08-01-18 Personnel and Finance (Budget Overview)

Home Browse Search

®CITY OF SOUTH BEND I OFFICE OF THE CLERK maintaining a very high degree of fiscal discipline. I would say, and maybe I'll close with this,but it would serve us well to think in two (2) year terms right now. As we look at his budget, I think we should be asking ourselves about this ye and next year and whether it adds together. We are pressing our departments to think that way as well. By 2021 we hope to have tightened our belts in the right way and if we find our projections had been conservative, we will see that we are in good shape to expand some of the things that we always wanted to do but just couldn't. But for 2019 and 2020,we really want to make sure we are being selective in what we do. That is why we are doing these organizational tweaks. Any time a position opens up, beginning New Year's Day of 2019, we are going to look really hard at whether we can bring somebody back in or not. So a freeze may be a little strong of a word, but we are not going to fill a position just because we always did. We are going to double check whether it makes sense and whether there is another way to cover that work. We will continue to search for outside funding. There is a presentation coming later to update the Council on some of the great support we have been getting from outside philanthropies and Foundations. We have to keep driving those opportunities. He went on, To conclude, we are making sure we are staying ahead of what is happening financially. We are going to make sure that we balance the budget appropriately. There are some places where we will spend down some reserves when the reserve cash balance is substantially higher than the target. You actually don't want to sit on too much cash. Sometimes the State Board of Accounts looks on that skeptically but we do want to maintain healthy reserves that are at the target. That is the key to the Double A (AA) bond rating that you hear me so often boasting about on behalf of the City. It is so rare for a City of our size and make up in Indiana to have a Double A(AA)bond rating. The reason we have it is we have been able to spend in a way that keeps those cash reserves healthy. We look forward to working with the Council on this budget of upwards of $380 million. We will begin tom to present in further detail. Committee Chair White encouraged the Committee and Council Members to go through the information and submit their questions to the Clerk's Office. With no further business,Committee Chair White adjourned the Personnel and Finance Committee meetin g at 5:42 p.m. Respectfully Submitted, All" ,-(a Karen White, Committee Chair EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT 455 County-City Building 1 227 W.Jefferson Bvld I South Bend,Indiana 466011 p 574.235.9221 If 574.235.9173(TTD574.235.5567]www.southbendin.gov 10