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THE CITY OF SOUTH BEND
<br />2003 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2002
<br />COUNTY OPTION INCOME TAX (Fund #404)
<br />REVENUE:
<br />County Option Income Tax
<br />Interest on Investments
<br />Mist Revenue
<br />Total Revenue
<br />Total Revenue Increase/(Decrease)
<br />Revenue Increase/(Decrease) as a Percent
<br />(3,066,171)
<br />-32.1 %
<br /> 2001 2002 2002 Anticipated 2003
<br /> Actual Actual Budget Changes Budget
<br />EXPENDITURES:
<br />Expenditures approved as a part of the Operating Budget:
<br />Lease Payments -Transpo/Leighton Plaza Garage 0 200,000 200,000 0 200,000
<br />Capital Lease Payments -Public Works Facility 0 202,587 202,587 623,547 b 826,134
<br />Expenditures approved as a part of the Capital Budget (note c):
<br />Land Improvements:
<br />Major Project Funds 200,049 0 2,149,000 2,037,697 4,186,697
<br />River Glen Office Park Project 364,000 0 0 0 0
<br />TJX Project 0 6,703,630 0 120,000 120,000
<br />Palais Royale Ballroom 0 3,874,068 0 0 0
<br />Riverside bikewaylwalkway 0 188,948 0 0 0
<br />Leeper Park East -lighting 8 parking improv 0 96,652 600,000 (600,000) 0
<br />Fredrickson Park - 1st phase 28,163 46,253 100,000 0 100,000
<br />Southeast Park 12,425 0 1,400,000 (1,400,000) 0
<br />St. Joseph River Dam repairs 258,412 .852,758 1,500,000 (489,538) 1,010,462
<br />Memorial Park Boal Ramp 0 0 0 400,000 400,000
<br />Roof Repairs - O'Brten,Newman 8 Erskine 0 0 0 500,000 500,000
<br />Playground Equipment -Lasalle Park 0 0 0 65,000 65,000
<br />O[her mist projects 25,000 439,702 0 750,000 750,000
<br />BuildinglBuilding Improvements:
<br />Transpo payments -Garage repurchase 200,000 0 0 0
<br />Potawatomi Pool renovation 151,130 0 0 0
<br />Public Safety Design Fees 0 728,813 400,000 (400,000) 0
<br />Training Facility Design Fees 0 500 300,000 (300,000) 0
<br />MSF Building Rehab -Lease Payment 0 0 0 918,468 918,468
<br />Public Safety Relocation & Rehab 0 0 0 1,050,000 1,050,000
<br />Potawatomi Park Shelter House 0 5,601 125,000 (125,000) 0
<br />Studebaker Boiler upgrade 0 39,292 0 0 0
<br />Natatorium Demolition 24,052 0 0 0 0
<br />Community & Neighborhood Development:
<br />Commercial Corridors improvements 923,661 812,842 850,000 0 850,000
<br />Downtown improvements / SBOP Funds 96,656 182,224 250,000 0 250,000
<br />Good Neighbors Building Block Grants 46,176 60,807 70,000 30,000 100,000
<br />Community-based After School Programs 149,902 132,106 150,000 0 150,000
<br />Center for the Homeless Expansion 150,000 0 0 0 0
<br />Other mist projects 0 85,998 169,000 860,649 1,029,649
<br />YWCA Building Fund Contribution 0 0 175,000 (175,000) 0
<br />Total Expenditures 2.629.628 14,652,979 8.840,587 3,865,823 12,506,410
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<br />Revenue Overl(Under) Expenditures 3,854,095 3,122,104 897.987 (8.033.997)
<br />NOTES:
<br />a -The decrease reflects the Cilys portion of this county-wide one time extra distribution ($2,409,701)
<br />The City's portion of this county-wide tax which is shared by cities and towns within the county
<br />based upon tax lery. Based on the State Budget Agency's current forecasts a disparity has developed between distributions
<br />and forcasted collections of local income taxes. As a result, the Slate Budget Agency must reduce the certified distributions
<br />for 2003. Thus the City normal distdbution has decreased 9.3% or $656,470.
<br />The COIT rate of 0.6% effective 711/02 (with 6 month lag in collections) net of an additional 8 % homestead credit. The
<br />2002 revenue reflects a 0.6% COIT rate with an 8% homestead credit and 2001 was 0.5 % rate with a 8 % homestead credit.
<br />The actual final budget estimate will be determined by the State Tax Board in the Fall of 2002 and any adjustments
<br />will be made to this revenue budget prior to submitting a capital appropriation to the Council in February of 2003.
<br />b -Represents the increase in debt service payments for the MSF Building.
<br />c -The 2001 8 2002 actual expenditures reflect only cash expended during the year and do not include amounts unspent but encumbered
<br />as of the end of the year.
<br />PROJECTION OF GA.pITAL FUNDS AVA!LeBLE FOR 2003
<br />COIT Fund cash balance as of 12/31/02 11,960,695
<br />Less: Encumbrances outstanding as of 12/31102 (5,299,457)
<br />COIT Fund 12131/02 cash balamce available fpr 2003 Capital Projects 6,681,238
<br />2003 Budgeted Revenue (see above) 6,472,413
<br />Less: Reserve (10% of projected 2003 revenue) not available for appropriation (647,241)
<br />Less: Operating Budget (1,028,134)
<br />COIT funds available for 2003 Capital Projects 11,480278
<br />2003 Capital Budget (see above) (11,480.278)
<br />Projected COIT funds not appropriated (in addition to cash reserve) (0)
<br />2001 2002 ~j Anticipated 2003
<br />Actual Actual Changes Budget
<br />4,491,922 9,531,190 9,4~l,504 (3,066,171)a 8,392,413
<br />158,868 114,650 a(I,Opp 0 80,000
<br />1,832,931 8,129,243 0 0 0
<br />6,483,721 17,775,083 0 Se4 (3,066,171) 6.472,413
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