|The City of Coffman Cove operates on the July-June fiscal year, and adopted its FY14 budget on June 20, 2013, by non-code ordinance. The budget includes a financial summary indicating total cash available, summary of total revenue anticipated, and summary of total expenditure anticipated. The budget is then broken down into departments. A comparison is provided to FY13 budget actual. The water and wastewater department breaks down individual line item expenses, and realistically anticipates all revenue and expenditures based on previous year actuals. Budget amendments are completed when necessary throughout the year, and were recently completed, including FY14 budget figures, FY14 estimated year to date figures, and FY14 amended figures.
The city clerk/treasurer provides financial reports to the council at every regular monthly meeting, which includes a balance sheet and profit and loss budget versus actual report for the fiscal year to date. This profit and loss report is divided into departments, and includes revenues and expenditures for the fiscal year to date, the budgeted figures for each category, the dollar amount over budget, and the percentage of budget. The most recent report was provided to the council at their May meeting, and covered the reporting period of July 1, 2013, through May 8, 2014. As of this date, the water/sewer department had received 104 percent of its anticipated revenue, and expended only 65% of it's anticipated expenditures. Therefore, the utility is in good standing, nearing the end of the fiscal year. The last budget amendment was completed in December 2013. The utility is receiving sufficient revenue to cover operating expenses, as well as approximately $35-40,000 per year which assists in covering the cost of repair and replacement for depreciating equipment, lines, and tanks.
The city receives its power from the Alaska Power Company, through hydro power provided to the entire island. The city provided evidence of payment, which is separated into each department and coded as such in QuickBooks. The community receives fuel from Petro Marine, which delivers via truck on the island’s road system. This fuel is purchased by a store in the community, R&R Fuels, then distributed to the city and utility. Sufficient fuel is available in the community on a cyclic basis, and sufficient funding is budgeted for the utility’s fuel needs.|