HomeMy WebLinkAboutRes2015-100 Sponsored by: Hunt
Public Hearing: October 26, 2015
Additional Public Hearing: November 9,2015
Adoption: November 9, 2015
CITY OF SEWARD,ALASKA
RESOLUTION 2015-100
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE SEWARD MOUNTAIN HAVEN
ENTERPRISE FUND BIENNIAL BUDGET FOR CALENDAR YEARS
2016 AND 2017
WHEREAS, the City Manager has submitted to the City Council a proposed biennial
budget for the City of Seward for Calendar Years 2016 and 2017; and
WHEREAS, the preliminary biennial budget was reviewed by the City Council in budget
work sessions on October 7, 8, 9 and 16, 2015, which were televised to the public; and
WHEREAS, a public hearing is scheduled on the proposed budget for October 26 with
public hearing and final adoption scheduled for November 9, 2015.
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 2016 and 2017 which is attached hereto and made a part hereof by reference and which
contains estimated revenues and expenditures for the period January 1, 2016 - December 31,
2017, 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 9th
day of November, 2015.
THE CITY OF SEWARD,ALASKA
P041) ,e3aAdiaj- //'LY
Jean Bardarson, Mayor
CITY OF SEWARD,ALASKA
RESOLUTION 2015-100
AYES: Keil, Casagranda, Squires, Butts, Altermatt, McClure, Bardarson
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
✓/1ii• 'rI
J1 hanna "Tuley, CMC t
•ity Clerk
(City Seal)
%4 A' �F•SE1114
• V�.•'GOZP
oR •.•�Q ♦.
`� O'.
•
SEAL f •
•
•• o ry.•
• C • Q•
SEWARD MOUNTAIN HAVEN ENTERPRISE FUND
Budgeted Statement of Revenues and Expenses
and Changes in Net Position
For 20I6 and 2017
2014 2015 2016 2017
Actual * Budget Budget Budget
Revenues:
Interest earnings 104 0 0 0
LTC capital cost reimbursement 2,874,118 1,950,788 1,948,538 1,953,713
Total revenues $2,874,222 $1,950,788 $1,948,538 $1,953,713
Expenses:
Debt service interest and other costs 12I7,620 1,I25,788 I,083,538 1,043,713
Depreciation 2,042,958 1,653,021 1,648,022 1,630244
Total expenses $3,260,578 $2,778,809 $2,731,560 $2,673,957
Excess(deficit)of revenues over expenditures (386,356) (828,021) (783,022) (720,244)
Operating transfers from other funds 0 0 0 0
Operating transfers to other ftmds 0 0 0 0
Change in net position (386,356) (828,021) (783,022) (720,244)
* 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.
CITY OF SEWARD
SEWARD MOUNTAIN HAVEN ENTERPRISE FUND
Budgeted Statement of Cash Flow
For 20I6 and 2017
2015 2016 2017
Budget Budget Budget
Beginning Cash Balance at 1/1/15:
Cash-Legally Required Bond Reserves(a) $1,973,360
Cash-Reserved for Bond Payments $3,046,130
$5,019,490
Cash is provided by(used for):
Change in net position (828,021) (783,022) (720,244)
Add expense items not affecting cash
Depredation I,653,021 1,648,022 1,630,244
Net cash provided by operations $825,000 $865,000 $910,000
Other sources(uses)of cash
Debt principal (825,000) (865,000) (910,000)
Capital outlay _
Net increase(decrease) in cash $0 $0 $0
Estimated ending cash balance $5,019,490 $5,019,490 $5,019,490
(a) Seward Mountain Haven revenue bonds.
't✓5
CITY OF SEWARD
SEWARD MOUNTAIN HAVEN ENTERPRISE FUND
2016 and 2017 Debt Service Schedule
Balance 2016 Budget Balance
Description Interest Rate @ 1/01/16 Principal Interest Total @ 12/31/16 Term
Seward Mountain Haven Bond 1 4.00%- 5.10% 23,250,000 865,000 1,083,538 1,948,538 22,385,000 2008 - 2033
Balance 2017 Budget Balance
Description Interest Rate @ 1/01/17 Principal Interest Total @ 12/31/17 Term
Seward Mountain Haven Bond 4.00%-5.10% 22,385,000 910,000 1,043,713 1,953,713 21,475,000 2008 - 2033