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Home My WebLink AboutBoard of Finance Investment Report for FY 2016 t O��pUTH U �d PEACE x x 1865 Cit y of South Bend Board of Finance Annual Investment Report For the Year Ended December 31, 2016 Report Date: January 23, 2017 Report Distribution: Mayor Chief of Staff Deputy Chief of Staff City Clerk South Bend Common Council Members Common Council Attorney Corporation Counsel State Board of Accounts (local 7Fina ed in Clerk's Office Submitted By: Department of Administration & ce JAN 2 3 2017 KAREEMAH FOWLER CITY CLERK,SOUTH BEND,IN • CITY OF SOUTH BEND BOARD OF FINANCE TABLE OF CONTENTS Investment Officers, Advisors, Authorized Investments.................................................................. 1 Investment Review Meetings ..............................................................2 InvestmentPolicy..........................................................................3 - 5 Investment Report (12/31/16) .....................................................6 - 13 Stale Dated Check Policy.......................................................... 14 - 15 Stale Dated Check Report ........................................................ 16 - 18 Controller's Cash Report (12/31/16) ......................................... 19 - 21 1 It Source Bank Interest Earnings (Cash Basis)...............................22 Total Interest Earnings by Year.........................................................23 Total Interest Earnings by Fund ................................................24 - 25 Cash Reserve Policy.................................................................26 - 28 Cash Reserves Summary (12/31/16)........................................29 - 41 Cash Trends Summary (12/31/16)............................................42 - 43 1 It Source Investment Advisor Profiles .....................................44 - 46 CITY OF SOUTH BEND BOARD OF FINANCE INVESTMENT OFFICERS John H. Murphy, City Controller Jennifer C. Hockenhull, Deputy City Controller Rahman M. Johnson, Director of Treasury INVESTMENT ADVISORS (1ST SOURCE BANK) Paul W. Gifford, Jr., CFA Chief Investment Officer Erik Clapsaddle, CFA, CFP Vice President, Fixed Income Portfolio Manager Andrea Soule Trust Officer AUTHORIZED INVESTMENT AMOUNT Maximum of $185 million with 1St Source Bank (Increase by $10 million as of January 31 , 2017) CITY OF SOUTH BEND BOARD OF FINANCE INVESTMENT REVIEW MEETINGS QUARTER DATE TIME 1ST Quarter 4/19/17 10:00 A.M. 2N1 Quarter 7/19/17 10:00 A.M. 3RD Quarter 10/18/17 10:00 A.M. 4T" Quarter 1/17/18 10:00 A.M. Investment Review Meetings will be held at: 1St Source Bank 100 North Michigan Street, 5th Floor South Bend, IN 46601 2 City of South Bend Administration & Finance Policy Manual Sp�T$ � d U d x x 1865 2.8 Investment Policy Effective: January 1, 2017 Purpose: This policy defines the cash investment policy of the City of South Bend. Scope: This statement applies to all governmental units, enterprise operations, and operations of the City of South Bend. This policy shall be in accordance with the terms and limitations of I.C. 5- 13-9, Deposit and Investment Powers, as amended from time to time. Responsibility: This policy is the responsibility of the Board of Finance of the City of South Bend. Changes or revisions to this policy are affected only with the consent and approval of the Board of Finance. Effective Date: This policy is effective upon approval and execution of the Board of Finance. The Board of Finance will review this policy on an annual basis coincident with the Annual Meeting of the Board of Finance, held after the 'I'Monday in January and before January 31St. 1.0 Policy Statement The City of South Bend, Indiana shall make all investments, in both Deposit and Investment Accounts, in accordance with the terms and limitations of IC 5-13-9, Deposit and Investment Powers, as amended from time to time. 2.0 Deposit and Investment Options Eligible deposit accounts mean any of the following: 1.Any account subject to withdrawal by negotiable orders of withdrawal, unlimited as to amount or number, and without penalty, including NOW accounts 2. Passbook savings accounts 3. Certificates of Deposit 4. Money market deposit accounts 5. Any interest-bearing account that is authorized and offered by a financial institution in the course of its respective business 3 City of South Bend Administration & Finance Policy Manual 3.0 Eligible Investment Products: Each investment officer may invest or reinvest any funds that are held by the officer and available for investment in any of the following (IC 5-13-9): 3.1 Securities backed by the full faith and credit of the United States Treasury or fully guaranteed by the United States and issued by any of the following: 1. The United States Treasury 2.A federal agency 3.A federal instrumentality 4.A federal government sponsored enterprise 3.2 Discount notes issued by any of the following: 1. A federal agency 2. A federal instrumentality 3. A federal government sponsored enterprise 3.3 An investment officer shall annually obtain the approval of the Common Council before making investments in the following: 1. Money market mutual funds that are in the form of securities of or interests in an open-end, no-load, management-type investment company or investment trust registered under the provisions of the federal Investment Company Act of 1940, as amended. The portfolio of this type must be limited to the following: A. Direct obligations of the United States B. Obligations issued by any of the following: a. A federal agency b. A federal instrumentality C. A federal government sponsored enterprise C. Repurchase agreements fully collateralized by obligations described in both A and B above. 