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Home My WebLink About03-2017 Controller's Trustee Cash ReportPeriod Ending: March 31, 2017 Issued By: Administration/Finance City of South Bend Controller's Trustee Cash Report Page Contents 2 Purpose & Narrative 3 Summary 4 Graph of Cash Balances Distribution Mayor Pete Buttigieg Chief of Staff James Mueller Deputy Chief of Staff Suzanna Fritzberg Common Council Department Heads Fiscal Officers Controller John Murphy Deputy Controller Jennifer Hockenhull Director of Treasury Rahman Johnson Sr Budget Analyst Amy Shirk Purpose of Report Current Activity If you should have any questions regarding this report, please contact John Murphy, City Controller (574) 235-7678, Jennifer Hockenhull, Deputy City Controller (574) 235-9822, or Rahman Johnson, City Director of Treasury (574) 235-5921. 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 Smart Streets bond and the 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. During February 2017, the 2005 Erskine Village bonds were paid off early. $561,229 in trustee cash was paid back to the City of South Bend and deposited into Fund 430. During March 2017, the remaining interest earned was paid back to the City and deposited into Fund 430 and the associated Wells Fargo bank accounts were closed. Additionally, the final payment on the 2009 MPAC bonds was made on February 1 and $735,235 in trustee cash was paid back to the City of South Bend and deposited into Fund 408. During March 2017, the remaining interest earned was paid back to the City and deposited into Fund 408 and the associated Administration Finance 4/21/2017 Page 2 City of South Bend, IndianaTrustee Cash SummaryJanuary 31, 2016 thru March 31, 2017Beginning YTD YTD EndingName Purpose EntityTrustee Fund Cash Receipts Disbursements Cash2012 Police/Fire Building Refunding Sinking Fund Building Corporation US Bank 755 61.80 786,116.95 786,061.82 116.932012 Police/Fire Building Refunding Operating & Repair Building Corporation US Bank 755 23,941.92 1,356.80 0.00 25,298.722012 Police/Fire Building Refunding Reserve Fund Building Corporation US Bank 755 3,887.07 3.98 0.00 3,891.052013 EMS Revenue Bond Sinking Fund Building Corporation US Bank 7557.81 315,430.62 315,427.50 10.932013 EMS Revenue Bond Operating & Reserve Building Corporation US Bank 755 116,703.04 25.08 111,053.59 5,674.532013 EMS Revenue Bond Reserve Fund Building Corporation US Bank 7550.00 0.00 0.00 0.002013 EMS Revenue Bond Construction Fund Building Corporation US Bank 755 116.09 0.01 116.10 0.002013 EMS Revenue Bond Bond Interest Account Building Corporation US Bank 755 0.00 0.00 0.00 0.002010 BPW Building Refunding Debt Service Reserve Fund Building Corporation Wells Fargo 755 607,504.83 120.51 120.51 607,504.832010 BPW Building Refunding Sinking Fund Building Corporation Wells Fargo 755 20.30 336,628.26 336,594.55 54.012010 BPW Building Refunding Operating & Reserve Building Corporation Wells Fargo 755 9,845.74 1,283.27 2,500.00 8,629.01Total Building Corporation762,088.60 1,440,965.48 1,551,874.07 651,180.012015 Parks/EDIT Bond Bond Retirement Account City of South Bend US Bank 757 164,263.42 130,394.12 198,565.63 96,091.912015 Parks/EDIT Bond Debt Service Reserve Fund City of South BendUS Bank 757 397,679.52 129.03 0.00 397,808.552015 Parks/EDIT Bond Construction Fund City of South Bend US Bank 751 4,337,198.79 1,392.63 414,937.46 3,923,653.962015 PNC Bank Vehicle/Equipment Lease City of South Bend US Bank 750 371,957.01 120.68 0.00 372,077.692016 Public-Finance.com (Lease #1) Vehicle/Equipment Lease City of South Bend US Bank 750 299,849.05 91.97 138,904.71 161,036.312016 PNC Equipment Finance (Lease #2) Vehicle/Equipment Lease City of South Bend US Bank 