HomeMy WebLinkAbout2018 Board of Finance Annual Investment ReportAnnual Investment Report
to the City of South Bend
Board of Finance
For the Year Ended
December 31, 2018
Report Date: January 28, 2019
Report Distribution: South Bend Common Council Members
Mayor
Chief of Staff
Deputy Chief of Staff
City Clerk
Common Council Attorney
Corporation Counsel
State Board of Accounts (local office)
Submitted By: City Controller (pursuant to I.C. 5-13-7-7)
TABLE OF CONTENTS
Investment Officers, Advisors, Authorized Investments ............................... 3
Investment Review Meetings ....................................................................... 4
Investment Policy ................................................................................... 5 – 7
Investment Report (12/31/18) .............................................................. 8 – 16
Controller’s Cash Report (12/31/18 – preliminary) ............................. 17 – 29
1st Source Bank Interest Earnings (Cash Basis) ........................................ 31
Total Interest Earnings by Year .................................................................. 32
Total Interest Earnings by Fund ......................................................... 33 – 35
Cash Reserve Policy .......................................................................... 36 – 39
1st Source Investment Advisor Profiles .............................................. 40 – 42
2
INVESTMENT OFFICERS
Daniel T. Parker, MBA, CPA, City Controller
Rahman M. Johnson, MBA, Director of Treasury
INVESTMENT ADVISORS (1ST SOURCE BANK)
Paul W. Gifford, Jr., CFA
President & Chief Investment Officer, 1st Source Corporation Investment
Advisors, Inc.
Erik Clapsaddle, CFA, CFP ®
Vice President & Sr. Fixed Income Portfolio Manager
Amy White, JD
Vice President & Personal Trust Manager
AUTHORIZED INVESTMENT AMOUNT
Maximum of $185 million with 1st Source Bank
(Increase by $10 million as of January 31, 2017)
3
INVESTMENT REVIEW MEETINGS
QUARTER DATE TIME
1ST Quarter 04/18/2019 10:00 A.M.
2ND Quarter 07/18/2019 10:00 A.M.
3RD Quarter 10/17/2019 10:00 A.M.
4TH Quarter 01/16/2020 10:00 A.M.
Investment Review Meetings will be held at:
1st Source Bank
100 North Michigan Street, 5th Floor
South Bend, IN 46601
4
City of South Bend Administration & Finance Policy Manual
2.8 Investment Policy
Effective: January 1, 2019
Purpose: This policy defines the cash investment policy of the City of South Bend.
Scope: This statement applies to all governmental units, enterprise operations, and operations of the
City of South Bend. This policy shall be in accordance with the terms and limitations of I.C. 5-
13-9, Deposit and Investment Powers, as amended from time to time.
Responsibility: This policy is the responsibility of the City Controller. Changes or revisions to this policy are
affected only by approval of the City Controller.
Effective Date: This policy is effective as of the date stated above. The Board of Finance of the City of South
Bend (constituted by the South Bend Common Council pursuant to I.C. 5-13-7-5) will review this
policy each year at its annual meeting conducted in accordance with I.C. 5-13-7-6 and I.C. 5-
13-7-7.
1.0 Policy Statement
The City of South Bend, Indiana shall make all investments, in both Deposit and Investment Accounts,
in accordance with the terms and limitations of IC 5-13-9, Deposit and Investment Powers, as amended
from time to time.
2.0 Deposit and Investment Options
Eligible deposit accounts mean any of the following:
1. Any account subject to withdrawal by negotiable orders of withdrawal, unlimited as to amount or
number, and without penalty, including NOW accounts
2. Passbook savings accounts
3. Certificates of Deposit
4. Money market deposit accounts
5. Any interest-bearing account that is authorized and offered by a financial institution in the course of
its respective business
5
City of South Bend Administration & Finance Policy Manual
2.8 Investment Policy
3.0 Eligible Investment Products:
Each investment officer may invest or reinvest any funds that are held by the officer and available for
investment in any of the following (IC 5-13-9):
3.1 Securities backed by the full faith and credit of the United States Treasury or fully guaranteed by the
United States and issued by any of the following:
1. The United States Treasury
2. A federal agency
3. A federal instrumentality
4. A federal government sponsored enterprise
3.2 Discount notes issued by any of the following:
1. A federal agency
2. A federal instrumentality
3. A federal government sponsored enterprise
3.3 An investment officer shall annually obtain the approval of the Common Council before making
investments in the following:
1. Money market mutual funds that are in the form of securities of or interests in an open-end, no-load,
management-type investment company or investment trust registered under the provisions of the
federal Investment Company Act of 1940, as amended. The portfolio of this type must be limited to the
following:
A. Direct obligations of the United States
B. Obligations issued by any of the following:
a. A federal agency
b. A federal instrumentality
c. A federal government sponsored enterprise
C. Repurchase agreements fully collateralized by obligations described in both A and B
above.
2. The money market mutual fund must be rated as one of the following:
A. AAAm, or its equivalent, by Standard and Poor's Corporation
B. Aaa, or its equivalent, by Moody's Investors Service, Inc.
3.4 The investment is considered to have a stated final maturity of one day, and shall be made through
depositories designated by the state board of finance as depositories for state deposits under IC 5-13-
9.5.
6
City of South Bend Administration & Finance Policy Manual
2.8 Investment Policy
4.0 Terms of Repurchase Agreements
Each investment officer may enter into, with any funds that are held by the officer and available for
investment, repurchase agreements with depositories designated by the State Board of Finance as
depositories under IC 5-13-9.5; and involving the political subdivision’s purchase and guaranteed resale
of any interest-bearing obligations;
A. issued; or
B. fully insured or guaranteed by the United States, a United States Government Agency, an
instrumentality of the United States, or a federal government sponsored enterprise.
The depository shall determine daily that the amount of money in this type of agreement must be fully
collateralized by interest-bearing obligations as determined by their current market value. The collateral
is not subject to the two-year maturity limitation.
Repurchase agreements may be entered into for a fixed term or arranged on an open or continuing basis
as a continuing contract that:
1. operates like a series of overnight repurchase agreements (may be referred to as overnight
sweep products),
2. is renewed each day with the repurchase rate and the amount of funds invested determined
daily; and
3. for this purpose is considered to have a final maturity of one day.
5.0 Investment in Other Securities
Each investing officer may invest or reinvest in obligations issued, assumed or guaranteed by the
International Bank for Reconstruction and Redevelopment or the African Development Bank (IC 5-13-
9.3.3)
6.0 Inter-local Cooperation Agreement
IC 36-1-7-1 authorizes and permits local units of government to enter into inter-local cooperation
agreements, and thus to exercise a power jointly pursuant to a written agreement authorized by
ordinance or resolution. MBIA provides through Invest Indiana, such an inter-local agreement. The
investments of the joint structure are limited to all investments authorized by IC 5-13.
