Laserfiche WebLink
CAUNTY-CTI'Y BUILDING <br />227 W. JEFFERSON BLVD. <br />SOUTH BEND, INDIANA 46601-1830 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />PHONE 574/235-9216 <br />Fnx 574/235-9928 <br />TDD 574/ 235-5567 <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />M. CATHERINE FANELLO <br />CONTROLLER <br />December 16, 2008 <br />Mr. Timothy Rouse <br />President, South Bend Common Council <br />4`" Floor, County-City Building <br />South Bend, IN 46601 <br />Re: Resolution Loaning Monies From Various Funds to Various Funds to Meet <br />Ongoing Operating Expenses of the City <br />Dear President Rouse: <br />Attached for filing with the Common Council is a Resolution along with two related <br />Resolutions which address the unusual current financial circumstances of the City. These <br />circumstances were caused by non-receipt as yet of City tax revenues levied in 2007, payable in <br />2008. <br />The captioned Resolution authorizes an aggregate temporary loan of Fourteen Million <br />Nine Hundred Fifty Thousand Dollars ($14,950,000.00) in monies from the Rainy Day Fund <br />(No. 102), the newly created Loss Recovery Fund (No. 227), the County Option Income Tax <br />Fund (No. 404), the Airport TIF Fund (No. 324), and the Health Insurance Fund (#711) to the <br />General Fund (No. 101), the Parks and Recreation Fund (No. 201), and Hall of Fame Bond Fund <br />(No. 313). These loans from various Funds are for the purpose of meeting the City's daily and <br />ongoing expenses pending receipt of 2008 property tax revenues. This will eliminate the need <br />and expense of issuing Temporary Tax Anticipation Time Warrants to cover the delay in receipt <br />of tax revenues. <br />I will present this and the related Resolutions to the Council at its special meeting <br />scheduled for December 29, 2008. Thank you for considering this Resolution, and special <br />thanks to the Council for making time to schedule this meeting during the holiday season. <br />p..l !`,.f~ ! .. <br />~0 f .. . <br />i <br />i <br />~EC~r <br />f <br />...,._.._._...........,....Y...., <br />{`~ ~, ~ <br />DIRECTOR <br />HUMAN RESOURCEs <br />Sincerely, <br />~~ <br />M. Catherine Fanello <br />Controller <br />""" JOHN MURPHY ROBERTALLEN <br />ASSISTANT CONTROLLER DIRECTOR <br />INFORMATION TECHNOLOGY <br />