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February 29, 2016
<br />Financial Report
<br />The Financial Report provides current year financial information for each City fund in a condensed format. Information is provided
<br />for revenue (by type and fund), expenditures, property taxes, debt status, and staffing levels. This report is prepared monthly and
<br />supplements other reports that the City prepares such as the Controller's Cash Report, the Monthly Departmental Financial Report,
<br />and the Comprehensive Annual Financial Report (CAFR).
<br />Revenue by Type
<br />Revenue by Fund
<br />-Fund 258 (Human Rights). This is revenue related to grants received to battle housing and employment discrimination.
<br />-Fund 294 (Police Academy). This fund has reached 69% of its budgeted revenue. This is tuition related to the advancement of present
<br />and future officers.
<br />-Fund 412 (Major Moves), is at 56% of its budgeted revenue. This is revenue received in the amount of $446,589 as payment for the Eddy
<br />St./ Triangle Development.
<br />-Fund 661 (2012 Sewer Bond), is at 113% of its budgeted revenue. This is revenue from bank and investment interest.
<br />Property Taxes
<br />Total property taxes collected for the year 2014 was~$72 million or 94.88%of the tax levy.Specifically,in 2014 the City of South Bend
<br />received a total of$45,002,931 in property tax revenue in the civil city funds(general fund,parks,College Football Hall of Fame,and CCD).
<br />For TIF funds, the City received a total of $27,031,090 in property tax revenue.
<br />Expenditures
<br />Debt
<br />lease as well as parking garage improvements.
<br />Headcount
<br />If you have any questions regarding this report, please contact John Murphy at (574) 235-7678.
<br />As of February 2016,the City has spent 14%of budgeted expenditures,compared to 12%in February 2015.The General Fund has spent
<br />14%of its 2016 budgeted expenditures,versus 18%in 2015.The following funds have reached 50%or more of their budgeted
<br />expenditures as a result of bond payments:Fund 313(Hall of Fame),Fund 410(UDAG),Fund 377(Professional Sports Development),
<br />and Fund 432 (TIF - Erskine Village).
<br />This month,various debt service payments were made in the amount of~5.31 million to Sun Trust,Kansas State Bank,PNC Bank,U.S.
<br />Bank and Ricoh USA.Payments are related to IT equipment leases,police/public works vehicles,solid waste containers,and sewer
<br />bonds. Last month, the City added approximately $4.13 million in additional debt for Public Works vehicle and equipment
<br />The Full Time Headcount as of February was 1,087 vs.a budgeted amount of 1,102.Currently,there are a total of 15 vacant positions.
<br />The 15 open positions are in the following departments:Parks and Recreation(3),Public Safety(1),Public Works(4),DCl(3),Building(2),
<br />and General Government(2).*In Public Safety(Fire),the headcount is over budget,as there are currently three recruits in training to
<br />replace planned and unplanned departures.
<br />For discussion on property taxes,see section listed below.The overall percentage of budgeted revenues that have been received by the
<br />city is 12%,compared to 11%in February 2015.Revenue type 369(Memorial Hospital)has reached 100%of its budgeted revenue.This
<br />is revenue from Leighton Plaza for common area fees.It is a lease between Memorial Hospital and the South Bend Redevelopment
<br />Commission.
<br />As of February,2016,the general fund has reached 4%of its budgeted revenue,compared to 5%last year.The following funds have
<br />reached slightly above the normal percentage of their 2015 budgeted revenue amount at this time:
<br />Property taxes are received in June and December.Property taxes collected in 2015 totaled~$70.9 million.Civil city funds received~$46
<br />million and TIF funds received ~ $24.7 million. For 2015, the levy collection rate was 94.76% or $70.9 million.
<br />- Funds 249 (PS LOIT), 404 (COIT), and 408 (EDIT) received normal and timely distributions this month.
<br />Financial Report February 2016 Page 2 of 25
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