HomeMy WebLinkAbout1997CAFRo
q A
C OF SEW
LASS
COMPRErijaiN SIW
FINANCIAL REPORT
For `
Ended June 30, 1997
i
I
PART I
INTRODUCTORY SECTION
Table of Contents
Letter of Transmittal
Certificate of Achievement for Excellence in Financial Reporting
List of Principal Officials
Seward Citizens - Organizational Chart
1
Page
I -VIII
IX -XXIII
XXIV
XXV
XXVI
Exhibit Page
1 -2
A -1 4 -5
B -1
CITY OF SEWARD
7
D -1
Comprehensive Annual Financial Report
Table of Contents
PART I - INTRODUCTORY SECTION
Table of Contents
Letter of Transmittal
Certificate of Achievement for Excellence in Financial Reporting
List of Principal Officials
Seward Citizens _ Organizational Chart
PART II - FINANCIAL SECTION
Independent Auditor's RepQri
General Purose Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Governmental
Fund Types
Statement of Revenues, Expenditures
and Changes in Fund Balance - Budget and
Actual - General Fund
Combined Statement of Revenues, Expenses and Changes
in Retained Earnings - All Proprietary Fund Types
Combined Statement of Cash Flows - All Proprietary
Fund Types
Notes to General Purpose Financial Statements
Additional Information
Combining, Individual Fund, and Account Group
Statements and Schedules:
General Fund:
Balance Sheet
Statement of Revenues, Expenditures and
Changes in Fund Balance
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual
Page
I -VIII
IX -XXIII
XXIV
XXV
XXVI
Exhibit Page
F -1 41
F -2 42
F -3 43 -49
1 -2
A -1 4 -5
B -1 6
C -1 7
D -1 8 -9
E -1 10 -11
13 -39
F -1 41
F -2 42
F -3 43 -49
CITY OF SEWARD
Comprehensive Annual Financial Report
Table of Contents, continued
FINANCIAL SECTION, continued
Exhibit Pae
Additional Information, continued
Combining, Individual Fund, and Account Group
Statements and Schedules, continued:
Special Revenue Funds:
Combining Balance Sheet G -1 54
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances G -2 55
Parks and Recreation:
Combining Balance Sheet G -3 56
Combining Statement of Revenues, Expenditures and
and Changes in Fund Balances G-4 57
Library:
Prison Library Balance Sheet G -5 58
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances G-6 59
Public Safety:
Combining Balance Sheet G -7 60
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances G -8 61
Other General Government:
Combining Balance Sheet G -9 62
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances G -10 63
Pass - Through:
Combining Balance Sheet G -11 64
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances G -12 65
Debt Service Fund:
Balance Sheet H -1 67
Statement of Revenues and Changes in Fund Balance H -2 68
CITY OF SEWARD
Comprehensive Annual Financial Report
Table of Contents, continued
FINANCIAL SECTION, continued
Exhibit Pape
Additional inf rmation continued
Combining, Individual Fund, and Account Group
Statements and Schedules, continued:
Capital Project Funds:
Combining Balance Sheet 1 -1 72
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances I -2 73
Parks and Recreation:
Combining Balance Sheet I -3 74
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 1-4 75
Public Safety:
Combining Balance Sheet 1 -5 76
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances I -6 77
Other General Government:
Combining Balance Sheet 1 -7 78
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances I -8 79
Library - Combining Statement of Revenues, Expenditures
and Changes in Fund Balances 1 -9 80
Enterprise Funds:
Combining Balance Sheet J -1 82 -83
Combining Statement of Revenues, Expenses
and Changes in Retained Earnings J -2 84
Combining Statement of Cash Flows J -3 86 -87
Electric:
Balance Sheet J-4 88 -$9
Statement of Revenues, Expenses
and Changes in Retained Earnings J -5 90
Statement of Cash Flows J-6 41
Schedule of Electric Capital Projects J -7 92
CITY OF SEWARD
Comprehensive Aral Financial Report
Table of Contents, continued
FINANCIAL SECTION, continued
1-11 96
Statement of Revenues, Expenses
Exhibit Page
ti onal Inf nn 'on con& Rqd
J -12 97
Combining, Individual Fund, and Account Group
J -13 98
Statements and Schedules, continued:
J -14 99
Enterprise Funds, continued:
Water and Sewer:
J -15 100
Balance Sheet 1-8 93
Statement of Revenues, Expenses
1-16 101
and Changes in Retained Earnings J -9 94
Statement of Cash Flows J -10 95
Harbor:
Balance Sheet 1-11 96
Statement of Revenues, Expenses
and Changes in Retained Earnings J -12 97
Statement of Cash Flows J -13 98
Combining Schedule of Harbor Capital Projects J -14 99
Seward General Hospital:
Balance Sheet J -15 100
Statement of Revenues, Expenses and
Changes in Retained Earnings 1-16 101
Statement of Cash Flows J -17 102
Parking Revenue:
Balance Sheet J -18 103
Statement of Revenues, Expenses and
Changes in Retained Earnings (Deficit) J -19 104
Statement of Cash Flows J -20 105
Motor Pool Internal Service Fund:
Balance Sheet K -1 107
Statement of Revenues, Expenses and
Changes in Retained Earnings K -2 108
Statement of Cash Flows K -3 109
Agency Funds:
Combining Balance Sheet L -1 111
Combining Statement of Changes in Assets and
Liabilities L -2 112
CITY OF SEWARD
Comprehensive Annual Financial Report
Table of Contents, continued
FINANCIAL SECTION, continued
Exhibit Face
Additional Information. aoutinued
Combining, Individual Fund, and Account Group
Statements and Schedules, continued:
General Fixed Assets Account Group:
Schedule of General Fixed Assets by Sources M -1 113
Schedule of Changes in General Fixed Assets M -2 114
Schedule of General Fixed Assets
by Function and Activity M -3 115
Schedule of Changes in General Fixed Assets
by Function and Activity M4 116
General Long -Term Debt Account Group -
Schedule of General Long -Term Debt N -1 117
PART III - STATISTICAL SECTION
1 Table 1 General Fund Revenues by Source 120
Table IA General Government Tax Revenues by Sources 121
Table 2 General Fund Expenditures by Function 122
Table 3 Property Tax Levies and Collections 123
Table 4 Assessed and Estimated Actual Value of Taxable Property 124
Table 5 Property Tax Rates - Direct and Overlapping Governments 125
Table 6 Special Property Assessment Collections 126
Table 7 Ratio of Net General Obligation Bonded Debt to Assessed Value
and Net General Obligation Bonded Debt Per Capita 127
Table 8 Legal Debt Margin 128
Table SA Computation of Direct and Overlapping Bonded Debt 129
Table 9 Ratio of Annual Debt Service Expenditures for General
Obligation Debt to Total General Fund Expenditures 130
Table 10 Revenue Bond Coverage 131
Table 11 Property Value, Construction and Bank Deposits 132
Table 12 Principal Taxpayers 133
Table 13 Miscellaneous Statistics 134 -135
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, 1996
A Certificate of Achievement for Excellence in Financial
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,
way
r""'B"
mr President
y SELL~
GII[40 O
Executive Director
XXIV
I
CITY OF SEWARD
LIST OF PRINCIPAL OFFICALS
Council Members
Louis Bencardino
Margaret Anderson
Edgar Blatchford
Stu Clark
Dave Crane
Marianna Keil
Jerry King
Administration
Ronald A. Garzini
Tylan C. Schrock
Rick L. Gifford
David Calvert
Foster M. Singleton
Thomas Walker
John R. Gage
Karin Sturdy
Cheryl Pearson
Kerry T. Martin
Ck Clerk Department
Patrick Reilly
Patsy Jones
Eric E. Wohlforth
Wohlforth, Argetsinger, Johnson
Brecht
Attorney
XXV
Mayor
Vice Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
City Manager
Assistant to City Manager
Director of Finance and
Administrative Services
City Engineer and
Utility Manager
Harbormaster
Chief of Police
Fire Chief
Parks & Recreation Director
Library Director
Community Development
Director
City Clerk
Deputy City Clerk
City Attorney
1
CITY OF SEWARD
Organizational Chart
Citizens
Mayor &
Council
Boards & City Manager City Clerk City
Commissions Attorney
Planning &
Zoning
Port &
Commerce
Historic
Preservation
Police Finance Engineering & Library
Utilities
Harbor Fire Community Parks &
Development Recreation
XXVI
i
1
PART II
FINANCIAL SECTION
Independent Auditors' Report
1 — General Purpose Financial Statements
Combining, Individual Fund and
Account Group Financial Statements and Schedules
1
1
1
1
1
t
Robert N. Mikunda
David I. Cottrell
lohnie F. Jones
John M. Bost
William S. Coghill
O. Andrew Orion
NUKUNDA, COTTRELL & Co.
A Professional Corporation
dependent Auditor's Report
CERTIFIED PUBLIC ACCOUNTANTS
Honorable Mayor and City Council
City of Seward
3301 Denali Street
Anchorage, Alaska 99503
907) 278 -8878
FAX (907) 278.5779
Offices in:
Anchorage
Bethel
Kenai
We have audited the accompanying general purpose financial statements of City of Seward,
Alaska, as of and for the year ended June 30, 1997. 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 the
standards applicable to financial audits contained in 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 general purpose financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the general purpose financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall general purpose financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of City of Seward, Alaska, as of June 30, 1997, and the
results of its operations and 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 our report dated
September 5, 1997 on our consideration of City of Seward, Alaska's internal control over
financial reporting and our tests of its compliance with certain provisions of laws, regulations,
1
contracts and grants.
Honorable M ayor and Cityty Council '
City of Seward '
Our audit was performed for the purpose of forming an opinion on the general purpose financial '
statements of City of Seward, Alaska taken as a whole. The combining, individual fund, and
account group statements and schedules listed in the table of contents are presented for purposes
of additional analysis and are not a required part of the general purpose financial statements of '
City of Seward, Alaska. Such information has been subjected to the auditing procedures applied
in our audit of the general purpose financial statements and, in our opinion, is fairly stated, in all
material respects, in relation to the general purpose financial statements taken as a whole. ,
September S, 1997
E
1
I GENERAL PURPOSE FINANCIAL 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 flows
of the proprietary fund types.
1
1 GENERAL PURPOSE FINANCLAL 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,
other debits, liabilities, fund equity and other credits for all funds and account
groups.
Combined Statement of Revenues, Expenditures and Changes in Fund Balances -
All Governmental Fund Types -- reports results of operations of the General
Fund, Special Revenue Funds, Debt Service Fund and Capital Project Funds.
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and
Actual - General Fund -- compares the actual results of operations with the budget
for the General Fund.
Combined Statement of Revenues, Expenses and Changes in Retained Earnings -
All Proprietary Fund Types -- reports results of operations of the Enterprise
Funds and Internal Service Fund.
Combined Statement of Cash Flows - All Proprietary Fund Types -- reports the
sources and changes in cash balances of the Enterprise Funds and Internal Service
Fund.
Notes to General Purpose Financial Statements.
3
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Exhibit &1
CITY OF SEWARD
Combined Statement of Revenues, Expenditures tandChangesmFundBalances - All Governmental Fund Types
Year Ended June 30, 1997
with Comparative Totals for 1996
Totals
Special Debt Capital Memorandum Only)
CTencriil Revenu, Service J roiecls 1997 1996
Revenues:
Taxes- S 3,072,913 3,072,913 2,923,340
Property assessments 1,871 1,871 524
Licenses and permits 200,964 200,964 159,887
Intergovernmental 1,099,869 184,317 - 18,176,606 19,460,792 8,639,949
Charges for services 1,662,854 1,662,854 1,555,319
Fines and bails 12,383 12,383 26,945
Investment income 280,363 6,305 288,220 574,888 219,991
Miscellaneous 50,079 3,850 - 55,820 109,749 127.585
Total revenues 6,381,296 188,167 6,305 18,520,646 25,096,414 13,69
Expenditures:
Current;
General government 1,972,584 4,162 - 1,976,746 1,573,917
Public safety 1,919,233 35,349 - 1,954,582 1,868,405
Public works 790,386 790,386 791,868
Parks and recreation 632,389 4,381 - 636,770 510,231
Library 228,894 14,004 - 242,898 230,880
Public service 101,998 - 101,998
Capital outlay 20,492,651 20,492,651 7,701,150
DM service 220,816 220,816 270,201
Total expenditures 5,764,302 159,894 - 20,492,651 26,416,847 12,946,652
Excess of revenues
over(under)expenditures 616,994 28,273 6,305 1,972,005) i 3( X20,433) 706.887
Other financing sources (uses):
Operating transfers from other funds 232,350 48,547 - 286,553 567,450 333,220
Operating transfers to other funds 156,051) 39,388) 44,575) 240,014) 1,038,109)
Proceeds from issuance of bonds 7,500,000 7,500,000
Proceeds of long -term loan from
State of Alaska 1,256,503
Net other financing sources (uses) 76,299 9,159 - 7,741,978 7,827,436 551,614
Excess of revenues and other
Financing sources over
expenditures and other uses 693,293 37,432 6,305 5,769,973 6,507,003 1,258,5111
Fund balances at beginning of year 3,015,077 9,672 115,979 288,448 3,429,176 4,041,873
Residual equity transfers from other funds 7,003 7,003 115,502
Residual equity transfers to other funds 2,148) 2,148) 1,986,700)
Fund balances at end of year S 3,715,373 44,956 122,284 6,058,421 9,941,034 3.429,176
1
See accompanying notes to general purpose financial statements.
6
CITY OF SEWARD
Statement of Revenues, Expenditures
and Changes in Fund Balance - Budget and Actual - General Fund
Year Ended June 30, 1997
With Comparative Totals for 1996
Revenues:
Taxes
Property asessments
Licenses and permits
Intergovernmental
Charges for services
Fines and bails
Investment income
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 financing sources (uses)
Excess of revenues and other financing
sources over (under) expenditures and
other 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
Exhibit C -1
2,107,172
1997
134,588 1.485,903
1,916,001 1,919,233
Variance
1.860.349
906,886 790.386
Favorable 1996
Bu et Actual Untavorabla) Actual
3,095,710 3,072,913 22,797) 2,923,340
20,899 1,871 19,028) 524
140,500 200,964 60,464 159,887
925,211 1,099,869 174,658 909,521
1,489, 708 1,662,854 173,146 1,555.318
20,000 12,383 7,617) 26,945
223,000 280,363 57,363 219,514
42,300 50,079 7,779 106,126
5,957,328 6,381.296 423,968 5,90.1,175
2,107,172 1,972,584 134,588 1.485,903
1,916,001 1,919,233 3,232) 1.860.349
906,886 790.386 116,5011 791,868
642,446 632,389 10,057 508,467
234,069 228,894 5.175 218,175
221,901 220,816 1,085 270,201
6,028,475 5,764,302 264,173 5,134,963
71 ,14 616,994 688,141 766,212
210,615 232,350 21,735
378,805) 156,051) 222,754 891,6811)
1,256,503
168,190) 76,299 244,489 364,823
239,33 7) 693,293 932,630 1,131,035
See accompanying notes to general purpose financial statements.
7
3,015,077 3,863,553
7,003 -
1,979,511)
S 3,715,373 3,015,077
CITY OF SEWARD
Combined Statement of Revenues, Expenses
and Changes in Retained Earnings -
All Proprietary Fund Types
Year Ended June 30, 1997
With Comparative Totals for 1996
Operating revenues:
Sales:
Residential
Small general service
Large general service
Industrial
Harbor power
Street and yard lights
Seward Marine Industrial Center
Ship water sales
Moorage
Wharfage
Boat lift fees
Power sales
Storage
Rents and leases
Patient service revenues, net
Parking tickets and commissions
Vehicle rentals
Miscellaneous
Total operating revenues
Operating expenses:
Power
Distribution
Salaries and benefits
Supplies and maintenance
Administration and general
Total operating expenses
Earnings from operations before depreciation
Exhibit D - 1
1
8
2,656,766 136,235 2,793,001 1,603,232
u
I
Totals
Internal Memorandum Only)
Entgre ,rise Service 1997 1996
S 2,312,757 2,312,757 2,136.771
1,434,867 1,434,867 1,377,586
2,235,497 2,235,497 2,159,176
530,578 530.578 612,109
112,410 112,410 112.566
65,793 65,793 64,588
120,283 120,283 105,101
39,330 39,330 72,261
930,239 930,239 898,065
136,512 136,512 152,018
202,374 202,374 176,769
164,044 164,044 154,735
64,160 64,160 59,208
326,380 326,380 319,016
2,710.048
29,851 20.851 2.940
136,235 136,235 108.407
411,962 411.962 432.457
9,117,037 136,235 9,253.272 11,653,911
2,269,952 2,269,952 2,276.525
772,977 772,977 637.126
551,491 551.491 2,592,680
240,376 240,376 500,396
2,625,475 2,625.475 4,043.952
6,460,271 6,460,271 10,050,679
8
2,656,766 136,235 2,793,001 1,603,232
u
I
CITY OF SEWARD
Combined Statement of Revenues, Expenses
and Changes in Retained Earnings -
All Proprietary Fund Types, continued
Depreciation
Earnings (loss) from operations
Nonoperating revenues (expenses):
Loss on disposal of assets
Investment income
Interest expense
Other revenues
Other expenses
Net nonoperating revenues (expenses)
Earnings (loss) before operating transfers
and extraordinary item
Operating transfers:
From other funds
To other funds
Net operating transfers
Earnings (loss) before extraordinary item
Loss from dissolution of Seward General Hospital
Net earnings (loss)
Amortization of contributed capital
Increase (decrease) in retained earnings
Retained earnings at beginning of year
Residual equity transfers:
From other funds
To other funds
Retained earnings at end of year
Exhibit D -1, continued
Totals
Internal (Memorandum Only)
Enterprise Service 1997 1996
2,795,579 104,687 2,900,266 2,798,905
138,813) 31,548 107,265) 1,195,673)
42,269) - 42,269) 95.492)
155,578 9,364 164,942 211,496
749,574) (21,600) 771,174) 820,294)
89,168 - 89,168 98,113
50,866) - 50,866) 8,071)
597,963) (12,236 610,199) (614,248)
736,776) 19,312 (717,464) (1,809,921)
714,754
317,571) 9,865) 327,436
317,571) 9,865} 327,436) 714.754
1,054,347) 9,447 1,044.900) 1,095,167)
2,237,582)
1,054,347) 9,447 1,044,900) 3,332,749)
2,242,968 1,622 2,244,590 1,899,936
1,188,621 11,069 1,199,690 1,432,813)
6,418,806 75,693 6,494,499 6,126,913
4,855) -
7,602,572 86,762
See accompanying notes to general purpose financial statements.
9
2,034,864
4,855) (234,465)
7.699.334 6,494,499
CITY OF SEWARD
Combined Statement of Cash Flows -
All Proprietary Fund Types
Year Ended June 30, 1997
With Comparative Tcrtals for 1996
Cash flows from operating activities:
Earnings (loss) from operations
Adiustments to reconcile earnings (loss) from operations
to net cash flows from operating activities:
Depreciation
Other nonoperating revenues
Increase (decrease) in allowance for doubtful receivables
Amortization of deferred items
Increase) decrease in assets:
Receivables
Assesments receivable
Prepaid expenses
Inventory
Due from other funds
Other assets
Increase (decrease) in liabilities:
Accounts payable
Customer deposits
Accrued annual leave
Other accrued liabilities
Duc to other funds
Deferred revenue
Third party payor settlements
Net cash flows from operating activities
Lntm&e
1
Totals
Internal (Memorandum Ohre` '
Serve 1997 1996
138,813) 31,548
2,795,579 104,687
37,212
42,20952,543)
16,800)
163,007 264,865
2,160 6,320
2,242) 2,242)
26,320)
100,411)
45,165)
7,390
12,215)
23,222)
306,679
92,692)
2,813,256 133,993
107,265) (1,195,673) '
2,900,266 2,798,905
37,212 96,565
52,543) 42,209
16,800)
163,007 264,865
2,160 6,320
2,242)
26,320) 41,823)
339,611)
7,390
100,411)
45,165)
12,215)
23,222)
306,679
92,692)
947,249
202,060)
29,911
8,579)
37,115
22,651)
2,226
41,307
Cash flows from nonc:apital financing activities:
Operating transfers from other funds 704,889
Operating transfers to other funds 317,571) 317,571)
Residual equity transfers from other funds 778,360
Residual equity transfers to other funds 4,855) 4,855) 234,465)
Decrease in advances to other funds 17,402 17,402 19,980
Decrease in advances from other funds 17,402) 17,402) 19,980)
Interest on central treasury borrowings 90,863) 90,863) 75,505)
Net cash flows from noncapital financing activities 413,289) 413,289) 1,173,279
10
1
CITY OF SEWARD
Combined Statement of Cash Flows
All Proprietary Fund Types, continued
Cash Vows from capital and related financing activities:
Principal payments on long -term debt
Interest payments on long -terns debt
A,quisi6on of property, plant and equipment
Operating transfers from (to) other funds
Disposal of property, plant and equipment
Note payable to State of Alaska
Contributed capital
Residual equity transfers from other funds, recorded
as contributed capital
Deferred revenue
Penalties and interest on special assessments
Net cash flows from capital
and related financing activities
Cash flows from investing activities:
Receipts on loan to Alaska Railroad Corporation
Investment income received
617,594)
Net cash flows from investing activities
Net increase (decrease) in cash and investments
Cash and investments at beginning of year
879,582)
Cash and investments at end of vear
Noncash investing, capital and financing activities:
9,865)
Loss on dissolution of Seward General Hospital
Transfer of fixed assets from the General Fixed
Assets Account Group
Equipment acquired by capital lease
782,718)
Reconciliation of crash and investments to balance sheet:
617,594)
Cash and investments:
Current assets
639,194)
Restricted assets
733,130) 146,452)
See accompanying notes to enera] purposegpure financial statements.
