HomeMy WebLinkAboutDebt Report to Council 9-11-18September 11, 2018
City‐Wide Debt Update to Council
•Introductions
•Terminology
•Credit Rating Information
•Why and How Does the City Issue Debt?
•Responsible Debt Issuance
•City Debt Discussion
Agenda
1
•Who is here today?
•City of South Bend
•Jennifer Hockenhull, CPA
•City Controller
•Benjamin Dougherty, JD
•Deputy City Controller
•Crowe LLP
•Herschel Frierson
•Managing Director
•Nathan Flynn
•Senior Manager
Introductions
•What is DEBT?
•Definition – Something that is owed or due
•Types of Debt within the City
•Bonds
•Capital Leases
•Accrued paid time off for employees (compensated absences such
as vacation & sick time)
•Public Employee Retirement Fund (PERF) Benefits
•Other Post Employment Benefits (OPEB) Obligations
For further information on debt, please refer to the 2017 Comprehensive Annual
Financial Report at www.southbendin.gov/2017_CAFR
For further information on best practices related to debt, cash reserves and
other financial practices, visit: http://www.gfoa.org/best‐practices
Terminology
2
•What is a BOND?
•A bond is a fixed income investment in which an investor loans money to an
entity (i.e. the City) which borrows the funds for a defined period of time at a
variable or fixed interest rate. Bonds are used by companies, municipalities,
states and sovereign governments to raise money and finance a variety of
projects and activities. (Bond Definition | Investopedia
https://www.investopedia.com/terms/b/bond.asp#ixzz5Qngxi3Oy)
•Bonds are issued for a specific purpose.
•Types of Bonds and Examples
•General Obligation (G.O.) bond—Backed by the full faith, credit and taxing
power of the issuer. Issued to finance projects that will benefit the entire community,
like roads and fire stations.
•Example: 2017 Parks Bond
•Revenue bond—Bonds secured by revenues from the project they were issued to
finance, such as sewer revenue or water revenue bonds.
•Example: Various Water and Wastewater Bonds, including CSO project bonds
•TIF bond —Backed by TIF revenues expected to be collected based on appropriate
coverage level.
•Example: Eddy Street Commons Bond
Terminology
•What is INTEREST?
•Interest is the charge for the privilege of borrowing money, typically
expressed as annual percentage rate (APR).(Interest Definition | Investopedia
https://www.investopedia.com/terms/i/interest.asp)
•Interest rates received over past 4 years ranged from 2% to 3.75%.
•What are BOND ISSUANCE COSTS?
•Required by law (in most cases) to hire:
•Municipal Advisor –Assist the issuer on matters such as selecting the method of sale
(competitive, negotiated, private placement, direct bank loan, etc.), structuring the financings,
sale timing, marketing, fairness of pricing, obtaining credit ratings, evaluating cost
effectiveness of credit enhancement and other matters.
•Bond Counsel –Retained by the issuer to give a legal opinion that: Issuer is authorized
to issue proposed municipal securities and has met all legal and procedural requirements
necessary for issuance; If interest on the proposed securities will be excluded from gross
income of the holders (Federal and/or State and or local); Generally responsible for the
preparation of financing documents including Trust Indenture and Bond Resolution; assists
with preparation of the Official Statement
•Underwriter –A firm that facilitates the public sale of securities by an issuer
•Rating Agency –Issue designations used to give relative indications of credit quality
Terminology
3
•What is the City’s CREDIT RATING?
•The City of South Bend’s General Obligation Credit Rating is a stable AA*
According to S&P Global Ratings, Long‐Term Issue Credit Ratings Category
Definitions are as follows:
AAA –An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's
capacity to meet its financial commitments on the obligation is extremely strong.
*AA –An obligation rated 'AA' differs from the highest‐rated obligations only to a
small degree. The obligor’s capacity to meet its financial commitments on the
obligation is very strong.
A –An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher‐rated categories. However, the
obligor's capacity to meet its financial commitments on the obligation is still strong.
BBB –An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic
conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its
financial commitments on the obligation.
Credit Rating
•Why is the City’s credit rating AA?
•The most recent credit rating report issued by S&P can be found at:
http://docs.southbendin.gov/WebLink/0/edoc/173766/2018‐
03%20SP%20Rating%20Report%20South%20Bend%20General%20Obligation%20Bonds.pdf
•Highlights for this rating include:
•Strong management, with good financial policies and practices under our Financial
Management Assessment methodology;
•Adequate budgetary performance, with a slight operating surplus in the general fund but an
operating deficit at the total governmental fund level in fiscal 2016;
•Very strong budgetary flexibility, with an available fund balance in fiscal 2016 of 77% of
operating expenditures;
•Very strong liquidity, with total government available cash at 20.4% of total governmental
fund expenditures and 1.8x governmental debt service, and access to external liquidity we
consider exceptional;
•Adequate debt and contingent liability position, with debt service carrying charges at
11.5% of expenditures and net direct debt that is 108.4% of total governmental fund revenue,
as well as rapid amortization, with 68.2% of debt scheduled to be retired in 10 years;
•Weak economy, with projected per capita effective buying income at 67.0% and market value
per capita of $45,626, though that is advantageously gaining from a local stabilizing
institutional influence
Credit Rating
4
•By issuing debt, the City is not tying up large sums of operating
dollars, but is spreading the cost of the projects over the useful
life of the project
•Various City departments identify a need for a large capital
project
•New Fire Station to replace an outdated station which
benefit the area they serve by allowing for standard fire
trucks and better working conditions for our Firefighters
•Parks improvements which touch almost every area of the
City allowing for residents to have parks, trails and centers
for which they are able to visit for health and social benefits
•Economic Development projects which will increase
property values and therefore will pay for themselves with
property tax revenues over time
Why Does the City Issue Debt?
•Before issuing debt, the City Administration works with Bond
Counsel and Municipal Advisors to determine the following:
•What is the specific project?
•What is the life of the project? (i.e. roads should last 20 years; a park
project might have a life of 15 years)
•How will we fund the project? (TIF, Property Taxes, Local Income
Taxes or Charges for Services)
•Are there any bonds rolling off for which we can repurpose the
payments?
•What is the structure of the debt?
•If we don’t issue a bond, do we have sufficient cash reserves to pull
from?
•The Administration then works with Council to ensure enough
information has been provided and that they are comfortable to
approve debt issuance; Council approves all bonds issued by the
City.
How Does the City Issue Debt?
5
Responsible Debt Issuance
•How can we rest assured that we’re being responsible with the amount
of debt we’re taking on?
–Three most important checks imposed by law and bond purchasers when
issuing debt:
•2% debt limit for general obligation bonds
–Vast majority of the City’s debt is not subject to the limit due to
coverage through revenues other than property taxes or
Economic Development income taxes
•State of Indiana requires referendum (vote by tax payers) that would
allow the City to repay the debt by collecting property taxes in excess
of the Circuit Breaker limit
•Parity tests on revenue bonds to ensure the City is not issuing more
debt that we can afford to repay in the future.
–The City only issues Long Term Debt for large capital projects; no short
term operational borrowings have been required due to strong cash
reserves and strong annual budgeting processes
Recent Debt Issuance
$ M
$10 M
$20 M
$30 M
$40 M
$50 M
$60 M
$70 M
$80 M
$90 M
$100 M
1996‐1999 2000‐2003 2004‐2007 2008‐2011 2012‐2015 2016‐2019
(estimate)
Mortgage and Revenue Bonds Issued
Note: Numbers have not been adjusted for inflation.
6
PROJECTS
MADE POSSIBLE
BY COUNCIL‐
APPROVED
FINANCING
Photo credit: The Michiana Forum
•What is GATEWAY? (https://gateway.ifionline.org/default.aspx)
•A transparency website set up by the State of Indiana
•Information available regarding:
•Budgets
•Debt
•Annual Expenditures
•Other state required information
•Who has access to enter information in Gateway?
•Finance staff at the City
•Municipal Advisors on specific bond transactions
•Who has access to approve information in Gateway?
•The City Controller and the Deputy City Controller
Gateway (State of Indiana)
7
•List of outstanding debt is included in the Monthly Financial
Report issued by Administration & Finance and located on the
website at www.southbendin.gov/finances
•Included in the appendix of this presentation is a summarized
debt report
•Report contains long term debt as well as 5‐year capital lease
debt for equipment
Current Debt Report
Questions?
