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Home My WebLink About12182023 City Council Laydown - Finance Laydown from Finance Dept 12/18/2023 City of Seward,Alaska. Central Treasury Report 10.31.23 The attached Central Treasury Report provides the unrestricted cash available by fund as of October 31, 2023. The intent of this report is to provide transparent financial information to the public. These amounts fluctuate on a daily basis and are reconciled every month; however, these numbers are not audited. The amounts reports on the agenda statement items for the council represent the available fund balance/net assets for the impacted funds. This is a longer-term perspective that takes into account the assets and liabilities of the fund, which results in different numbers than the Central Treasury Report. Any funds with negative cash on the Central Treasury Report are either waiting for funding for expenses already paid or are in the process of being closed out, where the City is required to expend the funds prior to requesting reimbursement for expenditures; negative cash for a fund does not represent a problem with operations. For example, when the City conducts repairs following a major disaster declaration, it can take multiple years before the City receives reimbursement from FEMA for its costs. Funds in Negative balance: • Fund 11113 Harbor CPVKPB—Res.2023-066 Funding for Seward City Tours Services. The City will receive funds from CPV KPB • Fund 11422 NE Harbor Launch Project City Funding—Res.2022-072 City spends $1,573,162.80. • Fund 11431 G, K & L Floats State Funding—Res.2021-113. The City will be reimbursed from the State Grant. If you have questions or require additional information,please feel free to contact Finance Director Sully Jusino at(907)224-4059, or by e-mail at sjusino@cityofseward.net. t 7 R= Central Treasury Report,October 31,2023 Cash and Investments 2022 2023 Wells Fargo Checking 12,116,678.33 8,782,361.31 Wells Fargo Payroll (3,211.90) 21,456.72 Clearing Account 0.00 0.00 Undeposited Funds(Cash in Transit) 0.00 0.00 Investments 42,665,941.45 43,965,235.19 54,779,407.88 52,769,053.22 By Fund: Fund Name Fund Number General Fund 01000 7,696,848.01 10,487,138.30 Teen Council Agency Fund 02000 6,053.50 6,195.64 Motor Pool Internal Service Fund 03000 2,441,713.81 2,226,553.47 Compensated Absences Fund 03100 465,144.79 500,180.86 Harbor Enterprise Fund 11000 1,038,404.49 50,264.01 Harbor MRRF Fund 11001 752,597.56 856,927.56 Harbor Passenger Fee Fund 11002 1,126,499.90 1,001,652.35 Harbor CPV State 11103 1,604,354.49 1,698,362.84 Harbor CPV KPB 11113 216,741.98 (852,239.02) NE Harbor Launch Ramp Renovation Project-City 11422 2,916.67 (2,083.33) NE Harbor Launch Ramp Renovation Project-State 11423 (45,385.79) 0.00 G,K&L Floats City 11430 (1,142,621.23) 680,030.23 G,K&L Floats State 11431 108,068.88 (22,481.12) Cathodic Protection Project 11440 13,679.80 13,679.80 SMIC Enterprise Fund 12000 326,057.76 576,453.24 Parking Enterprise Fund 13000 545,006.20 904,075.91 Electric Enterprise Fund 15000 7,997,406.43 4,789,879.33 Electric MRRF Fund 15001 957,301.76 957,301.76 Transmission Line-City Funding 15310 0.00 0.00 Electric Critical Infrastructure Fund 15340 1,814,086.40 107,951.35 Electric Nash Road Infrastructure Project 15351 4,797,093.46 1,536,444.87 Water Enterprise Fund 17000 2,188,540.28 2,624,907.03 Water MRRF Fund 17001 852,572.15 852,572.15 Water ARPA Fund 17100 577,195.00 434,079.36 Lowell Canyon Water Storage Tank 17330 222,914.29 222,914.29 Wastewater Enterprise Fund 18000 2,526,512.49 2,804,867.17 Wastewater MRRF Fund 18001 742,025.05 742,025.05 Wastewater ARPA Fund 18100 577,195.00 473,710.90 Hospital Enterprise Fund 19100 478,316.63 1,303,832.62 Healthcare Facilities 19102 927,284.17 927,284.17 Seward Mountain Haven Enterprise Fund 19200 10,273,661.23 11,922,844.76 Seward Historical Tour 30016 349.00 349.00 SCHC-City Funding 30040 0.81 0.81 Bus Transportation-CPV Funds 30051 0.00 678,165.25 Erosion Fund 30070 2,150.00 2,150.00 Capital Acquisition Fund-City Funding 80010 1,391,673.44 634,734.02 Animal Shelter 80015 186,827.60 68,005.03 Streets&Sidewalks-City Funding 80020 74,554.09 74,554.09 Energy Efficiency-City Funding 80040 93,784.69 93,784.69 Developer Reimbursement Program 80071 923,814.90 1,806,253.13 ARPA-LGLRR 80084 1,806,416.27 1,585,731.65 JLH-City Funding 80090 211,651.92 0.00 Japanese Creek Flod Mitigation-City Funding 80117 0.00 0.00 Total Pooled Cash and Investments by Fund 54,779,407.88 52,769,053.22 Note: *The above is the pooled cash balance of each fund,which simply represents the amount of available cash held by each fund.This differs from the fund balance in that the fund balance also considers the fund's current assets and liabilities. Prepared by Finance CMR Finance Department Sully Jusino Finance Director Mission Statement: Valuable Objectives: To provide the highest level of services responsive to our We built trust with all stakeholders through responsible community's expectations and to enhance the quality of stewardship of public resources with integrity, life and economic vitality. accountability,and respect. Utility Department: Working with Utility Assist. on implementing and mapping the City billing process, Utility Assist went live on 9.11.23, and the conversion process of the outsourcing is moving smoothly. Incorporating workflows with the Finance department. We are currently working on the FY22 Audit finding account list. The finance department assists with information and analysis of the ongoing water/sewer rate study. Utility Assist will work with Cornerstone on the collection program to collect old outstanding balances. Utility Assist. is working on the Net Meter billing implementation; the targeted date will be for December billing, we will notify our Net Meter customers. The finance department and the Carmen Jackson team continue to work on utility billing issues and resolve old problems identified through internal city audits. Staffing: The finance department is looking for a Payroll Accountant and Deputy Finance Director. Anyone interested in any open position with Finance is encouraged to apply through our City's website at Employment Opportunities I Seward, AK (cityofseward.us) CMR Finance Department Sully Jusino Finance Director Carmen Jackson Update and Annual Audit: • The Carmen Jackson team continues to work closely with the finance department to assist with the Util-Assist transition and directly assist with the billing process until the outsourcing is complete. • CJCPA continues to provide ongoing accounting services on a daily basis and continues to assist with high-level finance department operations. The Carmen Jackson team, the finance department, and the administration continue to review the fiscal manual and portions of the City code with financial implications as part of the overall updates to policies and procedures. • Assist the Finance Department in account reconciliation,journal entry review, and analysis workflows in preparation for audit FY23 in conjunction with Altman Rodgers and Co. firm.