HomeMy WebLinkAboutRes1990-070
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 90-070
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, AUTHORIZING THE TRANSFER OF FUNDS
FOR GENERAL FUND PAYMENT OF THE WATER/SEWER CASH DEFICIT
WHEREAS, it is the with of the City Council to have the
Water/Sewer Fund begin to operate on a profitable basis; and
WHEREAS, the Water/Sewer Fund has a cash deficit which
continues to cost the Fund interest expenses; and
WHEREAS, the city of Seward cannot increase the Water/Sewer
rates sufficiently to eliminate the cash deficit and still deliver
affordable water and sewer service to the residents of the
community; and
WHEREAS, charging interest to the Water/Sewer Fund in the past
years has continued to decrease the Water/Sewer Fund Balance; and
WHEREAS, the income from interest charged to the Water/Sewer
Fund has gone to the General Fund;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The amount of the cash deficit, as adjusted and
audited for the date of June 30, 1990, shall be transferred from
the General Fund Balance Transfer Account No. 101-0000-3070 to the
Water/Sewer Fund Balance Transfer Account No. 701-0000-3070. It
is estimated that the amount of the cash deficit on June 30, 1990,
will be approximately $1,600,000.
Section 2. This resolution shall take effect June 30, 1990,
and the transfer shall take place as soon as the audit firm of KPMG
Peat Marwick has verified the amount as determined by the Fiscal
Year 1990 audit for the city of Seward.
PASSED AND APPROVED by the City Council of the city of Seward,
Alaska, this 25th day of June, 1990.
THE CITY OF SEWARD, ALASKA
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W~ll~am C. No 1, Mayor
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 90-070
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
NOLL, BURGESS, DUNHAM, HILTON, MEEHAN, SIEMINSKI, SIMUTIS
NONE
NONE
NONE
APPROVED AS TO FORM:
Perkins Coie, Attorneys for the
city of Seward, Alaska
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(City Seal)
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Fred B. Arvidson
City Attorney
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