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THE CITY OF SOUTH BEND
<br />2004 BUDGET -SUMMARY OF MAJOR CHANGES FROM 2003
<br />REDEVELOPMENT COMMISSION -FOOTBALL HALL OF FAME BOND (Fund #313)
<br /> 2002 2003 2003 Anticipated 2004
<br /> Actual Actual Budget Changes Budget
<br />REVENUE:
<br />General Property Tax 1,263,835 1,301,840 1,301,840 65,092 a 1,366,932
<br />Auto Excise 92,190 86,403 88,070 (8,807) 79,263
<br />Commercial Vehicle Excise Tax 6,334 7,673 6,688 334 7,022
<br />Total Revenue 1,362,359 1,395,916 1,396,598 56,619 1,453,217
<br /> 2002 2003 2003 Anticipated 2004
<br /> Actual Actual Budget Changes Budget
<br />EXPENDITURES:
<br />Debt Service:
<br />Semi-annual Lease Payment 1,406,500 1,405,000 1,405,000 0 1,405,000
<br />Paying Agent Fees 0 4,100 2,400 0 2,400
<br />Total Expenditures 1,406,500 1,409,100 1,407,400 0 1,407,400
<br />Revenue Over / (Under) Expenditures 4( 4,141) 1( 3,184) (10,802) 45,817
<br />NOTES:
<br />a -Represents the State Tax Board's final budget estimate received in January 2004.
<br />PROJECTION OF CASH BALANCE NEEDED FOR DEBT SERVICE PAYMENTS
<br />College Football Hall of Fame Bond Fund cash balance as of 12/31/03 1,396,364
<br />2004 Budget excess (above) 45,817
<br />Projected CFHFB cash balance as of 12/31/04 1,442,181
<br />Debt Service payment due 1/28/05 (702,500)
<br />Projected cash balance after 1/28/05 payment (assuming 100% receipt of 2004 tax levy) 739,681
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