7.0 Maturity Limitations
1. A minimum of 75% of the total portfolio must be invested with a maximum maturity of two (2) years
in permitted investments as defined as above.
2. A maximum of 25% of the total portfolio may be invested with a maturity of two (2) to five (5) years
as permitted in IC 5-13-9-5.7 in permitted investments as defined as above. This policy expires
on January 31, 2021.
7
Investment Report (12/31/18)
8
City of South Bend Corporate AgencyInvestment Presentation forAccount 619062011Prepared by Paul W Gifford, CFA9
Account Summary as of 12/31/2018City of South Bend Corporate AgencyAccount StatisticsTotal Market Value$184,923,948.58Total Unrealized Gain/Loss-$235,360.96Estimated Annual Income$3,944,506.55Estimated Portfolio Yield2.13%YTD Long Term Gain/Loss$0.00YTD Short Term Gain/Loss$0.00Policy AccountIncomeMinor Account TypeAGENCYInvestment OfficerPAUL GIFFORDAdministrative OfficerAMY WHITEAsset Allocation% TotalMarket ValueAsset Category0.3574,830.64Cash99.7184,349,117.94Fixed Income100.0%$184,923,948.58TotalTop 5 Holdings (Cash Excluded)AssetUnitsPriceTax Cost Market ValueYieldEst. IncomeGain/Loss% TotalFHLMC 1.350% 1/25/195.321.34132,097.5051,849.759,836,371.259,784,521.5099.949,785,000Key Bank CD 1.650% 11/29/194.291.66132,000.00-63,867.407,936,132.608,000,000.0099.068,000,000Lake City Bank CD 1.71% 6/20/20193.241.71102,600.000.006,000,000.006,000,000.00100.006,000,000U.S. Treasury Notes 3.125% 5/15/192.993.11171,875.0010,766.265,534,580.265,523,814.00100.225,500,000JP Morgan Bank CD 2.850% 8/14/202.912.83152,190.0042,941.655,382,941.655,340,000.0099.715,340,000$34,648,335.50 $34,690,025.76 $41,690.26 $690,762.50 1.99%Total18.76%Market values include accruals.December 31, 2018Account 619062011Page 1 of 710
Holdings Detail as of 12/31/2018City of South Bend Corporate AgencyAssetCUSIP QuantityTax CostYieldEst. IncomeGain/LossMarket ValueCashTaxable Money Market FundsFederated Govt Obli Fd-prm 608919718 574,252574,252.48 574,830.64 578.16 11,949.05 2.08%$574,252.48 $574,830.64 $578.16 $11,949.05 2.08%Total CashFixed IncomeTime DepositsAlly Bank CD 1.550% 4/15/19 02006L2B8 250,000 250,000.00 250,176.82 176.82 3,875.00 1.55%Amer Expr Bank CD 1.900% 12/05/19 02587CGY0 250,000 250,000.00 248,528.87 -1,471.13 4,750.00 1.91%Amer Expr Centur CD 1.650% 4/05/19 02587DM88 250,000 250,000.00 250,452.02 452.02 4,125.00 1.65%Ameris Bank CD 2.400% 6/27/19 03077CCM5 250,000 250,000.00 249,861.82 -138.18 6,000.00 2.40%Barclays Bank DE CD 1.700% 9/20/19 06740KKT3 250,000 250,000.00 249,586.82 -413.18 4,250.00 1.70%Bmo Harris Bank CD 2.400% 7/01/19 05581WYT6 3,000,000 3,000,000.00 2,998,251.78 -1,748.22 72,000.00 2.40%Bmo Harris Bank CD 2.700% 7/24/20 05581WZM0 5,000,000 5,000,000.00 5,009,220.559,220.55 135,000.00 2.70%Bmo Harris Bk CD V-A 2.500% 3/29/23 05581WWH4 5,000,000 5,000,000.00 4,961,277.40-38,722.60 125,000.00 2.52%Bmo Harris Bk CD V-A 2.500% 5/14/21 05581WXL4 3,500,000 3,500,000.00 3,503,911.853,911.85 87,500.00 2.50%BMW Bank CD 2.750% 6/29/20 05580ANJ9 250,000 250,000.00 249,541.51 -458.49 6,875.00 2.76%Cathay Bank CD 2.650% 5/18/20 149159MJ1250,000 250,000.00 249,566.61 -433.39 6,625.00 2.65%Citibank CD 2.500% 3/30/20 17312QH51250,000 250,000.00 250,667.09667.09 6,250.00 2.49%Comenity Cap Bank CD 3.000% 10/30/20 20033AM78 250,000 250,000.00 250,026.10 26.10 7,500.00 3.00%Compass Bank CD 2.450% 8/09/19 20451PUU8250,000 250,000.00 252,758.42 2,758.42 6,125.00 2.42%Connectone Bank CD 3.050% 12/28/20 20786ACL7 245,000 245,000.00 245,047.5947.59 7,472.50 3.05%Customers Bank CD 2.650% 5/26/20 23204HFS2 250,000 250,000.00 249,949.08-50.92 6,625.00 2.65%Eaglebank CD 2.650% 2/28/20 27002YDU7 250,000 250,000.00 249,702.60 -297.40 6,625.00 2.65%Enerbank CD 2.750% 5/28/20 29278TBV1 250,000 250,000.00 249,687.84 -312.16 6,875.00 2.75%Everbank CD 1.550% 4/16/19 29976D2P4250,000 250,000.00 250,121.85121.85 3,875.00 1.55%First Internet Bk CD 2.800% 6/29/20 32056GCZ1 2,000,000 2,000,000.00 1,997,800.27-2,199.73 56,000.00 2.80%First Internet Bk CD 3.000% 12/28/20 32056GDD9 3,000,000 3,000,000.00 2,997,656.30-2,343.70 90,000.00 3.00%First Merchants CD 1.700% 3/30/20 32082BER6449,000 449,000.00 443,541.88 -5,458.12 7,633.00 1.72%First Merchants CD 1.850% 5/14/21 32082BEU9 1,411,000 1,402,957.30 1,371,451.99-31,505.31 26,103.50 1.90%December 31, 2018Account 619062011Page 2 of 711
