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Home My WebLink About2018-02 Controller's Trustee Cash ReportPeriod Ending: February 28, 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, the 2015 Parks/EDIT bond, and the 2017 Eddy Street Commons Phase II bond. Cash in capital project accounts is spent down as work is completed on projects. Trustee cash accounts also include 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 by calling 311. Controller's Trustee Cash Report Page 2 City of South Bend, IndianaTrustee Cash SummaryJanuary 1, 2018 thru February 28, 2018Beginning YTDYTDEndingNamePurposeEntityTrustee Fund CashReceipts Disbursements Cash2012 Police/Fire Building RefundingSinking FundBuilding Corporation US Bank 755353.91 785,412.98 785,353.64413.252012 Police/Fire Building RefundingOperating & RepairBuilding Corporation US Bank 75528,063.701,797.220.00 29,860.922012 Police/Fire Building RefundingReserve FundBuilding Corporation US Bank 7553,913.937.470.003,921.402013 EMS Revenue BondSinking FundBuilding Corporation US Bank 75520.95 312,049.20 312,052.5017.652013 EMS Revenue BondOperating & ReserveBuilding Corporation US Bank 755119,017.5940.44 110,781.558,276.482013 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 AccountBuilding Corporation US Bank 7550.000.000.000.002010 BPW Building RefundingDebt Service Reserve Fund Building Corporation Wells Fargo 755607,504.83828.26828.26 607,504.832010 BPW Building RefundingSinking FundBuilding Corporation Wells Fargo 7554,054.81 338,452.98 342,507.790.002010 BPW Building Refunding Operating & ReserveBuilding Corporation Wells Fargo 7558,656.706,551.060.00 15,207.76Total Building Corporation771,586.42$ 1,445,139.61$ 1,551,523.74$ 665,202.29$ 2015 Parks/EDIT BondBond Retirement AccountCity of South Bend US Bank 757159,378.12 63,518.61 190,340.63 32,556.102015 Parks/EDIT BondDebt Service Reserve Fund City of South Bend US Bank 757398,390.37135.350.00 398,525.722015 Parks/EDIT BondConstruction FundCity of South Bend US Bank 751 3,271,223.941,110.05 881,689.41 2,390,644.582016 PNC Equipment Finance (2016 Lease #2) Vehicle/Equipment LeaseCity of South Bend US Bank 75080,488.0927.340.00 80,515.432016 PNC Equipment Finance (2016 Lease #3) Vehicle/Equipment LeaseCity of South Bend US Bank 750625,099.44212.380.00 625,311.822017 Public-Finance.com (2017 Lease #1) Vehicle/Equipment LeaseCity of South Bend US Bank 750 1,431,423.46504.28 239,617.00 1,192,310.742017 City Vehicle & Equipment (2017 Lease #2) Vehicle/Equipment LeaseCity of South Bend US Bank 750 1,401,237.23476.91 973,722.00 427,992.142017 Park District Bonds, Series A-KCost of Issuance FundCity of South Bend US Bank 47132,858.450.00 17,750.00 15,108.45Total City of South Bend7,400,099.10$ 65,984.92$ 2,303,119.04$ 5,162,964.98$ 2017 Eddy Street Commons Phase IISinking FundCity of South Bend US Bank 7600.00 628,472.19 628,472.190.002017 Eddy Street Commons Phase IIDebt Service Reserve Fund City of South Bend US Bank 760 2,501,479.76849.880.00 2,502,329.642017 Eddy Street Commons Phase IICost of Issuance FundCity of South Bend US Bank 7590.000.000.000.002017 Eddy Street Commons Phase IIConstruction Fund-HotelCity of South Bend US Bank 75925,563.6637.930.00 25,601.592017 Eddy Street Commons Phase IIConstruction Fund-Mixed Use City of South Bend US Bank 759 16,103,750.000.000.00 16,103,750.00Total Economic Development Commission18,630,793.42$ 629,360.00$ 628,472.19$ 18,631,681.23$ 2008 Eddy Street Commons Sinking Fund Redevelopment Authority US Bank 7520.00 30,524,715.63 30,524,715.630.002008 Eddy Street CommonsDebt Service Reserve Fund Redevelopment Authority US Bank 75260.440.110.0060.552008 Eddy Street CommonsExcess FundRedevelopment Authority US Bank 7520.240.000.000.242011 Century Center RefundingSinking FundRedevelopment Authority US Bank 752883.34 250,899.77 250,382.661,400.452011 Century Center RefundingOperating & Reserve Fund Redevelopment Authority US Bank 75222,314.241,750.260.00 24,064.502011 Century Center RefundingReserve FundRedevelopment Authority US Bank 752299,112.03571.061,381.58 298,301.512011 Hall of Fame RefundingSinking FundRedevelopment Authority US Bank 31360.57 633,062.81 633,060.5262.862011 Hall of Fame RefundingOperations & ReserveRedevelopment Authority US Bank 31324,157.871,791.640.00 25,949.512013 Century Center RefundingOperation & ReserveRedevelopment Authority US Bank 752182,964.67349.311,000.00 182,313.982013 Century Center Refunding Sinking FundRedevelopment Authority US Bank 75276.730.150.0076.882013 Century Center Refunding Reserve FundRedevelopment Authority US Bank 7520.000.000.000.002015 Eddy Street Commons RefundingSinking FundRedevelopment Authority US Bank 75216,820.10 1,234,532.11 1,234,278.13 17,074.082015 Eddy Street Commons RefundingOperations & ReserveRedevelopment Authority US Bank 7520.000.000.000.002015 Smart Streets BondSinking FundRedevelopment Authority US Bank 7565,198.17 858,302.93 861,699.051,802.052015 Smart Streets BondOperating & ReserveRedevelopment Authority US Bank 7560.008,814.670.008,814.672015 Smart Streets BondReserve FundRedevelopment Authority US Bank 756 1,712,478.95581.811,726.08 1,711,334.682015 Smart Streets BondConstruction FundRedevelopment Authority US Bank 753 1,040,155.94351.87 18,022.50 1,022,485.312015 Smart Streets BondBond Interest AccountRedevelopment Authority US Bank 756968.360.320.00968.68Total Redevelopment Authority3,305,251.65$ 33,515,724.45$ 33,526,266.15$ 3,294,709.95$ Total Trustee Cash30,107,730.59$ 35,656,208.98$ 38,009,381.12$ 27,754,558.45$ Controller's Trustee Cash ReportPage 3 Entity Cash Balance Percent Building Corporation 665,202$ 2.40% City of South Bend 5,162,965 18.60% Economic Develop Commission 18,631,681 67.13% Redevelopment Authority 3,294,710 11.87% Total 27,754,558$ 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 February 28, 2018. February 28, 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 February 28, 2018. City of South Bend includes the 2015 Parks/EDIT bond capital fund (751) with a balance of $2.39 million dollars remaining in the fund at February 28, 2018. Trustee Cash Balances Building Corporation includes debt service accounts for the 2012 Police & Fire refunding, the 2010 Public Works Building refunding, and the 2013 EMS Fire Station/Tower bonds. Debt payments are made twice a year. Building Corporation City of South Bend Economic Develop Commission Redevelopment Authority Controller's Trustee Cash Report Page 4