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THE CITY OF SOUTH BEND
<br />2003 BUDGET -SUMMARY OF MAJOR CHANGES FROM 2(102
<br />ECONOMIC DEVELOPMENT INCOME TAX (Fund #408)
<br /> 2001 2002 2002 Anticipated 2003
<br /> Actual Actual Budget Changes Budget
<br />REVENUE:
<br />Economic Development Income Tax 3,417,763 5,462,867 5,462,867 (1,773,665) a 3,689,202
<br />Interest on Investments 121,675 33,039 80,000 (40,000) b 40,000
<br />Pledges Received from South Bend Entertainment, Inc (Morris) 0 0 0 0 0
<br />Common Area Fees (Memorial Health Systems) 87,000 80,000 80,000 12,000 c 92,000
<br />Interest Transferred from EDIT Bond Reserves 48,630 19,635 0 0 0
<br />Miscellaneous revenue 0 19,433 0 0 0
<br />Total Revenue 3,675,068 5,614,974 5,622,867 (1,801,665) 3,821,202
<br />Total Revenue Increasel(Decrease) (1,801,665)
<br />Revenue Increase/(Decrease) as aPercent -32.0%
<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 />Grants & Subsidies:
<br />Project Future 100,000 110,000 110,000 0 110,000
<br />Community & Econ Development Administrative Costs 435,654 450,902 450,902 13,527 d 464,429
<br />Downtown South Bend Inc. 40,000 50,000 50,000 0 50,000
<br />Debt Service -Leighton Plaza Garage 1,058,886 1,061,961 1,061,961 1,195 1,063,156
<br />Lease Purchase Payments -Moms Performing Arts Center 997,733 1,109,812 1,135,000 0 1,135,000
<br />Capital Lease Payments -Fire Station #10 243,493 243,208 243,536 0 243,536
<br />Debt Service -Section 108 loan (downtown project) 52,290 0 104,580 200,000 304,580
<br />Paying Agent Fees 2,688 1,500 1,700 0 1,700
<br />Expenditures approved as a part of the Capital Budget (note e):
<br />Leighton Plaza & Garage -additional costs 190,245 0 0 0 0
<br />Moms Pertorming Arts Center -additional costs 273,966 0 0 0 0
<br />Palais Royale renovation 255,386 0 0 0 0
<br />Major Projects 0 2,049,809 1,971,000 (61,422) 1,909,578
<br />Community & Neighborhood Development 0 375,193 639,000 (586,022) 52,978
<br />Fire Station #10 -additional costs 0 0 0 0 0
<br />Total Expenditures 3,850,341 5,452,385 5,767,679 (432,722) 5,334,957
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<br />Revenue Over/(Under) Expenditures 24,727 182,589 (144,812) (1,513,755)
<br />NOTES:
<br />a -The decrease reflects the City's portion of this county-wide one time exVa distribution ($1,506,173)
<br />The City's portion of this county-wide tax which is shared by cities and towns within the county
<br />based upon tax levy. Based on the State Budget Agencys current forecasts a disparity has developed between distributions
<br />and forcasted collections of local income taxes. As a result, the State Budget Agency must reduce the certified distributions
<br />for 2003. The 2003 distributive shares factor will be 0.0706 compared to 0.1085 in 2002 and 0.0719 in 2001.
<br />The City's projected portion of the total county tax or 2003 is approximately 39.3% which is an increase
<br />from 37.1% in 2002. The City's portion was 36.9% in 2001.
<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 pdor to submitting a capital appropriation to the Council in February of 2003.
<br />b -Reflects the actual level of interest earnings as a result of the cash balances available for investment.
<br />c -Represents the annual fees paid by Memorial Health Systems "in lieu of property taxes" for the Leighton Plaza property.
<br />d -This grant covers a portion of the budgeted operating expenditures for the Community & Economic Development Department.
<br />e -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 FUNDS AVAILABLE FOR 2003
<br />EDIT Fund cash balance as of 12/31102
<br />Less: Encumbrances outstanding as of 12/31/02
<br />Less: Reserve for Moms Performing Arts Center debt service
<br />EDIT Fund cash balance as of 12/31/02 adjusted for reserves and encumbrances
<br />2003 Budgeted Revenue (see above)
<br />Less: Reserve (10% of projected 2003 revenue) not available for appropriation
<br />Projected EDIT Funds available for Expenditures in 2003
<br />2003 Budgeted Expenditures (see above)
<br />Projected EDIT Fund cash balance as of 12/31/03
<br />3,667,708
<br />(1,229,670)
<br />(542,160)
<br />1,895,878
<br />3,821,202
<br />(362,120)
<br />5,334,960
<br />(5,334,957)
<br />3
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