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The net assets for government activities increased by $276,801, from $68.3 million in 2003
<br />to $68.6 million in 2004. This minimal increase is primarily attributable to lower actual
<br />Fending that coincides with lower property tax dollars collected. As explained earlier, the
<br />City received a larger distribution due to reassessment and an increase in delinquent taxes
<br />received in 2003. In 2004, after County wide appeals and property taxes adjustment the
<br />levels decreased to normal levels. The business -type net assets activities decreased by $2.5
<br />million, from ($128.1) million in 2003 to ($125.6) million in 2004. This decrease is due to
<br />a revenue increases that are not keeping up with utility operating costs. This trend is
<br />expected to change with a rate increase (wastewater) that took effect in late 2004 and a
<br />proposed rate increase (waterworks) in 2005 to help alleviate this deficit.
<br />City of South Bend's Changes in Net Assets
<br />Table 2
<br />Expenses:
<br />Governmental
<br />Business -type
<br />Activities
<br />Activities
<br />Total
<br />17,523,559
<br />0
<br />2003
<br />2004
<br />2003 2004
<br />2003
<br />2004
<br />Revenues:
<br />0
<br />0
<br />48,254,995
<br />45,799,395
<br />Highways and streets
<br />Program Revenues:
<br />9,855,890
<br />0
<br />0
<br />6,370,307
<br />9,855,890
<br />Charges for services
<br />14,569,764
<br />9,343,194
<br />35,652,545 36,530,823
<br />50,222,309
<br />45,874,017
<br />Operating grants and
<br />Culture and recreation
<br />10,899,340
<br />13,689,893
<br />0
<br />0
<br />contributions
<br />14,813,675
<br />10,718,149
<br />1,130,575 1,165,243
<br />15,944,250
<br />11,883,392
<br />Capital grants and
<br />17,708,054
<br />18,102,343
<br />Interest on long -term debt
<br />3,979,222
<br />6,209,012
<br />contributions
<br />1,790,912
<br />10,326,795
<br />72,370 118,953
<br />1,863,302
<br />10,445,748
<br />General Revenues:
<br />Property taxes
<br />67,965,063
<br />62,279,784
<br />0 0
<br />67,965,063
<br />62,279,784
<br />Other taxes
<br />11,492,491
<br />11,483,254
<br />0 0
<br />11,492,491
<br />11,483,254
<br />Grants and contributions not
<br />restricted to specific programs
<br />5,286,477
<br />5,133,838
<br />5,286,477
<br />5,133,838
<br />Other Revenues
<br />2,028,399
<br />2,259,320
<br />266,610 362,676
<br />2,295,009
<br />2,621,996
<br />Total Revenues
<br />117,946,781
<br />111,544,334
<br />37,122,120 38,177,695
<br />155,068,901
<br />149,722,029
<br />Expenses:
<br />General government
<br />13,529,785
<br />17,523,559
<br />0
<br />0
<br />13,529,785
<br />17,523,559
<br />Public safety
<br />48,254,995
<br />45,799,395
<br />0
<br />0
<br />48,254,995
<br />45,799,395
<br />Highways and streets
<br />6,370,307
<br />9,855,890
<br />0
<br />0
<br />6,370,307
<br />9,855,890
<br />Health and welfare
<br />99,586
<br />102,314
<br />0
<br />0
<br />99,586
<br />102,314
<br />Culture and recreation
<br />10,899,340
<br />13,689,893
<br />0
<br />0
<br />10,899,340
<br />13,689,893
<br />Urban redevelopment
<br />17,708,054
<br />18,102,343
<br />0
<br />0
<br />17,708,054
<br />18,102,343
<br />Interest on long -term debt
<br />3,979,222
<br />6,209,012
<br />0
<br />0
<br />3,979,222
<br />6,209,012
<br />
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