HomeMy WebLinkAbout2018-01 Controller's Trustee Cash ReportPeriod Ending: January 31, 2018
Issued By: Controller
City of South Bend
Controller's Trustee Cash Report
Page
2 Purpose & Narrative
3 Summary
4 Graph of Cash Balances
Distribution
Mayor Pete Buttigieg
Chief of Staff Laura O'Sullivan
Deputy Chief of Staff Suzanna Fritzberg
Common Council
Department Heads
Fiscal Officers
Contents
Purpose of Report
Current Activity
The City of South Bend maintains certain cash balances with bank trustees in connection with bond and
capital lease financing agreements that have been approved by the Common Council, Redevelopment
Commission, and the Board of Public Works. The cash reserves are restricted and may not be used for
general city operations. Rather, trustee cash reserves must be used as provided for in the debt
documents including for capital projects, debt service payments, debt service reserves and operating
reserves The bank trustee accounts are also used for the defeasance of prior debt that has been
refunded. The primary bank trustees used by the city are US Bank and Wells Fargo Bank. The debt
service payments on bonds and capital leases are included in the regular city budget.
The current trustee cash accounts include capital project money for the 2015 Smart Streets bond and the
2015 Parks/EDIT bond. Cash in capital project accounts is spent down as work is completed on projects.
Trustee cash accounts also includes proceeds from lease purchase agreements for the replacement of
certain city vehicles and equipment on a regular basis.
If you should have any questions regarding this report, please contact the Department of Administration &
Finance.
Administration Finance 2/25/2018 Page 2
City of South Bend, IndianaTrustee Cash SummaryJanuary 1, 2018 thru January 31, 2018Beginning YTDYTDEndingNamePurposeEntityTrustee Fund Cash Receipts Disbursements Cash2012 Police/Fire Building RefundingSinking FundBuilding Corporation US Bank 755353.91 785,000.320.00 785,354.232012 Police/Fire Building RefundingOperating & RepairBuilding Corporation US Bank 755 28,063.7025.290.00 28,088.992012 Police/Fire Building RefundingReserve FundBuilding Corporation US Bank 7553,913.933.530.00 3,917.462013 EMS Revenue BondSinking FundBuilding Corporation US Bank 75520.95 201,250.000.00 201,270.952013 EMS Revenue BondOperating & ReserveBuilding Corporation US Bank 755 119,017.5920.220.00 119,037.812013 EMS Revenue BondReserve FundBuilding Corporation US Bank 7550.000.000.000.002013 EMS Revenue BondConstruction FundBuilding Corporation US Bank 7550.000.000.000.002013 EMS Revenue BondBond Interest Account Building Corporation US Bank 7550.000.000.000.002010 BPW Building RefundingDebt Service Reserve Fund Building Corporation Wells Fargo 755 607,504.83385.51385.51 607,504.832010 BPW Building RefundingSinking FundBuilding Corporation Wells Fargo 7554,054.81 337,888.240.00 341,943.052010 BPW Building Refunding Operating & ReserveBuilding Corporation Wells Fargo 7558,656.705.840.00 8,662.54Total Building Corporation771,586.42$ 1,324,578.95$ 385.51$ 2,095,779.86$ 2015 Parks/EDIT Bond Bond Retirement Account City of South Bend US Bank 757 159,378.12 31,867.070.00 191,245.192015 Parks/EDIT BondDebt Service Reserve Fund City of South Bend US Bank 757 398,390.3767.670.00 398,458.042015 Parks/EDIT BondConstruction FundCity of South Bend US Bank 751 3,271,223.94556.67 135,251.24 3,136,529.372016 PNC Equipment Finance (2016 Lease #2) Vehicle/Equipment Lease City of South Bend US Bank 750 80,488.0913.670.00 80,501.762016 PNC Equipment Finance (2016 Lease #3) Vehicle/Equipment Lease City of South Bend US Bank 750 625,099.44106.180.00 625,205.622017 Public-Finance.com (2017 Lease #1) Vehicle/Equipment Lease City of South Bend US Bank 750 1,431,423.46261.090.00 1,431,684.552017 City Vehicle & Equipment (2017 Lease #2) Vehicle/Equipment