HomeMy WebLinkAbout11252024 City Council Laydown - Substitute Resolution 2024_059SUBSTITUTE RESOLUTION 2024-059
LAYDOWN FROM CITY MANAGER'S OFFICE
Resolution 2024-059: Adopting the City of Seward 2025 and
2026 Operating Budget and Setting the Mill Rate
Attached to this laydown is a substitute Resolution 2024-059 to adopt the City of Seward 2025 and 2026
Operating Budget and set the mill rate. The 10 pages attached are the only pages in the FY25/26 budget
that see changes.
This substitute resolution changes only forecasted tax revenue. This does not change anything on the
expense side. What we did, at Council's suggestion, was increase our forecasted sales tax revenue for
FY25 and FY26. We maintained a conservative forecast of $7.65 million for both FY25 and 26.
There is no increase in expenses in this substitute resolution.
With this increased forecasted revenue, we can balance the budget WITHOUT an increase in the
Hotel/Motel Room tax. Instead, we proposed forecasted revenue of $866,880 and $891,880 for 2025 and
2026 respectively.
In the time since we initially released our draft budget, we received realistic numbers for the FY25 fish
tax and adjusted accordingly. We will see a 42% decrease in that revenue in 2025 from $400,000 annually
to $180,000 annually and incorporated those numbers into the substitute resolution.
With the increased forecasted revenue from sales tax, we also increased the transfer to the Hospital Debt
Service Fund. We are now proposing a $954,839 transfer to the Hospital Debt Service Fund, or half of a
single sales tax percentage.
With this substitute resolution, Administration recommends not reintroducing Ordinance 2024-014:
Revising the Seward City Code Section 5.45.015(A) Hotel/Motel Room Tax — Levy of Tax, to Increase
the Hotel/Motel Tax Rate from Four Percent to Eight Percent, Effective January 1, 2025.
I am confident that we will meet these increased, yet still conservative markers for our revenue.
Thank you,
Kat
City Council Agenda Statement
SUBSTITUTE
Meeting Date: November 25, 2024
To: City Council
Through: Kat Sorensen, City Manager
Subject: Resolution 2024-059: Adopting the City of Seward 2025 and 2026
Operating Budget and Setting the Mill Rate
Background and justification:
This substitute resolution adopts the 2025 and 2026 Operating Budget and sets the 2025 and 2026
mill rates as required by the Seward City Charter and Seward City Code. After discussion with
Council at the November 12 meeting, it was requested to present a budget that increases the
forecasted sales tax revenue for 2025 and 2026 rather than an increase in the Hotel/Motel Room
Tax.
Historically, the City has been conservative with revenue projections. Over the past several years,
this was imperative due to a global pandemic, volatility in investment and oil markets, geopolitical
issues, and economic concerns like high interest rates and steep inflation.
As a community that often depends on a strong visitor industry for revenue, it is important to stay
attuned to these situations, but it's also important to accurately forecast revenue so that the City
does not unnecessarily increase taxes or hamper operations.
The forecast presented in this updated budget assumes no major disruptions to economic activity.
The revenue lines have been revised and analyzed according to the Alaska Department of Revenue
and Tax Division's last revenue forecast.
• 4206 Alaska Raw Fish Tax - For fisheries, FY 2024 revenues were impacted by closures
and very low prices in multiple fisheries in calendar year (CY) 2023. The state is optimistic
and assumes a 3-year time horizon for slow recovery. We have a reduction in revenue,
representing 42% in actuals for FY23 vs FY24.
• 4020 Hotel/ Motel Room Tax — The state and the City assume steady and continued
economic growth supporting profitable business operations and economic activity. The
forecast for the state of tourism, including cruise ships, assumes robust tourism activity
with cruise ship passengers, which counts around 1.6 million passengers per year.
• 4000 Sales Tax Revenue - Our forecasting remains grounded in the belief that inflation
will moderate, oil prices will decrease, oil production will increase, and taxable sales will
rise compared to the figures from 2022 and 2023.
Funds affected by this 3rd budget review are the General Fund and Hospital Fund.
Upon adoption of the 2025 and 2026 Operating Budget, revenues and expenses will be
appropriated to the proper accounts as indicated in the adopted budget.
2025 General Fund
Operating Revenues
Operating Revenues $ 15,263,753
Net Transfers $ 1,438,180
General Fund Total: $ 16,701,933
2025 Enterprise Funds
Total Revenue
Harbor
SMIC
Parking
Electric
Water
Wastewater
Healthcare
Seward Mountain
Haven
3,218,682
964,758
429,173
16,197,891
2,083,094
1,369,094
974,839
$ 200,000
2025 Internal Service Fund
Motor Pool $ 518,028
Enterprise Fund
Total: $ 25,955,559
Total Revenues: $ 42,657,492
2025 Operating Expenditures
General Fund
General Fund $ 16,701,933
2025 Operating Expenditures
Before Depreciation & Motor Pool
Enterprise Funds
Harbor
SMIC
Parking
Electric
Water
$ 3,379,375
$ 1,133,298
$ 123,308
$ 14,344,458
$ 1,344,205
2026 General Fund
Operating Revenues
Operating Revenues $
Net Transfers $
General Fund Total: $
15,329,230
1,474,315
16,803,545
2026 Enterprise Funds
Total Revenue
Harbor
SMIC
Parking
Electric
Water
Wastewater
Healthcare
Seward Mountain
Haven
$ 3,263,271
$ 935,041
$ 435,960
$ 16,457,057
$ 2,115,297
$ 1,390,263
$ 974,839
$ 200,000
2026 Internal Service Fund
Motor Pool $ 518,589
Enterprise Fund
Total: $
26,290,317
Total Revenues: $ 43,093,862
2026 Operating Expenditures
General Fund
General Fund $ 16,803,545
2026 Operating Expenditures
Before Depreciation & Motor Pool
Enterprise Funds
Harbor
SMIC
Parking
Electric
Water
$ 3,430,256
$ 1,106,658
$ 154,683
$ 14,577,277
$ 1,369,234
Wastewater
Healthcare
Seward Mountain
Haven
Internal Service Fund
Motor Pool
Enterprise Funds
Total:
General Fund &
Enterprise Funds $
1,482,925
958,548
466,992
1,814,317
25,047,426
41,749,359
Wastewater $
Healthcare $
Seward Mountain
Haven
Internal Service Fund
Motor Pool $
Enterprise Funds
Total: $
1,514,269
952,977
411,952
202,794
23,720,100
General Fund &
Enterprise Funds $ 40,523,645
Comprehensive and Strategic Plan Consistency Information
This legislation is consistent with (citation listed):
Comprehensive Plan:
Strategic Plan:
Other:
Total amount of funds listed in this legislation:
This legislation (✓):
Creates revenue in the amount of:
Creates expenditure in amount of:
Creates a savings in the amount of:
Has no fiscal impact
Funds are (✓):
Budgeted Line item(s):
Not budgeted
Not applicable
$ 0
Affected Fund (✓):
General
Boat Harbor
Motor Pool
Available Fund Balance
SMIC
Parking
Other
Electric
Water
Wastewater
Healthcare
Note: amounts are unaudited
Finance Director Signature:
X
Yes
Attorney Signature:
Not applicable Comments:
Administration Recommendation
X
Adopt Resolution
Other:
Sponsored by: Sorensen
Public Hearing #1: November 12, 2024
Public Hearing #2: December 28, 2024
CITY OF SEWARD, ALASKA
RESOLUTION 2024-XXX
SUBSTITUTE
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE CITY OF SEWARD 2025 AND 2026
OPERATING BUDGET AND SETTING THE MILL RATE
WHEREAS, Seward City Charter Chapter 6 and Seward City Code Chapter 5.05
specifies that the City Council shall adopt a budget and make an appropriation of the money
needed at a regular meeting held not less than 10 days prior to the end of the fiscal year; and
WHEREAS, work sessions were held on the recommended budget and the required
public hearings were held on November 12 and November 28, 2024.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEWARD, ALASKA that:
Section 1. The document incorporated herein by reference, titled "City of Seward 2025
and 2026 Operating Budget" is hereby adopted as the budget.