1
I1
En e s
Exhibit E -1. con inuect
Totals
Internal Memorandum Onlv)
Sernce L7 1996
724,091) 58,627) 782,718) 777,751)
617,594) 21,600) 639,194) 729,011)
733,130) 146,452) 879,582) 5.138,811)
9,865) 9,865) 9,K65
11,II2
17.016
351,533 110,547 462,080 1,4110,893
53,745
3,443) 3,443) 65,712)
1,090 1,090 1,548
1,725,635 125,997 1,851,632) (5,137,106)
33,690 33.690 45,000
I_ 5 9,364 164,942 211,496
189,268 4 198,632 256,496
863,600 17,360 880,960 (2,206,715)
2,493,709 201,433 2,695,142 4,901,857
3,3 57,309 __ 218,793 3,576.102 2,695.142
2,237.582)
81,630
309,730
3,050,104 218,793
3,07,205 -
3,3` 57 y 293
THIS PAGE LEFT BLANK INTENTIONALLY I
12 1
NOTES TO GENERAL PURPOSE
FINANCIAL STATEMENTS
1
The Notes to the General Purpose Financial Statements is a summary of
significant accounting policies and other notes to the financial statements
necessary for adequate disclosure.
1
r
CITY OF SEWARD
Notes to General Purpose Financial Statements
June 30, 1997
1) fi mmary of Signi gwl ACOOUWting Policies
Or$aniz<ation and Services Provided
The City of Seward, Alaska (the City) was incorporated June 1, 1912 as a home -rule city
and operates under a Council - Manager form of government.
The City provides the full range of municipal services as provided for by Alaska Statute.
This includes police and fire protection, electric, water and wastewater services, library,
rparks and recreation, public improvements, planning and zoning, port and harbor, and
general administrative services.
Wjing Lot&
In prior years, the City's general purpose financial statements included the Seward General
Hospital as a blended component unit. However, effective July 1, 1996, all Hospital
operations were transferred to Providence Alaska Medical Center, a private health care
provider.
For the year ended June 30, 1997, there are no component units for which the City of
Seward is financially accountable, nor do any special financial relationships exist
between the City and any other entity.
The accounting policies of the City conform to generally accepted accounting principles as
applicable to governments. The following is a surnmary of the more significant policies:
Fund Accounting
The accounts of the City are organized on the basis of funds and account groups, each of
which is considered a separate accounting entity. The operations of each fund are
accounted for with a separate set of self- balancing accounts that comprise its assets,
liabilities, fund equity, revenues and expenditures or expenses, as appropriate.
Government resources are allocated to and accounted for in individual funds based upon
the purpose for which they are to be spent and the means by which spending activities
are controlled. The various funds are grouped, in the financial statements in this report
as follows:
Governmental Fund T s
The General Fund is used to account for all financial resources except those required to be
accounted for in another fund. The General Fund is the City's operating fund.
Special Revenue Funds are used to account for the proceeds of specific revenue sources
other than major capital projects) that are legally restricted to expenditures for specified
purposes.
13
CITY OF SEWARD '
Notes to General Purpose Financial Statements, continued
Summary of SigniPcant Accounting Pollies, continued
Governmental Fund_ Types, continued
The Debt Service Fund is used to account for the accumulation of resources for, and the '
payment of, principal and interest relating to the bonds issued to construct the new
hospital and the PERS liability resulting from the transfer of the operations to
Providence Alaska Medical Center. '
Capital Project Funds are used to account for financial resources to be used for the
acquisition or construction of major capital facilities and public improvements (other
than those financed by proprietary funds).
Proprietary Fund TyMs '
Enterprise Funds are used to account for operations (a) that are financed and operated in a
manner similar to private business enterprises where the intent of the governing body is
that the cost (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 (b) where the governing body 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.
The Internal Service Fund is used to account for the financing of goods or services '
provided by one department or agency to other departments or agencies of the City on a
cost - reimbursement basis. The City has one internal service fund which accounts for '
the acquisition of vehicles and mobile equipment which are then leased to the various
departments of the City.
Fiduciary Fund Typc s I
Agency Funds are used to account for assets held by the City in a trustee capacity or as an
agent for individuals, private organizations, other governments, and /or other funds. '
Agency Funds are custodial in nature (assets equal liabilities) and do not involve
measurement of results of operations.
1
14 1
CTTY OF SEWARD
Notes to General Purpose Financial Statements, continued
Summaa of Signifigol Accounfin Policies, c u ' u
Fixed Assets and Long -Term ig ilities
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
funds 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 operating statements present
increases (revenues and other financing sources) and decreases (expenditures and other
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 used in
governmental fund type operations (general fixed assets) are accounted for in the
General Fixed Assets Account Group, rather than in governmental funds. Public
domain ( "infrastructure ") general fixed assets 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 fuzed assets.
All fixed assets are valued at historical cost or estimated historical cost if actual historical
cost is not available. Donated fixed assets are valued at their estimated fair market value
on the date donated.
Long -term liabilities expected to be financed from the governmental funds are accounted
for in the General Long -Term Debt Account Group, not in the governmental funds.
Because of their spending measurement focus, expenditure recognition for governmental
fund types is limited to exclude amounts represented by noncurrent liabilities. Since
they do not affect current assets, such long -term amounts are not recognized as
governmental fund type expenditures or fund liabilities. They are instead reported as
liabilities in the General Long -Term Debt Account Group.
The two account groups are not "funds." They are concerned only with the measurement
of financial position. They are not involved with measurement of results of operations.
All proprietary funds are accounted for on a cost of services or "capital maintenance"
measurement focus. This means that all assets and all liabilities (whether current or
noncurrent) associated with their activity are included on their balance sheets. Their
reported fund equity (net total assets) is segregated into contributed capital and retained
earnings components. Proprietary fund type operating statements present increases
revenues) and decreases (expenses) in net total assets.
15
CITY of SEWARD '
Notes to General Purpose Financial Statements, continued
Sumaa of SignffiranA Amanfin Pokies, '
Fixed Assets and Long -Term Liabilities. continued
Portions of the property, plant and equipment of the Enterprise Funds have been '
constructed through the use of contributed capital from State and federal agencies.
Depreciation on all assets has been charged against operations. However, depreciation
applicable to the assets acquired with contributed capital has been included in "Increase ,
in retained earnings," and is reflected in the fund equity section of the Enterprise Fund
balance sheets as reductions of the "Contributed capital" account.
Depreciation for all plant and equipment in the proprietary funds is computed by use of the ,
straight -line method over the estimated economic lives of the assets.
Estimated lives of major asset categories are as follows: '
Life in years
Buildings 10-50
Improvements other than buildings 10-50
Equipment 2 -30 ,
Basis of Accountitte
Basis of accounting refers to when revenues and expenditures or expenses are recognized
in the accounts and reported in the financial statements. Basis of accounting relates to '
the timing of the measurements made.
Governmental fund types are accounted for on the modified accrual basis of accounting. '
Under the modified accrual basis of accounting, revenues are recorded when susceptible
to accrual, i.e., both measurable and available. Available means collectible within the
current period or soon enough thereafter to be used to pay liabilities of the current '
period. The available period for the City is generally 60 days after year end. All
primary revenue sources have been treated as susceptible to accrual. Expenditures are
recognized on the accrual basis with the exception of principal and interest on general ,
long -term debt, which are reported only when due.
Proprietary fund types are accounted for on the accrual basis of accounting. Their ,
revenues are recognized in the period earned and expenses are recognized in the period
incurred.
Agency Fund assets and liabilities are accounted for using the modified accrual basis of '
accounting similar to that utilized by the governmental fund types.
Central Treasury '
A central treasury is used to account for the City's cash and investments to maximize
interest income. Investments are stated at cost. Investment earnings are allocated
among the funds based on their respective cash balances. '
1-1
16 1
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
Summary of Significant Accounting Policies, continue
Cash and Cash Equivalents
For purposes of the statement of cash flows, the proprietary funds consider all cash and
investments to be cash and cash equivalents. The central treasury, which holds cash and
investments, is used essentially as a cash management pool by each fund.
InySMEy
Inventories are valued at cost in governmental funds and at the lower of cost or market in
the proprietary funds. Cost is determined by the first -in, first -out method. The cost is
recorded as an expenditure at the time individual inventory items are consumed.
1 17
Grants and Other Intergovernmental Revenues
In applying the measurable and available concepts to grants and intergovernmental
revenues, the legal and contractual requirements of the numerous individual programs
are used as guidance. There are, however, essentially two types of these revenues. In
one, monies must be expended on the specific purpose or project before any amounts
will be paid to the City; therefore, revenues are recognized based upon expenditures
recorded. In the other, monies are virtually unrestricted as to purpose of expenditure
and are usually revocable only for failure to comply with prescribed compliance
requirements. These resources are reflected as revenues at the time of receipt or earlier
if the measurable and available criteria are met.
ProRgrty Taxes
Property taxes are liens on the assessed value of taxable property as of January 1.
Pursuant to Alaska Statutes, the City establishes the mill rage and tax levy on or before
June 15. The City is located within the Kenai Peninsula Borough which acts as the
City's agent in the billing and collection of property taxes. Tax bills for one -half of the
taxes are mailed prior to July 1 and are payable on August 15; tax bills for the second-
half of the taxes are mailed by October 1 and are payable on November 15. City
property tax revenues are recognized in the fiscal year in which they are collectible and
available (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.
Interfund Transactions
During the course of normal operations, the City has numerous transactions between funds,
including expenditures and transfers of resources to provide services, construct assets,
and service debt. The accompanying financial statements generally reflect such
transactions as operating transfers. Operating subsidies are also recorded as operating
transfers. The classification of amounts recorded as subsidies, advances, or residual
equity transfers is determined by City management.
1 17
L
CrrY OF SEWARD
Notes to General Purpose Financial Statements, continued
Summary of Significant Accounting Policies. continued
Accrued Leave
Accrued leave (vacation and sick leave) 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 accrued leave recorded as
expenditures in the governmental fund types is the amount accrued during the year that ,
would normally be liquidated with available spendable resources. Only the current
portion of the liability is recorded in the governmental fund types, with the remainder
reported in the General Long -Term Debt Account Group. '
Encumbrances
Encumbrance accounting, under which purchase orders, contracts and other commitments
for expenditures are recorded in order to reserve that portion of the applicable
appropriation, is employed as an extension of formal budgetary integration in the
General Fund during the year. However, it is the City's policy to stop issuing purchase
orders in early June. Outstanding purchase orders, if any, at June 30, are cancelled and
new ones are issued in the subsequent year. As a result, there are no outstanding
encumbrances at June 30, 1997.
Deferred Grant Revenue
Amounts received from grantor agencies which are restricted as to use and have not been
expended for the intended use are shown as deferred revenue.
Pension Plans
Substantially all employees of the City participate in the Public Employees' Retirement
System (PERS) administered by the State of Alaska, with the exception of certain
Electric Fund employees.
Reclassifications
Certain reclassifications have been made to the 1996 financial statements to make them
comparable with the 1997 presentation.
Comparative Data
Comparative total data for the prior year have been presented in the accompanying
financial statements in order to provide an understanding of changes in the City's
financial position and operations.
Total Columns on Combined Statements '
Total columns on the Combined Statements 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 is 1suchdatacomparabletoaconsolidation. Interfund eliminations have not been made in
the aggregation of this data.
18 1
1
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
2) &war hip• Compliance and Accountability
Bud etaa Accounting
An operating budget is adopted each fiscal year for the General Fund on the same modified
accrual basis used to reflect actual revenues and expenditures. Appropriations for this
fund lapse at year end to the extent that they have not been expended or encumbered.
Budgetary control is exercised at the department level. The City Manager is authorized
to transfer budget amounts between departments within a fund or between cost centers
within a department's budget classification. The budgeted financial statements
represented in this report reflect the final budget authorization, including amendments
made during the year.
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 Appropriations Appropriations
General Fund $ 6,148.170 6.407,280
3) Cash and Investments
The City of Seward utilizes a central treasury that is available for use by all funds. Each
fund's portion of the central treasury is displayed on the balance sheet as "cash and
investments" or included in "due to other funds."
De sits
At year end, the carrying amount of the City's deposits was $8,486 and the bank balances
totaled $38,147. All of the bank balances were covered by federal depository insurance
or by collateral held by the City's agent in the City's name.
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.
I
1 19
CITY OF SEWARD '
Notes to General Purpose Financial Statements, continued
f.a&h and Inv COIL ,
Investments, continued
Investments are categorized below to give an indication of the level of credit risk assumed IbytheCityatyearend.
Cary 1
3,664
Insured or registered, or securities held by the City or its agent in the City's name.
8,486
Category 2
Carrying amount of investments 12,549.209
Uninsured and unregistered, with securities held by the counterparty's trust
department or agent in the City's name.
Cash and investments as shown on the
Category 3
combined balance sheet:
Uninsured and unregistered, with securities held by the counterparty, or by its trust
Cash and investments
department or agent, but not in the City's name.
Restricted assets - cash and investments 307,205
Category Carrying Market
1 2 3 Amount Value
Overnight repurchase
agreement $ - 3,690,916 - 3,690,916 3,690,916
Certificates of deposit 124,145 38,655 - 162,800 162,800
U.S. government securities 500,000 5,288,055 - 5,788,055 5,792,468
Bankers acceptances - 2.9Q7,43-8 - 2,907,438 - 2,907,350
624 14 11925,064 - 12,549,209 12,553.534
Restricted Cash '
The City also maintains electric bond redemption and reserve accounts as required by the
bond covenants. The balance in these accounts at June 30, 1997 totaled $307,205 and is
included in investments. '
A reconciliation of cash and investments as shown on the combined balance sheet follows:
Cash on hand 3,664
Carrying amount of deposits 8,486
Carrying amount of investments 12,549.209
12,561,359
Cash and investments as shown on the
combined balance sheet:
Cash and investments 12,254,154
Restricted assets - cash and investments 307,205
12,561,359
20 1
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
4) Fixed Assets
A summary of changes in general fixed assets follows:
Balance at Balance at
July 1. 1996 Additions Deletions June 30. 1997
Land and land rights $ 3,622,374 622,374
Buildings 8,246,625 189,241 135,000 8,300,866
Improvements other than buildings 8,556,362 8,556,362
Equipment 1.662,210 57,413 29,655 1.689.968
Fred assets in service 22,087,5}}/
L
7yy1 246,654 164,655 22,169,570
Construction in progress I1 9 JV 28 8. 39,935 157,625 42,669,611
36.074.873 29,086,589 32228 64 39 181
A summary of proprietary fund type property, plant and equipment at June 30, 1997
follows:
Internal
Enterprise Service
Funds Fund
Land and land rights 16,088,989
Buildings
Improvements other than buildings
4,651,320
36,778,763
Equipment 37, 674,546 1,059,062
Docks and floats 14_ .858 618„{
110,050,424 1,059,062
Less accumulated depreciation 33.665,851) 320,110)
76,384,573 738,952
Construction in progress 3,823,297
Property, plant and equipment, net 80.207.870 738.952
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
5) Interfund Receivables, -PU&Ies, and InUmfund Advances
Interfund receivable and payable balances at June 30, 1997, are as follows:
Interfund Interfund
Receivables Payables
General Fund $1,899,237
Capital Project Funds:
Police Dispatch
1995 Flood Disaster
Seward Association for Advancement
of Marine Science
Enterprise Funds:
Harbor
Parking Revenue
Totals
Interfund advances at June 30, 1997, are as follows:
Enterprise Funds:
Electric
Harbor
Totals
22
158
27,327
12,196
1,857,518
2,038
1899.237 1,822,237
Interf uid Interfund
Receivables Payables
38,233
38,233
38,233 38,233
C1'1"Y OF SEWARD
Notes to General Purpose Financial Statements, continued
6) Opgr&ft Transfers
A summary of operating transfers between funds for the year ended June 30, 1997, are as
follows:
From To
Other Other
Funds Funds
27,552
1,305
3,792
3,887
4,000
5,500
39,388 -
16,516
5,772 -
19,619
25,958
34,152
2,936
5,737
5.097
50,000 -
137,190
232.35 t56,051
27,552 -
1,305 -
3,792 -
3,887 -
4,000 -
5,500 -
2,511 -
39,388
48,547 39,388
General Fund:
Special Revenue Funds:
Two Lakes Park
Police Fund
DARE Program
Highway Safety Grant
Historic Records Preservation Phase I
Historic Records Preservation Phase II
State Revenue Sharing
Capital Project Funds:
Waterfront Improvements
Community Center Improvements
Ballfield
Municipal Roof
Capital Acquisition
Street Paving
Children's Library Renovation
Library Basement Remodel
Enterprise Funds:
Electric
Harbor
Total General Fund
Special Revenue Funds:
Two Lakes Park from General Fund
Police Fund from General Fund
DARE Program from General Fund
Highway Safety Grant from General Fund
Historic Records Preservation Phase I
from General Fund
Historic Records Preservation Phase II
from General Fund
Prismatic Surgical Lighting from Hospital
Construction Capital Project Fund
State Revenue Sharing to General Fund
Total Special Revenue Funds
23
From To
Other Other
Funds Funds
27,552
1,305
3,792
3,887
4,000
5,500
39,388 -
16,516
5,772 -
19,619
25,958
34,152
2,936
5,737
5.097
50,000 -
137,190
232.35 t56,051
27,552 -
1,305 -
3,792 -
3,887 -
4,000 -
5,500 -
2,511 -
39,388
48,547 39,388
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
Oyer frog Transfers, con-&jod
From To
Other Other
Funds Funds
Capital Project Funds: tWaterfrontImprovementsfromGeneralFund16,516
Community Center Improvements
to General Fund 5,772
Ballfield from General Fund 19,619
Ballfield from Electric Enterprise Fund 130,381
Rescue Vehicle from Motor Pool
Internal Service Fund 9,865
Municipal Roof from General Fund 25,958
Murkipal Roof from Capital Acquisition
Capital Project Fund 36,292
Capital Acquisition from General Fund 34,152
Capital Acquisition to Municipal Roof
Capital Project Fund 36,292
Hospital Construction to Prismatic Surgical
Lighting Special Revenue Fund 2,511
Street paving from General Fund 2,936
Children's Library Renovation from
General Fund 5,737
Library Basement Remodel from
General Fund 5,097
Total Capital Project Funds 286.553 44,575
Enterprise Funds:
Electric Enterprise Fund to:
General Fund 50.000
Ballfield Capital Project Fund 130,381
Harbor Enterprise Fund to General Fund 137390
Total Enterprise Funds 317,571
Motor Pool Internal Service Fund to
Rescue Vehicle Capital Project Fund 9,865
Total Operating Transfers 567,450 567,450
1
24
CiTY OF SEWARD
Notes to General Purpose Financial Statements, continued
7) Residual E ui Tr fe
Residual equity transfers between funds for the year ended June 30, 1997, are as follows:
From To
Other Other
Funds Funds
General Fund from:
Historic Preservation Plan Special Revenue Fund $ 2,148 -
Harbor Enterprise Fund 4,855 -
Historic Preservation Plan Special Revenue Fund
to General Fund - 2.148
Harbor Enterprise Fund to General Fund - 4.855
7.003 7.003
8) 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
185,324 at June 30, 1997) is recorded in the General Long -Term Debt Account
Group. The City's policy is to make no distinction between vacation and sick leave
as accrued leave includes both types.
