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THE CITY OF SOUTH BEND <br />2004 BUDGET - SIJMMARY OF MAJOR CHANGES FROM 2003 <br />REDEVELOPMENT COMMISSION - STUDEBAKER BOND (Fund #310) <br />REVENUE: <br />General Property Tax <br />Auto Excise <br />Commercial Vehicle Excise Tax <br />Misc Revenue (mainly Interest Income) <br />Total Revenue <br />Total Revenue Increase/(Decrease) <br />Revenue Increase/(Decrease) as a Percent <br />EXPENDITURES: <br />Debt Service: <br />Current Year Principal <br />Current Year Interest <br />Paying Agent Fees <br />Total Expenditures <br />Total Expenditures Increase/(Decrease) <br />Expenditures Increase/(Decrease) as a Percent <br />Revenue Over / (Under) Expenditures <br />NOTES: <br />a -Represents the State Tax Board's final budget estimate received in January 2004. <br />b -Represents the change in debt service scheduled for payment in 2004. <br />PROJECTION OF CASH BALANCE NEEDED FOR DEBT SERVICE PAYMENTS <br />Studebaker Bond Fund cash balance as of 12/31/03 <br />2004 Budget excess (above) <br />Projected Studebaker Bond Fund cash balance as of 12/31/04 <br />Debt Service payment due 2/1/05 <br />Projected cash balance after 2/1/05 payment (assuming 100% receipt of 2004 tax levy) <br />2002 2003 2003 Anticipated 2004 <br />Actual Actual Budget Changes Budget <br />598,759 673,281 606,096 30,305 a 636,401 <br />43,676 41,002. 41,002 (4,100) 36,902 <br />3,000 2,210 3,114 156 3,270 <br />0 0 0 0 0 <br />645,435 716,493 650,212 26,361 676,573 <br /> 26,361 <br /> 4.1 <br />2002 2003 2003 Anticipated 2004 <br />Actual Actual Budget Changes Budget <br />535,000 560,000 560,000 30,000 b 590,000 <br />121,588 96,260 96,260 (27,385) b 68,875 <br />0 2,500 2,500 0 2,500 <br />656,588 658,760 658,760 2,615 661,375 <br />714,473 <br />15,198 <br />729,671 <br />(327,223) <br />402,448 <br />2,615 <br />0.4% <br />15,198 <br />