Section 2. Sums of money shall be appropriated from all City funds as follows:
2025 General Fund
Operating Revenues
Operating Revenues $
Net Transfers $
15,263,753
1,438,180
General Fund Total: $ 16,701,933
2025 Enterprise Funds
Total Revenue
Harbor
SMIC
Parking
Electric
Water
Wastewater
Healthcare
Seward Mountain
Haven
3,218,682
964,758
429,173
16,197,891
2,083,094
1,369,094
974,839
$ 200,000
2026 General Fund
Operating Revenues
Operating Revenues $
Net Transfers $
General Fund Total: $
15,329,230
1,474,315
16,803,545
2026 Enterprise Funds
Total Revenue
Harbor
SMIC
Parking
Electric
Water
Wastewater
Healthcare
Seward Mountain
Haven
$ 3,263,271
$ 935,041
$ 435,960
$ 16,457,057
$ 2,115,297
$ 1,390,263
$ 974,839
$ 200,000
CITY OF SEWARD, ALASKA
Substitute RESOLUTION 2024-059
2025 Internal Service Fund
Motor Pool $
2026 Internal Service Fund
518,028 Motor Pool $ 518,589
Enterprise Fund
Total: $ 25,955,559
Total Revenues: $ 42,657,492
2025 Operating Expenditures
General Fund
General Fund $ 16,701,933
2025 Operating Expenditures
Before Depreciation & Motor Pool
Enterprise Funds
Harbor $
SMIC $
Parking $
Electric $
Water $
Wastewater $
Healthcare $
Seward Mountain
Haven
Internal Service Fund
Motor Pool $ 1,814,317
Enterprise Funds
Total: $ 25,047,426
3,379,375
1,133,298
123,308
14,344,458
1,344,205
1,482,925
958,548
$ 466,992
General Fund &
Enterprise Funds $
Enterprise Fund
Total: $ 26,290,317
Total Revenues: $ 43,093,862
2026 Operating Expenditures
General Fund
General Fund $ 16,803,545
2026 Operating Expenditures
Before Depreciation & Motor Pool
Enterprise Funds
Harbor $
SMIC $
Parking $
Electric $
Water $
Wastewater $
Healthcare $
Seward Mountain
Haven
Internal Service Fund
Motor Pool $
Enterprise Funds
Total: $ 23,720,100
3,430,256
1,106,658
154,683
14,577,277
1,369,234
1,514,269
952,977
$ 411,952
202,794
General Fund &
41,749,359 Enterprise Funds $ 40,523,645
Section 3. The total assessed valuation as determined by the Kenai Peninsula Borough
Assessor and any supplemental assessment rolls for the period which may be certified by the
Borough Assessor at a future date shall be the basis for computing estimated property tax
revenues for the City of Seward.
Section 4. The levy rate on 2025 and 2026 real and personal property tax rolls is
levied at the rate of 3.84 mills per dollar of assessed valuation in Municipal Service Zones
One (Borough designation TCA 40) and Two (Borough designation TCA 41).
CITY OF SEWARD, ALASKA
Substitute RESOLUTION 2024-059
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 16th day of
December 2024.
THE CITY OF SEWARD, ALASKA
Sue McClure, Mayor
AYES:
NOES:
ABSENT:
AB STAIN:
ATTEST:
Kris Peck
City Clerk
(City Seal)
City of Seward
2025/2026 Budget Transmittal Letter
To: Honorable Mayor McClure and City Council Members
From: Kat Sorensen, City Manager
Re: 2025/2026 City of Seward Budget
The 2025/2026 City of Seward Operating Budget and Six -Year Capital Improvement Plan is
respectfully submitted to you for your consideration. The budgets include the operating budgets for
the general fund, the eight enterprise funds: Harbor, Harbor Seward Marine Industrial Center
(SMIC), Parking, Electric, Water, Wastewater, Healthcare, Seward Mountain Haven and one
internal service fund, Motor Pool.
Tax Rates
The City of Seward first implemented a sales tax in March 1982, when a 1 % sales tax was
imposed to fund the cost of local hospital operations and other local services. In October 1986,
the sales tax rate was increased from 1 % to 3% to offset substantial state reductions in State
Revenue Sharing and to allow the City to continue providing the necessary public services. The
sales tax rate was increased from 3% to 4% in 2003 and has not changed since. There is no
change to the amount of sales tax imposed in the FY25/26 budget. Because the hospital fund has
collected enough funds to cover debt services, the FY25/26 budget shows a reallocation of half
of a percentage of sales tax monies from the local hospital operations to general local services
with a focus on public safety.
The bed tax was first adopted in 1996 and revenue numbers have been steadily increasing,
reflecting strong visitor numbers in the past few years. The bed tax remains at 4%, which is the
amount that was adopted in 1996, but with continued revenue growth forecasted.
