HomeMy WebLinkAboutRes1999-066
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 99-066
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE SMALL BOAT HARBOR ENTERPRISE
FUND BUDGET FOR THE SIX-MONTH PERIOD BEGINNING JULY 1,
1999
WHEREAS, on April 26, 1999 the City Manager submitted to the City Council a
proposed budget for the City of Seward for the six-month period from July 1 through December
31, 1999; and
WHEREAS, the six-month budget represents a short budget during the transition period
in which the City's fiscal year will change from a July 1 - June 30 fiscal year to a January 1 -
December 31 fiscal year, effective January 1, 2000; and
WHEREAS, the fund formerly known as the Harbor Enterprise Fund is being divided into
two separate enterprise funds effective July 1, 1999, namely the Small Boat Harbor Enterprise
Fund and the Seward Marine Industrial Center Enterprise Fund; and
WHEREAS, the Small Boat Harbor Enterprise Fund will contain the following divisions:
Float System, Wharfs and Docks, 50-Ton Boatlift, Harbor Electrical System, Harbor General and
Harbor Administration;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEWARD, ALASKA, that:
Section 1. The Harbor Enterprise Fund budget for the six-month period beginning July 1,
1999 which is attached hereto and made a part hereof by reference and which contains estimated
revenues and expenses for the period July I - December 31, 1999, is HEREBY ADOPTED.
Section 2. This resolution shall take effect July 1, 1999.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 24th
day of May, 1999.
THE C TY OF SEWARD, ALASKA
CITY OF SEWARD, ALASKA
RESOLUTION NO. 99-066
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Blatchford, Callahan, Gage, King, Off, Shafer, Satin
None
None
None
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Patrick Reilly
City Clerk
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SMALL BOAT HARBOR ENTERPRISE FUND
Statement of Revenues and Expenses
and Changes in Retained Earnings
I For Six-Month Budget Period Ending December 31, 1999
Six-month
FY97 FY98 FY99 Budget FY99-00
Actual Actual Budget 7/1-12/31/99 %Chg
Operating revenues:
Moorage 930,239 945,686 925,500 425,000 -54.1%
Wharfage 136,512 117,895 99,000 25,000 -74.7%
Boat Lift Fees 202,374 173,301 261,750 40,000 .84.7%
Power Sales 164,045 142,343 165,000 65.000 -60.6%
Storage 64,160 64,916 85,800 0 .100.0%
Rents and Leases 326,380 282,972 288,969 56,000 -80.6%
Miscellaneous 79,359 93,888 85,225 55,925 -34.4%
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Total operating revenues: SI,903,069 SI,821,001 SI,911,244 5666,925 -65.1%
Operating expenses before depreciation:
Salaries 377,598 391,153 427,743 205.016 -52.1%
Employee Benefits 168,492 185,806 172,436 109,705 -36.4%
Purchased Services 211,364 253,455 272,551 117,400 -56.9%
Power for Resale 112,988 113,086 110,500 40,000 -63.8%
Supplies and Maintenance 141,163 137,855 178,700 47.100 -73.6%
General and Administrative 415,098 438,321 531,844 100.552 -8 \.I %
Total Operating Expenses: SI,426,703 $1,519,676 $1,693,774 $619,773 -63.4%
I Operating income before depreciation 476,366 301,325 217,470 47,152 -78.3%
Depreciation 1,273,627 1,304,608 1,262,312 74,782 -94.1%
Operating Income (Loss) ($797,261) (SI,003,283) ($1,044,842) (S27,630) -97.4%
Non-operating revenues (expenses)
Interest Income 14,336 13.582 17,000 5,400 -68.2%
Interest Expense (255,635) (221,317) (179,929) (9,000) -95.0%
Other revenues (expenses) (2,788) 633,991 0 0 0.0%
Total non-operating revenue (expense) (244,087) 426,256 (162,929) (3,600) -97.8%
Income (loss) before operating transfers (51,041,348) (S577,027) (SI,207,771) (S31,230) -97.4%
Operating transfers from other funds 0 12,000 0 250,000 0.0%
Operating transfers to other funds (137,190) (248,586) (87,326) (29,960) -65.7%
Net income (loss) (SI;178,538) (S813,613) (SI,295,097) S188,810 -114.6%
Amortization of CIA 1,084,671 1,109,173 1,105,506 54,073 -95.1%
Increase (decrease) in retained earnings (S93,867) $195,560 (SI89,591) S242,883 -228.1%
Retained earnings at beginning of year 5969,734 S871,011 51,166,571 5944,037 -19.1%
Residual equity transfers (4,855) 1,283,710 (32,943 ) 0 -100.0%
I Retained earnings at end of year
Harbor Undesignated 871,011 2,450,281 944,037 1.186,920 25:7%
Total Retained Earnings 5871,011 52,450,281 S944,037 51,186,920 25.7%
CITY OF SEWARD
SMALL BOAT HARBOR ENTERPRISE FUND
Statement of Cash Flow
For Six-Month Budget Period Ending December 31, 1999
Six-month
FY99 Budget FY99-00
Budget 7/1-12/31/99 %Chg
Cash is provided By (Used For):
Net Income/(Loss) ($1,295,097) . $188,810 114.6%
Add Expense Items Not Affecting Cash
Depreciation 1,262,312 74,782 -94.1 %
Amortization of Bond Refunding 15,048 7,524 -50.0%
Amortization of Bond Issue Costs 2,268 1,134 -50.0%
Net Cash Provided By (Used For) Operations ($15,469) $272,250 1860.0%
Other Sources of Cash
Harbor MRRF Fund transfer to eliminate cash defic 119,302 0 -100.0%
Other Uses of Cash
Debt Principal Payments (203,237)(a) 0 -100.0%
Capital Outlay (57,943Xb) 0 -100.0%
Net Increase (Decrease) in Cash ($157.347) $272.250 273.0%
(a) $203,237 represents: 250 ton lease - $60,000; North SMIC dock bonds - $123,525; High mast lights loan - $19,712
(b) $57,943 represents: Equipment - $25,000; Vehicle purchase - $32,943
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CITY OF SEWARD
SMALL BOAT HARBOR ENTERPIDSE FUND
Operating and Residual Equity Transfer Budget
For Six-month Budget Period Ending December 31,1999
FY99 **Six-month
Budget Budget
Operating Transfers from Other Funds $0 $250,000 (a)
Operating Transfers to Other Funds:
General Fund - 1/2 land lease revenue 82,326 28,000
General Fund - federal lobbying 5,000 1,960
0 0
Total Operating Transfers-Out 87,326 29,960
I Residual Equity Transfers-In (Out) 32,943 (b) 0
Net Transfers-In (Out) ($120,269) $220,040
(a) The City Council elected to write off the remain~g Harbor Enterprise Fund debt to the
Central Treasury. The debt at June 30, 1999 is estimated to be $250,000.
(b) Represents transfer to the Motor Pool Fund for the purchase of a pickup truck.
I ** Represents six-month budget for period 7/1/99 - 12/31/99