
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues from 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
Fund balance at end of year
120
1996
heu1e5353
1995
3,048 1,282
200 544
2,571 -
277 738
3,048 1,282
3,353 3,353
3,353 3,353
C= OF SEWARD
Capital Projects Funds
Emergency Shelter
Balance Sheet
June 30, 1996
with comparative figures from 1995
Assets 1996 1995
Equity in central treasury $ 5,571 5,571
Deferred revenue
Fund balance
Liabilities and Fund Balance
121
2,464 2,464
3,107 3,107
5,571 5,571
CITY OF SEWARD
Capital Projects Funds
Emergency Smelter
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues from State of Alaska grant
Expenditures:
Supplies
Other services and charges
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
122
Schedule, 55
1996 1995
2,015
1,919
96
3,107 3,107
S 3,107 3,107
i
i
i
t
Equity in central treasury
Fund balance
CITY OF SEWARD
Capital Projects Funds
Mini- Service Campground
Fund Balance
Balance Sheet
June 30, 1996
123
1996
Schedule 56
1995
S 692 18,377
692 18,377
CITY OF SEWARD
Capital Projects Funds
Mini- Service Campground
Statement of Revenues, Expenditures, Other
Financing Sources and Charges in Fund Balance
Year ended June 30, 1996
Revenues - other
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 (deficiency) of revenues and other
financing sources over expenditures
Fund balance at beginning of year
Fund balance at end of year
124
Schedule 57
1996 1995
5
181
63
10,425
5,423
1,598 1,623
17,690 1,623
17,685) 1,623)
20,000
17,685) 18,377
18,377 -
692 18,377
MTl 13
CITY OF SEWARD
Capital Projects Funds
SBA Tree Planting
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assets 1996 X995
Equity in central treasury $ 632 632
Deferred revenue
Fund balance
Liabili and Fund Balance
125
316 316
316 316
632 632
Schedule 59
CITY OF SEWARD
Capital Projects Funds
SBA Tree Planting
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
1996 1995
Revenues from federal grants $ - 3,884
Expenditures:
Salaries - 891
Employee benefits - 9
Contracted services - 1,950
Supplies - 4,212
Other services and charges - 706
Total expenditures - 7,768
Deficiency of revenues over expenditures - 3,884
Fund balance at beginning of year 316 4,200
Fund balance at end of year S 316 316
126
Schedule 60
MY OF SEWARD
Capital Projects Funds
Bike Path Continuation
Balance Sheet
June 30, 1996
with comparative figures for 1995
A55etS 1996 1995
Equity in central treasury $ 21,196 21,196
Deferred revenue
Fund balance
Liabilities and Fund Balance
127
10,140 10,140
11,056 11,056
21,196 21,196
CITY OF SEWARD
Capital Projects Funds
Bike Path Continuation
Statement of Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Fund balance at beginning and end of year
128
Sghedule-6-1
1996 1995
11,056 11,056
i
i
i
i
Equity in central treasury
Deferred revenue
Schedule 62
CITY OF SEWARD
Capital Projects Funds
Hospital Anesthesia
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assou 1996 1995
927
Liabilities
129
927
CITY OF SEWARD
Capital Projects Funds
Hospital Anesthesia
Statement of Revenues and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues from State of Alaska grant
Fund balance at beginning of year
Residual equity transfer to other funds
Fund balance at end of year
130
1996 1995
S 927 20,199
927 (20,199)
S - -
Schedule 664
C1TY OF SEWARD
Capital Projects Funds
Watcrf ont Improvement
Balance Sheet
tJune 30, 1996
with comparative figures for 1995
1
Assets 19966 1995
o
State of Alaska grant receivable 14,872 31,397
Liabilities and Fund Balance (Deficit)
Due to other funds 31,388 31,388
Fund balance (deficit) 16,516 9
14,872 31,397
1
131
CITY OF SEWARD
Capital Projects Funds
Waterfront Improvement
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance (Deficit)
Year ended June 30, 19%
with comparative figures for 1995
Revenues - federal grant passed through State of Alaska
Expenditures:
Salaries
Employee benefits
Contracted services
Supplies
Other services and charges
Total expenditures
Excess (deficiency) of revenues over expenditures
Other finance sources - operating transfers from other funds
Excess (deficiency) of revenues and other financing
sources over expenditures
Fund balance at beginning of year
Fund balance (deficit) at end of year
132
Schedule 65
1996 1995
16,525 64,832
164
67
154,000
300
8,259
162,790
16,525) (97,958)
12,588
16,525) (85,370)
9 85,379
16,516) 9
i
I
Schell a 66
ICITY OF SEWARD
Capital Projects Funds
Capital Acquisition Fund
Balance Sheet
June 30, 1996
with comparative figures for 1995
1
Assets 1 996 199
Equity in central treasury $ 265,904 133,359
FL-u_d Balance
Fund balance $ 265,904 133,359
1
I
1
1
1
133
AIeffars-IWI Ili
Capital Projects Funds
Capital Acquisition Fund
Statement of Revenues, Expenditures, Other
Financing Sources (Uses) and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues - interest
Expenditures - other services and charges
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):
Operating transfers from other fiends
Operating transfers to other funds
Net other financing 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
Residual equity transfers to other funds
Fund balance at end of year
134
Schedule 67
1996 1995
10,603 17,639
11,644 26,000
1,041 8,361
192,680 295,006
59,094 (385,771
133,586 90,765
132,545 (99,126)
133,359 202,756
29,755
26)
S 265,904 133,359
CITY OF SEWA,RD _
Capital Projects Funds
Fire Hall Improvements
Statement of Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Expenditures:
Salaries
Employee benefits
Contracted services
Supplies
Other services and charges
Total expenditures
Other financing sources (uses):
Operating transfers from other funds
Operating transfers to other funds
Net other financing sources (uses)
Excess of revenues and other financing sources
over expenditures and other financing uses
Fund balance and beginning of year
Fund balance at end of year
135
S
Schedule fib
1996 1995
9,148 -
1,276 -
2,913 -
16,597 -
3,033 -
32,967 -
34,000 -
1,033) -
32,967 -
MY OF SEWARD
Capital Projects Funds
City Hail Roof Replacement
Statement of Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Expenditures - other services and charges
Other financing sources - operating transfers
from other funds
Excess of other financing sources over expenditures
Fund balance at beginning of year
Fund balance at end of year
136
Schedule 69
1996 1995
47
47 -
1996
Expenditures
Contracted services S 15,594
Supplies 9,459
Other services and charges 997
Total expenditures 26,050
Other financing sources - operating transfers
Schedule 70
1995
from other funds 26,050 -
Excess of other financing sources over expenditures - -
Fund balance at beginning of year - -
Fund balance at end of year $ - -
1
137
CrI Y OF SEWARD
Capital Projects Funds
Council Chamber Renovations
Statement of Expenditures, Other Financing
Sources and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
1996
Expenditures
Contracted services S 15,594
Supplies 9,459
Other services and charges 997
Total expenditures 26,050
Other financing sources - operating transfers
Schedule 70
1995
from other funds 26,050 -
Excess of other financing sources over expenditures - -
Fund balance at beginning of year - -
Fund balance at end of year $ - -
1
137
adMMs 71
CTFY OF SEWARD
Capital Projects Funds
Library Handicapped Access
Balance Sheet
1June30, 1996
with comparative figures for 1995
Assets 1996 1995
State of Alaska grant receivable S - I
Liabiliti es
Due to other funds 2,662
1
1
138
CITY OF SEWARD
Revenues:
Federal grants
Local sources
Total revenues
Expenditures - other services and charges
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 g Y earbeginningofg
Fund balance at end of year
139
19% 129
26,393
26,393
60,625
34,232)
989
33,243)
33,243
S - -
Capital Projects Funds
Library Handicapped Access
Statement of Revenues, Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Revenues:
Federal grants
Local sources
Total revenues
Expenditures - other services and charges
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 g Y earbeginningofg