8
City of South Bend, IndianaDebt SummaryPrincipal & Interest Payments - 2019 through 20385 year periodsFund TypeOriginal Debt 20192020202120222023 2024-2028 2029-2033 2034-2038TIF Funds143,485,000$ 12,692,941$ 12,785,633$ 12,819,867$ 12,242,840$ 11,462,096$ 39,901,573$ 34,705,409$ 18,805,506$ 324 River West TIF82,485,000 8,925,959 8,922,952 8,646,036 7,848,609 7,064,615 17,811,382 13,000,781 5,978,006 436 River East TIF61,000,000 3,766,981 3,862,681 4,173,831 4,394,231 4,397,481 22,090,191 21,704,628 12,827,500 Public Works135,223,990$ 11,845,389$ 11,603,101$ 10,920,647$ 10,476,788$ 9,359,832$ 33,574,729$ 15,527,034$ -$ 641/649 Sewage Works105,286,730 8,448,134 8,404,435 8,137,860 8,005,736 7,830,133 27,216,123 12,769,550 - 620/625 Water Works25,384,650 2,434,420 2,238,029 2,130,318 2,038,201 1,400,475 6,358,607 2,757,484 - 611 Solid Waste4,552,610 962,836 960,637 652,469 432,851 129,224 - - - General Plus Funds55,983,866$ 3,493,825$ 3,259,265$ 2,800,245$ 1,521,592$ 1,004,824$ 3,992,467$ 3,994,623$ 2,430,207$ 404 COIT40,469,613 1,647,901 1,423,230 1,217,381 344,011 - - - - 408 EDIT11,807,697 839,729 841,591 831,877 832,142 832,105 3,992,467 3,994,623 2,430,207 201 Parks & Recreation1,924,884 408,454 402,229 361,001 129,987 64,993 - - - 406 CCI994,500 434,530 434,530 242,411 215,453 107,726 - - - 101 General Fund787,173 163,211 157,684 147,574 - - - - - Other Funds42,485,997$ 4,412,890$ 3,909,854$ 3,606,382$ 3,118,813$ 2,655,934$ 11,574,126$ 10,085,250$ 1,548,094$ 312 2018 TIF Park Bond14,075,000 1,181,140 1,172,965 1,189,190 1,169,365 1,179,165 5,887,975 5,321,120 - 287 EMS Capital12,868,172 1,200,512 1,217,912 1,103,138 1,076,851 909,794 3,766,188 3,850,242 1,548,094 672 Century Center Energy Conserv Bond4,167,897 415,423 411,096 406,711 402,367 397,959 1,919,963 913,888 - 202 Motor Vehicle Highway3,351,379 704,662 582,021 453,901 197,361 98,680 - - - 279 Innovation & Technology1,332,986 341,445 315,559 308,218 195,983 57,043 - - - 600 Consolidated Bldg Fund602,507 128,451 123,009 105,880 76,887 13,293 - - - 222 Central Services68,056 15,277 15,281 3,339 - - - - - Other6,020,000 425,980 72,010 36,005 - - - - - Grand Total377,178,853$ 32,445,045$ 31,557,853$ 30,147,141$ 27,360,034$ 24,482,686$ 89,042,894$ 64,312,316$ 22,783,807$ Original Debt by Fund TypeTotal Debt PaymentsNote: Does not include interfund loansTIF Funds38%Public Works36%General Plus Funds15%Other Funds11%0 $5 M $10 M $15 M $20 M $25 M $30 M $35 M20192020202120222023Other FundsGeneral Plus FundsTIF FundsPublic Works9
City of South Bend, IndianaDebt SummaryPrincipal & Interest Payments - 2019 through 2038Debt TypeOriginal Debt 20192020202120222023 2024-2028 2029-2033 2034-2038Economic Development140,020,278$ 9,981,358$ 9,719,181$ 10,006,374$ 9,700,990$ 9,696,921$ 34,973,048$ 30,243,384$ 18,805,506$ 2015 Eddy St Commons Parking Garage36,000,000 2,468,856 2,472,056 2,462,956 2,467,856 2,467,606 12,339,441 11,093,003 - 2015 Smart Streets Bond25,000,000 1,710,369 1,711,044 1,710,819 1,709,694 1,707,669 8,538,960 8,538,756 5,978,006 2017 Eddy St Commons Phase II25,000,000 1,298,125 1,390,625 1,710,875 1,926,375 1,929,875 9,750,750 10,611,625 12,827,500 2011 South Bend Downtown Central Development A19,795,000 1,917,568 1,912,740 1,918,640 1,918,847 1,912,869 1,917,280 - - 2011 Airport Development Area TIF 14,420,000 1,089,097 1,089,400 1,092,266 1,091,794 1,092,827 1,091,080 - - 2013 Century Center Special Tax Bonds 4,655,000 390,413 388,556 390,713 386,425 386,075 935,538 - - Other 15,150,278 1,106,930 754,760 720,105 200,000 200,000 400,000 - - Wastewater/Sewer Infrastructure101,347,000$ 7,772,676$ 7,780,015$ 7,794,089$ 7,814,319$ 7,830,133$ 27,216,123$ 12,769,550$ -$ Building Projects51,540,594$ 3,822,022$ 3,837,872$ 3,512,218$ 3,157,889$ 2,375,944$ 7,803,436$ 6,825,650$ 2,993,426$ 2012 Bond Fire Station/Police Dept Renovations 21,335,000 1,557,920 1,555,880 1,566,750 1,555,000 779,625 - - - 2001 Public Works Service Center 9,250,000 671,144 672,500 336,600 - - - - - 2013 Bond Fire Station #5 & Training Tower 5,580,000 398,830 396,705 399,355 396,780 398,980 2,048,456 2,137,076 - 2018 Fire Station #9 Bond 5,045,000 321,706 341,231 345,306 344,156 342,856 1,717,731 1,713,166 1,548,094 2015 Century Center Solar Panels 4,167,897 415,423 411,096 406,711 402,367 397,959 1,919,963 913,888 - 2018 Zoo Bond 3,505,000 257,756 261,000 258,225 260,163 257,100 1,298,181 1,292,500 1,291,750 2014 PSAP Center Bonds 2,657,697 199,242 199,460 199,271 199,423 199,423 819,104 769,020 153,582 Capital Leases29,213,582$ 6,299,527$ 5,853,402$ 4,457,757$ 2,324,043$ 638,918$ -$ -$ -$ Parks Bonds31,675,000$ 2,554,921$ 2,546,896$ 2,551,121$ 2,528,771$ 2,540,296$ 12,691,681$ 11,716,248$ 984,875$ 2017 Parks Bond14,075,000 1,181,140 1,172,965 1,189,190 1,169,365 1,179,165 5,887,975 5,321,120 - 2018 TIF Parks Bond11,995,000 991,050 992,800 987,550 986,850 985,550 4,928,525 4,462,025 - 2015 Parks Bond5,605,000 382,731 381,131 374,381 372,556 375,581 1,875,181 1,933,103 984,875 Water Works Infrastructure23,382,400$ 2,014,541$ 1,820,486$ 1,825,582$ 1,834,022$ 1,400,475$ 6,358,607$ 2,757,484$ -$ Grand Total377,178,853$ 32,445,045$ 31,557,853$ 30,147,141$ 27,360,034$ 24,482,686$ 89,042,894$ 64,312,316$ 22,783,807$ Original Debt by Debt TypeTotal Debt PaymentsNote: Does not include interfund loans5 year periodsEconomic Development37%Wastewater/Sewer Infrastructure27%Building Projects14%Parks Bonds8%Capital Leases8%Water Works Infrastructure6%0 $5 M $10 M $15 M $20 M $25 M $30 M $35 M2019 2020 2021 2022 2023Water WorksInfrastructureCapital LeasesParks BondsBuilding ProjectsWastewater/SewerInfrastructureEconomic Development10
City of South Bend, IndianaDebt SummaryPrincipal Balance - December 31, 2017 through 2025Fund TypeOriginal Debt 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25TIF Funds 146,985,000$ 111,392,361$ 115,814,137$ 107,696,467$ 99,179,617$ 90,307,014$ 81,630,812$ 73,346,197$ 65,472,742$ 60,265,000$ 324 River West TIF85,985,000 57,632,361 63,439,137 56,776,467 49,869,617 42,987,014 36,615,812 30,756,197 25,442,742 22,940,000 436 River East TIF 61,000,000 53,760,000 52,375,000 50,920,000 49,310,000 47,320,000 45,015,000 42,590,000 40,030,000 37,325,000 Public Works136,298,080$ 96,335,223$ 86,948,365$ 77,587,621$ 68,248,758$ 59,368,766$ 50,717,075$ 42,962,360$ 35,108,732$ 27,753,673$ 641/649 Sewage Works105,532,084 76,037,191 68,220,390 61,646,098 54,965,470 48,393,807 41,798,706 35,216,843 28,449,588 22,221,791 620/625 Water Works 25,410,793 17,558,032 15,731,634 13,847,424 12,107,308 10,426,760 8,791,030 7,745,517 6,659,144 5,531,882 611 Solid Waste 5,355,202 2,740,001 2,996,341 2,094,098 1,175,980 548,199 127,339 - - - Other Funds64,439,400$ 28,307,031$ 33,098,999$ 29,687,600$ 26,686,325$ 23,905,532$ 21,533,909$ 19,553,630$ 17,854,315$ 16,098,754$ 313 Hall of Fame Debt Service15,370,000 620,000 - - - - - - - - 312 2018 TIF Park Bond14,075,000 14,075,000 13,725,000 12,955,000 12,170,000 11,345,000 10,515,000 9,650,000 8,760,000 7,840,000 287 EMS Capital12,868,172 5,363,141 11,374,640 10,533,390 9,651,046 8,859,312 8,070,507 7,425,000 6,925,000 6,405,000 672 Century Center Energy Conserv Bond4,167,897 4,098,706 3,936,004 3,655,914 3,370,300 3,079,026 2,781,851 