2005 Performance Based Budget - Laserfiche WebLink

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Section C of this book defines and quantifies more than 1.00 programs citywide, and all of these programs list indicators of performance. Those indicators need to be continually refined and modified on an ongoing basis to reflect the areas that are truly meaningful in evaluating an area of service. Costing programs, developing indicators and setting performance finals are important. However, the frequency with which we measure results and how we use the information with labor units and management is mare critical. In order for an organization to be successful in implementing this concept, it roust be ingrained in day to day operations and decision making. South Bend has done a great job to date on implementation; however, we are only a short way along the total evolutionary curve. We are committed to continue nn that path to improve what we da, every day, in order to make a difference for our community. Accomplishments far the Year 2004 We are pleased to announce that we have underspent the 2004 General Fund Expenditure Budget by $2,371,471 while General Fund Revenue has exceeded the 2004 Budget by $491,912. This good news is a direct result of the hard work and never-ending focus an expense control by the City's department heads, managers and employees. The additional revenue is a result of increased collections far services provided and improved cash management procedures, which resulted in more than doubling the budgeted income received on investments. This net $2.$ million excess aver budget has provided additional funds for the City's 2D05 Capital Budget as well as increased cash reserves. The 2004 results are a continuation of past successes. Last year the City was able to announce that it had underspent the 2003 General Fund Expenditure Budget by $1,722,401 while General Fund Revenue exceeded the 2003 Budget by $3,319,755. In 2002, General Fund Expenditure Budget was unspent by $3,932,OOD and revenue was exceeded by $920,949. In 2D01, the General Fund Budget was underspent by $ 2,873,(?00, and revenues came in at $1,D66,OOD more than originally anticipated. This provides evidence that the City's budgets have been prepared on a conservative basis, and they have provided adequate resources to fund services provided. All cities have limited resources and, thus, limited number of programs and services that can be provided. We are proud to say that we have done well in terms of maintaining a solid, financially sound organization by spending within our means. The City of South Bend's overall financial stability continues to remain very strong. Once again the City's "AA" credit rating from Standard & Poor's and Fitch IBCA was reaffirmed in 2004. The City also issued one band in 2004, Sewage Works Revenue Bond. Fitch's press release stated that "the rating reflects the City of South Bend's solid financial position, sound and diversified economic base, and low direct debt levels. The City's financial performance is consistently strong, with conservative budgeting and operating surpluses supporting the long record of sizable undesignated general fund balances." Standard and 1'nar's credit profile identified the City's strengths to include "a diverse local economy" and a "history of strong liquidity and good financial management." Mnndy's Investor Services also reaffirmed its previous rating of A2 which is a rating that the City is pleased with, however, the City's goal is to improve this rating in the near future. The City continues to maintain adequate cash reserves not only in its General Fund (which rx