HomeMy WebLinkAboutRes2017-065CITY OF SEWARD, ALASKA Sponsored by: Hunt
RESOLUTION 2017-065
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE SEWARD MOUNTAIN HAVEN
ENTERPRISE FUND BIENNIAL BUDGET FOR CALENDAR YEARS
2018 AND 2019
WHEREAS, the City Manager has submitted to the City Council a proposed biennial
budget for the City of Seward for Calendar Years 2018 and 2019; and
WHEREAS, the preliminary biennial budget was reviewed by the City Council in budget
work sessions on September 27, October 2, and October 3, 2017, which were televised to the
public; and
WHEREAS, a public hearing is scheduled on the proposed budget for October 23, 2017,
and a second public hearing and final adoption is scheduled for November 27, 2017.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEWARD, ALASKA, that:
Section 1. The Seward Mountain Haven Enterprise Fund biennial budget for Calendar
Years 2018 and 2019 which is attached hereto and made a part hereof by reference and which
contains estimated revenues and expenditures for the period January 1, 2018 - December 31,
2019, is HEREBY ADOPTED, and the necessary funds are hereby appropriated.
Section 2. This resolution shall take effect immediately upon adoption.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 27tn
day of November, 2015.
1
CITY OF SEWARD, ALASKA
RESOLUTION 2017-065
E CITY OF SEWARD, ALASKA
David Squires, May r
AYES: Casagranda, Keil, McClure, Slater, Towsley, Horn, Squires
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
Brenda J. Ballou, MMC
City Clerk
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1
SEWARD MOUNTAIN HAVEN ENTERPRISE FUND
Budgeted Statement of Revenues and Expenses
and Changes in Net Position
For 2018 and 2019
Revenues:
Interest earnings
LTC capital cost reimbursement
Total revenues
Expenses:
Debt service interest and other costs
Depreciation and Amortize bond issue costs
Total expenses
Excess (deficit) of revenues over expenditures
Operating transfers from other funds
Operating transfers to other funds
Change in net position
2016 2017 2018 2019
Actual * Budget Budget Budget
8I0
2,248,736
0 0
1,953,7I3 2,268,30I
0
2,290,984
$2,249,546 $1,953,713 $2,268,301 $2,290,984
640,025 705,006 667,906 649,006
1,6S6,I03 1,728,440 I,671,499 1,S43,S02
$2,296,128 $2,433,446 $2,339,405 $2,192,508
(46,582) (479,733) (71,104) 98,476
0 0 992,898 I63,924
0 0 0 0
($46,582) ($479,733) $921,794 $262,400
° Does not tie to annual Comprehensive Annual Financial Report (CAFR) since that report also includes operations from
PSMC. PSMC is managed by Providence Health & Services on behalf of the City. Their financial activity is rolled into the
City's CAFR. However, the City budgets in the Seward Mountain Haven Enterprise Fund, only the portion of activity
related to the capital add -on portion of patient revenues which are passed from PSMC to the City for the purposes of
repaying revenue bonds used to construct Seward Mountain Haven. This schedule also includes debt service payments on
those bonds, and depreciation related to Seward Mountain Haven, which is owned by the City of Seward.
CITY OF SEWARD
SEWARD MOUNTAIN HAVEN ENTERPRISE FUND
Budgeted Statement of Cash Flow
For 2018 and 20I9
Beginning Cash Balance at 1/1/17:
Cash - Legally Required Bond Reserves (a)
Cash - Reserved for Bond Payments
Cash is provided by (used for):
Change in net position
Add expense items not affecting cash
Depreciation and amortize bond costs
Net cash provided by operations
Other sources (uses) of cash
Debt principal (a)
Capital outlay
Net increase (decrease) in cash
Estimated ending cash balance
2017
Budget
$1,615,006
$770,357
(479,733)
2018
I,728,440 I,67I,499
$1,248,707 $2,593,293
(9I0,000) (945,000)
2019
Budget
262,400
$1,805,902
(830,000)
$338,707 $1,648,293 $975,902
$2,724,070 $4,372,363 $5,348,265
(a) Seward Mountain Haven revenue bonds.
Note: Outstanding bond balance at I/I/I8 = $17,855,000
City of Seward
Seward Mountain Haven Enterprise Fund
2018/2019 Biennial Operating Budget
Revenue Detail by Line Item
2015 2016 2017 2018 2017-18 2019 2018-19
Actual Actual Budget Budget % Chg Budget % Ch
Revenues
19200 5810 SMH Patient Revenue for Capital
19200 5901 EF Investment Interest
192005941 Amort,Bond Premium
Total Revenues
2,600,438
2,248,736
1,953,713
2,268,301
16.10 2,290,984 1.00
13
810
0
0
0.00 0 0.00
16,243
94,140
94,140
94,140
0.00 94,140 0.00
$ 2,616,694
$ 2,343,686
$ 2,047,853
$ 2,362,441
$ 15.36 $ 2,385,124 $ 0.96
City of Seward
Seward Mountain Haven Enterprise Fund
201812019 Biennial Operating Budget
Expenditure tine Item by Fund
2015
2016
2017
2018
2017-18
2019
2018-19
Actual
Actual
Bud et
B
% Chg
B
Ch
Personnel Costs:
Non -Personnel Costs:
7006 Legal
0
5,573
0
0
0.00
0
0.00
7900 Depreciation Expense
1,655,939
1,656,103
1,630,244
1,573,303
(3.49)
1,445,306
(8,14)
8011 Bonding Expense
7,275
101,775
0
0
0.00
0
0.00
8012 Debt Service Interest Expense
1,115,390
532,677
705,006
667,906
(5.26)
649,006
(2.83)
8013Amortization of Deferred Loss on Bonds
0
0
98,196
98,196
0.00
98,196
0.00
8300 Debt Service Principal
825,000
1,090,000
910,000
945,000
3.85
830,000
(12.17)
Total Nan -Personnel Costs;
$ 3,603,604
$ 3,386,128
$ 3,343,446
$ 3,284,405
$ 1,77 $
3,022,508
$ .97
Total Expenditures
$ 3,603,604
$ 3,386,128
$ 3,343,"6
$ 3,284,405
$ (1.77) $
3,022,508
$ (7.97)
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CITY OF SEWARD
SEWARD MOUNTAIN HAVEN ENTERPRISE FUND
Budgeted Interfund Transfers
2018 and 2019
From Healthcare Enterprise Fund
2018 2019
Transfers- Transfers- Transfers- Transfers -
In Out In Out
992,898 163,924
$992,898 $0 $163,924 $0