HomeMy WebLinkAboutRes1999-067
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Sponsored by: Janke
CITY OF SEWARD, ALASKA
RESOLUTION NO. 99-067
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE SEWARD MARINE INDUSTRIAL CENTER
(SMIC) 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
3 1, 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 SMIC Enterprise Fund will contain the following divisions North SMIC
Dock, East SMIC Dock, 250- Ton Travelift, Syncrolift Operations, Syncrolift Complex, and
SMIC General.
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 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 1 - 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 CITY OF SEWARD, ALASKA
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 99-067
Lowell R. Satin, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Callahan, Gage, King, Off, Shafer, Satin
None
None
None
ATTEST:
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Patrick Reilly ~
City Clerk
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CITY OF SEWARD
S.M.I.C. ENTERPRISE 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 $240,491 (a)
Operating Transfers to Otber Funds:
General Fund - 1/2 land lease revenue 0 45,500
General Fund - federal lobbying 0 540
0 0
Total Operating Transfers-Out 0 46,040
Residual Equity Transfers-In (Out) 0 0
Net Transfers-In (Out) 0 $194,451
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(a) The City Council elected to have the General Fund transfer the $240,491 needed to
eliminate the six-month SMIC Enterprise Fund budgeted cash deficit.
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* * Represents six-month budget for period 7/1/99 - 12/31/99
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SMIC ENlERPRISE 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 711-12/31/99 %Chg
Operating revenues:
Moorage 0 0 0 14,000 100.0%
Wharfage 0 0 0 42,000 100.0%
Boat Lift Fees 0 0 0 55,000 100.0%
. Power Sales 0 0 0 2,000 100.0%
Storage 0 0 0 35,000 100.0%
Rents and Leases 0 0 0 117,000 100.0%
Miscellaneous 0 0 0 1,075 100.0%
Total operating revenues: 0 0 0 $266,075 100.0%
Operating expenses before depreciation:
SalaFies 0 0 0 25,971 100.0%
Employee Benefits 0 0 0 11,318 100.0%
Purchased Services 0 0 0 17,175 100.0%
Power for Resale 0 0 0 0 100.0%
Supplies and Maintenance 0 0 0 42,100 100.0%
General and Administrative 0 0 0 113,901 100.0%
Total Operating Expenses: 0 0 0 $210,465 100.0%
Operating income before depreciation 0 0 0 55,610 100.0%
Depreciation 0 0 0 565,422 100.0%
I Operating Income (Loss) 0 0 0 ($509,812) -100.0%
Non-operating revenues (expenses)
Interest Income 0 0 0 0 0.0%
Interest Expense 0 0 0 (66,959) -100.0%
Other revenues (expenses) 0 0 0 0 0.0%
Total non-operating revenue (expense) 0 0 0 ($66,959) -100.0%
Income (loss) before operating transfers 0 0 0 ($576,771) -100.0%
Operating transfers from other funds 0 0 0 240,491 100.0%
Operating transfers to other funds 0 0 0 (46,040) -100.0%
Net income (loss) 0 0 0 ($382,320) -100.0%
Amortization of CIA 0 0 0 493,070 100.0%
Increase (decrease) in retained earnings 0 0 0 $110,750 100.0%
Retained earnings at beginning of year 0 0 0 0 0.0%
Residual equity transfers 0 0 0 0 0.0%
Retained earnings at end of year
SMIC Undesignated 0 0 0 110,750 100.0%
I Total Retained Earnings 0 0 0 $110,750 100.0%
CITY OF SEWARD
S:MIC ENTERPRISE FUND
Statement of Cash Flow
For Six-Month Budget Period Ending December 31, 1999
Six-montb
FY99 Budget FY99-00
Budget 7/1-12/31/99 %Cbg
Cash is provided By (Used For):
Net Income/(Loss) 0 ($382,320) -100.0%
Add Expense Items Not Affecting Cash
Depreciation 0 565,422 100.0%
Amortization of Bond Refunding 0 7,524 100.0%
Amortization of Bond Issue Costs 0 1,134 100.0%
Net Casb Provided By (Used For) Operations 0 $191,760 -100.0%
Otber Uses of Casb
Debt Principal Payments 0 (1 9 1,760)(a) -100.0%
Capital Outlay 0 0 100.0%
Net Increase (Decrease) in Casb 0 $0 -100.0%
(a) $191,760 represents: North SMIC Dock bonds - $131,760; 250 ton lease - $60,000