HomeMy WebLinkAbout09-2017 Controller's Trustee Cash ReportPeriod Ending: September 30, 2017
Issued By: Controller
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 Laura O'Sullivan
Deputy Chief of Staff Suzanna Fritzberg
Common Council
Department Heads
Fiscal Officers
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 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
Wells Fargo bank accounts were closed.
On August 14, 2017, the 2017 Eddy Street Commons Phase II bonds were closed. The par value was $25
million: $396,250 was spent on bond closing costs and $2.5 million was set aside as debt service reserve
per the bond covenants. The first debt service payment is due on February 15, 2018 and the final
payment is due February 15, 2037.
If you should have any questions regarding this report, please contact the Department of Administration &
Finance.
Administration Finance 11/14/2017 Page 2
City of South Bend, IndianaTrustee Cash SummaryJanuary 1, 2017 thru September 30, 2017Beginning YTD YTD EndingName Purpose Entity Trustee Fund Cash Receipts Disbursements Cash2012 Police/Fire Building Refunding Sinking Fund Building Corporation US Bank 755 61.80 1,571,470.30 1,571,178.99 353.112012 Police/Fire Building Refunding Operating & Repair Building Corporation US Bank 755 23,941.92 5,557.37 500.00 28,999.292012 Police/Fire Building Refunding Reserve Fund Building Corporation US Bank 755 3,887.07 18.07 0.00 3,905.142013 EMS Revenue Bond Sinking Fund Building Corporation US Bank 7557.81 516,701.57 516,688.43 20.952013 EMS Revenue Bond Operating & Reserve Building Corporation US Bank 755 116,703.04 114,258.36 111,053.59 119,907.812013 EMS Revenue Bond Reserve Fund Building Corporation US Bank 7550.00 0.00 0.00 0.002013 EMS Revenue Bond Construction Fund Building Corporation US Bank 755 116.09 0.01 116.10 0.002013 EMS Revenue Bond Bond Interest Account Building Corporation US Bank 755 0.00 0.00 0.00 0.002010 BPW Building Refunding Debt Service Reserve Fund Building Corporation Wells Fargo 755 607,504.83 1,315.44 1,315.44 607,504.832010 BPW Building Refunding Sinking Fund Building Corporation Wells Fargo 755 20.30 675,412.60 672,275.80 3,157.102010 BPW Building Refunding Operating & Reserve Building Corporation Wells Fargo 755 9,845.74 1,298.49 2,500.00 8,644.23Total Building Corporation762,088.60$ 2,886,032.21$ 2,875,628.35$ 772,492.46$ 2015 Parks/EDIT Bond Bond Retirement Account City of South Bend US Bank 757 164,263.42 290,209.49 390,481.26 63,991.652015 Parks/EDIT Bond Debt Service Reserve Fund City of South BendUS Bank 757 397,679.52 512.27 0.00 398,191.792015 Parks/EDIT Bond Construction Fund City of South Bend US Bank 751 4,337,198.79 5,042.24 1,022,180.88 3,320,060.152015 PNC Bank Vehicle/Equipment Lease City of South Bend US Bank 750 371,957.01 413.84 372,370.85 0.002016 Public-Finance.com (Lease #1) Vehicle/Equipment Lease City of South Bend US Bank 750 299,849.05 209.32 300,058.37 0.002016 PNC Equipment Finance (Lease #2) Vehicle/Equipment Lease City of South Bend US Bank 750 1,494,370.71 422.26 1,414,345.00 80,447.972016 PNC Equipment Finance (Lease #3) Vehicle/Equipment Lease City of South Bend US Bank 750 1,011,716.73 1,281.58 342,749.23 670,249.082017 Public-Finance.com (Lease #1) Vehicle/Equipment Lease City of South Bend US Bank 750 0.00 2,918,578.78 730,652.06 2,187,926.722017 City Vehicle & Equipment (Lease #2) Vehicle/Equipment LeaseCity of South Bend US Bank 750 0.00 1,632,071.54 0.00 1,632,071.542016 