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THE CITY OF SOUTH BEND
<br />2004 BUDGET -SUMMARY OF MAJOR CHANGES FROM 2003
<br />COUNTY OPTION INCOME TAX (Fund #404)
<br />REVENUE:
<br />County Option Income Tax
<br />Interest on Investments
<br />Misc Revenue
<br />Total Revenue
<br />Total Revenuelncrease/(Decrease)
<br />Revenue Increase/(Decrease) as a Percent
<br />2002 2003 2003 Anticipated
<br />Actual Actual Budget Changes
<br />9,531,190 8,015,302 6,392,413 697,276 a
<br />114,650 119,802 80,000 40,000
<br />8,129,243 1,939,379 0 0
<br />17,775.083 10,074,483 6.472,413 737,276
<br />2002 2003
<br />Actual Actual
<br />EXPENDITURES:
<br />Expenditures approved as a part of the Operating Budget:
<br />Lease Payments - Transpo/Leighton Plaza Garage 200,000 200,000
<br />Capital Lease Payments -Public Works Facility 202,587 674,517
<br />Expenditures approved as a part of the Capital Budget (note c):
<br />Land Improvements:
<br />Major Project Funds
<br />Cleveland Travel Lanes III
<br />TJX Project
<br />Palais Royale Ballroom
<br />Riverside bikeway/walkway
<br />Leeper Park East -lighting & parking improv
<br />Brownfields -Contingent Fund
<br />Freddckson Park - 1 st phase
<br />South Side Development
<br />Southeast Park
<br />St. Joseph River Dam repairs
<br />Memodal Park Boat Ramp
<br />Roof Repairs - O'Bden,Newman 8 Erskine
<br />Playground Equipment -Lasalle Park
<br />Oliver School Site Development
<br />East Broadway
<br />Other misc projects
<br />Building/Building Improvements:
<br />Public Safety Design Fees
<br />Training Facility Design Fees
<br />MSF Building Rehab -Lease Payment
<br />Public Safety Relocation & Rehab
<br />Potawatomi Park Shelter House
<br />Studebaker Boiler upgrade
<br />Community & Neighborhood Development:
<br />6,703,630
<br />3,874,068
<br />188,948
<br />96,652
<br />0
<br />46,253
<br />0
<br />0
<br />852,756
<br />0
<br />0
<br />0
<br />0
<br />0
<br />439,702
<br />1,564,086
<br />1,555,139
<br />117,029
<br />116,118
<br />81,534
<br />0
<br />0
<br />153,869
<br />0
<br />1,333,051
<br />91,754
<br />158,916
<br />323,854
<br />53,300
<br />0
<br />0
<br />68,311
<br />2004
<br />Budget
<br />7,089,689
<br />120,000
<br />0
<br />7,209,689
<br /> 737,276
<br /> 11.4%
<br />2003 Anticipated 2004
<br />Budget Changes Budget
<br />200,000 0 200,000
<br />826,134 394,680 b 1,220,814
<br />4,186,697
<br />0
<br />120,000
<br />0
<br />0
<br />0
<br />0
<br />100,000
<br />0
<br />0
<br />1,010,462
<br />400,000
<br />500,000
<br />65,000
<br />0
<br />0
<br />750,000
<br />2,506,573
<br />6,531,402
<br />0
<br />465,265
<br />0
<br />0
<br />0
<br />800,000
<br />100,000
<br />520,000
<br />0
<br />0
<br />0
<br />0
<br />0
<br />300,000
<br />310,000
<br />716,600
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />1,000,000
<br />401,868
<br />80,000
<br />150,000
<br />1,062,000
<br />0
<br />13,857,949
<br />345,265
<br />0
<br />0
<br />0
<br />800,000
<br />0
<br />520,000
<br />0
<br />(1,010,462)
<br />(400,000)
<br />(500,000)
<br />(65,000)
<br />300,000
<br />310,000
<br />(33,400)
<br />728,813 0 0 0
<br />500 0 0 0
<br />0 0 918,468 (918,468)
<br />0 466,082 1,050,000 (1,050,000)
<br />5,801 96,640 0 0
<br />39,292 0 0 0
<br />Commercial Corridors improvements 812,842 916,672
<br />Downtown improvements / SBDP Funds 182,224 565,925
<br />Good Neighbors Building Block Grants 60,807 86,646
<br />Community-based After School Programs 132,106 156,959
<br />Other misc projects 85,996 506,481
<br />YWCA Building Fund Contribution 0 350,000
<br />Total Expenditures 14,652,979 9,836,883
<br />Revenue Over/(Under) Expenditures
<br />3,122,104 437,601
<br />850,000 150,000
<br />436,549 (196,549)
<br />100,000 (20,000)
<br />150,000 0
<br />843,100 218,900
<br />0 0
<br />12,506,410 1,351,539
<br />(6 033,997)
<br />(6,648,260)
<br />NOTES:
<br />a -The City's portion of this countywide tax which is shared by cities and towns within the county
<br />based upon tax levy. The increase represents a reduction of the Homestead Credit established by the State. This credit amount is estimated to inc
<br />in 2005 due to City and State resolutions that plan on increasing this credit.
<br />b -Represents the increase in debt service payments for the MSF Building.
<br />c -The 2002 actual expenditures reflect only cash expended during the year and do not include amounts unspent but encumbered
<br />as of the end of the year. The 2003 expenditures assume no encumbrances are needed at year-end and all of the
<br />2002 encumbrances are paid in 2003.
<br />PROJECTION OF CAPITAL FUNDS AVAILABLE FOR 2004
<br />COIT Fund cash balance as of 12/31/03 12,397,060
<br />Less: Encumbrances outstanding as of 12/31/03 (4,179,860)
<br />COIT Fund 12/31/03 cash balamce available fpr 2004 Capital Projects 8,217,180
<br />2004 Budgeted Revenue (see above) 7,209,689
<br />Less: Reserve (20% of projected 2004 revenue) not available for appropriation (1,441,938)
<br />Less: Operating Budget (1,420,814)
<br />COIT funds available for 2004 Capital Projects 12,564,118
<br />2004 Capital Budget (see above) (12,437,135)
<br />Projected COIT funds not appropriated (in addition to cash reserve) 126,983
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