Holdings Detail as of 12/31/2018City of South Bend Corporate AgencyAssetCUSIP QuantityTax CostYieldEst. IncomeGain/LossMarket ValueFixed IncomeTime Deposits (continued)First Nat Bk Par CD 1.350% 1/18/19 32114LAV1 250,000 250,000.00 250,019.45 19.45 3,375.00 1.35%First Natl Bank CD 1.600% 6/21/19 332135GV8 250,000 250,000.00 248,992.09 -1,007.91 4,000.00 1.61%Firstrust Savings CD 1.600% 6/24/19 337630BC0 250,000 250,000.00 248,958.63 -1,041.37 4,000.00 1.61%Flushing Bank CD 2.500% 3/30/20 34387ACV9 250,000 250,000.00 249,346.10 -653.90 6,250.00 2.51%Goldman Sachs Bk CD 2.350% 2/14/20 38148PXU6 250,000 250,000.00 251,100.92 1,100.92 5,875.00 2.34%Iberiabank CD 3.000% 10/30/20 45083AKV3 250,000 250,000.00 251,251.47 1,251.47 7,500.00 2.99%Investors Bank CD 2.600% 4/27/20 46176PJG1 250,000 250,000.00 252,096.82 2,096.82 6,500.00 2.58%Investors Bank CD 2.750% 6/01/20 46176PHV0 250,000 250,000.00 250,200.24 200.24 6,875.00 2.75%Israel Disc Bk CD 2.700% 5/04/20 465076KG1250,000 250,000.00 250,607.60 607.60 6,750.00 2.69%JP Morgan Bank CD 2.850% 8/14/20 48128FNS7 5,340,000 5,340,000.00 5,382,941.65 42,941.65 152,190.00 2.83%JP Morgan Bank CD 3.000% 11/21/20 48128FMF6 2,500,000 2,500,000.00 2,526,278.77 26,278.77 75,000.00 2.97%JP Morgan Bank CD 3.050% 10/31/20 48128FA69 5,000,000 5,000,000.00 5,029,904.1129,904.11 152,500.00 3.03%JP Morgan Chase CD 3.000% 3/16/2348126YM67 1,000,000 1,000,000.00990,344.52-9,655.48 30,000.00 3.03%JPMorgan Chase Bk CD 2.950% 10/16/20 48128FXU1 5,000,000 5,000,000.00 5,027,516.4427,516.44 147,500.00 2.93%Key Bank CD 1.500% 3/22/1949306SXP6 2,000,000 2,000,000.00 2,004,181.374,181.37 30,000.00 1.50%Key Bank CD 1.650% 11/29/1949306SYF7 8,000,0008,000,000.00 7,936,132.60 -63,867.40 132,000.00 1.66%Key Bank NA CD 1.350% 1/18/1949306SWU6 4,000,000 4,000,000.00 4,022,906.8522,906.85 54,000.00 1.34%Lake City Bank CD 1.71% 6/20/2019992572081 6,000,000 6,000,000.00 6,000,000.000.00 102,600.00 1.71%Lake City CD 2.92% Due 2/28/2020992572153 5,000,000 5,000,000.00 5,000,000.000.00 146,000.00 2.92%Lakeside Bank CD 1.350% 1/14/1951210SMA2 250,000250,000.00250,090.6890.68 3,375.00 1.35%MB Financial Bank CD 1.650% 7/31/1955266CWA0 1,000,000 1,000,000.00994,665.21-5,334.79 16,500.00 1.66%MB Financial Bank CD 1.750% 11/27/1955266CXF8 5,000,000 5,000,000.00 4,959,248.63-40,751.37 87,500.00 1.76%MB Financial Bank CD 1.800% 7/28/2055266CWB8 1,000,000 1,000,000.00982,987.26-17,012.74 18,000.00 1.83%MB Financial Bank CD 1.800% 9/28/2055266CWV4 1,000,000 1,000,000.00980,257.26-19,742.74 18,000.00 1.84%MB Financial Bank CD 2.650% 5/24/2055266CZM1 5,000,000 5,000,000.00 4,988,604.11-11,395.89 132,500.00 2.66%MB Financial Bk CD 2.600% 3/23/2155266CYY6 1,000,000 1,000,000.00990,011.10-9,988.90 26,000.00 2.63%Merrick Bank CD 2.750% 6/29/2059013JY37250,000250,000.00249,557.84-442.16 6,875.00 2.75%December 31, 2018Account 619062011Page 3 of 712
Holdings Detail as of 12/31/2018City of South Bend Corporate AgencyAssetCUSIP QuantityTax CostYieldEst. IncomeGain/LossMarket ValueFixed IncomeTime Deposits (continued)Morgan Stanley Bk CD 1.700% 8/26/19 61760ADH9 250,000 250,000.00 250,063.70 63.70 4,250.00 1.70%Morgan Stanley Bk CD 1.700% 8/26/19 61747MYJ4 250,000 250,000.00 250,063.70 63.70 4,250.00 1.70%Mutualbank CD 2.700% 8/03/20 62844AAK3 5,000,000 5,000,000.00 4,993,376.03 -6,623.97 135,000.00 2.70%NY Community Bank CD 2.500% 9/27/19 649447RR2250,000 250,000.00 249,863.49 -136.51 6,250.00 2.50%Stifel Bank & Tr CD 2.700% 5/29/20 86063QAQ8 250,000 250,000.00 249,453.49 -546.51 6,750.00 2.71%Synchrony Bank CD 2.750% 5/18/20 87165GXT4 250,000 250,000.00 250,478.77 478.77 6,875.00 2.74%Townebank CD 2.700% 5/26/20 89214PBN8 250,000250,000.00250,150.24150.24 6,750.00 2.70%UBS Bank CD 2.700% 6/01/2090348JCN8 250,000250,000.00249,461.99-538.01 6,750.00 2.71%United Bank CD 2.400% 6/28/1990952RBA6 250,000250,000.00252,830.032,830.03 6,000.00 2.37%Wells Fargo Bank CD 1.550% 2/15/19949763EV4 5,000,000 5,000,000.00 4,999,159.59-840.41 77,500.00 1.55%Wells Fargo Bank CD 2.350% 2/14/20949763NK8 5,000,000 5,000,000.00 4,982,794.52 -17,205.48 117,500.00 2.36%Wells Fargo Bk NA CD 1.200% 2/26/199497483N5 5,000,000 5,000,000.00 4,995,986.30-4,013.70 60,000.00 1.20%Wells Fargo CD V-A 2.150% 11/21/2294986T2Y2 1,500,000 1,500,000.00 1,455,637.60 -44,362.40 32,250.00 2.22%Wells Fargo CD V-Q 1.650% 4/30/2094986T2P1 2,000,000 2,000,000.00 1,988,671.67 -11,328.33 33,000.00 1.66%Wells Fargo CD V-S 2.250% 12/15/2294986T3K1 3,000,000 3,000,000.00 2,919,023.84-80,976.16 67,500.00 2.31%Whitney Bank CD 1.650% 4/22/19966594AY9250,000250,000.00250,177.50177.50 4,125.00 1.65%Worlds Foremos Bk CD 1.550% 1/11/19981571CS9 200,000200,000.00200,127.86127.86 3,100.00 1.55%US TreasuryU.S. Treasury Notes 1.625% 3/31/19912828C65 2,000,000 1,998,101.69 2,004,383.576,281.88 32,500.00 1.62%U.S. Treasury Notes 1.625% 8/31/19912828D80 3,000,000 2,992,422.34 2,996,764.234,341.89 48,750.00 1.63%U.S. Treasury Notes 1.750% 9/30/19912828F39 4,000,000 3,979,661.23 3,991,964.6212,303.39 70,000.00 1.75%U.S. Treasury Notes 1.875% 12/31/199128283N8 4,500,000 4,469,332.55 4,467,518.08-1,814.47 84,375.00 1.89%U.S. Treasury Notes 3.125% 5/15/19912828KQ2 5,500,000 5,523,814.00 5,534,580.2610,766.26 171,875.00 3.11%U.S. Treasury Notes 3.375% 11/15/19912828LY4 3,000,000 3,025,796.56 3,031,205.725,409.16 101,250.00 3.34%Government AgencyFFCB 1.070% 4/24/193133EGZK41,500,000 1,498,875.00 1,496,537.08-2,337.92 16,050.00 1.07%FFCB 1.620% 4/27/203133EHHA4 5,000,000 4,934,264.73 4,955,400.0021,135.27 81,000.00 1.63%FFCB 1.780% 11/27/193133EHW743,745,000 3,728,944.40 3,720,324.61-8,619.79 66,661.00 1.79%December 31, 2018Account 619062011Page 4 of 713