2,478,630 2,169,315 1,853,754 202 Motor Vehicle Highway4,069,756 1,756,855 1,948,213 1,281,811 725,863 287,487 97,241 - - - 279 Innovation & Technology1,332,986 352,442 1,138,016 830,989 539,885 246,450 56,211 - - - 600 Consolidated Bldg Fund610,604 409,765 427,022 307,182 190,323 88,257 13,099 - - - 222 Central Services71,679 45,559 32,287 18,078 3,303 - - - - - Other11,873,307 1,585,563 517,818 105,236 35,604 - - - - - General Plus Funds59,081,252$ 13,816,957$ 18,293,283$ 15,244,113$ 12,417,716$ 10,006,143$ 8,835,398$ 8,152,146$ 7,629,738$ 7,122,973$ 404 COIT42,386,620 4,271,104 4,541,067 2,937,447 1,541,902 339,059 - - - - 408 EDIT11,807,697 7,468,855 10,633,220 10,129,682 9,648,241 9,163,897 8,665,199 8,152,146 7,629,738 7,122,973 406 CCI2,082,478 428,917 1,357,688 954,356 542,249 313,841 106,155 - - - 201 Parks & Recreation1,955,463 1,027,961 1,305,198 923,106 539,418 189,346 64,045 - - - 101 General Fund848,995 620,120 456,109 299,521 145,907 - - - - - Grand Total406,803,733$ 249,851,572$ 254,154,784$ 230,215,801$ 206,532,417$ 183,587,455$ 162,717,194$ 144,014,333$ 126,065,527$ 111,240,400$ Debt TypeOriginal Debt 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25Economic Development 138,010,000$ 101,883,409$ 95,817,818$ 89,955,236$ 84,125,604$ 77,770,000$ 71,445,000$ 64,830,000$ 57,895,000$ 53,655,000$ 2015 Eddy St Commons Parking Garage36,000,000 28,760,000 27,400,000 25,995,000 24,530,000 23,015,000 21,430,000 19,765,000 18,015,000 16,175,000 2015 Smart Streets Bond 25,000,000 24,540,000 23,600,000 22,630,000 21,630,000 20,600,000 19,540,000 18,450,000 17,330,000 16,170,000 2017 Eddy St Commons Phase II 25,000,000 25,000,000 24,975,000 24,925,000 24,780,000 24,305,000 23,585,000 22,825,000 22,015,000 21,150,000 2011 South Bend Downtown Central Development A19,795,000 11,185,000 9,810,000 8,365,000 6,855,000 5,265,000 3,595,000 1,845,000 - - 2011 Airport Development Area TIF 14,420,000 6,375,000 5,585,000 4,765,000 3,905,000 3,000,000 2,050,000 1,050,000 - - 2013 Century Center Special Tax Bonds 4,655,000 2,875,000 2,565,000 2,245,000 1,920,000 1,585,000 1,245,000 895,000 535,000 160,000 Other 15,650,278 4,453,910 3,051,910 2,056,013 1,380,811 717,014 550,812 376,197 192,742 - Wastewater/Sewer Infrastructure101,347,000$ 73,597,171$ 66,450,133$ 60,518,401$ 54,441,844$ 48,205,325$ 41,798,706$ 35,216,843$ 28,449,588$ 22,221,791$ Building Projects66,910,594$ 21,742,561$ 27,204,224$ 24,295,596$ 21,308,541$ 18,552,923$ 16,042,050$ 14,215,776$ 13,124,053$ 12,041,727$ 2012 Bond Fire Station/Police Dept Renovations 21,335,000 7,645,000 6,365,000 5,040,000 3,670,000 2,250,000 770,000 - - - 2011 College Football Hall of Fame 15,370,000 620,000 - - - - - - - - 2001 Public Works Service Center 9,250,000 2,180,000 1,585,000 970,000 330,000 - - - - - 2013 Bond Fire Station #5 & Training Tower 5,580,000 4,920,000 4,695,000 4,460,000 4,220,000 3,970,000 3,715,000 3,450,000 3,170,000 2,880,000 2018 Fire Station #9 Bond 5,045,000 - 4,970,000 4,800,000 4,605,000 4,400,000 4,190,000 3,975,000 3,755,000 3,525,000 2015 Century Center Solar Panels 4,167,897 4,098,706 3,936,004 3,655,914 3,370,300 3,079,026 2,781,851 2,478,630 2,169,315 1,853,754 2018 Zoo Bond 3,505,000 - 3,505,000 3,355,000 3,235,000 3,115,000 2,990,000 2,865,000 2,735,000 2,600,000 2014 PSAP Center Bonds 2,657,697 2,278,855 2,148,220 2,014,682 1,878,241 1,738,897 1,595,199 1,447,146 1,294,738 1,182,973 Capital Leases32,643,461$ 15,946,280$ 18,783,484$ 12,828,103$ 7,211,632$ 2,891,481$ 629,597$ -$ -$ -$ Parks Bonds31,675,000$ 19,265,000$ 30,295,000$ 28,645,000$ 26,960,000$ 25,225,000$ 23,460,000$ 21,630,000$ 19,745,000$ 17,790,000$ 2017 Parks Bond14,075,000 14,075,000 13,725,000 12,955,000 12,170,000 11,345,000 10,515,000 9,650,000 8,760,000 7,840,000 2018 TIF Parks Bond11,995,000 - 11,590,000 10,930,000 10,255,000 9,570,000 8,865,000 8,140,000 7,385,000 6,610,000 2015 Parks Bond5,605,000 5,190,000 4,980,000 4,760,000 4,535,000 4,310,000 4,080,000 3,840,000 3,600,000 3,340,000 Water Works Infrastructure23,382,400$ 15,866,650$ 14,435,033$ 12,947,688$ 11,609,589$ 10,225,712$ 8,791,030$ 7,745,517$ 6,659,144$ 5,531,882$ Other10,325,000$ 245,000$ -$ -$ -$ -$ -$ -$ -$ -$ Grand Total406,803,733$ 249,851,572$ 254,154,784$ 230,215,801$ 206,532,417$ 183,587,455$ 162,717,194$ 144,014,333$ 126,065,527$ 111,240,400$ Note: Does not include interfund loans11
Period Ending:
Issued By:
City of South Bend
Financial Report
Page Contents
2 Narrative
3 - 6 Revenue by Type
7 - 10 Revenue by Fund
11 Property Tax Revenue
12 - 15 Expenditures by Fund and Department
16 - 17 Outstanding Debt
18 - 19 Debt Payments Year-to-Date
20 - 21 Full-Time Staffing Summary by Fund
22 Full-Time Staffing Summary by Activity
23 Part-Time Staffing Summary by Fund
24 Paid Temporary, Seasonal, and Intern Staffing
Distribution
Mayor Pete Buttigieg
Chief of Staff Laura O'Sullivan
Deputy Chief of Staff Suzanna Fritzberg
Common Council
Department Heads
Fiscal Officers
July 31, 2018
Controller
12
Monthly Financial Report 2 of 24
July 31, 2018
Financial Report
The Financial Report provides current year financial information for each City fund in a condensed format. Information is provided
for revenue (by type and fund), expenditures, property taxes, debt status, and staffing levels. This report is prepared monthly
and supplements other reports that the City prepares such as the Controller's Cash Report, the Monthly Departmental Financial
Report, and the Comprehensive Annual Financial Report (CAFR).
Revenue by Type
For discussion on property taxes, see section listed below. The overall percentage of budgeted revenues that have been
received by the city is 59%, compared to 54% in July 2017. Please note a few revenue types have reached well above their
standard 59% of revenue at this time. This is due in part to monies received in January that were related to 2017 services. These
include revenue type (335) Liquor Excise tax, type (342) EMS for Medicaid reimbursement, type (360) miscellaneous for P-Card
Commission rebate, type (350) Job Target Penalty Fee, and type (380) INDOT SR 933 Transfer. Type (396) Specific Stop Loss
received $48,740 this month from Anthem, which pushed it 446% above its budgeted revenue amount.
Revenue by Fund
As of July 2018, the general fund has reached 56% of its budgeted revenue, compared to 54% last year. As mentioned above,
some funds have surpassed their normal 59% of revenue at this time due to monies received in January that are related to 2017
services. Fund 287 (EMS Capital) is at 275% of its budgeted revenue as result of 2017 Medicaid reimbursement received in
January in the amount of $1,078,550. Fund 278 (Police Take Home Vehicle) is at 71% of its budgeted revenue due to interest
earnings. Fund 291 (River Rescue) is at 166% of its budgeted revenue. This is tuition revenue related to the advancement of
firefighters. Fund 629 (Waterworks Debt Reserve) is at 102% of its budgeted revenue. Money was transferred in from fund 620
to cover two months of operating expenditures plus additional money for anticipated roll over of encumbrances. Fund 217 (Gift,
Donation, Bequest) is at 93% of its budgeted revenue amount. In March, Animal Control received $30,568 in private donations.