2. The money market mutual fund must be rated as one of the following: A. AAAm, or its equivalent, by Standard and Poor's Corporation B. Aaa, or its equivalent, by Moody's Investors Service, Inc. 3.4 The investment is considered to have a stated final maturity of one day, and shall be made through depositories designated by the state board of finance as depositories for state deposits under IC 5-13- 9.5. 4 City of South Bend Administration & Finance Policy Manual 4.0 Terms of Repurchase Agreements Each investment officer may enter into, with any funds that are held by the officer and available for investment, repurchase agreements with depositories designated by the State Board of Finance as depositories under IC 5-13-9.5; and involving the political subdivision's purchase and guaranteed resale of any interest-bearing obligations; A. issued; or B. fully insured or guaranteed by the United States, a United States Government Agency, an instrumentality of the United States, or a federal government sponsored enterprise. The depository shall determine daily that the amount of money in this type of agreement must be fully collateralized by interest-bearing obligations as determined by their current market value. The collateral is not subject to the two-year maturity limitation. Repurchase agreements may be entered into for a fixed term or arranged on an open or continuing basis as a continuing contract that: 1. operates like a series of overnight repurchase agreements (may be referred to as overnight sweep products), 2. is renewed each day with the repurchase rate and the amount of funds invested determined daily; and 3. for this purpose is considered to have a final maturity of one day. 5.0 Investment in Other Securities Each investing officer may invest or reinvest in obligations issued, assumed or guaranteed by the International Bank for Reconstruction and Redevelopment or the African Development Bank (IC 5-13- 9.3.3) 6.0 Inter-local Cooperation Agreement IC 36-1-7-1 authorizes and permits local units of government to enter into inter-local cooperation agreements, and thus to exercise a power jointly pursuant to a written agreement authorized by ordinance or resolution. MBIA provides through Invest Indiana, such an inter-local agreement. The investments of the joint structure are limited to all investments authorized by IC 5-13. 7.0 Maturity Limitations 1. A minimum of 75% of the total portfolio must be invested with a maximum maturity of two (2) years in permitted investments as defined as above. 2. A maximum of 25% of the total portfolio may be invested with a maturity of two (2)to five (5)years as permitted in IC 5-13-9-5.7 in permitted investments as defined as above. This policy expires on January 31, 2021. 5 Q LL U 7 L V Q V Q 4w m L O 0 0.Lo C: O o V a 'a Q) CL � OO V i o E 4. 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N a' M 0000 Q M -J Oi Yo O O o y z o N CL C) _ o 0 y.. U ~ Q a � o 0 0 0 � n� C •i � n !� i0 N O� O !* CR a"J � L X0 y e O y y O O L U v Q L ' ao o NeNO o° M fA O N Z Ln L ' V 2 � E i L � N } u _ � .� O L i u o N o u N n m vim Z N � c 00 O1 LL E E > _rz S v �p p U O O O O O F- m CO p'1 �t City of South Bend Administration & Finance Policy Manual �SC,tiTrr a 2.11 Stale Dated Check Policy Effective:January 1, 2010 Purpose: This policy defines the practice and protocol for handling stale dated checks issued by the City of South Bend. Scope: This statement applies to all governmental units, enterprise operations, and operations of the City of South Bend. Responsibility: This policy is the responsibility of the Controller of the City of South Bend. Changes or revisions to this policy are affected only with the consent and approval of the Controller. Effective Date: This policy is effective January 1, 2010. 1.0 Policy Statement The City of South Bend has defined that payroll checks and account payable disbursement checks drawn on city accounts will have a two (2)year active life from the date of issuance as noted on the check. Un-cashed checks, beyond two (2)year active life period, are no longer valid and shall be classified as a stale dated check. 2.0 Responsibility Administration of the stale dated check policy is delegated by the Controller, to be the responsibility of the Director City Finance. The Director City Finance will identify the payroll and payable disbursement checks that are classified as stale dated checks, prepare such list and submit to the Controller for approval. Upon approval of the Controller, the stale dated check list will be presented to the City of South Bend Board of Finance, at the first annual Board of Finance Meeting during each calendar year, for Board of Finance vote on the stale dated check disposition recommendations as presented by the Controller. 