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THE CITY OF SOUTH BEND
<br />2006 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2005
<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 in early 2006 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 2005 and any adjustments
<br />will be made to this revenue budget prior to submitting a capital appropriation to the Council in February of 2006. This increase is based upon
<br />early estimates.
<br />b - Represents the annual fees paid by Memorial Health Systems "in lieu of property taxes" for the Leighton Plaza property.
<br />c - This grant covers a portion of the budgeted operating expenditures for the Community & Economic Development Department.
<br />d - The 2004 & 2005 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.
<br />PROJECTION OF FUNDS AVAILABLE FOR 2007
<br />EDIT Fund cash balance as of 12131/05
<br />Less, Encumbrances outstanding as of 12/31105
<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 />2006 Budgeted Revenue (see above)
<br />Less: Reserve (10 % of projected 2006 revenue) not available for appropriation
<br />Projected EDIT Funds available for Expenditures in 2006
<br />2006 Budgeted Expenditures (see above)
<br />Projected EDIT Fund cash balance as of 12/31/06
<br />1,941,016
<br />(879,988)
<br />{550,000)
<br />511,028
<br />3,661,794
<br />(366,179)
<br />3,806,643
<br />3,5� 48,893
<br />257.750
<br />2004
<br />2005
<br />2005
<br />Anticipated
<br />2006
<br />Actual
<br />Actual
<br />Budget
<br />Changes
<br />Budget
<br />REVENUE:
<br />Economic Development Income Tax
<br />3,448,688
<br />3,464,152
<br />3,464,152
<br />34,642 a
<br />3,498,794
<br />Interest on Investments
<br />20,597
<br />21,945
<br />25,000
<br />0
<br />25,000
<br />Common Area Fees (Memorial Health Systems)
<br />108,000
<br />125,000
<br />125,000
<br />13,000 b
<br />138,000
<br />Interest Transferred from EDIT Bond Reserves
<br />16,664
<br />34,248
<br />0
<br />0
<br />0
<br />Miscellaneous revenue
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Total Revenue
<br />3,593,949
<br />3,645,345
<br />3,614,152
<br />47,642
<br />3,661,794
<br />Total Revenue Increase/(Decrease)
<br />47,642
<br />Revenue Increasel(Decrease) as a Percent
<br />1.3%
<br />2004
<br />2005
<br />2005
<br />Anticipated
<br />2006
<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 />478,362
<br />290,213
<br />497,496
<br />0
<br />497,496 c
<br />Downtown South Bend Inc.
<br />50,000
<br />0
<br />0
<br />0
<br />Debt Service- Leighton Plaza Garage
<br />1,052,626
<br />1,065,580
<br />1,065,580
<br />(4,499)
<br />1,061,081
<br />Lease Purchase Payments - Morris Performing Arts Center
<br />1,134,000
<br />1,137,000
<br />1,137,000
<br />1,000
<br />1,138,000
<br />Capital Lease Payments - Fire Station #10
<br />243,536
<br />243,536
<br />243,536
<br />0
<br />243,536
<br />Debt Service - Section 108 loan (downtown project)
<br />202,355
<br />260,257
<br />282,420
<br />(11,340)
<br />271,080
<br />Paying Agent Fees
<br />10,050
<br />6,100
<br />1,700
<br />0
<br />1,700
<br />Expenditures approved as a part of the Capital Budget (note d):
<br />Leighton Plaza & Garage - additional costs
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Palais Royale renovation
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Major Projects
<br />483,174
<br />1,129,824
<br />824,000
<br />(673,000)
<br />151,000
<br />Community & Neighborhood Development
<br />17,944
<br />0
<br />0
<br />75,000
<br />75,000
<br />Total Expenditures
<br />3,782,047
<br />4,242,510
<br />4,161,732
<br />(612,839)
<br />3,548,893
<br />Revenue Overl(Under) Expenditures
<br />(188,098)
<br />(597,165)
<br />(547,580)
<br />112,901
<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 in early 2006 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 2005 and any adjustments
<br />will be made to this revenue budget prior to submitting a capital appropriation to the Council in February of 2006. This increase is based upon
<br />early estimates.
<br />b - Represents the annual fees paid by Memorial Health Systems "in lieu of property taxes" for the Leighton Plaza property.
<br />c - This grant covers a portion of the budgeted operating expenditures for the Community & Economic Development Department.
<br />d - The 2004 & 2005 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.
<br />PROJECTION OF FUNDS AVAILABLE FOR 2007
<br />EDIT Fund cash balance as of 12131/05
<br />Less, Encumbrances outstanding as of 12/31105
<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 />2006 Budgeted Revenue (see above)
<br />Less: Reserve (10 % of projected 2006 revenue) not available for appropriation
<br />Projected EDIT Funds available for Expenditures in 2006
<br />2006 Budgeted Expenditures (see above)
<br />Projected EDIT Fund cash balance as of 12/31/06
<br />1,941,016
<br />(879,988)
<br />{550,000)
<br />511,028
<br />3,661,794
<br />(366,179)
<br />3,806,643
<br />3,5� 48,893
<br />257.750
<br />
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