|The city of Stebbins adopted the FY 11 budget on May 27, 2010. A copy of the approved budget was submitted to DCRA. According to the budget, the total revenues exceed expenditures by $341,678. However, the water and sewer budgeted expenses surpass revenues by $54,066. The budget does not identify any source of revenue to reconcile the difference. Nome RUBA staff did not receive monthly financial reports from the city; therefore, it is unclear whether the utility services are running a deficit at this time. The FY 11 budget, however, shows that washeteria and garbage and landfill utility services have expenses that exceed revenues, $14,952 for washeteria and $20,159 for garbage and landfill respectively. Lack of financial information indentifying sources of revenue used to address the difference is an indication that the utility has adopted an unbalanced and unrealistic budget. According to the city administrator, however, the city uses the Community Revenue Sharing (CRS), Payment in Lieu of Taxes (PILT) and Norton Sound Economic Development Corporation Community Benifit (NSEDC CBS) grants to cover the expenses incurred by the utility services provided by the city. Without year-to-date monthly financial reports, it is not possible to have a clear understanding of the financial standing of the city and its utilities.
The city ordered fuel and there is a year's worth of fuel oil which is adequate to last for the winter. The city used funds from NSEDC's CBS Program funds.|