A summary of the change in the long -term portion of accrued annual leave follows:
Balance at July 1, 1996 $ 189,701
Decrease (4,377)
Balance at June 30, 1997 $ 185 324
CITY OF SEWARD
Notes to Gewral Purpose Financial Statements, continued
9) Long -Term Debt
G-e-wral Obligation
The City has issued 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
Enterprise Funds if they are expected to be repaid from proprietary revenues.
General obligation bonds are direct obligations and pledge the full faith and credit of the
government. General obligation bonds at June 30, 1997 are as follows:
1.700,000 1980 electric serial
bonds, due in annual installments
of $120,000 to $155,000, through
January 1, 2001
495,000 1987 harbor /general government
serial bonds, due in annual installment of
115,000 on December 1, 1997
475,000 1990 general government serial
bonds, due in annual installments of
60,000 to $75,000 through
December 1, 2000
3,990,000 1993 refunding electric
serial bonds, due in annual installments
of $400,000 to $560,000 through
October 1, 2004
2,030,000 1993 refunding harbor/
general government serial bonds 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
7,500,000 1996 hospital serial bonds,
due in annual installments of
175,000 to $825,000 commencing
October 1, 1998 through October 1, 2013
26
Interest
Rates Amount ,
7% $ 555,000 1
6.6% to 7.4%
6.5% to 7.375%
2.75 % to 5.35 %
2.75 % to 5.655 %
2.75 % to 5.8 %
4.5% to 6.75%
115,000 '
270,000
1
3,790,000 '
1,940,000 '
1,430,000
1
7,500,000
15,600.000 '
CTFY OF SEWARD
Notes to General Purpose Financial Statements, continued
Long -Term Debt, continued
Revenue bond principal and interest are payable from resources generated by a particular
government operation such as a public utility. Revenue bonds at June 30, 1997 are
as follows:
Interest
are as follows:
Rates Amount
3,225,000 1995 Electric Fund serial bond,
due in annual installments of $50,000
to $290,000 commencing in 1998 through
June 2015 4.85% to 7.35% 3,225.000
A reconciliation of bonds payable to the amount reported on the Combined Balance Sheet
Total
All Fund Types and Account Groups follows:
June 30, Principal
Total general obligation bonds 15,600,000
Interest
Less unamortized loss on 1993 refunding bonds 382,444)
15,217,556
Revenue bonds 3,225,000
1998 689,407
18,442,556
Annual general obligation bond and revenue bond debt service requirements to maturity
are as follows:
General Long -Term
Year Ending Enterprise F_ unds Debt Account Group Total
June 30, Principal lnterest Princia Interest Principal Interest
1998 689,407 490,661 95,593 521,105 785,000 1,011,766
1999 748,525 453,487 281,475 510,792 1,030,000 964,279
2000 811,760 412,812 318,240 495,255 1,130,000 908,067
2001 875,877 367,081 354,123 477,424 1,230,000 844,505
2002 754,995 316,137 390,005 458,325 1,145,000 774,462
2003 -2015 5,381 729 41. 96,222 8,123.271 2988.466 11505004 4.484.688
262__,_,293 53, 36,400 9 56 707 5,451.367 18.825.000 8,987767
27
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
Lone -Term Debt, continued
Notes payable by the Water and Sewer Enterprise Fund at June 30, 1997 are as follows:
Interest
Rates Amount
26,231 note payable to State of Alaska
Department of Environmental Conservation,
due in annual installments of $1,312
through July 15, 2014 4.75% 23,608
901,851 note payable to State of Alaska
Department of Environmental Conservation,
due in annual installments, including interest,
of $70,995 through November 5, 2013 4.31% 843,297
866 9
Annual debt service requirements to maturity on notes payable are as follows:
Year Ending 4.75% Note Payable 4.31 Note Payable Total
June 30, Principal Interest Principal Into erest Principal Interest
1998 $ 1,312 1,121 34,648 36,346 35,960 37,467
1999 1,312 1,059 36,142 34,853 37,454 35,912
2000 1,312 997 37,700 33,295 39,012 34,292
2001 1,312 934 39,324 31,670 40,636 32,604
2002 1,312 872 41,019 29,975 42,331 30,847
2003 -2015 17.048 5.569 654.464 19_ 7.471 671.512 203.140
23.608 10.652 843,297 363.610 866,905 374.262 ,
Obligation Payable to-the State-of Alaska Public Employees Retirement Sy-gtem
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, 1997, management estimated this liability at $1,082,570. The
ultimate amount of this obligation and the terms of payment have not been
determined by the State of Alaska Department of Administration, Division of '
Retirement and Benefits.
28 1
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
Long -Term Debt, continued
Defeasance of Debt
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.
The following general obligation bonds and the balances as of June 30, 1997, are
considered defeased:
General obligation bonds:
General government $ 1,590,640
Harbor 1.449.360
Total general obligation bonds $ 3,040,000
Chanees in Long -Term Liabilipes
During the year ended June 30, 1997, the following changes occurred in long -term
liabilities:
Balance at Balance at
July 1. 1996 Additions Reductions June 30, 1997
General ove e
Compensated absences $ 189,701 4,377 185,324
General obligation bonds 2,151,535 7,500,000 88,828 9,562,707
1 29
Capital leases 11,399 11,399
State of Alaska 1,256,503 173,933 1,082,570
3_,609 7,500,000 278.537 10,830,601
Entervrise Funds
General obligation bonds 6,636,465 - 599,172 6,037,293
Revenue bonds 3,225,000 - 3,225,000
Capital leases 850,367 - 200,367 650,000
Notes payable 941.824 - 74,919 866,905
11.653 656 - 874 458 10.779.198
Internal Service Fund
Capital leases 220.999 309,730 58,627 472,102
1 29
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
The City has entered into several lease agreements as lessee for financing the acquisition of
n -T rm Rsbts EMU a
Revenue Bomi Requirements
The City issued $3,225,000 of Electric Fund serial bonds in fiscal year 1995 related to
construction of the LawinglFort Raymond transmission line. The bonds require
establishment of certain cash reserves and maintenance of certain revenue levels.
Internal
1Theissuerequiredadebtservicereservetobeestablishedinanamountequalto
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 2015.
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 investment income. For fiscal year 1997, annual
income available for revenue bond debt service was $2,351,663, the debt
requirement was $184,435, resulting in a ratio of 12.75. The City is in compliance
with the annual income requirement for fiscal year 1997.
30 1
10 ) Capitalized Leases
The City has entered into several lease agreements as lessee for financing the acquisition of
a sand truck, motor grader, pumper truck, rescue vehicle, and a 250 -ton boadift. 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 a summary of the assets acquired
with the capital leases as of June 30, 1997:
Internal
Enterprise Service
Funds Fund
Machinery and equipment $ 875,000 701,447
Less accumulated depreciation 1( 99,864? 9( 6,675)
Carrying value $ 675,136 604,772
30 1
11) Defined Benefit Pension_ Plan
All full -time City employees, except certain Electric Fund employees, participate in the
Alaska Public Employees Retirement System (PERS). The City's payroll for employees
covered under PERS was $3,053,798 for the year ended June 30, 1997. Total gross
payroll was $3,762,239.
A. AlWka Rpblic EMplMees Retirement System PERS
1. Plan Description
The Plan is a joint - contributor agent multiple- employer PERS plan created by State
of Alaska statutes effective January 1, 1961. Any municipality or other
political subdivision of the State may request to become an employer in this
system.
1 31
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
Capitalized Lewes, continued
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, 1997:
Internal
Year Ending Enterprise Service
June 3 Funds Fund
1998 100,588 102,290
1999 101,275 102,290
2000 96,775 102,290
2001 97,088 94,815
2002 97,182 73,134
Thereafter 392.245 75,016
tTotal minimum lease payments 885,153 549,835
Less interest 235,153 77,733
Present value of future minimum
lease payments 650,000 472,102
Less current portion 55.000 77,985
Long -term portion 595,000 394,117
11) Defined Benefit Pension_ Plan
All full -time City employees, except certain Electric Fund employees, participate in the
Alaska Public Employees Retirement System (PERS). The City's payroll for employees
covered under PERS was $3,053,798 for the year ended June 30, 1997. Total gross
payroll was $3,762,239.
A. AlWka Rpblic EMplMees Retirement System PERS
1. Plan Description
The Plan is a joint - contributor agent multiple- employer PERS plan created by State
of Alaska statutes effective January 1, 1961. Any municipality or other
political subdivision of the State may request to become an employer in this
system.
1 31
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
Defined Benefit Pension Plan, contin j&d
Alask Public s System ER continued
2. Pension Benefits
Employees hired prior to July 1, 1986, with five or more years of credited service
are entitled to annual pension benefits beginning at normal retirement age 55 or
early retirement age 50. For employees hired after June 30, 1986, the normal
and early retirement ages are 60 and 55, respectively. The normal annual
pension benefit is equal to 2% of the member's highest three -year average
monthly compensation for the first ten years of service, 2.25% for the second
ten years of service and 2.50% for the third ten years of service. All service
earned prior to July 1, 1986, will be calculated using the 2% multiplier.
Employees with 30 or more years of credited service (20 years for policemen
and firemen) may retire at any age and receive a normal benefit. The Plan also
provides death, disability, and major medical benefits.
B. Contributions
Employees are required to contribute 6.75% of their annual salary to PERS, except
policemen and firemen who contribute 7.5% of their annual salary. For the year,
contributions by the City amounted to 7.9 %.
C. Funding Status and Progress 1The "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 pension benefit obligation was computed as part of an actuarial valuation '
performed as of June 30, 1996. Significant actuarial assumptions used in the
valuation include: '
1. A rate of return per annum compounded annually on the investment of present
and future assets of 8.25%; ,
2. Projected salary increases of 5.5% for the first five years of employment and
4.5% per year thereafter;
3. Health cost inflation of 8.5 % in 1996, trending downward by 1 % per year to ,
5.5 % in 1999 and thereafter;
4. Total inflation, as measured by the Consumer Price Index for urban and clerical
workers for Anchorage, is assumed to increase 4% annually; and '
5. Asset valuation - assets are valued at market value; effective June 30, 1994, the
asset valuation method recognizes 20% of the investment gain or loss in each of
the current and preceding four years. '
32 1
CITY OF SEWAR.D
Notes to General Purpose Financial Statements, continued
Dermed-Benefit Pension Plan continued
Funding Status and _Progress, continued
Assets exceeded the PERS benefit obligation applicable to the City's employees at
June 30, 1996, the most recent information follows: available, as
Pension benefit obligation:
Retirees and beneficiaries currently
receiving benefits and terminated
employees not yet receiving benefits $ 4,730,000
Current employees:
Accumulated employee contributions
including allocated investment income 1,$62,000
Employer - financed vested 4,316,000
Employer - financed nonvested 225,000
Total pension benefit obligation 11,133,000
Net assets available for benefits 11,936.000
Assets in excess of pension
benefit obligation $ 803 000
D. Actuarially Dktermi=d Contribution „R,gquirements and Contributions Made
The system's funding policy provides for actuarially determined periodic contributions
at rates that, for individual employees, increase gradually over time so that,
sufficient assets will be available to pay benefits when due. The rate for the City's
employee group as a whole has tended to remain level as a percentage of annual
covered payroll. The contribution rate for normal cost is determined using the
projected unit credit actuarial funding method. The unfunded accrued benefit
liability is amortized over 25 years. Actuarial funding surpluses are amortized over
five years.
The significant actuarial assumptions used to compute the actuarially determined
contribution requirement are the same as those used to compute the pension benefit
obligation as described above.
The contribution to PERS for 1997 of $453,289 was made in accordance with
actuarially determined requirements computed through an actuarial valuation
performed as of June 30, 1996. The City contributed $241,250 (7.9% of current
covered payroll), and employees contributed $212,039 (6,94% of current covered
payroll). The contribution consisted of (a) $522,505 normal cost (17.11 % of
current covered payroll) less (b) $69,216 amortization of assets in excess of pension
benefit obligation (2.27% of current covered payroll).
1 33
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
permed Benefit Pension Plan. continued
E. Trend Information
Trend information and annual financial reports of PERS are available from the
individual system at Department of Administration Retirement and Benefits
Division, Box 110203, Juneau, Alaska 99811 -0203.
Trend information gives an indication of the progress made in accumulating sufficient
assets to pay benefits when due. Ten -year trend information for PERS follows:
Assets in
Excess of
Net Net Assets PBO as a
Assets Pension Available Percent of
Available Benefit as a Assets in Annual Annual
Fiscal For Obligation Percent of Excess Covered Covered
Year Benefits (PBO) PBO of PBO Payroll Payroll
1987 $ 3,671,000$ 3,088,000 118.88% $ 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
1996 11,936,000 11,133,000 107.21 803,000 3,053,798 26.30
12) Post - Retirement HeWth C rye Benefits I
In addition to the pension benefits described in the previous note, PERS provides post -
retirement health care coverage. When pension benefits begin, major medical benefits '
are provided without cost to (1) all employees first hired before July 1, 1986, and (2)
employees who are disabled or age sixty-five or older, regardless of their initial hire
dates. Employees first hired after June 30, 1986, may elect major medical benefits ,
prior to age sixty -five by paying premiums.
13) International Brotherhood of Electric Workers '
Certain 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 1997 was $3 per compensable hour for a total ,
contribution of $28,547.
34 1
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
14 err ed Comwaullim FI
The City offers its employees a deferred compensation plan created in accordance with
Internal Revenue Code Section 457, The plan, available to all employees, permits
them to defer a portion of their salary until future years. The deferred compensation is
not available to employees until termination, retirement, death, or unforeseeable
emergency,
During the current year, the City amended their deferred compensation plan in
accordance with changes in the Internal Revenue Code. These new provisions
require that all assets and income of the plan be held in trust for the exclusive benefit
of participants and their beneficiaries. In accordance with these provisions, the plan
assets and related liabilities have been removed from the financial statements for the
year ended June 30, 1997.
15) >neA Information for PropricW Fund TyM
Enterprise Funds
The City maintains four enterprise funds, which provide electric, water and sewer,
harbor and public parking services. Segment information for the year ended June 30,
1997 is as follows:
Total
Water Parking Enterprise
Electric and Sewe r l3_ -arbor Revenue Funds
Total operating revenues $ 5,844,919 1,339,199 1,903,068 29,851 9,117,037
Depreciation expense 1,119,181 402,771 1,273,627 - 2,795,579
Operating income (loss) 650,978 (10,142) (797,262) 17,613 (138,813)
Net operating transfers
from (to) other funds (180,381) - (137,190) - (317,571)
t
Net earnings (loss) 167,187 (60,155) (1,178,539) 17,160 (1,054,347)
Current capital
contributions 157,386 - 194,147 - 351,533
Property, plant and
equipment additions 266,408 74,783 391,939 - 733,130
Working capital
surplus (deficiency) 2,470,398 709,387 (1,979,058) 11,201 1,211,928
Total assets 29,287,974 10,034,993 46,152,502 13,239 85,488,708
Bonds and other long -term
liabilities 7,570,000 866,905 2,342,293 - 10,779,198
Residual equity transfers
from (to) other funds - - (4,855) - (4,855)
Fund equity 21,493,807 9,027,603 41,658,651 11,201 72,191,262
1 35
CITY OF SEWARD '
Notes to General Purpose Financial Statements, continued
16) ChanyA in Contribgkd Ca i '
A summary of changes in contributed capital for the year ended June 30, 1997 is as
follows: '
Balance at Balance at
July 1. 1996 Additions Deletions June 30. 1997 '
Enterprise Funds:
Electric Fund 22,459,544 157,386 22,616,930
Water and Sewer Fund 11,577,069 11,577,069
Harbor Fund 53,238,032 194,147 534,179
Total Enterprise Funds 87,274,645 351 533 87,626,178
Internal Service Fund 292,198 110547 402,745
A surnmary of changes in accumulated amortization of contributed capital follows:
Balance at Balance at
July 1, 1995 Additions D 1, etions June 30, 1997
Enterprise Funds:
Electric Fund
Water and Sewer Fund
4,605,684
4,628,968
785,384
372,913
5,391,068
5,001,881
Harbor Fund 11,559,868 1,084,671 12,644,539
Total Enterprise Funds 20,794,520 2,242.%8 23,037.488
Internal Service Fund 1,622 1,622
17) Risk Manngem_ent ,
The City faces a considerable number of risks of loss, including (a) damage to and loss of
property and contents, (b) employee torts, (c) professional liability; i.e., errors and
omissions, (d) environmental damage, (3) workers' compensation; i.e., employee '
injuries, and (f) medical insurance costs of employees. Commercial policies,
transferring the risk of loss, except for relatively small deductible amounts, are
purchased for employee medical costs. ,
i
36 1
tCITY OF SEWARD
Notes to General Purpose Financial Statements, continued
Risk Management. continued
The City is a member of the Alaska Municipal League Joint Insurance Association (JIA), 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; and commercial blanket bond. The City maintains special marine insurance
coverages and boiler and machinery insurance coverages with insurance companies
placed through JIA. The City has no coverage for potential losses from environmental
damages.
The JIA is a public entity risk pool organized to share risks among its members. The
Association's bylaws provide for the assessment of supplemental contributions from
members in the event that losses and expenses for any coverage year exceed the annual
contributions and income earned on such contributions for the year. Such supplemental
contributions shall be based upon each member's annual deposit contribution in
comparison to the aggregate annual deposit contributions of all members. The
Association made no supplemental assessments during the year ended June 30, 1997.
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
t 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 JIA as a separate insurance pool for law enforcement professional
liability, including jail liability.
There was no significant reduction in the City's major categories of risk insurance
coverage from the prior year, and the amount of settlements for the past three fiscal
years did not materially exceed the City's insurance coverage.
1 (18) Spring Creek Correctional Center
In 1985, the City undertook the financing and construction of a 320 -bed, maximum
security correctional facility on behalf of the State of Alaska. The 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 terms of both the
financing and lease agreements, there is no possibility of the City ever becoming liable
for the debt or being obliged to take actual possession of the 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.
1 37
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
19) Conduit Debt - Revenue Bonds
On December 10, 1990, the City participated in the issuance of $7,300,000 of Variable
Rate Demand Revenue Bonds, Series 1991 for Alaska Pacific University (APU). The
proceeds of the issue were used to refinance previous debt held by 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 Sealife Center Project (the Center). The bonds
are special obligations of the City, payable solely from payments made by SAAMS
debtundertheloanagreement. The bonds do not constitute a general obligation 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 monies. 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 property from the City and will operate the
Center in accordance with an Operating Lease between the City and SAAMS.
A schedule of the debt outstanding at June 30, 1997 follows:
SAAMSAPU
4,463.406 17,500.000
Apa 6LUV.
38 1
CITY OF SEWARD
Notes to General Purpose Financial Statements, continued
20) Gmnmitments and Contingencies
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.
I
J 39
1
1
1
1
COMBINING,
INDIVIDUAL FUND
AND
ACCOUNT GROUP STATEMENTS
AND SCHEDULES
1
40
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.