The property tax mill rate for Seward is 3.84 mills which, when applied to a taxable property
valued at $100,000, yields $384 in tax revenue. Seward's mill rate remains among the lowest in
the Borough. From 1989 through 1996, Seward's mill rate was 3.0 mills. From 1996 to 2012 the
mill rate was 3.12 mills, and in 2018 it was increased to 3.84, where it is today. In addition to
local property tax, Seward residents pay property tax to the Kenai Peninsula Borough (KPB) for
Borough schools, landfill and borough operations, and to Seward Bear Creek Flood Service Area
(SBCFSA) to mitigate flood hazards.
General Fund Operating Budget Overview
2025 2026
Operating Revenue: $ 15,121,414 Operating Revenue: $ 15,186,891
Net Transfers: $ 1,580,519 Net Transfers: $ 1,616,654
Total: $ 16,701,933 Total: $ 16,803,545
General Fund Operating Budget
The 2025 General Fund operating revenue represents a 9% increase over 2024. The tax revenue
line items have been increased as follows:
• Sales Tax: The proposed sales tax revenue amount is $7,654,525 and represents an 18%
increase over the 2024 budget. This large increase is based off actuals from 2023 and
anticipated higher revenue from sales tax in 2024. The budgeted sales tax revenue for 2023
was $6,500,000 and we anticipate coming in over that budgeted amount by the end of
FY24. In FY22 and FY23 we saw sales tax revenue of over $7.5 million so we are maintaining
a conservative yet realistic increase.
• Hotel/Motel Tax: The hotel/motel revenue amount is $866,880 and represents a 20%
increase over the 2024 budget. Again, we are maintaining a conservative yet realistic
increase in the revenue from Hotel/Motel Tax to insure that the City of Seward accurately
forecasts revenue.
Revenue line items have been decreased in FY25 as follows:
• Jail Contract_$564,810 has been deducted from the revenue with the closing of the Seward
Community Jail as well as $112,000 in administrative fees from the jail.
• Alaska Raw Fish Tax: Decrease from $400,000 to $180,000 to reflect the struggles that the
fishing industry is facing as trends are pointing to a continued sharp decrease.
• Electric Admin Fees: The administrative fee from the Electric Enterprise Fund is decreased
to $1,013,512 in an effort to consolidate resources under the electric department budget
and decrease electric rates over time. By previous policy, the admin fee would be over $1.1
million, reflecting a reduction of revenue of about $100,000.
The 2026 General Fund operating revenue represents a $50,000 increase over 2025. The tax
revenue line items are increased as follows:
• The Camping Fees and Utilities were increased based off average annual increases in
bookings and cancellation fees.
Expenditures: $16,701,933 (Personnel - $10,275,634 & Non -personnel - $6,197,622)
Personnel Expenses
The 2025 personnel expenses reflect an 8% increase in the personnel expenses over 2024. The
major factors for the increase are:
• Salary Expenses — in 2025 the following changes will be made:
o 8% increase in wages and the implementation of a new wage scale
o New firefighter position
• PERS —PERS liability continues to be 22%, which includes the current liability and past
liability. The percentage is applied to the salaries line items within each department.
• Health Insurance Costs —health insurance costs have increased by a conservative 10%for
2025. This cost is negotiated annually, and we continue to keep it below the 10% mark.
The 2026 personnel expenses reflect a 2% increase in the personnel expenses over 2025.
The 8% increase in wages and an implementation of a new wage scale is in response to increasing
cost of living across the country, but especially in the Seward community. Seward's salaries were
not competitive across the Kenai Peninsula or the state, especially in our public safety
departments. By adjusting salaries with an average of 8%, the City is able to provide competitive
wages. It does not make the City a top paying employer in the state or the community, but it helps
bridge the gap.
Since 2000, City of Seward employees saw a collective 34.90% increase in salaries in comparison
to an 88.24% increase in CPI across the same 24-year period. Over those 24 years, there were 13
years without a Cost -of -Living Adjustment (COLA). This adjusted wage scale in 2025 and 2026 will
bring Seward's wages into a competitive range and catch current wages up with the cost of living.
This, in turn, will improve staff retention, increase productivity, attract high quality talent,
strengthen the local economy, and enhance the City's public image and trust.
General Fund Non -Personnel Line Items
The 2025 non -personnel line items have decreased by about 2% over 2024. The 2026 non -
personnel lines maintained from 2025 with a decrease of $40,000. These decreases are present
due to diligent budgeting of resources.
The 2025 general fund budget includes increases the following
• A CPI increase of 3% in the FY25 budget across most line items to account for inflation
• Additional funds in the City Manager's budget to hire a contract grant writer and
administrator
• Additional funds in the Community Development department to facilitate and create the
Comprehensive Plan
• Incorporating ongoing costs of an upgraded Computer Aided Dispatch program for public
safety
• An increase in funding to the Seward Senior Center of $25,000 over 2023
The 2025 general fund budget includes decreases the following
• Removing the $25,000 annual contribution to the Boys and Girls Club under General
Services and incorporating those funds into the contract with Boys and Girls Club under
Parks and Rec. The total contract will now total $170,000 rather than a combined
$215,000.
The 2026 general fund budget includes increases the following
• A 1.6% CPI increase on most line items to account for inflation
• Contractual renewals in the Informational Technology department for a multiyear contract
renewal of endpoint protection and managed detection and response software
The 2026 general fund budget includes decreases in the following
• The Alaska SeaLife Center PILT payments end in 2025, decreasing the general fund budget
by $150,000.
Budget Interfund Transfers
The following transfers affect the General Fund Budget:
Transfers -in:
• 2025 $515,618 and 2026 $520,953 from the Boat Harbor Enterprise Fund;
• 2025 $180,696 and 2026 $183,572 from the Seward Marine Industrial Center Enterprise
Fund;
• 2025 $33,934 and 2026 $34,477 from the Parking Enterprise Fund;
• 2025 $1,311,146 and 2026 $1,311,724 from the Electric Enterprise Fund;
• 2025 $189,167 and 2026 $191,794 from the Water Enterprise Fund;
• 2025 $132,392 and 2025 $134,110 from the Wastewater Enterprise Fund;
• 2025 $90,000 2026 $90,000 from the Commercial Vessel Tax Fund.
Transfers to Other Funds:
• 2025 $891,510 and 2026 $891,510 to the Hospital Debt Service Fund;
• 2025 $26,000 and 2026 $26,000 to the Sewer Enterprise Fund.
