HomeMy WebLinkAboutRes2022-084 Mid Cycle Budget Amendment Sponsored by: Bower
CITY OF SEWARD,ALASKA
RESOLUTION 2022-084
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, AMENDING THE 2022 BUDGET TO REFLECT MID-CYCLE
BUDGET ADJUSTMENTS,AND APPROPRIATING FUNDS
WHEREAS, the 2022 Operating Budget was passed December 13, 2021 reflecting the
budget period from January 1,2022 through December 31, 2022; and
WHEREAS, budget adjustments are made at various points during the year and these
additional mid-cycle budget amendments reflect updated information such as increased
expenditures and grant revenue related to the Lowell Point landslide, adjustments to permit
revenue due to increased activity, reduction of investment income due to market conditions,
increased expenses for gas and natural gas price increases and the transfer of funds to assist with
the construction of the new animal shelter facility.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD,ALASKA that:
Section 1. The General Fund 2022 Budget is hereby amended and funds are hereby
appropriated according to the adjustments included on the attached Schedule A, as follows: 1)
Revenues are adjusted for a net increase of$1,137,500; 2) and Various expenditures are adjusted
for a net increase of$1,275,738.
Section 2. Enterprise Fund budgets are adjusted to reflect allocated costs related to
increased fuel and heating oil costs and increased fuel purchase expense according to the
adjustments included on the attached Schedule B, as follows: 1) The Harbor Enterprise Fund
expenses are increased by$5,400;2)the SMIC Enterprise Fund expenses are increased by$3,075;
3) the Parking Enterprise Fund expenses are increased by $191; 4) the Electric Enterprise Fund
expenses are increased by $136,660; 5) the Water Enterprise Fund expenses are increased by
$1,721; and 6)the Wastewater Enterprise Fund expenses are increased by$1,755.
Section 3. This resolution shall take effect immediately upon its adoption.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska,this 25th
day of July, 2022.
/
HE C 1 I SEWARD • LASKA
.testy Terry, Ma or
CITY OF SEWARD, ALASKA
RESOLUTION 2022-084
AYES: McClure, DeMoss, Calhoon, Osenga, Wells, Terry
NOES: None
ABSENT: Casagranda
ABSTAIN: None
ATTEST:
Brenda J. Ballou, MC
City Clerk
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City Council Agenda Statement
Meeting Date: July 25,2022
To: City Council
Through: Janette Bower, City Manager
From: Carmen Jackson, CPA, LLC and Deputy Finance Director Sully Jusino
Agenda Item: Resolution 2022-084: Amending the FY2022 Budget to Reflect Mid-Cycle
Budget Adjustments, and Appropriating Funds
Background and justification:
The 2022 Annual Budget,which covers the period January 1, 2022 through December 31, 2022 was
passed on December 13, 2021. Periodically, adjustments are made to the budget as new data
becomes available regarding revenues and/or changing priorities and projects. The specific
requested budget adjustments are listed on the attached schedules with major changes described
below.
Mid-cycle budget amendments reflect updated information such as increased expenditures and grant
revenue related to the Lowell Point Landslide, adjustments to Building Permit Revenue due to
increase of construction activity, reduction of investment income due to market conditions, increased
expenses for gas and natural gas price increases and the transfer of funds to assist with the
construction of the new animal shelter facility.
Regarding the variance in the General Government line items there were three main things that
caused this variance. First, the biggest is the pass-thru grant to the Seward Prevention coalition for
$500,000 that was not originally budgeted in these departments. Second, a portion of the forensic
accounting amounts was paid and not budgeted through here (about $284,000). Last, there were
almost $90,000 in legal bills with a $0 budget charged to these departments.
The intent of this resolution is to amend the 2022 Budget as described in the narrative above, plus
appropriate funds as listed on the attachments.
Comprehensive and Strategic Plan Consistency Information
This legislation is consistent with (citation listed):
Comprehensive Plan: 11.3 City Government and Finances
Strategic Plan:
Other:
Certification of Funds
Total amount of funds listed in this legislation: $
This legislation (✓):
e✓ Creates revenue in the amount of:
General Fund Revenue Net Increase: $ 1,137,500
68
✓ Creates expenditure in amount of:
General Fund: $ 1,275,738
Harbor Enterprise Fund $ 5,400
SMIC Enterprise Fund $ 3,075
Parking Enterprise Fund $ 191
Electric Enterprise Fund $ 136,660
Water Enterprise Fund $ 1,721
Wastewater Enterprise Fund $ 1,755
Creates a savings in the amount of: $
Has no fiscal impact
Funds are (✓):
Budgeted Line item(s): Various please see the attachments.
✓ Not budgeted
Not applicable
Unassigned Fund Balance and Available Unrestricted Cash Balance Information
Fund ✓ :
✓ General ✓ SMIC ✓ Electric ✓ Wastewater
✓ Boat Harbor ✓ Parking ✓ Water Healthcare
Motor Pool Other
General Fund Unassigned Fund Balance*: $ 2,971,784.17 *Unaudited numbers.
Available Unrestricted Cash Balance*: $ 7,739,659.54 period end 5/31/222
Harbor Enterprise Unassigned Fund Balance*: $ 6,065,891.57
Available Unrestricted Cash Balance*: $ 1,190,510.10
SMIC Enterprise Unassigned Fund Balance*: $ (2,085,111.22)
Available Unrestricted Cash Balance*: $ 214,008.07
Parking Enterprise Unassigned Fund Balance*: $ 132,209.62
Available Unrestricted Cash Balance*: $ 400,345.45
Electric Enterprise Unassigned Fund Balance*: $ 2,883,369.27
Available Unrestricted Cash Balance*: $ 7,781,761.83
Water Enterprise Unassigned Fund Balance*: $ 3,299,385.78
Available Unrestricted Cash Balance*: $ 1,719,643.64
Wastewater Enterprise Unassigned Fund $ 4,053,676.87
Balance*:
Available Unrestricted Cash Balance*: $ 2,355,448.60
Finance Signature: ,F
Attorney Review
Yes Attorney Signature:
✓ Not applicable Comments:
69
Administration Recommendation
✓ Adopt Resolution
Other:
70