HomeMy WebLinkAboutRes2013-082 Sponsored by: Hunt
CITY OF SEWARD, ALASKA
RESOLUTION 2013-082
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEWARD, ALASKA, ADOPTING THE SMIC ENTERPRISE FUND
BIENNIAL BUDGET FOR CALENDAR YEARS 2014 AND 2015
WHEREAS, the City Manager has submitted to the City Council a proposed biennial
budget for the City of Seward for Calendar Years 2014 and 2015; and
WHEREAS, the biennial budget was reviewed by the City Council in budget work
sessions on September 16, 19, and 24, 2013, which were televised to the public; and
WHEREAS, a public hearing is scheduled on the proposed budget for October 28, 2013
with an additional public hearing and final adoption scheduled for November 12, 2013.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEWARD, ALASKA, that:
Section 1. The SMIC Enterprise Fund budget for Calendar Years 2014 and 2015 which
is attached hereto and made a part hereof by reference and which contains estimated revenues
and expenses for the period January 1, 2014 - December 31, 2015, 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
12th day of November, 2013.
THE CITY OF SEWARD, ALASKA
IP /111: Ad410014J
can Bardarson, Mayor
AYES: Keil, Shafer, Terry, Squires, Bardarson
NOES: Casagranda
ABSENT: None
ABSTAIN: None
VACANT: One
CITY OF SEWARD, ALASKA
RESOLUTION 2013-082
ATTEST:
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j,hanna Kind, CMC
•ity Clerk
(City Seal)
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CITY OF SEWARD
SMIC ENTERPRISE FUND
Budgeted Statement of Cash Flow
For Fiscal Year 2014 and 20I5
20I3 20I4 20I5
Budget Budget Budget
Beginning Cash Balance at I/I/I3 *: $I63,325
Cash is provided by (used for):
Change in Net Position (596,825) (I,2I7,068) (I,232,886)
Add expense items not affecting cash
Depreciation 60I,83I I,I4I,364 I,I40,259
Net increase (decrease) in cash 5,006 (75,704) (92,627)
Estimated ending cash balance: $I68,33I $92,627 $0
fir.. # Ties to CAFR
tow
SMIC ENTERPRISE FUND
Budgeted Statement of Revenues and Expenses
and Change in Net Position
For Fiscal Year 20I4 and 20I5
w.ff
20I2 20I3 20I4 20I5
Actual* Budget Budget Budget
Operating revenue:
Moorage 2,589 3,000 3,000 3,000
Wharfage 13,347 4,250 4,250 4,250
Boat Lift Fees 102,873 1 15,000 100,000 100,000
Power Sales 31,957 36,000 34,000 36,000
Storage 121,943 100,000 110,000 110,000
Rents and Leases 136,586 140,048 142,000 148,000
Miscellaneous 5,442 1,000 4,000 4,000
Total operating revenue: $4I4,737 $399,298 $397,250 $405,250
Operating expense before depreciation:
Salaries&Benefits 74,278 67,706 83,944 87,169
Purchased Services 104,352 128,400 106,900 107,400
Supplies and Maintenance 51,408 55,000 53,500 53,500
General and Administrative 96,589 90,504 137,190 182,748
Total operating expense: $326,627 $34I,610 $38I,534 $430,8I7
Operating income before depreciation 88,110 57,688 I5,716 (25,567)
Depreciation 60I,831 (a) 601,831 (b) I,141,364 (c) 1,140,259
Operating loss (5I3,72I) (544,I43) (I,125,648) (I,I65,826)
i
Non-operating revenue(expense)
Investment income and other 944 0 0 0
Interest expense 0 0 0 0
Total non-operating revenue(expense) 944 0 0 0
Income(loss)before contributions&transfe (5I2,777) (544,I43) (1,I25,648) (1,I65,826)
Transfers in I23,I87 38,082 0 27,520
Capital contributions 216,529 0 0 0
Transfers out (89,964) (90,764) (9I,420) (94,580)
Change in net position ($263,025) ($596,825) ($I,2I7,068) ($I,232,886)
Beginning net position $25,624,963 $25,361,938 $24,765,113 $23,548,045
Ending net position $25,36I,938 * $24,765,113 $23,548,045 $22,3I5,I59
° Ties to annual Comprehensive Annual Financial Report
Of total depreciation expense,the following amounts were attributable to capital assets funded with capital contributions:
(a)$482,529 or 80%;(b)$482,529 or 80%;(c)$I.02 Million or 89%;(d)$1.02 Million or 89%
illers