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ECONOMIC DEVELOPMENT INCOME TAX
<br />SUMMARY OF FUNDING SOURCES AND EXPENDITURES
<br />2008 BUDGET
<br />(3) Grants and Subsidies consist of: Project Future $110,000; Chamber of Commerce (BRE) $65,000;
<br />Downtown South Bend $250,000; Building Block Grants $85,000; Workforce Diversity $200,000;
<br />Neighborhood Resource Corporation $25,000
<br />(4) Debt Service Payments
<br />1998 MORRIS PERFORMING ARTS CENTER LEASE
<br />$1,138,500
<br />199 HUD SECTION 108 - DOWNTOWN PORTION
<br />% Change
<br />2006 CEDIT REFUNDING SERIES A (LEIGHTON PLAZA)
<br />FY 06
<br />FY07
<br />FY07
<br />FY08
<br />07 Adopted
<br />2006 CEDIT BONDS SERIES B (LEIGHTON PLAZA)
<br />Actual
<br />Budget
<br />As of 6/30/07
<br />Estimate
<br />08 Estimate
<br />Expenditure by Cost Center
<br />Debt
<br />2,702,871
<br />2,464,773
<br />2,272,401
<br />City department capital (2)
<br />510,311
<br />Community /Economic Development
<br />530,723
<br />718,143
<br />1,085,821
<br />1,423,110
<br />98%
<br />Highways & Streets
<br />0
<br />0
<br />0
<br />0
<br />Total Expenditures by cost center
<br />3,743,905
<br />3,182,916
<br />1,085,821
<br />3695,511'
<br />16%
<br />Expenditure by Classification
<br />Salaries
<br />0
<br />0
<br />0
<br />0
<br />0%
<br />Fringe Benefits
<br />0
<br />0
<br />0
<br />0
<br />0%
<br />Supplies
<br />0
<br />0
<br />0
<br />0
<br />0%
<br />Contractual Services (Grants /Susidies) (3)
<br />530,723
<br />718,143
<br />58,466
<br />805,000
<br />12%
<br />Contractual Services (Debt Service) (4)
<br />2,702,871
<br />2,464,776
<br />1,176,317
<br />2,272,401
<br />-8%
<br />Internal Services
<br />0
<br />0
<br />0
<br />0
<br />0%
<br />Transfers Out (1)
<br />0
<br />0
<br />0
<br />618,110
<br />100%
<br />Capital
<br />510,311
<br />0
<br />419,538
<br />0
<br />Total Expenditures by classfication
<br />3,743,905
<br />3,182,919
<br />1,654,321
<br />3,695,511'
<br />16%
<br />FTE's
<br />0.00
<br />0.00
<br />0.00
<br />0.00
<br />Funding Sources
<br />Fund 408 Economic Development Income Tax Fund
<br />Economic Development Income Tax
<br />4,013,475
<br />3,464,152
<br />1,851,234
<br />3,702,467
<br />7%
<br />Interest Earnings
<br />33,450
<br />25,000
<br />16,149
<br />25,000
<br />0%
<br />Leighton Plaza Common Area Fees
<br />138,000
<br />150,000
<br />0
<br />150,000
<br />0%
<br />Miscellaneous Revenue
<br />123,968
<br />0
<br />0
<br />0
<br />0%
<br />Transfers In
<br />40,841
<br />0
<br />0
<br />0
<br />0%
<br />Total Designated Funding Sources
<br />4,349,734
<br />3,639,152
<br />1,867,383
<br />3,877,467'
<br />7%
<br />Funding Sources over /(under) expenditures
<br />605,829
<br />456,233
<br />213,062
<br />181,956
<br />(1) Transfer Out for Community and Economic
<br />Development department administration.
<br />(2) Capital was assigned to the Controller but
<br />in 2007 the process
<br />changed to
<br />assign capital to
<br />specific
<br />departments.
<br />Cash 1/1/07
<br />$ 2,546,845
<br />2007 Estimated Revenue
<br />$ 3,639,152
<br />2007 Projected Expenditures
<br />$ (4,835,054)
<br />Reserve
<br />$ (483,505)
<br />Debt Service Reserve
<br />$ (569,482) (Required for Morris issue -holds back one required
<br />payment
<br />12/31/2007 Projected
<br />$ 297,956
<br />2008 Estimated Revenue
<br />$ 3,877,467
<br />2008 Projected Expenditures
<br />$ (3,695,511)
<br />12/31/08 Projected
<br />$ 479,912 (reserve kept at 2007 level)
<br />(3) Grants and Subsidies consist of: Project Future $110,000; Chamber of Commerce (BRE) $65,000;
<br />Downtown South Bend $250,000; Building Block Grants $85,000; Workforce Diversity $200,000;
<br />Neighborhood Resource Corporation $25,000
<br />(4) Debt Service Payments
<br />1998 MORRIS PERFORMING ARTS CENTER LEASE
<br />$1,138,500
<br />199 HUD SECTION 108 - DOWNTOWN PORTION
<br />$248,200
<br />2006 CEDIT REFUNDING SERIES A (LEIGHTON PLAZA)
<br />$310,000
<br />2006 CEDIT REFUNDING SERIES B (LEIGHTON PLAZA)
<br />$270,000
<br />2006 CEDIT BONDS SERIES A (LEIGHTON PLAZA)
<br />$136,563
<br />2006 CEDIT BONDS SERIES B (LEIGHTON PLAZA)
<br />$162,038
<br />Paying Agent Fees
<br />7,100
<br />Total
<br />$ 2,272,401
<br />
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