HomeMy WebLinkAboutRes1998-067
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 98-067
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, 1998
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,
1998 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. This resolution shall take effect July 1, 1998.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 26th
day of May, 1998.
THE CITY OF SEWARD, ALASKA
~12 ~~
Lowell R. Satin, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Callahan, Clark, Gage, King, Orr, Satin
None
None
None
ATTEST:
pO~~
Patrick Reilly
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ELECTRIC ENTERPRISE FUND
Statement of Revenues and Expenses
And Changes in Retained Earnings
I For Budget Year Ending June 30. 1999
FY97 FY98 FY98 FY99 FY98-99
Actual Thru 3/98 Budget Budget % Chg
Operatiug revenues:
Sales:
Residential 1.744.925 1.353.507 1.787.914 1.802.197 0.8%
Small General Service I,J 1 6,444 1.024.534 1,363.056 1.366,835 0.3%
Large General Service 1.962,003 1.618.166 ' 1.873,562 2,104,336 12'.3%
Harbor Power Sales 242,791 138.748 120.319 130,060 8.0%
Industrial Sales 420.067 315.541 425,616 433,692 1.9%
Street & Yard Lights 65,793 50,463 69,534 67,304 -3.2%
Miscellaneous 132.896 57.687 84.608 81,920 -3.2%
Assessments 1,090 873 874 0 0.0%
Total operating revenues: 5,886,009 4,559,519 5,725,483 5,986,284 4.6%
Operating expenses:
Before depreciation:
Salaries 382,576 308.636 417.333 438.164 5.0%
Employee benefits 174.304 122.900 188,935 204,748 8.4%
Purchased services 195,714 205.247 297.650 325,742 9.4%
Power for resale 2.171.684 1.645,196 2.117.000 2,059.541 -2.7%
Supplies & maintenance 182,483 109,056 142,300 150.900 6.0%
General & Administrative 967,999 729,893 986,808 1.050,514 6.5%
I Total Operating Expenses: 4,074,760 3,120,928 4,150,026 4,229,609 1.9%
Operating income before depreciation 1,811,249 1,438,591 1,575,457 1,756,675 11.5%
Depreciation I.I 19,18 1 818,456 1,091.274 1.096.815 0.5%
Operating Income (Loss) 692,068 620,135 484,183 659,860 36.3%
Non-operating revenues (expenses)
Interest Income 93,032 130,149 45,500 100,000 119.8%
Intcrest Expense ( 455,280) (253,860) ( 436.335) ( 406,018) -6.9%
Gain on sale of fixed assets 0 0 200 0 0.0%
Loss on sale of fixed assets 0 0 0 0 0.0%
Total non-operating revenues (expenses) (362,248) (123,711) (390,635) (306,018) -21.7%
Income (loss) before operating transfers 329,820 496,424 93,548 353,842 278.2%
Operating transfers (to) from other funds (180,381) (25.000) (25.000) (I 2,500) -100.0%
Net income (loss) 149,439 471,424 68,548 341,342 398.0%
Amortization of contributions in aid 785.384 581.108 774.810 775,534 0.1%
Increase (decrease) in retained earnings 934,823 1,052,532 843,358 1,116,876 32.4%
Electric capital projects CY retained earnings 0 (20.172) (20.172) 0 0.0%
Retained earnings at beginning of year 3,315,374 4,250,197 4,250,197 5,073,383 19.4%
Residual equity transfers 0 0 0 0 0.0%
I Retained earnings
Electric Undesignated 3,719.476 4.772.008 4,562.834 5,679,710 24.5%
Electric Capital Projects BOnl 5 10,549 510.549 510.549 0.0%
Total Retained Earnings 4,250,197 5.282.557 5.073,383 6.190.259 22.0%
CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
Budgeted Statement of Cash Flow
For Budget Year Ending June 30, 1999
FY98 FY99 FY98-99
Budget Budget %Chg
Cash is provided By (Used For):
Net Income/(Loss) 68,548 341,342 79.9%
Add Expense hems Nor Affecting Cash
Depreciation 1,091,274 1,096,815 0.5%
Amorrization of Bond Refunding 27,II5 27,II5 0.0%
Amortization of Bond Issue Costs 5,802 5,802 0.0%
Net Cash Provided By (Used For) Operations 1,192,739 1,471,074 23.3%
Other Uses of Cash
Debt Principal Payments (570,000) (a) (625,000) (b) 9.6%
Capital Outlay ( 457,000) (e) (704,000)( d) 54.0%
Net Increase (Decrease) in Cash 165,739 142,074 -14.3%
(a) $570,000 represents: 1980 bond - $120,000: 1986 bond - $400,000: 1995 bond - $50,000
(b) $625,000 represents: 1980 bond - $135,000: 1986 bond - $415,000; 1995 bond - $75,000
(e) $457.000 represents: E'luipment - $35,000: Work order salaries, benefits, materials - $172,000; MRRF - $250,000
(d) $704,000 represents: Equipment - $35,000; Work order salaries, benefits, materials - $169,000; MRRF - $500,000
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ELECTRIC ENTERPRISE FUND
Operating and Residual Equity Transfer Budget
For Budget Year Ending June 30, 1999
FY98 FY99
Budget Budget
Operating Transfers from Other Funds 0 0
Operating Transfers to Other Funds:
General Fund - federal lobbying . 25,000 12,500
General Fund - marketing 0 0
General Fund - computer network 0 0
Total Operating Transfers-Out 25,000 12,500
I Residual Equity Transfers-Out 0 0
Net Transfers-In (Out) (25,000) (12,500)
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