Historically, the City of Seward General Fund would transfer sales tax revenue equivalent to one
percent of the four of Seward's sale tax to the Hospital Dept Service Fund to cover the bond
payments and capital for Seward Mountain Haven and Providence. Since the account has enough
funding to cover the remaining bond payments, we have allocated just half of the usual amount for
capital, at $891,510.
Enterprise Funds Overview
Harbor Enterprise Fund
The Harbor Enterprise Fund consists of the following cost centers: Float System, Wharves and
Docks, 50-Ton Boatlift, Harbor Electrical System, Harbor General, Harbor Administration, Harbor
Debt Service, and accounts for harbor and marine services provided to the public in the harbor
basin.
Revenues are based on user fees and charges, and the Harbor Enterprise Fund is maintained on
the accrual basis of accounting.
• The 2025 Harbor Enterprise Fund operating revenues represent a 4.8% increase over 2024.
• The 2026 Harbor Enterprise Fund operating revenues represent a 1.3% increase over 2025.
• The 2025 Harbor Enterprise Fund operating expenses before depreciation represent a
10.5% increase over 2024.
• The 2026 Harbor Enterprise Fund operating expenses before depreciation represent a 1.2%
increase over 2025.
Seward Marine Industrial Center (SMIC) Enterprise Fund
The SMIC Enterprise Fund consists of the following cost centers: SMIC Basin, 330-ton Travel Lift,
Syncrolift Operations, and SMIC General. This Fund represents the activities of the marine
industrial operations conducted on the east side of Resurrection Bay.
The City of Seward owns, but does not operate, the Syncrolift. The Syncrolift facility is operated
through a lease and a management and operating agreement. The costs associated with the
Syncrolift in this budget are associated with insurance, depreciation, amortization, and
administrative costs allocated from the Harbor Enterprise Fund and the General Fund, associated
with managing the SMIC operations.
• The 2025 SMIC Enterprise Fund operating revenues represent a 16% increase over 2024.
• The 2025 SMIC Enterprise Fund operating expenses before depreciation represent a 1
increase over 2024.
Parking Enterprise Fund
The Parking Enterprise Fund is established to create a funding source for replacement of existing
parking lots, including costs of maintaining and upgrading the parking lots in the harbor and
downtown areas. The primary revenue source of this fund is parking fees. The primary expense of
this fund are maintenance and repair of the parking lots and personnel costs associated with
enforcement. Financial records for the Parking Enterprise Fund are maintained on the accrual basis
of accounting.
• The 2025 Parking Fund operating revenues represent a 24.3% increase over 2024,
representing an increase in enforcement.
• The 2025 Parking Fund operating expenses represent a 38% increase in expenditures due
to full staffing and purchasing of equipment.
• The 2026 Parking Fund operating expenses represent a 6% decrease under 2025.
Electric Enterprise Fund
The Electric Enterprise Fund is established to account for the provision of electrical service to the
residents of the City and other areas within the electrical service area. The primary revenues of the
Electric Enterprise Fund are charges to various user classes:
• Residential
• Small General Service
• Large General Service
• Habor Power Sales
• Industrial Sales
• Street and Yard Lights
Fund are maintained on the accrual basis of accounting.
The FY25/26 Budget proposes a 2 cent decrease in winter rates effective October 2025 in an effort
to decrease the cost of living and operating a business in the City of Seward in the winter months.
This rate cut was made possible due to the decrease in administrative costs from the Electric
Enterprise Fund to the General Fund with the consolidation of positions, as well as cuts to the
Electric operating budget. Capital projects are not accounted for in this budget.
• The 2025 Electric Enterprise Fund operating revenues represent a 2.5% decrease under
2024 budgeted numbers.
• The 2026 Electric Enterprise Fund operating revenues represent a 1.6% increase over 2025
budgeted numbers.
• The 2025 Electric Enterprise Fund operating expenses before depreciation represent a
4.5% decrease under 2024 budgeted numbers due, in part, to the reduction in transfers to
the General Fund.
• The 2026 Electric Enterprise Fund operating expenses before depreciation represent a
1.6% increase over the 2025 budgeted numbers representing a CPI increase.
Water Enterprise Fund
The Water Enterprise Fund accounts for the provision of public drinking water to the community of
Seward. Revenues are based on user chargers to the following classes of customers:
• Residential
• Small General Service
• Large General Service
• Seward Marine Industrial Center
• Boat Harbor
• Industrial
The financial records of the Water Enterprise Fund are maintained on the accrual basis of
accounting.
• The 2025 Water Enterprise Fund operating revenues represent a 3% increase over 2024
budgeted numbers.
• The 2026 Water Enterprise Fund operating revenues represent a 1.6% increase over 2025
budgeted numbers.
• The 2025 Water Enterprise Fund operating expenses before depreciation represent a 1 %
increase over 2024 budgeted numbers.
• The 2026 Water Enterprise Fund operating expenses before depreciation represent a 2.7%
increase over 2025 budgeted numbers.
Wastewater Enterprise Fund
The Wastewater Enterprise Fund accounts for the provision of sewage treatment and disposal
services to the community of Seward. Revenues are based on user charges to the following classes
of customers:
• Residential
• Small General Service
• Large General Service
• Seward Marine Industrial Center
• Industrial
The financial records of the Wastewater Enterprise Fund are maintained on the accrual basis of
accounting
• The 2025 Wastewater Enterprise Fund operating revenues represent a 3% increase over
2024 budgeted numbers.
• The 2026 Wastewater Enterprise Fund operating revenues represent a 1.6% increase over
2025 budgeted numbers.
• The 2025 Wastewater Enterprise Fund operating expenses before depreciation represent
a 26 % increase over 2024 budgeted numbers. Ten percent of this increase is due to an
increase in salaries from the new pay scale.
• The 2026 Wastewater Enterprise Fund operating expenses before depreciation represent
a 2.8 % increase over 2025 budgeted numbers.
Healthcare and Seward Mountain Haven Enterprise Funds
The Healthcare Enterprise Fund accounts for operating and capital costs associated with
Providence Seward Medical Center (PSMC). PSMC's operations presently include the hospital and
emergency room.
Beginning in 2014, the primary care clinic transitioned to a federally qualified health center and
operations of the clinic are accounted for in a separate special revenue fund which is not part of
the City's budget process. The Seward Mountain Haven Enterprise Fund was established to
account for the accumulation of resources to repay $27,000,000 in revenue bonds issued on
March 18, 2008, to construct, equip, and furnish a new long-term care facility.