Holdings Detail as of 12/31/2018City of South Bend Corporate AgencyAssetCUSIP QuantityTax CostYieldEst. IncomeGain/LossMarket ValueFixed IncomeGovernment Agency (continued)FFCB 1.840% 3/15/21 3133EHNJ8 3,500,000 3,500,000.00 3,464,782.22 -35,217.78 64,400.00 1.86%FFCB 2.050% 1/30/20 3133EJBC2 5,000,000 4,973,994.41 5,018,193.06 44,198.65 102,500.00 2.04%FHLB 1.400% 5/18/20 3130A7ZT5 2,000,000 2,000,000.00 1,972,144.44 -27,855.56 28,000.00 1.42%FHLB 2.150% 2/14/20 3130ADMS8 3,000,000 2,986,777.35 3,010,715.8323,938.48 64,500.00 2.14%FHLB 2.625% 10/22/193130AFAZ0 300,000299,664.00301,371.381,707.38 7,875.00 2.61%FHLB 3.050% 11/02/203130AFB71 2,000,000 2,001,930.00 2,012,116.1110,186.11 61,000.00 3.03%FHLMC 1.350% 1/25/193134GAK78 9,785,000 9,784,521.50 9,836,371.2551,849.75 132,097.50 1.34%FHLMC MTN 1.300% 8/23/193134GAAF1 1,500,000 1,500,000.00 1,493,628.33-6,371.67 19,500.00 1.31%FHLMC MTN 1.350% 11/26/193134G9KW6 2,000,000 2,000,000.00 1,978,845.00 -21,155.00 27,000.00 1.36%FHLMC MTN 1.650% 10/30/193134GBR61 2,500,000 2,500,000.00 2,486,364.58 -13,635.42 41,250.00 1.66%FHLMC MTN 1.650% 8/25/213134GAAM6 1,500,000 1,500,000.00 1,473,952.50 -26,047.50 24,750.00 1.68%FNMA 1.350% 6/29/203136G37M1 1,750,000 1,750,000.00 1,720,153.75 -29,846.25 23,625.00 1.37%FNMA 1.700% 1/27/203135G0S53 1,000,000 1,000,000.00997,492.22-2,507.78 17,000.00 1.70%$184,585,057.06 $184,349,117.94 $-235,939.12 $3,932,557.50 2.13%Total Fixed IncomeTotal Portfolio$185,159,309.54 $184,923,948.58 $-235,360.96 $3,944,506.55 2.13%* Market values include accruals.December 31, 2018Account 619062011Page 5 of 714
Fixed Income Summary as of 12/31/2018City of South Bend Corporate AgencyMaturity SummaryMaturity (Years)Market Value% BondHoldings0 - 186,453,064.79 46.9%1 - 387,569,769.79 47.5%3 - 510,326,283.36 5.6%Total$184,349,117.94 100.0%Asset Class AllocationSubclassMarket Value% BondHoldingsTime Deposits116,384,309.10 63.1%US Treasury22,026,416.48 11.9%Government Agency45,938,392.36 24.9%Total $184,349,117.94 100.0%Bond Rating SummaryCredit RatingMarket Value% BondHoldingsAAA65,943,283.71 35.8%AA+1,720,153.75 0.9%NR116,685,680.48 63.3%Total$184,349,117.94 100.0%Duration SummaryDuration (Years)Market Value% BondHoldingsLess than 1.0093,495,085.01 50.7%1.00 - 3.0080,527,749.57 43.7%3.00 - 5.0010,326,283.36 5.6%Total$184,349,117.94 100.0%* Market values include accruals.December 31, 2018Account 619062011Page 6 of 715
04,000,0008,000,00012,000,00016,000,00020,000,00024,000,00028,000,00032,000,000Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021All OthersMaturity Ladder as of 12/31/2018City of South Bend Corporate AgencyPar Value of Maturing Assets Over TimePar Value of Maturing Assets Per PeriodQ1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020000000All Others16,700,0008,000,0005,250,00013,250,00011,449,00012,000,000Time Deposits2,000,0005,500,0007,000,0007,500,00000US Treasury9,785,0001,500,0001,500,0008,545,0009,000,0008,750,000Government Agency28,485,000 15,000,000 13,750,000 29,295,000 20,449,000 20,750,000Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021000000All Others17,340,00016,245,0001,000,0004,911,00000Time Deposits000000US Treasury02,000,0003,500,00001,500,0000Government Agency17,340,000 18,245,0004,500,0004,911,0001,500,0000December 31, 2018Account 619062011Page 7 of 716
Controller’s Cash Report
17
Period Ending:
Issued by:
Contents
Narrative
Controller's Cash Report
Cash Reserves Summary by Fund Status
Cash Trends - All Funds
Cash Trends - Enterprise Funds
Cash Trends - Redevelopment Funds
Cash Trends - Civil City Funds
Distribution
Mayor Pete Buttigieg
Chief of Staff Laura O'Sullivan
Deputy Chief of Staff Suzanna Fritzberg
Common Council
Department Heads
Fiscal Officers
December 31, 2018
Controller
City of South Bend
Monthly Cash Report
Preliminary Report - Final Report to Follow Upon Year-End Closing
18
Questions
If you should have additional questions, please contact the Department of Administration & Finance by calling 311.
Narrative
Fiscal Responsibility
The City’s management team is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are
protected from loss, theft, or misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity
with generally accepted accounting principles.
Controller's Cash Report
The Controller’s Cash Report is a monthly summary of cash and investment transactions within the current period by Fund. It summarizes the cash received,
interest earned, cash disbursed, and cash transferred between Funds within the City of South Bend as well as any loans between Funds. The report provides a
month-end view of the City’s cash balance in the reporting period.
Cash Reserves Summary
The purpose of the Cash Reserves Summary Report is keep track of whether the City's funds are meeting their cash reserve requirement. Cash reserve
requirements are set for each fund by the City of South Bend or other governing body (e.g. bond counsel, Century Center Board of Managers).
