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HomeMy WebLinkAboutRes2001-152 I I I Sponsored by: Janke CITY OF SEWARD, ALASKA RESOLUTION 2001-152 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, ADOPTING THE ELECTRIC ENTERPRISE FUND BUDGET FOR CALENDAR YEAR 2002 WHEREAS, on October 8, 2001, the City Manager submitted to the City Council a proposed budget for the City of Seward for Calendar Year 2002; and WHEREAS, the City Council met in work sessions to review the proposed budget on October 15, 16, 17, and 18,2001; and WHEREAS, public hearings were held on the proposed budget on November 5, November 14, and November 19, 2001; 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 Year 2002 which is attached hereto and made a part hereof by reference and which contains estimated revenues and expenses for the period January 1 - December 31, 2002, is HEREBY ADOPTED. Section 2. This resolution shall take effect January 1, 2002. PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 19th day of November, 2001. THE CITY OF SEWARD, ALASKA ca., I~~~J Edgar Blatchford, Mayor CITY OF SEWARD, ALASKA RESOLUTION 2001-152 AYES: Blatchford, Brossow, Branson, Calhoon, Clark, Orr, Shafer NOES: None ABSENT: None ABSTAIN: None ArrEST: , ~~~ Patrick Reilly City Clerk (C.~~~~Ml'~'.~l'~" .~'!> ..I "3' '..', '-!~Li, -,>.. +,;' /, .' . ,.,' ".;,::,.: '. 1.)., "> ..~ ('''''. ~~f'V;,Y~J,~"~,~",,, <';' ....\ :~v "'.>" "r:'" '.-"'~':;.'., ,.' ..: t" .....~~' ...<..~ "'", -;~, I'". ~....:.' ..-..~ . ,.., ~ . . :.: _.;. r ," I ; eM, -' t,", (");, L:;' I, 1,;.\J' ~ ;; 'L'; - ~ <, .. .' \~ "'.. ! ;-,' :~\ ~~ eJ ,rv,.f>:: \', ,')"'1~;~.f~,_ ~ \~ ,.~"..~t".'" '~\ ~',~'., """/~':':":'~ ....'"' C"'" ",i (>.;f-.~.)......, 'H"',""'~ .. t'-..;-.... ~-~,(:;'"', "~- C:i~~ ;\k,,~.\:""" '"' ~Il~t~'~.a i ~ ~\~ ELECTRIC ENTERPRISE FUND Budgeted Statement of Revenues and Expenses I And Changes in Retained Earnings For Fiscal Year 2002 FY99 FYOO FYOl FY02 FY01.o2 Actual Actual Budget Budget % Change Operating revenues: Sales: Residential 1,87I.366 1.910.509 1,938,000 1,950,000 0.6% Small General Service 1.389.337 1.237.376 1,428,000 1.200,000 -16.0% Large General Service 2,628,071 2,612.133 2,550,000 2,800,000 9.8% Harbor Power Sales II9.599 II 3,958 122,400 120,000 -20% Indusrrial Sales 315,934 347,791 306,000 400,000 30.7% Street & Y.rd Lights 66,272 66,546 67,320 67,000 -0.5% Miscell:meous 147,530 178,692 85,000 86,000 1.2% Total operating revenues: $6,538,109 $6,467,005 $6,496,720 $6,623,000 1.9% Operating expenses: Before depreciation: Salaries 330.206 280.437 440,702 491.434 11.5% Employee benefits 170,725 184,795 215,362 216,594 0.6% Purchased services 251,747 330,790 356,209 292,875 -17.8% Power for resale 2,209,647 2,448,282 2,315,000 3,015,000 30.2% Supplies &. maintenance 162,332 354,478 213,200 234.100 9.8% General & Administrative 1,042,920 1,083,429 1.146.927 1,122,762 -21% I Total Operating Expenses: $4,167 ,577 $4,682,211 $4,687,400 $5,372,765 14.6% Operating income before depreciation 2,370,532 1,784,794 1,809,320 1,2S0,235 -30.9% Depreciation 1,195,174 1.234,373 1,255,198 1,256,770 0.1% Operating Income (Loss) $1,175,358 $550,421 $554,122 ($6,535) -101.2% Non-operating revenues (expenses) Interest Income 182.204 233,757 125,400 105,000 -16.3% Interest Expense (396.1 13) (346.252) (310,500) (270,690) -128% Other revenues (expenses) (22,344) 4,098 553 3,500 5329% Total non-operating revenues (expenses) ($236,253) ($108,397) ($184,547) ($162,190) -12.1 % Income (loss) before operating transfers $939,105 $442,024 $369,575 ($168,725) -145.7% Operating transfers (to) from other funds (I 2.5(0) (35,000) (363,855) (339,790) -6.6% Net income (loss) $926,605 $407,024 $5,720 ($508,515) -8990.1 % Amortiz.ation of contributions in aid 779,519 788,531 798,476 795,296 -0.4% Increase (decrease) in retained earniugs $1,706,124 $1,195,555 $804,196 $286,781 .64.3% Retained earnings at beginning of year $5,346,567 $7,487,863 $7,952,355 $8,756,551 10.1% Increase in Retained Earnings from Six- Month Period 466.592 0 0 0 0.0% I Residual equity transfers (31,420) 0 0 0 0.0% Retained earnings Designated for Electric MRRF Fund 826.664 676.664 920,884 920,884 0.0% Electric Undesignated 6,66 I.I 99 8,006,754 7,835,667 8,122,448 3.7% Total Retained Earnings $7 .487 .863 $8.683.418 $8.756.551 $9.043,332 3.3% 146 CITY OF SEWARD ELECTRIC ENTERPRISE FUND Budgeted Statement of Cash Flow For Fiscal Year 2002 FYOl FY02 FYOI-02 Budget Budget % Change Beginning Cash Balance at 1/1101: $2,862,494 * Cash is provided By (Used For): Net Incomel(Loss) $5,720 ($508,515) -8990.1 % Add Expense Items Not Affecting Cash Depreciation 1,255,198 1,256,770 0.1% Amortization of Bond Refunding 27,115 27,II5 0.0% Amortization of Bond Issue Costs 5,802 5,802 0.0% Net Cash Provided By (Used For) Operations $1,293,835 $781,172 -39.6% Other Uses of Cash Debt Principal Payments (760,000) (a) (650,000) (c) -14.5% Capital Outlay (71 0,000) (b) (2IO,OOO)( d) -70.4% Net Increase (Decrease) in Cash ($176,165) ($78,828) 55.3% Estimated Ending Cash Balance $2.686.329 $2.607,501 Electric-Related Capital Projects: Cash Balance at 8/30/2001: Fund 502 - Major Maintenance, Repair & Replacement Fund 208 - Transmission Line Fund 209 - Nash Road Distribution Feeder Fund 505 - Standbv Generator 920,884 374,451 122,347 32,029 . Includes only Electric Enterprise Fund; excludes related capital projects (a) $760,000 represents: 1980 bond - $155.000: 1986 bond - $475,000: 1995 bond - $130,000 (b) $710,000 represents: Work order salaries & materials -$210,000, MRRF totaling $500,000 (c) $650,000 reptesents: 1986 bond -$510,000: 1995 bond - $140,000 (d) $210,000 represents: Work order salaries & matenals -$2IO'~7No MRRF Contribution this year.