Waterworks Bond Refunding Cost of Issuance Fund City of South Bend US Bank 620 53,250.37 0.00 53,250.37 0.00Total City of South Bend8,130,285.60$ 4,848,741.32$ 4,626,088.02$ 8,352,938.90$ 2017 Eddy Street Commons Phase II Sinking Fund City of South BendUS Bank 760 0.00 0.00 0.00 0.002017 Eddy Street Commons Phase II Debt Service Reserve Fund City of South Bend US Bank 760 0.00 2,500,232.88 0.00 2,500,232.882017 Eddy Street Commons Phase II Cost of Issuance Fund City of South Bend US Bank 759 0.00 396,250.00 396,250.00 0.002017 Eddy Street Commons Phase II Construction Fund-Hotel City of South Bend US Bank 759 0.00 6,000,000.00 0.00 6,000,000.002017 Eddy Street Commons Phase IIConstruction Fund-Mixed UseCity of South Bend US Bank 759 0.00 16,103,750.00 0.00 16,103,750.00Total Economic Development Commission-$ 25,000,232.88$ 396,250.00$ 24,603,982.88$ 2005 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 2,924,568.76 2,924,568.76 0.002008 Eddy Street Commons Debt Service Reserve Fund Redevelopment Authority US Bank 752 60.03 0.27 0.00 60.302008 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 752 598.72 496,331.86 496,049.23 881.352011 Century Center Refunding Operating & Reserve Fund Redevelopment Authority US Bank 752 18,000.19 4,263.90 0.00 22,264.092011 Century Center Refunding Reserve Fund Redevelopment Authority US Bank 752 298,354.92 1,384.30 1,299.47 298,439.752011 Hall of Fame Refunding Sinking Fund Redevelopment Authority US Bank 313 28.40 1,268,076.30 1,268,044.27 60.432011 Hall of Fame Refunding Operations & Reserve Redevelopment Authority US Bank 313 19,375.18 4,728.39 0.00 24,103.572013 Century Center Refunding Operation & Reserve Redevelopment Authority US Bank 752 174,124.41 416.06 148,389.44 26,151.032013 Century Center Refunding Sinking Fund Redevelopment Authority US Bank 752 16.78 345,934.23 345,906.25 44.762013 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 2,471,797.21 2,463,181.26 16,782.342015 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 1,253,751.53 1,249,568.76 5,195.592015 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 2,203.85 2,337.71 1,711,625.342015 Smart Streets Bond Construction Fund Redevelopment AuthorityUS Bank 753 5,929,453.38 48,114.87 4,907,827.66 1,069,740.592015 Smart Streets Bond Bond Interest Account Redevelopment Authority US Bank 756 395,668.39 83.87 394,784.38 967.882009 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$ 13,312,321.18$ 19,987,187.49$ 3,176,317.26$ Totals18,743,557.77$ 46,047,327.59$ 27,885,153.86$ 36,905,731.50$ Administration Finance 11/14/2017 Page 3
Entity Cash Balance Percent
Building Corporation 772,492$ 2.09%
City of South Bend 8,352,939 22.63%
Economic Develop Commission 24,603,983 66.67%
Redevelopment Authority 3,176,317 8.61%
Total 36,905,731$ 100.00%
Redevelopment Authority includes the 2015 Smart Streets bond capital
fund (753) with a balance of $1.1 million dollars remaining in the fund at
September 30, 2017.
September 30, 2017
Economic Development Commission includes the 2017 Eddy Street
Commons Phase II bond capital fund (759) with a balance of $22.1
million dollars remaining in the fund at September 30, 2017.
City of South Bend includes the 2015 Parks/EDIT bond capital fund (751)
with a balance of $3.3 million dollars remaining in the fund at September
30, 2017.
Trustee Cash Balances
Building
Corporation
City of South
Bend
Economic
Develop
Commission
Redevelopment
Authority
Administration Finance 11/14/2017 Page 4