Cash Trends Summary
The purpose of the Cash Trends Summary is to track trends in cash balances for the City of South Bend over an extended period of time, from January 1, 2007
through the present date. Charts and graphs for the cash balances are provided in four areas--total cash, enterprise fund cash, redevelopment fund cash, and
civil city fund cash.
Cash Reserve Requirements
Cash reserve requirements are typically based on fund type.
- Most City funds are assigned a cash reserve requirement of a percentage of the fund's annual expenditures.
- The Rainy Day Fund 102 has a reserve requirement of 3% of the City's prior year expenditures.
- Some funds have a set dollar amount as the reserve requirement, such as the Police Take Home Vehicle Fund 278, Century Center Capital Fund 671, and
Bowman Cemetery Fund 731.
- Capital project funds, grant funds, and bond capital funds do not have reserve requirements as they are spent down to zero.
- The IT/Innovation/311 Call Center Fund 279 does not have a reserve requirement because it is an internal service fund, reimbursed by departments within
other City funds. Its budgeted revenues are equal to its budgeted expenditures.
- Debt service reserve funds are required to hold all reserves until the respective debt has been paid in full. The amount is often defined in bond covenants.
Pooled Cash
The City utilities pooled cash, the majority of the City's money being held in a single bank account. Although the money is in a single account, each fund retains
ownership of its own cash. Any interest earned on the bank account is distributed amongst the funds based on each funds' cash balance.
Trustee Cash
The City also has cash maintained by trustee financial institutions and expended upon the provision by the City of a proper claim form and invoice. These funds
are typically for debt service payments, debt service reserves, or capital project expenditures.
Changes in Cash Balance
Property taxes are received in June and December of each year and this will cause the cash balances to fluctuate for total cash, redevelopment fund cash and
civil city fund cash. Enterprise fund cash balances will fluctuate based on the receipt of bond proceeds and the spending down of cash on capital projects.
Redevelopment fund cash accounts will vary based on capital spending on projects in tax increment financing (TIF) funds.
Negative Cash Balances
Due to the timing of revenue and expenditures, certain funds will not meet cash reserve requirements and may even have a negative cash balance at different
times throughout the year. Although a fund has a negative cash balance, the City does not have negative cash overall. Pooled cash can cover those funds so
necessary expenditures can be made even if revenues have not been received yet.
Monthly Cash Report 12/2018 Preliminary Report - Final Report to Follow Upon Year-End Closing
19
City of South BendController's Cash ReportOpeningInterest Transfers Transfers EndingTotal Cash & Interfund LoansFundFund NameCash Balance Receipts Disbursements EarnedInOut Cash Balance Investments Investments (Borrowing)City Controlled FundsGeneral Fund101 GENERAL FUND 22,783,319.01 21,588,311.46 5,524,807.06 97,493.800.000.00 38,944,317.210.0038,944,317.21426,398.66Special Revenue Funds102 RAINY DAY FUND10,442,445.280.000.00 22,551.760.000.00 10,464,997.040.0010,464,997.040.00201 PARKS & RECREATION 3,482,103.10 4,783,716.94 1,356,053.35 8,392.94 1,380,145.950.00 8,298,305.580.008,298,305.580.00202 MOTOR VEHICLE HIGHWAY7,521,161.90 607,885.60 1,080,230.92 16,747.27 946,937.500.00 8,012,501.350.008,012,501.350.00203 RECREATION - NONREVERTING825,976.77 49,636.22 78,410.27 1,773.770.00 798,976.490.000.000.000.00209 STUDEBAKER/OLIVER REVERTING GRANTS933,724.15 23,459.372,758.75 2,038.740.000.00 956,463.510.00956,463.51200,000.00210 DEPT COMMUNITY INVESTMENT STATE GRANTS 362,911.650.00 18,002.61783.750.000.00 345,692.790.00345,692.790.00211 DCI OPERATING FUND426,076.93 55,728.96 218,077.57 1,231.15 466,505.000.00 731,464.470.00731,464.470.00212 DEPARTMENT OF COMMUNITY INVESTMENT525,357.52 440,703.36 618,286.167.390.000.00 347,782.110.00347,782.110.00216 POLICE STATE SEIZURES227,415.220.00803.50491.120.000.00 227,102.840.00227,102.840.00217 GIFT, DONATION, BEQUEST183,108.751,558.50 19,842.89394.320.000.00 165,218.680.00165,218.680.00218 POLICE CURFEW VIOLATIONS13,081.000.000.0028.240.000.00 13,109.240.0013,109.240.00219 UNSAFE BUILDING423,479.50 23,225.70 37,692.18974.24 162,068.25 27,500.00 544,555.510.00544,555.510.00220 LAW ENFORCEMENT CONTINUING EDUCATION490,934.11 13,070.31 58,856.15 1,083.990.000.00 446,232.260.00446,232.260.00221 LANDLORD REGISTRATION10,108.200.000.0021.820.000.00 10,130.020.0010,130.020.00227 LOSS RECOVERY FUND 670,581.630.00 44,722.50 1,465.400.000.00 627,324.530.00627,324.530.00249 PUBLIC SAFETY L.O.I.T.1,883,744.88 645,794.92 574,232.89 3,401.460.000.00 1,958,708.370.001,958,708.370.00251 LOCAL ROADS & STREETS4,136,431.03 153,409.98 84,680.28 8,839.120.00 284,500.00 3,929,499.850.003,929,499.850.00257 LOIT 2016 SPECIAL DISTRIBUTION895,248.720.00 391,725.88 1,833.98 254,000.000.00 759,356.820.00759,356.820.00258 HUMAN RIGHTS - FEDERAL GRANT540,065.233,912.21 89,771.61 1,337.140.000.00 455,542.97 73,993.34529,536.310.00265 LOCAL ROAD & BRIDGE GRANT535,990.730.00 237,472.61 1,158.80 30,500.000.00 330,176.920.00330,176.920.00273 MORRIS PAC/PALAIS