3.0 Board of Finance Filing Requirements 3.1 The Controller shall file with the Board of Finance, documents as defined in paragraphs 3.1.1 and 3.1.2 and the Controller's recommendation, at least 72 hours prior to the first annual Board of Finance Meeting called for each calendar year: 3.1.1 Payroll Stale Dated Checks: Proposed list of all stale dated checks recommended to be written off, identifying the check number, employee name, date of check, amount of check, fund name, fund number, and any other information deemed necessary by the Controller. 3.1.2 Account Payable Stale Dated Checks: Proposed list of all stale dated checks recommended to be written off, identifying the check number, vendor name, date of check, amount of check,fund name,fund number, and any other information deemed necessary by the Controller. 14 City of South Bend Administration & Finance Policy Manual 4.0 Board of Finance Requirements The Board of Finance shall be required to review all information filed by the Controller as referenced above and hear presentation and recommendation from the Controller or designee at the first annual Board of Finance meeting. The Board will motion, second, and vote on the recommendation as presented by the Controller with, majority in favor and supporting the recommendation of the Controller, the recommendation will be passed, and the Controller provided with the authority to execute the recommendation as approved. A copy of all guidelines shall be filed of record with the Office of the City Clerk and with the City Controller in the Department of Administration and Finance. 5.0 Other Matters Additional guidelines may be promulgated by the Board of Finance when deemed necessary. 15 City of South Bend Board of Finance Annual investment Report For the year ended December 31, 2016 Payroll Stale Dated Checks The current policy, as defined and approved by the Board of Finance, has defined that payroll checks drawn on city accounts will have a two (2) year active life from the date of issuance as noted on the check. Un-cashed checks, beyond the two (2) year active life period, are no longer valid and shall be classified as a stale dated check. Such checks, defined as stale dated, will be reported to the Board of Finance, with a recommendation from the City Controller on the disposition of the stale dated checks. Therefore, following represents the list of Stale Dated Payroll Checks as of December 31, 2016. Payroll Name Date $Amount Fund # Fund Name Ck# i Blair, Robert E 5/23/14 108.54 201 Parks 403901 406939 Rex, Gregory O 8/29/14 200.34 201 Parks 408020 Rex, Gregory O. 9/26/14 47.12 201 Parks 409032 Gallegos, Nicole I. 11/07/14 180.72 201 Parks Total 536.72 City Recommendation The city recommends that such payroll checks, classified by city policy as Stale Dated, to be approved by the Board of Finance for cancellation. Said checks, shall be voided within the city's payroll system and removed as a payroll liability of the City of South Bend. Indiana Statute, allowing cancellation and voidance of un-cashed payroll checks defined as stale dated, will remain subject to claim by the payee for a period of seven (7) years from date of issuance. The city will maintain record of these potential liabilities, in the event a claim is made by any payee. 16 City of South Bend Board of Finance Annual Investment Report For the year ended December 31, 2016 Accounts Payable Stale Dated Checks The current policy, as defined and approved by the Board of Finance, has defined that disbursement checks drawn on city accounts will have a two (2) year active life from the date of issuance as noted on the check. Un-cashed checks, beyond the two (2) year active life period, are no longer valid and shall be classified as a stale dated check. Such checks, defined as stale dated, will be reported to the Board of Finance, with a recommendation from the City Controller on the disposition of the stale dated checks. Therefore, following represents the list of Stale Dated Disbursement Checks as of December 31, 2016. Check Name Date $Amount Fund# Fund Name No. 464485 Ambassadors for 1/9/2014 378.00 101/211 General and Christ DCI 465496 Taylor, Christopher 2/7/2014 40.00 620 Water Ops 465499 Goeller, Heather 2/7/2014 11.24 620 Water Ops 466938 Wager, Denise 3/11/2014 115.00 203 Recreation 466941 Suth, Julie 3/11/2014 20.00 203 Recreation 467243 Kennedy, Mary 3/8/2014 30.00 203 Recreation 467880 Ivacic, Jerome 4/03/2014 62.79 620 Water Ops 467893 Best Nail Shop 4/03/2014 8.22 620 Water Ops 467894 McCullough, Pat 4/03/2014 3.29 620 Water Ops 467901 Lopez, Rudy 4/03/2014 10.18 620 Water Ops 469090 River Park Furniture 5/06/2014 281.47 101-0901 General 470191 Camaney, Juan 5/27/2014 9.00 101 General 471023 Meritan Health 6/17/2014 541.74 288 EMS 471624 Condon, Chad 7/01/2014 80.00 203 Recreation 471695 Lemke, Larry 7/03/2014 11.19 620 Water Ops 472211 Williams, Anthony 7/15/2014 12.84 