Property Taxes
Property taxes are received in June and December. For 2018, the projected levy collection rate is 95% or $79.5 million. Civil
City Funds are expected to receive ~$55 million or 66% and TIF funds ~$28.7 million or 34%. This year civil city funds are
budgeted ~$4.3 million higher than last year and TIF funds are $285,909 lower than last year.
Property taxes collected in June totaled ~$44.6 million. Civil city funds received ~$28.5 million or 51% and TIF funds received
~ $16.1 million or 56%.
Expenditures
As of July 30, 2018, the City has spent 39% of budgeted expenditures, compared to 45% last year. The General Fund has spent
56% of its 2018 budgeted expenditures, compared to 53% in 2017. The following funds have reached 60% or more of its
budgeted expenditures because of bond payments. Fund 313 (Hall of Fame), final payment was made this month. Fund 377
(PSDA), payment made for the Coveleski Stadium bond in the amount of $335,000. Fund 406 (Cumulative Capital
Development), payment for vehicle equipment, fund 407 (Cumulative Capital Improvement), payment for the Century Center
and fund 661 (2012 Sewer Bond) for payments related to the East Bank Sewer.
Debt
This month, various debt service payments were made in the amount of ~ $2.02 million. Payments are related to IT equipment
leases, St. Joseph County PSAP, bond payments for Eddy St. and the Indiana Park District.
Headcount
The Full Time Headcount as of July 2018 was 1,101 vs. a budgeted amount of 1,130. Overall, there are a total of 35 open
positions, with several departments having more positions than budgeted due to employees overlapping as they leave. The
following departments have vacant positions: General Government (6), Public Safety (7), Public Works (18) IT/Innovation/ 311
Call Center (1), Unsafe Building (1), and Consolidated Building (2).
If you have any questions regarding this report, please contact the Department of Administration and Finance by calling 311.
13
1st 2nd 3rd 4thCivil City DebtCapital Leases1102013 PNC Vehicle & Equipment LeaseVehicles/Equipment2013 N/A 2018 Various 1/15 7/15 -- -- 1,689,669.59 346,724.77 346,724.77 - 3,175.76 - 349,900.53 1122013 Building Department Ricoh CopierCopier Lease2013 N/A 2018 600 Monthly 26th -- --4,093.64 613.22 613.22 - 12.80 - 626.02 1132013 Suntrust Vehicle LeaseVehicles/Equipment2013 N/A 2018 Various 4/24 10/24 -- -- 1,506,465.26 310,880.69 310,880.69 - 3,700.46 - 314,581.15 1142013 Administration & Finance Ricoh CopierCopier Lease2013 N/A 2018 101 1/16 4/16 7/16 10/16 11,247.97 634.57 634.57 - 9.23 - 643.80 1172013 Police Department Records Division Ricoh Copier Copier Lease2013 N/A 2018 101 Monthly 3rd -- --9,678.26 2,154.91 2,154.91 - 65.09 - 2,220.00 1182013 Water Works Main Street Ricoh CopierCopier Lease2013 N/A 2018 620 Monthly 10th -- --5,647.50 1,258.33 1,258.33 - 38.07 - 1,296.40 1192013 Water Works Colfax Ricoh CopierCopier Lease2013 N/A 2018 620 Monthly 16th -- --4,732.65 1,054.61 1,054.61 - 31.91 - 1,086.52 1202013 Water Works Olive Street Ricoh CopierCopier Lease2013 N/A 2018 620 Monthly 10th -- --4,732.65 1,054.61 1,054.61 - 31.91 - 1,086.52 1232014 Police Department Training Ricoh CopierCopier Lease2014 N/A 2019 101 Monthly 30th -- --4,263.00 1,186.17 941.47 - 42.53 244.70 984.00 1242014 Police & Public Works VehiclesVehicles/Equipment2014 N/A 2019 Various 4/1 10/1 -- -- 1,959,485.95 801,993.28 397,900.73 - 10,895.81 404,092.55 408,796.54 1252014 HP Computer Lease #1Computer Leases2014 N/A 2018 Various Monthly 8th -- -- 137,104.95 28,106.43 28,106.43 - 632.09 - 28,738.52 1262014 HP Computer Lease #2Computer Leases2014 N/A 2018 Various Monthly 8th -- --4,000.00 915.42 915.42 - 22.56 - 937.98 1272014 HP Computer Lease #4Computer Leases2014 N/A 2018 279 Monthly 8th -- --5,886.73 1,262.39 1,262.39 - 21.61 - 1,284.00 1282014 HP Computer Lease #6Computer Leases2014 N/A 2018 201 Monthly 8th -- --3,755.50 959.08 959.08 - 23.80 - 982.88 1292014 HP Computer Lease #7Computer Leases2014 N/A 2018 620 Monthly 8th -- --1,326.00 363.78 363.78 - 7.96 - 371.74 1302014 Solid Waste Ricoh CopierCopier Lease2014 N/A 2019 611 Monthly 17th -- --5,351.65 2,230.54 1,133.42 - 96.22 1,097.12 1,229.64 1312014 Police Communications CopierCopier Lease2014 N/A 2019 101 Monthly 12th -- --8,843.00 3,072.55 1,908.18 - 123.66 1,164.37 2,031.84 1322014 Ricoh CopiersCopier Lease2014 N/A 2019 641 Monthly 21st -- --12,260.16 4,044.71 2,657.97 - 159.05 1,386.74 2,817.02 1342014 Water Works Ricoh CopierCopier Lease2014 N/A 2019 620 Monthly 19th -- --4,732.65 1,139.81 1,048.77 - 36.75 91.04 1,085.52 1362015 HP Computer Lease #8Computer Leases2015 N/A 2019 Various Monthly 16th -- --19,603.94 6,927.09 4,384.24 - 228.94 2,542.85 4,613.18 1372015 Animal Care & Control Ricoh CopierCopier Lease2015 N/A 2020 600 Monthly 30th -- --5,261.50 2,558.51 1,095.38 - 120.46 1,463.13 1,215.84 1382015 HP Computer Lease #9Computer Leases2015 N/A 2019 Various Monthly -- -- -- 135,958.05 63,804.73 32,473.02 - 2,431.38 31,331.71 34,904.40 1402015 Vehicle/Equip Lease No. 1Vehicles/Equipment2015 N/A 2020 Various 1/15 7/15 -- -- 3,425,273.58 2,087,121.85 686,127.96 - 26,537.40 1,400,993.89 712,665.36 1432015 HP Computer Lease #11Computer Leases2015 N/A 2019 279 Monthly -- -- --3,040.00 1,465.29 728.78 - 52.66 736.51 781.44 1442015 Vehicle Lease No. 2 Vehicles/Equipment2015 N/A 2020 Various 5/15 11/15 -- -- 1,267,183.00 772,239.72 253,474.52 - 10,920.36 518,765.20 264,394.88 1462015 Ricoh Copier - ParksCopier Lease2015 N/A 2020 201 Monthly -- -- --4,302.06 2,644.67 857.61 - 129.03 1,787.06 986.64 1472016 Central Services - Print Shop CopierCopier Lease2016 N/A 2020 222 Monthly -- -- --32,525.00 22,620.32 6,374.04 - 1,041.72 16,246.28 7,415.76 1482016 Central Services - Print Shop CopierCopier Lease2016 N/A 2020 222 Monthly -- -- --11,413.00 7,937.47 2,236.63 - 365.57 5,700.84 2,602.20 1492016 Vehicle/Equip Lease No. 1Vehicles/Equipment2016 N/A 2021 Various 2/15 8/15 -- -- 3,339,830.00 2,364,700.45 662,240.83 - 35,152.79 1,702,459.62 697,393.62 1502016 HP Computer Lease #12Computer Leases2016 N/A 2020 Various Monthly -- -- --17,439.85 10,105.08 4,096.37 - 386.83 6,008.71 4,483.20 1512016 Administration & Finance CopierCopier Lease2016 N/A 2021 101 Monthly -- -- --10,923.63 6,891.18 2,167.29 - 337.95 4,723.89 2,505.24 1522016 Vehicle/Equip Lease No. 2Vehicles/Equipment2016 N/A 2021 Various 1/14 7/14 -- -- 3,992,548.72 3,222,157.09 787,307.33 - 46,068.99 2,434,849.76 833,376.32 1532016 Vehicle/Equip Lease Amendment No. 1Vehicles/Equipment2016 N/A 2021 201 1/17 7/17 -- --78,808.00 63,520.71 15,520.85 - 907.95 47,999.86 16,428.80 1542016 Vehicle/Equip Lease No. 3Vehicles/Equipment2016 N/A 2021 Various 4/19 10/19 -- -- 1,256,096.99 1,012,026.89 