Fund balance at end of year
139
19% 129
26,393
26,393
60,625
34,232)
989
33,243)
33,243
S - -
Expenditures:
Salaries
Employee benefits
Contracted services
Supplies
Other services and charges
Total expenditures
Fund balance at beginning of year
Fund balance at end of year
CrN OF SEWARD
Capital Projects Funds
Streets and Sidewalks
Statement of Expenditures
and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
140
1996
Schedule 73
1995
20
14
24,171
10,231
34,436
34,436
S - -
t
i
CITY OF SEWARD
Capital Projects Funds
Street Improvements
Statement of Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Expenditures:
Salaries
Employee benefits
Contracted services
Other services and charges
Total expenditures
Other financing sources - operating transfers from other funds
Excess (deficiency) of other financing sources
over expenditures
Fund balance at beginning of year
Fund balance at end of year
141
S
SSghedule 74
1996 1995
2,056
299
454,478
58,464
515,297
418,872
96,425)
96,425
CITY OF SEWARD
Capital Projects Funds
City Dell Elevator
Statement of Expenditures, Other
Financing Sources and Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
Expenditures - other services and charges
Other financing sources - operating transfers from other funds
Excess of other financial sources over expenditures
Fund balance at beginning of year
Fund balance at end of year
142
1996 1995
1,726
1,726
143
srhedule 76
CITY OF SEWARD
Capital Projects Funds
1
Underground Storage Tanks
Statement of Changes in Fund Balance
Year ended June 30, 1996
with comparative figures for 1995
1
1996 1995
Fund balance at beginning of year $
Residual equity transfers to other funds
29,755
29,755
Fund balance at end of year $
143
THIS PAGE INTENTIONALLY LEFT BLANK
C
144
ENTERPRISE FUNDS
1
The 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.
i
ENTERPRISE FUNDS
1
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 area 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 pub: is
on Resurrection Bay.
Seward General Hospital - To account for the provision of medical services to
the area surrounding Seward.
Parking Revenue - To account for the provision of public parking services.
u
145
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CITY OF SEWARD
Enterprise Funds
Electric
Balance Sheet
June 30, 1996
with comparative figures for 1995
1
Assets 1996 1995
Current assets:
Equity in central treasury 2,054,845 4,745,754
Accounts receivable 23,185 7,318
Less allowance for doubtful receivables 1,982 897
Net accounts receivable 21,203 6,421
Chugach Electric Association refund receivable 181,340
Inventory 507,752 452,841
Advances to other funds - current portion 17,402 19,980
Total current assets 2,601,202 5,406,336
Restricted assets:
Equity in central treasury and cash restricted for bond
retirement 307,205 307,205
Assessments receivable:
Current 1,316 2,068
Delinquent 168 94
Deferred
Total assessments receivable
9,958
11,442
15,600
17,762
Total restricted assets 318,647 324,967
Property, plant and equipment:
Property, plant and equipment in service 35,008,796 25,485,541
Less accumulated depreciation 12,160,094 11,338,065
Net property, plant and equipment in service 22,848,702 - 14,147,476
Construction work in progress 3,427,949 8,661.406
Total property, plant and equipment 26,276,651 22,808,882
Advances to other funds, excluding current portion 38,233 55,635
Deferred charges - unamortized debt issuance costs 52,215 53,182
S 29,286,948 28,649,002
Continued)
1
152
153
1996 1995
S 488,000 461,000
174,997 112,060
GM OF S'r;WARD
79,570
Enterprise Funds
3,443
Electric
Balance Sheet
Liabilities and Fund Equity
Current liabilities:
Current portion of bonds payable
Customer deposits
Annual leave payable
Accrued liabilities payable
Deferred revenue
Total current liabilities
Long -term debt:
Bonds payable, excluding current portion
Less unamortized deferred amount on refunding
Net long -term debt
Fund equity:
Contributions in aid of construction
Less accumulated amortization
Net contributions in aid of construction
Retained earnings
Total fund equity
1
1
153
1996 1995
S 488,000 461,000
174,997 112,060
45,738 53,950
79,570 96,577
3,443 69,155
791,748 792,742
7,570,000 8,058,000
244,034 275,984
7,325,966 7,782,016
22,459,544 21,439,348
4,605,684 4,140,328
17,853, 860 17,299,020
3,315,374 2,775,224
21,169,234 20,074,244
S 29,286,948 28,649,002
CITY OF SEWARD
Enterprise Funds
Electric
Statement of Revenues, Expenses
and Changes in Retained Earnings
Year ended June 30, 1996
with comparative figures for 1995
operating revenues:
Sales:
Residential
small general service
Large general service
Industrial
Harbor power
Street and yard lights
Miscellaneous
Total operating revenues
operating expenses:
Before depreciation:
Power
Distribution
Administration and general
Total before depreciation
Operating income before depreciation
Depreciation
Operating income
Nonoperating revenues (expenses):
Loss on disposal of fixed assets
Interest income
Interest expense
Penalties and interest on assessments
Other expense
Total nonoperating revenues (expenses)
Income before operating transfers to other funds
Operating transfers to other funds
Net income
Amortization of contributions in aid of construction
Increase in retained earnings
Retained earnings at beginning of year
Prior period adjustment - Chugach Electric Association
power overcharge
Retained earnings at beginning of year as restated
Residual equity transfers to other funds
Retained earnings at end of year
154
22§ IM
S 1,584,908 1,706,046
1,253,374 1,266,686
1,923,211 1,880,294
483,862 536,671
112,566 123,023
64,588 61,978
255,552 259,076
5,678,061 5,833,774
2,276,525 2,311,867
276,829 277,056
1,522,831 1,452,370
4,076,185 4,041,293
1,601,876 1,792,481
938,452 969,337
663,424 823,144
50,113)
152,842 94,171
472,602) 339,409)
1,548 5,075
5,803) 5,318)
374,128) 245,481)
289,296 577,663
146,237)
289,296 431,426
465,356 457,510
754,652 888,936
2,775,224 1,783,422
102,866
2,775,224 1,886,288
214,502) -
S 3,315,374 2,775,224
THIS PAGE INTENTIONALLY LEFT BLANK
155
used) by operating activities-
le
e onil a operating m+come to net
I by opratmn activities:
Dd adjustment for Chugach Electric
iation refund
e for doubtful accounts
n assets and liabilities:
se (decrease) in accounts receivable
se in assessments receivable
e in inventory
se ire customer deposits
se m Dual leave payable
M
se (decrease) in accrued liabilities payable
ase in due to other funds
Total adjustments
Net cash provided by operating activities
V
I
d (used) by capital and related financing activities:
evenue bonds
nts on long-term obligations
ts on long-term debt obligations
ed assets
aid of construction
e
erest on special assessments
Net cash provided (used) by capital and
related financing activities
d (used) by ingesting activities - interest income
Net increase (decrease) in cash and
equity in central treasury
ntral treasury at beginning of y9ar
ntral treasury at end of year
h and equity central treasury to balance sheet:
ire central treas u rr
E
4
4
2
CITY OF SEWARD
Enterprise Funds
Water and Sewer
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assets
Current assets:
Equity in central treasury
Grant 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
Liabilities and Fund Equity
Current liabilities:
Current portion of bonds payable
Current portion of notes payable
Annual leave payable
Accrued liabilities payable
Total current liabilities
Long -term debt - notes payable to State of Alaska
Fund equity:
Contributions in aid of construction
Less accumulated amortization
Net contributions in aid of construction
Retained earnings
Total fund equity
158
5ftkft 83
1996 1995
414,541 137,720
92,400 131,115
43,357 40,778
550,298 309,613
76,254
14,730,204 14,818,615
5,210,725 4,859,429
9,519,479 9,959,186
S 10,069,777 10,268,799
110,000
36,059 23,345
10,726 1 1,833
29,469 40,824
76,254 186,002
905,765 901,463
11,577,069 11,586,804
4,628,968 4,256,361
6,948,101 7,330,443
2,139,657 1,850,891
9,087,758 9,181,334
S 10,069,777 10,268,799
w
i
i
i
i
r
1
L.