ROYALE MARKETING54,486.236,870.004,000.00128.630.000.00 57,484.860.0057,484.860.00274 MORRIS PAC SELF-PROMOTION84,621.55 16,959.000.00165.720.000.00 101,746.270.00101,746.270.00280 POLICE BLOCK GRANTS3,983.820.000.008.590.000.003,992.410.003,992.410.00281 DEPT. COMMUNITY INVESTMENT - REV BONDS0.000.000.000.000.000.000.000.000.000.00289 HAZMAT19,044.370.000.0041.120.000.00 19,085.490.0019,085.490.00291 INDIANA RIVER RESCUE176,045.26 73,351.70 68,133.69382.690.000.00181,645.960.00181,645.960.00292 POLICE GRANTS26,715.500.000.000.000.000.00 26,715.500.0026,715.500.00294 REGIONAL POLICE ACADEMY98,585.300.00119.53213.880.000.00 98,679.650.0098,679.650.00295 COPS MORE GRANT175,734.16 27,359.75900.00334.290.000.00 202,528.200.00202,528.200.00299 POLICE FEDERAL DRUG ENFORCEMENT123,903.06 29,758.500.00258.090.000.00 153,919.650.00153,919.650.00404 COUNTY OPTION INCOME TAX 12,392,086.75 1,018,043.14 939,653.10 25,879.340.00 696,900.00 11,799,456.130.0011,799,456.13867,317.80408 ECONOMIC DEVELOPMENT INCOME TAX 16,493,497.58 893,413.25 142,806.08 34,259.820.00 2,144,095.36 15,134,269.210.0015,134,269.210.00410 URBAN DEVELOPMENT ACTION GRANT (UDAG)28,936.280.000.0053.640.000.00 28,989.920.0028,989.92(867,317.80)655 PROJECT RELEAF715,848.49 37,431.52 22,576.11 1,551.110.00 137,500.00 594,755.010.00594,755.010.00705 POLICE K-9 UNIT2,329.780.000.005.550.000.002,335.330.002,335.330.00Total Special Revenue Funds64,925,764.43 8,905,288.93 6,089,808.63 137,838.87 3,240,156.70 4,089,471.85 67,029,768.45 73,993.3467,103,761.79200,000.00 Debt Service Fund312 2017 PARKS BOND DEBT SERVICE(187,997.71)335,681.760.000.000.000.00 147,684.050.00147,684.050.00313 HALL OF FAME DEBT SERVICE (109,687.50)206,764.280.000.000.000.00 97,076.780.0097,076.780.00755 SB BUILDING CORPORATION790,129.060.001,100.00 1,996.840.000.00 791,025.900.00791,025.900.00757 2015 PARKS BOND DEBT SERVICE495,777.01 64,063.540.00590.220.000.00 560,430.770.00560,430.770.00760 EDDY ST. COMMONS DEBT SERVICE2,506,650.820.000.00 1,256.91 945,000.000.00 3,452,907.730.003,452,907.730.00Capital Project Funds377 PROFESSIONAL SPORTS DEVELOPMENT(783,696.36)0.000.000.00 783,696.360.000.000.000.000.00401 COVELESKI STADIUM CAPITAL74,509.220.001,249.28174.600.000.00 73,434.540.0073,434.540.00405 PARK NONREVERTING CAPITAL126,488.1843.000.00143.910.00 126,675.090.000.000.000.00406 CUMULATIVE CAPITAL DEVELOPMENT 312,078.06 216,350.910.00898.850.000.00 529,327.820.00529,327.820.00407 CUMULATIVE CAPITAL IMPROVEMENT322,488.83 124,664.420.00696.450.000.00 447,849.700.00447,849.700.00412 MAJOR MOVES CONSTRUCTION2,793,241.950.00 26,587.65 6,042.270.000.00 2,772,696.570.002,772,696.574,208,792.61416 MORRIS PERFORMING ARTS CENTER CAPITAL361,282.52 16,959.000.00768.940.000.00 379,010.460.00379,010.460.00450 PALAIS ROYALE HISTORIC PRESERVATION128,626.36504.460.00274.670.000.00 129,405.490.00129,405.490.00451 2018 FIRE STATION #9 CAPITAL3,495,018.040.000.00 7,951.370.000.00 3,502,969.410.003,502,969.410.004522018 TIF PARK BOND CAPITAL10,688,701.820.00 259,361.950.000.000.00 10,429,339.870.0010,429,339.870.00471 2017 PARKS BOND CAPITAL13,349,066.650.00 402,211.98 28,848.180.000.00 12,975,702.850.0012,975,702.850.00677 HALL OF FAME CAPITAL FUND426,398.660.001,792.00920.860.000.00 425,527.520.00425,527.52(426,398.66)Month of: December 2018Monthly Cash Report 12/2018Preliminary Report - Final Report to Follow Upon Year-End Closing20
City of South BendController's Cash ReportOpeningInterest Transfers Transfers EndingTotal Cash & Interfund LoansFundFund NameCash Balance Receipts Disbursements EarnedInOut Cash Balance Investments Investments (Borrowing)Month of: December 2018750 EQUIPMENT / VEHICLE LEASING2,857,950.77 522,878.28 444,397.71 5,608.920.000.00 2,942,040.260.002,942,040.260.00751 2015 PARKS BOND CAPITAL909,495.71 36,176.29 474,235.05538.530.00288.37 471,687.110.00471,687.110.00753 SMART STREET BOND CAPITAL68,807.970.000.0034.860.000.00 68,842.830.0068,842.830.00759 EDDY ST COMMONS CAPITAL8,785,600.610.00 1,135,369.2412.880.000.00 7,650,244.250.007,650,244.250.00Total Capital & Debt Service Funds47,410,930.67 1,524,085.94 2,746,304.86 56,759.26 1,728,696.36 126,963.46 47,847,203.910.0047,847,203.913,782,393.95Enterprise Funds287 EMS CAPITAL4,168,022.840.00 68,000.00 9,496.500.000.00 4,109,519.340.004,109,519.340.00288 EMS OPERATING2,206,460.90 607,750.53 859,136.33 6,266.030.000.00 1,961,341.130.001,961,341.130.00600 CONSOLIDATED BUILDING DEPARTMENT2,049,075.24 199,110.29 430,509.88 4,742.66 274,888.250.00 2,097,306.560.002,097,306.560.00601 PARKING GARAGES1,306,089.18 164,879.05 144,534.44 2,751.580.000.00 1,329,185.370.001,329,185.37(1,427,141.00)610 SOLID WASTE OPERATIONS452,675.13 450,738.16 377,535.38975.030.000.00 526,852.940.00526,852.940.00611 SOLID WASTE CAPITAL44,278.51102.47182.49404.540.000.00 44,603.030.0044,603.030.00620 WATER WORKS OPERATIONS4,368,117.70 1,622,843.03 1,240,472.65 8,207.45 36,369.91 165,595.00 4,629,470.440.004,629,470.440.00622 WATER WORKS CAPITAL1,991,099.832,165.00 104,729.00 4,295.880.000.00 1,892,831.710.001,892,831.710.00624 WATER WORKS CUSTOMER DEPOSIT1,505,825.76 12,079.57 10,913.35 3,255.300.00 3,255.30 1,506,991.980.001,506,991.980.00625 WATER WORKS SINKING FUND1,564,683.500.000.00 3,337.21 165,595.00 3,337.21 1,730,278.500.001,730,278.500.00626 WATER WORKS BOND RESERVE1,447,148.480.000.00 3,164.290.00 24,000.00 1,426,312.770.001,426,312.770.00629 