201 Parks 473256 Garcia, Maria 8/05/2014 318.80 201 /405 Parks/Non Reverting 473266 Pishkur,Alex 8/05/2014 8.05 220 Law Enforcement 473527 Patel, Greta 8/12/2014 100.00 201 Parks 474992 Kirsksey, Andrew 9/16/2014 9.03 620 Water Ops 474995 Barnett, Michael 9/16/2014 7.47 620 Water Ops 475000 Korach, Mildred 9/16/2014 13.33 620 Water Ops 475010 Adams, Sherrad 9/16/2014 47.46 620 Water Ops 475719 Knowlton, Gwendolyn 10/07/2014 50.00 203 Recreation 475883 Kwiatkowski, P 10/07/2014 57.79 620 Water Ops 475888 Jordan, Patrick 10/07/2014 53.15 620 Water Ops 475895 Cleveland, Julie 10/07/2014 3.04 620 Water Ops 476322 Holly Distributing 10/21/2014 55.00 222 Central Svcs 17 Check Name �- bate $Amount Fund # Fund Name No. 477146 Flary, PL 11/04/2014 6.34 620 Water Ops 477715 LCP Transportation 11/18/2014 480.21 288 EMS 478343 Bueter, Brittany 12/02/2014 20.06 620 Water Ops 478345 Berger, Gideon 12/02/2014 70.00 620 Water Ops 479380 Wilder, James 12/29/2014 .80 709 Payroll 479381 Delinski,Alan 12/29/2014 .94 709 Payroll 479443 Butler, Katherine 12/30/2014 32.71 620 Water Ops 479454 Hanzawa, Marina 12/30/2014 4.39 620 Water Ops 479455 Robles-Henry, Imelda 12/30/2014 20.00 620 Water Ops 479462 Garcia, Fernando 12/30/2014 5.24 620 Water Ops i Total 2,978.77 City Recommendation The city recommends that such disbursement checks, classified by city policy as Stale Dated, to be approved by the Board of Finance for cancellation. Said checks, shall be voided within the city's accounts payable disbursement system and removed as a liability of the City of South Bend. Indiana Statute, allowing cancellation and voidance of un-cashed disbursement checks defined as stale dated, will remain subject to claim by the payee for a period of seven (7) years from date of issuance. 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O w C y.N > w O N O W C N Z Z 0 C cr d'W N W W V .y V L Z LL W cL Q o` LL�w W d J In D_Ft 2 w W� Z E C Q a ZO(n� ro o p�OQ z0> w y z>-n. o W �i 0xo� ux� >wz z ao0w d L 'o a u p E Q' U0]H� O E Q1'�I�ww y'O W u GQOZ N � O G w Q m O m} ~ y N G F S J O O O ll Z 2 Z C w O d y W Q_x m a ,L W a�W wXF- X C WUQ w OOp W O y E C o J K W O G E Z O (n V- N W 4] O M m ❑ G R1 m Udmw ~ aEv0w= Qw aoo� ~ °Y0 m i m •.. �� ri U yK�=�FQC70.' pJwF 'Z�U ON h ~U W w U W H(,�w O O w 12 N W LL K d W'W 0 d O a w UU U y =>ww>O w O> >w F.0 ti0wp O aai o Q1 F K J} w E a'O J K fn U U d' a O w LL d a>U j0 w _O y Q) O Q O O~ O Q (kp w LL LL LL w LL LL LL N W W� N C O p7 O E O y o h F-F F-F-F-f-H H (r m c) O QU(n I- U w a N m m N(O O M m a (n r m O U U N N M a N N N N M M M M M M n N E r r r r M a a a a a a a a a a M M M City of South Bend,Indiana Interest Earnings Summary-2016 December 31,2016 Prepared-January 19,2017 1st Source 1st Source Paid Investment Checking Other Total Month Month Interest Interest Interest(l) Interest Dec-15 Jan-16 $61,438 $14,781 $288,153 $364,372 Jan-16 Feb-16 57,864 19,041 107,040 $183,945 Feb-16 Mar-16 99,601 14,237 2,015 $115,853 Mar-16 Apr-16 160,394 12,626 2,176 $175,196 Apr-16 May-16 98,184 10,423 112,427 $221,033 May-16 Jun-16 173,134 10,718 1,282 $185,133 Jun-16 Jul-16 78,421 20,039 1,689 $100,150 Jul-16 Aug-16 73,919 29,152 1,174 $104,245 Aug-16 Sep-16 233,599 24,362 6,336 $264,297 Sep-16 Oct-16 130,229 21,172 95,719 $247,120 Oct-16 Nov-16 106,546 22,032 1,450 $130,028 Nov-16 Dec-16 184,463 17,483 65,846 $267,793 $1,457,792 $216,066 $685,306 $2,359,164 (1)interest on D loans,Major Moves interfund loans,Key Bank accounts,Bank of New York Mellon accounts. 22 Interest Earnings 2009-2016 $2,500,000 - -- _ ------ - $2,000,000 - - - $1,500,000 ___. ._..____-- $1,000,000 - $500,000 ----- 2009 Actual 2010 Actual 2011 Actual 2012 Actual 2013 Actual 2014 Actual 2015 Actual 2016 Actual Interest Earnings 2009 Actual $ 1,348,289 2010 Actual 809,279 2011 Actual 643,643 2012 Actual 1,474,283 2013 Actual 1,119,139 2014 Actual 1,025,058 2015 Actual 1,769,437 2016 Actual 2,359,164 Total 2009-2016 $ 10,548,292 The City of South Bend earns interest on checking account balances, certificates of deposit, repaying of loans on economic development projects and short-term investments. In May 2011,the City opened a new investment account with 1st Source Bank in the amount of$150,000,000. Investment earnings are reported net of fees. Investment earnings are recorded in the general ledger on a cash basis when realized and do not reflect changes in asset value and accrued interest until the investment is sold or matures. Interest is also earned on advances from the Major Moves Fund to the Northeast Residential and Douglas Road TIF Funds. In January 2013,the Board of Finance increased the authorized investment amount at 1st Source Bank to $175,000,000 and in January 2017 to$185,000,000. Meetings are held quarterly with the investment staff of 1st Source Bank. 23 Ik�q a 1�2 s c; I A Old IN.... 