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Sponsored by: Hunt <br /> CITY OF SEWARD, ALASKA <br /> •• RESOLUTION 2012 -014 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, AUTHORIZING TRANSFER OF ADDITIONAL RAW FISH <br /> TAX PROCEEDS IN THE AMOUNT OF $234,451.41 TO THE HARBOR <br /> MAJOR REPAIR AND REPLACEMENT FUND, TO FUND CAPITAL <br /> INFRASTRUCTURE NEEDS <br /> WHEREAS, the Seward City Council authorized transfer of 100% of the estimated raw <br /> fish tax proceeds ($365,000) from the General Fund to the Harbor Enterprise Fund in 2011, for <br /> the purpose of developing a revenue source to assist the harbor with replacement of critical <br /> capital infrastructure which was nearing the end of its useful life; and <br /> WHEREAS, the Harbor Enterprise Fund anticipated transferring all but $181,752 of the <br /> fish tax proceeds to the Harbor Major Repair and Replacement Fund (MRRF) to fund critical <br /> capital needs, such as replacement of D- Float, with the non - transferred funds remaining in the <br /> harbor to help balance the 2011 Harbor Enterprise Fund budget; and <br /> WHEREAS, raw fish tax proceeds exceeded budgeted projections by $234,451.41. <br /> coming in at $599,451.41, and it is the intent of the City Council to transfer 100% of these <br /> additional funds from the General Fund to the Harbor Enterprise Fund, for final transfer to the <br /> Harbor MRRF Fund, and this additional appropriation requires approval of the City Council; and <br /> WHEREAS, this resolution has been reviewed and supported by the Port and Commerce <br /> Advisory Board at its February 1, 2012 meeting. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> CITY OF SEWARD, ALASKA that: <br /> Section 1. General Fund raw fish tax budgeted revenues are hereby increased to <br /> account 101- 0000 - 4350 -0130 by $234,451.41; transfers -out from the General Fund (101 -0000- <br /> 3071 -0401) to the Harbor Enterprise Fund (401- 0000 - 3070 -0101) are hereby increased by <br /> $234,451.41; and transfers -out from the Harbor Enterprise Fund (401- 0000 - 3075 -0402) to the <br /> Harbor MRRF Fund (402- 0000 - 3075 -0401) are hereby increased by $234,451.41. <br /> Section 2. This resolution is retroactive to December 31, 2011, and shall impact the <br /> 2011 Budget. <br /> Section 3. This resolution shall take effect immediately upon adoption. <br /> PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this <br /> 13 day of February 2012. <br />