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Sponsored by: Oates <br /> CITY OF SEWARD, ALASKA <br /> RESOLUTION 2010 -116 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, AMENDING THE 2010/2011 BIENNIAL BUDGET TO REFLECT <br /> MID -CYCLE BUDGET CHANGES, AND APPROPRIATING FUNDS <br /> WHEREAS, the 2010/2011 Biennial Budget was passed on November 23, 2009, reflecting <br /> the City's first biennial budget, and covering the period from January 1, 2010 through December 31, <br /> 2011; and <br /> WHEREAS, the City intends to do a mid -cycle budget adjustment at the end of each even - <br /> numbered year, to adjust the "off budget year" to reflect changes to the budget based on updated <br /> revenue information, economic conditions, and other timely and relevant information impacting the <br /> upcoming budget year; and <br /> WHEREAS, the City budgeted an anticipated 2.0% cost of living increase for all employees <br /> for 2011, but is downward adjusting the 2011 budget to reflect a 1.2% cost of living increase, and is <br /> downward adjusting budgets to reflect lower - than - expected increases in health insurance costs; and <br /> WHEREAS, this resolution adopts specific changes to the General Fund, the Motor Pool <br /> Internal Service Fund, and all enterprise funds with the exception of the Electric Enterprise Fund, <br /> with each specific line item change being reflected on the spreadsheet attached hereto; and <br /> WHEREAS, the City will adopt the General Fund mill rate for 2011 in a subsequent <br /> resolution. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> CITY OF SEWARD, ALASKA, that: <br /> Section 1. The General Fund 2011 Budget is hereby amended and funds are hereby <br /> appropriated, according to the specific modifications included on the attached spreadsheet, as <br /> follows: 1) Net revenues are increased by $101,114; 2) Net expenditures are increased by $50,123; <br /> and 3) Transfers -out are increased by $50,000 for a total increase in the General Fund budgeted fund <br /> balance of $991. <br /> Section 2. The Harbor Enterprise Fund 2011 Budget is hereby amended and funds are hereby <br /> appropriated, according to the specific modifications included on the attached spreadsheet, as <br /> follows: 1) Revenues and Expenses remain unchanged; and 2) Transfers -in from the General Fund <br /> are increased by $50,000 to reflect higher anticipated fish tax revenues, for a total net increase in the <br /> Harbor Enterprise Fund budgeted net assets of $50,000. <br /> L <br />