HomeMy WebLinkAboutRes1995-052
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Sponsored by: Tones
CITY OF SEWARD, ALASKA
RESOLUTION NO. 95-052
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, ADOPTING THE ELECTRIC ENTERPRISE FUND
BUDGET FOR THE FISCAL YEAR BEGINNING JULY 1, 1995
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The city Electric Enterprise Fund budget for the fiscal year beginning
July 1, 1995, which is attached hereto and made a part hereof by reference, and which
contains estimated Electric Fund revenues and expenditures for Fiscal Year 1996, is
HEREBY ADOPTED.
Section 2. The Electric Enterprise Fund shall be charged interest on debt owed
to General Fund at a rate equal to and adjusted monthly in accordance with the rate set
forth in the Bond Buyer Index for Twenty Year General Obligation Bonds.
Section 3. This resolution shall take effect July 1, 1995.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
SEWARD, ALASKA, this 12th day of June, 1995.
THE CITY OF SEWARD, ALASKA
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Dave W. Crane, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Anderson, Crane, Darling, Deeter, King, O'Brien, Sieminski
None
None
None
ATTEST:
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(City Seal)
ELECTRIC ENTERPRISE FUND
STATEMENT OF REVENUES AND EXPENSES
AND CHANGES IN RETAINED FARNINGS
For Budget Year Ending June 30. 1996
FY94
Y-T-D
Thru
FY95
Revised
FY96 " Chg Fm
Proposed FY95
Actual 02195 Budaet Budaet Budaet
Operating revenues:
Sates:
Residential 1,620,980 1,144,712 1,592,563 1,747,975 9.8%
Small General Service 1,271,850 849,627 1,104,691 1 325,440 20.0%
Laroe General Service 1,623398 1,239.699 2,103,987 2019,221 -4.0%
Industrial Sales 635,835 367,339 411090 582.196 41.6%
Harbor Power Sales 109,911 221 984 110,607 110.607 0.0%
Street & Yard Liahts 64,463 43 394 83192 66 583 -20.0%
Miscellaneous 189,341 42,440 130,800 79,488 -39.2%
Total operatlna revenues: 5,515,778 3,909,195 5,536,930 5,931,510 7.1%
ODeratlng eXllenses:
Before deoreciation:
Salaries 453,806 316,372 565,014 577,190 2.2%
Emolovee benefits 203,592 112,322 178,486 189,988 6.4%
Power for resale 2,181,297 1,326,064 2,125,976 2,550,240 20.0%
SuoDlies & maintenance 281,636 233,026 340,229 260,800 -23.3%
Purchased services 225,536 187609 230,714 214.126 -7.2%
General & Administrative 734,208 490.447 844 552 854.122 1.1%
Total Operatlna Exoenses: 4,080,075 2,665.840 4,284 971 4,646.466 8.4%
Ooeratlng Income before deDreclation 1,435,703 1,243,355 1,251 959 1,285.044 2.6%
Deoreciation 965,182 626,667 940,000 975,000 3.7%
O~rfiing Income -1l,.os51 470,521 616,~88 311,959 310,044
Non-oDitrating revenuesTexoensesl
Interest Income 25,962 53,806 75,000 75,000 0.0%
Interest ExDense 1303,632 1163,757 1310,404 1439,157 41.5%
Total non-operating revenues lexpensesl 1277,670 1109,951 1235,404 '364,157 54.7%
Income lIoss1 before ooeratlng transfers 192,851 506,737 76,555 (54.113
Ooeratin" transfers ltol from other funds 0 0 1146,237 0
Net Income lIossl 192,851 506,737 169,682 (54.113
Amortization of contributions in aid 454,683 320,000 480,000 485,000 1.0%
Increase (Decreasel in Retained Earninas 647,534 826,737 410,318 430,887
Retained earnings lit beainnln" of year 1,135,887 1,783,421 1,783,421 2,193,739
Residual eaultv transfers to other funds 0 0 0
Retained earninas at end of year
Undesianated 1 783,421 2,610,158 2,193,739 2,624,626
Total Retained Earnln"s 1,783,421 2,610,158 2,193,739 2,624,626
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CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
STATEMENT OF CASH FLOW
For Budget Year Ending June 30, 1996
FY95
Revised
Budget
FY96
Manager
Recommend
%Chg
Fm95
Budget
Cash Is provided Bv (Used For):
Net IncomelcLoss) (69,682 (54,113
Add Expense Items Not Affecting Cash
Depreciation 940,000 975,000 3.7%
Net Cash Provided By
(Used For) Operations 870,318 920,887 5.8%
Other Uses of Cash
Debt PrIncipal Payments 425,000 461,000 8.5%
Capital Outlav 146,953 117,500 -20.0%
Available for Capital Budaet 298,365 342,387 14.8%