These bonds were refinanced in 2016, with an outstanding principal balance on January 1, 2024,
of $12,350,000 The revenue source to cover capital costs and operational shortfalls, if any, comes
from proceeds of a .50% of a 1 % sales tax, equal to one-fourth of the General Fund's 4% sales tax
revenue.
Bond covenants require the sales tax be made available first to cover debt service on long-term
care facility bonds.
Assumptions for the bond payment:
• As an optional prepayment explained in the amendatory loan agreement; The
Municipal Bond principal installments are due on or after August 1, 2026, are subject
to prepayment in whole or in part at the option of the City on any date on or after
February 1, 2026, at a price of 100% of the principal amount thereof to be prepaid,
plus accrued interest to the date fixed for prepayment.
• We can assume that if the city wants to pay the bond after February 2026, the amount
would be $10,205,000 without the transaction fees.
Internal Service Fund Motor Pool Fund
The Motor Pool Fund is an Internal Service Fund established to accumulate resources to replace
City vehicles and heavy equipment, including fire trucks, road graders, snow removal equipment,
fleet vehicles, trailers, rescue and response vehicles, dump trucks, etc. City departments pay
annual lease payments to the Motor Pool Fund for the use of vehicles and heavy equipment, with
funds accumulating to finance their replacement. This funding mechanism reduces the need to
borrow money to purchase equipment, saving interest costs, and reduces the impact of large
purchases on the annual operating budgets by spreading the costs of the assets over their
respective useful lives.
Motor Pool Revenue:
• $484,000 in transfers in 2025
• $489,000 in transfers in 2026
Motor Pool Expenditures:
• There are $1,811,430 in planned expenditures for 2025 and $160,000 planned for 2026.
Acknowledgements:
Developing Seward's budget is a comprehensive, collaborative effort that hinges on the dedication
of our strong, cohesive City team, the valuable input of Seward's residents, and the guidance of our
City Council. Our department heads and staff work tirelessly to maintain service levels despite
increasing costs and fewer resources, constantly finding innovative ways to achieve more with
less. Throughout this process, our team has shown tremendous dedication in identifying funding
and recovery opportunities to benefit the City of Seward, local businesses, and our broader
community.
The changes in this budget reflect the future of Seward, emphasizing the value of our employees
and residents and centering on positively impacting the quality of life for everyone in Seward, all
year long. The results of this budget are a testament to the shared commitment of everyone
involved—Seward's Council, City staff, and the engaged members of our community. With their
thoughtful contributions and shared vision, this budget not only enhances essential services and
infrastructure but also strengthens our financial foundation, setting Seward on a path toward long-
term sustainability. Thank you to everyone who brought such energy and insight to this work,
allowing us to continue delivering the highest levels of service in the most efficient, cost-effective
way.
General Fund
Budgeted Statement of Revenues, Expenditures and Other Financing
Sources (uses) and changes in Fund Balance
For Fisical Year 2025 and 2026
Proposed Proposed
2021 2022 2023 2024YTD 2024 Budget 2025 2026
Actual Actual Actual Actuals 6/30 Final Budget Budget
Revenue:
Taxes 9,326,014 10,160,722 10,595,983 4,269,607 9,082,500 10,482,405 10,507,405
Licenses and Permits 118,513 207,286 216,357 98,808 179,060 122,700 125,700
Intergovernmental 1,720,773 1,303,488 1,222,372 67,349 992,554 284,800 259,800
Charges for Services 3,660,752 3,871,599 3,817,738 3,475,770 4,155,336 3,963,228 4,025,705
Fines and Bails 22,308 28,759 19,514 25,126 16,500 25,000 25,000
Investment income (loss) 31,176 195,207 579,365 1,359,899 501,000 260,000 260,000
Other revenues 409,188 153,812 212,343 292,467 111,313 125,620 125,620
Total Revenue: $15,288,724 $15,920,874 $16,663,672 $9,589,026 $15,038,263 $15,263,753 $15,329,230
Expenditures:
General Government 3,684,055 5,084,416 5,371,398 2,733,588 5,114,189 5,295,896 5,159,279
Public Safety 4,201,427 4,968,898 5,006,695 2,887,755 5,704,605 5,702,553 5,668,584
Public Works 1,194,712 1,705,102 1,960,636 1,058,640 2,051,354 2,314,631 2,471,498
Parks and Recreation 1,510,042 1,707,417 1,732,671 1,033,972 1,854,823 2,144,019 2,226,615
Library 616,043 766,272 758,260 387,082 867,054 834,603 869,712
Debt Service 441,404 411,481 415,606 213,553 410,544 410,232 407,857
Total Expenditures: $11,647,682 $14,643,586 $15,245,267 $8,314,591 $16,002,568 $16,701,833 $16,803,545
Excess of revenues over (under) expenses
Other financing sources (uses):
Net Bond proceeds
Operating transfers (to) other funds
Operating transfers from other funds
Net other financing sources (uses)
Change in Fund Balance
Fund balance beginning of year
$3,641,041 $1,277,288 $1,418,405 $1,274,435-$964,306-$1,438,180 -$1,474,315
34,072 0
-2,949,985 (2,797,265) (1,883,801)
2,286,776 2,649,411 2,824,069
-629,137 -147,854 940,268
-422,183
1,323,065
900,882
-1,641,000
2,453,557
812,557
0 0 0
