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HomeMy WebLinkAboutRes2013-089 Sponsored by: Hunt Imp CITY OF SEWARD, ALASKA RESOLUTION 2013-089 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, ADOPTING THE SEWARD MOUNTAIN HAVEN 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 Seward Mountain Haven Enterprise Fund biennial budget for Calendar Years 2014 and 2015 which is attached hereto and made a part hereof by reference and which contains estimated revenues and expenditures 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 12`1' day of November, 2013. THE CITY OF SEWARD, ALASKA can Bardarson, Mayor CITY OF SEWARD, ALASKA RESOLUTION 2013-089 AYES: Keil, Shafer, Casagranda, Terry, Squires, Bardarson NOES: None ...i ABSENT: None ABSTAIN: None VACANT: One ATTEST: / 1 .: .a.L_✓RA. ,I i hanna °fey, CMC ity Clerk (City Seal) '' gs� • 0\ ® • • • : r j i .rG- a Mal **,/, try F t G4 . CITY OF SEWARD SEWARD MOUNTAIN HAVEN ENTERPRISE FUND Budgeted Statement of Cash Flow 1m For 20I4 and 20I5 2013 2014 2015 Budget Budget Budget Beginning Cash Balance at 1/1/13: $1,025,189 Cash is provided by(used for): Change in net position (1,272,677) (567,383) (828,021) Add expense items not affecting cash Depreciation 2,022,677 I,930,35I I,653,02I Net cash provided by operations $750,000 $1,362,968 $825,000 Other sources(uses)of cash Debt principal (750,000) (a) (785,000) (a) (825,000) (a) Reimbursement from PSMC for rate settlement - 2,343,563 - Reimburse Water Fund for bond reserve - (I,973,360) - ihows Capital outlay - - Net increase (decrease) in cash $0 $948,171 $0 Estimated ending cash balance $1,025,189 $1,973,360 $1,973,360 (a) Seward Mountain Haven revenue bonds. SEWARD MOUNTAIN HAVEN ENTERPRISE FUND Budgeted Statement of Revenues and Expenses and Changes in Net Position i`` For 20I4 and 20I5 2012 2013 2014 2015 Actual * Budget Budget Budget Revenues: Interest earnings 7,705 0 0 0 LTC capital cost reimbursement 2,987,911 1,954,413 2,529,006 1,950,788 Total revenues $2,995,616 $1,954,413 $2,529,006 $1,950,788 Expenses: Debt service interest and other costs I,973,I70 1,204,413 1,I66,038 I,125,788 Depreciation 2,042,958 2,022,677 1,930,351 1,653,021 Total expenses $4,016,128 $3,227,090 $3,096,389 $2,778,809 Excess(deficit)of revenues over expenditures (1,020,512) (1,272,677) (567,383) (828,021) Operating transfers from other funds 0 0 0 0 I rim Operating transfers to other funds 0 0 0 0 Change in net position (1,020,512) (1,272,677) (567,383) (828,021) # Does not tie to annual Comprehensive Annual Financial Report since that report also includes operations from PSMC. This schedule includes only City's enterprise fund data. him.