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O w,$md°d0'c v c�Yi o Y°z tY°O 0 tm i cW i aO3 m'alO°n in-333 33 N 3 W 3 m m m m w 3 W O R 3 a N N5 N 5 c c c e.m A 0[� N O9 m m o m M Au-rZm)0 2l ,H E OV v d 0 0 NNy NNNNN ddY N.;pf m m... m m m `o - Z City of South Bend Administration & Finance Policy Manual 2.3.1 Cash Reserve Procedure Effective:January 1, 2010 Revised January 1, 2013, January 1, 2014, January 1, 2016 and January 1, 2017 Purpose: This procedure defines the cash reserve practices for the City of South Bend. Scope: This statement applies to all governmental units, enterprise operations, and operations of the City of South Bend. Responsibility: This policy is the responsibility of the Controller of the City of South Bend. Changes or revisions to this policy are affected only with the consent and approval of the Controller. Effective Date: This policy is effective January 1, 2010. 1.0 Procedure Statement The City of South Bend has established the following cash reserve guidelines.Cash reserves are defined as cash balances on hand less outstanding encumbrances. Fund Fund Name Cash Reserve Policy 101 General Fund 35%of annual expenditures 102 Rainy Day Fund _ 3%contingency of total expenditures in prior year 103 Excess Levy Fund No reserve requirement 201 Parks& Recreation Fund 25%of annual expenditures 202 Motor Vehicle Highway Fund 25% of annual expenditures 203 Recreation—Nonreverting Fund 25%of annual expenditures 209 Studebaker/Oliver Reverting Grants Fund No reserve requirement 210 Department of Community Investment State Grants Fund No reserve requirement 211 Department of Community Investment Administration 25%of annual expenditures Fund 212 DCI Grant Fund No reserve requirement 216 Police State Seizures Fund 25%of annual expenditures 217 Gift, Donation, Bequest Fund No reserve requirement 218 Police Curfew Violations Fund 25%of annual expenditures 219 Unsafe Building Fund 25%of annual expenditures 220 Law Enforcement Continuing Education Fund 25%of annual expenditures 221 Landlord Registration Fund No reserve requirement 222 Central Services Fund 25%of annual expenditures, excluding utilities 224 Central Services Capital Fund No reserve requirement 226 Liability Insurance Fund ! 50%of annual expenditures 227 Loss Recovery Fund No reserve requirement 244 Emergency Telephone Fund No reserve requirement 249 Public Safety LOIT Fund 8% of annual expenditures 1 month of expenditures 251 Local Roads &Streets Fund 25%of annual expenditures 252 Excess Welfare Distribution Fund No reserve requirement 258 Human Rights—Federal Grants Fund 25% of annual expenditures 265 Local Road and Bridge Matching Grant Fund No reserve requirement 271 East Race Waterway Fund No reserve requirement 26 Fund �- Fund Name Cash Reserve Policy 273 Morris Performing Arts Center/Palais Royale Marketing 25%of annual expenditures Fund 278 Take Home Vehicle Police Fund $750,000 279 Innovation/IT/311 Call Center Fund No reserve requirement 280 Police Block Grants Fund No reserve requirement 281 Economic Development Commission—Revenue Bonds No reserve requirement Fund 287 EMS Capital Fund 25% of annual expenditures 288 EMS Operating Fund 25%of annual expenditures 289 HAZMAT Fund 25%of annual expenditures 291 Indiana River Rescue Fund 25%of annual expenditures 292 Police Grants Fund No reserve requirement 294 Regional Police Academy Fund_ 25% of annual expenditures 295 COPS More Grant Fund No reserve requirement 299 Police Federal Drug Enforcement Grant 25%of annual expenditures 313 Hall of Fame Debt Service Fund No reserve requirement 315 Airport 2003 Debt Reserve Fund 100%of debt service reserve per bond covenants 317 Coveleski Bond Debt Reserve Fund 100% of debt service reserve per bond covenants 319 Redevelopment Bond—Blackthorn Golf Fund 100% of debt service reserve per bond covenants ..--_...-_._.______- - 324 TIF Revenue—River West Fund 25% of annual expenditures 328 SBCDA 2003 Debt Reserve Fund 100% debt service reserve per bond covenants 377 Professional Sports Development Fund No reserve requirement 401 Coveleski Stadium Capital Fund_ _ No reserve requirement 403 Zoo Endowment Fund No reserve requirement 404 County Option Income Tax Fund 50%of annual expenditures 405 Park Nonreverting Capital Fund 25% of annual expenditures 406 Cumulative Capital Development Fund 25% of annual expenditures 407 Cumulative Capital Improvement Fund 25% of annual expenditures 408 Economic Development Income Tax Fund 50% of annual expenditures 410 Urban Development Action Grant(UDAG) Fund No reserve requirement 412 Major Moves Construction Fund No reserve requirement 416 Morris Performing Arts Center Capital Fund 25% of annual expenditures 422 TIF District—West Washington Fund 25%of annual expenditures 425 TIF Leighton Plaza Fund 25%of annual expenditures 429 TIF River East District Fund 25%of annual expenditures 430 TIF Southside Development Area#1 Fund 25%of annual expenditures 432 TIF Southside Development Area#3—Erskine Village 25%of annual expenditures Fund 433 Redevelopment Administration General Fund 25% of annual expenditures 434 CRIED Fund No reserve requirement 435 TIF—Douglas Road Fund 10%of annual expenditures 436 TIF—River East Residential Fund 25%of annual expenditures 439 Certified Technology Park Fund No reserve requirement 450 Palais Royale Historic Preservation Fund 25% of annual expenditures 454 Airport Urban Enterprise Zone Fund No reserve requirement 600 Consolidated Building Department Fund 