0
Exhibit -1
1997 1496
S —1360b47 1,320,225
59.969 58.938
52.745) (51.592)
7,223 7,346
3.210 2,354
43,522 44,096
23,421 9,315
CITY OF SEWARD
481365
569,621 544,87(,
Goneral Fund
85.557
1,732) 4.741)
Balance Sheet
80.816
241.660
June 30, 1997
2) 249.893)
With Comparative Amounts for 19%
ASSetg
Cash and investments
Receivables:
Taxes:
Personal property
Less allowance for doubtful receivables
Net personal property
Motor vehicle
Hotclimotel room
Real property
Sales
Net taxes
Accounts
Less allowance for doubtful receivables
Net accounts
Property assessments
l.css allowance for doubtful receivables
Net property assessments
State of Alaska
Accrued interest
Total receivables
nvcntan
Due from other funds
Liabilities and Fund Balance
Liabililrs:
Accounts payable
Salaries and wages payable
Accrued annual ]cave
Accrued liabilities
Funds held in trust
Due to other funds
Deterred revenues
Total liabilities
Fund balance:
Reserved for inventories
Unreserved:
Designated:
t Working capital
Community_ Center
Insurance
Subscquent year expenditures
Undrsignated
Total fund balance
r
41
Exhibit -1
1997 1496
S —1360b47 1,320,225
59.969 58.938
52.745) (51.592)
7,223 7,346
3.210 2,354
43,522 44,096
23,421 9,315
492,245 481365
569,621 544,87(,
104.879 85.557
1,732) 4.741)
101,147 80.816
241.660 272.190
2) 249.893)
22-297
183,955 143,024
181,382 38.336
1,036.105 829,349
5,500 5.268
1,899 237 1591440
5 4301.489 2,747.782
409,589 197,766
68,912 60.482
39.452 46,813
3,676 13,943
10,801 35.868
338.611
53.686 39.222
586,116 732,705
5,500 5,268
1,500,000 1,500.000
1.501 21212
84,564 42,390
1,184,436
1
939.372 1,446,207
3,715,373 -3,015.077
S 4,301.489 3,747,782
Exhibit F -2
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year Ended June 30, 1997
With Comparative Totals for 1996
1997 1996
Revenues:
Taxes $ 3,072,913 2.923.340
Property assessments 1,871 524
Licenses and permits
Intergovernmental
200,964
1,099,869
150,887
909,521
Charges for services 1,662,854 1.555,318
Fines and bails 12,383 26,045
Investment income 280,363 219,514
Miscellaneous 50,079 106, 126
Total revenues 6,381,296 5,901,175
Expenditures:
Current:
General government 1,972,584 1,485,903
Public safety 1,919,233 1.860.349
Public works 790,386 791.968
Parks and recreation 632,389 508,467
Library 228,894 218.175
Debt service 220,816 270.201
Total expenditures 5,764,302 5, 134,963
Excess of revenues over expenditures 616,994 766.212
Other financing sources (uses):
Operating transfers from other funds 232,350
Operating transfers to other funds 156,051) 891,680)
Proceeds of long -term loan from State of Alaska 1,256.503
Net other financing sources (uses) 76,299 364,823
Excess of revenues and other financing
sources over expenditures and other uses 693,293 1,131,035
Fund balance at beginning of year 3,015,077 3,863,553
Residual equity transfers from (to) other funds 7,003 1,979,511)
Fund balance at end of year $ 3.715,373 3,015.077
1
42
1
CITY OF SEWARD
General Fund
statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual
Year Ended June 30, 1997
with Comparative Amounts for 1996
1997
Exhibit F-3
Variance
Favorable 1996
ud et Actual UntawrabW Actual
Revenues:
Taxes:
Property S 476,720 479,062 2342 514.588
Sales 1.732,500 1.734,019 1.519 1.619,606
Pavments in lieu of tax 770,300 729,498 40,802) 193,626
Penalty and interest
Harbor parking
15,000 2,146 12.854) 13,181
28,878
Lodging 101,190 128,188 26,998 53.461
Total taxes 3,095,710 3,072,913 22,797) 2.923.340
Property assessments 20.899 1.871 19,028) 524
Licenses and permits:
building permits 75,000 122,035 47,035 94,416
Taxi permits 1,000 1,070 70 1,540
Department of Motor Vehicles commissions 45,000 54,129 9,129 39,905
Animal control licenses 1,000 995 5) 475
Business licenses
Miscellaneous
18,000
500
21,480
1,255
3,480
755
20,490
3.061
Total licenses and permits 140,500 200,964 60,464 159,887
t
Intergovernmental:
General revenue sharing 128,727 140,002 11.275 139,921
Municipal assistance 134,075 140,323 6,248 145.115
Jail contract 389,909 363,465 26,444) 372,465
Dispatch contract 48,500 48,500 48.500
Police and fire contracts 48,000 48.000 511.000
Rau' fish tax 150,000 301.551 151.551 127.569
Liquor lax 18,500 21,000 2,500 18.550
Amusement tax 500 399 101) 401
Parks and recreation grant 7,000 7,000 7,000
Miscellancous grants 29,629 29,629
Total intergovernmental 925,211 1,099,869 174,658 909.521
Charges for services:
Administrative 881,026 890,890 136) 904.222
Rents and leases 93,269 89,015 4,254) 26025
Copying charges 33,000 33,495 495 34.369
Work orders 50,000 79,026 29,026 84,047
Recreation 341,613 329,723 11,890) 294.565
Library 5,500 8,245 2,745 5,904
Other 85,300 242,460 157.160 216,186
Total charges for services 1,489,708 1,662,854 173,146 1,555.318
Fines and bails 20.000 12,383 7,617) 26.945
Investment income 223.000 280,363 57,363 219.514
Miscellaneous:
Sale of land, equipment and gravel 5,000 7,071 2,071 51,786
Refuse contract 30,000 31,730 1,730 29,951
Other 7,300 11,278 3,978 24,389
Total miscellaneous 42,300 50,079 7,779 106,126
Total revenues 5,957,328 6,381,296 423.968 5,901.175
43
44
1
Exhibit F -3, continued
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual, continued
1997
Variance
Favorable 1996
Budget Actual Unfavorable) Actual
Expenditures:
General government:
Mavor and council:
Salaries 18,000 18,450 450) 18.000
Employee benefits 1,710 1,667 43 1.756
Audit 60,000 60,000 62.000
Legal 120,000 88,781 31,219 120,613
Supplies 24,720 19,343 5,377 27,233
Legislative representation 100,300 96,727 3,573 73.482
General and administrative 73,575 76,181 2,606) 37,635
Capital outlay 10,500
T
7,499 3,001
Total mayor and council 408,805 368,648 40,157 340,719
Cnt` manager:
Salaries 151,084 141,690 9,394 158.826
Employee benefits 49,092 45,196 3,896 49,369
Purchased services 12,580 11,353 1,227 8,434
Supplies and maintenance 6,330 5,695 635 3,757
General and administrative 29,140 28,230 910 23.251
Total city manager 248,226 232,164 16,062 243,637
City clerk:
Salaries 101,955 96,666 5,289 97.166
Employee benefits 35,055 34,640 415 34,499
Purchased services 2,400 1.934 466 3,174
Supplies and maintenance 1,000 680 320 25
General and administrative 10,500 8,040 2,460 11,412
Total city clerk 150,910 141,960 8.050 146,276
Finance:
Salaries 291,435 280,449 10,986 270,664
Employee benefits 112,167 115,937 3,770) 113,578
Purchased services 20,550 8,445 12,105 50,113
Supplies and maintenance 53,020 42,910 10,110 43,017
General and administrative 24,200 19,682 4,518 19,035
Capital outlay 16.000 7,369 8.631 6,784
Total finance 517,372 474,792 42,580 503,191
44
1
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual, continued
1997
I
Expenditures, continued:
General government, continued:
Community development:
Salaries
Employee benefits
Purchased services
Supplies and maintenance
General and administrative
Total community development
General services:
Employee benefits
Purchased services
Supplies and maintenance
General and administrative
Total general services
Contributions to civic organizations:
Joint Conference Center
Providence Seward Medical Center
Senior Citizens
Museum
Chamber of Commerce
Seward High School
Total contributions to civic organizations
Total general government
Public safety:
Police:
Salaries
Employee benefits
Purchased services
Supplies and maintenance
General and administrative
Capital outlay
Total police
Exhibit F -3, continued
Variance
Favorable
Bud yCt Actual (Unfavorable)
85,495 78,594
30,543 31,106
24,628 22,354
5,800 6,082
4,100 3,485
45
150,566 141,621
1996
Actual
6,901 78.267
563) 28.916
2,274 19.649
282) 7,137
2,100 2,100 2,428
143,355 77,266 66,089 57,111
26,700 20,918 5,782 19,985
39,390 96,867 57,477) 33.128
211,545 197,151 14.394 112,652
7,500
50,000 47.500 2,500
351,558 351,558
1,000 1,000 1.000
1,000 1,000 1.000
11,190 11,190
5,000 5,000
419,748 416,248 3,500 2.000
2,107,172 1,972,584 134,588 1.485.903
626,287 616,433 9,854 588,220
238,566 254,856 16,290) 230,213
59,237 72,973 13,736) 48.629
37,525 38,728 1,203) 30.777
22,150 18,544 3,606 19,029
7,500 7,500 4,279
991,265 1,001,534 10,269) 936.147
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual, continued
Expenditures, continued:
Public safety, continued:
Jail:
Salaries
Employee benefits
Purchased services
Supplies and maintenance
General and administrative
Capital outlay
Total jai]
Animal control:
Salaries
Employee benefits
Purchased services
Supplies and maintenance
General and administrative
Total animal control
Fire:
Salaries
Employee benefits
Purchased services
Supplies and maintenance
General and administrative
Capital outlay
Total fire
Volunteer training:
Employee benefits
Purchased services
Supplies and maintenance
General and administrative
Capital outlay
Total volunteer training
46
Exhibit F -3. continued I
19'97
Variance
Favorable 1996
Bud a Actual (Unfiavorabko Actual
S 205,490 199,394 6.096 I87,183
86,715 95,416 8,701) 84,588
28,900 32,888 3,988) 23.807
14,720 11,119 3,601 11,510
53,868 46,497 7,371 62,584
3,750 3,750) 3,250
3` 89.693 389,064 629 372.922
2,787 2,787) 12,212
8,655
43,789 42,584 1,205 21.440
5 5) 1,068
97 97) 421
43,789 45,473 1.684) 43.8015
111,978 108,820 3,158 114,372
48,525 53,658 5,133) 48,097
116,330 104,209 12,121 78,394
27,800 27,260 540 35,259
9,300 8,712 588 9,784
6,160 6,160
320,093 308,819 11,274 285,906
2,244 3,173 929) 2,272
3,936 3,197 739 340
7,197 6,192 L,005 7,337
20,775 20,975 200) 16,010
2,626 2,626
36,778 36,163 615 26,859
i
I
1
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual, continued
1997
F]
Exhibit F -3 continued
Variance
Favorable 1996
Budget ActUal L 1Navorable) Actual
Expenditures, continued:
Public safety, continued:
4,250
Emergency preparedness:
Purchased services
Supplies and maintenance
General and administrative
Total emergency preparedness 6,010
Engineer and utility manager:
Salaries
Employee benefits
58,684
Purchased services
54,301
Supplies and maintenance
General and administrative
17,771
Capital outlay
11,258
Total engineer and utility manager
38,727
Building inspector:
1,886
Salaries
Employee benefits
3,264
Purchased services
3,337
Supplies and maintenance
General and administrative
Total building inspector
Total public safety
F]
Exhibit F -3 continued
Variance
Favorable 1996
Budget ActUal L 1Navorable) Actual
Public works:
Roads and streets:
4,250
Salaries
1,271
Employee benefits
Purchased services
283)
Supplies and maintenance
6,010
General and administrative
Capital outlay
2,650
Total roads and streets
58,684 750)
F]
Exhibit F -3 continued
Variance
Favorable 1996
Budget ActUal L1Navorable) Actual
161 161) 28
4,250 2,979 1,271 2,620
1,760 2,043 283) 2.468
6,010 5,183 827 5,116
2,650
57,934 58,684 750) 54,301
19,089 19,525 436) 17,771
10,900 11,258 358) 38,727
1,400 1,886 486) 1,394
2,550 3,264 714) 3,337
1,500 1,000 500
93,373 95,617 2.244) 115,530
17,512 18,138 626) 16,455
3560 3,701 141) 5,046
3,140 5,471 2,331) 37,343
858 858) 2.105
10,788 9,212 1.576 13,115
35,000 37,380 2.380) 74,064
47
1,916,001 1,919,233 (3,232) 1,860,349
172,901 146,841 26,060 163,400
84,602 62,579 22,023 61,199
156,778 147,356 9.422 152,843
109,187 79,451 29,736 79,510
2,650 1,698 952 3,381
11,000 5,000 6,000
537.119 442,925 94.193 460.333
CITY OF SEWARD
General Fund
Statement of Revenues, Expendtures and Changes in Fund Balance -
Budget and Actual, continued
Expenditures, continued:
Public works, continued:
City shop:
Salaries
Employee benefits
Purchased services
Supplies and maintenance
General and administrative
Total city shop
Municipal building:
Salaries
Employee benefits
Purchased services
Supplies and maintenance
General and administrative
Capital outlay
Total municipal building
Total public works
Parks and recreation;
Salaries
Employee benefits
Purchased services
Supplies and maintenance
General and administrative
Capital outlay
Total parks and recreation
Exhibit F -3, continued
1997
Variance
Favorable 1996
Bu_ diet Actual (Unfavorable) Actual
119,772 95,480 24.292
48,595 53,932 5.337)
37,215 42,544 5,329)
20,548 18,325 2.223
3,100 126 2,974
229,230 210,407 18,823
4,640 19,791
41,153 39,974 1,179
17,460 18,949 1,489)
54,475 54,981 506)
24,550 22,716 1,834
400 434 34)
2.500 2,500
140,538 137,054 3,484
48
906,886 790,386 116,500
83.291 '
51.523
40.363
22.200 '
6
197,383
38,046
18.511
58,229
17,987
379 ',
000
134.152
791,868
306,165 309,687 3522) 265,538
105,880 103,809 2,071 90,959
121,333 121,246 87 54,545
53,388 50.704 2,684 60,429
48,895 44,255 4,640 19,791
6,785 2,688 4.097 17,205
642,446 632,389 10,057 508,467 1
1
11
Exhibit F -3, continued
CITY OF SEWARD
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual, continued
1997
Variance
Favorable
Budd Actual (Unfavorable)
Expenditures, continued:
Library:
1996
Actual
Salaries 106,527 103,686 2,841 96.777
Employee benefits 44,847 467029 1,182) 38,583
Purchased services 17,633 16,053 1,580 16.933
Supplies and maintenance. 43,523 43,359 164 40,070
General and administrative 13,679 10,819 2,860 7,563
Capital outlay 7.860 8,948 1,088) 18,249
Total library 234.069 228,894 5,175 218.175
Residual equity transfers from (to) other funds 7,003
Fund balance at end of year
Debt service:
Principal 100,227 99,187 1,040 139,216
Interest 121,674 121.629 45 130,985
Total debt service 221,901 220,816 1,085 270.201
Total expenditures 6,028,475 5,764,302 264.173 5.134,963
Excess of revenues over (under) expenditures 71,147) 616,994 688,141 766.212
Other financing sources (uses):
Operating transfers from other funds 210,615 232,350
Operating transfers to other ftinds 378,805) 156,051)
Proceeds of long -term loan from State of Alaska
Net other financing sources (uses) 168,190) 76,299
Excess of revenues and other financing sources
over (under) expenditures and other uses $ 239,337 693,293
Fund balance beginningat of year 3,015,077
Residual equity transfers from (to) other funds 7,003
Fund balance at end of year 3,715.373
1
49
21,735 -
222,754 (891,680)
1,256,503
244.489 364,823
932.630 1,131,035
3,863,553
1,979,511)
3,015,077
LI
THIS PAGE LEFT BLANK INTENTIONALLY 1
1
50 1
1
1
1
1
1
SPECIAL REVENUE FUNDS
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.
i
SPECIAL REVENUE FUNDS
1
Special Revenue Funds are used to account for expenditures associated with dedicated or
restricted revenue sources.
Campground Brochure - To account for the federally funded municipal
campground brochure program.
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. Monies are provided by the federal government and the State
of Alaska.
1 51
Litter Control (ALPAR) - To account for the cost of a City -- administered litter
control program. The program employs local youth and is financed by grants
from the non-profit Alaskans for Litter Prevention and Recycling and the Kenai
tPeninsulaBorough.
Two Lakes Park - To account for acquisition of land, survey and development of
1
the park area, including site preparation, picnic tables, and other improvements.
Interpretive Signs - To account for the installation of interpretive signs pertaining
to local history and wildlife along the National Historic Iditarod Bike Trail and
boardwalk.
SBA Tree Planting - To account for the cost of acquiring and planting trees in the
Waterfront Park area.
Prison Library - To account for state prison library grant monies.
Public Library - To account for state public library grant monies.
Police Fund - To account for costs incurred for certain police- related activities
with monies provided by the federal government, State of Alaska and City of
Seward.
DARE Program - To account for monies received and expended related to Drug
Awareness Rehabilitation Education.
Highway Safety Grant - To account for the cost of rescue equipment for the fire
department. Monies are provided by a State grant and the City.
Emergency Shelter Supplies - To account for the purchase of emergency shelter
supplies in conjunction with improvement of the Seward Emergency Preparedness
Plan.
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. Monies are provided by the federal government and the State
of Alaska.
1 51
SPECIAL REVENUE FUNDS, continued 1
Historic Records Preservation Phase ] - To account for the costs of preserving the ICity's historical records. Funding is provided by a State grant and the City.
Historic Records Preservation Phase II - Supplements the prior preservation Igrant.
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 Native Crafts - To account for reno,. ation of the Qutekcak Native
Tribe's business office to provide space for display of original native crafts, as '
well as appropriate flooring, lighting and display cases.
Museum Darkroom - To account for a State grant which is passed through to the '
Resurrection Bay Historical Society to construct a darkroom.
Hospital Critical Care Equipment -- To provide for the acquisition of two pieces of '
emergency service equipment. An electrocardiogram monitor enables physicians
to monitor patients in acute stress situations. A dynamap critical care monitoring
system monitors blood pressure, cardiac rhythm, blood oxygen concentration and '
body core temperature.
Prismatic Surgical Lighting - To account for the cost of prismatic surgical '
lighting. Monies are provided by a State grant.
