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CITY OF SEWARD, ALASKA
RESOLUTION NO. 97-067
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING THE ELECTRIC ENTERPRISE FUND BUDGET
FOR THE FISCAL YEAR BEGINNING JULY 1, 1997
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The City Electric Enterprise Fund budget for the fiscal year beginning July 1,
1997, which is attached hereto and made a part hereof by reference, and which contains estimated
Electric Fund revenues and expenditures for Fiscal Year 1998, is HEREBY ADOPTED.
Section 2. The Electric Enterprise Fund shall be charged interest on debt owed to the
General Fund at a rate equal to and adjusted monthly in accordance with the rate set forth in the
Bond Buyer Index for Twenty Year General Obligation Bonds.
Section 3. This resolution shall take effect July 1, 1997.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, this 9th day of June, 1997.
THE CITY OF SEWARD, ALASKA
AYES:
NOES:
ABSENT:
ABSTAIN:
Anderson, Bencardino, Blatcli
None
None
None
ATTEST:
t>~~.~~
Patricia 1. Jones, CMC
Acting City Clerk
(City Seal)
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ELECTRIC ENTERPRISE FUND
STATEMENT OF REVENUES AND EXPENSES
AND CHANGES IN RETAINED EARNINGS
For Budget Year Ending June 30, 1998
FY96
FY97
FY97
FY98
Approvetl FY97-98
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Actual Thnl 2197 Bud~et Bud~et %a.~
ODeratln~ ....venu..:
Sales:
Residential 1,5&4,908 1,170,952 1,792,013 1,787,914 -0.2%
Small General Service 1,253,374 888,465 1,373,668 1.363,056 -0.8%
Lar2e GeneraI Service 1,923,211 1,221,385 2,016,990 1,873,562 -7.1%
Harbor Power Sales 112,566 203,279 111,128 120,319 8.3%
1ndustrialSales 483,862 274,145 580,185 425,616 -26.6%
Street & Yard Li2hts 64,588 44,882 67,000 69,534 3.8%
Miscellaneous 255,352 61,229 93,600 &4,808 -9.4%
Assessments 1,548 1,090 1,189 874 -26.5%
Total operatlnl! ....venu..: 5,679,409 3,865,427 6,035,773 5,725,683 -5.1 "I.
Operatlnl! ene.....:
Before depreciation:
Salaries 418,265 273,516 492,458 417,331 -15.3%
Employee benefits 1&4,&40 112,577 199,485 188,937 -5.3%
Purchased services 213,246 231,940 331,681 302,650 -8.8%
Power for resale 2,162,128 1,426,955 2,475,110 2,117,000 -14.5%
Supplies & maintenance 141,126 137,520 170,425 157,000 -7.9%
General & Administrative 956,580 614,070 1,023,329 967,108 -5.5%
Total Operatlnl! Expenses: 4,076,185 2,796,578 4,692,488 4,150,026 -11.6%
Operatlnl! Iocome before depreciation 1,603,224 1,068,849 1,343,285 1,575,657 17.3%
Deoreciation 938,452 747,925 1,121,888 1,091,274 -2.7%
Operatlnl! Income CLoss) 664 772 320.924 221.397 484.383 118.8%
Non-operatlnl! ....venu.. (expe.....)
Interest Income 90,342 34,564 75,275 45,500 -39.6%
Interest EXPenSe (478,405 (175,733 (466,186 (436,335 -6.4%
Gain on sale offixed assets 200 0 200 0 0.0%
Loss on sale offixed assets (50,113 0 0 0 0.0%
Total non-operatlnl! revenu.. (expe.....) (437,976 (141,169 (390,711 (390,835 0.0%
Income Ooss) before operatlnl! transfers 226,796 179,755 (169,314 93,548 -155.3%
Operatinl! transfers (to) from other funds 0 (50,000 (50,000 (45,000 -100.0%
Net Iocome Ooss) 226,796 129,755 (219,314 48,548 -122.1"1.
Amortization of contributions in aid 465,356 521,349 782,023 774,810 -0.9%
Ine....... (Dee.......) In Retained EanlInp 692,152 651,104 562,709 823,358 46.3"1.
Retained e8m1n~1 at June 30 2,592,859 3,070,509 3,070,509 3,517,716 14.6"1.
R..ldual...uitv transfers (to) from other f\mds (214,502 015,502 015,502 0 0.0"1.
RetaInetl eamInes
Undesil!nAled 3,070,509 3,606,111 3,517,716 4,341,074 23.4%
Total RetaInetl EamInll 3,070,509 3,606,111 3,517,716 4,341,074 23.4%
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CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
BUDGETED STATEMENT OF CASH FLOW
For Budget Year Ending June 30, 1998
FY98
FY97 Approved FY97.98
Budget Budget %Chg
48,548 551.7% I
Cash
1,121,888 1,091,274 -2.8%
27,115 27,115 0.0%
5,802 5,802 0.0%
935,491 1,172,739
25.4%
ents 488,000 570,000 (a) 16.8%
315,207 457,000 (b) 45.0%
115,502 0 0.0%
INet Increase (Decrease) in Cash 16,7821 145,739 768.4% ,
(a) $570,000 is comprised ofl980 bond - $120,000; 1986 bond - $400,000; ]995 bond - $50,000
(b) $457,000 is comprised of equipment - $35,000; Work order salaries, benefits, materials - $] 72,000; MRRF . $250,000
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CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
Operating and Residual Equity Transfer Budget
For Budget Year Ending June 30, 1998
FY97
Budget
FY98
Approved
Budget
I Operating Transfers from Other Funds
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Operatine: Transfers to Other Funds:
General Fund - federal lobbying 25,000 25,000
General Fund - marketing 25,000 10,000
General Fund - computer network 0 10,000
Total Ooeratinl!: Transfers-Out 50,000 45,000
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Residual Equity Transfers-Out 0
little League Ballfield Capital Project Fund 115,502
Total Residual Eauity Transfers-Out 115,502
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INet Transfers-In (Out)
(165,502)-.-145,000)
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