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CITY OF SOUTH BEND OFFICE OF THE CLERK <br /> Councilmembers as we sit down and do our budget, the first (1st) things we factor in are our debt <br /> payments. Everything else there is all icing on the cake as we want to make sure we are paying our <br /> debt first (1St). We always manage to include all the debt for the next ten to fifteen (10-15) years. <br /> The first (1St)two (2) are going to be paid out of the River East and River West TIFs and you can <br /> see in 2019 these interest and principal payments factored into these various debts.We can go back <br /> into details of each debt and see exactly which debt is in here.I see that these are very summarized. <br /> If it helps to do it in a different way, we can make it however you want to see it. So, then we get <br /> into Public Works, obviously we issue Sewage Works and Water Works debts as well as Solid <br /> Waste debt, which typically is going to be your trash can and everything. Debts in this context <br /> include capitol debt owners on this page. <br /> Councilmember Teshka asked, all of these are inclusive with interest, correct? Including the <br /> original debt? <br /> Mrs. Hockenhull replied, Yes, except the original debt but the payment is. We want to show on <br /> this page exactly what cash is going out the door. <br /> Mrs. Hockenhull stated, So that is what this very first (1st) page is showing. It is also showing a <br /> TIF pie chart debt by funds. Public Works again, are huge projects. We are not going to issue debt <br /> for a little sewer main break. So that's where you get the thirty-six percent(36%)rate. The General <br /> Plus Funds are going to be General Funds and Public Safety EDIT. We consider those General <br /> Plus Funds due to the many lawful purposes of the funds and they are all tax funded. So those are <br /> what we are paying out of. Parks & Rec are included in the General Plus Funds. Those are funds <br /> that we usually come back and say look we balanced these budgets. We are not spending more <br /> taxes than what we are getting. <br /> Committee Chair White asked, Council are there any questions you have regarding page nine (9)? <br /> Councilmember Tim Scott asked, So I am looking at 2019-2023, it looks like even with it going <br /> down,you were bringing in around $30 million. So,what's our cash reserve/rainy day fund? <br /> Mrs. Hockenhull answered, Fund #102 has $10.6 million in there right now in our cash reserve. <br /> This question is a little tricky. Each fund has its cash reserve requirement. If you are looking at <br /> your Capital Funds and your Debt Funds, those don't have it, the goals are not to have the funds <br /> rarely available to spend out right. For instance, in our General Funds, we aren't over fifty-six <br /> percent (56%) in general expenses. Our goal reserves in the General Funds are very steady which <br /> is why we get the credit rating and everything. <br /> Councilmember Scott asked, In the case of an emergency, what I want to know is that if we pull <br /> all the funds together, can we pay everything off? <br /> Mrs. Hockenhull stated,this is effective in the same report. As you can see we have some broken- <br /> down by the economic development. You can see on here the Eddy Street Parking Commons <br /> Parking Garage is $36 million and how much we are going to pay in principal. This is a principal <br /> interest report. <br /> Councilmember Teshka asked, Do you have anything on this report where the interest is broken <br /> down? <br /> EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT <br /> 455 County-City Building 1227 W.Jefferson Bvld I South Bend,Indiana 466011 p 574.235.92211f 574.235.9173 I TTD 574.235.5567 I www.southbendin.gov <br /> 10 <br />