State Revenue Sharing - To account for the state revenue sharing received by the '
City on behalf of local health care and social service entities. Monies in this fund
are generally passed directly through to the subrecipients. I
52 1
1
I
I
THIS PAGE LEFT BLANK INTENTIONALLY
53
Exhibit G -1
CITY OF SEWARD
Special Revenue Funds
Combining Balance Sheet
June 30, 1997
With Comparative Totals for 1996
Other
Parks and Public General Pass - Totals
A Mck Fi creation Library Safe!y Government Through 1997 1996
Cash and investments 35,793 382 1,203 19,778 5,128 62,284 49,473
Grants receivable:
Federal 462 514 97G
State 604 1,278 6,086 7,968 841
36,859 382 2,481 19,778 11,728 71,228 50,314
Liabilities and Fund Balances
Liabilities:
Accounts payable 382 - 6,600 6,982 822
Due to other funds
313
Deferred revenues 8,146 8,527 2,617 19,290 39,507
Total liabilities 8,146 382 - 8,527 9,217 26,272 40,642
Fund balances - unreserved
and undesignated 28,713 2,481 X251 2 S 11 SSG 9,672
36,859 382 2,481 19,778 11,728 71,228 50,314
1
1
1
1
54
i
CITY OF SEWARD
Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended )rare 30, 1997
With Comparative Totals for 1996
Revenues:
Federal grants
State grants
Miscellaneous
Total revenues
Expenditures:
Salaries
Employee benefits
Supplies
Equipment
Other services and charges
Total expenditures
Excess of revenues aver (under)
expenditures
Other financing sources (uses):
Operating transfers from other finds
Operating transfers to other funds
Net other financing sources (uses)
Excess of revenues and other financing
sources over (under) expenditures
and other uses
Fund balances at beginning of year
Residual equity transfers to other funds
Fund balances at end of year
Exhibit 0-2
Parks and
2,511 37,432
Public
Other
General Pass - Totals
Recreelion Libras+ a5 fety Government Through 1997 1996
565 530 514 1,609 20,614
3,038 14,004 21,739 3,055 140,872 182,708 166,459
3.850
T
3,850 7.439
3.603 14.004 25.589 3,585 141.386 188 67 194.512
3,095 1,651 1,298 3,126 9,170 13,834
379 824 269 598 2,070 2,180
795 400 9,539 13 10,747 3,519
19,042 19,042
112 11,129 5,201 425 101,998 118,865 91,006
4381 14,004 35,349 4,162 101,998 159,894 110,539
778) 9,760} 577) 39,388 28,273 83,973
27,552 8,984 9,500 2,511 48,547 6,396
39,388) 39.388) 86,302}
27,552 8,984 9,500 36,877) 9,159 79,906)
26,774 - (776) 8,923 2,511 37,432 4,067
1,939 - 3,257 4,476 9,672 11,867
2,148) 2,148) 6,262}
S 28,713 - 2,481 11,251 2,511 44,956 9,672
55
Exhibit-9--3
CITY OF SEWARD
parks and Recreation Special Revenue Funds
Combining Balanced Sheet
June 30, 1997
Liabilities and Fund Balances
Liabilities - deferred revenue 4,351 3,500 - - 295 8,146
Fund balances - unreserved
X987 1,432 294 28,713
and undesignated
4,351 3,500 26,987 1,432 589 36,859
56
FY97 Two SBA
Campground Litter Lakes Interpretive Tree -
Assets Brochure Control Park S p!Ettm Totals
Cash and investments 4,351 3,500 26,525 828 589 35,793
Grants receivable: 462
Federal
462
604 604
State
4,351 3 500 26,987 1,432 589 36,,88`
Liabilities and Fund Balances
Liabilities - deferred revenue 4,351 3,500 - - 295 8,146
Fund balances - unreserved
X987 1,432 294 28,713
and undesignated
4,351 3,500 26,987 1,432 589 36,859
56
CITY OF SEWARD
Parks and Recreation Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 1997
Revenues:
Federal grants
State grants
Total revenues
Expenditures:
Salaries
Employee benefits
Supplies
Other services and charges
Total expenditures
Excess of revenues over
under) expenditures
Other financing sources -
operatinb transfers from other funds
Excess of revenues and other
financing sources over (under)
expenditures
Fund balances at beginning of year
Fund balances at end of year
Exhibit G-4
FY96 Two SBA
Litter Lakes interpretive Tree
Control Park Signs Ply Totals
565 565
2,412 604 22
T3,
038
2,412 565 604 22 3,603
2,168 892 35 3,095
244 135 379
795 795
103 9 112
2,412 1,130 795 44 4,381
565) 191) 22) 778)
27,552 27,552
26,987 (191) (22) 26,774
1,623 316 1,939
26,987 1,432 294 28,713
57
CITY OF SEWARD
Prison Library Special Revenue Fund
Balance Sheet
June 30, 1997
Assets
Cash and investments
Liabilities and Fund Bala —age
Liabilities - accounts payable
Fund balance
382
382
Exhibit G -5
w
CITY OF SEWARD
Library Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 1997
Revenues - State grants
Expenditures:
Salaries
Employee benefits
Supplies
Other services and charges
Total expenditures
Excess of revenues over expenditures
Fund balances at beginning of year
Fund balances at end of year
59
Exhibit G -6
Prison Public
Library Library Totals
7,004 7,000 14,004
1,651 1,651
824 824
400 400
44129 7,000 11,129
7,004 7,000 14,004
Exhibit G -7
CITY OF SEWARD
Public Safety Special Revenue Funds
Combining Balance Sheet
June 30, 1997
Emergency
Police Shelter
Assets Fund Supplies Totals
Cash and investments
Grants receivable - State
Fund Bales
Fund balances - unreserved and
undesignated
4
582 621 1,203
1,278 1,278
X582_
1,899 2,481
582 1,899 2,481
i
CITY OF SEWARD
Public Safety Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 1997
Revenues:
State grants
Miscellaneous
Total revenues
Expenditures:
Salaries
Employee benefits
Supplies
Equipment
Other services and charges
Total expenditures
Excess of revenues over (under)
expenditures
Other financing sources -
operating transfers from other funds
Excess of revenues and other
financing sources over (under)
expenditures
Fund balances at beginning of year
Fund balances at end of year
Exhibit G -8
432 - - (1,208) (776)
I50 - - 3,107 3,257
582 - - 1,899 2,481
61
Highway Emergency
Police DARE Safety Shelter
Fund Progrgm Grant SuRalies Totals
15,155 6,584 21,739
3,695 155 3,850
3,695 155 15,155 6,584 25.589
1,298 1,298
269 269
2,380 7,159 9,539
19,042 19,042
4,568 633 5,201
4,568 3,947 19,042 7,792 352349
873) 3,792) 3,887) 1,208) 9,760)
1,305 3,792 3,887 8,984
432 - - (1,208) (776)
I50 - - 3,107 3,257
582 - - 1,899 2,481
61
CITY OF SEWARD
Other General Government Special Revenue Funds
Combining Balance Sheet
June 30, 1997
Assets
Cash and investments
Liabilities and Fund Bal ces
Liabilities - deferred revenue
Fund balances - unreserved and
undesignated
Exhibit G -9
Historic Historic
Records Records Seward
Preservation Preservation Community
Phase I Phase 11 Cemetery_ Totals
5,272 11,232 3,274 19,778
1,739 5,732 1,056 8,527
3,533 5,500 2,218 11,251
5,272 11,232 3,274 19,778
W
Exhibit G -10
Totals
Federal grants 530
CITY OF SEWARD
Other General Government Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 1997
Historic Historic
530
Historic Records Records Seward
626
Preservation Preservation Preservation Community
Plan Phase 1 Phase 11 Cemetery
Revenues:
Exhibit G -10
Totals
Total expenditures 530 2,896 - 736 4,162
Excess of revenues over (under)
expenditures - (467) - (110)
Other financing sources -
operating transfers from other funds - 4,000 _ 5,500 -
Excess of revenues and other financing
sources over (under) expenditures - 3,533 5,500 (110)
Fund balances at beginning of year 2,148 - - 2,328
577)
9,500
8,923
4,476
Residual equity transfer to other fund (2,148) - - - (2,148
Fund balances at end of year $ - 3,533 5,500 2,218 11,251
Federal grants 530 530
State grants 2,429 626 3,055
Total revenues 530 2,429 626 3,585
Expenditures:
Salaries 368 2,230 - 528 3,126
Employee benefits 147 402 - 49 598
Supplies 13 13
Other services and charges 2 264 - 159 4.25.
Total expenditures 530 2,896 - 736 4,162
Excess of revenues over (under)
expenditures - (467) - (110)
Other financing sources -
operating transfers from other funds - 4,000 _ 5,500 -
Excess of revenues and other financing
sources over (under) expenditures - 3,533 5,500 (110)
Fund balances at beginning of year 2,148 - - 2,328
577)
9,500
8,923
4,476
Residual equity transfer to other fund (2,148) - - - (2,148
Fund balances at end of year $ - 3,533 5,500 2,218 11,251
Exhibit G -11
CITY OF SEWARD
Pass - Through Special Revenue Funds
Combining Balance Sheet
June 30, 1997
Liabilities and.Fund Balanc
Liabilities:
Accounts payable 514 61 6,025 - 6,600
Deferred revenue - - - 2,617 2,617
Total liabilities 514 61 6,025 2,617 9,217
Fund balances - unreserved and
undesignated - - - 2,511 2,511
514 61 6,025 5,128 11,728
Qutekcak Hospital Prismatic
Native Museum Critical Care Surgical
Assets Crafts Darkroom Equipment Lighting Totals
Cash and investments 5,128 5,128
Grants receivable:
Federal 514 514
State 61 6,025 6,086
514 61 6,025 5,128 11,728
Liabilities and.Fund Balanc
Liabilities:
Accounts payable 514 61 6,025 - 6,600
Deferred revenue - - - 2,617 2,617
Total liabilities 514 61 6,025 2,617 9,217
Fund balances - unreserved and
undesignated - - - 2,511 2,511
514 61 6,025 5,128 11,728
Exhibit G -12
State
Revenue
5y1}pg Totals
514
133,125 140,872
133,125 141,386
8,261
14,045 14,045
40,304 40,304
39,388 39,388
93,737 101,998
CITY OF SEWARD
65
Pass-Through Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 1997
Qwrjw k Hospital Prismatic
Native Museum Critical Care Surgical
Crafts );awoment L1k136
Revenues:
Federal grants S 514 - - -
State grants 1,722 6,025 -
Total revenues 514 1,722 6,025 -
Expenditures:
Other services and charges 514 1,722 6,025 -
Contributions:
Seward Life Action Council
Wesley Rahabilitation and Care Center
Providence Seward Medical Center
Total expenditures 514 1,722 6,025 -
Excess of revenues over expenditures
Other financing sources (uses):
Exhibit G -12
State
Revenue
5y1}pg Totals
514
133,125 140,872
133,125 141,386
8,261
14,045 14,045
40,304 40,304
39,388 39,388
93,737 101,998
39,388 39,388
Operating transfers from other funds _ - 2,511 - 2,511
Operating transfers to other funds - - - - (39,388 ) 3( 9,388)
Net other fuu=ing sources (uses) _ _ _ 2,511 (39,38f3) 3( 6,877)
Excess of revenues and other financing
sources over expenditures and other uses
Fund balances at beginning of year
2,511
Fund balances at end of year S - - 2,511 - 2,511
65
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66 1
DEBT SERVICE FUND
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.
fl
Exhibit H -1
CITY OF SEWARD
Debt Service Fund
Balance Sheet
June 30, 1997
with Comparative Amounts for 1996
Asses 1997 1996
1
Cash and investments $ 122 284 115,979
Fund R41pce
Fund balance - reserved for debt service $ 122,2$4 1151979
67
CITY OF SEWARD
Debt Service Fund
Statement of Revenues
and Changes in Fund Balance
Year Ended June 30, 1997
with Comparative Amounts for 1996
Revenues - investment income
Fund balance at beginning of year
Residual equity transfers from other funds
Fund balance at end of year
68
1997
6,305
115 979
Exhibit H -2
1996
477
115,502
S 122,284 115,979
i
0
CAPITAL PROJECT FUNDS
The Capital Project 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 Project 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 Project Fund revenue that their requirements
regarding the use of the revenue were fully satisfied.
fl
t
CAPITAL PROJECT FUNDS
Capital Project Funds are established to account for the resources expended to acquire assets of a
relatively permanent nature.
Gateway Subdivision -- To account for the cost of acquiring lots and developing a
park. Monies are provided by a State grant and the City.
Waterfront Improvements - To account for the construction of a waterfront park
within the City of Seward. Monies were provided by a State matching grant.
Bike Path Continuation - To account for the construction of a high school bike
path extension. Monies were provided through a State matching grant.
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. Monies were provided by the General Fund
campground revenues.
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.
Ballfield - To account for the cost of a new community softball field called
Citizens Field." Funding is provided by the City.
Rescue Vehicle - To account for the cost of a custom mobile pumper truck and
rescue truck. Funding is provided by a State grant, City and the Seward
Volunteer Fire Department.
7
I
Police Dispatch - To account for the renovation of police dispatch electrical
wiring and radios to meet compliance requirements of the Americans with
Disability Act. Monies were provided through a State matching grant.
1995 Flood Disaster - To account for grants from the Federal Emergency
Management Agency for the repair and restoration of damaged roads, bridge
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.
1 69
CAPITAL PROJECT FUNDS, continued 1
Seward Association for Advancement of Marine Science - To account for the '
development of the Alaska Sealife Center as a recreation and marine mammal
rehabilitation center and as a center for education and research related to the
natural resources injured by the Exxon Valdez oil spill and to the prevention and '
amelioration of marine spills. Monies are provided primarily by grants from the
federal government, State of Alaska and the Exxon Valdez Oil Spill Trustee
Council. '
Municipal Roof - To account for the replacement of the municipal building roof
with a membrane -type roofing system. '
Capital Acquisition - To account for purchase of equipment not financed by the
Motor Pool Fund and capital improvements and projects of at least $20,000. tFundingisprovidedasavailablefromtheGeneralFund.
Hospital Construction - To account for the cost of constructing the new hospital. '
Funding is provided primarily by the 1996 hospital bond issue for $7.5 million.
Street Paving - To account for the cost of adding additional pavement to various '
City intersections. Funding is provided by a State grant and the City.
Children's Library Renovation - To account for the cost of renovating the '
children's library. Funding is provided by a State grant and the City.
Library Basement Remodel - To account for the cost of remodeling the library '
basement with funding provided by a State grant and the City.
70 1
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71
Exhibit 1 -1
CITY OF SEWA.RD
Capital Project Funds
Combining Balance Sheet
June 30, 1997
with Comparative Totals for 1996
Liabilities and Fund Balances
Liabilities;
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
Fund balances designated for
capital improvements
3,346,901 3,146,901 944,599
27,485 12, 196 39,681
Other
21,980 1,127 - 23,107 592 114
21,980 28,612 3,159,097 3,209,689
Parks and Public General Totals
Assets Recreation Safety Government 1997 1996
Cash and investments 183,728 7,250,865 7,434,593 340,670
Grants receivable - State 29,455 1,799,141 1,828,626 988,745
Other receivables 4,891 4,891 2,496
183,728 29,485 9,054,897 9,268,110 1,331,911
Liabilities and Fund Balances
Liabilities;
Accounts payable
Due to other funds
Deferred revenues
Total liabilities
Fund balances designated for
capital improvements
3,346,901 3,146,901 944,599
27,485 12, 196 39,681 39,750
21,980 1,127 - 23,107 592 114
21,980 28,612 3,159,097 3,209,689 1,043,463
161,748 873 5,895,800 6,058,421 288,448
183,728 29,485 9,054,897 9,268,110 1,331,911
72
i
Exhibit 1-2
MY OF SEWARD
Capital Project Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 1997
with Comparative Totals for 19%
Other
Parks and Public General Totals
ec ti 5a Government iLbraryi971995
t Revenues:
Federal grants S - 69,021 69,021 129,127
State grants 116,649 17,970,136 20,800 18,107,585 7,414,228
Investment income 288,220 288,220
Miscellaneous 6,000 49,820 55,820 14,020
Total revenues 191,670 18,308,176 20,800 18,520,646 7,557,375
Expenditures:
Salaries
Employee benefits
359
175
63,209
197
63,568
372
54,835
8,427
Contracted services 15,000 79,030 206,205 28,614 328,849 81,209
Equipment 102,588 18,134 120,722
t Supplies 1:000 17,325 18,325 48,507
Interest 209,690 209,690
Other services and charges 1,653 5,072 19,741,380 3,020 19,751,125 7,508,172
tTotal expenditures 18,187 204,015 20,238,815 31,634 20,492,651 7,701,150
Excess of revenues
over (under) expenditures 18,187) 12,345) 1,930,639) 10,834) 1,972,005) 143,775)
Other financing sources (uses):
Operating transfers from other funds
Operating transfers to other funds
166,516
5,772)
9,865 99,338
38,803)
10,834 286,553
44,575)
326,824
60,127)
Proceeds from issuance of bonds 7,500,000 7,500,000
Net other financing sources (uses) 160,744 9,865 7,560,535 10,834 7,741,978 266,697
Excess of revenues and other
financing sources over (under)
expenditures and other uses 142,557 2,480) 5,629,896 5,769,973 122,922
Fund balances at beginning of year 19,191 3,353 265,904 288,448 166,453
Residual equity transfers to other funds X927)
Fund balances at end of year S 161,748 873 5,895,800 6,058,421 288,448
Exhibit 1 -3
CITY OF SEWARD
Parks and Recreation Capital Project Funds
Combining Balance Sheet
June 30, 1997
Gateway Bike Path Mini - Service
Assets Subdivisi Cpn ' ua ' Campground Ballfield Totals
Cash and investments 11,840 21,196 692 150,000 183,728
Liabilities and Fund Balances
21,980Liabilities - deferred revenue 11,840 10,140
Fund balances designated for capital
improvements 11,056 692 150,000 161,748
11,840 21,196 692 150,000 183,728
1
1
1
1
1
74
75
14Exhibit
CITY OF SEWARD
Pvrks and Recreation Capital Project Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 1997
Community
Waterfront Bike Path Mini - Service Center
j1RProvemenls Continuation CAparound IImarovements Ballfield Totals
aevenues S - - -
Expenditures:
Salaries 359 359
Employee benefits 175 175
Contracted services 15,000 15,000
Supplies 1,000 1,000
Other services and charges 1,653 1,653_
Total expenditures 18,187 18,187
Excess of revenues
over (under) expenditures 18,187) 18 187
Other financing sources (uses):
1 Operating transfers from other funds 16,516 150,000 166,516
Operating transfers to other funds 5,772) 5,772)
Net other financing sources (uses) 16,516_ - - 5,772) 150,00.0 160,744
Excess of revenues and other
financing Sources over (under)
expenditures and other uses 16,516 - - 23,959) 150,000 142,557
Fund balances (deficit) at beginning of year 16,516) 11,056 692 232959 19,191
Fund balances at end of year S - 11,056 692 150,000 161,748
75
Exhibit 1 -5
CITY OF SEWARD
Public Safety Capital Project Funds
Combining Balance Sheet
June 30, 1997
1995
Police Flood
Assets Dispatc h DksasteC iolt-Al§
Grants receivable - State $ 1,031 28,454 29,485
Liabilities and Fund Balance,
1
Liabilities: _
Due to other funds 158 27,327 27,485
Deferred revenue - 1,127 1,127
Total liabilities 158 28,454 28,612
Fund balances designatedgrated for capital
improvements 873 873
1,031 28,454 29,485
1
1
1
1
76
1
Exhibit 1 -6
Excess of revenues
over (under) expenditures (9,865) (2,480)
Other financing sources -
operating transfers from other funds 9,865 -
Excess of revenues and other
financing sources over (under)
expenditures - 2,480)
Fund balances at beginning of year - 3,353
12,345)
9,865.
2,480)
3,353
Fund balances at end of year $ - 873 - 873
1
77
1
CITY OF SEWARD
Public Safety Capital Project Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 1997
1995
Rescue Police Flood
Vehicle Dispatch Disaster Totals
Revenues:
Federal grants 69,021 69,021
State grants 91,289 2-353 23,007 116,649
Miscellaneous 6,000 6,000
Total revenues 97,289 2,353 92,028 191,670
1
Expenditures:
Contracted services 1,630 77,400 79,030
Equipment 102,588 102,588
Supplies 2,697 14,628 17,325
Other services and charges 4,566 506 5,072
Total expenditures 107,154 4,833 92,028 204,015
Excess of revenues
over (under) expenditures (9,865) (2,480)
Other financing sources -
operating transfers from other funds 9,865 -
Excess of revenues and other
financing sources over (under)
expenditures - 2,480)
Fund balances at beginning of year - 3,353
12,345)
9,865.
2,480)
3,353
Fund balances at end of year $ - 873 - 873
1
77
1
Exhibit 1 -7
CITY OF SEWARD
Other General Government Capital Project Funds
Combining Balance Sheet
June 30, 1997
Seward
Association
for
Advancetrient
of Marine Capital Hospital Street
Ass s Science Acquisition Construction Paving Totals
Cash and investments $ - 255,865 6,993,899 1,101 7,250,865
Grants receivable - State 1,799,141 1,799,141
Other receivables _. 4,891 4,891
1,804,032 255,865 6,993,899 1,101 9,054,897
Liabilities and Fund Balances
Liabilities:
Accounts payable 1,791,836 - 1,355,065 - 3,146,901
Due to other funds 122196 - - - 12,196
Total liabilities 1,804,032 - 1,355,065 - 3,159,097
Fund balances designated for capital
improvements - 255,865 5,638,834 1,101 5,895,800
1,804,032 255,865 6,993,899 1,101 9,054,897
78
I
i
i
i
r
i
i
CITY OF SEWARD
Other General Government Capital Pro)ect Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 1997
Revenues:
State grants
Investment income
Miscellaneous
fatal revenues
Expenditures:
Salaries
Employee benefits
Contracted services
Equipment
Interest
Other services and charges
total expenditures
Excess of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers from other funds
Operating transfers to other funds
Proceeds from issuance of bonds
Net other financing sources (uses)
Excess of revenues and other
financing sources over (under)
expenditures and other uses
Fund balances at beginning of year
Fund balances at end of year
ExWbit I -R
Seward
Association
for
Advancement
of Marine Municipal Capital Hospital Street
Scienc e $oaO Acquisition CanstruoUon Pavir g Total,,
S I7,960,421 - - - 9,715 17,970, 136
10,235 277,985 - 288,220
49,820 _ _ -
49,820
18,010,241 10,235 277,985 9,7I5 18,308,176
62,250 - 959 - 63,209
197 - 197
195,705 10,500 206,205
18,134 - - 18,I34
209,690 - 209,690
8.010.241 - I.73.0.089 1,050 19,741,380
18,010,241 62,250 18,134 2,136,640 11,550 20,238,815
62,250) (7,899) (1,858,655) (1,835) (1,930,639)
62,250 34,152 - 2,936 99,338
36,292) (2,511) - (38,803)
7,500,000 - 7,500,000
621250 (2,140) 7,497,489 2,936 7,560,535
10,039) 5,638,834 1,101 5,629,896
265,904 - - 265,904
2555 5,638,834 1,101 5,895,800
79
Revenues - State grants
Expenditures:
Contracted services
Other services and charges
Total expenditures
Excess of revenues
over (under) expenditures
Other financing sources -
operating transfers from other funds
Excess of revenues and other
financing sources over expenditures
Fund balances at beginning of year
Fund balances at end of year
80
10,400 X800
Exhibit 1 -9
CITY OF SEWARD
Library Capital Project Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended ,tune 30, 1997
16,137
Children's Library
Library Basement
5,737)
Renovation Remodel Totals
1
Revenues - State grants
Expenditures:
Contracted services
Other services and charges
Total expenditures
Excess of revenues
over (under) expenditures
Other financing sources -
operating transfers from other funds
Excess of revenues and other
financing sources over expenditures
Fund balances at beginning of year
Fund balances at end of year
80
10,400 10,400 X800
14,598 14,016 28,614
1,539 1,481 3,020
16,137 1 5,497 31 ,634
5,737) 5,097) 10,834)
5,737 5,097 10,834
1
7
L
ENTERPRISE FUNDS
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
1
1
ENTERPRISE FUNDS
Enterprise Funds are established to account for the financing of self - supporting activities of
governmental units, which render services to the general public on a user- charge basis.
