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CITY OF SEWARD, ALASKA
RESOLUTION 2003-047 (Amended)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, AMENDING THE FY2003 ANNUAL OPERATING BUDGET TO
ACCOUNT FOR A CHANGE IN THE EFFECTIVE DATE OF THE 1%
SALES TAX INCREASE FROM JANUARY 1, 2003 TO JULY 1, 2003,
REDUCING EXPENDITURES BY $130,000 AND APPROPRIATING FUNDS
IN THE AMOUNT OF $180,000
WHEREAS, the FY2003 Annual Operating Budget was predicated on a 1 % increase in
the sales tax rate effective January 1, 2003; and
WHEREAS, a referendum petition was filed in opposition to the 1 % sales tax increase,
resulting in a Special Election held on April 2, the result of which was a postponement of the
effective date of the 1 % sales tax increase until July 1, 2003; and
WHEREAS, the change in implementation of the sales tax from January 1 to July 1,
2003 results in a decline in taxable sales of approximately $3,100,000, equal to a loss in sales tax
revenues of approximately $310,000; and
WHEREAS, the anticipated annual General Fund surplus for the Fiscal Year ended
December 31,2002 is approximately $250,000 and will be appropriated to offset the anticipated
loss in Fiscal Year 2003 as a result of a change in the implementation date of the sales tax
increase; and
WHEREAS, at its meeting of April 14, 2003, the Seward City Council directed the
administration to bring forward a modification to the FY2003 budget to include a reduction of
expenditures of $60,000.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEWARD, ALASKA, that:
Section 1. The amount of$180,000 is hereby appropriated from the General Fund fund
balance account no. 101-0000-3050 to offset the anticipated loss in sales tax resulting from a
change in the implementation date of the 1% sales tax increase.
Section 2. The amount of $60,000 is hereby reduced from the General Fund health
insurance expenditure account no. 101-XXXX-5070, and various expenditures totaling $70,000 a
attached hereto.
Section 3. This resolution shall take effect immediately upon its adoption.
CITY OF SEWARD, ALASKA
RESOLUTION 2003-047
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 28th
day of April, 2003.
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
THE CITY OF SEWARD ALASKA
~~(~
Stu Clark, ayor
Orr, Dunham, Valdatta, Shafer, Amberg, Branson, Clark
None
None
None
(City Seal)
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