-980,839 -980,839
2,419,019 2,455,154
1,438,180 1,474,315
$3,011,904 $1,129,434 $2,358,673 $2,175,317 -$151,749 $0 $0
$10,224,310 $11,583,494 $12,200,345 $14,426,887 $14,426,887 $14,275,138 $14,275,138
Fund balance end of year
Non -spendable:
Inventory, Prepaids, Unrealized gains 545,560 814,310 858,515 858,515 875,000 875,000 875,000
Restricted: 0 0 0
Committed:
Working Capital 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
Insurance Reserves 0 0 0
Hospital Cash Flow 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Assigned: 575,000 597,995 597,995 597,995 615,935 625,174 634,551
Unassigned: 10,115,654 9,300,623 11,103,107 13,145,693 10,784,201 10,774,964 10,765,586
Total Fund Balance $13,236,214 $12,712,828 $14,558,618 $16,602,204 $14,275,138 $14,275,138 $14,275,137
City of Seward
General Fund Revenue Detail by Line Item
2024 YTD
2021 2022 2023 Actuals 2023 Budget 2024 Budget Proposed 2025 Proposed 2026
General Fund Revenue by line Item Actual Actual Actual 6/30/2024 Final Final Budget Budget
Revenues
4000 Tax Revenue - Sales 6,861,101 7,635,648 7,856,472 3,400,032 6,500,000 6,500,000 7,654,525 7,654,525
4010 Tax Revenue - Real Property 1,170,662 1,214,960 1,310,697 325,266 1,250,000 1,275,000 1,312,500 1,312,500
4011 Tax Revenue - Personal Property 463,638 469,568 407,869 152,656 465,000 465,000 465,000 465,000
4012 Tax Revenue - Motor vehicle 20,916 21,111 19,757 9,473 24,000 24,000 20,000 20,000
4013 Tax Revenue - Oil Property - - 553 - - - - -
4020 Hotel/Motel Room Tax 713,633 804,511 840,428 317,883 725,000 725,000 866,880 891,880
4030 Payments in Lieu of Tax 130,375 147,705 156,404 61,435 90,000 90,000 160,000 160,000
4031 Contra Payments in Lieu of Tax (41,314) (136,677) - - - - -
4040 Penalties and Interest on Taxes 7,003 3,898 3,804 2,862 3,500 3,500 3,500 3,500
4100 Building Permits 71,091 106,020 120,796 41,595 70,400 71,000 42,000 45,000
4101 Permits - Taxi 587 2,179 2,441 643 1,000 1,000 2,500 2,500
4102 DMV - Drivers License 9,058 15,738 16,240 6,293 20,000 20,000 15,000 15,000
4103 DMV - Motor Vehicles 22,032 42,685 46,060 31,423 60,000 60,000 35,000 35,000
4104 Animal Control Licenses 100 85 85 165 200 250 200 200
4105 Business License 11,670 33,120 21,600 12,030 22,000 22,000 20,000 20,000
4106 License and Permits - Misc 2,349 7,461 2,955 2,919 3,150 3,150 3,000 3,000
4107 Inspection Fees 1,626 - 6,180 3,740 1,600 1,660 5,000 5,000
4200 Revenue Sharing 85,793 136,622 107,071
4201 PERS On -Behalf payments by SOA 312,756 256,365 142,298
4202 Jail Contract 368,952 368,952 521,537 - 564,810
4203 Dispatch Contract w/State of AK 36,000 36,000 36,000 36,000 36,000 36,000 36,000
4204 KPB 911 Dispatch 52,800 52,800 52,800 26,400 52,800 52,800 52,800 52,800
4205 Alaska Liquor Tax - - 23,625 - - -
4206 Alaska Raw Fish Tax 350,482 370,953 317,042 - 400,000 400,000 180,000 155,000
4207 Fisheries Resource Landing Tax 1,861 9,928 5,049 416 2,400 2,400 1,000 1,000
4208 Alaska Marijuana Application Fees 300 - - 1,300 300 300 - -
4251 Grant Revenue - Federal Grants 9,979 50,232 10,229 6,304 485,500 487,304 6,000 6,000
4252 Grant Revenue - State Grants 1,851 7,000 9,546 2,500 7,000 7,750 7,000 7,000
4253 Grant Revenue - Misc Grants 500,000 14,636 20,000 4,804 2,500 6,000 - -
4254 Snow Removal Fees - - 800 2,000 - - 2,000 2,000
4300 Admin. Exp. - Jail 112,537 114,788 118,225 - 118,225
4301 Admin Exp.- Harbor 374,258 451,488 465,035 478,980 465,035 478,980 493,349 501,243
4302 Admin. Exp. - SMIC 99,895 148,709 153,170 157,760 153,170 157,760 162,493 165,093
4303 Admin. Exp.- Parking Fund 11,675 12,025 12,385 12,760 12,385 12,760 13,142 13,353
4304 Admin. Exp. - Electric 976,322 1,005,612 1,035,780 1,066,855 1,035,780 1,066,855 1,013,512 1,029,728
4305 Admin. Exp. - Water 269,340 277,420 285,743 294,315 285,743 294,315 303,144 307,945
4306 Admin. Exp. - Sewer 164,483 169,425 172,805 176,261 172,805 176,261 181,549 184,454
4307 Copying Fees 1,893 5,180 12,248 2,160 5,000 5,000 3,000 3,000
4308 Sales Tax Credit 4,000 4,000 3,000 3,000 4,000 4,000 4,000 4,000
4309 Zoning Fees 4,946 4,943 1,854 378 2,000 2,000 2,000 2,000
4311 Community Development - Zoning Fees 100 260
4312 Walkable Mural Application Fee 2,000
4313 Comm Dev Printing Fees 340 - 12
4314 Rezone Fee - 300 - - - -
4315 Replat Fee - 370 200 - - - -
4316 Conditional Use Permit 990 700
4317 Short Term Rental 10,450 6,450 10,950 11,000 11,000
4318 Sign Permit - - 60 60 -
4319 Variance Permit - - 330 -
4320 Misc Dog Fees 300 210 857 1,980 500 500 500 500
4321 Miscellaneous Jail Revenue - - 16,811
4322 Miscellaneous Dispatching 10,000 10,000 - -
4323 Miscellaneous Police Fees 1,925 2,648 2,310 1,415 2,500 2,500 - -
4324 Animal Shelter Donations - - 26,709 542 20,612
4330 Street Work Orders 50 489 -
4331 Shop Work Orders 2,471 868 396 558 2,261
4341 P&R: Punchard Fees - 318 2,163 2,100 2,261 - 2,261 2,261
4342 P&R: Class Registrations 1,409 315 1,250 1,040 1,500 5,000 5,150 5,232
4343 P&R: Facility Rental 28 13,732 21,741 18,477 9,000 19,180 19,755 20,071
4344 P&R: Tournaments - - 684 316 - - -
4345 P&R: Special Events 12,928 13,136 22,886 24,789 19,917 28,717 29,579 30,052
4347 P&R: Shower Fees 7,832 - - - -
4348 P&R: Rock Wall Fees - 128 90
4349 P&R: Pavilion Fees 6,958 7,948 9,255 4,378 8,160 8,323 8,573 8,710
