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General Fund Bud~?etarv Hiehli~hts
<br />The City adopts an annual appropriated budget for its General Fund. The City prepares its budggets
<br />using the cash basis of accounting. For 2006, the original expenditure budget was,$71,549,331.
<br />Duringg the year, budget adjustments of $6,566,641 were made, resulting in an ending General Fund
<br />expenditure.budget of $78,115,972. 'The General Fund budget is reviewed on a monthly basis by
<br />staff and adjustments are approved as needed by the Common Council. Throughout the yeaz, actual
<br />expenditures are monitored and projected and the budget is amended to prevent any budget
<br />overruns. The City tries to work within its original budget by increasing categories that will
<br />exceed the budget while decreasin other categories that aze under budget. Actual General Fund
<br />expenditures on a cash basis were 75,165,815 during 2006, which was $2,950,157 (3.8%) under
<br />the amended budget.
<br />General Fund revenue was originally budgeted at $65,550,889 for 2006. During the year, the
<br />revenue budget projection was reduced to $65,485,484. Actual General Fund revenues were
<br />$67,381,869 for 2006 and exceeded the amended revenue budget by $1,896,385, or 2.9%. The
<br />ma or reason for the higher revenue was that interest earnings were budgeted conservatively at
<br />$30,000 for 2006 while actual interest earnings were $1,525,832. Tatung this difference into
<br />account, the revenue projections for the General Fund were very accurate, only $670,553 (1%) less
<br />than budgeted. All cities have limited resources and, thus, limited numbers of programs and
<br />services that can be provided.. The City of South Bend is proud to say that it has done well m terms
<br />of maintaining a solid, financtally sound organization by spending within its means.
<br />Canital Asset and Debt Administration
<br />Capital assets. The City's investment in capital assets for its governmental and business type
<br />acttvrttes was $441,270,656 (net accumulated depreciation) at December 31, 2006. This.
<br />investment in capital assets includes land, buildings, roads, improvements, service lines,
<br />automobiles and equipment, and street lights. A detailed explanation of these capital assets can
<br />be found in the Notes to the Basic Financial Statement.
<br />Major capital asset additions during the current fiscal year include the following:
<br />- Major road renovation at $1.63 million.
<br />- 37 new or replacement vehicles at a cost of $1.1 million.
<br />-Paving Program at $1.84 million
<br />- Riverside bikeway/walkway project - $510 thousand
<br />- Began construction of Fire Station No. 2 - $656 thousand expended in 2006. Total project
<br />cost - $2.6 million.
<br />- Raw sewage pump replacement and drive on scales - $183 thousand.
<br />City of South Bend's Capital Assets
<br />Capital assets
<br />not being depreciated:
<br />Land
<br />Construction in Progress
<br />Total capital assets
<br />not being depreciated
<br />Governmental
<br />Activities
<br />2005 2006
<br />$11,564,931 $11,539,931
<br />6,214,193 1,584,399
<br />17,779,124 13,124,330
<br />Business-type
<br />Activities Total
<br />2005 2006 2005 2006
<br />$3,020,575 $3,020,575 $14,585,506 $14,560,506
<br />3,938,589 12,366,687 10,152,782 13,951,086
<br />6,959,164 15,387,262 24,738,288 28,511,592
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