25% of annual expenditures 601 Parking Garages Fund 25% of annual expenditures 610 Solid Waste Operations Fund 10% of annual expenditures 611 Solid Waste Capital Fund No reserve requirement 620 Water Works Operations Fund 5% of annual expenditures 622 Water Works Capital Fund No reserve requirement 624 Water Works Customer Deposit Fund 100%cash reserves for customer deposits 625 Water Works Sinking Fund 100% cash reserves per bond covenants 27 Fund Fund Name Cash Reserve Policy 626 Water Works Bond Reserve Fund 100%cash reserves per bond covenants 629 Water Works Reserve–O& M Fund 16.67%of annual operating expenses in fund _ 620, net of transfers 640 Sewer Repair Insurance Fund 25%of annual expenditures 641 Sewage Works Operations Fund 5%of annual expenditures 642 Sewage Works Capital Fund No reserve requirement 643 I Sewage Works Reserve–O&M Fund 16.67%of annual operating expenses in fund 641, net of transfers _ 649 Sewage Works Sinking Fund 100% cash reserves per bond covenants 653 Sewage Works Debt Service Reserve Fund 100%cash reserves per bond covenants 655 Project ReLeaf Fund 25% of annual expenditures 670 Century Center Fund 25%of annual expenditures 671 Century Center Capital Fund $800,000 Reserve 672 Century Center Energy Conservation Bond Fund No reserve requirement 677 Hall of Fame Capital Fund No reserve requirement 701 Firefighters Pension Fund 10%of annual expenditures 702 Police Pension Fund 10%of annual expenditures 703 Police/Fire 1977 State Pension Fund 100%cash reserves–trust&agency funds 705 Police K-9 Unit Fund 25%of annual expenditures _ 709 Payroll Fund 100%o cash reserves–trust&agency funds 711 Self-Funded Employee Benefits 25% of annual expenditures 7� 1 Public Employees Retirement Fund 100%cash reserves–trust&age- ncy funds 713 Unemployment Compensation Fund 25%of annual expenditures 718 State Tax Deduction Fund 100%cash reserves–trust&agency funds 725 Morris/Palais Box Office Fund 100%cash reserves–trust&agency funds 726 Police Distributions Payable 100%cash reserves–trust&agency funds 730 City Cemetery Trust 25%of annual expenditures --- Water&Sewer Bond Funds No reserve requirement 750 Equipment/Vehicle Leasing 100%cash reserves per bond covenants 751 Parks Bond Capital 100%cash reserves per bond covenants 752 South Bend Redevelopment Authority_ 100%cash reserves per bond covenants 753 Smart Streets Bond Capital 100%cash reserves per bond covenants 754 Industrial Revolving Fund No City reserve requirement;there are program requirements _ 755 South Bend Building Corporation 100%cash reserves per bond covenants 756 Smart Streets Debt Service 100% cash reserves per bond covenants 757 Parks Bond Debt Service 100%cash reserves per bond covenants 758 Erskine Village Debt Service 100%cash reserves per bond covenants 28 o z z - 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EA4 ?O suoillIW City of South Bend Cash Balances-Total Funds January 1,2007-December 31,2016 $300,000,000 Maximum Total Cash $259,848,269 6/30/2013 $250,000,000 Minimum Total Cash $200,000,000 $122,056,198 5/31/2007 Average Cash $150,000,000 $200,423,586 $100,000,000 Average-last 12 months $222,759,524 $50,000,000 Note:Property tax collectfons am in June and December. $0 O7i 061, '7111_ 06,E 711/ 06, 7111_ O0, 7?i O&, 72i 00, 72i Osi 7111_ O0, 72, 00, 72i 00, 71i 07 X20 07 00 u'7 X20 07 00 0 X20 u'7 00 0 00 07 00 u?7 00 07 "'O 0 -O� -0, -0, -08 -06 -00 -00 -70 -70 /77 /77 /7? -7c2 -70 -70 -7p /7A �7S -7S i76 -70 Enterprise Redevelopment Civil City Enterprise Redevelopment Civil City Date Total Cash Funds Funds Funds Date Total Cash Funds Funds Funds 01/01/07 153,934,542.58 28,657,187.47 40,101,775.51 85,175,579.60 03/31/11 204,406,098.50 46,555,428.08 52,439,712.97 105,410,957.45 01/31/07 140,751,745.07 30,058,091.08 37,204,941.29 73,488,712.70 04/30/11 196,890,904.95 46,284,639.10 51,775,206.12 98,831,059.73 02/28/07 134,780,141.52 30,099,578.04 42,400,991.27 62,279,572.21 05/31/11 187,084,917.40 45,692,919.82 45,543,075.85 95,848,921.73 03131/07 130,695,124.81 30,984,947.93 36,322,464.80 63,387,712.08 06/30/11 230,633,979.38 46,029,921.56 57,605,720.29 126,998,337.53 04/30/07 123,592,524.20 29,218,887.63 36,374,308.24 57,999,328.33 07/31/11 215,737,687.08 45,556,018.39 51,845,520.23 118,336,148.46 05/31/07 122,056,197.59 32,424,086.65 36,579,224.31 53,052,886.63 08/31/11 208,031,597.26 45,688,053.72 49,085,008.00 113,258,535.54 06/30/07 153,755,514.81 48,699,567.31 35,914,061.41 69,141,886.09 09/30/11 203,800,576.60 46,330,287.44 47,073,543.39 110,396,745.77 07/31/07 137,115,793.85 48,096,309.22 33,046,039.94 55,973,444.69 10/31/11 218,059,539.64 67,040,484.39 44,750,523.17 106,268,532.08 08/31/07 135,817,993.03 47,662,427.04 31,416,991.60 56,738,574.39 11/30/11 207,257,743.68 61,691,017.04 41,844,406.42 103,722,320.22 09/30/07 130,647,671.00 45,360,303.16 30,955,278.22 54,332,089.62 12/31/11 231,757,444.75 58,173,399.01 51,201,636.39 122,382,409.35 10/31/07 139,006,258.42 46,717,357.10 29,953,285.20 62,335,616.12 01/31/12 216,528,714.30 59,207,692.55 44,464,972.65 112,856,049.10 11/30107 149,006,468.44 41,716,114.28 29,049,190.99 78,241,163.17 02/29/12 210,660,777.01 59,272,665.18 