HomeMy WebLinkAboutRes1999-161
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Sponsored by: Janke
CITY OF SEWARD, ALASKA
RESOLUTION 99-161
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE SEWARD MARINE INDUSTRIAL CENTER
(SMIC) 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 Seward Marine Industrial Center 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
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Edgar Blatchford, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Brossow, Calhoon, Clark, Orr, Shafer
None
King
None
ATTEST:
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Patrick Reilly
City Clerk ""u""'"
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SMIC ENTERPRISE FUND
Statement of Revenues and Expenses
and Changes in Retained Earnings
For Period Ending December 31,2000
Six-month
FY98 FY99 Budget FYOO FY99-00
Actual Budget 7/1-12/31/99 _ Budge~ %Chg
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Operating revenues:
Moorage 0 0 14,000 28,000 100.0%
Wharfage 0 0 42,000 37,500 100.0%
Boat Lift Fees 0 0 55,000 13 2, 000 100.0%
Power Sales 0 0 2,000 4,000 100.0%
Storage 0 0 35,000 80,000 100.0%
Rents and Leases 0 0 117,000 74,917 100.0%
Miscellaneous 0 0 1,075_ 8,200 100.0%
Total operating revenues: 0 0 ~6,075 _ $364,617 100.0%
Operating expenses before depreciation:
Salaries 0 0 25,971 53,112 100.0%
Employee Benefits 0 0 11,318 8,885 100.0%
Purchased Services 0 0 17,175 101,000 100.0%
Power for Resale 0 0 0 0 100.0%
Supplies and Maintenance 0 0 42,100 84,000 100.0%
General and Administrative 0 0 113,901_ 80,995 100.0%
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Total Operating Expenses: 0 0 $210,46~ $327,992 100.0%
Operating income before depreciation 0 0 55,610 36,625 100.0%
Depreciation 0 0 565,422 1,936,467 100.0%
Operating Income (Loss) 0 0 ($509,812} ~,899,842) -100.0%
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Non-operating revenues (expenses)
Interest Income 0 0 0 0 0.0%
Interest Expense 0 0 (66,959) ( 125,658) -100.0%
Other revenues (expenses) 0 o 0 0 0.0%
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Total non-operating revenne (expense) 0 _0_ _($66,959)~$125,658) -100.0%
Income (loss) before operating transfers 0 0 ($576,771) ($2,025,500) -100.0%
Operating transfers from other funds 0 0 240,491 285,133 100.0%
Operating transfers to other funds 0 0 ----.i46,040) (12,5382 -100.0%
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Net income (loss) 0 0 ($382,320) ($1,752,905) -100.0%
Amortization of CIA 0 0 ~3,070 986,140 100.0%
Increase (decrease) in retained earnings 0 0 $110,750 ($766,765) 100.0%
Retained earnings at beginning of year 0 0 0 110,750 0.0%
Residual equity transfers 0 0 0 0 0.0%
Retained earnings at end of year
SMIC Undesignated 0 0 110,750 (656,015) 100.0%
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Total Retained Earnings 0 0 $110,75jl ~56,015} 100.0%
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CITY OF SEWARD
SMIC ENTERPRISE FUND
Budgeted Statement of Cash Flow
For Period Ending December 31,2000
Six-month
Budget FYOO FY99-00
7/1-12/31/99 Budget %C~
Cash is provided By (Used For):
Net Income (Loss) ($382,320) ($1,752,905) -358.5%
Add Expense Items Not Affecting Cash
Depreciation 565,422 1,936,467 242.5%
Amortization of Bond Refunding 7,524 15,048 100.0%
Amortization of Bond Issue Costs 1,134 2,268 100.0%
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Net Cash Provided By (Used For) Operations $191,760 $200,878 4.8%
Other Uses of Cash
Debt Principal Payments (191,760Xa) (200,878) (b) 4.8%
Capital Outlay 0 0 0.0%
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Net Increase (Decrease) in Cash $0 $0 0.0%
(a) $19],760 represents: North SM]C Dock bond - $131,760; 250-Ton Travelift lease - $60,000
(b) $200,878 represents: North SM]C Dock bond - $135,878; 250-Ton Travelift lease - $65,000
CITY OF SEWARD
S.M.I.C. ENTERPRISE FUND
Operating and Residual Equity Transfer Budget
Fiscal Year 2000
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Six-Month
Budget
Operating Transfers from Other Funds
~Q,49L(a)
Operating Transfers to Other Funds:
General Fund - 1/2 land lease revenue
General Fund - federal lobbying
45,500
540
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46,040
Total Operating Transfers-Out
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Residual Equity Transfers-In (Out)
Net Transfers-In (Out)
$194,451
FYOO
~~dget
285,133
-.- --
11,458
1,080
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12,538
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21b595
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(a) The City Council elected to have the General Fund transfer the balance necessary to
eliminate tbe SMIC Enterprise Fund budgeted cash deficit.
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