4350 P&R: Camping Fees 960,360 795,105 700,605 553,464 972,375 991,823 818,690 831,789
4351 P&R: Camping w/Utilities 400,138 588,150 620,024 539,279 675,000 700,000 721,000 732,536
4352 P&R: RV Dump Station 39,948 -
4353 P&R: Misc Revenue 64,268 - 1,943 979 - -
4356 P&R: Burial Reservations - - 1,500 (250) 300 300
4357 P&R: Memorial Bench Fees 6,485 2,000 125 2,000 2,000 2,000 2,000
4358 P&R: Camping Reservation Cancellation Fees - 65,590 33,364 58,270 51,000 52,020 53,581 54,438
4370 Library Service Revenue 7,841 15,858 8,019 5,763 10,695 10,909 11,000 11,100
4371 Library Circulation Revenue 34 489 1,118 643 198 202 450 500
4372 Museum Revenue 4,630 385 3,000 3,200
4373 Museum Admissions 7,125 12,840 11,620 14,838 7,568 7,720 8,000 9,000
4380 Land Rents & Leases 50,300 78,199 12,081 46,108 50,000 50,000 52,500 52,500
4382 Jail Facility Rental 30,000 30,000 - - - -
4383 Municipal Building Rent 31,005 41,773 41,128 65,000 65,000 40,000 40,000
4400 Fines and Bails 22,308 28,759 19,514 25,126 16,500 16,500 25,000 25,000
City of Seward
General Fund Revenue Detail by Line Item
2024 YTD
2021 2022 2023 Actuals 2023 Budget 2024 Budget Proposed 2025 Proposed 2026
General Fund Revenue by line Item Actual Actual Actual 6/30/2024 Final Final Budget Budget
4500 GF Interest on Investments 30,583 176,183 548,497 1,355,993 - 500,000 260,000 260,000
4501 GF Penalties & Interest 592 1,039 1,634 3,906 1,000 1,000
4505 GF Interest Revenue - Leases 17,985 29,234 - -
4610 Surplus Sales 66,307 307 54,926 5,000 5,000
4611 Gravel Sales 246,279 79,980 81,986 155,734 225,000 80,193 100,000 100,000
4620 Franchise Fee - Refuse 25,050 28,281 28,303 16,805 25,750 25,750 25,000 25,000
4630 City Clerk Fees 60 60 136 208 120 120 120 120
4631 Collection of Doubtful Acconts - - - 114,731
4632 Insurance Recovery/Rebate 41,423 44,085 46,354
4633 Vending Machine Fees 600 600 600 250 250 500 500
4639 Misc Service Fees 1,045 469 30 5,086
4700 Other Financing Sources (2,720,201)
4701 Premium on Issuance of Bonds 574,273 - - - - - -
4702 Proceeds from Issuance of Bonds 2,180,000 - - - - -
5899 Miscellaneous Revenue 28,424 30 9 (96)
Net Transfers from other funds 1,438,180 1,474,315
Total Revenues 15,322,795 15,920,874 16,663,672 9,690,710 15,213,509 15,038,263 16,701,933 16,803,544
CITY OF SEWARD
HOSPITAL ENTERPRISE FUND
Budgeted Statement of Cash Flow
For Fiscal Year 2023 ,2024 2025 and 2026
Beginning Cash Balance at I/I/24*:
Cash is provided by (used for):
Change in net position
Add expense items not affecting cash
Depreciation
Net cash provided by operations
Other sources (uses) of cash
Debt principal
Net increase (decrease) in cash (b)
Estimated ending cash balance
" Ties to December 3I, 2023 cash and investment balance per ACFR
SGH PERS loan PMYT owed to Motor Pool Fund loan matures in 2026.
2024 2025 2026
Budget Budget Budget
2,380,I64
407,161 (26,709) (28,138)
385,750 396,63I 402,977
$792,911 $369,922 $374,839
($84,549) ($88,988) ($93,659)
708,362 280,934 281,180
$3,088,526 $3,369,460 $3,650,640
CITY OF SEWARD
HOSPITAL ENTERPRISE FUND
Budgeted Revenue and Expenditures
For Fiscal Year 2023, 2024 ,2025 and 2026
Revenue
19100-0000 General Operations
Expenditures
19100-0000 General Operations
19100-0000 Debt Service Interest
2024
$
Total: $
Non -operating revenue: $
$
Transfers In: $
Total Revenues: $
Total:
Transfers Out
Total Expenditures
Revenue over expenses:
15,000
15,000
1,625,000
1,640,000
$ 1,073,250
$ 9,589
$ 1,082,839
$ 150,000
$ 1,232,839
$ 407,161
Depreciation Expense: $ 385,750
Depreciation Expense: $ 385,750
Revenue over Expenditures (less depreciation): $ 792,911
SGH PERS loan PMYT owed to Motor Pool Fund loan matures in 2026.
2025
2026
20,000
20,000
954,839
974,839
$ 796,631
$ 4,917
$ 801,548
$ 200,000
$ 1,001,548
$ (26,709)
$ 396,631
$ 396,631
$ 369,922
20,000
20,000
954,839
974,839
$ 802,977
$
$
802,977
$ 200,000
$ 1,002,977
$ (28,138)
$ 385,750
$ 385,750
$ 357,612
Hospital Fund
Proposed Revenue/ Expense by line Item For Fiscal Year 2025 and 2026
Healthcare Enterprise (19100-0000) Revenue &
Expense Budget
Revenues:
Non -Operating Revenue:
5899 Miscellaneous Revenue
5901 EF Investment Interest
5940 Amort. Of CIA - General
Total Non -Operating Revenue:
Total Revenue:
Expenditures:
Non -Personnel Costs:
7009 Contracted Services
7809 Pass-Thru Payments*
7810 Miscellaneous Expense
7900 Depreciation Expense
8001 Unrealized Loss on Investments
8012 Debt Service Interest Expense
8300 Debt Service Principal**
Total Non -Personnel Costs:
Total Expenditures:
2021 2022 2023
Actual Actual Actual
2024 YTD
Actuals
(6/30)
2024
Budget
Proposed
2025
Budget
Proposed
2026
Budget
0
16,549
0
0
79,883
0
0
545,397
0
0
104,608 15,000 20,000
0
20,000
$16,549 $79,883 $545,397 $104,608
$16,549 $79,883 $545,397 $104,608
$15,000
$15,000
$20,000 $20,000
$20,000 $20,000
0 0 0
687,500 687,500 687,500
0 0 0
348,959 360,706 392,704
54,124 232,704 51,242
22,252 18,245 14,028
72,517 76,324 80,331
$1,185,352 $1,375,479 $1,225,805
$1,185,352 $1,375,479 $1,225,805
0
0
0
0
21,901
0
0
$21,901
$21,901
0
687,500
0
385,750
0
9,589
84,549
$1,167,388
$1,167,388
400,000 400,000
396,631 402,977
4,917 -
88,988 93,659
$890,536 $896,636
$890,536 $896,636
* Calculation based on the depreciation of the hospital's assets in 2023. No new addition reported to the City.
