2002 Comprehensive Annual Financial Report

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Other special attractions w Waterway and the East Baa provides for the Broadway Chamber and Pops Orchesl the South Bend Civic Thea Museum of Art; the Snite D History; Copshaholm/The ~ Potawatomi Zoo; the Morri Kids Museum; the Farmers Arts Festival; and the annu, Baseball Stadium, a 5,000-~ league baseball. It had recc Hawks, a minor league tear City signed on with the Ari program. hin the South Bend area include the Olyrr~pic-class East Race area; the newly renovated Morris Performing Arts Center, which 'heater League, the South Bend Symphony Orchestra with the ~s and the Southold Dance Theater and Patchwork Dance Company; ;r; the Studebaker National Museum; the South Bend Regional useum of Art at Notre Dame; the Northern Indiana Center for liver Mansion; the College Football Hall of Fame; Century Center; Conservatory/Muessel-Ellison Tropical Gardens; Healthworks! Market; the Belleville Softball Complex; the Firefly Performing City of South Bend Ethnic Festival. The Coveleski Regional .at facility which opened in 1987, is rated among the best in minor d crowds during its seasons of play with the South Bend Silver of the Chicago White Sox up to the 1997 season. During 1997, the Ana Diamondbacks and looks forward to continued success with its Additional miscellaneous information about the City of South Bend cam be found at the end of this transmittal letter. Financial. Budgetar~d ~Progerty Tax Controls The City's Management Te m is responsible for establishing and maintaining an internal control structure designed to ensur that the assets of the government are protected from loss, theft or misuse and to ensure that a equate accounting data is compiled to allow for the preparation of financial statements in conf rmity with generally accepted accounting principles. The internal control structure is designe to provide reasonable, but not absolute, a:>surance that these objectives are met. The co cept of reasonable assurance recognizes that: (1) the cost of a control should not exceed a benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates nd judgments by management. Single Audit. As a recipie t of federal and state financial assistance, the City also is responsible for ensuring that an adequat internal control structure is in place to ensure compliance with applicable laws and regulati ns related to those programs. This internal control structure is subject to periodic evaluati n by management of the City. As part of tihe City's single audit described earlier, tests are p rformed to determine the adequacy of the internal control structure, including that portion relate to federal financial assistance programs, as well as to determine that the City has complied ith applicable laws and regulations. The results of the City's single audit for the year ended De ember 31, 2001 disclosed no instances of significant material weaknesses in the internal c ntrol structure and no significant violations of applicable laws and regulations. Budgetary Controls. In ac ordance with Indiana statutes, the City maintains budgetary controls integrated within the acco ting system. The objective of these budgetary controls is to ensure compliance with legal provi ions embodied in the annual appropriated budget (prepared on a cash basis) which is adopte by the City Council and then reviewed and approved by the Indiana State Board of Tax Commis Toners. Activities of the general fund, certain special revenue and capital projects funds and t debt service funds are included in the aruiual budget. The level of ix