WATER WORKS RESERVE - O & M2,670,169.400.000.00 5,777.400.00 5,777.40 2,670,169.400.002,670,169.400.00640 SEWER REPAIR INSURANCE1,989,826.77 53,086.61 27,478.92 4,283.520.000.00 2,019,717.980.002,019,717.980.00641 SEWAGE WORKS OPERATIONS13,780,124.74 3,277,150.45 1,948,012.19 30,669.87 61,681.900.00 15,201,614.770.0015,201,614.770.00642 SEWAGE WORKS CAPITAL9,318,424.019,503.50 225,138.35 20,193.720.000.00 9,122,982.880.009,122,982.880.00643 SEWAGE WORKS RESERVE - O & M5,399,084.290.000.00 11,681.900.00 11,681.90 5,399,084.290.005,399,084.290.00649 SEWAGE WORKS BOND SINKING949,002.530.00550.00 17,577.040.000.00 966,029.570.00966,029.570.00653 SEWAGE WORKS DEBT SERVICE RESERVE4,190,118.250.000.00 14,127.440.000.00 4,204,245.690.004,204,245.690.00670 CENTURY CENTER1,652,394.42 789,721.01 909,106.750.000.000.00 1,533,008.680.001,533,008.680.00671 CENTURY CENTER CAPITAL856,877.140.000.00486.080.000.00 857,363.220.00857,363.220.00672 CENTURY CENTER ENERGY SAVINGS170,598.310.000.0010.660.000.00 170,608.970.00170,608.970.00Total Enterprise Funds62,080,096.93 7,189,129.67 6,346,299.73 151,704.10 538,535.06213,646.81 63,399,519.220.0063,399,519.22(1,427,141.00)Internal Service Funds222 CENTRAL SERVICES993,448.03 943,651.24 932,559.69 1,333.430.000.00 1,005,873.010.001,005,873.010.00224 CENTRAL SERVICES CAPITAL172,995.740.004,771.20381.810.000.00 168,606.350.00168,606.350.00226 LIABILITY INSURANCE3,695,509.65 172,936.26 170,466.45 7,816.180.000.00 3,705,795.640.003,705,795.640.00278 TAKE HOME VEHICLE POLICE748,766.53320.000.00 1,616.550.000.00 750,703.080.00750,703.080.00279 IT / INNOVATION / 311 CALL CENTER2,743,571.75 565,951.61 549,887.31 5,389.170.000.00 2,765,025.220.002,765,025.220.00711 SELF-FUNDED EMPLOYEE BENEFITS12,003,261.33 1,488,521.02 1,492,543.94 27,068.390.000.00 12,026,306.800.0012,026,306.800.00713 UNEMPLOYMENT COMP FUND208,572.540.000.00450.440.000.00 209,022.980.00209,022.980.00714 PARENTAL LEAVE FUND52,078.33 12,008.82 12,938.06101.680.000.00 51,250.770.0051,250.770.00Total Internal Service Funds20,618,203.90 3,183,388.95 3,163,166.65 44,157.650.000.00 20,682,583.850.0020,682,583.850.00Trust & Agency Funds701 FIREFIGHTERS PENSION 678,420.891,664.45 366,431.66 2,199.570.000.00 315,853.250.00315,853.250.00702 POLICE PENSION 1,454,765.960.00 511,079.19 4,159.600.000.00 947,846.370.00947,846.370.00709 PAYROLL FUND 0.00 9,540,552.75 9,540,552.750.000.000.000.000.000.000.00718 STATE TAX DEDUCTION FUND403,298.44 324,526.47 403,298.440.000.000.00 324,526.470.00324,526.470.00725 MORRIS / PALAIS BOX OFFICE2,738,650.680.00 511,736.240.000.000.00 2,226,914.440.002,226,914.440.00726 POLICE DISTRIBUTIONS PAYABLE831,998.896,527.280.000.000.000.00 838,526.170.00838,526.170.00730 CITY CEMETERY TRUST28,924.190.000.0062.460.000.00 28,986.650.0028,986.650.00731 BOWMAN CEMETERY455,997.610.000.000.000.000.00 455,997.610.00455,997.610.00Total Trust & Agency Funds6,592,056.66 9,873,270.95 11,333,098.28 6,421.630.000.00 5,138,650.960.005,138,650.960.00Total City Funds224,410,371.60 52,263,475.90 35,203,485.21 494,375.31 5,507,388.12 4,430,082.12 243,042,043.60 73,993.34 243,116,036.94 2,981,651.61Monthly Cash Report 12/2018Preliminary Report - Final Report to Follow Upon Year-End Closing21
City of South BendController's Cash ReportOpeningInterest Transfers Transfers EndingTotal Cash & Interfund LoansFundFund NameCash Balance Receipts Disbursements EarnedInOut Cash Balance Investments Investments (Borrowing)Month of: December 2018Redevelopment Commission Controlled FundsTax Increment Financing Funds324 TIF RIVER WEST 24,986,765.84 8,065,677.58 1,370,855.55 50,696.83 6,014.940.00 31,738,299.640.0031,738,299.64(200,000.00)422 TIF DISTRICT - WEST WASHINGTON 1,643,186.22 158,637.814,251.25 3,893.470.000.00 1,801,466.250.001,801,466.250.00425 REDEVELOPMENT RETAIL AREA141,846.440.001,453.99301.330.00 132,306.008,387.780.008,387.780.00429 TIF RIVER EAST DEV (NE)9,512,485.49 1,620,729.44 159,102.05 20,565.260.000.00 10,994,678.140.0010,994,678.140.00430 TIF SOUTHSIDE DEVELOPMENT AREA #1 8,854,685.91 908,058.31 326,848.82 19,206.990.000.00 9,455,102.390.009,455,102.390.00435 TIF DOUGLAS ROAD203,891.150.000.00440.320.000.00 204,331.470.00204,331.470.00436 TIF RIVER EAST RES (NE RE) 1,864,504.85 2,070,515.380.000.000.00 945,000.00 2,990,020.230.002,990,020.23(2,781,651.61)Total Tax Increment Financing Funds47,207,365.90 12,823,618.52 1,862,511.66 95,104.20 6,014.94 1,077,306.00 57,192,285.900.0057,192,285.90(2,981,651.61)Redevelopment Funds433 REDEVELOPMENT ADMINISTRATION GENERAL614,409.350.000.00 1,385.550.000.00 615,794.900.00615,794.900.00439 CERTIFIED TECHNOLOGY PARK622,858.610.000.00 1,345.140.000.00 624,203.750.00624,203.750.00454 AIRPORT URBAN ENTERPRISE ZONE392,802.740.000.00848.300.000.00 393,651.040.00393,651.040.00754 INDUSTRIAL REVOLVING FUND2,591,336.007,581.00 1,007,108.00 40,682.000.000.00 1,632,491.000.001,632,491.000.00Total Redevelopment Funds4,221,406.707,581.00 1,007,108.00 44,260.990.000.00 3,266,140.690.003,266,140.690.00Debt Service Funds 315 AIRPORT 2003 DEBT RESERVE1,040,462.240.000.00 2,251.230.00 2,251.23 1,040,462.240.001,040,462.240.00317 COVELESKI BOND DEBT RESERVE525,452.500.000.00 1,134.780.000.00 526,587.280.00526,587.280.00328 SBCDA 2003 DEBT RESERVE1,739,494.860.000.00 3,763.710.00 3,763.71 1,739,494.860.001,739,494.860.00351 2018 TIF PARK BOND DEBT SERVICE RESERVE993,495.000.000.000.000.000.00 