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THE CITY OF SOUTH BEND
<br />2007 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2006
<br />REDEVELOPMENT COMMISSION -FOOTBALL HALL OF FAME BOND (Fund #313)
<br /> 2005 2006 2006 Anticipated 2007
<br /> Actual Projection Budget Changes Budget
<br />REVENUE:
<br />General Property Tax 1,246,067 853,350 1,340,475 (406,823) a 933,652
<br />Auto Excise 77,121 77,881 72,378 5,503 a 77,881
<br />Commercial Vehicle Excise Tax 7,434 11,348 5,630 6,285 a 11,915
<br />Miscellaneous Revenue 10,429 0 0 0 0
<br />Total Revenue 1,341,051 942,579 1,418,483 (395,035) 1,023,448
<br /> 2005 2006 2006 Anticipated 2007
<br /> Actual Projection Budget Changes Budget
<br />EXPENDITURES:
<br />Debt Service:
<br />Semi-annual Lease Payment 1,403,500 1,404,500 1,404,500 (500) 1,404,000
<br />Paying Agent Fees/Interest 5,500 5,297 2,400 0 2,400
<br />Total Expenditures 1,409,000 1,409,797 1,406,900 (500) 1,406,400
<br />Revenue Over / (Under) Expenditures (67,949) (467,218) 11,583 (382,952)
<br />NOTES:
<br />a -Estimated amounts. The Department of Local Government and Finance will provide final numbers in January 2007.
<br />PROJECTION OF CASH BALANCE NEEDED FOR DEBT SERVICE PAYMENTS
<br />College Football Hall of Fame Bond Fund cash balance as of 1/1/06 653,529
<br />2006 Projection (above) (467,218)
<br />Projected CFHFB cash balance as of 12/31/06 186,311
<br />2007 Budget excess/deficit (above) (382,952)
<br />Projected CFHFB cash balance as of 12/31/07 (196,641)
<br />Debt Service payment due 1/28/08 (703,000)
<br />Projected cash balance after 1/28/08 payment (assuming 100°~ receipt of 2007 tax levy) (899,641)
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