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THE CITY OF SOUTH BEND
<br />2005 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2004
<br />COUNTY OPTION INCOME TAX (Fund #404)
<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 increase
<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 Police Oepartment Renovation and the new Central Fire Station Building.
<br />c - The 2003 & 2004 actual expenditures reflect only cash expended during the year and do not include amounts unspent but encumbered
<br />as of the and of the year.
<br />PROJECTION OF.CAFIJAL FU AVAIL L -FO R2995
<br />2003
<br />2004
<br />2004
<br />Anticipated
<br />2005
<br />COIT Fund 12!31104 cash balance available
<br />Actual
<br />Actual
<br />Budget
<br />Changes
<br />Budget
<br />REVENUE:
<br />(2,808,164)
<br />COIT funds available for 2005 Capital Project,
<br />7,193,304
<br />One time reimbursement for capital project that is not budgeted
<br />2,660,066
<br />County Option Income Tax
<br />8,015,302
<br />7,001,198
<br />7,089,689
<br />(1,101,278} a
<br />5,98a,413
<br />Interest on Investments
<br />119,802
<br />146,336
<br />120,000
<br />0
<br />120,000
<br />Nit Revenue
<br />1,939,379
<br />1,012,813
<br />0
<br />0
<br />0
<br />Total Revenue
<br />10,074,483
<br />8,160,349
<br />7,209,869
<br />7, 1{ 01,276E
<br />6,108,413
<br />Total Revenue Increa,e!(Decreasa)
<br />- 1,101,276
<br />Revenue Increase( {Decrease) as a Percent
<br />-45.3%
<br />2003
<br />2004
<br />2004
<br />Anticipated
<br />2005
<br />Actual
<br />Actual
<br />Budget
<br />Changes
<br />Budget
<br />EXPENDITURES:
<br />Expenditures approved as a part of the Operating Budget:
<br />Lease Payments • Transpoll-eighton Plaza Garage
<br />200,000
<br />200,000
<br />200,000
<br />0
<br />200,000
<br />Capital Lease Payments- Public Works Facility
<br />674,517
<br />1,222,614
<br />1,220,614
<br />1,167,370 b
<br />2,408,184
<br />Expenditures approved as a part of the Capital Budget (note c):
<br />Lend Improvements:
<br />Major-Project Funds
<br />1,564,086
<br />691,045
<br />6,531,402
<br />(8,121,402)
<br />410,000
<br />Cleveland Travel Lanes 111
<br />1,555,139
<br />78,036
<br />0
<br />0
<br />0
<br />TJX Project
<br />117,029
<br />368,641
<br />465265
<br />(465,205)
<br />0
<br />Palate Royale Ballroom
<br />116,116
<br />0
<br />0
<br />0
<br />0
<br />Riverside bikeweylwalkway
<br />81,534
<br />85,405
<br />0
<br />410,000
<br />410,000
<br />Brownfields - Contingent Fund
<br />0
<br />314,302
<br />800,000
<br />0
<br />800,000
<br />Fredrickson Park
<br />153,869
<br />293,832
<br />100,000
<br />14,632
<br />114,632
<br />South Side Development
<br />0
<br />212,071
<br />520,000
<br />(140,000)
<br />380,000
<br />Northeast Neighborhood Development
<br />0
<br />0
<br />0
<br />600,000
<br />500,000
<br />Sample Ewing Development
<br />0
<br />0
<br />0
<br />112,220
<br />112,220
<br />South Band Central Development
<br />0
<br />0
<br />0
<br />200,000
<br />200,000
<br />City Wide Projects
<br />0
<br />0
<br />0
<br />293,000
<br />293,000
<br />Fiber Optic Cable - 933
<br />0
<br />100,001
<br />0
<br />0
<br />0
<br />Oliver Plow Works Court
<br />0
<br />242,617
<br />0
<br />0
<br />0
<br />Southeast Park
<br />1,333,051
<br />90,682
<br />0
<br />0
<br />0
<br />SL Joseph River Dam repairs
