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THE CITY OF SOUTH BEND
<br />2007 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2006
<br />COUNTY OPTION INCOME TAX (Fund #404)
<br /> 2005 2006 2006 Anticipated 2007
<br /> Actual Projection Budget Changes Budget
<br />REVENUE:
<br />County Option Income Tax 5,695,618 6,950,396 d 5,545,120 150,498 a 5,695,618
<br />Interest on Investments 198,693 196,000 120,000 60,000 180,000
<br />Mist Revenue 1,553,334 99,679 0 0 0
<br />Total Revenue 7,447,645 7,246,075 5,665,120 210,498 5,875,618
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<br />Total Revenue Increase/(Decrease) 210,498
<br />Revenue Increase/(Decrease) as a Percent 3.7
<br /> 2005 2006 2006 Anticipated 2007
<br /> Actual Projection Budget Changes Budget
<br />EXPENDITURES:
<br />Expenditures approved as a part of the Operating Budget:
<br />Lease Payments- Transpo/Leighton Plaza Garage 200,000 200,000 200,000 0 200,000
<br />Main/Colfax Garage Lease 0 0 0 200,000 200,000
<br />Anchor 0 0 0 79,583 79,583
<br />TJX Bond 0 0 0 510,415 510,415
<br />Frederickson Park Loan 0 0 0 107,528 107,528
<br />Capital Lease Payments 2,412,183 2,619,081 2,615,081 1,308 2,616,389
<br />Intertund Transfer-Street Department 0 280,000 280,000 -280,000 0
<br />Expenditures approved as a part of the Capital Budget (note b & c):
<br />Land Improvements:
<br />Building Acquisition - 412 S. Laveayett 354,245 0 0 0 0
<br />Riverside bikewaytivalkway 105,139 82,756 0 0 0
<br />Brownfields -Contingent Fund 47,212 0 0 0 0
<br />Fredrickson Park/Project 1,045,745 465,000 465,000 (465,000) 0
<br />South Side Development 370,989 775,836 0 0 0
<br />Northeast Neighborhood Development 350,433 500,000 500,000 (500,000) 0
<br />Sample Ewing Development 45,470 27,273 0 0 0
<br />South Bend Central Development 85,200 0 0 0 0
<br />City Wide Projects 178,277 0 0 0 0
<br />Main & Lafayette Crossover Project 0 500,000 500,000 (500,000) 0
<br />TJX Bond Payment 0 391,970 391,970 (391,970) 0
<br />TJX VRP Participation 0 82,330 87,800 (87,800) 0
<br />South Bend Stamping Plant 0 991,825 0 0 0
<br />St. Joseph River Dam repairs 110,312 0 0 0 0
<br />Relocation of Park Maintenance Facility 1,382,892 0 0 0 0
<br />Other mist projects 1,266,050 1,765,017 137,250 (137,250) 0
<br />Building/Building Improvements:
<br />Fire Station Design, Build & Site Acquisition 106,131 149,009 0 0 0
<br />Sample Ewing Development 522,427 0 0 0 0
<br />Other mist projects 198,014 257,000 0 0 0
<br />Potawatomi Park Shelter House 30,536 0 0 0 0
<br />Community & Neighborhood Development:
<br />Commercial Corridors improvements 1,460,744 1,372,985 1,017,403 (1,017,403) 0
<br />Downtown improvements/SBDP Funds 339,573 0 200,000 (200,000) 0
<br />Good Neighbors Building Block Grants 71,354 80,000 80,000 (80,000) 0
<br />Community-based After School Programs 134,565 309,442 170,351 (170,351) 0
<br />Logan Building Assistance 175,000 0 0 0 0
<br />Other mist projects 194,401 267,000 0 0 0
<br />Total Expenditures 11,186,892 11,116,524 6,644,855 (2,930,940) 3,713,915
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<br />Revenue Over/(Under) Expenditures (3,739,247) (3,870,449) (979,735) 2,161,703
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<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 2007 and certified d istributions will be gi ven at that time.
<br />The actual final budget estimate will be determined by t he Department of Local Government & Finance in the fall of 2006 and any adjustments
<br />will be made to this revenue budget prior to submitting a capital appropriation to the Council in February of 2007. This estimate is based upon
<br />actual receipts in 2005 which is consistent with curren t funding levels.
<br />b -The 2005 actual expenditures reflect only cash expended during the year an d do not include am ounts unspent but encumbered
<br />as of the end of the year. The 2006 expenditures assume no encumbrances are needed at year-end and all of the
<br />2005 encumbrances are paid in 2006.
<br />c - A portion of the COIT revenue is appropriated during the Capital Budget process which was last presented to me Common
<br />Council for approval in February 2007. The Capital B udget is determined by the fund's cash o n hand at the start of the
<br />year plus anticipated COIT revenue that has been cer tified by the State for the current year.
<br />d -Increase in 2006 due to a onetime distribution due to the State's efficiency i n claim processing. Income levels will return to project levels for 2007
<br />PROJECTION OF CAPITAL FUNDS AVAILABLE FOR 2007
<br />COIT Fund cash balance as of 1/1/06 7,295,240
<br />2006 Projected Revenue (see above) 7,246,075
<br />2006 Projected Expenditures including 2005 encumbrances (see above) (11,116,524)
<br />Projected COIT Fund cash balance as of 12/31/06 3,424,791
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