HomeMy WebLinkAboutRes2011-092 Sponsored by: Administration
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CITY OF SEWARD, ALASKA
RESOLUTION 2011 -092
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEWARD, ALASKA, ADOPTING THE ELECTRIC 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 conducted
no less than eight extensive work sessions for the purpose of discussing enterprise fund capital
infrastructure needs and rate reviews; 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 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 Electric 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 Seaward, ayor
CITY OF SEWARD, ALASKA
RESOLUTION 2011 -092
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AYES: Valdatta, Bardarson, Keil, Shafer, Terry, Seaward
NOES: Casagranda
ABSENT: None
ABSTAIN: None
ATTEST:
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. hanna Kinney, CMC /"y
i ty Clerk
(City Seal)
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ELECTRIC ENTERPRISE FUND
Budgeted Statement of Revenues and Expenses
And Change in Net Assets
For Fiscal Years 20I2 and 20I3
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20I0 201I 2012 2013
Actual " Budget Budget Budget
Operating revenue:
Sales:
Residential 2,727,990 3,043,216 3,264,748 3,435,232
Small General Service I,460,843 I,569,443 1,888,993 1,983,659
Large General Service 3,330,873 3,597,3I8 4,358,357 4,576,589
Harbor Power Sales 186,304 263,630 195,6I9 205,400
Industrial Sales /Special Contracts 952,255 950,988 860,382 909,064
Street & Yard Lights 66,413 75,500 69,733 76,707
Miscellaneous 117,472 101,300 72,500 73,000
Total operating revenue: $8,842,I50 $9,601,395 $I0,7I0,332 $11,259,651
Operating expense:
Before depreciation:
Salaries 951,3I0 923,866 987,129 1,0I2,657
Work order charges (salaries) - 317,426 - 200,000 - 265,000 - 295,000
Employee benefits 461,858 509,550 564,083 595,334
Purchased services 340,599 514,050 406,000 423,300
Power for resale 4,310,966 4,350,000 4,890,000 5,096,000
Supplies & maintenance 123,050 511,100 501,300 522,100
Work order charges (supplies) - 123,013 - 200,000 - 220,000 - 225,000
General & Administrative 978,590 I,15I,385 1,078,191 I,074,19I
Total operating expense: $6,725,934 $7,559,951 $7,94I,703 $8,203,582
firm Operating income before depreciation 2,116,2I6 2,041,414 2,768,629 3,056,069
Depreciation 1,438,032 (a) 1,635,080 (b) 1,855,959 (c) 1,855,IO2 (d)
Earnings from operations $678,I84 $406,364 $912,670 $I,200,967
Non - operating revenue (expense)
Interest income 56,168 107,000 48,500 50,500
Interest expense - 323,864 - 446,341 - 344,957 - 330,344
Other revenue (expense) - 15I,086 2,650 3,200 3,200
Total non - operating revenues (expenses) - $418,782 - $336,69I - $293,257 - $276,644
Earnings before contributions and transfers $259,402 $69,673 $619,413 $924,323
Capital contributions and special items 252,413 0 0 0
Transfers to other funds - I,041,742 - I,261,125 - 1,I93,817 - 1,838,042
Change in net assets - $529,927 - $I,19I,452 - $574,404 - $913,719
Beginning net assets $23,0I 1,344 $22,48I,417 $21,289,965 $20,7I5,561
Ending net assets $22,48I,4I7 * $2I,289,965 $20,7I5,56I $19,801,842
lies to annual Comprehensive Annual Financial Report
Of total depreciation expense, the following amounts were attributable to capital assets funded with capital contributions:
(a) $872,746 or 6I %; (b) $I,I52,5I7 or 70 %; ( c) $I,055,16I or 57 %; (d) I,072,161 or 58%
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CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
Budgeted Statement of Cash Flow
For Fiscal Year 20I2 and 2013
20I1 2012 20I3
Budget Budget Budget
Beginning Cash Balance at I /I /II (e): - $233,894
Cash is provided by (used for):
Change in net assets - $I,I91,452 - $574,404 - $913,7I9
Add expense items not affecting cash
Depreciation 1,635,080 I,855,959 1,855,102
Net cash provided by operations $443,628 $1,281,555 $941,383
Other sources (uses) of cash
Loan repayment from General Fund 0 I10,784 (a) 110,784 (a)
Debt principal payments - 330,000 - 330,000 (b) - 345,000 (c)
Capital outlay - 852,000 - 222,450 (d) - 4I3,400 (e)
Net increase (decrease) in cash - $738,372 $839,889 (f) $293,767 (f)
Estimated ending cash balance - $972,266 - $I32,377 $16I,390
(a) From General Fund to recover payments made to subsidize SMIC enterprise fund over I5 years.
(b) $330K represents: I995 bond refunded in 2005 - $220K; Electric generator bond - $I IOK.
(c) $345K represents I995 bond refuded in 2005 - $230K; Electric generator bond - $115K.
(c) $330K represents: I995 bond refunded in 2005 - $230K; Electric generators - $I00K.
(d) Infrastructure $IOOK; Motor pool $0; Work orders $82K; Equipment $40K.
(e) Infrastructure $IOOK; Motor pool $I75K; Work orders $88K; Equipment $50K.
(f) Transfer to MRRF for critical and high -risk capital needs: $0 in 2012; $600,280 in 20I3.