Enterprise Funds are maintained on the accrual basis of accounting.
Electric - To account for the provision of electrical service to the residents of the
City and other areas within the electric service area.
Water and Sewer - To account for the provision of water and sewer services to
the residents of the City.
Harbor -- To account for the provision of harbor and marine services to the public
on Resurrection Bay.
Seward General Hospital - To account for the provision of medical services to the
area surrounding Seward.
Parking Revenue - To account for the provision of public parking services.
I
Current assets;
Cash and investments
Receivables:
Accounts
Grants
Other
Less allowance for doubtful receivables
Net accounts receivable
lnventory
Due from other fiatds
Advances to other funds - current portion
Total current assets
Restricted assets:
Cash and investments restricted for
bond retirement
Assessments receivable
Total restricted assets
CITY OF SEWARD
Enterprise Funds
Combining Balance Sheet
June 30, 1997
with Comparative Totals for 1996
Water
Electric and Sewer
S 2,335,622 714,282
Exhibit J -1
1
Parking Totals 1
Hafkmr g_e 1997 1996
200 - 3 050,104 2,186,504 '
Property, plant and equipment'
613,673 138,016 274,640 13,239 1,039,568 1,773,781
110,614,902
31,724,698)
14,556 14,556 134,940
78,890,2(14
18,279 4,112 22,391 23,185
4,074,365
42,957) 9,661} 40,98 93,603) 295,502)
588,995 132,467 248,211 13,239 982,912 1,636,404
538,346 39,063 577,429 688,463
244,310
338,611
24,950
19521 18,521 17,402
29,287,974
3,481,484 885,832 248,411 13,239 4,628,966 4,867,384
307,205 307,205 307,205
9,282 9,282 11,442
316,487 316,487 318,647
Property, plant and equipment'
Property, plant and equipment in service
Less accumulated depreciation
35,380,566
13,422,240)
14,702,532
5,558,222)
59,967,326
14,685,389)
110,050,424
33{ ,665x851
110,614,902
31,724,698)
Net property, plant and equipment in service 21,958,326 9,144,310 45,281,937 76,384,573 78,890,2(14
Construction in progress 3,465,552 4,851 352,894 3,8232297 4,074,365
Total property, plant and equipment 25,423,878 9,149,161 45,634,831 80,207,870 82,964,569
Advances to other funds, excluding current portion 19,712 19,712 38,233
loan receivable - Alaska Railroad Corporation 244,310 244,310 278,000
Deferred charges 46,413 24,950 71,363 79,433
29,287,974 10,034,993 46,152,502 13,239 85,488,708 88,546,266
82
1
CITY OF SEWARD
Enterprise Funds
Combining Balance Sheet, continued
mobilities end Fund EM
Current liabilities;
Accounts payable
Current portion of bonds payable
Current portion of notes payable
Current portion of capital lease obligations
Payable to Providence Alaska Medical Center
Customer deposits
Accrued annual leave
Accrued interest
Other accrued liabilities
Due to other funds
Advances from other funds - current portion
Estimated third -party payor settlements
Deferred revenue
Deferred pension credit
Total current liabilities
Deferred revenue - Alaska Railroad Corporation
loan receivable
Long -term debt, excluding current portran:
Bonds pavable
Less unamonixed deferred amount on refunding
Notes payable
Capital lease obligations
Advances from other funds
Total long -term debt
Total liabilities
Exhibit 1 -l. continued
Fund equity,
Contributed capital
Water
11,577,069
Parking Totals
87,274,645
Etc_ and
5,3( 91,068 -}
Harbg Rgocnue 1997 1996
191,998 98,751 29,204 319,953 536,453
570,000 119,408 689,408 599,173
35,960
41,658,651
35,960 36,059
55,000 55,000 200,367
965,296
129,832 129,832 174,997
45,575 121504 48,248 106,327 118,542
62,603 21,877 84,480 93,596
11,078 29,230 25,848 66,156 248,767
1,857,518 2,038 1,859,556 1,552,877
18,521 18,521 17,402
36,336
51,845 51,845 112,348
243,497
1,O1i,086 176445 2,227,469 2 038 3,417,038 _ 4,935,710
244,310 244310 279,942
7,000,000 1,572,885 8,572,885 9,262,292
216,919) 165,525) 382,444) 424,607)
830,945 830,945 905,765
595,000 595,000 650,000
19,712 19,712 38,233
6,783,081 830,945 2,022,072 9,636,098 10,431,683
72794,167 17,390 4,493,851 2,038 13,297,446 15,647,335
Fund equity,
Contributed capital 22,616,930 11,577,069 53,432,179 87,626,178 87,274,645
Less accumulated amortisation 5,3( 91,068 -} 5( 001,881) 12,644,539 523,037,488) 520,794,5201
Net contributed capital 17,225,862 6,575,188 40,787,640 64,588,690 66,480,125
Retained earnings - unreserved 4,267,945 2,452,415 871,011 _ 11,201 7,602,572 6.418,806
Total fund equity 21,493,807 9,027,603 41,658,651 11,201 72,191,262 72,898,931
29,287,974 10,034,993 46,152,502 13,239 85!48^ 8,708 88,266
83
CITY OF SEWARD
Enterprise Funds
Combining Statement of Revenues,
Expenses and Changes in Retained Earnings
Year Ended June 30, 1997
with Comparative Totals for 1996
Operating revenues
Operating expenses
Earnings from operations before depreciation
Depreciation
Earnings (loss) from operations
Nonoperating revenues (expenses):
Loss on disposal of fixed assets
Investment income
Interest expense
Other revenues
Other expenses
Net nonoperating revenues (expenses)
Earnings (loss) before operating
transfers and extraordinary item
Operating transfers:
From other funds
To other funds
Net operating transfers
Earnings (loss) before
extraordinary item
Lass on dissolution of Seward General Hospital
Net earnings (loss)
Amortization of contributed capatial
Increase (decrease) in retained earnings
Retained earnings at beginning of year
Residual equity transfers:
From other funds
To other funds
Retained earnings at end of year
Exhibit J -2 '
1
94
1
Water Parking Totals IElectricandSewerHarboiev1997
S 5,844,919 1,339,199 1,903,068 29,851 9,117,037 11,545,504
4,074,760 946,570 1,426,703 12,238 6,4271 10,050,625
1,770,159 392,629 476,365 17,613 2,656,766 1,494,879
1,119,181 402,771 1,273,627 2,795,579 2,721,591
650,978 10,142) 797,262) 17,613 138,813) 1,226,712)
42,269) 42,269) 95,492)
110,780 30,462 14,336 155,578 2(A,571
455,280) 38,206) 255,635) 453) 749,574) 805,433)
41,090 48,078 89,168 98,113
50,866) 50,86) 71)
303,410) 50,013 244,0 453) 597,963 606,312
347,568 60,155) 1,041,349) 17,160 736,776) 1,833,024)
704,889
18{ 0,381) 137,190 3( 17,571)
18( 0.381) 1 37,190) 317,571 714,889
167,187 60,155) 1,178,539) 17,160 1,054,347) 1,128,135)
2,237,5
167,187 60,155) 1,178,539) 17,160 1,054,347) 3,365,717)
785,384 372,913 1,084,671 2,242,968 1,899,936
952,571 312,758 93,868) 17,160 1,188,621 1,465,781)
3,315,374 2,139,657 969,734 5,959) 6,418,806 6,084,188
2,034,864
4,855 4,855) 2( 34,465)
S 4,267,945 2,452,415 871,011 11,201 7,602,572 6,418,806
1
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THIS PAGE LEFT BLANK INTENTIONALLY
85
Cash (lows from operating activities:
Earning% (loss) from operations
Adjustments to reconcile eamings (loss) from
operations to net cash flows from operating
activities:
Depreciation
Other nonoperating revenues (expenses)
lncreasc (decrease) in allowance for
doubtful receivables
Amortization of deferred items
Increase) decrease in assets:
Receivables
Asscsmcnts receivable
Inventory
Due from other funds
Other assets
Increase (decrease) in liabilities:
Accounts payable
customer deposits
Accrued annual leave
Othee accrued liabilities
uc to other funds
llclerred revenue
Thud party payor settlements
Net cash flows fiom operating activities
Cash flows from noncapital financing activities:
Operating transfers from other funds
Operating transfers to other funds
Residual equity transfers from other funds
Residual equity transfers to other funds
Decrease in advances to other funds
Decrease in advances from other funds
Interest on central treasury borrowings
Net cash flows from noneapital
financing activities
ciTY OF SEWARD
Enterprise Funds
Combining Statement of Cash Flows
Year Ended June 30, 1997
with Comparative Totals for 1996
Seward
Water (General Parking
Eig}dc and Sewe r os 'tat Revenve
S 650,978 (10,142) (797,262) -
1,119,181 402,771 1,273,627 -
40,000 (2,788)
221 -61 (52,825)
Y
26,567) 87,479 113,804
2,160
30,594) 4,274
22,753 75,447 4,771) (193,361)
45,165)
163) 1,778 13,830)
611 239) 23,594)
6,320
311,651 -
Y
26,320)
92,692) :
1,733,415 561 A29 711.320 19( 3,361)
180,381) (137,190) -
4,855)
17,402 - - -
17,402)
90.4 10
1162,979) 249,857
86
Exhibit J -3 ,
1
1
Totals '
1997 1996
17,613 (138,813) (1226,712) ,
2,795,579 2,721,591
37,212 96,565
52.543) 42,209
16,800)
11,709) 163,007 264.865
2,160 6,320
26,320) 41,823)
338,611)
7,390
479) 100,411) 202,060)
45,165)
12,215)
29,911
8.579)'
23.222) 37.115
4,972) 306,679 22,651)
92,692) 2,226
41,307
453 2,813256 1.392 263
704.889
317,571)
778,360
4,855) 234.465)
17,402 19,980
17,402) 19,980)
453) 90,863) 75,505)
453) 413,289) 1,17379
1
Exhibit ]-3, continued
CITY OF SEWARD
Enterprise Funds
Combining Statement of Cash Flows, continued
Seward
Water General Parking Totals
Electric and Sew Harbor Hosy 'ta Revenue &97 1996
Cash flows from capital and related financing activities:
Principal payments on long -term debt 488,000) 74,919) 161,172) - 724,091) 744,424)
Interest payments on long -term debt 428,863) 38,206) 150,525) - 617,594) 714,150)
Acquisition of property, plant and equipment 266,408) 74,783) 391,939) - 733,130) 5,118,848)
Disposal of property, plant and equipment 11.112
Note payable to State of Alaska i 17,016
Contributed capital 157,386 194,147 - 351,533 1,480,893
Deferred revenue 3,443) 3,443) 65,712)
Penalties and interest on special assessments 1,090 1,090 1,548
Net cash flows from capital
and related financing activities 10( 28,238} I8( 7,908) 5f09,489) - 1,725,635) 5 1( 32.565)
Cash flows from investing activities:
Receipts on loan to Alaska Railroad Corporation 33,690 - 33,690 45,000
Investment income received 110,780 30,462 14,336 - 155.578 204,571
Not cash flows from investing activities 110,780 30,462 48,026 - 189,268 249,571
Net increase (decrease) in cash and investments 652,978 403.983 193,361) 863,600 2.317,452 )
Cash and investments at beginning of year 1,989,849 310,299 200 193,361 2,493,709 4,811,161
Cash and investments at end of year S 2,642,827 714,282 200 - 3,357,309 2.493,709
Noncash investing, capital and financing activities
Loss on dissolution of Seward General Hospital S - 2,2( 37,582
Transfer of fixed assets fiom the General Fixed
Assets Account Group S - 81,630
Reconciliation of cash and investments to balance sheet:
Cash and investments:
Current assets 2,335,622 714,282 200 3,050.104 2. 186,504
Restricted assets 307.205 307,205 307,205
S 27 714,282 200 3,357,309 2,493,709
CITY OF SEWARD
Electric Enterprise Fund
Balance Sheet
June 30,1997
with Comparative Amounts for 1996
Assets
Current assets:
Cash and investments
Receivables:
Accounts
Other
Less allowance for doubtfid receivables
Net receivables
Inventory
Advances to other funds - current portion
Total current assets
Restricted assets:
Cash and investments restricted for bond
retirement
Assessments receivable:
Current
Delinquent
Deferred
Total assessments receivable
Total restricted assets
Property, plant and equipment:
Property, plant and equipment in service
Less accumulated depreciation
Net property, plant and equipment in service
Construction in progress
Total property, plant and equipment
Advances to other funds, excluding current portion
Deferred charges - unamortized debt issuance costs
88
Exhibit J4
L
1997 1996
22335L622622 1f 682 644
316,487 318,647
613,673 582,200
18,279 23,185
42,957) 42,736
588,995 562,649
25,423,878 26,276,651
538,346 507,752
18,521 17,402
3,481,484 2,770,447
307,205 307 205
1,316
244 168
9,038 9,958
92282 11,442
316,487 318,647
35,380,566 35,008,796
13,422,240) 12160,094
21,958,326 22,848,702
31465,552 3,427,949
25,423,878 26,276,651
19,712 38,233
46,413 52,215
29,287,974 29,456,193
Exhibit J-4_ continued
CITY OF SEWARD
Electric Enterprise Fwid
Balance Sheet, continued
Liabilities and Fund Eauity 1997 1996
Current liabilities:
Accounts payable
Current portion of bands payable
191,998
570,000
169,245
488,000
Customer deposits 129,832 174,997
Accrued annual leave 45,575 45,738
Accrued interest 62,603 69,103
Other accrued liabilities 11,078 10,467
Deferred revenue
Total current liabilities 1,011,086
3,443
960,993
Long -term debt - bonds payable, excluding
current portion 7,000,000 7,570,000
Less unamortized deferred amount on refunding 216 919) 2( 44,034)
Net long -term debt 6,783,081 7,325,966
Total liabilities 7,794,167 8,286,959
Fund equity: q tY :
Contributed capital 22,616,930 22,459,544
Less accumulated amortization G 5 391 068) 4,605,684)
Net contributed capital _ 17,225,862 17,853,860
Retained earnings - unreserved 31 ?' 1 w `' '
ll`
r
1
4,267,945
21,493,807
3,315,374 .
Total fund equity ' ( 21,169,234n, ]
Jr
r.; fc _ :: Z 2, ' a u 29,287,974 29,456,193
89
CITY OF SEWARD
Electric Enterprise Fund
Statement of Revenues, Expenses
and Changes in Retained Earnings
Year Ended June 30, 1997
with Comparative Amounts for 1996
Operating revenues:
Residential
Small general service
Large general service
Industrial
Harbor power
Street and yard lights
Miscellaneous
Total operating revenues
Operating expenses:
Power
Distribution
Administration and general
Total operating expenses
Earnings from operations before depreciation
Depreciation
Earnings from operations
Nonopenat4 revenues (expenses):
Loss on disposal of fixed assets
Investment income
Interest expense
Penalties and interest on assessments
Other revenues (expenses)
Net nonoperating revenues (expenses)
Earnings before operating transfers
Operating transfers to other funds
Net earnings
Amortization of contributed capital
Increase in retained earnings
Retained earnings at beginning of year
Residual equity transfers to other funds
Retained earnings at end of year
90
ENhibit J -5
1997` 1996
1,744,925 1,584,908
1,316,444 1,253,374
1,962,003 1,923,211
420,067 483,862
112,410 112,566
65,793 64,588
223,277 255,552
5,844,919 5,678,061
2,269,952 2,276,525
347,675 276,829
1,457 133 1,522,831
4,074,760 4,076,185
1,770,159 1,601,876
1,119,181 938,452
650,978 663,424
50,113)
110,780 152,842
455,280) 472,602)
1,090 1,548
40,000 5,843
303,410 374,128
347,568 289,296
180,3 -81)
167,187 289,296
785,384 465,356
952,571 754,652
3,315,374 2,775,224
214,502)
4,267,945 3,315,374
1
1
1
1
1
1
Exhibit J -6
CITY OF SEWARD
Electric Enterprise Fund
statement of Cash Flows
Year Ended June 30, 1997
with Comparative Amounts for 1996
1997 . 1996
Cash flows from operating activities:
S 650,978 663,424
Earnings from operations
Adjustments to reconcile earnings from operations to net
cash flows from operating activities:
1,1 L $1 938,452
Depreciation
4019,
Other nonoperating revenues
000000
221 lIncreaseinallowancefordoubtfulreceivables
increase) decrease in assets:
085
26,567) 152,880
Receivables
Assessments receivable
16Q 6,
Inventory
300,594) 1154,9911)
Increase (decrease) in liabilities:
Accounts payable
22,753 11,376)
Customer deposits 45,165) 62,
Accrued annual leave 163} 8,2211 2)
Other accrued liabilities 611 497
Net cash flows from operating activities 1,733,415 1,750,102
Cash flows from noncapital financing activities:
Residual equity transfers to other funds
214.502)
operating transfers to other funds 1,
1]ecrease in advances to other funds 1717,440202 19,980
Net cash flows from noncapital financing activities 1( 62,979) 194,522)
Cash flows from capital and related financing activities:
Principal payments on long -term debt 488,000) 461,000)
Interest payments on long -term debt 428,863) 461,998)
Acquisition of property, plant and equipment
266,408) 4,456,334)
Contributed capital
157,386 961,020,06
Deferred revenue
3,443) 65,712)
Penalties and interest on special assessments 1,090 1,548
Net cash flows from capital and related financing activities 1,0 28,238) 4,4 23,300)
Cash flows from investing activities - investment income received 110,780 152,842
Net increase; (decrease) in cash and investments 652,978 2,714,878)
Cash and investments at beginning of year 1,989,849 4,704,727
Cash and investments at end of year 2,642,827 1,989,849
Reconciliation of cash and investments to balance sheet:
Cash and investments:
2 I,b82,644
Current assets
Restricted assets
335,622
347,205 307,205
2,642,827 1,989,849
91
CITY OF SEWARD
Electric Enterprise Fund
Schedule of Electric Capital Projects
Year Ended June 30, 1997
Funding sources - Electric funds
Expenditures:
Salaries
Employee benefits
Contracted services
Equipment
Other
Total expenditures
TT_ Line
37,603
41
23
27,092
7,000
3,447
37,603
Exhibit 3 -7
r
i
i
CITY OF SEWARD
Water and Sewer Enterprise Fund
Balance Sheet
June 30, 1997
with Comparative Amounts for 1996
Assets
1
Liabilities and Fund Egg6
Current liabilities:
Accounts payable
Current portion of notes payable
Accrued annual leave
Other accrued liabilities
Total current liabilities
Long -teem debt - notes payable, excluding current portion
Total liabilities
Inventory
Current assets:
Total current assets
Cash and investments
Receivables:
Property, plant and equipment in service
Accounts
Less accumulated depreciation
Net property, plant and equipment in service
Grant
Construction in progress
Other
Total property, plant and equipment
Less allowance for &ubtful receivables
Net rec eivably;
1
Liabilities and Fund Egg6
Current liabilities:
Accounts payable
Current portion of notes payable
Accrued annual leave
Other accrued liabilities
Total current liabilities
Long -teem debt - notes payable, excluding current portion
Total liabilities
Inventory
5,001,881)
Total current assets
6,575,188
Property, plant and equipment:
2,452,415
Property, plant and equipment in service
Less accumulated depreciation
Net property, plant and equipment in service
Construction in progress
t
Total property, plant and equipment
1
Liabilities and Fund Egg6
Current liabilities:
Accounts payable
Current portion of notes payable
Accrued annual leave
Other accrued liabilities
Total current liabilities
Long -teem debt - notes payable, excluding current portion
Total liabilities
11,577,069
5,001,881)
Fund equity:
6,575,188
Contributed capital
2,452,415 2,139,657
Less accumulated amortization
9,087,758
Net contributed capital
t
Retained earnings - unreserved
Total find equity
93
Exhibit J -8
1997 1296
s 714,282 310,299
1 38,016 137,146
92,400
4,112
9,661) 9,600
132,467 219,946
7-` 39,083 43,357
885,832 573,602
14,702,532 14,730,204
5,5 (5,210,725)
9,144,310 9,519,479
4,851 -
9,149,161 9,519,479
S 10,034,993 10,093,081r
98,751 23,304
35,960 36,059
Z ; 12,504 10,726
29,230 29,469
176,445 99,558
Lc 830,945 905,765
1,007,390 1,005,323
11,577,069 11,577,069
5,001,881) 4,628,968)
6,575,188 6,948,101
2,452,415 2,139,657
9,027,603 9,087,758
10,034,993 10,093,081
CITY OF SEWARD
Water and Sewer Enterprise Fund
Statement of Revenues, Expenses
and Changes in Retained Earnings
Year Ended June 30, 1997
with Comparative Amounts for 1996
Operating revenues:
Residential
Small general service
Large general service
Industrial
Seward Marine Industrial Center
Ship water sales
Miscellaneous
Total operating revenues
Operating expenses:
Distribution
Supplies and maintenance
Administration and general
Total operating expenses
Earnings from operations before depreciation
Depreciation
Loss from operations
Nonoperating revenues (expenses):
Loss on disposal of assets
Investment income
Interest expense
Other revenues
Net nonoperating revenues (expenses)
Net loss
Amortization of contributed capital
Increase in retained earnings
Retained earnings at beginning of year
Retained earnings at end of year
Exhibit J -9
1997 1996
S 567,832 551.863
118,423 124,212
273,494 235,965
110,511 128,247
120,283 105,101
39,330 72,261
109,326 72,213
1,339,199 1,289.862
y 0'
94
425,302 360,297
67,478 62,263
453,790 471,791
946,570 894,351
392,629 395,511
402,771 406,778
10,142) (11,267?