CITY OF SEWARD
Enterprise Funds
Water and Sewer
Statement of Revmun, Expenses
and Changes in Retained Earnings
Year ended June 30, 1996
with comparative figures for 1995
Operating revenues:
Sales:
Residential
Small general service
Large general service
Industrial sales
Seward Marine Industrial Center
Ship water sales
Miscellaneous
Total operating revenues
Operating expenses:
Before depreciation:
Distribution
Supplies and maintenance
Administration and general
Total before depreciation
Operating income before depreciation
Depreciation
Operating income (loss)
124,212
Nonoperating revenues (expenses):
235,965
Loss on disposal of assets
Interest income
105,101
Interest expense
72,261
Other revenues
Total nonoperating revenues (expenses)
72,213
Loss before extraordinary item
Loss from failure of Lowell Point Sewer Lagoon
84,143) Net loss
Amortization of contributions in aid of construction
Increase in retained earnings
Retained earnings at beginning of year
Retained earnings at end of year
159
Schedule 84
1996 1995
S 551,863 551,004
124,212 117,034
235,965 228,881
128,247 130,480
105,101 112,245
72,261 85,278
72,213 69,080
1,289,862 1,294,002
360,297 349,212
62,263 39,964
471,791 530,644
894,351 919,820
395,511 374,182
406,778 355,627
11,267) 18,555
23,496) 486)
18,990 853
72,510) 63,198)
4,140 1,034
72,876) 61,79
84,143) 43,242)
128,492)
84,143) 171,734)
372,909 360,798
288,766 189,064
1,850,891 1,661,827
2,139,657 1,850,891
ScJicdale 85
CITY OF SEWARD i
Enterprise Funds
Water and Sewer
Statement of Cash Flows ,
Year ended June 30, 1996 ,
with comparative figures for 1995
160
1996 1995
Cash flows provided (used) by operating activities:
Operating income (ions) S (11,267 18,555
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation 406,778 355,627
Other nonoperating revenue 4,140 1,034
Changes in assets and liabilities:
Decrease in accounts receivable 38,715 258,157
Increase) decrease in inventory 2,579) 1,653
Decrease in annual leave payable 1,107) 3,472)
Increase (decrease) in accrued liabilities payable 558 2,192)
Decrease in due to other funds 341,150)
Total adjustments 446,505 269,657
Net cash provided by operating activities 435,238 288,212
Cash flows provided (used) by capital and related financing activities:
Principal payments on long -term obligations 110,000) 100,000)
Interest payments on long -term debt obligations 84,423) 48,332)
Acquisition of fixed assets 13,842)
Note payable to State of Alaska 17,016 24,975)
Increase in contributions in aid 35,804
Net cash used by capital and related financing activities 177,407) 151,345)
Cash flows provided by investing activities - interest income 18,990 853
Net increase in cash and equity in central treasury 276,821 137,720
Cash and equity in central treasury at beginning of year 137,720
Cash and equity in treasurycentral at end of year 414,541 137,720
Noncash capital and related financing activities - loss firom failure of Lowell
Point Sewer Lagoon 128,492
r
160
L
THIS PAGE INTENTIONALLY LEFT BLANK
161
CITY OF SEWARD
Enterprise Funds
Harbor
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assets
Current assets:
Cash
Schedule 86
1996 1995
200 200
Accounts receivable 347,385 250,391
Less allowance for doubtful receivables 92,895 33,602
Net accounts receivable 254,490 216,789
Grant receivable 42,540 57,614
Total current assets 297,230 274,603
Property, plant and equipment:
Property, plant and equipment in service 59,293,260 58,433,314
Less accumulated depreciation 13,423,157 12,016,733
Net property, plant and equipment in service 45,870,103 46,416,581
Construction work in progress 646,416 690,101
Total property, plant and equipment 46,516,519 47,106,682
Loan receivable - Alaska Railroad Corporation 278,000 323,000
Deferred charges - bond issue costs 27,218 29,487
Total assets S 47,118,967 47,733,772
Continued)
162
1 CITY OF SEWARD
Enterprise Funds
Harbor
Balance Sheet
Liabilities and Fund Egui
Current liabilities:
Current portion of bonds payable
Current portion of capital lease obligations
Customer deposit
Annual leave payable
Accrued liabilities payable
Due to other funds
Advances from other funds - current portion
Deferred revenue
Total current liabilities
Noncurrent liabilities:
Deferred revenue - Alaska Railroad Corporation loan receivable
Long -term debt:
Bonds payable, excluding current portion
Unamortized deferred amount on refunding
Capital lease obligations, excluding current portion
Advances from other funds, excluding current portion
Total long -term debt
Total noncurrent liabilities
Fund equity:
Contributions in aid of construction
Less accumulated amortization
Net contributions in aid of construction
Retained earnings - undesignated
Total fund equity
Total liabilities
163
agbAWg 86
1996 1995
111,173 102,937
50,000 45,000
33,026
62,078 61,338
73,935 48,945
1,567,682 1,416,595
17,402 19,980
108,905 63,621
1,991,175 1,791,442
279,942 323,000
1,692,292
180,573)
650,000
38,233
2,199,952
2,479, 894
1,803,465
195,620)
700,000
55,635
2,363,480
2,686,480
53,238,032 52,698,348
11, 559,868 10,498,197
41,678,164 42,200,151
969,734 1,055,699
42,647,898 43,255,850
47,118,967 47,733,772
CITY OF SEWARD
Enterprise Funds
ffi'r .7.
