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THE CITY OF SOUTH BEND
<br />2005 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2004
<br />ECONOMIC DEVELOPMENT INCOME TAX (Fund #408)
<br />NOTES:
<br />a - The City's portion of this county -wide tax which is shared by cities and towns within the county
<br />based upon tax levy. Rates will be established by the end of 2004 and certified distributions will be given at that time.
<br />The actual final budget estimate will be determined by the Department of Local Government & Finance in the fall of 2004 and any adjustments
<br />will be made to this revenue budget prior to submitting a capital appropriation to the Council in February of 2005.
<br />b - Reflects the actual level of interest earnings as a result of the cash balances available for investment.
<br />c - Represents the annual fees paid by Memorial Health Systems "in lieu of properly taxes" for the Leighton Plaza property.
<br />d - This grant covers a portion of the budgeted operating expenditures for the Community & Economic Development Department.
<br />e - 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 FUNDS AVAILABLE FOR 2006
<br />EDIT Fund cash balance as of 12/31/04
<br />Less: Encumbrances outstanding as of 12/31104
<br />Less: Reserve for Morris Performing Arts Center debt service
<br />EDIT Fund cash balance as of 12/31/01 adjusted for reserves and encumbrances
<br />2005 Budgeted Revenue (see above)
<br />Less. Reserve (10% of projected 2005 revenue) not available for appropriation
<br />Projected EDIT Funds available for Expenditures in 2002
<br />2005 Budgeted Expenditures (see above)
<br />Projected EDIT Fund cash balance as of 12/31105
<br />2,538,180
<br />(1,028,885)
<br />___.(706,000)
<br />803,295
<br />3,732,215
<br />_ (373.222)
<br />4,162, 289
<br />(4,161,732)
<br />557
<br />2003
<br />2004
<br />2004
<br />Anticipated
<br />2005
<br />Actual
<br />Actual
<br />Budget
<br />Changes
<br />Budget
<br />REVENUE:
<br />Economic Development Income Tax
<br />3,689,202
<br />3,448,688
<br />3,582,215
<br />0 a
<br />3,582,215
<br />Interest on Investments
<br />26,721
<br />20,597
<br />35,000
<br />(10,000) b
<br />25,000
<br />Common Area Fees (Memorial Health Systems)
<br />92,000
<br />108,000
<br />108,000
<br />17,000 c
<br />125,000
<br />Interest Transferred from EDIT Bond Reserves
<br />13,655
<br />16,664
<br />0
<br />0
<br />0
<br />Miscellaneous revenue
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Total Revenue
<br />3,821,578
<br />3,593,949
<br />3,725,215
<br />7,000
<br />3,732,215
<br />Total Revenue Increase/(Decrease)
<br />7,000
<br />Revenue Increasel(Decrease) as a Percent
<br />0.2%
<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 />Grants & Subsidies:
<br />Project Future
<br />110,000
<br />110,000
<br />110,000
<br />0
<br />110,000
<br />Community & Econ Development Administrative Costs
<br />454,429
<br />478,362
<br />478,362
<br />19,134 d
<br />497,496
<br />Downtown South Bend Inc.
<br />50,000
<br />50,000
<br />50,000
<br />(50,000)
<br />0
<br />Debt Service - Leighton Plaza Garage
<br />1,063,156
<br />1,052,625
<br />1,052,626
<br />12,954
<br />1,065,580
<br />Lease Purchase Payments - Morris Performing Arts Center
<br />1,135,000
<br />1,134,000
<br />1,134,000
<br />$,000
<br />1,137,000
<br />Capital Lease Payments - Fire Station 910
<br />243,536
<br />243,536
<br />243,536
<br />0
<br />243,538
<br />Debt Service - Section 108 loan (downtown project)
<br />127,702
<br />202,355
<br />293,580
<br />(11,160)
<br />282,420
<br />Paying Agent Fees
<br />5,922
<br />10,050
<br />1,700
<br />0
<br />1,700
<br />Expenditures approved as a part of the Capitai Budget (note e):
<br />Leighton Plaza & Garage - additional costs
<br />535,418
<br />0
<br />0
<br />0
<br />0
<br />Palais Royale renovation
<br />911,262
<br />0
<br />0
<br />0
<br />0
<br />Major Projects
<br />0
<br />483,174
<br />1,854,201
<br />(830,201)
<br />824,000
<br />Community & Neighborhood Development
<br />126,582
<br />17,944
<br />0
<br />0
<br />0
<br />Total Expenditures
<br />4,763,007
<br />3,782,047
<br />5,018,005
<br />(856,273)
<br />4,161,732
<br />Revenue Over /(Under) Expenditures
<br />941,429)
<br />(168,098)
<br />(1,2
<br />(429,517)
<br />NOTES:
<br />a - The City's portion of this county -wide tax which is shared by cities and towns within the county
<br />based upon tax levy. Rates will be established by the end of 2004 and certified distributions will be given at that time.
<br />The actual final budget estimate will be determined by the Department of Local Government & Finance in the fall of 2004 and any adjustments
<br />will be made to this revenue budget prior to submitting a capital appropriation to the Council in February of 2005.
<br />b - Reflects the actual level of interest earnings as a result of the cash balances available for investment.
<br />c - Represents the annual fees paid by Memorial Health Systems "in lieu of properly taxes" for the Leighton Plaza property.
<br />d - This grant covers a portion of the budgeted operating expenditures for the Community & Economic Development Department.
<br />e - 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 FUNDS AVAILABLE FOR 2006
<br />EDIT Fund cash balance as of 12/31/04
<br />Less: Encumbrances outstanding as of 12/31104
<br />Less: Reserve for Morris Performing Arts Center debt service
<br />EDIT Fund cash balance as of 12/31/01 adjusted for reserves and encumbrances
<br />2005 Budgeted Revenue (see above)
<br />Less. Reserve (10% of projected 2005 revenue) not available for appropriation
<br />Projected EDIT Funds available for Expenditures in 2002
<br />2005 Budgeted Expenditures (see above)
<br />Projected EDIT Fund cash balance as of 12/31105
<br />2,538,180
<br />(1,028,885)
<br />___.(706,000)
<br />803,295
<br />3,732,215
<br />_ (373.222)
<br />4,162, 289
<br />(4,161,732)
<br />557
<br />
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