HomeMy WebLinkAboutRes1999-159
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CITY OF SEWARD, ALASKA
RESOLUTION 99-159
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE ELECTRIC ENTERPRISE FUND BUDGET
FOR CALENDAR 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 Calendar Year 2000 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, 2000, is HEREBY ADOPTED.
Section 2. This resolution shall take effect January 1,2000.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 22nd
day of November, 1999.
THE CITY OF SEWARD, ALASKA
'Lt, (5 h-^-1!
Edgar Blatchford, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Brossow, Calhoon, Clark, Orr, Shafer
None
King
None
ATTEST:
~J~'
Patrick Rei~~'Of """
City Clerl'<!i t<.~ .........~A~..'4!
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(City $al)! - ~\ :
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ELECTRIC ENTERPRISE FUND
Statement of Revenues and Expenses
And Changes in Retained Earnings
I F or Period Ending December 31, 2000
Six-montb
FY98 FY99 Budget FYOO FY99-00
Actual Actual * 711-12/31/99 _Bl1lIKet_ %Ch~_
~- ---
Operating revenues:
Sales:
Residential 1,807,018 1,871,366 919,000 1,900,000 1.5%
Small General Service 1,365,312 1,389,337 685,000 1,400,000 0.8%
Large General Service 2,353,337 2,628,071 1,312,000 2,500,000 -4.9%
Harbor Power Sales 112,507 190,437 52,000 120,000 -37.0%
Industrial Sales 421,010 315,934 141,400 300,000 -5.0%
Street & Yard Lights 65,718 66,272 32,500 66,000 -0.4%
Miscellaneous _J50,3~ 77,3,& __ 48,000 80,50.2... 4.0%
Total operating revenues: $6,275,240_ $6,538,815 _ $3,189,900 $6,366,5110 -2.6%
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Operating expenses:
Before depreciation:
Salaries 375,018 330,206 205,985 423,486 28.2%
Employee benefits 160,620 170,725 108,067 209,648 22.8%
Purchased services 254,533 251,747 183,500 443,832 76.3%
Power for resale 2,586,398 2,209,647 1,124,000 2,343,800 6.1%
Supplies & maintenance 186,576 162,332 200,500 206,490 27.2%
General & Administrative -.l,Q03,293 1 ,042,920 -- ~90,018 1,103,548 5.8%
--."-
Total Operating Expenses: _$4,566,4~ _ $4,167,577 $2,31 ~,070 ~,730,804 13.5%
I Operating income before depreciation 1,708,802 2,371,238 877,830 1,635,696 -31.0%
Depreciation 1,1l!,6(JL 1,195,174_ 6<28,201.. _J)97,5~ 0.2%
Operating Income (Loss) ..--!597,1~ 21,176,064 _$269,627 $,!38,173 -62.7%
----
Non-operating revenues (expenses)
Interest Income 152,884 182,204 55,250 127,954 -29.8%
Interest Expense (427,428) (396,113) (207,266) (352,202) -11.1%
Other revenues (expenses) 948 (23,049) 0 0 0.0%
-- -- -----
Total non-operating revenues (expenses) _ ($2~3,596} ($236,958) -.-1$152,016) ~224,248) 5.4%
Income (loss) before operating transfers $323,599 $939,106 $117,611 $213,925 -77.2%
Operating transfers (to) from other funds ~5,000) (12,500) (317,5OQ) (35,000) -180.0%
Net income (loss) $298,599 $926,606 ($199,889) $178,925 -80.7%
Amortization of contributions in aid -.180,0~ 77~,~_ _190,82Q. _750,758... -3.7%
Increase (decrease) in retained earnings $1,078,622 $1,706,125 $190,931 $929,683 -45.5%
Retained earnings at beginning of year $4,267,945 $5,346,567 $7,052,692 7,243,623 35.5%
Residual equity transfers - - 0 0 0 0 0.0%
-.-- --- -
Retained earnings
Designated for Electric MRRF Fund 250,000 674,130 874,130 724,130 7.4%
I Electric Undesignated _ 5,096,56'7... 6,378,562 _ 6,369,493_ ..2,449,1~ 16.8%
Total Retained Earnings _-~4liliL $7 ,052,692 ~ru23 2.8m,30~ 15.9%
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* Unaudited
CITY OF SEWARD
ELECTIDCENTERPIDSEFUND
Budgeted Statement of Cash Flow
F or Period Ending December 31, 2000
Six-month
Budget FYOO FY99-00
7/1-12/31/99 Budget %Chg
Cash is provided By (Used For):
Net Income/(Loss) ($199,889) $178,925 189.5%
Add Expense Items Not Affecting Cash
Depreciation 608,203 1,197,523 96.9%
Amortization of Bond Refunding 13,558 27,115 100.0%
Amortization of Bond Issue Costs 2,901 _ _~1-802 100.0%
----~
Net Cash Provided By (Used For) Operations
$424,773
$1,409,365
231.8%
Other Uses of Cash
Debt Principal Payments
Capital Outlay
(435,000) (a) (700,000) (c) 60.9%
(1 34,000)(b) _~58,91O)(d)_ 541.0%_
Net Increase (Decrease) in Cash
($144,228)
($149,545)
-3.7%
(a) $435,000 represents: 1980 bond -$0; 1986 bond -$435,000; 1995 bond. $0
(b) $134,000 represents: Equipment -$4,000; Work order salaries & materials -$130,000
(c) $700,000 represents: 1980 bond - $145,000; 1986 bond - $455,000; 1995 bond - $100,000
(d) $858,910 represents: Work order salaries & materials -$208,910; Capital Budget items totaling $650,000
($600,000 for backup generator & building; $50,000 Ft. Raymond substation battery building)
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CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
Operating and Residual Equity Transfer Budget
Fiscal Year 2000
Six-Month FYOO
. Budg~_ _Budget__
Operating Transfers from Other Funds 0 0
Operating Transfers to Other Funds:
General Fund - federal lobbying 17,500 35,000
General Fund - to cover fiscal gap --.lQ.0,000 (a) 0
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Total Operating Transfers-Out 317,500 35,000
I Residual Equity Transfers-Out 0 0
Net Transfers-In (Out) . ($317,50j)} __($35,f)OO)
(a) Represents a direct operating transfer to the General Fund to balance the six-month budget.
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