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Indiana taxable unis. State law requires that the City be very conservative. <br /> Kyle Willis continued the presentation highlighting various slides within the packet then moving <br /> to the 2023 Cash Report. The City is in a very healthy position going into 2024. Mr. Willis also <br /> mentioned that he and Mayor Mueller will be back in February for the Mayor's Finance Report <br /> to the Council. <br /> Board President Niezgodski asked Mr. Willis to go over the reserve funds for the City. <br /> Kyle Willis stated that the reserve funds are put into place in case there is a downturn in revenue, <br /> this allows the City to maintain the budget without straining other funds. Mr. Willis then went <br /> through some examples. The General Fund has fifty percent(50%) of the annual reserved. <br /> Councilperson White asked Mr. Willis what the takeaways were for 2024. <br /> Kyle Willis mentioned that 2023 was a good year but that rates won't be up for ever,but the City <br /> is entering 2024 in a good position. <br /> Councilperson Lee asked Mr. Willis how much was in the reserves. <br /> Kyle Willis stated that the General Fund has a reserve of$38.2 million. <br /> Councilperson Lee asked where the$92 million amount was from. <br /> Kyle Willis stated that it's the projected ending balance in the General Fund. <br /> Councilperson Lee asked further if the City was in good financial standing. <br /> Kyle Willis stated that the City was. <br /> Board President Niezgodski asked if there were any further questions from the Council. <br /> With no further business, Board President Niezgodski adjourned the Board of Finance meeting at <br /> 4:20 p.m. <br /> Respectfully submitted, <br /> Sheila Niezgodski, Chair of the Board of Finance <br /> NOTICE FOR HEARING AND SIGHT IMPAIRED PERSONS <br /> Auxiliary Aid or Other Services may be Available upon Request at No Charge. <br /> Please give Reasonable Advance Request when Foss <br /> INTEGRITYI SERVICE ACCESSIBILITY <br /> Dan ica Kukmeka Elivet Quijada-Navarro Vidorid Stowell <br /> Cann i Dar r,(.,iw,t M 41 ui I)i,t r ellmn't* Mom r Down*t.*S i 141 ►lIe ia:r• <br /> EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT <br /> ';°i Cot/norCily&Adele±227W.Jefferson BAtd South Bend.Indiana 46601 !o 474.235.9221 I f 474.235.9173!wwes_.e.tetObenMdett^av <br />