750 1,494,370.71 338.03 1,399,477.00 95,231.742016 PNC Equipment Finance (Lease #3) Vehicle/Equipment Lease City of South Bend US Bank 750 1,011,716.73 345.63 0.00 1,012,062.362016 Waterworks Bond Refunding Cost of Issuance Fund City of South Bend US Bank 620 53,250.37 0.00 40,500.00 12,750.37Total City of South Bend8,130,285.60 132,812.09 2,192,384.80 6,070,712.892005 Erskine Village Bonds Reserve Fund Redevelopment Authority Wells Fargo 758 561,115.03 47.43 561,162.46 0.002005 Erskine Village Bonds Principal & Interest Redevelopment Authority Wells Fargo 758 1.78 3,961,734.72 3,961,736.50 0.002008 Eddy Street Commons Sinking Fund Redevelopment Authority US Bank 752 0.00 1,463,034.38 1,463,034.38 0.002008 Eddy Street Commons Debt Service Reserve Fund Redevelopment Authority US Bank 752 60.03 0.06 0.00 60.092008 Eddy Street Commons Excess Fund Redevelopment Authority US Bank 752 0.24 0.00 0.00 0.242011 Century Center Refunding Sinking Fund Redevelopment Authority US Bank 752 598.72 245,949.83 246,098.90 449.652011 Century Center Refunding Operating & Reserve Fund Redevelopment Authority US Bank 752 18,000.19 917.63 0.00 18,917.822011 Century Center Refunding Reserve Fund Redevelopment Authority US Bank 752 298,354.92 305.33 443.15 298,217.102011 Hall of Fame Refunding Sinking Fund Redevelopment Authority US Bank 313 28.40 635,015.84 635,028.41 15.832011 Hall of Fame Refunding Operations & Reserve Redevelopment Authority US Bank 313 19,375.18 3,314.39 0.00 22,689.572013 Century Center Refunding Operation & Reserve Redevelopment Authority US Bank 752 174,124.41 178.28 0.00 174,302.692013 Century Center Refunding Sinking Fund Redevelopment Authority US Bank 752 16.78 0.02 0.00 16.802013 Century Center Refunding Reserve Fund Redevelopment Authority US Bank 752 0.00 0.00 0.00 0.002015 Eddy Street Commons Refunding Sinking Fund Redevelopment Authority US Bank 752 8,166.39 1,236,725.25 1,234,003.13 10,888.512015 Eddy Street Commons Refunding Operations & Reserve Redevelopment Authority US Bank 752 0.00 0.00 0.00 0.002015 Smart Streets Bond Sinking Fund Redevelopment Authority US Bank 756 1,012.82 395,645.25 394,784.38 1,873.692015 Smart Streets Bond Operating & Reserve Redevelopment Authority US Bank 756 0.00 0.00 0.00 0.002015 Smart Streets Bond Reserve Fund Redevelopment Authority US Bank 756 1,711,759.20 555.29 860.43 1,711,454.062015 Smart Streets Bond Construction Fund Redevelopment AuthorityUS Bank 753 5,929,453.38 1,811.41 1,784,892.99 4,146,371.802015 Smart Streets Bond Bond Interest Account Redevelopment Authority US Bank 756 395,668.39 82.95 394,784.38 966.962009 Morris PAC Refunding Debt Service Reserve Fund Redevelopment Authority Wells Fargo 752 721,011.86 83.42 721,095.28 0.002009 Morris PAC Refunding Operations & Reserve Redevelopment Authority Wells Fargo 752 12,435.85 1,792.54 14,228.39 0.002009 Morris PAC Refunding Sinking Fund Redevelopment Authority Wells Fargo 752 0.00 527,007.67 527,007.67 0.00Total Redevelopment Authority9,851,183.57 8,474,201.69 11,939,160.456,386,224.81 Totals18,743,557.7710,047,979.2615,683,419.32 13,108,117.71Administration Finance 4/21/2017 Page 3 Entity Cash Balance Percent Building Corporation 651,180$ 4.97% City of South Bend 6,070,713 46.31% Redevelopment Authority 6,386,225 48.72% Total 13,108,118$ 100.00% March 31, 2017 Redevelopment Authority includes the 2015 Smart Streets bond capital fund with a balance of $4.1 million dollars remaining in the fund at March 31, 2017. City of South Bend includes the 2015 Parks/EDIT bond capital fund with a balance of $3.9 million dollars remaining in the fund at March 31, 2017. Trustee Cash Balances Building Corporation City of South Bend Redevelopment Authority Administration Finance 4/21/2017 Page 4