Statement of Revenues, Expenses
and Changes in Retained Earnings
Year ended June 30, 1996
with comparative figures for 1995
Schedule_ 87
1
164
1
I
I
1996 Im
Operating revenues:
Moorage 898,065 1,075,646
Wharfage 152,018 181,179
Boat lift fees 176,769 244,155
Power sales 154,735 194,961
Storage 59,298 126,499
Rental and leases 319,016 250,641
Miscellaneous 71,683 100,671
Total operating revenues 1,831,584 2,173,752
Operating expenses:
Before depreciation:
Salaries 404,082 439,629
Employee benefits 176,398 190,363
Supplies and maintenance 210,250 243,666
Administration and general 758,549 1,266,199
Total before depreciation 1,549,279 2,139,857
Operating income before depreciation 282,305 33,895
Depreciation 1,253,324 1,258,474
Operating loss 971,019) 1,224,579)
Nonoperating revenues (expenses):
Loss on disposal of assets 21,883) 41,090)
Interest income 31,285 26,430
Interest expense 250.980) 185,420)
Other revenue 87,192
Other expense 2,268) 2,268)
Total nonoperating revenues (expenses) 156,654) 202,348)
Loss before operating transfers to other funds 1,127,673) 1,426,927)
Operating transfers to other funds 167,000)
Net loss 1,127,673) 1,593,927)
Amortization of contributions in aid of construction 1,061,671 1,06 i ,672
Increase (decrease) in retained earnings 66,002) 532,255)
Retained earnings at beginning of year 1,055,699 1,680,599
Residual equity transfers to other funds 19,963) 92,645)
Retained earnings at end of year S 969,734 1,055,699
164
1
I
I
0
THIS PAGE INTENTIONALLY LEFT BLANK
165
CITY OF SEWARD
Enterprise Funds
Harbor
Statement of Cash Flows
Year ended June 30, 1996
with comparative figures for 1995
Cash flows provided (used) by operating activities:
Operating loss
Adjustments to reconcile operating loss to
net cash provided by operating activities:
Depreciation
Allowance for doubtful accounts
Other nonoperating revenues
Changes in assets and liabilities:
Increase) decrease in accounts receivable
Increase (decrease) in customer deposits
Increase (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 provided (used) by noncapital financing activities:
Operating transfers to other funds
Residual equity transfers to other funds
Advance from other fund
Interest on central treasury borrowings
Net cash used by noncapital financing activities
166
x_.88
1996 1995 '
5971,0191 1,224,579 1
1
1,253,324 1,258,474
59,293 (66,775) I87,192 -
81,920) 290,535
33,026) 33,026
740 10,996
22,949 5,501
151,087 252,432
2,226 377,837
1
1,461,865 2,162,026
490,846 3,386,605
t
167,000)
19,963) 92,645)
19,980) 75,615
75,473) t
115,416) 184,030)
1
rContinued)
t
CITY OF SEWARD
Enterprise Fonds
Harbor
Statement of Cash Flows
88 M
1996 1995
Cash flows provided (used) by capital and related financing activities:
Principal payments on long -term obligations (147,936) (139,704)
Interest payments on tong -terns obligations (158,420) (170,117)
Acquisition of fixed assets (614,525) (477,855)
Disposal of fixed assets 11,112 -
Contributions in aid of construction 458,054 330,829
Net cash used by capital and related financing activities (451,715) (456,847)
Cash flows provided (used) by investing activities:
Loan made to Alaska Railroad Corporation
Receipts on loan by Alaska Railroad Corporation
Interest income
Net cash provided (used) 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
Noncash investing, capital and financing activities:
Transfer of fixed assets from the General Fixed Assets Account
Group to the Harbor Enterprise Fund
167
323,000)
45,000 -
31,285 26,430
76,285 (296,57A
200 200
S 200 200
81,630 -
I
Schedule 89
CITY OF SEWARD
Enterprise Funds I
Seward General Hospital
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assets 1996 1995
Current assets:
Cash S 193,361 31,578
Accounts receivable 692,445 853,237
Less allowance for doubtful receivables 149,356 167,525
Net accounts receivable 543,089 685,732
Estimated third -party payor settlements 4,971
Inventory 137,354 153,021
Due from other funds 338,611
Other assets 7,390
Total current assets 1,212,415 882,692
Property, plant and equipment in service 1,582,642 1,823,871
Less accumulated depreciation 930,722 1,025,775
Net property, plant and equipment 651,920 798,096
Construction work in process 66,489
Total assets S 1,864,335 1,747,277
ter.
Liabilitig§ and Fund E ui tCurrentliabilities:
Current portion of capital lease obligations 150,367 25.488
Accounts payable 309,450 233,903
Payable to Providence Alaska Medical Center 965,296
Accrued liabilities payable 159,389 145,284
Due to other funds 179,000
Estimated third party payor settlements 36,336
Deferred pension credit 243,497 260,297
Total current liabilities 1,864,335 843,972
Long -term capital lease obligations, excluding current portion 150,367
Fund equity:
Contribution in aid of construction 350,564
Retained earnings 402,374
Total fund equity
S
752,938
1,747,277Totalliabilities1,864,335
168
1 CITY OF SEWARD
Enterprise Funds
305,778
Seward General Hospital
2,911,617
33,009
Statement of Revenues, Expenses
2,743,057
and Changes in Retained Earnings
123,037 96,391
901,923)
Year ended June 30, 1996
2,237,582
with comparative figures for 1995
2,437,238) 337,726)
Operating revenues:
Patient services
Less provision for contractual allowances
Net patient services
Other
Total operating revenues
Operating expenses:
Before depreciation:
Salaries and benefits
Supplies and maintenance
Administration and general
Total before depreciation
Operating loss before depreciation
Depreciation
Operating loss
Nonoperating revenues (expenses):
Interest income
t Interest expense
Other revenues
Net nonoperating expenses
Loss before operating transfers and extraordinary item
Operating transfers from other funds
Net income (loss) before extraordinary item
Loss on dissolution of Seward General Hospital
Net income (loss)
Retained earnings at beginning of year
Residual equity transfers from other funds
Retained earnings at end of year
169
Schedule 90
1996 1995
3,015,826 3,259,638
305,778 348,021
2,710,048 2,911,617
33,009 47,528
2,743,057 2,959,145
2,008,462 2,154,967
227,446 266,966
1,286,035 1,420,666
3,521,943 3,842,599
778,886) 883,454)
123,037 96,391
901,923) 979,845)
1,454 4,003
9,309) 15,198)
5,233 2,091
2,622) 9,104)
904,545) 988,949)
704,889 651,223
199,656) 337,726)
2,237,582
2,437,238) 337,726)
402,374 740,100
2,034,864
s - 402,374
CrrY OF SEWARD
Enterprise Funds
Seward General Hospital
Statement of Cash Flows
Year ended June 30, 1996
with comparative figures for 1995
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating loss
to net cash used in operating activities:
Depreciation
Allowance for doubtful receivables
Other nonoperating cxpense
Amortization of deferred pension credit
Changes in assets and liabilities:
Decrease in accounts receivable
Increase) decrease in inventories
Increase) decrease in due from other funds
Increase) decrease in other assets
Decrease in accounts payable
Increase (decrease) in accrued liabilities payable
Increase (decrease) in due to other finds
Increase (decrease) in deferred revenue
Increase in third party payor settlement
Total adjustments
Net cash used in operating activities
Cash flows from noncapital financing activities:
Schwule 91
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S (901,923) 9 ( 79,845) '
123,037 96,391
1 8,169) 37,042
5,233 2,091
