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South Bend, Indiana Board of Finance Meeting Minutes <br />January 28, 20098 <br />Page 3 <br />In response to questions from Dr. Varner, Mr. Murphy noted that $700,000 has been budgeted in <br />the General Fund for interest last year which was exceeded; and that $500,000 to $600,000 is <br />projected for this year. Mr. Murphy also noted that if the property tax distribution had been <br />made earlier, the City would have been able to earn more interest and save the costs incurred by <br />the city for the tax anticipation warrants. <br />Mr. Murphy noted that the savings account is with 1St Source Bank through January 31, 2009. <br />Board President LaFountain thanked Mr. Murphy and the Mayor for the information presented. <br />He requested an update to the Board on the first rate of re-investment which will soon be taking <br />place. He noted that additional meetings of the Board of Finance may be called if necessary. <br />There being no further business to come before the Board of Finance, Board President Thomas <br />LaFountain mourned the n~~ing~at 3:23 p.m. <br />[Hbf~iber Thomas LaFountain <br />of Finance President <br />Council Member Ann Puzzello <br />Board of Finance Secretary <br />Attachments <br />