City of Seward Mid-Cycle Budget Harbor and SMIC. November 6, 2012

Size: px

Start display at page:

Download "City of Seward Mid-Cycle Budget Harbor and SMIC. November 6, 2012"

Tracey Summers
6 years ago
Views:

1 City of Seward 2013 Mid-Cycle Budget Harbor and SMIC November 6, 2012

2 Harbor Enterprise Fund

3 Harbor-related cash Harbor Enterprise Fund cash = $617,784 (10/12) versus assets of $34.2M HC; $11M depreciated Harbor MRRF = $797K (10/12) Harbor Passenger Fee fund = $654K (10/12) ($301K to be spent by 12/31/12) Harbor CPV (cruise ship tax) Fund = $2.0M (10/12) Harbor Capital (grant) Projects = $71,842 (10/12) Projected ending cash is $1.4M 2012/2013 HC = historic cost

4 Harbor Cash History Harbor Enterprise Fund - Cash Balance Balance at December 31, 20XX Harbor Fund # months' Harbor Fund 12/31 Cash 11/ , , , (157,289) , (180,151) , (67,284) , , , , , , ,371, , ,169, , ,160, , ,534, , ,102, ,484

5 Harbor Cash History 2,500,000 2,000,000 1,500,000 12/31 11/30 1,000, , (500,000)

6 Harbor-related 1/1/ E-Float and Fish Cleaning Station Bonds= $1.78M 2005 Float Extension Bond = $1.14M 2006 South Harbor Bond = $3.56M 50-ton Boatlift loan= $102K Total: $6,582,425

7 Harbor Projects funded with no debt $2.2M T-Dock and Bulkhead $2.0M - Z-Float and upland improvements $300K - USCG relocation $4.5M - Cruise ship dock dredging $1.8M Harbor dredging ($1.1M fed; $705K cpv) $1.0M - E. Harbor expansion $1.5M - ARRV mooring dolphins $61,250 Fish ditch upgrades $25K Boardwalk extension Total > $13.3 million Next two years: $739K - SMIC washdown pad ( project) $130K Harb restroom improvements(2013 project) $400K - CDQ fishing fleet relocation ( project)

8 Highlights, p. 1 CPI rate increase 2013 (2.6%) Passenger fees est. at $560K; 2012 YTD $547K Annual debt payments $734K (bonds and 50-ton lift), assumes no new debt

9 Highlights, p. 2 Fish tax transferred from General Fund to Harbor ($320K) Assumes portion of fish tax is not used for capital, since needed for debt service ($182K) Portion of fish tax transferred to MRRF ($138K) Credit card fees increased $43K in 2012 RESO

10 Highlights, p. 3 Approx. 51% of harbor assets paid for with grants Need to increase power for resale costs by $68,300 Increase utility costs (refuse) by $12,500 Increase health insurance (7%) by $14,784 3% cola ($33,209)

11 Passenger Fee History Note: Above 2012 data is through October, 2012.

12 Passenger Fee History Revenues versus Debt Service Note: Assumes all Harbor bond debt service is paid with passenger fees. (excludes 50-ton lift)

13 Passenger Fee History Revenues versus Debt Service Note: Budget reflects what balance in Passenger Fee Fund would be if only Passenger fees were used to make harbor debt payments in 2012 and 2013.

14 Debt Service If 2012 generates $555,000 in Passenger Fees (budget) the Harbor will need to utilize $148,459 from moorage revenues to pay this debt service. Previously this difference has been covered by passenger fee reserves, however these reserves will be insufficient to cover this difference by the end of 2012.