Lease City of South Bend US Bank 750 1,401,237.23238.850.00 1,401,476.082017 Park District Bonds, Series A-KCost of Issuance Fund City of South Bend US Bank 471 32,858.450.00 17,750.00 15,108.45Total City of South Bend7,400,099.10$ 33,111.20$ 153,001.24$ 7,280,209.06$ 2017 Eddy Street Commons Phase II Sinking Fund City of South Bend US Bank 7600.000.000.000.002017 Eddy Street Commons Phase IIDebt Service Reserve Fund City of South Bend US Bank 760 2,501,479.76424.900.00 2,501,904.662017 Eddy Street Commons Phase IICost of Issuance Fund City of South Bend US Bank 7590.000.000.000.002017 Eddy Street Commons Phase IIConstruction Fund-Hotel City of South Bend US Bank 759 25,563.6633.580.00 25,597.242017 Eddy Street Commons Phase IIConstruction Fund-Mixed UseCity of South Bend US Bank 759 16,103,750.000.000.00 16,103,750.00Total Economic Development Commission18,630,793.42$ 458.48$ -$ 18,631,251.90$ 2008 Eddy Street Commons Sinking FundRedevelopment Authority US Bank 7520.000.000.000.002008 Eddy Street CommonsDebt Service Reserve Fund Redevelopment Authority US Bank 75260.440.050.0060.492008 Eddy Street CommonsExcess FundRedevelopment Authority US Bank 7520.240.000.000.242011 Century Center RefundingSinking FundRedevelopment Authority US Bank 752883.34 249,500.800.00 250,384.142011 Century Center RefundingOperating & Reserve Fund Redevelopment Authority US Bank 752 22,314.2420.110.00 22,334.352011 Century Center RefundingReserve FundRedevelopment Authority US Bank 752 299,112.03269.550.00 299,381.582011 Hall of Fame RefundingSinking FundRedevelopment Authority US Bank 31360.57 633,000.050.00 633,060.622011 Hall of Fame RefundingOperations & Reserve Redevelopment Authority US Bank 313 24,157.8721.770.00 24,179.642013 Century Center RefundingOperation & Reserve Redevelopment Authority US Bank 752 182,964.67164.880.00 183,129.552013 Century Center Refunding Sinking FundRedevelopment Authority US Bank 75276.730.070.0076.802013 Century Center Refunding Reserve FundRedevelopment Authority US Bank 7520.000.000.000.002015 Eddy Street Commons RefundingSinking FundRedevelopment Authority US Bank 752 16,820.1015.160.00 16,835.262015 Eddy Street Commons RefundingOperations & Reserve Redevelopment Authority US Bank 7520.000.000.000.002015 Smart Streets BondSinking FundRedevelopment Authority US Bank 7565,198.17 856,500.880.00 861,699.052015 Smart Streets BondOperating & Reserve Redevelopment Authority US Bank 7560.000.000.000.002015 Smart Streets BondReserve FundRedevelopment Authority US Bank 756 1,712,478.95290.880.00 1,712,769.832015 Smart Streets BondConstruction FundRedevelopment Authority US Bank 753 1,040,155.94177.13 12,430.59 1,027,902.482015 Smart Streets BondBond Interest Account Redevelopment Authority US Bank 756968.360.160.00968.52Total Redevelopment Authority3,305,251.65$ 1,739,961.49$ 12,430.59$ 5,032,782.55$ Total Trustee Cash30,107,730.59$ 3,098,110.12$ 165,817.34$ 33,040,023.37$ Administration Finance2/25/2018Page 3
Entity Cash Balance Percent
Building Corporation 2,095,780$ 6.34%
City of South Bend 7,280,209 22.03%
Economic Develop Commission 18,631,252 56.39%
Redevelopment Authority 5,032,782 15.24%
Total 33,040,023$ 100.00%
Redevelopment Authority includes the 2015 Smart Streets bond capital
fund (753) with a balance of $1.0 million dollars remaining in the fund at
January 31, 2018.
January 31, 2018
Economic Development Commission includes the 2017 Eddy Street
Commons Phase II bond capital fund (759) with a balance of $16.1
million dollars remaining in the fund at January 31, 2018.
City of South Bend includes the 2015 Parks/EDIT bond capital fund (751)
with a balance of $3.1 million dollars remaining in the fund at January 31,
2018.
Trustee Cash Balances
Building
Corporation
City of South
Bend
Economic
Develop
Commission
Redevelopment
Authority
Administration Finance 2/25/2018 Page 4