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THE CITY OF SOUTH BEND <br />2002 BUDGET -SUMMARY OF MAJOR CHANGES FROM 2001 <br />REDEVELOPMENT COMMISSION - STUDEBAKER BOND (Fund #310) <br />2001 2002 <br />Actual Actual <br />REVENUE: <br />General Property Tax @~ <br />Auto Excise 1d~,127 <br />Commercial Vehicle Excise Tax y,> <br />Misc Revenue (mainly Interest Income) p <br />Total Revenue _`~ <br />Total Revenue Increase/(Decrease) <br />Revenue Increase/(Decrease) as a Percent <br />EXPENDITURES: <br />Debt Service: <br />Current Year Principal <br />Current Year Interest <br />Paying Agent Fees <br />Total Expenditures <br />Total Expenditures Increase/(Decrease) <br />Expenditures Increase/(Decrease) as a Percent <br />Revenue Over / (Under) Expenditures <br />2001 2002 <br />Actual Actual <br />2002 Anticipated 2003 <br />Budget Changes Budget <br />615,840 (9,744) a 606,096 <br />43,305 (2,303) 41,002 <br />3,001 113 3,114 <br />0 0 0 <br />662,146 (11,934) 650,212 <br /> (11,934) <br /> -1.8% <br />2002 Anticipated 2003 <br />Budget Changes Budget <br />515,000 535,000 535,000 25,000 b 560,000 <br />144,631 121,588 121,778 (25,518)b 96,260 <br />0 0 <br />659,631 656,588 <br />(518) <br />-0.1 <br />~~ (11,1 ) 2,868 8,548 <br />NOTES: <br />a -Represents the State Tax Board's final budget estimate received in January 2003. <br />b -Represents the change in debt service scheduled for payment in 2003. <br />PROJECTION OF CASH BALANCENEEDED FOR DEBT SERVICE PAYMENTS <br />Studebaker Bond Fund cash balance as of 12/31/02 <br />2003 Budget excess (above) <br />Projected Studebaker Bond Fund cash balance as of 12/31/03 <br />Debt Service payment due 2/1/04 <br />Projected cash balance after 2/1/04 payment (assuming 100% receipt of 2003 tax levy) <br />316,740 <br />(8,548) <br />308,192 <br />(329,438) <br />(21,246) <br />