247,371.35 - 14,237.21 764,655.54 261,608.56 1552016 HP Computer Lease #13Computer Leases2016 N/A 2020 Various Monthly -- -- -- 156,029.30 116,995.36 35,245.46 - 4,936.18 81,749.90 40,181.64 1572016 Ricoh Copier MPC2003Copier Lease2016 N/A 2021 201 Monthly -- --3,184.06 2,265.55 615.22 - 165.38 1,650.33 780.60 1582017 Vehicle/Equip Lease No. 1Vehicles/Equipment2017 N/A 2022 Various 1/14 7/14 -- -- 2,916,500.00 2,916,500.00 547,141.56 - 73,158.44 2,369,358.44 620,300.00 1592017 Ricoh Copiers LeaseCopier Lease2017 N/A 2021 Various Monthly -- -- --15,702.09 12,417.04 3,729.79 - 773.57 8,687.25 4,503.36 1602017 HP Computer Lease #14Computer Leases2017 N/A 2021 Various Monthly -- -- --10,305.25 8,452.80 2,317.66 - 337.22 6,135.14 2,654.88 1622017 Vehicle/Equip Lease No. 2Vehicles/Equipment2017 N/A 2022 404 2/15 8/15 -- -- 1,632,000.00 1,632,000.00 314,247.00 - 27,763.50 1,317,753.00 342,010.50 1642017 HP Computer Lease #16Computer Leases2017 N/A 2021 Various Monthly 21st -- -- 108,921.75 101,278.63 23,670.40 - 4,316.12 77,608.23 27,986.52 1662018 Police Radio Equipment Lease PurchasePolice Radio Equipment2018 N/A 2021 404 12/15 -- -- -- 2,400,000.00 - 600,000.00 2,400,000.00 - 1,800,000.00 600,000.00 1672017 HP Computer Lease #15Computer Leases2018 N/A 2022 279 Monthly 25th -- --9,698.00 - 2,083.11 9,698.00 355.53 7,614.89 2,438.64 1702018 HP Computer Lease #17Computer Leases2018 N/A 2023 279 Monthly 21st -- --9,092.00 - 1,292.30 9,092.00 255.70 7,799.70 1,548.00 1712018 Vehicle/Equip Lease #1 (PNC) Sched 1Vehicles/Equipment2018 N/A 2023 Various 5/25 11/25 -- -- 5,898,310.11 - 551,593.38 5,898,310.11 87,324.48 5,346,716.73 638,917.86 1722018 AT&T Lease 1Computer Equipment2018 N/A 2021 279 Monthly 1st -- --27,101.47 - 4,259.44 27,101.47 587.96 22,842.03 4,847.40 Total City Capital Lease Debt32,170,328.46 15,946,280.30 5,894,224.87 8,344,201.58 358,020.59 18,396,257.01 6,252,245.46 Bonds252002/2012 Refunding Water Works Improvements Various Water Department projects2002 2012 2023 625 1/1 7/1 - - 5,975,000.00 2,005,000.00 380,000.00 - 40,100.00 1,625,000.00 420,100.00 362001 Public Works Service Center (Bldg Corp) (87.7%)Public Works Service Center2001 2010 2021 324 2/1 8/1 - - 8,112,250.00 1,911,860.00 521,815.00 - 67,331.00 1,390,045.00 589,146.00 362001 Public Works Service Center (Bldg Corp) (12.3%)Public Works Service Center2001 2010 2021 641 2/1 8/1 - - 1,137,750.00 268,140.00 73,185.00 - 9,444.00 194,955.00 82,629.00 392012 Fire Station/Police Department Renovations (Bldg Corp)New Central Fire and Police buildings2003 2012 2023 324 2/1 8/1 - - 21,335,000.00 7,645,000.00 1,280,000.00 - 284,520.00 6,365,000.00 1,564,520.00 692009 Water Works Improvements, Series BVarious Water Department projects2009 N/A 2030 625 1/1 7/1 - - 5,380,000.00 4,085,000.00 250,000.00 - 227,961.00 3,835,000.00 477,961.00 802010 Sewage Works Revenue Bonds Various Wastewater Department projects2010 N/A 2030 649 6/1 12/1 - - 9,345,000.00 6,750,000.00 405,000.00 - 282,817.50 6,345,000.00 687,817.50 932011 Sewage Works Revenue Bonds Wastewater Long Term Control Plan2011 N/A 2031 649 6/1 12/1 - - 21,500,000.00 16,400,000.00 920,000.00 - 627,450.00 15,480,000.00 1,547,450.00 992012 Water Works Revenue BondWater Works Improvements2012 N/A 2033 625 1/1 7/1 -- -- 8,300,000.00 6,570,000.00 360,000.00 - 202,686.26 6,210,000.00 562,686.26 1012012 Sewage Works Revenue Bonds Wastewater Long Term Control Plan2012 N/A 2032 649 6/1 12/1 - - 25,000,000.00 19,830,000.00 1,075,000.00 - 465,480.00 18,755,000.00 1,540,480.00 1052013A Sewage Works Revenue BondsWastewater Long Term Control Plan2013 N/A 2024 649 6/1 12/1 - - 14,765,000.00 6,095,000.00 1,995,000.00 - 118,243.00 4,100,000.00 2,113,243.00 1162013 Building Corporation EMS Fire Station/Tower BondsFire Station #5 & Training Tower2013 N/A 2033 287 2/1 8/1 -- -- 5,580,000.00 4,920,000.00 225,000.00 - 170,730.00 4,695,000.00 395,730.00 1332014 St. Joseph County PSAP (EDIT)City's share of PSAP building2014 N/A 2034 408 Monthly Last -- -- 2,657,696.50 2,278,855.00 130,635.00 - 68,331.18 2,148,220.00 198,966.18 1412015 EDIT/Parks BondsParks Improvements2015 N/A 2035 408 2/1 8/1 -- -- 5,605,000.00 5,190,000.00 210,000.00 - 169,106.26 4,980,000.00 379,106.26 1452015 Sewage Works Refunding BondsSewer Bond Improvements2015 2015 2025 649 6/1 12/1 -- -- 27,440,000.00 22,435,000.00 2,585,000.00 - 448,700.00 19,850,000.00 3,033,700.00 1562016 Waterworks Refunding BondsWater Bond Refunding2016 N/A 2027 625 1/1 7/1 -- -- 3,300,000.00 2,895,000.00 420,000.00 - 86,850.00 2,475,000.00 506,850.00 1612017 Economic Develop. Revenue Bonds (Studebaker Project)Façade Improvements - Buidling 842017 N/A 2018 324 One Time -- -- -- 3,500,000.00 3,500,000.00 3,500,000.00 - - - 3,500,000.00 1632017 Eddy Street Commons Phase IIEddy Street Commons Phase II2017 N/A 2037 436 2/15 8/15 -- -- 25,000,000.00 25,000,000.00 25,000.00 - 1,253,472.00 24,975,000.00 1,278,472.00 1652017 Park District Bonds, Series 2017A-KProjects to improve City parks2017 N/A 2033 312 1/15 7/15 -- -- 14,075,000.00 14,075,000.00 350,000.00 - 243,303.69 13,725,000.00 593,303.69 1682018 Fire Station #9 General Obligation BondsNew Fire St #9 and Fire Training Classroom2018 N/A 2038 287 1/15 7/15 -- -- 5,045,000.00 - 75,000.00 5,045,000.00 45,662.81 4,970,000.00 120,662.81 1692018 Redevelopment District Bonds, TIF Parks BondProjects to improve City parks2018 N/A 2033 324 2/1 8/1 -- -- 11,995,000.00 - 405,000.00 11,995,000.00 91,320.00 11,590,000.00 496,320.00 Total City Bond Debt225,047,696.50 151,853,855.00 15,185,635.00 17,040,000.00 4,903,508.70 153,708,220.00 20,089,143.70 Interfund Loan822010 Interfund Fund 404 to UDAG Fund 4101st Source Bank/Marriott Garage Project2010 N/A 2026 410 6/15 12/15 - - 2,700,000.00 966,334.50 132,618.30 - - 833,716.20 132,618.30 842011/2013 Major Moves-Triangle Development Interfund LoanTriangle Development Infrastructure2011 2011/2013 2029 436 2/15 8/15 - - 1,558,050.00 1,234,877.14 96,675.43 - 24,216.57 1,138,201.71 120,892.00 852011/2013 Major Moves-Eddy Street Commons Interfund LoanTriangle Development Infrastructure2011 2011/2013 2026 436 2/15 8/15 - - 3,942,529.00 1,922,964.03 279,741.40 - 92,694.60 1,643,222.63 372,436.00 1422016 Interfund Fund 412 to Parking Garage Fund 601Parking Garage Improvements2016 N/A 2022 601 June Dec -- -- 1,511,331.00 31,191.33 31,191.33 - - - 31,191.33 Total City Interfund Loan Debt9,711,910.00 4,155,367.00 540,226.46 - 116,911.17 3,615,140.54 657,137.63 Debt at12/31/182018 TotalDebt PaymentsScheduled PaymentsDebtSched.Period Ending: July 31, 2018Debt InstrumentDebt PurposeYear ofIssueYear ofRefinanceYear ofMaturityFundNo.AmountIssuedDebt at12/31/172018 PrincipalPayments2018 InterestPaymentsCity of South BendOutstanding Debt2018AdditionsMonthly Financial Report16 of 2414
