HomeMy WebLinkAboutRes2011-090 Sponsored by: Administration
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CITY OF SEWARD, ALASKA
RESOLUTION 2011 -090
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE HOSPITAL DEBT SERVICE 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 Septemberl2, 2011, and work sessions were conducted and televised; and
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 Hospital Debt Service Fund biennial budget for Calendar Years 2012 and
2013 which is attached hereto and made a part hereof by reference and which contains estimated
revenues and expenditures 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 Seawar , Mayo
1✓
CITY OF SEWARD, ALASKA
RESOLUTION 2011 -090
AYES: Valdatta, Bardarson, Keil, Shafer, Casagranda, Terry, Seaward
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
/ i,Z
ohanna Kinney, CMC
City Clerk
(City Seal)
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HOSPITAL DEBT SERVICE FUND
Budgeted Statement of Revenues, Expenditures, Other Financing
Sources (Uses) and Changes in Fund Balance
Lim
For 20I2 and 20I3
2010 2011 2012 2013
Actual * Budget Budget Budget
Revenues (investment earnings): $3,420 $25,000 $10,000
$10,000
Expenditures:
Debt service principal 735,000 785,000 840,000 7I0,000
Debt service interest and other costs 86,724 63,925 38,500 I2,425
Hospital contributions for capital needs 0 0 200,000 562,457
Total expenditures $821,724 $848,925 $1,078,500 $1,284,882
Excess (deficit) of revenues over expenditures - $818,304 - $823,925 - $1,068,500 - $1,274,882
him
Operating transfers from other funds 957,688 98I,63I I,04I,237 I,052,07I
Operating transfers to other funds - I34,704 - I34,704 - I34,704 - I34,704
Net change in fund balance $4,680 $23,002 - $161,967 - $357,515
Beginning fund balance $542,015 $546,695 $569,697 $407,730
Ending fund balance $546,695 * $569,697 $407,730 $50,215
' Ties to annual Comprehensive Annual Financial Report
Budget policy allows for contributions to hospital for capital repairs and replacement, at the rate of 5% of the prior years' ending
fund balance, but only in years where the balance in this account equals the single highest years' debt payment, of $878,500.
- lospital bonds will be paid off in 20I3 leaving an estimated balance of $685,739 for hospital capital needs.
Or
CITY OF SEWARD
HOSPITAL DEBT SERVICE FUND
Budgeted Interfund Transfers
Fiscal Year 2012 and 2013 'NJ
2012 2013
Transfers -In Transfers -Out Transfers -In Transfers -Oui
From General Fund sales tax devoted to healthcare 1,041,237 1,052,017
To General Fund for hospital PERS payment 134,704 134,704
$1,041,237 $134,704 $1,052,017 $134,704