2004 Performance Based Budget - Laserfiche WebLink

Home Browse Search

remained at 18% of the current year's operating expenditure budget as of the start of this year after setting aside funds for the 2004 Capital Budget) but also in its Special Revenue and Enterprise Funds that include operational activities. It is the City's goal to maintain cash reserves of at least 15% of operating expenditures (after funding capital needs for the current year) for each of these operating funds. Over the past four years, the City has been able to more than double its $10.7 million General Fund reserves, which stood at $4.2 million (11 % of the operating budget) at the start of 1997. In 2003 the County began the daunting task of reassessment. Under State legislation, Indiana will be under new rules when calculating assessment value. At this time the City, as well as all other cities in Indiana, is not sure of the full affect reassessment will have on property tax revenues. Due to these fiscal constraints in 2004 and beyond, the reserves will be able to help the City manage its cash flow. The Administration and Finance Department, along with all other department fiscal staff, continues to strive for overall improvement in providing meaningful and timely financial information to City Management, Common Council and the Public. Some significant enhancements included revenue and expenditure forecasting on a multi-year basis and the identification of the ongoing projected operational impact resulting from the City's future anticipated capital expenditures. The forecasting process has also enhanced the budgeting process by enabling City Management and the Common Council to compare anticipated actual results with the projected financial needs for the coming year. In January of 2004 the City received, for the thirteenth year in a row, the "Certificate of Achievement in Financial Reporting" issued by the Governmental Finance Officers Association (GFOA) for its comprehensive annual financial report (CAFR) for the fiscal year ended December 31, 2002. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The City will submit its 2003 CAFR during 2004 for consideration of this prestigious award. Building South Bend in 2004 and be~i Mayor Stephen Luecke's theme for the past several years has been "We're Building South Bend." That theme has had a major influence on the development of the 2004 budget. There were five areas of concentration that became or remained budget priorities for 2004. We're Building Neighborhoods -Mayor Luecke and the City's elected officials continued their strong commitment to neighborhoods. The City will invest $5.2 million to fund or leverage state and federal funding for housing assistance, development and home ownership programs, neighborhood public works and parks, neighborhood development for social services and organizations, and public safety initiatives. Committing these resources will help us maintain, improve and support strong neighborhood development. We're Building a Safe City -Public safety is the foundation of all the City's efforts to build South Bend. Through the targeted and creative use of available resources, the City is working to provide quality police, fire and ambulance services for the community. The crime rate has increased in several significant categories over past year. South Bend has x