42,269) 23,496)
30,462 18,990
38,206) 72,510)
4,140
50,013 72,876}
60,155) (84,143)
372,913 372,909
312,758 288,766
2,139,657 1,850,891
2,452,415 2,139,657
CITY OF SEWARD
Water and Sewer Enterprise Fund
Statement of Cash Flows
Year Ended June 30, 1997
with Comparative Amounts for 1996
Cash flows from operating activities:
Loss from operations
Adjustments to reconcile loss from operations
to net cash flows from operating activities:
Depreciation
Increase in allowance for doubtful receivables
Other nonoperating revenues
Increase) decrease in assets:
Receivables
Inventory
Increase (decrease) in liabilities:
Accounts payable
Accrued annual leave
Other accrued liabilities
Net cash flows from operating activities
Cash flows from capital and related financing activities:
Principal payments on long -term debt
Interest payments on long -term debt
Acquisition of property, plant and equipment
Note payable to State of Alaska
Net cash flows from capital and related financing activities
Cash flows from investing activities - investment income received
Net increase in cash and investments
Cash and investments at beginning of year
Cash and investments at end of year
95
Exhibit J -10
1997 1996
10,142) (11,267)
402,771 406,778
61 -
4,140
87,479 35,261
4,274 (2,579)
75,447 37,724)
1,778 1,107)
239 558
561,429 394,060
74,919) (110,000)
38,206) (84,423)
74,783) -
17,016
Q87,908) 177,407
30,462 18,990
403,983 235,643
310,299 74,656
714,282 310, 299
Exhibit 3 -1.1 '
CITY OF SEWARD
Harbor Enterprise Find
Balance Sheet
June 30, 1997
with Comparative Amoutrts for 1996
1997 1996
Current assets:
Cash and investments S 200 200
Receivables:
Accounts 274,640 360,460
Grants 14,556 42,540
Less allowance for doubtful receivables 40,985) 93 ,810}
Net receivables 248,211 309,190
Total current assets 248,411 309,390
Property, plant and equipment:
Property, plant and equipment in service 59,967,326 59,293,260
Less accumulated depreciation 14,685;389) 13,423,157)
Net property, plant and equipment in service 45,281,937 45,870,103
Construction in progress 352,894 646,416
Total property, plant and equipment 45,634,831 46,516,519
Loan receivable - Alaska Railroad Corporation 244,310 278,000
Deferred charges - bond issue costs 24,950 27,218
S 46,152.502 47,131.127
LiebiWes and Fund Ewu y
Current liabilities:
Accounts payable 29,204 33,975
Current portion of bonds payable 119,408 111,173
Current portion of capital lease obligations 55,000 50,000
Accrued amual leave 48,248 62,078
Accrucd interest 21,877 24,493
CMcr accrued liabilities 25,849 49,442
Due to other funds 1,857.518 045,867
Advances from other funds - current portion 18,521 17,402
Deferred revenue 51,945 108,905
Total current liabilities 2,227,469 2,003,335
Wiwed revenue - Alaska Railroad Corporation loan receivable 244,310 279,942
Long -term debt, excluding current portion:
Bonds payable 1,572,885 1,692,292
Less unamortized deferrcd amount on refunding 165,525) 180,573)
Capital lease obligations 595,000 650,000
Advances from other funds 19,712 38,233
Total long -term debt 2,022,072 2,199,952 t
Total liabilities
4,493,851 4,483,229
Fund equity:
Contributed capital 53,432,179 53,238,032
Less accumulated amortization 12,644,539) 11,559,868)
Net contributed capital 40,787,640 41,678,164
Retained earnings - unreserved 871,011 969,734
Total fund equity r} 41,658,651 42,647,898
S 46,152,502 47,131,127
96
1
1
CITY OF SEWARD
Harbor Enterprise Fund
Statement of Revenues, Expenses
and Changes in Retained Earnings
Year Ended Jute 30, 1997
with Comparative Amounts for 1996
Operating revenues:
Moorage
Wharfage
Boat Iift fees
Power sales
Storage
Rental and leases
Miscellaneous
Total operating revenues
Operating expenses:
Salaries
Employee benefits
Supplies and maintenance
Administration and general
Total operating expenses
Earnings from operations before depreciation
Depreciation
Loss from operations
Nonoperating revenues (expenses);
Loss on disposal of assets
Investment income
Interest expense
Other revenues
Other expenses
Net nonoperating revenues (expenses)
Loss before operating transfers
Operating transfers to other funds
u L
t
97
Net loss
Amortization of contributed capital
Decrease in retained earnings
Retained earnings at beginning of year
Residual equity transfers to other funds d a
Retained earnings at end of year
r
r 1
L1
2
Exhibit 7 -12
1927 L996
S 930,239 898,065
136,512 152,018
202,374 176,769
164,044 154,735
64,160 59,298
326,380 319,016
79,,359 711683
1,903,068 31,584
377,598 404,1182
168,493 176,398
171,635 210,250
7^ _ 08,977 _ 758,549
426,703 1,549279
476,365 282,305
I 73 627 1,253,324
797 62 (971,019
2103)
14,336 31,285
255,635) 250,980)
48,078 87,192
50 866 2,268)
211..087 156,654
1,041,349) 1,127,673)
137 190
1,178,539) 1,127,673)
1,084,671 1,061,671
93,868) 66,002)
969,734 1,055,699
4,855 L9,963)
4 S 871,011 969,734
Net increase in cash and investments
Cash and investments at beginning of year 200 200
Cash and investments at end of year S 200 200 '
Noncash investing, capital and financing activities - '
transfer of fixed assets from the General Fixed Assets
Account Group $ _ 91,630
1
98
1
Exhibit J -13
CITY OF SEWARD
Harbor Enterprise Fund
Statement of Cash Flows
Year ,Ended June 30, 1997
with Comparative Amounts for 1996
1997 1996
Cash flows from operating activities:
Loss from operations S (797,262) 971,019)
Adjustments to reconcile loss from operations to net cash
flows from operating activities:
Depreciation 1,273,627 1,253,324
Increase (decrease) in allowance for doubtful receivables 52,825) 59,293
other nonoperating revenues (expense) 2,788) 87,192
increase) decrease in assets - receivables 113,804 82,558)
Increase (decrease) in liabilities:
Accounts payable 4,771) 2,386
Customer deposits 33,026)
Accrued annual leave 13,830) 740
Other accrued liabilities 23,594) 22,949
Due to other funds 311,651 149,339
Deferred revenue 92,69, 2,226
Net cash flows from operating activities 711,320 490,846
Cash flows from noncapital financing activities:
Operating transfers to other funds 137,190)
Residual equity transfers to other funds 4,855) 19,963)
Decrease in advances from other funds 17,402) 19,980)
lnlerest on central treasury borrowings 90,410 7( 5,473)
Net cash flows from noncapital fmancing activities 24( 9,857) 115,416
Cash flows from capital and related financing activities:
Principal payments on long -term debt 161,172) 147,936)
Interest payments on long -term debt
Acquisition of property, plant and equipment
150,525)
391,939)
158,420)
614,525)
Disposal of properly, plant and equipment 11,112
Contributed capital 194,147 458,054
Net cash flows from capital and related financing activities 50( 9,489) 45( 1,715)
Cash flows from investing activities:
Receipt~ on loan to Alaska Railroad Corporation 33,690 45,000
Investment income received 14,336 31,285
Net cash flows from investing activities 48,026 76,285
Net increase in cash and investments
Cash and investments at beginning of year 200 200
Cash and investments at end of year S 200 200 '
Noncash investing, capital and financing activities - '
transfer of fixed assets from the General Fixed Assets
Account Group $ _ 91,630
1
98
1
Exhibit J- 14
CITY OF SEWARD
Harbor Enterprise Fund
Combining Schedule of Harbor Capital Projects
Year Ended June 30, 1997
ARRC
Harbor Dredging X -Float A -Float Harbor
Expansion Reimbursement Restoration Restoration Electri c Totals
194,146 194,146
35,632
1
35,632
117,675
Funding sources:
State grants $
19,414
Alaska Rai;road
117,675 50,866
Harbor funds
59,360Totalfundingsources
Expenditures:
Salaries 13,897
Employee benefits
15,067
Contracted services
Supplies
4,161
Other services and charges
Total expenditures $
50,866
f C f.
194,146 245,012
1
35,906 35,906
17,675
1
5,396 19,414 142,485
117,675 50,866 1,344
Exhibit J- 14
CITY OF SEWARD
Harbor Enterprise Fund
Combining Schedule of Harbor Capital Projects
Year Ended June 30, 1997
ARRC
Harbor Dredging X -Float A -Float Harbor
Expansion Reimbursement Restoration Restoration Electri c Totals
194,146 194,146
35,632 35,632
117,675 15,234 _ 1,344 59,360 19,414 213,027
117,675 50,866 1,344 59,360 213,560 442,805
1,170 13,897 15,067
174 4,161 4,335
50,866 194,146 245,012
35,906 35,906
17,675 5,396 19,414 142,485
117,675 50,866 1,344 59,360 213,560 442,805
99
CITY OF SEWARD
Seward General Hospital Enterprise Fund
Balance Sheet
June 30, 1997
with Comparative Amounts for 1996
Assets
Current assets:
Cash and investments
Accounts receivable
Less allowance for doubtful receivables
Net accounts receivable
Inventory
Due from other funds
Total current assets
Property, plant and equipment
Less accumulated depreciation
Net property, plant and equipment
Liabilities and Fund E ui
Current liabilities:
Accounts payable
Current portion of capital lease obligations
Payable to Providence Alaska Medical Center
Other accrued liabilities
Estimated third party payor settlements
Deferred pension credit
Total current liabilities
Fund equity:
Contribution in aid of construction
Retained earnings
Total fund equity
100
Exhibit J -15
1997 1996
193,361
692,445
149,356
543,089
137,354
338,611
1,212,415
1,582,642
930,722
651,920
1,864,335
309,450
150,367
965,296
159,389
36,336
243,497
1,864,335
1,864,335
Exhibit J -16
1997
3,015,826
305,778
2,710,048
33,009
2,743,057
2,008,462
227,446
1,286,035
3,521,943
778,886)
123,037
901,923)
1,454
9,309)
5,233
2,622
904,545)
704,889
199,656)
2,237,582
2,437,238)
402,374
2,034,864
1
CITY OF SEWARD
Seward General Hospital Enterprise Fund
Statement of Revenues, Expenses
and Changes in Retained Earnings
Year Ended June 30, 1997
with Comparative Amounts for 1996
Operating revenues:
Patient services
Less provision for cwntractual allowances
Net patient services
Other
Total operating revenues
Operating expenses:
Salaries and benefits
Supplies and maintenance
Administration and general
Total operating expenses
before depreciationLossfromoperations
Depreciation
Loss from operations
Nonoperating revenues (expenses):
Investment income
lnterest expense
Other revenues
Net nonoperating revenues (expenses)
Loss before operating transfers and extraordinary item
Operating transfers from other funds
Net loss before extraordinary item
Loss on dissolution of Seward General Hospital
Net loss
Retained earnings at beginning of year
Residual equity transfers from other funds
Retained earnings at end of year
101
Exhibit J -16
1997
3,015,826
305,778
2,710,048
33,009
2,743,057
2,008,462
227,446
1,286,035
3,521,943
778,886)
123,037
901,923)
1,454
9,309)
5,233
2,622
904,545)
704,889
199,656)
2,237,582
2,437,238)
402,374
2,034,864
102
1
Exhibit J -17
CITY OF SEWARD
Seward General Hospital Enterprise Fund
Statement of Cash Flows
Year Ended .tune 30, 1997
with Comparative Amounts for 1996
L 1996
Cash flows from operating activities:
Loss from operations 901,923)
Adjustments to reconcile loss from operations
to net cash flows from operating activities:
Depreciation 123,037
Decrease in allowance for doubtful receivables 8,169)
Other nonoperating revenues 5,233
Amortization of deferred pension credit 16,800)
Increase) decrease in assets:
Receivables
Inventories
160,812
15,467
Due from other funds 338,611)
Other assets 7,390
Increase (decrease) in liabilities:
Accounts payable 193,361) 155,825)
Other accrued liabilities 14,105
Due to other funds 179,000)
Third party payor settlement 41,307
Net cash flows from operating activities 19, ( 3,361) 1,242,777
Cash flows from noncapital financing activities:
Operating transfers from other funds 704,889
Residual equity transfers from other funds 778,360
Net cash flows from 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 property, plant and equipment 47,989)
Contributions in aid of construction 2.643
Net cash flows from capital and related financing activities 80,143
Cash flows from investing activities - investment income received 1,454
Net increase (decrease) in cash and investments 193,361) 161,783
Cash and investments at beginning of year 193,361 31,578
Cash and investments at end of year 193,361
Noncash - loss on dissolution of Seward General Hospital 2,237,582
Total interest paid 9,309
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Exhibit J -18
CITY OF SEWARD
Parking Revenue Enterprise Fund
Balance Sheet
t
June 30, 1997
with Comparative Amounts for 1996
Assets 1997 1996
Accounts receivable $ 13,239 1,530
Liabilities d Fund Equity+
Current liabilities:
Accounts payable 479
Due to other funds 2,038 7,010
Total current liabilities 2,038 7,489
Retained earnings (deficit) - unreserved 11,201 5,959
13,239 1,530
Exhibit J-19
CITY OF SEWARD
Parking Revenue Enterprise Fund
Statement of Revenues, Expenses,
and Changes in Retained Eamings (Deficit)
Year Ended June 30, 1997
with Comparative Amounts for 1996
1997 1996
Operating revenues:
Parking tickets
5,440 2,940 t
Parking commissions
24,411
Total operating revenues 29,85] 2,940
1
Operating expenses:
5,400 3,738Salariesandbenefits
Supplies and maintenance 1, 437
Administration and general
5,557575 4,692
Total operating expenses
1238 8,867
Earnings (loss) from operations 17,613 5,927)
Nonoperating expense - interest 453 32 1
Net earnings (loss) 17,160 5,959)
Retained earnings (deficit) at beginning of year 5,95
1
earnings deficit at end of yearRetainedg (deficit) Y 11,201 5,959
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CITY OF SEWARD
Parking Revenue Enterprise Fund
Statement of Cash Flows
Year Ended June 30, 1997
with Comparative Amounts for 1996
1
Cash flows from operating activities:
Earnings (loss) from operations $
Adjustments to reconcile earnings (loss) from operations
to net cash flows from operating activities:
increase in assets - accounts receivable
Increase (decrease) in liabilities:
Exhibit J -20
1997 1996
17,613 (5,927)
11,709) (1,530)
Accounts payable (479) 479
Due to other funds 4,972 7,010
Net cash flows from operating activities 453 32
Cash flows from noncapital financing activities - interest expense 453 (32)
Net increase in cash and investments - -
Cash and investments at beginning of year - -
Cash and investments at end of year $ - -
105
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INTERNAL SERVICE FUND
The Internal Service Fund is used to account for goods and services provided
on a cost reimbursement basis, by one City department to other City
departments, and consists of the Motor Pool which accounts for the
acquisition of vehicles and mobile equipment which are then leased to the
various departments of the City.
fl
Exhibit K -1
CITY OF SEWARD
Motor Pool Internal Service Fund
Balance Sheet
June 30, 1997
with Comparative Amounts for 1996
Assets 1997 1996
Current assets:
Li bilities and Fund Equijy
Liabilities:
Cash and investments 218,793 201,433
Prepaid expenses 2,242
Total current assets 221,035 201,433
Equipment and vehicles 1,059,062 602,880
Contributed capital
Less accumulated depreciation 320,110 215,423
Net equipment and vehicles 738,952 387,457
Net contributed capital 401,123
959,987 588,890
Li bilities and Fund Equijy
Liabilities:
S 959,987 588,890
t
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Current portion of capital lease obligations 77,985 36,922
Capital lease obligations, excluding current portion 394,117 184,077
Total liabilities 472,102 220,999
Fund equity:
Contributed capital 402,745 292,198
Less accumulated amortization 1,622
Net contributed capital 401,123 292,198
Retained earnings - unreserved 86,762 75,693
Total fund equity 487,885 367,891
S 959,987 588,890
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CITY OF SEWARD
Motor Pool Internal Service Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended June 30, 1997
with Comparative Amounts for 1996
Operating revenues - vehicle rental
Operating expenses:
Depreciation
Advertising
Total operating expenses
Earnings from operations
Nonoperating revenues (expenses):
Investment income
Interest expense
Net nonoperating revenues (expenses)
Earnings before operating transfers
Operating transfers:
From other fiends
To other funds
Net operating transfers
Net earnings
Amortization of contributed capital
Increase in retained earnings
Retained earnings at beginning of year
Retained earnings at end of year
108
Exhibit K -2
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1997 1996
136,235 108,407
1
104,687 77,314
54
10487 77,368
31,548 31,039
9,364 6,925
21,600 Cl 4,861
12,236 7,936
19,312 23,103
9,865
9,865
9 865 9,865
9,447 32,968
1,622
11,069 32,968
75,693 42,725
86,762 75,693
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Exhibit K -3
CITY OF SEWARD
Motor Pool Internal Service Fund
Statement of Cash Flows
Year Ended June 30, 1997
with Comparative Amounts for 1996
1997 1996
Cash flows from operating activities:
Noncash capital and related financing activities -
equipment acquired by capital lease $ 309,730 -
109
Earnings from operations 31,548 31,039
Adjustments to reconcile earnings from operations
to net cash flows from operating activities:
Depreciation 104,687 77,314
increase in assets - prepaid expenses 2,242
Net cash flows from operating activities 133,993 108,353
Cash flows from capital and related financing activities:
Principal payments on long -term debt 58,627) 33,327)
Interest payments on long -term debt 21,600) 14,861)
Acquisition of equipment and vehicles 146,452) 19,963)
Operating transfers from (to) other funds 9,865) 9,865
Contributed capital 110,547 53,745
Net cash flows from capital and
related financing activities 125,997 4,541
Cash flows from investing activities -
investment income received 9,364 6,925
Net increase in cash and investments 17,360 110,737
Cash and investments at beginning of year 201,433 90,696
Cash and investments at end of year 218,793 201,433
Noncash capital and related financing activities -
equipment acquired by capital lease $ 309,730 -
109
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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
rcapacity for other funds, governments, or individuals.
