1992-06-18 Resolution 56 - Laserfiche WebLink

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Overlapping. Debt TABLE 13 Indirect General Obligation and Lease Debt Debt Applicable to Valuation in Ciri Total Principal Outstanding 2292 St. Joseph County South Bend Community School Corp. $ 7,100,000 2,450,000 South Bend Middle School Building Corp. 3,905,000 (]:.ease Debt) South Bend Elementary School Public Library 9,250,000 (Lease Debt) St. Joseph County Public Library 7,380,000 St. Joseph County PublicLibrary Leasing Corp. 2,010,000 5t. Joseph County Airport Authority Penn Harris Madison School Corp. 650,000 64,362,239 Mishawaka Penn Township Public Library 2,115,000 Total Percent Amount 42.6% $ 3,024,600 64.0% 1,568,000 64.0% 2,499,200 64.0% 5,920,000 ..62.6% 4,619,880 62.6% 1,258,260 42.6% 276,900 3.9% 2,510,128 3.5% 74.025 21750 993 Future Financing The Authority anticipates it will sell Lease Rental Refunding Bonds in June, 1992 in the estimated amount of $4,600,000.. The City of South Bend Redevelopment District anticipates the issuance of approximately $4,745,000 Tax Increment Revenue Refunding Bonds in June of 1992, and approximately $5,000,000 of lease purchase obligations for the construction of a golf course in the Airport Economic Development Area later • this summer. FINANCIAL INFORMATION Financial Reports .The general purpose financial statements of the City of South Bend have been prepared in conformity with .generally accepted accounting principles (GAAP) as applied to government units. .The Governmental Accounting Standard Board (GA5B) u the accepted standard-setting body for establishing governmental accounting and financial re~ortmg principles. The City uses fund and account groups to report on its financial position and the xesults of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. Results of Operations The modified accrual basis of accounting is used by all governmental fund types,. expendable trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to 5 0 3 Daccrual (i.e., when they become both measurably and available). The government considers the governmental fund revenues as available as they are collected within 60 days after year end. Expenditures are recorded when the related fund liability is incurred. The accrual basis of accounting is utilized by proprietary fund types and pension trust funds. Table 14 on the following page presents statements of revenues, expenditures and changes in fund balance for the years ending December 31,.1988 through 1990 for the General Fund of the City. 16