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City of South Bend, Indiana <br /> Comprehensive Annual Financial Report— Executive Summary <br /> For The Year Ending December 31, 2011 <br /> Table of Contents <br /> Introduction <br /> Purpose of the Executive Summary............................................................................................1 <br /> Letterof Transmittal................................................................................................................2-13 <br /> Independent Auditor's Report on Financial Statements and <br /> Supplementary Schedule of Expenditures of Federal Awards........................................... 14-15 <br /> Management's Discussion and Analysis .................................................................................. 16-36 <br /> Government-Wide Financial Statements: <br /> Statementof Net Assets........................................................................................................... 37-38 <br /> Statementof Activities....................................................................................................................39 <br /> Fund Financial Statements: <br /> Balance Sheet—Governmental Funds...........................................................................................40 <br /> Statement of Revenues, Expenditures and Other Changes in Fund <br /> Balances—Governmental Funds.............................................................................................41 <br /> Statement of Net Assets—Proprietary Funds................................................................42-43 <br /> Statement of Revenues, Expenses and Other Changes in <br /> Fund Net Assets—Proprietary Funds......................................................................................44 <br /> Statement of Fiduciary Net Assets — Fiduciary Funds....................................................................45 <br /> Statement of Changes in Fiduciary Net Assets—Fiduciary Funds.................................................46 <br /> Financial Trends <br /> Net Assets by Component—Last Ten Years..................................................................................47 <br /> Changes in Net Assets—Last Ten Years.................................................................................48-50 <br /> Fund Balances, Governmental Funds—Last Ten Years................................................................51 <br /> Changes in Fund Balances, Governmental Funds— Last Ten Years ............................................52 <br /> Revenue Capacity <br /> Property Tax Levies and Collections—Last Ten Years..................................................................53 <br /> Direct and Overlapping Property Tax Rates—Last Ten Years.......................................................54 <br /> Assessed Value and Actual Value of Taxable Property—Last Ten Years.....................................55 <br /> Property Tax Collections—Cash Basis—2003 to 2011 ................................................................56 <br /> Debt Capacity <br /> Computation of Legal Debt Margin—December 31, 2011.....................................................57 <br /> Ratios of Outstanding Debt by Type—Last Ten Years ..................................................................58 <br /> Computation of Direct and Overlapping Debt—December 31, 2011 ..................::.........................59 <br /> Demographic and Economic Information <br /> Demographic Statistics— Last Ten Years ................................................................................ 60-61 <br /> Operating and Other Information <br /> Full-Time Equivalent City Government Employees by Department—Last Ten Years............. 62-63 <br /> Grant Compliance <br /> Schedule of Expenditures of Federal Awards........................................................................... 64-66 <br />