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Exhibit L -1
CITY OF SEWARD
Agency Funds
Combining Balance Sheet
June 30, 1997
with Comparative Totals for 1996
Deferred Teen Totals
Assets Com en tion Council 1997 1996
Cash and investments 5,449 5,449 7,024
Investment in deferred compensation plans - 2,099,968
5,449 5,449 2,106,992
Liabiliti s
Due to City employees 2,099,968
Due to Teen Council 5,449 5 4.49 7,024
5,449 5,449 2,1 06,,992
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Exhibit L -2
CITY OF SEWARD
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended June 30, 1997
Balance at Balance at
July 1. 1996 Additions Deletions June 30 1997
Deferred Compensation Plan
Assets - investment in deferred compensation plans $ 2,099,968 - 2,099,968 -
Liabilities - due to City employees $ 2,099,968 - 2,099,968 -
Teen Council
Assets - cash and investments
Liabilities - due to Teen Council
Totals - All Agency Funds
Assets:
Cash and investments
Investment in deferred compensation plans
Liabilities:
Due to City employees
Due to Teen Council
7,024 10,179 11,754 5,449
2,099,968
7,024 10,179 11,754 5,449
7,024 10,179 11,754 5,449
2,099,968 2,099,968
2,106,992 10,179 2,111,722 5,449
2,099,968 2,099,968
7,024 10,179 11,754 5,449
2,106,992 10,179 2,111,722 5,449
112
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I GENERAL FllllED ASSETS ACCOUNT GROUP
IThe General Fixed Assets Account 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
deprecion 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.
Exhibit M -1
CITY OF SEWARD
General Fixed Assets Account Group
Schedule of General Fixed Assets by Sources
June 30, 1997
With Comparative Amounts for 1996
1997 1996
General fixed assets:
Land and land rights $ 3,622,374 3,622,374
Buildings 8,300,866 8,246,625
Improvements other than buildings 8,556,362 8,556,362
Equipment 1,689,968 1,662,210
Construction in progress 32,874,284 11,601,506
Construction in progress - SAAMS direct 9,795,327 2,385,796
64,839181 36,074,873
Investment in general fixed assets:
Prior year data 1,270,315 1,416,755
Capital Project Funds 57,827,700 29,094,679
General Fund 5,741,166 5,545,225
Agency Fund 2,739
Federal revenue sharing 15,475
64,839,181 36,074,873
CITY OF SEWARD
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets
Year Ended June 30, 1997
Land and land rights $
Buildings
Improvements other than buildings
Equipment
Construction in progress
Construction in progress - SAAMS direct
Balance at
Jull Y L 11996 Addilions
3,622,374
8,246,625 189,241
8,556,362
1,662,210 57,413
11,601,506 21,430,404
2,385,796 7,409,531
Exhibit M -2
Balance at
Deletions June 30, 1997
3,622,374
135,000 8,300,866
8,556,362
29,655 1,689,968
157,626 32,874,284
9,795,327
36,074,873 29,086,589 322,281 64,839,181
114
1 Exhibit M -3
CITY OF SEWARD
General Fixed Assets Account Group
Schedule of General Fixed Assets by Function and Activity
June 30, 1997
Land Improve-
and ments
Land Other than
Function and A R_ig t Buildings Buildings Equipment Total
General government:
City Council/Mayor $ 51,422 51,422
City manager 2,548 2,548
City clerk 10,613 10,613
Finance 179,703 179,703
Community development 5,860 5,860
Municipal building 2,161,868 2,662 2,164,530
Historic railroad depot 130,000 130,000
General services 2,204,279 8,005,937 51,007 10,261,223
Community and Senior Center 920,709 920,709
Nondepartmental 3,622.374 3,622,374
Total general government 3,622,374 _ 5.416,856 8.005937 303.815 17,348.982
Public safety:
Police 161,790 161,790
Jai! 12,562 12,562
Animal control 156,720 156,720
Fire 921,338 405,022 1,326,360
Seward Volunteer Ambulance Corp 61.614 61,614
Total public safety 1.078,058 640,988 1,719 046
Public works:
Streets 116,945 557,489 674,434
Building inspector 2,600 2,600
City shop 771,823 I7,943 789,766
Total public works 888,768 578,032 1.466,800
Parks and recreation 284,909 550,425 113,233 948,567
Library 632,275 53900 686,175
Total general fixed assets allocated
to functions $ 3,622,374 8,300,866 8,556,362 1,689,968 22,169,570
Conttruction in progress 32,874,284
Construction in progress - SAAMS direct 9,795,327
Total general fixed assets 64.839,181
115
Exhibit M-4 '
CITY OF SEWARD '
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets by Function and Activity
Year Ended June 30, 1997 ,
General Fixed General Fixed
Assets at Assets at
Function and Activiti+ 1& 1, 1996 Additions Deletions June 30, 1997
General government:
City Council/Mayor
City manager
City clerk
Finance
Community development
Municipal building
Historic railroad depot
General services
Community and 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
Building inspector
City shop
Total public works
Parks and recreation
Library
Construction in progress
Construction in progress - SAAMS direct
43,924 7,498 51,422
2,548 2,548
10,613 10,613
169,091 10,612 179,703
5,860 5,860
2,084,099 80,431 2,164,530
130,000 130,000
10,261,223 10,261,223
852,482 68,227 920,709
142,965 142,965
3,622,374 3,622,374
17,325,179 166,768 142,965 17,348,982
161,790 161,790
8,812 3,750 12,562
156,720 156,720
1,320,186 27,864 21,690 1,326,360
61,614 61,614
1,709,122 31,614 21,690 1,719,046
669,434 5,000 674,434
2,600 2,600
789,766 789,766
1,461,800 5,000 1,466,800
945,878 2,689 948,567
645,592 40,583 686,175
11,601,506 21,430,404 157,626 32,874,284
2,385,796 7,409,531 9,795,327
36,074,873 29,086,589 322,281 64,839,181
116
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GENERAL LONG -TERM DEBT ACCOUNT GROUP
The General Long -Term Debt Account Group records the unmatured
prmdpal of long -term general obligation bonds and the long -term portion of
acmued annual leave payable from general revenues and backed by the full
faith and credit of the City.
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CITY OF SEWARD
General Long -Term Debt Account Group
Schedule of General Long -Term Debt
June 30, 1997
With Comparative Amounts for 1996
L
Amount Available and to be Provided for the
Payment of General Lon -Tenn Debt
Amount available in Debt Service Fund
Amount to be provided:
Accrued leave
Bonds payable
Capital leases payable
State of Alaska Public Employees Retirement System
Total amount to be provided
General Long -Term Debt P_yable
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
1996 Hospital bonds
Capital lease payable
State of Alaska Public Employees Retirement System
117
Exhibit N -1
1997 1996
122,284 115,979
185,324 189,701
9,562,707 2,151,535
11,399
960,286 1,140,524
10,708,317 3,493,159
10,830_601 3,6_9,138
185,324 189,701
270,000 325,000
20,297 38,830
342,410 347,705
1,430,000 1,440,000
7,500,000
11,399
1,082,570 1,256,503
10,830,601 3,609,138
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PART III
1
STATISTICAL SECTION
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 Revenue 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 W--- 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 S
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
119
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Fiscal
Licenses
Year Taxes
1988 1,835,982
1989 1,896,394
1990 2,312,297
1991 2,293,728
1992 2,627,050
1993 2,509,708
1994 2,882,005
1995 3,081,177
1996 2,923,340
1997 3,072,913
CITY OF SEWARD
General Fund Revenues By Source
Last Ten Fiscal Years
Property Licenses Inter- Charges
Assess-
ments
and
fkalb .
govern-
mental
for
Services
41,918 72,681 605,928 1,506,194
22,558 132,059 704,397 1,300,243
35,470 77,920 903,879 1,357,203
230,546 69,195 1,046,659 2,025,766
6,505 74,005 913,137 1,879,663
32,573 23,736 983,759 2,425,012
19,795 33,132 903,835 2,104,588
2,241 61,073 789,157 1,760,860
524 119,982 909,521 1,595,223
1,871 200,964 1,099,869 1,662,854
120
Fbles
and
14,465 180,774 44,167 4,302,109
26,729 294,843 38,071 4,415,294
15,539 330,434 161,314 5,194,056
13,058 410,593 95,077 6,184,622
18,158 245,872 124,466 5,888,856
41,892 236,986 47,862 6,301,528
35,230 102,824 36,807 6,118,216
49,289 221,832 39,340 6,004,969
26,945 219,514 106,126 5,901,175
12,383 280,363 50,079 6,381,294
CITY OF SEWARD
General Government Tax Revenues By Source
Last Ten Fiscal Years
121
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Payment
Fiscal Property Sales In Lieu
XUL TM- Tax of TU Other 1901-
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 19587,199 904,889 91,073 3,081,177
1996 514,588 1,619,606 693,626 95,520 2,923,340
1997 479,062 1.734,019 729,498 130,334 3,072,913
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Table 2
CITY OF SEWARD
General Fund Expenditures By Function
Last Ten Fiscal Years
Fiscal General Publk Publk Parks and Debi
XC Government Uka Works $eecmtim Library Se SAA%-
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
1997 1,972,584 1,919,233 790,386 632,389 228,894 220,816 5,764,302
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CITY OF SEWARD
Property Tax Levies And Collections
Last Ten Fiscal Years
Table 3
Total Tax
Ratio of
Delinquent
Total Current Percent Delinquent Total Collections Outstanding Taxes As
Fiscai Tax Tax of Levy Tax Tax As A % Delinquent A % Of
Am Levy , S'Wll%lcd Collections Collections Qf LRU Taxes Totalld
1988 457,793 406,572 88.8% 6,366 412,938 90.2% 125,560 27.4%
1989 456,600 388,691 85.1% 37,074 432,874 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 94.4% 31,983 502,305 100.8% 67,164 13.5%
1994 496,933 434,736 87.5% 29,171 463,907 93.4% 98,709 19.9%
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%
1997 489,187 438,512 89.6% 2,294 440,807 90.1% 83,389 17.1%
Source: Kenai Peninsula Borough
123
t
Tabl
CITY OF SEWARD
Assessed And Estimated Actual Value of Taxable Property
Last Ten Fiscal Yem
e 4
Real Property Personal Property Total Property
Ratio of Total
Estimated Estimated Estimated Assessed Value
Fiscal
yam
Assessed
Value
Actual
Value
Assessed
value -
Actual
Value
Assessed
Value
Actual
Value
To Total Est.
Actual Will
1988 94,276,800 102,993,300 68,625,921 69,553,900 162,902,721 172,947,200 94.19%
1989 93,279,802 104,334,000 56,450,349 55,976,000 149,730,151 160,310,000 93.40%
1990 88,508,166 98,794,000 28,540,373 40,833,200 117,048,539 139,627,200 83.83%
1991 97,193,437 100,612,800 53,601,900 64,419,000 150,795,337 165,031,800 91.37%
1992 88,464,566 100,667,900 52,574,761 68,929,200 141,039,327 169,597,100 83.16%
1 993 92, 122, 180 98 ,261,300 50,038,979 66,112,200 142,161,159 164,383,500 86.48%
1994 102,022,980 111,378,100 53,373,128 69,439,400 155,396,108 180,817,500 85.94%
1995 103,330,330 111,294,400 75,604,139 94,472,100 178,934,469 205,766.500 86.96%
1996 105,272,150 113,853,300 58,875,732 77,447,000 164,147,882 191,300,300 85.81%
1997 108,318,979 117,443,100 50,476,044 70,537,400 158,795,023 187,980,500 84.47%
1 Source: "Alaska Taxable ", State of ,Alaska
1 124
Source: City of Seward
Kenai peninsula Borough '
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Table
CITY OF SEWARD
Property Tax Rates
Direct and Overlapping Governments
Last Ten Fiscal Years
Per $1,000 of Assessed Value)
Fiscal
YCK u Bsrough.
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
1997 3.00 8.30 11.30
Source: City of Seward
Kenai peninsula Borough '
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CITY OF SEWARD
Special Property Assessment Collections
Last Ten Fiscal Years
Table 6
Current Current Ratio of Total
Fiscal Assessments Assessment Collections To Outstanding
IL DuC — collections Amount, Due Assessments
1988 48,883 41,918 85.75% 366,104
1 1989 50,315 22,558 44.83% 376,358
1990 56,638 28,731 50.73% 361,919
1991 28,548 111,719 391.34% 250,200
1992 26,190 6,505 24.84% 263,978
1993 27,618 32,573 117.94% 249,385
1994 27,618 19,795 , 71.67% 265,103
1995 21,759 2,241
w
10.30% 285,889
1996 18,368 524 2.90% 272,190
1997 0 1,871 100.00% 241,660
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Table 7
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
Grass Debt Ratio of Net Net
Bonded Payable from Net Bonded Debt Bonded
Fiscal Assessed Debt Enterprise Bonded to Assessed Debt Per
XCAL bmddimm Value (21* Revenues* I)ebj*_ V " - Cuba
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% 788
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% 858
1995 2,732 178,934 9,549 7,310 2,239 1.25% 814
1996 3,034 164,148 8,788 6,636 2,152 1.31% 704
1997 2,914 158,795 15,600 6,037 9,563 6.02% 3,282
Amounts expressed in dt mun&.
1) Annual State census
2) From table 4
3) Amount does not include revemie bonds
Source: State of Alaska
Kenai Peninsula Borough
127
CITY OF SEWARD
Legal Debt Margin
June 30, 1997
No debt limit mandated by law.
1
1 128
1
Table.
CITY OF SEWARD
Computation of Direct And Overlapping Bonded Debt
General Obligation Bonds
June 30, 1997
1
Net General
Obligation Percentage Amount
Bonded Debt Applicable To Applicable To
JuriAktion Outstandine
Direct: t
City of Seward $9,562,707 1 100.004 $9,562,707
Overlapping: -
Kenai Peninsula Borough 47.030.000 4.889 (2) 2„295-064
S11-8...57.771TotalS5§,592,707
1
1) Excluding general obligation bonds reported in the Enterprise Funds.
2) Based upon the ratio of City of Seward assessed value (rral and personal property - $158,795,023) to total assessed
value of the Kenai - Peninsula Borough ($3,253,550,392).
1
129
CITY OF SE W ARD
Ratio of Annual Debt Service Expenditures
For General Obligation Debt (1)
to Total General Fund Expenditures
bast Ten Fiscal Years
Ratio of
Debt Service to
General Fund
0.52%
1.16%
3.50%
7.79%
6.62%
7.10%
6.83%
5.54%
5.26%
3.83%
1) General obligation bonds reported in the enterprise finds with government commitment have been excluded.
130
Total
Total General
Fiscal Debt Fund
Year Pxiudgl L1tfrest SeMCe Expndiyres
t1988 20,206 20,206 3,855,682
1989 9,233 39,818 49,051 4,237,767
1990 79,757 74,817 154,574 4,416,425
1991 129,890 232,370 362,260 4,648,212
1992 143,563 201,701 345,265 5,216,333
1993 180,448 187,061 367,509 5,173,298
1994 199,898 143,804 343,702 5,034,693
1 1995 143,511 139,237 282,748 5,107,611
1996 139,216 130,985 270,201 5,134,963
1997 99,187 121,629 220,816 5,764,302
Ratio of
Debt Service to
General Fund
0.52%
1.16%
3.50%
7.79%
6.62%
7.10%
6.83%
5.54%
5.26%
3.83%
1) General obligation bonds reported in the enterprise finds with government commitment have been excluded.
130
Table 10
CITY OF SEWARD
Revenue Bond Coverage
Electric Enterprise Fund
Last Ten Fiscal Years
1
Net Revenue
Fiscal Gross Operating Available for
Y L Revenues(1) EMMMM Debt Service $inejgW Interest Cover
1
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%
1997 5,955,699 3,604,036 2,351,663 — $164,435 $184,435 12.75%
1
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
1
131
CITY OF SEWARD
Property Value, Construction and Bank Deposits
Last Ten Fiscal Years
LI
1) Estimated actual value from Table 4
Source: City of Seward - Building inspection
i..ocal Banks: First National Bank of Anchorage
1
National Bank of Alaska
1 132
Commercial Construction Residential Construction
Total Number Number
Fiscal Property of of Bank
Year Va ue (1) Peter Value Permits Deposits
1988 102,993,300 37 3,720,245 17 456,430 21,118,000
1989 104,334,000 32 12,075,250 55 4,580,896 25,160,000
1990 98,794,000 29 3,681,516 27 679,100 28,444,000
1991 100,612,800 29 2,163,276 21 1,053,150 27,477,800
1992 100,667,900 21 842,685 20 620,425 32,518,000
1993 98,261,300 16 328,462 34 1,504,173 27,808,000
1994 111 378,100 20 3,120,673 24 384,400 28,409,000
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
1997 117,443,100 29 7,770,836 41 1,513,902 38,598,136
LI
1) Estimated actual value from Table 4
Source: City of Seward - Building inspection
i..ocal Banks: First National Bank of Anchorage
1
National Bank of Alaska
1 132
CITY OF SEWARD
Principal Taxpayers
June 30, 1997
Anderson Tug & Barge
Anderson, John C. III & Sharon
Harbor Gateway Enterprises
Pruitt, James T.
Breeze Inn Motel - Mindenberg, Juris
Harbor Enterprises, Inc.
Lindsey, Dale & Carol
GTE Alaska, Inc.
Major Marine Tours /Emerald Sea, Inc.
Mager, Ronald & Russell
1) Includes real and personal Property
Source: Kenai Peninsula Borough
Tug & Barge Service 2,505,512 1.6%
Gas Station/Convenience
Store /Misc. 2,361,594 1.5%
Motel/Restaurant 2,099,490 1.3%
Petroleum Products 1,903,983 1.2%
Telecommunications 1,798,740 1.1%
Boat Tours 1,785,440 1.1%
133
Percent of
FY97 Total
Ta=jer Type of Business
Assessed
Valuation(l)
Assessed
Yeluatim
Seward Fisheries /Icicle Seafoods Seafood Processing 7,559,780 4.8%
3uneel Alaska Corporation Coal Export 6,543,913 4.1%
Kenai Fjords Tours Ltd Partnership Boat Tours 3,971,017 2.5%
New Seward Hotel /New Seward Saloon Hotel /Saloon 2,878,569 1.8%
Anderson Tug & Barge
Anderson, John C. III & Sharon
Harbor Gateway Enterprises
Pruitt, James T.
Breeze Inn Motel - Mindenberg, Juris
Harbor Enterprises, Inc.
Lindsey, Dale & Carol
GTE Alaska, Inc.
Major Marine Tours /Emerald Sea, Inc.
Mager, Ronald & Russell
1) Includes real and personal Property
Source: Kenai Peninsula Borough
Tug & Barge Service 2,505,512 1.6%
Gas Station/Convenience
Store /Misc. 2,361,594 1.5%
Motel/Restaurant 2,099,490 1.3%
Petroleum Products 1,903,983 1.2%
Telecommunications 1,798,740 1.1%
Boat Tours 1,785,440 1.1%
133
1
Table
CITY OF SEWARD
MISCELLANEOUS STATISTICS
June 30, 1997
Date of Incorporation
June 1, 1912
Home Rule
Class Council/Manager
Form of Government
Number of employees 64
Non - Exempt
15
Exempt
22
Area, Square Miles
2,914
Population
1,828
Qualified Voters
City of Seward facilities and services: 43.14
Miles of streets
Number of street lights
198
Building Permits Issued
71
Recreation and Culture:
9
Number of Parks
1NumberofLibraries
Number of Volumes 30,000
Fire Protection
2
Number of Stations
Number of Paid Firefighters and Officers 2
Number of Volunteers 30
Number of Calls Answered 150
Fire Rating (ISO) 4/9
Police Protection
1
Number of Stations
Number of Officers 9
Number of law violations:
Physical arrests
421
Traffic violations
Parking violations
44
Sewerage System:
2
Number of treatment plants
Number of service connections
812
Daily average treatment in gallons 840,000
Maximum daily capacity of treatment plant in gallons 1.200.E
Water System:
841
Number of service connections
Number of fire hydrants 184
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
2,012
Miles of distribution lines 50
Miles of transmission lines 42
Number of sub - stations
3
Total number of kilowatt sales 48,335,580
134
hfiSCFJ,j,AMUS STAMSTICS Table 13 cont-
1
Harbor and Port Operations:
Registered vessels 4,292
Number on waiting list for boat slips 364
Number of boat lifts 5
General cargo tonnage 85,59933
Fish product tonnage 115,487115,481
Petroleum (gallons) 3,310,892
Facilities and services not included in the reporting entity:
Education
Elementary School
Number of Students Enrolled 406
Number of Teachers 20 1
Jr/Sr High School
Number of Students Enrolled 439
Number of Teachers 31
Alaska Vocational Technical Center
Number of Students Served Annually 1 +603
Number of Teachers 32
Hospital
Providence Seward Medical Center:
Number of patient beds (b primary care; 2 swing beds) 8
Number of employees:
Non - Exempt 40
Exempt 3
1
1
1
135
End of File