2014 South Bend Financial Assurance Test Report

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UMBAUGH H. I Umbaugh & Associates Certified Public Accountants, LLP 8365 Keystone Crossing Suite 300 Indianapolis. IN 46240 -2687 Phone: 317 - 465 -1500 Fax: 317- 465 -1550 www.umbaugh.com INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED -UPON PROCEDURES October 19, 2015 Honorable Peter Buttigieg, Mayor Mr. John H. Murphy, Controller City of South Bend City of South Bend 227 West Jefferson Boulevard 227 West Jefferson Boulevard South Bend, IN 46601 South Bend, IN 46601 LOCAL GOVERNMENT FINANCIAL ASSURANCE TEST UNDER 329 IAC 10- 39 -2(6) We have completed our engagement to perform the procedures enumerated below, which were agreed to by the City of South Bend, Indiana (the "City ") solely to assist you with respect to your evaluation of the ability of the City to meet the Local Government Financial Assurance Tests under 329 IAC 10- 39 -2(6). This agreed upon procedures engagement was made in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in the report. Consequently, we make no representation regarding the sufficiency of the procedures described below, either for the purpose for which this report has been requested or for any other purpose. At the request of the Indiana Department of Environmental Management ( "IDEM "), the financial tests included within this report have been prepared using data obtained from the audited financial information for the City as a whole. Our procedures and findings are as follows: (1) We verified the City has no outstanding General Obligation Bonds via a database search of the State of Indiana Gateway System and the Municipal Securities Rulemaking Board ( "MSRB ") Electronic Municipal Market Access ( "EMMA ") System. (2) We analyzed the City's 2014 Comprehensive Annual Financial Report ( "CAFR ") and did not find evidence of outstanding General Obligation Bonds. (3) We prepared and sent a confirmation letter to the City requesting representation that the City does not have outstanding General Obligation Bonds. We received positive confirmation from the City stating that the City does not have outstanding General Obligation Bonds.