HomeMy WebLinkAboutRes2011-087 Sponsored by: Administration
.t CITY OF SEWARD, ALASKA
RESOLUTION 2011 -087
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE SEWARD MARINE INDUSTRIAL CENTER
ENTERPRISE FUND BIENNIAL BUDGET FOR CALENDAR YEARS
2012 AND 2013
WHEREAS, the Seward City Council met on August 23, 2011 and September 12, 2011
to authorize budget policies and provide budget guidance to the administration; and
WHEREAS, on September 12, 2011, the city manager submitted to the City Council a
proposed biennial budget for the City of Seward for Calendar Years 2012 and 2013; and
WHEREAS, the biennial budget was introduced at the regularly scheduled Council
meeting on September 12, 2011, and work sessions were conducted and many were televised;
WHEREAS, a public hearing was held on the proposed budget on November 14, 2011
with final adoption scheduled for December 12, 2011.
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
Years 2012 and 2013 which is attached hereto and made a part hereof by reference and which
contains estimated revenues and expenses for the period January 1, 2012- December 31, 2013, is
HEREBY ADOPTED, and the necessary funds are hereby appropriated.
Section 2. This resolution shall take effect immediately upon adoption.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 12
day of December, 2011.
THE CITY OF SEWARD, ALASKA
David Seaway , May
ism
CITY OF SEWARD, ALASKA
RESOLUTION 2011 -087 mei
AYES: Valdatta, Bardarson, Keil, Shafer, Casagranda, Terry, Seaward
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
, hanna Kinney MC
ity Clerk
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(City Seal) aril
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SMIC ENTERPRISE FUND
Budgeted Statement of Revenues and Expenses
and Change in Net Assets
For Fiscal Year 20I2 and 20I3
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20I0 2011 2012 2013
Actual # Budget Budget Budget
Operating revenue:
Moorage I,764 2,625 3,000 3,000
Wharfage 4,705 3,250 4,250 4,250
Boat Lift Fees 69,380 I 15,000 115,000 115,000
Power Sales 12,498 20,000 35,000 36,000
Storage 67,936 90,000 100,000 100,000
Rents and Leases 139,634 73,1I6 140,048 I40,048
Miscellaneous 222 1,000 1,000 1,000
Total operating revenue: $296,I39 $304,991 $398,298 $399,298
Operating expense before depreciation:
Salaries & Benefits 73,178 73,8I8 71,755 72,712
Purchased Services 77,400 I20,800 125,000 128,400
Supplies and Maintenance 43,953 50,000 53,000 55,000
General and Administrative 105,844 88,809 92,000 90,504
Total operating expense: $300,375 $333,427 $341,755 $346,616
)perating income before depreciation -4,236 - 28,436 56,543 52,682
Depreciation 622,334 (a) 601,507 (b) 601,831 (c) 601,831 (d)
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Operating loss (626,570) (629,943) (545,288) (549,149)
Non - operating revenue (expense)
Investment income and other 1,924 0 0 0
Interest expense (3,58I) (2,066) 0 0
Total non - operating revenue (expense) (1,657) (2,066) 0 0
Income (loss) before contributions & transfers (628,227) (632,009) (545,288) (549,149)
Transfers in 70,567 I24,640 81,282 38,082
Capital contributions 0 0 0 0
Transfers out - 75,826 - 55,I08 - 90,684 - 90,764
Change in net assets ($633,486) ($562,477) ($554,690) ($601,83I)
Beginning net assets $26,708,745 $26,075,259 $25,5I2,782 $24,958,092
Ending net assets $26,075,259 * $25,512,782 $24,958,092 $24,356,26I
* Ties to annual Comprehensive Annual Financial Report
total depreciation expense, the following amounts were attributable to capital assets funded with capital contributions:
$503,032 or 81 %; (b) $482,529 or 80 %; (c) $482,529 or 80 %; (d) $482,529 or 80%
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CITY OF SEWARD
SMIC ENTERPRISE FUND
Budgeted Statement of Cash Flow
For Fiscal Year 2012 and 2013
2011 20I2 20I3
Budget Budget Budget
Beginning Cash Balance at I /I /II *: - $27,I4I
Cash is provided by (used for):
Change in Net Assets - 562,477 - 554,690 - 60I,831
Add expense items not affecting cash
Depreciation 60I,507 601,831 601,831
Net cash provided by operations $39,030 $47,I4I $0
Other uses of cash
Debt principal payments - 59,030 (a) 0 0
Net increase (decrease) in cash - $20,000 $47,141 $0
Estimated ending cash balance: - $47,I4I $0 $0
* Ties to CAFR
(a) North SMIC Dock Bond paid off in 2011.
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