1st 2nd 3rd 4thDebt at12/31/182018 TotalDebt PaymentsScheduled PaymentsDebtSched.Period Ending: July 31, 2018Debt InstrumentDebt PurposeYear ofIssueYear ofRefinanceYear ofMaturityFundNo.AmountIssuedDebt at12/31/172018 PrincipalPayments2018 InterestPaymentsCity of South BendOutstanding Debt2018AdditionsLoan Payable682009 Water Works Improvements - State Revolving FundVarious Water Department projects2009 N/A 2030 625 1/1 7/1 - - 427,400.00 311,650.00 21,617.00 - 10,502.60 290,033.00 32,119.60 702009 Sewage Works Revenue Bonds - State Revolving FundVarious Wastewater Department projects2009 N/A 2028 649 6/1 12/1 - - 3,297,000.00 2,087,171.00 167,038.00 - 58,650.00 1,920,133.00 225,688.00 1222014 Synagogue Installment Purchase AgreementImprovements at Synagogue - Coveleski 2014 N/A 2018 377 Annual 1/31 -- -- 500,000.00 100,000.00 100,000.00 - - - 100,000.00 1392015 Century Center Energy QECB Conservation BondImrovements at Century Center2015 N/A 2031 672 5/1 11/1 -- -- 4,167,897.00 4,098,706.00 162,702.00 - 143,034.35 3,936,004.00 305,736.35 Total City Loan Payable Debt8,392,297.00 6,597,527.00 451,357.00 - 212,186.95 6,146,170.00 663,543.95 Total Civil City Debt275,322,231.96 178,553,029.30 22,071,443.33 25,384,201.58 5,590,627.41 181,865,787.55 27,662,070.74 Redevelopment Commission DebtCapital Leases132006 Main/Colfax Garage - Transpo LeaseReal Estate Purchase2006 N/A 2025 324 3/15 9/15 - - 2,510,278.00 1,305,501.00 136,409.00 - 63,591.00 1,169,092.00 200,000.00 Total Redevelopment Capital Lease Debt2,510,278.00 1,305,501.00 136,409.00 - 63,591.00 1,169,092.00 200,000.00 Interfund Loans862010 Interfund Fund 209 to Airport TIF Fund 324Prairie Avenue - Brownfields Cleanup Loan2011 N/A 2020 324 8/9 -- - - 500,000.00 300,000.00 100,000.00 - - 200,000.00 100,000.00 Total Redevelopment Interfund Loan Debt500,000.00 300,000.00 100,000.00 - - 200,000.00 100,000.00 Loans Payable32001 Indiana Development Finance Authority (Bosch) - Nonforgivable Rehabilitate Property2001 N/A 2021 210 3/22 6/22 9/22 12/22 1,040,000.00 238,409.07 65,591.47 - 6,418.97 172,817.60 72,010.44 42001 Indiana Development Finance Authority (Bosch) - ForgivableRehabilitate Property2001 N/A 2021 210----260,000.00 65,888.51 - - - 65,888.51 - Total Redevelopment Loan Payable Debt1,300,000.00 304,297.58 65,591.47 - 6,418.97 238,706.11 72,010.44 Revenue Bonds52011 South Bend Downtown Central Development Area TIFPublic Improvements2003 2011 2024 420/324 2/1 8/1 - - 19,795,000.00 11,185,000.00 1,375,000.00 - 537,541.00 9,810,000.00 1,912,541.00 62011 Airport Development Area TIFPublic Improvements2003 2011 2024 324 2/1 8/1 - - 14,420,000.00 6,375,000.00 790,000.00 - 306,305.50 5,585,000.00 1,096,305.50 72011 Century Center Lease Rental RevenueRehabilitation of a convention center1994 2001, 2011 2018 404/407 2/1 8/1 - - 6,825,000.00 245,000.00 245,000.00 - 3,675.00 - 248,675.00 82011 College Football Hall of Fame ConstructionConstruction of a building1994 2000, 2011 2018 313 2/1 8/1 - - 15,370,000.00 620,000.00 620,000.00 - 11,315.00 - 631,315.00 122002 TJX Special Taxing District (Refunded 2014)Public Improvements2002 2014 2022 324 1/1 7/1 - - 6,620,000.00 1,795,000.00 430,000.00 - 53,850.00 1,365,000.00 483,850.00 542015/2008 Eddy Street Commons - Lease Rental Revenue BondsParking Garage/Public Improvements2008 N/A 2027 436 2/15 8/15 - - 36,000,000.00 28,760,000.00 1,360,000.00 - 1,108,431.26 27,400,000.00 2,468,431.26 622008 2013 Century Center Special Tax BondsCentury Center Improvements2008 2013 2026 324 4/15 10/15 - - 4,655,000.00 2,875,000.00 310,000.00 - 76,712.50 2,565,000.00 386,712.50 812010 Coveleski Stadium Recovery Zone Econ. Develop. BondsCoveleski Stadium Area Expansion/Improve2010 N/A 2019 377 1/15 7/15 - - 4,980,000.00 1,015,000.00 670,000.00 - 44,070.00 345,000.00 714,070.00 1352015 Redevelopment Authority Smart Streets BondsSmart Streets Improvements2015 N/A 2037 324 8/1 2/1 -- -- 25,000,000.00 24,540,000.00 940,000.00 - 768,793.76 23,600,000.00 1,708,793.76 Total Redevelopment Revenue Bond Debt133,665,000.00 77,410,000.00 6,740,000.00 - 2,910,694.02 70,670,000.00 9,650,694.02 Total Redevelopment Commission Debt137,975,278.00 79,319,798.58 7,042,000.47 - 2,980,703.99 72,277,798.11 10,022,704.46 Total Debt413,297,509.96 257,872,827.88 29,113,443.80 25,384,201.58 8,571,331.40 254,143,585.66 37,684,775.20 Monthly Financial Report17 of 2415
1st 2nd 3rd 4thCivil City DebtCapital Leases1102013 PNC Vehicle & Equipment LeaseVehicles/Equipment2013 N/A 2018 Various 1/15 7/15 -- -- 1,689,669.59 346,724.77 346,724.76 - 3,175.76 0.01 349,900.52 1122013 Building Department Ricoh CopierCopier Lease2013 N/A 2018 600 Monthly 26th -- --4,093.64 613.22 535.31 - 12.44 77.91 547.75 1132013 Suntrust Vehicle LeaseVehicles/Equipment2013 N/A 2018 Various 4/24 10/24 -- -- 1,506,465.26 310,880.69 154,826.84 - 2,463.73 156,053.85 157,290.57 1142013 Administration & Finance Ricoh CopierCopier Lease2013 N/A 2018 101 1/16 4/16 7/16 10/16 11,247.97 634.57 1,276.39 - 9.23 (641.82) 1,285.62 1172013 Police Department Records Division Ricoh Copier Copier Lease2013 N/A 2018 101 Monthly 3rd -- --9,678.26 2,154.91 1,248.30 - 46.70 906.61 1,295.00 1182013 Water Works Main Street Ricoh CopierCopier Lease2013 N/A 2018 620 Monthly 10th -- --5,647.50 1,258.33 725.00 - 30.65 533.33 755.65 1192013 Water Works Colfax Ricoh CopierCopier Lease2013 N/A 2018 620 Monthly 16th -- --4,732.65 1,054.61 607.54 - 25.68 447.07 633.22 1202013 Water Works Olive Street Ricoh CopierCopier Lease2013 N/A 2018 620 Monthly 10th -- --4,732.65 1,054.61 607.54 - 25.68 447.07 633.22 1232014 Police Department Training Ricoh CopierCopier Lease2014 N/A 2019 101 Monthly 30th -- --4,263.00 1,186.17 542.79 - 31.21 643.38 574.00 1242014 Police & Public Works VehiclesVehicles/Equipment2014 N/A 2019 Various 4/1 10/1 -- -- 1,959,485.95 801,993.28 198,182.35 - 6,215.92 603,810.93 204,398.27 1252014 HP Computer Lease #1Computer Leases2014 N/A 2018 Various Monthly 8th -- -- 137,104.95 28,106.43 16,874.53 - 537.65 11,231.90 17,412.18 1262014 HP Computer Lease #2Computer Leases2014 N/A 2018 Various Monthly 8th -- --4,000.00 915.42 575.02 - 20.26 340.40 595.28 1272014 HP Computer Lease #4Computer Leases2014 N/A 2018 279 Monthly 8th -- --5,886.73 1,262.39 852.41 - 20.28 409.98 872.69 1282014 HP Computer Lease #6Computer Leases2014 N/A 2018 201 Monthly 8th -- --3,755.50 959.08 537.61 - 20.71 421.47 558.32 1292014 HP Computer Lease #7Computer Leases2014 N/A 2018 620 Monthly 8th -- --1,326.00 363.78 190.22 - 6.27 173.56 196.49 1302014 Solid Waste Ricoh CopierCopier Lease2014 N/A 2019 611 Monthly 17th -- --5,351.65 2,230.54 653.45 - 63.84 