16,800) 16,800)
160,812
15,667
338,611)
7,390
155,825)
14,105
179,000)
41,307
340,854)
1,242,777)
Operating transfers from other funds 704,889
Residual equity transfers from other funds 778,360
Net cash provided by noncapital financing activities 1,483,249
Cash flows from capital and related financing activities:
Principal payments on long -term debt 25,488)
Interest payments on long -term debt 9,309)
Acquisition of fixed assets 47,989)
Contributions in aid of construction 2,643
Net cash provided (used) by capital and related financing activities 80,143)
Cash flows from investing activities - interest income 1,454
Net increase (decrease) in cash and cash equivalents 161,783
Cash and cash equivalents at beginning of year 31,578
Cash and cash equivalents at end of year S 193,361
Noncash - loss on dissolution of Seward General Hospital S 2,237,582
Total interest paid S
170
296,406
26,970)
64,555
4,407)
22,589)
68,148)
179,000
46,734)
489,837
490,008) J
651,223 '
651,223
29,224)
15,198)
233,119)
96,735
180,806)
4,003
15,588)
47,166
31,578
15,198
Schedule 92
Enterprise Funds
Parking Revenue
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assets 1996 1995
Accounts receivable S 1,530
Liabilities and Deficit
Liabilities:
Accounts payable 479 -
Due to other funds 7,010 -
Total liabilities 7,489 -
Deficit (5,959) -
S 1,530
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CITY OF SEWARD
Enterprise Funds
Parking Revenue
Statement of Revenues, Expenses and
Changes in Retained Earnings (Deficit)
Year ended June 30, 1996
with comparative figures for 1995
Operating revenues - miscellaneous
Operating expenses:
Salaries and benefits
Supplies and maintenance
Administration and general
Total operating expenses
Operating loss
Nonoperating expense - interest expense
Net loss
Retained earnings at beginning of year
Deficit at end of year
172
1996 1995
2,940 -
3,738 -
437
4,692
8,867 -
5,927)_ -
32 -
5,959) -
tCITY OF SEWARD
Enterprise Funds
Parking Revenue
Statement of Cash Flows
Year ended June 30, 1996
with comparative figures for 1995
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating loss
to net cash provided by operating activities:
Changes in assets and liabilities:
Increase in accounts receivable
Increase in accounts payable
Increase in due to other funds
Total adjustments
Net cash provided by operating activities
Cash flows from investing activities - interest expense
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
173
Schedule 94
1996 1995
5,92 -
1,530) -
479 -
7,010 -
5,959 -
32 -
32 -
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INTERNAL SERVICE FUND
The Internal Service Fund is used to account for goods and services provided on
ta 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.
MY OF SEWARD
Internal Service Fund
Motor Pool
Balance Sheet
June 30, 1996
with comparative figures for 1995
Assq
Equity in central treasury
Property, plant and equipment - vehicles
Less accumulated depreciation
Net property, plant and equipment
Total assets
Liabilities and Fund Equity
Liabilities:
Current portion of capital lease obligations
Capital lease obligations, excluding current portion
Total liabilities
Fund equity:
Contributions in aid of construction
Retained earnings
Total fund equity
Total liabilities and fund equity
175
95
1996 1995
201,433 90,696
602,880 582,917
215,423 138,109
387,457 444,808
588,890 535,504
36,922 34,872
184,077 219,454
220,999 254,326
302,063 238,453
65,828 42,725
367,891 281,178
S 588,890 535,504
CITY OF SEWARD
Internal Service Fund
Motor Pool
Statement of Revenues, Expenses
and Changes in Retained Earnings
Year ended June 30, 1996
with comparative figures for 1995
Operating revenues - vehicle rental
Operating expenses:
Depreciation
Advertising
Total operating income
Operating income
Nonoperating revenues (expenses):
Interest income
Interest expense
Net nonoperating revenues (expenses)
Net income
Retained earnings at beginning of year
Retained earnings at end of year
176
Schedule_ 96
1996 1995
108,407 94,490
77,314 64,467
54
77,368 64,467
31,039 30,023
6,925 4,536
14,861) (9,685)
7,936) (5,149)
23,103 24,874
42,725 17,851
65,828 42,725
r'
Schedule 97
CITY OF SEWARD
Internal Service Fund
Motor Pool
Statement of Cash Flows
Year ended June 30, 1996
with comparative figures for 1995
1996 1995
Cash flows provided (used) by operating activities:
Operating income 31,039 30,023
Adjustments to reconcile operating income to net cash provided by
operating activities - depreciation
Net cash provided by operating activities
77,314
108,353
64,467
94,490
Cash flows provided (used) by capital and related financing activities:
Principal payments on long -term obligations 33,327) 21,714)
Interest payments on long -term obligations 14,861) 9,685)
Acquisition of fixed assets 19,963) 174,595)
Residual equity transfers from other funds, recorded as contributions
in aid of construction 63,610 22,520
Net cash provided (used) by financing activities 4,541) 183,474
Cash flows provided by investing activities - interest income 6,925 4,536
Net increase decrease in cash and equity in central treasury 110,737 84,448
Cash and equity in central treasury at beginning of year 90,696 175,144
Cash and equity in central treasury at end of year S 201,433 90,696
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FIDUCIARY FUNDS
The City utilizes agency funds, which are a category of Fiduciary Funds. Agency
funds are used to account for assets held by the City in an agent capacity for other
fiends, governments, or individuals.
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CITY OF SEWARD
Agency Funds
Combining Balance Sheet
June 30, 1996
with comparative totals for 1995
Deferred Teen Totals
Assets Comp=kgn Council 1996 1995
Cash $ - 100 100 100
Equity in central treasury - 6,924 6,924 3,603
Investment in deferred compensation plans 2,099,968 2,099,968 1,797,086
2,099,968 7,024 2,106,992 1,800,789
Liabilities
Due to City employees 2,099,968 - 2,099,968 1,797,086
Due to Teen Council - 7,024 7,024 3,703
2,099,968 7,024 2,106,992 1,800,789
179
Schedule 99
CITY OF SEWARD
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Deferred Compensation Plan:
Assets:
Investment in Deferred
Compensation Plans
Liabilities:
Due to City employees
Teen Council:
Assets:
Cash
Equity in central treasury
Liabilities:
Due to Teen Council
Deferred Compensation Tian
and Teen Council Combined:
Assets:
Cash
Equity in central treasury
Investment in Deferred
Compensation Plans
Liabilities:
Due to City employees
Due to Teen Council
Year ended June 30, 1996
Balance at Balance at
1 1995 Additign. De_ letions June 30 1996
1,797,086 379,266 76,384 2,099,968
1,797,086 379,266 76,384 2,099,968
100 - - 100
3,603 7,457 4,136 6,924
S 3,703 7,457 4,136 7,024
3,703 7,457 4,136 7,024
100 100
3,603 7,457 4,136 6,924
1,797,086 379,266 76,384 2,099,968
S 1,800,789 386,723 80,520 2,106,992
1,797,086 379,266 76,384 2,099,968
3,703 7,457 4,136 7,024
1,800,789 386,723 80,520 2,106,992
180
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GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Amount Group is established for controlling 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 by Enterprise Funds and the Internal Service Fund in fixed assets
is accounted for in the Proprietary Fund Type.