43,124,396.97 108,263,714.86 12/31/07 191,315,373.73 55,204,053.77 43,118,912.28 92,992,407.68 03/31/12 204,985,024.71 59,768,182.49 40,875,506.16 104,341,336.06 01/31/08 178,454,459.92 56,114,335.03 41,405,052.40 80,935,072.49 04/30/12 202,396,668.08 60,202,795.65 39,972,677.94 102,221,194.49 02/29/08 175,025,158.07 54,575,012.50 40,635,068.99 79,815,076.58 05/31/12 194,807,225.14 59,123,171.41 37,283,464.71 98,400,589.02 03/31/08 170,888,981.29 54,575,272.95 40,558,124.18 75,755,584.16 06/30/12 244,718,879.49 67,140,754.63 48,308,618.33 129,269,506.53 04/30/08 165,390,558.53 54,929,047.02 40,290,091.29 70,171,420.22 07/31/12 230,268,324.98 67,955,663.74 43,597,429.86 118,715,231.38 05/31/08 156,964,559.54 53,052,472.03 40,210,711.69 63,701,375.82 08/31/12 223,526,459.82 67,464,201.30 41,355,817.62 114,706,440.90 06/30/08 167,363,776.09 53,204,418.10 39,857,987.53 74,301,370.46 09/30/12 223,261,928.97 65,732,654.52 40,654,565.67 116,874,708.78 07/31/08 171,036,661.63 54,533,563.28 39,145,712.40 77,357,385.95 10/31/12 214,815,908.26 66,270,486.67 38,605,222.83 109,940,198.76 08/31/08 163,938,453.44 54,251,216.99 36,074,455.00 73,612,781.45 11/30/12 203,844,116.85 59,658,568.60 37,090,958.24 107,094,590.01 09/30/08 160,071,575.14 53,272,451.68 35,928,266.53 70,870,856.93 12/31/12 255,285,203.18 82,506,887.41 47,393,846.15 125,384,469.62 10/31/08 164,801,788.81 68,706,036.43 34,674,631.21 61,421,121.17 01/31/13 .247,853,896.56 83,296,821.86 45,144,294.34 119,412,780.36 11/30/08 148,390,201.07 54,077,562.73 33,382,904.90 60,929,733.44 02/28/13 237,222,593.71 82,484,393.54 41,364,435.41 113,373,764.76 12/31/08 140,621,861.88 44,639,804.67 28,608,922.65 67,373,134.56 03/31/13 232,080,046.72 82,950,715.18 41,430,811.51 107,698,520.03 01/31/09 129,082,048.94 45,793,529.09 26,731,148.85 56,557,371.00 04/30/13 226,442,650.85 80,568,512.43 42,438,979.52 103,435,158.90 02/28/09 136,587,197.92 46,941,062.25 28,199,966.51 61,446,169.16 05/31/13 220,102,647.01 79,672,318.05 42,077,874.12 98,352,454.84 03/31/09 150,350,125.92 47,265,006.09 27,482,787.81 75,602,332.02 06/30/13 259,848,268.81 79,520,360.08 55,157,971.58 125,169,937.15 04/30/09 156,355,774.87 48,061,985.20 38,905,572.01 69,388,217.66 07/31/13 252,445,699.79 79,867,774.82 51,147,079.40 121,430,845.57 05/31/09 154,015,638.43 46,623,111.00 38,656,758.39 68,735,769.04 08/31/13 242,038,208.31 79,782,901.50 48,231,381.91 114,023,924.90 06/30/09 145,255,362.21 46,662,615.02 36,003,705.47 62,589,041.72 09/30/13 242,325,305.67 79,940,103.15 47,344,717.04 115,040,485.48 07/31/09 151,028,950.92 45,609,990.75 39,288,192.08 66,130,768.09 10/31/13 235,335,719.18 79,663,547.72 45,849,747.51 109,822,423.95 08/31/09 154,754,067.65 44,700,623.82 38,981,480.90 71,071,962.93 11/30113 222,610,337.19 72,524,668.50 45,831,055.40 104,254,613.29 09/30109 153,379,153.77 44,771,129.93 38,365,267.66 70,242,756.18 12/31/13 247,349,777.30 67,716,137.82 55,315,510.06 124,318,129.42 10/31/09 150,364,096.50 44,855,908.07 36,749,933.72 68,758,254.71 01/31/14 232,044,399.72 66,889,990.77 50,898,242.66 114,256,166.29 11/30/09 144,010,184.05 44,458,186.54 35,847,660.55 63,704,336.96 02/28/14 227,156,115.52 67,566,543.96 49,986,290.38 109,603,281.18 12/31109 188,453,001.03 36,891,179.40 34,358,243.89 117,203,577.74 03/31/14 222,046,327.82 68,633,684.73 49,028,261.04 104,384,382.05 01/31/10 196,099,529.93 37,726,300.40 53,534,937.83 104,838,291.70 04/30/14 214,783,605.41 68,960,383.93 47,281,387.13 98,541,834.35 02/28/10 194,663,355.99 36,982,623.93 52,816,628.95 104,864,103.11 05/31/14 209,324,809.29 67,425,749.33 46,795,213.96 95,103,846.00 03/31/10 197,907,655.27 41,475,717.35 52,577,148.25 103,854,789.67 06/30/14 251,700,644.00 67,697,981.00 61,118,881.00 122,883,782.00 04/30/10 190,430,003.35 40,478,357.60 51,768,568.42 98,183,077.33 07/31/14 238,781,403.03 68,611,865.99 56,842,280.86 113,327,256.18 05/31/10 201,229,420.61 38,739,522.56 50,881,687.36 111,608,210.69 08/31/14 234,086,687.41 68,747,483.87 55,735,447.17 109,603,756.37 06/30/10 230,557,975.59 39,738,881.62 62,539,377.78 128,279,716.19 09/30/14 233,595,370.44 69,430,344.98 54,889,194.46 109,275,831.00 07/31/10 217,064,522.90 42,020,069.17 55,401,804.58 119,642,649.15 10/31/14 225,913,486.47 70,431,027.92 54,196,891.83 101,285,566.72 08/31/10 210,387,480.23 40,331,826.60 53,423,401.23 116,632,252.40 11/30/14 216,583,420.38 64,909,392.12 54,554,819.33 97,119,208.93 09/30/10 211,494,373.45 40,245,656.32 52,832,007.68 118,416,709.45 12/31/14 239,808,095.03 61,623,499.90 65,903,128.76 112,281,466.37 10/31/10 204,642,650.38 39,984,803.80 51,745,774.22 112,912,072.36 01/31/15 225,471,264.56 61,585,040.94 60,387,162.56 103,499,061.06 11/30/10 198,782,418.22 35,695,100.47 49,573,730.89 113,513,586.86 02/28/15 221,854,105.82 63,269,776.69 58,990,110.88 99,594,218.25 12/31/10 227,739,252.18 41,300,042.16 65,164,721.07 121,274,488.95 03/31/15 215,278,052.12 64,288,370.38 58,654,868.03 92,334,813.71 01/31/11 214,107,834.98 42,918,366.28 57,392,911.65 113,796,557.05 04/30/15 213,330,317.66 65,430,174.18 57,972,838.77 89,927,304.71 02/28/11 208,263,626.92 44,793,554.36 53,822,791.88 109,647,280.68 05/31/15 