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THE CITY OF SOUTH BEND
<br />2005 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2004
<br />REDEVELOPMENT COMMISSION - STUDEBAKER BOND (Fund #310)
<br />2003 2004
<br />Actual - Actual
<br />REVENUE:
<br />General Property Tax 673,281 367,338
<br />Auto Excise 41,002 39,160
<br />Commercial Vehicle Excise Tax 2,210 2,370
<br />Misc Revenue (mainly Interest Income) 0 0
<br />Total Revenue 716,493 408,868
<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 />Inter -Fund
<br />Paying Agent Fees
<br />Total Expenditures
<br />Total Expenditures Increasel(Decrease)
<br />Expenditures Increase/(Decrease) as a Percent
<br />2004
<br />Anticipated
<br />2005
<br />Budget
<br />Changes
<br />Budget
<br />636,401
<br />28,002 a
<br />664,403
<br />36,902
<br />2,050
<br />38,952
<br />3,270
<br />164
<br />3,434
<br />0
<br />0
<br />0
<br />676,573
<br />30,216
<br />706,789
<br />30,216
<br />4.5%
<br />2003
<br />2004
<br />2004
<br />Anticipated
<br />2005
<br />Actual
<br />Actual
<br />Budget
<br />Changes
<br />Budget
<br />560,000
<br />590,000
<br />590,000
<br />25,000 b
<br />615,000
<br />96,260
<br />68,875
<br />68,875
<br />(29,430) b
<br />39,445
<br />0
<br />0
<br />0
<br />10,401
<br />10,401
<br />2,500
<br />3,307
<br />2,500
<br />0
<br />2,500
<br />658,760
<br />662,182
<br />661,375
<br />5,971
<br />667,346
<br />Revenue Over / (Under) Expenditures 57,733 (253,314) 15,198
<br />NOTES:
<br />a - Represents the State Tax Board's final budget estimate received in January 2005.
<br />In - Represents the change in debt service scheduled for payment in 2005.
<br />PROJECTION OF CASH BALANCE NEEDED FOR DEBT SERVICE PAYMENTS
<br />Studebaker Bond Fund cash balance as of 12/31/04 121,159
<br />2005 Budget excess (above) 39,443
<br />Projected Studebaker Bond Fund cash balance as of 12/31/05 160,602
<br />Debt Service payment due 2/1106 (328,160)
<br />Projected cash balance after 211106 payment (assuming 100% receipt of 2005 tax levy) (167,558)
<br />5,971
<br />0.9%
<br />39,443
<br />
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