**SGH PERS loan PMYT owed to Motorpool Fund loan matures in 2026.
City of Seward
Budgeted Interfund Transfers
Fiscal Year 2025 and 2026
TRANSFERS FROM OTHER FUNDS:
Boat Harbor Enterprise Fund:
One-half of land rents and leases
Federal and State lobbying
Payment -in -Lieu -of -Tax
Seward Marine Industrial Center Enterprise Fund:
One-half of land rents and leases
Payment -in -Lieu -of -Tax
Parking Enterprise Fund Payment -in -Lieu -of -Tax
Electric Enterprise Fund:
Federal and State lobbying
Payment -in -Lieu -of -Tax
Water Enterprise Fund:
Federal and State lobbying
Payment -in -Lieu -of -Tax
Wastewater Enterprise Fund:
Federal and State lobbying
Payment -in -Lieu -of -Tax
Commercial Vessel Tax Fund:
For SVAC ambulance service to cruise ships
For Fire service to cruise ships
For GF services to cruise ships; police security, museum movie, etc.
TOTAL TRANSFERS IN:
2025 2026
Transfers- Transfers- Transfers- Transfers -
In Out In Out
233,100
25,000
257,518
81,945
64,817
33,934
25,000
1,286,146
25,000
164,167
25,000
107,392
20,000
20,000
50,000
236,829
25,000
262,124
83,256
65,839
34,477
25,000
1,306,724
25,000
166,794
25,000
109,110
20,000
20,000
50,000
$2,419,019 $2,455,154
TRANSFERS TO OTHER FUNDS:
Hospital Debt Service Fund 954,839 954,839
SMIC Enterprise Fund - cash deficit 0 0
Sewer Enterprise Fund - RV dump 26,000 26,000
Capital Acquisition Fund (equal to State Revenue Sharing) 0 0
TOTAL TRANSFERS OUT: $980,839 $980,839
NET TRANSFERS: $1,438,180 $1,474,315
CITY OF SEWARD
SEWARD MOUNTAIN HAVEN ENTERPRISE FUND
Budgeted Statement of Cash Flow
For Fiscal Year 2023 ,2024, 2025 and 2026
2023 2024 2025 2026
Budget Budget Budget Budget
Beginning Cash Balance at I/I/24*:
Cash - Legally Required Bond Reserves (a) $1,392,950
Cash - Reserved for Bond Payments (a) $12,765,731
$ 14,158,681.00
Cash is provided by (used for):
Change in net position
Add expense items not affecting cash
Depreciation
Net cash provided by operations
Other sources (uses) of cash
Debt principal
Net increase (decrease) in cash
Estimated ending cash balance
° Ties to December 3I, 2023 cash and investment balance per ACFR
(a) Seward Mountain Haven revenue bonds; matures 2033
1,785,865 1,930,000 (1,233,756) (1,171,756)
I,068,745 1,070,000 I,065,000 I,070,000
$2,854,610 $3,000,000 ($168,756) ($101,756)
(1,000,000) (1,045,000) (1,I00,000) (1,045,000)
$1,854,610 $1,955,000 ($1,268,756) ($1,146,756)
$16,013,291 $17,968,291 $16,699,535 $15,552,779
Revenue
19200-0000 General Operations
CITY OF SEWARD
SEWARD MOUNTAIN HAVEN ENTERPRISE FUND
Budgeted Revenue and Expenses
For Fiscal Year 2023, 2024 2025 and 2026
Seward Mountain Haven - Revenue & Expenditures
2023 2024 2025 2026
$ 3,179,672 $ 3,275,062
Total: $ 3,179,672 $ 3,275,062 $ - $
Non -operating revenue: $ - $ - $
$ 3,179,672 $ 3,275,062 $ - $ -
Transfers In: $ 150,000 $ 150,000 $ 200,000 $ 200,000
Total Revenues: $ 3,329,672 $ 3,425,062 $ 200,000 $ 200,000
Expenditures
19200-0000 General Operations $ 1,068,745 $ 1,070,000 $ 1,065,000 $ 1,058,000
19200-0000 Debt Service Interest $ 475,062 $ 425,062 $ 368,756 $ 313,756
Total: $ 1,543,807 $ 1,495,062 $ 1,433,756 $ 1,371,756
Total Expenditures $ 1,543,807 $ 1,495,062 $ 1,433,756 $ 1,371,756
Revenue over expenses: $ 1,785,865 $ 1,930,000 $ (1,233,756) $ (1,171,756)
Depreciation Expense: $ 1,068,745 $ 1,070,000 $ 1,065,000 $ 1,058,000
Total Depreciation Expense: $ 1,068,745 $ 1,070,000 $ 1,065,000 $ 1,058,000
Revenue over Expenditures (less depreciation
expense): $ 2,854,610 $ 3,000,000 $ (168,756) $ (113,756)
Seward Mountain Haven (19200-0000)
Revenue and Expense Budget
Revenues:
Operating Revenues:
### SMH Patient Revenue for Capital
Total Operating Revenue:
Non -Operating Revenues:
### EF Investment Interest
### Amort. Bond Premium
Total Non -Operating Revenue:
Total Revenue:
Expenditures:
Non -Personnel Costs:
7900 Depreciation Expense
8012 Debt Service Interest
8013 Amort Deffered Loss on Bonds
8300 Debt Service Principal
Total Non -Personnel Costs:
Total Expenditures
2024 YTD
2021 2022 2023 Actuals
Actual Actual Actual (6/30)
3,087,060 3,246,707 3,403,472
2024
Budget
666,066 3,275,062
2025
Budget
2026
Budget
3,087,060 3,246,707 3,403,472
666,066 3,275,062
94,140
94,140 94,140
94,140
94,140 94,140
94,140
3,181,200
94,140 94,140
3,340,847 3,497,613 666,066
94,140 94,140 94,140
3,369,202 94,140 94,140
1,071,165
545,006
98,196
910,000
1,068,744
498,755
98,196
950,000
1,064,766
450,173
98,196
1,000,000
421,026
1,045,000
1,070,000
421,006
98,196
1,045,000
1,065,000
368,756
98,196
1,100,000
1,058,000
313,756
98,196
1,150, 000
2,624,367 2,615,695 2,613,134 1,466,026
$ 2,624,367 $ 2,615,695 $ 2,613,134 $1,466,026
2,634,202 2,631,952 2,619,952
$ 2,634,202 $ 2,631,952 $ 2,619,952
* Calculation based on the depreciation of the hospital's assets in 2023. No new addition reported to the City.