HomeMy WebLinkAboutRes2001-154
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CITY OF SEWARD, ALASKA
RESOLUTION 2001-154
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE SEWARD MARINE INDUSTRIAL CENTER
(SMIC) 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 Seward Marine Industrial Center 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
C;-A. (~P --('-1 /
Edgar Blatchford, Mayor
CITY OF SEW AID, ALASKA
RESOLUTION 2001-154
AYES: Blatchford, Brossow, Calhoon, Clark, Orr, Shafer
NOES: Branson
ABSENT: None
ABSTAIN: None
ATI'EST:
"-
~;ty;/ ~?~
Patrick Reilly /
City Clerk
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SMIC ENTERPRISE FUND
Budgeted Statement of Revenues and Expenses
I and Changes in Retained Earnings
For Fiscal Year 2002
Six-Month FYoo FYOl FY02 FY01.02
Actual Actual Budget Budget % Change
Operating revenues:
Moorage 9,733 62,409 28,000 28,000 0.0%
Wharfage 5,026 54,584 40,000 40,000 0.0%
Boat Lift Fees 77,900 121,170 132,000 132,000 0.0%
Power Sales 0 15,225 4,000 IO,OOO 150.0%
Storage 46,862 133.139 100,000 100,000 0.0%
Rents and Leases 39,087 63,207 45,600 62,500 37.1%
Miscellaneous 6,281 3,715 8,200 6,000 -26.8%
Total operating revenues: $184,889 $453,449 $357,800 $378,500 5.8%
Operating expenses before depreciation:
Salaries 21,940 53,743 41,526 38,6 I 6 -7.0%
Employee Benefits 4,468 7,071 13,178 16,173 22.7%
Purchased Services 17,344 67,197 89,000 134,950 51.6%
Supplies and Maintenance 37,322 77,202 64,000 70,000 9.4%
General and Administrative 39,642 75,557 177,932 173,430 -2.5%
Total Operating Expenses: $120,716 $280,770 $385,636 $433,169 12.3%
Operating income before depreciation 64,173 172,679 (27,836) (54,669) 96.4%
Depreciation 565,420 1,232,863 1,232,667 1,140,381 -7.5%
I Operating Income (Loss) ($501,247) ($1,060,184) ($1,260,503) ($1,195,050) 5.2%
Non-operating revenues (expenses)
Interest Income 3,127 10,564 0 0 0.0%
Interest Expense (65,530) (124,254) (II 1,489) (101.985) -8.5%
Other revenues (expenses) 0 0 0 0 0.0010
Total non-operating revenue (expense) ($62,403) ($113,690) ($111,489) ($101,985) 8.5%
Income (loss) before operating transfers ($563,650) ($1,173,874) ($1,371,992) ($1,297,035) -5.5%
Operating transfers from other funds 250,491 285,133 358,884 280,790 -21.8%
Operating transfers to other funds (7,083) (12,386 ) (23,880) (22,930) 4.0%
Net income (loss) ($320,242) ($901,127) ($1,036,988) ($1,039,175) 0.2%
Amortization of CIA 493,070 1,113,815 1,113,816 1,049,977 -5.7%
Decrease retained earnings [0 correct contributed capital 0 (1,335,658) 0 0 0.0%
Increase (decrease) in retained earnings $172,828 ($1,122,970) $76,828 $10,802 85.9%
Retained earnings at beginning of year $0 $603,089 $603,089 $679,917 12.7%
Residual equity transfers 430.261 0 0 0 0.0%
Retained earnings at end of year
SMIC Undesignated 603,089 (519,881) 679,917 690,719 -1.6%
I Total Retained Earnings $603.089 ($519.881) $679,917 $690.719 -1.6%
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CITY OF SEWARD
SMIC ENTERPRISE FUND
Budgeted Statement of Cash Flow
For Fiscal Year 2002
FYOl FY02 FYOI-02
Budget Budget % Change
Beginning Cash Balance at 1/1/01: $105,826 *
Cash is provided By (Used For):
Net Income (Loss) ($1,036,988) ($1,039,175) -0.2%
Add Expense Items Not Affecting Cash
Depreciation 1,232,667 1,140,381 -7.5%
Amortization of Bond Refunding 15,048 15,048 0.0%
Amortization of Bond Issue Costs 2,268 2,268 0.0%
Net Cash Provided By (Used For) Operations $212,995 $118,522 -44.4%
Other Uses of Cash
Debt Principal Payments (209,995) (a) (227,348) (b) -8.3%
Capital Outlay 0 0 0.0%
Net Increase (Decrease) in Cash $3,000 ($108,826) -3727 oS %
Estimated Ending Cash Balance: $108.826 $0
. This includes only SMIC Enterprise Fund; does not include capital projects.
(a) $209,995 represents: North SMIC Dock bond - $139,995; 250-Ton Travelift lease - $70,000
(b) $227,348 represents: North SMIC Dock bond - $152,348; 250-Ton Travelift lease - $75,000
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