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CITY OF SEWARD
General Fixed Assets Aczount Group
General Fixed Assets by Sources
June 30, 1996
with comparative figures for 1995
General fixed assets:
Land and land rights
Buildings
Improvements other than buildings
Equipment
Construction work in progress
Construction in progress - SAAMS direct
Total general fixed assets
Investment in general fixed assets:
Prior year data
Capital Projects Funds and state grants
General Fund revenues
Agency Fund revenues
Federal revenue sharing
Total investment in general fixed assets
181
Schedule 100
1996 1995
3,622,374
8,246,625
8,556,362
1,662,210
11,601,506
2,385,796
36,074,873
1,416,755
29,094,679
5,545,225
2,739
15,475
36,074,873
3,650,074
8,421,458
9,514,763
2,266,907
6,618,978
30,472,180
3,325,191
21,701,334
5,427,441
2,739
15,475
30,472,180
SchWule 101
CITY OF SEWARD
General Fixed Assets Account Group
General Fixed Assets Activity
Year ended June 30, 1996
182
Balance at Balance at
FixA asset tvne July 1. 1995 Ad i ions Deletions Junc 10-1996
Land and land rights 3,650,074 27,700 3,622,374
Buildings 8,421,458 46,517 221,350 8,246,625
Improvements other than buildings 9,514,763 221,142 1,179,543 8,556,362
Equipment 2,266,907 71,265 675,962 1,662,210
Construction work in progress 6,618,978 5,203,670 221,142 11,601,506
Construction in progress - SAAMS direct 2,385,796 2,385,796
30,472,180 7,928,390 2,325,697 36,074,873
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CITY OF SEWARD
Gtsolcral Fixed Assets Account Group
General Fixed Assets by Function and Activity
June 30, 1996
General government:
City Coumcil/Mayor
City manager
City clads
Finance
Community development
Municipal building
Historic railroad depot
General services
Community and Senior Caviar
Television your
NondeparenenW
Total general government
Public safety:
Police
Jail
Animal control
Fire
Seward Volunteer Ambulance Corp
ToW public safety
Public works:
Streets
Building inspector
City shop
Total public works
Parks and nocrcation
Library
Total general fixed assets allocated to functions
Construction in progress - SAAMS direct
Construction work in progress
Tow general fixed assets
Schedule 102
Improvements Machinery
other dum and
12W 1md llama build i11Q11 e99i9111
S 43,924 43,924
2,548 2,548
10,613 10,613
169,091 169,091
5,860 5,860
2.084,099 2,081,438 2,661
130,000 130,000
10,261,223 2.204.279 8,005,937 51,007
852,482 852,482
142,965 135,000 7,965
3,622,374 3,622,374 -
17,325,179 3,622,374 5,403,199 8,005,937 293,669
161,790 - - 161,790
8,812 - - 8,812
156,720 - 156,720
1,320,186 - 921,338 398,848
61,614 - - 61,614
1,709,122 - 1,078,058 631,064
669,434 116,945 552,489
2600 2,600
789,766 771.922 17,944
1,461,800 888,767 573,033
945,878 284,909 550,425 110,544
645,592 591,692 53,900
S 22,087,571 3,622,374 8,246,625 8,556,362 1,662,210
2,385,796
11,601,506
S 36,074,873
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CrrY OF SEWARD
General Fixed Assets Account Group
Changes in General Fixed Assets by Function and Activity
June 30, 1996
Function sad activ_itY
General government:
City Council /Mayor
City manager
City clerk
Finance
Community development
Municipal building
Historic railroad depot
General services
Senior center
Television system
Nondepartmental
Total general government
Public safety:
Police
Jail
Animal control
Fire
Seward Volunteer Ambulance Corp
Total public safety
Public works:
Streets
Engirreoring
Building inspector
City shop
Total public works
Parks and rocreabon
Library
Construction in progress - SAAMS direct
Construction work in progress
General fixed Geaenl fixed
assets at assets at
July 1. 1995 Additions eti Tnm reran June 30, 1996
S 28,180 26,050 10,306 43,924
58,880 56,332 2,548
23,737 13,124 10,613
212,696 3,541 33,781 13,365) 169,091
35,550 29,690 5,860
36,966 5,000 11,010 2,053,143 2,08 4,099
130,000 130,000
15,807,108 115,670 5,430,215) 10,261=3
2,450 2,450 852,482 852,482
10,068 2,103 135,000 142,965
5650924 1,121,976 906,574) 3,622,374
21,866,559 34,591 1,396,442 3,179,5 17,325,179
236,497 4,279 78,986 161,790
35,532 3,250 24,930 5,040) 8,912
3,412 3,412 156,720 156,720
643,998 32,966 182,878 826,200 1.320,186
57,147 1,833 6,300 61,614
976,486 40,495 292,039 994,180 1,709,122
577,653 16,719 108,500 669,434
54,927 46,427 8,500)
5,837 3,237 2,600
51,978 12,212 750,000 789,766
690,395 78,595 850,000 1,461,800
189,297 238,347 81,547 599,781 945,878
130,465 25,492 12,933 502,568 645,592
2,385,796 2,385,796
6,618,978 5,203,669 221,141 11,601,506
S 30,472,180 7,928,390 2,082,697 243,000) 36,074,873
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1 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
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leave payable from general revenues and backed by the full faith and credit of the
City.
