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A detailed listing of this debt can be found in the Notes to the Basic Financial Statements (Note III H). A <br />calculation of the City's legal debt limitation can be found in the statistical section of this document. <br />Economic Factors and Next Year's Budgets and Rates <br />As noted earlier, property taxes are the City's largest source of revenue. Under current.legislation all Indiana <br />cities must convert their assessed values from 33 /2 percent to 100 percent or market values in 2003. Under <br />this new method all properties are being re- assessed to reflect the changes in values. Due to the current <br />changes, the City is anticipating that the 2004 tax distributions will be Tess than in previous years due to the <br />fact that the potential for more appeals will be present. <br />The new Sewer rate was enacted in 2003. The overall revenue enhancement with this rate increase will be 24 <br />percent. These rates will be revised again in 2005 to assure that the municipal sewer system has sufficient <br />revenue. <br />Many major capital projects are slated for construction in 2004. Part of the list would include relocation of the <br />park maintenance facility, downtown and southside development and the continuation of major road <br />enhancements. <br />Requests for Information <br />This financial report is designed to provide a general overview of the City of South Bend's finances for all <br />those with an interest in the government's finances. Questions concerning any of the information provided in <br />this report or request for additional financial information should be addressed to the Controller's Office, 227 <br />W. Jefferson, 14 fl, South Bend, IN 46601. <br />12 <br />