209,379,494.75 65,714,228.05 57,630,884.95 86,034,381.75 42 City of South Bend Cash Balances-Total Funds January 1,2007-December 31,2016 Enterprise Redevelopment Civil City Date Total Cash Funds Funds Funds 06/30/15 249,603,497.41 68,746,632.56 70,642,566.10 110,214,298.75 07131/15 236,381,857.01 70,884,051.33 65,048,413.67 100,449,392.01 08/31/15 228,483,356.31 72,023,119.13 61,042,169.83 95,418,067.35 09/30/15 234,514,964.30 75,617,268.98 59,936,471.64 98,961,223.68 10/31/15 230,114,056.20 77,155,814.42 56,339,743.69 96,618,498.09 11/30/15 222,277,823.00 75,987,100.36 54,715,027.81 91,575,694.83 12/31/15 228,782,505.24 64,215,673.59 61,194,710.47 103,372,121.18 01/31/16 217,346,607.43 65,062,377.54 55,690,681.11 96,593,548.78 02/29/16 213,873,714.80 67,564,110.56 53,548,676.30 92,760,927.94 03/31/16 211,205,005.30 69,211,164.87 53,434,486.66 88,559,353.77 04/30/16 207,587,385.26 69,616,174.97 51,317,725.09 86,653,485.20 05/31/16 206,530,605.82 69,399,868.04 50,296,085.76 86,834,652.02 06/30/16 249,745,397.89 68,720,691.90 64,433,239.06 116,591,466.93 07/31/16 236,139,560.82 69,227,392.30 58,518,600.58 121,999,405.01 08/31/16 229,469,472.57 67,673,880.42 55,966,718.35 105,828,873.80 09/30/16 231,252,737.44 69,398,336.63 55,065,472.04 106,788,928.77 10/31/16 224,757,043.80 68,809,369.21 52,059,580.89 103,888,093.70 11/30116 210,677,437.29 61,451,803.84 51,222,578.99 98,003,054.46 12/31/16 234,529,325.24 58,486,210.11 60,406,691.98 115,636,423.15 43 source® Corporation Investment Advisors, Inc. Title: President and Chief Investment Officer, 1st Source Corporation Investment Advisors, Inc. Education: B.S. Finance (magna cum laude) University of Minnesota - Mankato Mankato, Minnesota rte: Background: Paul leads the investment strategy and implementation for our clients. Paul oversaw the effort to create 1st Source Paul W Gifford,Jr., CFA Corporation Investment Advisors, Inc. and office: (574) 235-2751 started here as our Senior Fixed Income mobile: (574) 274-2246 Manager. Prior to joining 1st Source in 2000, GiffordP @lstsource.com he worked for Bremer Trust, N.A. in St. Cloud, Minnesota. He has worked in sales, portfolio management, and product development in investments since 1989. Paul earned the right to use the Chartered Financial Analyst designation in 1998. Organizations: Paul is involved with the CFA Institute, Christ the King Lutheran Church, and South Bend Medical Foundation. Our Missi'an cs to kefa our c& ts; achieve securitry, hui&( weaftA anc( realize tkctr ((reams. 44 Source® ' Bank Wealth Advisory Services Title: Vice President and Senior Fixed Income Portfolio Manager Education: B.S. Marketing, Finance minor York College York, Pennsylvania Background: Erikjoined 1st Source in 2015 after working with Comerica in Detroit as a Senior Fixed Income Analyst & Strategist for seven years, and prior as a Closely-Held Investment Analyst for two years. He worked as a manager of fixed income analytics Erik Clapsaddle, CFA, CFP® and worked closely with the capital markets and office: (574) 235-2754 investment banking businesses. His work has focused mobile: (248) 808-4281 on credit analytics, valuation, interest rate strategies, ClapsaddleE @lstsource.com and macro-strategy. Erik has developed and implemented tailored portfolio asset allocation strategies, which were focused on fixed income, for a wide array of clients with a large range of financial instruments. Organizations: Erik is active coaching local youth sports teams. Erik received his B.S. in Marketing with Minors in Finance and Music Industry from York College of Pennsylvania. Our -MdsiM t� to heep our c&nts, achietle secun't huR wealth anc( reaftze their drm s. 45 source. ' Bank Wealth Advisory Services Title: Trust Officer Education: B.S. Business Administration i and Management Indiana University, South Bend South Bend, Indiana Background: In 2002 Andrea joined the banking team of 1st Source Bank, and then worked in Retirement Plan Services before joining Personal Trust in 2008. Andrea's well-rounded background includes experience with the administration of Revocable and Irrevocable Trusts, IRAs, Special Needs Trusts, Guardianships, Andrea Soule Estates, Irrevocable Life Insurance Trusts, and office: (574) 235-2631 Investment accounts. Andrea's special combination mobile: (574) 274-2245 of experience and knowledge provides notable SouleA @lstsource.com wealth and asset management resources that work together to best serve client needs with banking, retirement planning, and trust and estate services. Organizations: An avid supporter of the United Way, Andrea is involved in the community as a member of the Michiana Estate Planning Council, as a volunteer for Junior Achievement, as a mentor for St. Mary's College and Indiana University South Bend students, as well as serving on the Advisory Council for the Guardianship Program of REAL Services. Our Msi;m t. for hc4, our c&rats, ackii ilc sccurr"tV, htti ( rvca(tk ctnc( rcct(lzc tkclr dreams. 46 For more information contact: John H.Murphy, City Controller 227 W. Jefferson Blvd. 12th Floor South Bend,IN 46601 email:jmurphy @southbendin.gov direct phone: (574)235-7678