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General Long -term Debt Account Group
Statement of General Long -term Debt
June 30, 1996
with comparative figures for 1995
Amount available and to be provided for the
Payment of General I&n"rm Debt
Amount available in Debt Service Fund:
State of Alaska Public Employees Retirement System
Amount to be provided:
Accrued leave
Bonds payable
Capital leases payable
State of Alaska Public Employees Retirement System
Total amount to be provided
Qpneral Long -term Debt Payable
Accrued leave
1990 bonds payable
1987 bonds payable
1993 refunding bonds payable for the 1987 Series A
1993 refunding bonds payable for the 1990 Series A
Capital lease payable
State of Alaska Public Employees Retirement System
185
Schedule 104
1996 1995
S 115,979 -
189,701 203,851
2,151,535 2,238,597
11,399 63,551
1,140,524
3,493,159 2,505,999
S 3,609,138 2,505,999
189,701 203,851
325,000 380,000
38,830 56,480
347,705 352,117
1,440,000 1,450,000
11,399 63,551
1,256,503
3,609,138 2,505,999
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PART III
STATISTICAL SECTION
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STATISTICAL TABLES
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 IA
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 Net General Obligation Bonded Debt To Assessed Value
And Net General Obligation Bonded Debt Per Capita Table 7
Legal Debt Margin 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
Revenue Bond Coverage Table 10
Property Value, Construction And Bank Deposits Table 11
Principal Taxpayers Table 12
Miscellaneous Statistics Table 13
187
CITY OF SEWARD
General Fund Revenues By Source
Last Ten Fiscal Years
i
Inter- ChargesPropertyLicenses
Fiscal Assess- and
Ymr Tam Ments permits
1987 1,349,042 14,864 62,029
1988 1,835,982 41,918 72,68I
1989 1,896,394 22,558 132,059
1990 2,312,297 35,470 77,9200
1991 2,293,728 230,546 69,195
1992 2,627,050 6,505 74,005
1993 2,509,708 32,573 23,736
1994 2,882,005 19,795 33,132
1995 3,081,177 2,241 61,073
1996 2,923,340 524 119,982
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Inter- Charges Fines
Payment
govern-
mil.
for
serdm
and
bJIL Interest Tote!
755,182 1,236,299 13,495 128,709
misc._
147,399 3,707,019
605,928 1,506,194 14,465 180,774 44,167 4,302,109
704,397 1,300,243 26,729 294,843 38,071 4,415,294
903,879 1,357,203 15,539 330,434 161,314 5,194,056
1,046,659 2,025,766 13,058 410,593 95,077 6,184,622
913,137 1,879,663 18,158 245,872 124,466 5,888,856
983,759 2,425,012 41,892 236,986 47,862 6,301,528
903,835 2,104,588 35,230 102,824 36,807 6,118,216
789,157 1,760,860 49,289 221,832 39,340 6,004,969
909,521 1,595,223 26,945 219,514 106,126 5,901,175
CITY OF SEWARD
General Government Tax Revenues By Source
Last Ten Fiscal Years
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Fiscal Property Sales In Lieu
Year Tau_ Tax sl[ Tax Other Total
1987 393,815 448,304 5506,923 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 1,286,358 681,615 26,449 2,509,708
1994 468,880 1,484,355 864,922 63,848 2,882,005
1995 498,016 1,587,199 904,889 91,073 308,117
1996 514,588 1,619,606 693,626 95,520 292,334
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Table 2
CITY OF SEWARD
General Fund Expenditures By Function
Last Ten Fiscal Years
Fiscal General Public Public Parks and Debt
XM Government 5dfu Works Rtmatim Libt>i>•Y Serwim SIAL
1987 1,414,987 1,331,061 515,959 $191,996 3,454,003
1988 1,625,704 1,369,233 560,677 279,862 20,206 3,855,682
1989 1,716,034 1,461,813 541,753 353,199 115,917 49,051 4,237,767
1990 1,353,714 1,359,214 550,255 357,802 122,392 154,574 3,897,951
1991 1,488,855 1,584,821 608,287 449,119 154,870 362,260 4,648,212
1992 1,851,718 1,640,081 692,653 493,106 193,510 345,265 5,216,333
1993 1,779,085 1,682,176 689,209 471,045 184,274 367,509 5,173,298
1994 1,542,179 1,782,396 722,202 443,661 200,553 343,702 5,034,693
1995 1,567,287 1,835,194 801,753 430,112 190,517 282,748 5,107,611
1996 1,485,903 1,860,349 791,868 508,467 218,175 270,201 5,134,963
1 189
CITY OF SEWARD
Property Tax Levies And Collections
Last Ten Fiscal Years
Table
Ratio of
TOW Tax Delinquent
Total Current Percent Delinquent TOW Collections Outstanding Taxes As
Fiscal Tax Tax of I'M Tax Tax As A % Delinquent A % Of
Yenr Laxy COIieCt M Collected ColLtW= Collections OfL&= ml TOW LAU
1987 427,526 385,318 90.1% 1,764 387,082 90.5% 123,258 28.8%
1988 457,793 406,572 88.8% 6,366 412,938 90.2% 125,560 27.4%
1989 456,600 88,691 85.1% 37,074 432,824 94.8% 100,578 22.0%
1990 418.395 387,531 92,6% 68,612 487,007 116.4% 48,507 11,6%
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 15.7'%
1993 498,366 470,322 944% 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 19.9%
1995 546,115 469,274 85.9'% 99,191 568,465 104.1% 76,237 14.0%
1996 505,034 447,110 88.5% 66.044 513,153 101.6% 68,253 13.5%
Source: Kenai Peninsula Borough
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CITY OF SEWARD
Assessed And Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
Source: "Alaska Taxable ", State of Alaska
191
Ratio of Total
Assessed Value
To Total Est.
82.45%
94.19%
93-40%
83.83%
91.37%
83.16%
86.48%
85.94%
86-96%
85.81%
Real Property Personal Property Total Property -
Estimated Estimated Estimated
Fiscal
Year
Assessed
Value
Actual
Value
Assessed
Value
Actual
Value
Assessed
Value
Actual
Value
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
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 93,122,180 98,261,300 50,038,979 66,112,200 142,161,159 164,383,500
1994 102.022,980 111,378,100 53,373,128 69,439,400 155,396,108 180,817,500
1995 103,330,330 111,294,400 75,604,139 94,472,100 178,934,469 205,766,500
1996 105,272,150 113,853,300 58,875,732 77,447,000 164,147,882 191,300,300
Source: "Alaska Taxable ", State of Alaska
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Ratio of Total
Assessed Value
To Total Est.
82.45%
94.19%
93-40%
83.83%
91.37%
83.16%
86.48%
85.94%
86-96%
85.81%
MY OF SEWARD
Property Tax Rates
Direct and Overlapping Governments
Last Ten Fiscal Years
Per $1,000 of Assessed Value)
Table 5 ,
Fiscal
I= City _ Total
1987 3.00 4.00 7.00
1988 3.00 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
1995 3.00 8.62 11.62
1996 3.00 8.62 11.62
Source: City of Seward '
Kenai Peninsula Borough
192 '
CITY OF SEWARD
Ratio of Net General Obligation Bonded Debt
To Assessed Value And Net General Obligation Bonded Debt Per Capita
Last Ten Fiscal Years
Amounts expressed in thousands.
i) Annual State census
2) From table 4
3) Amount does not include revenue bonds
Source: State of Alaska
Kenai Peninsula Borough
194
Gross Debt Ratio of Net Net
Bonded Payable from Net Bonded Debt Bonded
Fiscal Assessed Debt Enterprise Bonded to Assessed Debt Per
Year- lftpulation 11 Value [21* 3]* - Revenues*. Debt+' Value cap"--
1987 2,400 146,218 8,139 8,139 0
1988 2,400 162,903 10,345 9,895 450 0.28% 188
1989 2,829 149,730 10,044 9,594 450 0.30% 159
1990 2,829 117,049 11,444 9,206 2,238 1.91% 791
1991 2,699 150,795 11,021 8,796 2,225 1.48% 824
1992 2,806 141,039 10,563 8,351 2,212 1.57% M
1993 2,704 142,161 10,039 7,886 2,153 1.51% 796
1994 2,704 155,396 10,249 7,930 2,319 1.49% 85F
1995 2,732 178,934 9,549 7,310 2,239 1.25% 815
1996 3,034 164,148 8,788 6,636 2,152 1.31% 705
Amounts expressed in thousands.
i) Annual State census
2) From table 4
3) Amount does not include revenue bonds
Source: State of Alaska
Kenai Peninsula Borough
194
tTable -8
CITY OF SEWARD
Legal Debt Margin
June 30, 1996
No debt limit mandated by law.
