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The original item was published from 2/27/2013 4:39:53 PM to 3/30/2013 12:05:09 AM.

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Posted on: February 27, 2013

[ARCHIVED] Sequim City Council Reviews 2012 Year End Financial Results

The Sequim City Council reviewed the City’s and Transportation Benefit District’s 2012 financial results and financial policies at the February 25, 2013 council meeting.

“In spite of the continuation of the difficult economy, the City if Sequim is in very good shape,” said Administrative Services Director Elray Konkel. “Revenues were below budget in several categories, but city departments decreased expenses across the board to end the year better than expected.”

City of Sequim 2012 Financial Results
For 2012 the City maintained an excellent financial position and operations continue within budgetary constraints.
• General Fund revenues were $103,000 less than budgeted but expenditures were $378,000 under budget. The ending fund balance in the General Fund was $1,755,000.
• Street Operation revenues for the year were $4,000 more than projected and expenditures were $35,000 under budget leaving an ending fund balance of $207,000.
• Water Operation revenues for the year were $37,000 more than projected with actual expenditures $208,000 less than projected resulting in an ending fund balance of $1,200,000.
• Sewer Operations revenues for the year were $55,000 less than projected with expenditures $243,000 under resulting in an ending fund balance of $1,500,000.

Annual Financial Policy Review
Review of the City’s financial policies confirmed that the City is operating within the parameters established in the financial policies.
• City reserves for all funds are solid and meet all policy requirements.
• The City has minimal general obligation debt and $6.7 million in sewer debt all related to the recent Water Reclamation Facility upgrade and expansion.
• The City’s investments meet the requirements of Washington State Law and the City’s Investment Policy. The City’s investments earned 2.43% in 2012.

2012 Capital Projects
The City’s 2012 Capital Projects included:
• Water, Sewer and Transportation Master Plan drafts completed.
• South Sequim Avenue Project completed at a cost $533,000.
• North 7th Avenue Improvements: Cost $200,000.
• North End Lift Station and Reservoir Road Generators: Cost $147,000.
• West Sequim Bay/Oakwood Drive repair: Preparatory work done with a contract amount of $190,000.
• Police Station/City Hall facility needs analysis and conceptual design completed at a cost of $30,000.
• Acquisition of the Serenity House property for the Police Station/City Hall at a cost of $1,250,000

The Sequim Transportation Benefit District (funded by a voter approved sales tax)
Beginning fund balance for 2012 was $534,208 with revenues of $522,076 and expenses of $764,732. Expenses included:
• $4,000 - 2012 Insurance and audit expenses
• $4,000 - 2011 Priest Road project
• $11,000 - 2011 Bike Rack project
• $66,000 - 2011 N. 3rd Avenue Sidewalk project
• $39,000 - 2011 S. Sequim Avenue Pavement project
• $144,000 - 2011 14th Avenue (New Connector Road)
• $267,000 - 2012 N. 7th Avenue rehabilitation project
• $130,000 - Contributions to the W. Sequim Bay Road, Olympic Discovery Trail and Transportation Master Plan projects
• $100,000 - Safety enhancements for street maintenance and operations, including new contract services for hot mix patching.

The Transportation Benefit District ended the year with a fund balance of $291,552.

Please contact Administrative Services Director Elray Konkel at 582-2464 or with questions.

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