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THE CITY OF SOUTH BEND
<br />2007 BUDGET -SUMMARY OF MAJOR CHANGES FROM 2006
<br />ECONOMIC DEVELOPMENT INCOME TAX (Fund #408)
<br />2005 2006 2006 Anticipated 2007
<br />Actual Projection Budget Changes Budget
<br />REVENUE:
<br />Economic Development Income Tax 3,464,152 4,013,475 f 3,498,794 (34,642) a 3,464,152
<br />Interest on Investments 21,945 22,000 25,000 0 25,000
<br />Common Area Fees (Memorial Health Systems) 125,000 138,000 138,000 12,000 b 150,000
<br />Interest Transferred from EDIT Bond Reserves 34,248 0 0 0 0
<br />Miscellaneous revenue 0 123,390 0 0 0
<br />Total Revenue 3,645,345 4,296,865 3,661,794 (22,642) 3,639,152
<br />Total Revenue Increase/(Decrease) (22,642)
<br />Revenue Increase/(Decrease) as a Percent -0.6%
<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 />Grants & Subsidies:
<br />Project Future 110,000 110,000 110,000 10,000 120,000
<br />Community & Econ Development Administrative Costs 290,213 497,496 497,496 45,647 543,143 c
<br />Chamber of Commerce (BRE) 0 0 0 65,000 65,000
<br />Debt Service -Leighton Plaza Garage 1,065,580 1,061,081 1,061,081 (388) 1,060,693
<br />Lease Purchase Payments -Morris Performing Arts Center 1,137,000 1,138,000 1,138,000 (500) 1,137,500
<br />Capital Lease Payments -Fire Station #10 243,536 243,536 243,536 (243,536) 0
<br />Debt Service -Section 108 loan (downtown project) 260,257 271,080 271,080 (11,500) 259,580
<br />Paying Agent Fees 6,100 7,000 1,700 5,300 7,000
<br />Expenditures approved as a part of the Capital Budget (noted & e):
<br />Major Projects 1,129,824 597,095 151,000 (151,000) 0
<br />Fire Station #2 0 514,000
<br />Community & Neighborhood Development 0 75,000 75,000 (75,000) 0
<br />Total Expenditures 4,242,510 4,514,288 3,548,893 (355,977) 3,192,916
<br />Revenue Over/(Under) Expenditures (597,165) (217,423) 112,901 446,236
<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 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 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 current funding levels.
<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 2005 actual expenditures reflect only cash expended during the year and do not include a mounts 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 />e - A portion of the EDIT revenue is appropriated during the Capital Budget process which was la st presented to the Common
<br />Council for approval in February 2007. The Capital Budget is determined by the fund's cash on hand at the start of the
<br />year plus anticipated EDIT revenue that has been certified by the State for the current year.
<br />f -Increase in 2006 due to a onetime distribution due to the State's efficiency in claim processing . Income levels will return to projected levels for 20(
<br />PROJECTION OF FUNDS AVAILABLE FOR 2007
<br />EDIT Fund cash balance as of 1/1/06 1,941,016
<br />Less: Reserve for Morris Performing Arts Center debt service (550,000)
<br />EDIT Fund cash balance as of 1/1/06 adjusted for reserves and encumbrances 1,391,016
<br />2006 Projected Revenue (see above) 4,296,865
<br />2006 Projected Expenditures including 2005 encumbrances (see above) (4,514,288)
<br />Projected EDIT Fund cash balance as of 12/31/06 1,173,593
<br />Less: Reserve (10% of projected 2007 revenue) not available for appropriation (363,915)
<br />2007 Budgeted Revenue net of Budgeted Operating Expenditures (see above) 446,236
<br />Projected EDIT funds available for 2007 Capital Projects 1,255,914
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