1
Table 8A
CITY OF SEWARD
Computation of Direct And Overlapping Bonded Debt
General Obligation Bonds
June 30, 19%
Net General
Obligation Percentage Amount
Bonded Debt Applicable To Applicable To
Jurisdiction Outstandingy of &ward City of Seward
Direct:
City of Seward $2,151,535 (1) 100.00° $2,151,535
Overlapping:
Kenai Peninsula Borough 54.985.000 5.09% (2) 2,798 -737
Total $57.1 $4.950.272
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 - $164,147,$82) to total assessed value of
the Kenai Peninsula Borough ($3,223,576,517).
195
CITY OF SEWARD
Ratio of Annual Debt Service Expenditures
For General Obligation Debt (i)
to Total General Fund Expenditures
Last Ten Fiscal Years
1) General obligation bonds reported in the enterprise funds with government commitment have been excluded.
196
Total Ratio of
Total General Debt Service to
Fiscal
AZIL PrinciRal Interest
Debt
Service
Fund
EExpMdUsires
General Fund
Expenditures
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%
1995 143,511 139,237 282,748 5,107,611 5.54%
1996 139,216 130,985 270,201 5,134,963 5.26%
1) General obligation bonds reported in the enterprise funds with government commitment have been excluded.
196
Table 10
CITY OF SEWARD
Revenue Bond Coverage
Electric Enterprise Fund
Last Ten Fiscal Years
Net Revenue Debt Service Reouirements (3)
Fiscal Gross Operating Available for
X_W_ Revenues(l) EZUSUMSM Debt Service late $ law J;uemsg
1995 $5,927,945 $3,538,065 2,389,880
1996 5,830,903 3,624,001 2,206,902 — $184,435 $184,435 11.97%
1) Total revenues, including interest.
2) Total operating expenses exclusive of depreciation and payment in lieu of taxes.
3) Includes principal and interest of revenue bonds only. It does not include the general obligation bonds reported in the Electric
Enterprise Fund,
1
t
197
Table I1 I
CITY OF SEWARD '
Property Value, Construction and Bank Deposits
Last Ten Fiscal Years
l) Estimated actual value from Table 4
Source: City of Seward - Building Inspection
Local Hanks: First National Bank of Anchorage
National Bank of Alaska
198
1
Commercial Construction Residential Construction
Total Number Number
Fiscal Property of of Bank
Year Value(11 Permits Value Permits Value Degmits
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
1199098,794,000 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
1995 111,294,400 27 31,539,700 28 746,600 35,186,501
1996 113,853,300 16 8,076,000 31 1,093,800 36,572,000
l) Estimated actual value from Table 4
Source: City of Seward - Building Inspection
Local Hanks: First National Bank of Anchorage
National Bank of Alaska
198
CITY OF SEWARD
Principal Taxpayers
June 30, 1996
t
1) Includes real and personal property
Source: Kenai Peninsula Borough
1
199
Percent of
FY96 Total
Assessed Assessed
Taxp2= 1'vne ofBu.jness; Valuation(1) Valuation
Seward Forest Products Sawmill 11,942,705 7.3%
Seward Fisheries /Icicle Seafoods Seafood Processing 7,033,550 4.3%
Suneel Alaska Corporation Coal Export 6,407,700 3.9%
Kenai Fjords Tours, Inc. Boat Tours 4,087,293 2.5%
Harbor Enterprises /Sea View Properties/ Petroleum
Shoreside Petroleum/Harbor Fuel Products /Property
Lindsey, Dale & Carol Rentals 3,489,218 2.1%
Anderson Tug & Barge
Anderson, John C. III & Sharon Tug & Barge Service 2,655,835 1.6%
New Seward Hotel /Saloon
Snowden, Brad & Bradley, Virginia Hotel /Saloon 2,556,530 1.5%
Seward Ship's Chandlery Ship Repair
Harbor Gateway Enterprises Gas Station/Convenience
Pruitt, James T. Store /Misc. 2,083,501 1.3%
Mindengergs, Juris /Breeze Inn Hotel /Restaurant 2,065,369 1,2%
Afognak Logging Contractor 2,054,338 1.2%
t
1) Includes real and personal property
Source: Kenai Peninsula Borough
1
199
CITY OF SEWARD
MISCELLANEOUS STATISTICS
June 30, 19%
Table 13
Date of Incorporation June 1, 1912
Class Home Rule
Form of Government Council/Manager
Number of employees (excluding hospital):
Non - Exempt 67
Exempt 15
Area, Square Miles
Population
22
3,034
Qualified Voters 1,659
City of Seward facilities and services:
Miles of streets 43.14
Number of street lights. 198
Building Permits Issued 55
Recreation and Culture:
Number of Parks 9
Number of Libraries 1
Number of Volumes 28,406
Fire Protection
Number of Stations 2
Number of Paid Firefighters and Officers 2
Number of Volunteers 30
Number of Calls Answered 139
Fire Rating (ISO) 5
Police Protection
Number of Stations I
Number of Officers 9
Number of law violations:
Physical arrests 513
Traffic violations 549
Parking violations 1,409
Sewerage System:
Number of treatment plants 2
Number of service connections 796
Daily average treatment in gallons
Maximum daily capacity of treatment plant in gallons
840,000
1,200,000
Water System:
Number of service connections
Number of fire hydrants
827
173
Daily average consumption in gallons 1,300,000
Maximum daily capacity of plant in gallons 5,500,000
Electric Distribution System:
Number of service connections 2,018
Miles of distribution lines 50
Miles of transmission lines 42
Number of sub - stations 3
Total number of kilowatt sales 48,167,304
200
I
201
MURCELI,ANEOUS STATISTICS Table 13 cont
Harbor and Port Operations:
Registered vessels 4,653
Number on waiting list for boat slips 400
Number of boat. lifts 606
General cargo tonnage 53,609
Fish product tonnage 23,048
Petroleum (gallons) 1,321,416
Seward General Hospital:
Number of patient beds 20
Number of employees (including Resurrection Bay Health Center):
Non- Exempt 50
Exempt 4
Facilities and services not included in the reporting entity:
Education
Elementary School
Number of Students Enrolled
Number of Teachers
450
22
Jr/Sr High School
Number of Students Enrolled 440
Number of Teachers 29
Alaska Vocational Technical Center
Number of Students Served Annually 1,677
Number of Teachers 37
I
201
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