HomeMy WebLinkAboutRes1991-092
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 91-092
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, APPROPRIATING FUNDS TO COVER
A PORTION OF THE DEFICIT OF THE SMIC SPECIAL REVENUE FUND
WHEREAS, it is the wish of the city Council to have the SMIC
Special Revenue Fund operate on a more profitable basis; and
WHEREAS, the SMIC Special Revenue Fund has a cash deficit
which continues to cost the Fund interest expense; and
WHEREAS, the City of Seward does not wish to increase the SMIC
rates sufficiently to eliminate the cash deficit and thereby
overburden the sole service provider; and
WHEREAS, charging interest to the SMIC fund in past years has
continued to decrease the SMIC fund balance; and
WHEREAS, the income from interest charged to the SMIC fund has
gone to the General Fund;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
section 1. A portion of the deficit, equal to approximately
one third of the fund balance deficit as adjusted and audited for
the date of June 30, 1991, shall be transferred from the General
Fund Transfer Account No. 101-0000-3070-0417 to the SMIC Transfer
Account 417-0000-3070-0000. It is estimated that the amount of the
transfer will be approximately $143,185.00.
Section 2. This resolution shall take effect June 30, 1991,
and the transfer shall take place as soon as the audit firm of KPMG
Peat Marwick has verified the amount as determined by the Fiscal
Year 1991 audit for the City of Seward.
PASSES AND APPROVED by the city council of the City of Seward,
Alaska, this 22nd day of July, 1991.
THE CITY OF SEWARD, ALASKA
l)~ -O~
Beverly Dunham, Vice Mayor
CITY OF SEWARD, ALASKA
RESOLUTION NO. 91-092
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AYES:
NOES:
ABSENT:
ABSTAIN:
Burgess, Dunham, Krasnansky, Meehan, Sieminski & Simutis
None
Hilton
None
ATTEST:
APPROVED AS TO FORM:
Perkins Coie, Attorneys for the
city of Seward, Alaska
?~;~ j.l-~
d.A-L.. Linda S. Murphy, CMC/ AAE
~ city Clerk
7~l /1:f ~
Fred B. Arvidson
city Attorney
(City Seal)
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