15 Harbor Enterprise Fund Harbor Capital Improvement Plan

16 Prioritized Projects- Replacing Infrastructure Critical Risk: Likely to fail within next 5 years High Risk: Likely to fail in 5-10 years Moderate Risk: Continuously increasing cost to maintain and operate

17 Industrial Development New Infrastructure to: Create jobs and/or Support industrial activity

18 Priority One- Critical Risk Harbor Dredging- underway Mostly federally funded $1.128 Million City portion $705,858 CPV funds $53,983 MRRF funds When this project is complete we need the Corps to perform regular bottom surveys

19 Priority One- Critical Risk D-Float Replacement - underway Design should be completed within 3 months $100,000 Then Bid and Build in $2.36 Million Half of Construction funds are from the State Harbor grant program Half from Harbor MRRF Base case for replacing other harbor docks

20 Two replacement projects eliminated Fish waste barges were budgeted for $70,000 Used oil stations were budgeted for $60,000

21 Priority Two- High Risk Update Harbormaster Restrooms Delayed work in 2012 Time to decide the best way to spend the $130,000 state grant These restrooms remain open all winter Used by both the public and the harbor staff very efficient Well maintained, but old Updating restrooms will extend the life and improve our public image

22 Priority Two- High Risk Replace A,B,C, and S docks Located in the South end of harbor Preliminary engineering report estimated the cost at $6.1 Million A, B, and C docks have newer electrical service than D Float Will result in some reconfiguration changes S dock- safety repairs were made in 2012 State Harbor matching grant program will be the best source of funds Will require more than $3 Million of Harbor funds

23 Priority Two- High Risk Replace K and L docks Located in the North end of the harbor Currently a Rough cost estimate is $2.25 Million

24 Priority Three- Moderate Risk Replace Pickup Mileage > 115,000 Age > 13 years of short trips Repairs > $2000 in 2012 Broken windshield and body damage $29,000 budget 2013 Could meet the definition as critical or high risk category

25 Priority Three- Moderate Risk Replace Trash dumpsters Request budget increase from $40,000 to $70,000 Funds would purchase our own dumpsters

26 Priority Three- Moderate Risk Replace Launch ramps Repairs made to both North and South ramps in 2012 $2 Million cost estimate Grant program to promote fishing

27 Industrial Development Public crane Homer has a row of hefty cranes operated by card Cordova has three smaller cranes that are free A public crane allows fishermen marketing flexibility Increase budget line from $100,000 to $150,000

28 Industrial Development 50 ton travelift wash down facility It would be used substantially more than the facility being designed at SMIC The 250 ton project at SMIC is underway Guesstimate $500,000

29 All other projects No schedule or source of funding Paving NE parking lot $250,000 Z Float lateral docks $5.5 Million J Dock side road pave/landscape $25,000 South harbor uplands pave and landscape $500,000 Fish cleaning station at North East ramp $850,000 Fishing pier recreation area $2.6 Million

30 SMIC Enterprise Fund

31 SMIC Highlights Requires $38K subsidy from GF in 2013 Estimates cash balance $0 end 2013 Does not cover any costs of depreciation 80% of assets were purchased with grants

32 Priority One- Critical Risk Complete Harbor Unsafe moorage at North dock CDQ Fleet anchor tenant Breakwater needed for protection Dredging New floats $100 Million $10 Million Bond down payment

33 Priority Three- Moderate Risk Replace ton Travelift More than 20 years old Replace with 300 ton machine Fits on same pier Trade in current machine Net budget - $1.45 Million ($110K/yr. over 20 years if capital financed)

34 All other projects No schedule or source of funding Restrooms - $75,000 Drainage and fencing - $1.5 Million

35 Industrial Development 250- ton travelift wash down facility Design - $91,630 grant + $1905 city Construction budget - $641,300 Grant funding insufficient to complete heated slab

36 Industrial Development Shipyard transfer rail $3.87 Million cost estimate in 2007 Double the capacity of the facility Create 50 new jobs

37 The End

City of Seward. 2012/2013 Budget Worksession #7 Harbor, SMIC, Electric, Debt, CIP

City of Seward. 2012/2013 Budget Worksession #7 Harbor, SMIC, Electric, Debt, CIP City of Seward 2012/2013 Budget Worksession #7 Harbor, SMIC, Electric, Debt, CIP Harbor Enterprise Fund Harbor-related cash, p. 53 Harbor Enterprise Fund = $505,871 (9/11) versus assets of $32.3M HC; $22.3M