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2002 Comprehensive Annual Financial Report
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2002 Comprehensive Annual Financial Report
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Both of the government-wide financial statements distinguish functions of the City that are <br />principally, supported by taxes and intergovernmental revenues (governmental activities) from <br />other functions that are intended to recover all or a significant portion of their costs through user <br />fees and charges (business-type activities). The mayor governmental activities of the City of <br />South Bend include general government and parks and recreation. The major business-type <br />activities of the City include the water utility, wastewater utility and the century center. <br />Fund financial statements. A fund is a grouping of related accounts that is used to maintain <br />control over resources that have been segregated for specific activities or objectives. The City, <br />like other state and local governments, uses fund accounting to ensure and demonstrate <br />compliance with finance-related legal requirements. All of the funds of the City of South Bend <br />can a divided into three categories: governmental funds, proprietary funds and fiduciary funds. <br />Governmental funds. Governmental funds are used to account for essentially the same functions <br />reported as governmental activities in the government-wide financial statements. However, <br />unlike the government-wide financial statements, governmental-fund financial statements focus <br />on near term inflows and outflows of spendable resources, as well as on balances of spendable <br />resources available at the end of the fiscal year. Such information may be useful in evaluating a <br />government's near term financing requirements. <br />General Government Revenues -The following schedule presents a summary of general <br />revenues for the year ended December 31, 2002 and the amount and percentages. <br /> 2002 Percent of <br />Revenues Amount Total <br />Taxes: <br />General Property $ 58,387,387 52.0% <br />County Option Income 9,531,190 8.4% <br />County Economic Development Income 5,462,867 4.8% <br />Professional Sports Development Tax 316,173 0.3% <br />Licenses and Permits 236,267 0.2% <br />Intergovernmental 20,859,845 18.5% <br />Charges for Services 13,187,884 11.7% <br />Fines and Forfeits 203,837 0.1% <br />Interest 1,559,320 1.4% <br />Donations 1,552,799 1.4% <br />Other 1,735,111 1.5% <br /> $ o <br />As shown above,. taxes continue to represent a significant source of revenue needed to support <br />the services provided by the City. The City's single largest source of revenue is generated by <br />property taxation. This revenue calculation is based on a relationship between two variables. <br />The first variable is the assessed property valuation of industrial, commercial and residential <br />parcels, both real and ppersonal property. The second variable is the ap lication of a tax rate to <br />arrive at the total taxlevy Taxable property is assessed at 100% ofpthe true tax value. As <br />described earlier, the City has the ability to increase its general property tax levy by 5%, which it <br />elected to do in 2002. The above general property tax revenue includes taxes collected on behalf <br />of the following funds:. General Fund, Park and Recreation Fund, Cumulative Capital <br />Development Funds, vanous capital funds for the City's Redevelopment Tax Incremental <br />Financing (TIF) Funds and a special levy to cover debt service on general obligation bonds. <br />The increase in property taxes collected on behalf of the TIF funds was the result of an increase <br />in net assessed value and the scheduled roll-off of tax abatements in the Airport Development <br />Economic Area (Blackthorn) TIF. <br />
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