1,577.09 717.29 1312014 Police Communications CopierCopier Lease2014 N/A 2019 101 Monthly 12th -- --8,843.00 3,072.55 1,099.37 - 85.87 1,973.18 1,185.24 1322014 Ricoh CopiersCopier Lease2014 N/A 2019 641 Monthly 21st -- --12,260.16 4,044.71 1,532.39 - 110.86 2,512.32 1,643.25 1342014 Water Works Ricoh CopierCopier Lease2014 N/A 2019 620 Monthly 19th -- --4,732.65 1,139.81 604.75 - 28.47 535.06 633.22 1362015 HP Computer Lease #8Computer Leases2015 N/A 2019 Various Monthly 16th -- --19,603.94 6,927.09 2,754.92 - 180.74 4,172.17 2,935.66 1372015 Animal Care & Control Ricoh CopierCopier Lease2015 N/A 2020 600 Monthly 30th -- --5,261.50 2,558.51 629.89 - 79.35 1,928.62 709.24 1382015 HP Computer Lease #9Computer Leases2015 N/A 2019 Various Monthly -- -- -- 135,958.05 63,804.73 18,747.14 - 1,613.76 45,057.59 20,360.90 1402015 Vehicle/Equip Lease No. 1Vehicles/Equipment2015 N/A 2020 Various 1/15 7/15 -- -- 3,425,273.58 2,087,121.85 686,127.96 - 26,537.40 1,400,993.89 712,665.36 1432015 HP Computer Lease #11Computer Leases2015 N/A 2019 279 Monthly -- -- --3,040.00 1,465.29 299.56 - 26.04 1,165.73 325.60 1442015 Vehicle Lease No. 2 Vehicles/Equipment2015 N/A 2020 Various 5/15 11/15 -- -- 1,267,183.00 772,239.72 126,251.19 - 5,946.25 645,988.53 132,197.44 1462015 Ricoh Copier - ParksCopier Lease2015 N/A 2020 201 Monthly -- -- --4,302.06 2,644.67 494.32 - 81.22 2,150.35 575.54 1472016 Central Services - Print Shop CopierCopier Lease2016 N/A 2020 222 Monthly -- -- --32,525.00 22,620.32 3,693.50 - 632.36 18,926.82 4,325.86 1482016 Central Services - Print Shop CopierCopier Lease2016 N/A 2020 222 Monthly -- -- --11,413.00 7,937.47 1,296.04 - 221.91 6,641.43 1,517.95 1492016 Vehicle/Equip Lease No. 1Vehicles/Equipment2016 N/A 2021 Various 2/15 8/15 -- -- 3,339,830.00 2,364,700.45 324,595.10 - 24,101.71 2,040,105.35 348,696.81 1502016 HP Computer Lease #12Computer Leases2016 N/A 2020 Various Monthly -- -- --17,439.85 10,105.08 2,366.20 - 249.00 7,738.88 2,615.20 1512016 Administration & Finance CopierCopier Lease2016 N/A 2021 101 Monthly -- -- --10,923.63 6,891.18 1,248.35 - 213.04 5,642.83 1,461.39 1522016 Vehicle/Equip Lease No. 2Vehicles/Equipment2016 N/A 2021 Various 1/14 7/14 -- -- 3,992,548.72 3,222,157.09 392,161.10 - 24,527.06 2,829,995.99 416,688.16 1532016 Vehicle/Equip Lease Amendment No. 1Vehicles/Equipment2016 N/A 2021 201 1/17 7/17 -- --78,808.00 63,520.71 15,520.85 - 907.95 47,999.86 16,428.80 1542016 Vehicle/Equip Lease No. 3Vehicles/Equipment2016 N/A 2021 Various 4/19 10/19 -- -- 1,256,096.99 1,012,026.89 123,224.20 - 7,580.08 888,802.69 130,804.28 1552016 HP Computer Lease #13Computer Leases2016 N/A 2020 Various Monthly -- -- -- 156,029.30 116,995.36 20,350.64 - 3,088.65 96,644.72 23,439.29 1572016 Ricoh Copier MPC2003Copier Lease2016 N/A 2021 201 Monthly -- --3,184.06 2,265.55 352.66 - 102.69 1,912.89 455.35 1582017 Vehicle/Equip Lease No. 1Vehicles/Equipment2017 N/A 2022 Various 1/14 7/14 -- -- 2,916,500.00 2,916,500.00 547,141.56 - 73,158.44 2,369,358.44 620,300.00 1592017 Ricoh Copiers LeaseCopier Lease2017 N/A 2021 Various Monthly -- -- --15,702.09 12,417.04 2,143.07 - 483.89 10,273.97 2,626.96 1602017 HP Computer Lease #14Computer Leases2017 N/A 2021 Various Monthly -- -- --10,305.25 8,452.80 1,339.15 - 209.53 7,113.65 1,548.68 1622017 Vehicle/Equip Lease No. 2Vehicles/Equipment2017 N/A 2022 404 2/15 8/15 -- -- 1,632,000.00 1,632,000.00 156,582.83 - 15,422.42 1,475,417.17 172,005.25 1642017 HP Computer Lease #16Computer Leases2017 N/A 2021 Various Monthly 21st -- -- 108,921.75 101,278.63 15,654.79 - 3,002.89 85,623.84 18,657.68 1662018 Police Radio Equipment Lease PurchasePolice Radio Equipment2018 N/A 2021 404 12/15 -- -- -- 2,400,000.00 - - 2,400,000.00 - 2,400,000.00 - 1672017 HP Computer Lease #15Computer Leases2018 N/A 2022 279 Monthly 25th -- --9,698.00 - 1,030.99 9,698.00 188.33 8,667.01 1,219.32 1702018 HP Computer Lease #17Computer Leases2018 N/A 2023 279 Monthly 21st -- --9,092.00 - 480.09 9,092.00 100.41 8,611.91 580.50 1712018 Vehicle/Equip Lease #1 (PNC) Sched 1Vehicles/Equipment2018 N/A 2023 Various 5/25 11/25 -- -- 5,898,310.11 - - 5,898,310.11 - 5,898,310.11 - 1722018 AT&T Lease 1Computer Equipment2018 N/A 2021 279 Monthly 1st -- --27,101.47 - 1,408.86 27,101.47 206.94 25,692.61 1,615.80 Total City Capital Lease Debt32,170,328.46 15,946,280.30 3,174,091.53 8,344,201.58 201,793.27 21,116,390.35 3,375,884.80 Bonds252002/2012 Refunding Water Works Improvements Various Water Department projects2002 2012 2023 625 1/1 7/1 - - 5,975,000.00 2,005,000.00 - - 20,050.00 2,005,000.00 20,050.00 362001 Public Works Service Center (Bldg Corp) (87.7%)Public Works Service Center2001 2010 2021 324 2/1 8/1 - - 8,112,250.00 1,911,860.00 259,600.00 - 36,052.50 1,652,260.00 295,652.50 362001 Public Works Service Center (Bldg Corp) (12.3%)Public Works Service Center2001 2010 2021 641 2/1 8/1 - - 1,137,750.00 268,140.00 35,400.00 - 4,916.25 232,740.00 40,316.25 392012 Fire Station/Police Department Renovations (Bldg Corp)New Central Fire and Police buildings2003 2012 2023 324 2/1 8/1 - - 21,335,000.00 7,645,000.00 635,000.00 - 148,610.00 7,010,000.00 783,610.00 692009 Water Works Improvements, Series BVarious Water Department projects2009 N/A 2030 625 1/1 7/1 - - 5,380,000.00 4,085,000.00 - - 113,980.50 4,085,000.00 113,980.50 802010 Sewage Works Revenue Bonds Various Wastewater Department projects2010 N/A 2030 649 6/1 12/1 - - 9,345,000.00 6,750,000.00 - - 141,408.75 6,750,000.00 141,408.75 932011 Sewage Works Revenue Bonds Wastewater Long Term Control Plan2011 N/A 2031 649 6/1 12/1 - - 21,500,000.00 16,400,000.00 - - 313,725.00 16,400,000.00 313,725.00 992012 Water Works Revenue BondWater Works Improvements2012 N/A 2033 625 1/1 7/1 -- -- 8,300,000.00 6,570,000.00 - - 101,343.13 6,570,000.00 101,343.13 1012012 Sewage Works Revenue Bonds Wastewater Long Term Control Plan2012 N/A 2032 649 6/1 12/1 - - 25,000,000.00 19,830,000.00 - - 232,740.00 19,830,000.00 232,740.00 1052013A Sewage Works Revenue BondsWastewater Long Term Control Plan2013 N/A 2024 649 6/1 12/1 - - 14,765,000.00 6,095,000.00 - - 58,910.80 6,095,000.00 58,910.80 1162013 Building Corporation EMS Fire Station/Tower BondsFire Station #5 & Training Tower2013 N/A 2033 287 2/1 8/1 -- -- 5,580,000.00 4,920,000.00 225,000.00 - 87,052.50 4,695,000.00 312,052.50 1332014 St. Joseph County PSAP (EDIT)City's share of PSAP building2014 N/A 2034 408 Monthly Last -- -- 2,657,696.50 2,278,855.00 - - - 2,278,855.00 - 1412015 EDIT/Parks BondsParks Improvements2015 N/A 2035 408 2/1 8/1 -- -- 5,605,000.00 5,190,000.00 105,000.00 - 85,340.63 5,085,000.00 190,340.63 1452015 Sewage Works Refunding BondsSewer Bond Improvements2015 2015 2025 649 6/1 12/1 -- -- 27,440,000.00 