<br />91,754
<br />1,232,921
<br />0
<br />0
<br />0
<br />Memorial Park Boat Ramp
<br />158,918
<br />17,289
<br />0
<br />0
<br />0
<br />Roof Repairs - O'Brien,Newman & Erskine
<br />323,854
<br />80,554
<br />0
<br />0
<br />0
<br />Playground Equipment - Lasalle Paris
<br />53,300
<br />10,305
<br />0
<br />0
<br />0
<br />Oliver School Site Development
<br />0
<br />0
<br />300,090
<br />(300,000)
<br />0
<br />King Center Phones III
<br />0
<br />170,567
<br />0
<br />Relocation of Park Maintenance Facility
<br />0
<br />1,355,340
<br />0
<br />213,800
<br />213,800
<br />East Broadway
<br />0
<br />0
<br />310,000
<br />(3110,000}
<br />0
<br />Other mist projects
<br />68,311
<br />203,024
<br />716,600
<br />838,386
<br />1,554,988
<br />SuildinglBullding Improvements
<br />Rre Station Design, Build & Site Acquisition
<br />0
<br />0
<br />6
<br />700,000
<br />700,000
<br />Sample Ewing Development
<br />0
<br />0
<br />6
<br />610,223
<br />610,223
<br />Other mist projects
<br />0
<br />0
<br />6
<br />570,000
<br />570,000
<br />Public Safety Relocation & Rehab
<br />468,)62
<br />0
<br />6
<br />0
<br />0
<br />Potawatomi Park Sheller House
<br />96,640
<br />68,417
<br />0
<br />0
<br />0
<br />Community & Neighborhood Development:
<br />Commercial Corridors Improvements
<br />918,672
<br />748,449
<br />1,000,000
<br />110,273
<br />1,110,273
<br />Downtown improvements l SBDP Funds
<br />565,925
<br />531,381
<br />401,868
<br />(51,868)
<br />350,000
<br />Good Neighbors Building Block Granis
<br />88,646
<br />70,859
<br />80,000
<br />0
<br />80,000
<br />Community -based After School Programs
<br />156,959
<br />128,215
<br />150,000
<br />13,712
<br />163,712
<br />Logan Building Assistance
<br />0
<br />175,000
<br />0
<br />Other miss projects
<br />505,481
<br />858,835
<br />1,062,000
<br />(1,662,000)
<br />0
<br />YWCA Building Fund Contribution
<br />350,000
<br />0
<br />0
<br />0
<br />0
<br />Total Expenditures
<br />9,836,883
<br />9,548,402
<br />13,857,949
<br />2,8( 79,9171
<br />11,181,032
<br />Revenue Ovarl(Undar) Expanditufaa
<br />1,388,053
<br />6( fi46,260)
<br />437,801
<br />5,0
<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 increase
<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 Police Oepartment Renovation and the new Central Fire Station Building.
<br />c - The 2003 & 2004 actual expenditures reflect only cash expended during the year and do not include amounts unspent but encumbered
<br />as of the and of the year.
<br />PROJECTION OF.CAFIJAL FU AVAIL L -FO R2995
<br />COIT Fund cash balance as of 12131104
<br />11,034,243
<br />Less: Encumbra- As culstending as of 12131104
<br />18.7313271
<br />COIT Fund 12!31104 cash balance available
<br />4,303,918
<br />2005 Budgeted Revenue (aee above)
<br />8,108,413
<br />Less: Reserve (16% of projected 2005 revenue) not available for appropriation
<br />(810,841)
<br />Les.: Operating Budget
<br />(2,808,164)
<br />COIT funds available for 2005 Capital Project,
<br />7,193,304
<br />One time reimbursement for capital project that is not budgeted
<br />2,660,066
<br />2605 Capital Budget (sea above)
<br />(8.572.846)
<br />Projected COIT funds not appropriated (in addition to cash reserve)
<br />620,456
<br />
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