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CITY OF SOUTH BEND
<br />NOTES TO FINANCIAL STATEMENTS
<br />(Continued)
<br />Cash, cash equivalents, and investments
<br />Repair fund
<br />$ 140,277
<br />Customer deposits
<br />1,244,351
<br />Revenue bond operations and maintenance account
<br />5,693,329
<br />Capital outlay accounts
<br />15,499,227
<br />Capital outlay accounts - investments
<br />820,580
<br />Repair fund receivable
<br />130,993
<br />Interest receivable
<br />48,194
<br />Total restricted assets $ 23,576,951
<br />J. Restatements and Reclassifications
<br />For the year ended December 31, 2004, certain changes have been made to the financial statements
<br />to more appropriately reflect financial activity of the primary government. The following schedule pre-
<br />sents a summary of restated beginning balances. Prior period adjustments include governmental
<br />activities reduction for previously omitted payment to escrow, $672,142, and previously omitted net
<br />pension asset, $264,711. Also, the business activities (Wastewater Utility) construction in progress
<br />account included some items previously charged to expense prior to 2004 The Pension Trust has
<br />been reduced to recognize the D.R.O.P. liability (see Note I.D.8.).
<br />Balance Balance
<br />as Reported Prior as Restated
<br />December 31, Period January 1,
<br />Fund Type _ 2003 Adjustments 2004
<br />Governmental activities:
<br />Net assets $ 68,731,201 $ (407,431) $ 68,323,770
<br />Business -type activities:
<br />Net assets $ 129,760,644 $ (1,621,672) $ 128,138,972
<br />Pension trust:
<br />Net assets $ 4,727,590 $ _ (700,602) $ 4,026,988
<br />K. Gain on Sale /Leaseback of Leighton Parking Garage
<br />During 2000, the City completed construction of the Leighton Parking Garage and capitalized the cost
<br />of the garage, $11,439,712, in the Parking Garage Fund, an enterprise fund. On December 1, 2000,
<br />the City sold the garage to the South Bend Transportation Company (TRANSPO) for $3,000,000 as
<br />part of a sale/leaseback agreement. The proceeds were receipted into the County Option Income Tax
<br />Fund. This fund is also making the future lease payments to TRANSPO,
<br />The present value of the lease, $1,960,044, was the new basis for the parking garage. As part of this
<br />sale/leaseback, the Parking Garage Fund recognized a deferred loss of $8,439,712, which is being
<br />amortized over the fifteen year life of the lease.
<br />M
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