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SCITY OF SOUTH BEND I OFFICE OF THE CLERK
<br /> Mr. Parker replied,And that conversation is a combination of us,Admin and Finance,talking with
<br /> department heads who know the projects much more in depth than we do. We know the finances
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<br /> side and theyknow, you know, here are the milestones, here's what we're doing, here's to making
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<br /> sure that we're getting it done. Talking to Council and making sure we're continuously updating
<br /> you on that.
<br /> Committee Chair White stated, I think too, that this question that Councilmember McBride has is
<br /> one(1) that we have put in in terms of looking at the budget process and bringing the departments
<br /> in before we actually do the official kick off to talk about those things. It's like a scorecard. So,
<br /> we have an opportunity just to focus on that,so when they come in for their budget hearings,which
<br /> is looking at the dollars at that particular time. I think that's going to be very helpful for all of us
<br /> as we begin. You look at the amount of activities and monies that are allocated and they're coming
<br /> from different funding streams,too. So, looking at all of that, I think that would hopefully give us,
<br /> I can only speak for myself, a better forecast in terms of where we're at, and then when they're
<br /> asking for new money, we can go back and look at it. I hope that will be assistance, too.
<br /> Mr. Parker replied, Yes, I think, and to your point earlier, one(1) other thing it will help with is in
<br /> the actual Council budget hearings, it will make sure that the focus is on what are we going to do
<br /> next year. What is next year's budget? As opposed to what have we done? Because,we've already
<br /> talked about it.
<br /> He continued, This (referencing a slide in the presentation) is sort of a graphical representation of
<br /> the City's debt limit. So, just to kind of walk you guys through this, this red line on here is the
<br /> City's debt limit. So that represents two percent (2%) of one-third (1/3) of the net assessed value
<br /> of the City. You can see, it is pretty low. It is right around,just over $16 million. These blue and
<br /> green lines on here represent how much debt we actually have outstanding. That is applicable to
<br /> the debt limit. So, you saw earlier we have about $255 million in debt outstanding. Our debt limit
<br /> is $16 million and the answer to the question of how do those two (2) work together is because
<br /> most of our debt isn't applied to that debt limit. Important to note on here, each of these three (3)
<br /> lines on the bottom here have their own debt limit. So, the Civil City, the Park District, and
<br /> Redevelopment District all have a separate debt limit set by Law. The area, property that
<br /> incapsulates those districts is exactly the same,which is why the limit is the same for the three(3)
<br /> because they are all of the same area and they are all of the same property. But, as long as all of
<br /> those lines are underneath that red line,we are in compliance with Indiana law. We don't add them
<br /> on top of each other, they all have their separate debt. You can see some of the issuances that we
<br /> talked about earlier. So, this jump from 2016 to 2017 in parks was the issuance of that$14 million
<br /> park general obligation bond. The jump from 2017 to 2018 in Civil City was the issuance of the
<br /> general obligation bond for Fire Station Nine (9), and the economic development revenue bond.
<br /> Committee Chair White opened the floor to questions from Committee and Council Members.
<br /> Councilmember Broden asked, How much, and I don't know if I have the right words, but how
<br /> much fluidity is there on the parks bond?The overall project let's say if there are overruns. So how
<br /> much is that, I mean, you're basically working within that limit to get something done. So, you're
<br /> either revising the scope, because you go over, like we do in our own lives, right?
<br /> Mr. Parker replied, Yeah, and those are the conversations we have. So, we are revising the scope
<br /> and we may look for other revenue areas. So, the conversations we have are, are there things that
<br /> EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION I EMPOWERMENT
<br /> 455 County-City Building 227 W.Jefferson Bvld South Bend,Indiana 46601 p 574.235.9221 f574.235.9173 TTD574.235.5567 www.southbendin.gov
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