22,435,000.00 - - 224,350.00 22,435,000.00 224,350.00 1562016 Waterworks Refunding BondsWater Bond Refunding2016 N/A 2027 625 1/1 7/1 -- -- 3,300,000.00 2,895,000.00 - - 43,425.00 2,895,000.00 43,425.00 1612017 Economic Develop. Revenue Bonds (Studebaker Project)Façade Improvements - Buidling 842017 N/A 2018 324 One Time -- -- -- 3,500,000.00 3,500,000.00 - - - 3,500,000.00 - 1632017 Eddy Street Commons Phase IIEddy Street Commons Phase II2017 N/A 2037 436 2/15 8/15 -- -- 25,000,000.00 25,000,000.00 - - 628,472.19 25,000,000.00 628,472.19 1652017 Park District Bonds, Series 2017A-KProjects to improve City parks2017 N/A 2033 312 1/15 7/15 -- -- 14,075,000.00 14,075,000.00 350,000.00 - 243,303.69 13,725,000.00 593,303.69 1682018 Fire Station #9 General Obligation BondsNew Fire St #9 and Fire Training Classroom2018 N/A 2038 287 1/15 7/15 -- -- 5,045,000.00 - 75,000.00 5,045,000.00 45,662.82 4,970,000.00 120,662.82 1692018 Redevelopment District Bonds, TIF Parks BondProjects to improve City parks2018 N/A 2033 324 2/1 8/1 -- -- 11,995,000.00 - - 11,995,000.00 - 11,995,000.00 - Total City Bond Debt225,047,696.50 151,853,855.00 1,685,000.00 17,040,000.00 2,529,343.76 167,208,855.00 4,214,343.76 Interfund Loan822010 Interfund Fund 404 to UDAG Fund 4101st Source Bank/Marriott Garage Project2010 N/A 2026 410 6/15 12/15 - - 2,700,000.00 966,334.50 99,016.70 - - 867,317.80 99,016.70 842011/2013 Major Moves-Triangle Development Interfund LoanTriangle Development Infrastructure2011 2011/2013 2029 436 2/15 8/15 - - 1,558,050.00 1,234,877.14 96,675.43 - 24,216.57 1,138,201.71 120,892.00 852011/2013 Major Moves-Eddy Street Commons Interfund LoanTriangle Development Infrastructure2011 2011/2013 2026 436 2/15 8/15 - - 3,942,529.00 1,922,964.03 279,741.40 - 92,694.60 1,643,222.63 372,436.00 1422016 Interfund Fund 412 to Parking Garage Fund 601Parking Garage Improvements2016 N/A 2022 601 June Dec -- -- 1,511,331.00 31,191.33 - - - 31,191.33 - Total City Interfund Loan Debt9,711,910.00 4,155,367.00 475,433.53 - 116,911.17 3,679,933.47 592,344.70 City of South BendPeriod Ending: July 31, 2018Debt Payments Year-to-DateDebtSched.Debt InstrumentDebt PurposeYear ofIssueYear ofRefinanceYear ofMaturityFundNo.Debt at07/31/18Total YTDDebt PaymentsScheduled PaymentsAmountIssuedDebt at12/31/17YTD PrincipalPayments2018AdditionsYTD InterestPaymentsMonthly Financial Report18 of 2416
1st 2nd 3rd 4thCity of South BendPeriod Ending: July 31, 2018Debt Payments Year-to-DateDebtSched.Debt InstrumentDebt PurposeYear ofIssueYear ofRefinanceYear ofMaturityFundNo.Debt at07/31/18Total YTDDebt PaymentsScheduled PaymentsAmountIssuedDebt at12/31/17YTD PrincipalPayments2018AdditionsYTD InterestPaymentsLoan Payable682009 Water Works Improvements - State Revolving FundVarious Water Department projects2009 N/A 2030 625 1/1 7/1 - - 427,400.00 311,650.00 - - 5,251.30 311,650.00 5,251.30 702009 Sewage Works Revenue Bonds - State Revolving FundVarious Wastewater Department projects2009 N/A 2028 649 6/1 12/1 - - 3,297,000.00 2,087,171.00 - - 29,766.46 2,087,171.00 29,766.46 1222014 Synagogue Installment Purchase AgreementImprovements at Synagogue - Coveleski 2014 N/A 2018 377 Annual 1/31 -- -- 500,000.00 100,000.00 - - - 100,000.00 - 1392015 Century Center Energy QECB Conservation BondImrovements at Century Center2015 N/A 2031 672 5/1 11/1 -- -- 4,167,897.00 4,098,706.00 24,021.00 - 71,727.36 4,074,685.00 95,748.36 Total City Loan Payable Debt8,392,297.00 6,597,527.00 24,021.00 - 106,745.12 6,573,506.00 130,766.12 Total Civil City Debt275,322,231.96 178,553,029.30 5,358,546.06 25,384,201.58 2,954,793.32 198,578,684.82 8,313,339.38 Redevelopment Commission DebtCapital Leases132006 Main/Colfax Garage - Transpo LeaseReal Estate Purchase2006 N/A 2025 324 3/15 9/15 - - 2,510,278.00 1,305,501.00 67,362.00 - 32,638.00 1,238,139.00 100,000.00 Total Redevelopment Capital Lease Debt2,510,278.00 1,305,501.00 67,362.00 - 32,638.00 1,238,139.00 100,000.00 Interfund Loans862010 Interfund Fund 209 to Airport TIF Fund 324Prairie Avenue - Brownfields Cleanup Loan2011 N/A 2020 324 8/9 -- - - 500,000.00 300,000.00 100,000.00 - - 200,000.00 100,000.00 Total Redevelopment Interfund Loan Debt500,000.00 300,000.00 100,000.00 - - 200,000.00 100,000.00 Loans Payable32001 Indiana Development Finance Authority (Bosch) - Nonforgivable Rehabilitate Property2001 N/A 2021 210 3/22 6/229/22 12/22 1,040,000.00 238,409.07 32,550.69 - 3,454.53 205,858.38 36,005.22 42001 Indiana Development Finance Authority (Bosch) - ForgivableRehabilitate Property2001 N/A 2021 210----260,000.00 65,888.51 - - - 65,888.51 - Total Redevelopment Loan Payable Debt1,300,000.00 304,297.58 32,550.69 - 3,454.53 271,746.89 36,005.22 Revenue Bonds52011 South Bend Downtown Central Development Area TIFPublic Improvements2003 2011 2024 420/324 2/1 8/1 - - 19,795,000.00 11,185,000.00 680,000.00 - 276,641.50 10,505,000.00 956,641.50 62011 Airport Development Area TIFPublic Improvements2003 2011 2024 324 2/1 8/1 - - 14,420,000.00 6,375,000.00 390,000.00 - 157,666.75 5,985,000.00 547,666.75 72011 Century Center Lease Rental RevenueRehabilitation of a convention center1994 2001, 2011 2018 404/407 2/1 8/1 - - 6,825,000.00 245,000.00 245,000.00 - 3,675.00 - 248,675.00 82011 College Football Hall of Fame ConstructionConstruction of a building1994 2000, 2011 2018 313 2/1 8/1 - - 15,370,000.00 620,000.00 620,000.00 - 11,315.00 - 631,315.00 122002 TJX Special Taxing District (Refunded 2014)Public Improvements2002 2014 2022 324 1/1 7/1 - - 6,620,000.00 1,795,000.00 - - 26,925.00 1,795,000.00 26,925.00 542015/2008 Eddy Street Commons - Lease Rental Revenue BondsParking Garage/Public Improvements2008 N/A 2027 436 2/15 8/15 - - 36,000,000.00 28,760,000.00 675,000.00 - 559,500.00 28,085,000.00 1,234,500.00 622008 2013 Century Center Special Tax BondsCentury Center Improvements2008 2013 2026 324 4/15 10/15 - - 4,655,000.00 2,875,000.00 310,000.00 - 39,906.25 2,565,000.00 349,906.25 812010 Coveleski Stadium Recovery Zone Econ. Develop. BondsCoveleski Stadium Area Expansion/Improve2010 N/A 2019 377 1/15 7/15 - - 4,980,000.00 1,015,000.00 670,000.00 - 44,070.00 345,000.00 714,070.00 1352015 Redevelopment Authority Smart Streets BondsSmart Streets Improvements2015 N/A 2037 324 8/1 2/1 -- -- 25,000,000.00 24,540,000.00 465,000.00 - 387,884.38 24,075,000.00 852,884.38 Total Redevelopment Revenue Bond Debt133,665,000.00 77,410,000.00 4,055,000.00 - 1,507,583.88 73,355,000.00 5,562,583.88 Total Redevelopment Commission Debt137,975,278.00 79,319,798.58 4,254,912.69 - 1,543,676.41 75,064,885.89 5,798,589.10 Total Debt413,297,509.96 257,872,827.88 9,613,458.75 25,384,201.58 4,498,469.73 273,643,570.71 14,111,928.48 Monthly Financial Report19 of 2417