HomeMy WebLinkAboutRes2001-152
I
I
I
Sponsored by: Janke
CITY OF SEWARD, ALASKA
RESOLUTION 2001-152
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE ELECTRIC ENTERPRISE FUND BUDGET
FOR CALENDAR YEAR 2002
WHEREAS, on October 8, 2001, the City Manager submitted to the City Council a
proposed budget for the City of Seward for Calendar Year 2002; and
WHEREAS, the City Council met in work sessions to review the proposed budget on
October 15, 16, 17, and 18,2001; and
WHEREAS, public hearings were held on the proposed budget on November 5,
November 14, and November 19, 2001;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEWARD, ALASKA, that:
Section 1. The Electric Enterprise Fund budget for Calendar Year 2002 which is attached
hereto and made a part hereof by reference and which contains estimated revenues and expenses
for the period January 1 - December 31, 2002, is HEREBY ADOPTED.
Section 2. This resolution shall take effect January 1, 2002.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 19th
day of November, 2001.
THE CITY OF SEWARD, ALASKA
ca., I~~~J
Edgar Blatchford, Mayor
CITY OF SEWARD, ALASKA
RESOLUTION 2001-152
AYES: Blatchford, Brossow, Branson, Calhoon, Clark, Orr, Shafer
NOES: None
ABSENT: None
ABSTAIN: None
ArrEST:
,
~~~
Patrick Reilly
City Clerk
(C.~~~~Ml'~'.~l'~"
.~'!> ..I "3' '..', '-!~Li, -,>..
+,;' /, .' . ,.,' ".;,::,.: '. 1.)., ">
..~ ('''''. ~~f'V;,Y~J,~"~,~",,, <';' ....\
:~v "'.>" "r:'" '.-"'~':;.'., ,.'
..: t" .....~~' ...<..~ "'", -;~,
I'". ~....:.' ..-..~ . ,..,
~ . .
:.: _.;. r ," I ; eM, -'
t,", (");, L:;' I, 1,;.\J' ~ ;; 'L';
- ~ <, .. .'
\~ "'.. ! ;-,'
:~\ ~~ eJ ,rv,.f>::
\', ,')"'1~;~.f~,_ ~ \~ ,.~"..~t".'"
'~\ ~',~'., """/~':':":'~ ....'"' C"'" ",i
(>.;f-.~.)......, 'H"',""'~ .. t'-..;-....
~-~,(:;'"', "~- C:i~~ ;\k,,~.\:"""
'"' ~Il~t~'~.a i ~ ~\~
ELECTRIC ENTERPRISE FUND
Budgeted Statement of Revenues and Expenses
I And Changes in Retained Earnings
For Fiscal Year 2002
FY99 FYOO FYOl FY02 FY01.o2
Actual Actual Budget Budget % Change
Operating revenues:
Sales:
Residential 1,87I.366 1.910.509 1,938,000 1,950,000 0.6%
Small General Service 1.389.337 1.237.376 1,428,000 1.200,000 -16.0%
Large General Service 2,628,071 2,612.133 2,550,000 2,800,000 9.8%
Harbor Power Sales II9.599 II 3,958 122,400 120,000 -20%
Indusrrial Sales 315,934 347,791 306,000 400,000 30.7%
Street & Y.rd Lights 66,272 66,546 67,320 67,000 -0.5%
Miscell:meous 147,530 178,692 85,000 86,000 1.2%
Total operating revenues: $6,538,109 $6,467,005 $6,496,720 $6,623,000 1.9%
Operating expenses:
Before depreciation:
Salaries 330.206 280.437 440,702 491.434 11.5%
Employee benefits 170,725 184,795 215,362 216,594 0.6%
Purchased services 251,747 330,790 356,209 292,875 -17.8%
Power for resale 2,209,647 2,448,282 2,315,000 3,015,000 30.2%
Supplies &. maintenance 162,332 354,478 213,200 234.100 9.8%
General & Administrative 1,042,920 1,083,429 1.146.927 1,122,762 -21%
I Total Operating Expenses: $4,167 ,577 $4,682,211 $4,687,400 $5,372,765 14.6%
Operating income before depreciation 2,370,532 1,784,794 1,809,320 1,2S0,235 -30.9%
Depreciation 1,195,174 1.234,373 1,255,198 1,256,770 0.1%
Operating Income (Loss) $1,175,358 $550,421 $554,122 ($6,535) -101.2%
Non-operating revenues (expenses)
Interest Income 182.204 233,757 125,400 105,000 -16.3%
Interest Expense (396.1 13) (346.252) (310,500) (270,690) -128%
Other revenues (expenses) (22,344) 4,098 553 3,500 5329%
Total non-operating revenues (expenses) ($236,253) ($108,397) ($184,547) ($162,190) -12.1 %
Income (loss) before operating transfers $939,105 $442,024 $369,575 ($168,725) -145.7%
Operating transfers (to) from other funds (I 2.5(0) (35,000) (363,855) (339,790) -6.6%
Net income (loss) $926,605 $407,024 $5,720 ($508,515) -8990.1 %
Amortiz.ation of contributions in aid 779,519 788,531 798,476 795,296 -0.4%
Increase (decrease) in retained earniugs $1,706,124 $1,195,555 $804,196 $286,781 .64.3%
Retained earnings at beginning of year $5,346,567 $7,487,863 $7,952,355 $8,756,551 10.1%
Increase in Retained Earnings from Six- Month Period 466.592 0 0 0 0.0%
I Residual equity transfers (31,420) 0 0 0 0.0%
Retained earnings
Designated for Electric MRRF Fund 826.664 676.664 920,884 920,884 0.0%
Electric Undesignated 6,66 I.I 99 8,006,754 7,835,667 8,122,448 3.7%
Total Retained Earnings $7 .487 .863 $8.683.418 $8.756.551 $9.043,332 3.3%
146
CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
Budgeted Statement of Cash Flow
For Fiscal Year 2002
FYOl FY02 FYOI-02
Budget Budget % Change
Beginning Cash Balance at 1/1101: $2,862,494 *
Cash is provided By (Used For):
Net Incomel(Loss) $5,720 ($508,515) -8990.1 %
Add Expense Items Not Affecting Cash
Depreciation 1,255,198 1,256,770 0.1%
Amortization of Bond Refunding 27,115 27,II5 0.0%
Amortization of Bond Issue Costs 5,802 5,802 0.0%
Net Cash Provided By (Used For) Operations $1,293,835 $781,172 -39.6%
Other Uses of Cash
Debt Principal Payments (760,000) (a) (650,000) (c) -14.5%
Capital Outlay (71 0,000) (b) (2IO,OOO)( d) -70.4%
Net Increase (Decrease) in Cash ($176,165) ($78,828) 55.3%
Estimated Ending Cash Balance $2.686.329 $2.607,501
Electric-Related Capital Projects: Cash Balance at 8/30/2001:
Fund 502 - Major Maintenance, Repair & Replacement
Fund 208 - Transmission Line
Fund 209 - Nash Road Distribution Feeder
Fund 505 - Standbv Generator
920,884
374,451
122,347
32,029
. Includes only Electric Enterprise Fund; excludes related capital projects
(a) $760,000 represents: 1980 bond - $155.000: 1986 bond - $475,000: 1995 bond - $130,000
(b) $710,000 represents: Work order salaries & materials -$210,000, MRRF totaling $500,000
(c) $650,000 reptesents: 1986 bond -$510,000: 1995 bond - $140,000
(d) $210,000 represents: Work order salaries & matenals -$2IO'~7No MRRF Contribution this year.