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2003 Comprehensive Annual Financial Report
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2003 Comprehensive Annual Financial Report
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other functions that are intended to recover all or a significant portion of their costs through user <br />fees and charges (business-type activities). The mayor governmental activities of the City of <br />South Bend include public safety, urban redevelopment and housing and general government. <br />The major business -type activities of the City include the wastewater utility, water utility and <br />solid waste. <br />Fund financial statements. A fund is a groupin of related accounts that is used to maintain <br />control over resources that have been segregated Por specific activities or objectives. The City, <br />like other state and local governments, uses fund accounting to ensure and demonstrate <br />compliance with finance - related legal requirements. All of the funds of the City of South Bend <br />can be divided into three categories: governmental funds, proprietary funds and fiduciary funds. <br />Governmental funds. Governmental funds are used to account for essentially the same functions <br />reported as governmental activities in the government -wide financial statements. However, <br />unlike the government -wide financial statements, governmental -fund financial statements focus <br />on near -term inflows and outflows of spendable resources, as well as on balances of spendable <br />resources available at the end of the fiscal year. Such information may be useful in evaluating a <br />government's near -term financing requirements. <br />General Government Revenues - The following schedule presents a summary of general revenues <br />for the year ended December 31, 2003 and the amount and percentages. <br />2003 <br />Percent <br />Revenues <br />Amount <br />of Total <br />Taxes: <br />General Property <br />$ 66,465,239 <br />55.8% <br />County Option Income <br />9,290,652 <br />7.8% <br />County Economic Development Income <br />4,436,480 <br />3.7% <br />Professional Sports Development Tax <br />341,093 <br />0.3% <br />Licenses and Permits <br />212,261 <br />0.2% <br />Intergovernmental <br />19,873,378 <br />16.7% <br />Charges for Services <br />14,030,134 <br />11.8 % <br />Fines and Forfeits <br />264,704 <br />0.2% <br />Interest <br />1,124,825 <br />0.9% <br />Donations <br />437,435 <br />0.4% <br />Other <br />2,539,890 <br />2.9% <br />$ 119,016,0 1 <br />lam( U/o <br />As shown above, taxes continue to represent a significant source of revenue needed to support <br />the services provided by the City. The City's single largest source of revenue is generated by <br />property taxation. This revenue calculation is based on a relationship between two variables. <br />I hhe first variable is the assessed propert y valuation of industrial, commercial and residential <br />parcels, both real and personal property. The second variable is the application of a tax rate to <br />arrive at the total tax levy. Taxable property is assessed at 100% of the true tax value. The City <br />has the ability to increase its general property tax levy by 5% o, which it elected to do in 2003. The <br />above general property tax revenue includes taxes collected on behalf of the following funds: <br />General Fund, Park and Recreation Fund, Cumulative Capital Development Funds, various <br />capital funds for the City's Redevelopment Tax Incremental Financing.(TIF) Funds and a special <br />levy to cover debt service on general obligation bonds. The increase in property taxes collected <br />on behalf of the TIF funds was the result of an increase in net assessed value and the scheduled <br />roll -off of tax abatements in the Airport Development Economic Area (Blackthorn) TIF. <br />One of the major focuses for the City continues to be the need to diversify its revenue streams. <br />This is necessary to reduce the dependancy on general pproperty taxes and to ensure that a broad - <br />base of users, including nonresidents, share in the fundin of basic city services. Currently the <br />City's property taxpayers carry a disproportionate share of-the cost of public safety (police & fire <br />
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