HomeMy WebLinkAboutRes1999-065
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 99-065
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE ELECTRIC ENTERPRISE FUND BUDGET
FOR THE SIX-MONTH PERIOD BEGINNING JULY 1, 1999
WHEREAS, on April 26, 1999 the City Manager submitted to the City Council a
proposed budget for the City of Seward for the six-month period from July 1 through December
31, 1999; and
WHEREAS, the six-month budget represents a short budget during the transition period
in which the City's fiscal year will change from a July 1 - June 30 fiscal year to a January 1 -
December 31 fiscal year, effective January 1, 2000;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEWARD, ALASKA, that:
Section 1. The Electric Enterprise Fund budget for the six-month period beginning July 1,
1999 which is attached hereto and made a part hereof by reference and which contains estimated
revenues and expenses for the period July 1 - December 31, 1999, is HEREBY ADOPTED.
Section 2. This resolution shall take effect July 1, 1999.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 24th
day of May, 1999.
THE CITY OF SEWARD, ALASKA
r;jLultl R s;Co
Lowell R. Satin, Mayor
CITY OF SEWARD, ALASKA
RESOLUTION NO. 99-065
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Callahan, Gage, King, Orr Shafer, Satin
None
None
None
ATTEST:
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Patrick Reilly /
City Clerk
(City S~~"''''''I.
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ELECTRIC ENTERPRISE FUND
Statement of Revenues and Expenses
And Changes in Retained Earnings
For Six-Month Budget Period Ending December 31, 1999
. Six-month
FY97 FY98 FY99 Budget FY99-00
Actual Actual Budget 7/1-12131/99 %Chg
Operating revenues:
Sales:
Residential 1,744,925 1,807,018 1,802,197 919,000 -49.0%
Small General Service 1,316,444 1,365,312 1,366,835 685,000 -49.9%
Large General Service 1,962,003 2,353,337 2, I 04,336 1,312,000 -37.7%
Harbor Power Sales 112,410 112,507 130,000 52,000 -60.0%
Industrial Sales 420,067 421,010 433,692 14],400 -67.4%
Street & Yard Lights 65,793 65,718 67,304 32,500 -51.7%
Miscellaneous 223,277 150,338 81,920 48,000 -41.4%
Total operating revenues: $5,844,919 $6,275,240 $5,986,284 $3,189,900 -46.7%
Operating expenses:
Before depreciation:
Salaries 382,576 375,018 438,164 205,985 -53.0%
Employee benefits 174,304 160,620 204,748 108,067 -47.2%
Purchased services 195,714 254,533 325,742 183,500 -43.7%
Power for resale 2,171,684 2,586,398 2,009,541 1,124,000 -44.1%
Supplies & maintenance 182,483 186.576 200,900 200.500 -0.2%
General & Administrative 967,999 1,003,293 1,050,514 490,018 -53.4%
Total Operating Expenses: $4,074,760 $4,566,438 $4,229,609 $2,312,070 -45.3%
I Operating income before depreciation 1,770,159 1,708,802 1,756,675 877,830 -50.0%
Depreciation 1,119,181 1,111,607 1,096,815 608,203 -44.5%
Operating Income (Loss) $650,978 $597,195 $659,860 $269.627 -59.1 %
Non-operating revenues (expenses)
Interest Income 110,780 152,884 100,000 55,250 -44.8%
Interest Expense (455,280) (427,428) (406,018) (207,266) -49.0%
Other revenues (expenses) 41,090 948 0 0 0.0%
Total non-operating revenues (expenses) ($303,410) ($273,596) ($306,018) ($152,016) -50.3%
Income (loss) before operating transfers $347,568 $323,599 $353,842 $117,611 -66.80/0
Operating transfers (to) from other funds (180,381) (25,000) (12,500) (317,500) 2440.0%
Net income (loss) $167,187 $298,599 $341,342 ($199,889) -158.6%
Amortization of contributions in aid 785,384 780,023 775,534 390,820 -49.6%
Increase (decrease) in retained earnings $952,571 $1,078,622 $1,116,876 $190,931 -82.9010
Retained earnings at beginning of year $3,315,374 $4,267,945 $5,346,567 $6,463,443 20.9%
Residual equity transfers 0 0 0 0 0.0%
Retained earnings
Electric Undesignated 4,267,945 5,346,567 6,463,443 6,654,374 3.0%
Total Retained Earnings $4,267,945 $5,346,567 $6,463,443 $6,654,374 3.0%
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CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
Budgeted Statement of Cash Flow
F or Six-Month Budget Period Ending December 31, 1999
Six-month
FY99 Budget FY99-00
Budget 7/1-12/31/99 %Chg
Cash is provided By (Used For):
Net Income/(Loss) $341,342 ($199,889) -170.8%
Add Expense Items Not Affecting Cash
Depreciation 1,096,815 608,203 -180.3%
Amortization of Bond Refunding 27,115 13,558 -200.0%
Amortization of Bond Issue Costs 5,802 2,901 -200.0%
Net Cash Provided By (Used For) Operations $1,471,074 $424,773 -346.3%
Other Uses of Cash
Debt Principal Payments (625,000)(b) ( 435,000)(a) -143.7%
Capital Outlay (704,000)(d) (384,000) (c) -183.3%
Net Increase (Decrease) in Cash $142,074 ($394,228) -36.0%
(a) $435,000 represents: 1980 bond -$0; 1986 bond -$435,000; 1995 bond - $0
(b) $625,000 represents: 1980 bond -$135,000; 1986 bond -$415,000; 1995 bond -$75,000
(c) $384,000 represents: Equipment -$4,000; Work order salaries, benefits, materials -$130,000; MRRF -$250,000
(d) $704,000 represents: Equipment -$35,000; Work order salaries, benefits, materials -$169,000; MRRF -$500,000
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CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
Operating and Residual Equity Transfer Budget
For Six-Month Budget Period Ending December 31, 1999
FY99 **Six-month
Budget Budget
Operating Transfers from Other Funds 0 0
Operating Transfers to Other Funds:
General Fund - federal lobbying 12,500 17,500
General Fund - to cover fiscal gap 0 300,000 (a)
Total Operating Transfers-Out 12,500 317,500
Residual Equity Transfers-Out 0 0
I Net Transfers-In (Out) ($12,500) ($317,500)
(a) Represents a direct operating transfer to the General Fund to balance the six-month budget.
U Represents six-month budget for period 7/1/99 - 12/31/99
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