993,495.000.00993,495.000.00752 SB REDEVELOPMENT AUTHORITY247,863.230.00 38,006.25635.060.000.00 210,492.040.00210,492.040.00756 SMARTS STREETS DEBT SERVICE1,725,924.680.000.00865.420.000.00 1,726,790.100.001,726,790.100.00Total Debt Service Funds6,272,692.510.00 38,006.25 8,650.200.00 6,014.94 6,237,321.520.006,237,321.520.00Total Redevelopment Commission Funds57,701,465.11 12,831,199.52 2,907,625.91 148,015.39 6,014.94 1,083,320.94 66,695,748.110.00 66,695,748.11(2,981,651.61)City Operations Total282,111,836.71 65,094,675.42 38,111,111.12 642,390.70 5,513,403.06 5,513,403.06 309,737,791.71 73,993.34 309,811,785.050.00Memo ItemPooled Investment AccountOpeningInterestAccrued Change in Transfer In Transfer out InvestmentTotal Cash &Balance Net of Fees Income Asset Value from Depositoryto DepositoryBalanceInvestments1st Source Bank Investment Account184,176,961.51 243,076.620.00 285,433.520.00 380,874.19 184,324,597.46184,324,597.46Monthly Cash Report 12/2018Preliminary Report - Final Report to Follow Upon Year-End Closing22
City of South BendCash Reserves Summary by Fund Status CashActualFundFund NameCash Outstanding AvailableReserve% ofBalance Encumb. Cash Requirement Variance BudgetNotesCash Reserve PolicyInsufficient Balances211 DCI Administration Fund731,464 93,297 638,167 769,274 (131,107) 21% Just under reserve target due to encumbrances25% of Annual expenditures222 Central Services1,005,873 22,444 983,429 1,110,381 (126,952) 22% Just under reserve target due to encumbrances25% of Annual expenditures, excluding utility accounting610 Solid Waste Operations526,853 16,077 510,776 568,605 (57,829) 9% Just under reserve target due to encumbrances10% of Annual expenditures629 Water Works Reserve - O & M2,670,169 - 2,670,169 2,670,510 (341) 17% Just under reserve target16.67% of annual operating expenses in Fund 620, net of transfers701 Firefighters Pension 315,853 - 315,853 511,246 (195,393) 6% Pension payments received in June & Sept10% of Annual expenditures5,250,213 131,819 5,118,394 5,630,016 (511,622) Meets or Exceeds Requirements101 General Fund 38,944,317 820,914 38,123,403 21,735,076 16,388,327 61% Property tax distribution received in June & Dec35% of Annual expenditures102 Rainy Day Fund10,464,997 - 10,464,997 9,745,767 719,230 3%3% of total expenditures in previous fiscal year201 Parks & Recreation 8,298,306 1,400,311 6,897,995 4,070,515 2,827,480 42% Property tax distribution received in June & Dec25% of Annual expenditures202 Motor Vehicle Highway8,012,501 972,278 7,040,223 3,098,495 3,941,728 57%25% of Annual expenditures216 Police State Seizures227,103 - 227,103 8,000 219,103 710%25% of Annual expenditures218 Police Curfew Violations13,109 - 13,109 250 12,859 1311%25% of Annual expenditures219 Unsafe Building544,556 180,746 363,809 243,103 120,706 37% High encumbrances25% of Annual expenditures220 Law Enforce. Continuing Education446,232 107,046 339,186 157,906 181,280 54%25% of Annual expenditures226 Liability Insurance3,705,796 164,872 3,540,924 2,550,121 990,803 69%50% of Annual expenditures249 Public Safety L.O.I.T.1,958,708 - 1,958,708 609,838 1,348,870 26% 8% of Annual expenditures - one month reserve251 Local Roads & Streets3,929,500 1,204,710 2,724,790 854,627 1,870,163 80%25% of Annual expenditures258 Human Rights - Federal Grant529,536 - 529,536 43,084 486,452 307%25% of Annual expenditures273 Morris PAC/Palais Royale Marketing57,485 - 57,485 4,500 52,985 319%25% of Annual expenditures274 Morris PAC/Self-Promotion101,746 - 101,746 12,500 89,246 203%25% of Annual expenditures278 Take Home Vehicle Police750,703 - 750,703 750,000 703 2502%Set dollar amount of $750,000287 EMS Capital4,109,519 836,763 3,272,757 847,433 2,425,324 97%25% of Annual expenditures288 EMS Operating1,961,341 24,723 1,936,618 1,607,937 328,681 30%25% of Annual expenditures289 HAZMAT19,085 472 18,613 2,500 16,113 186%25% of Annual expenditures291Indiana River Rescue181,646 7,520 174,126 25,450 148,676 171%25% of Annual expenditures294 Regional Police Academy98,680 - 98,680 5,625 93,055 439%25% of Annual expenditures299 Police Federal Drug Enforcement153,920 - 153,920 12,750 141,170 302%25% of Annual expenditures315 Airport 2003 Debt Reserve1,040,462 - 1,040,462 1,040,462 - 100%100% debt service reserve per bond covenants317 Coveleski Bond Debt Reserve526,587 - 526,587 526,587 - 100%100% debt service reserve per bond covenants328 SBCDA 2003 Debt Reserve1,739,495 - 1,739,495 1,739,495 - 100%100% debt service reserve per bond covenants324 River West TIF (Airport TIF)31,738,300 5,179,517 26,558,783 12,089,046 14,469,737 55%25% of Annual expenditures351 2018 TIF Park Bond Debt Svc Reserve993,495 - 993,495 - 993,495 100% 100% debt service reserve per bond covenants404 County Option Income Tax 11,799,456 1,750,440 10,049,017 6,525,837 3,523,180 77%50% of Annual expenditures406 Cumulative Capital Development 529,328 - 529,328 143,851 385,477 92%25% of Annual expenditures407 Cumulative Capital Improvement447,850 - 447,850 69,625 378,225 161%25% of Annual expenditures408 Economic Development Income Tax 15,134,269 1,942,214 13,192,055 6,499,132 6,692,923 101%50% of Annual expenditures416 Morris Performing Arts Center Capital379,010 8,462 370,549 46,025 324,524 201%25% of Annual expenditures422 TIF District - West Washington 1,801,466 795,130 1,006,336 571,479 434,857 44%25% of Annual expenditures429 River East Dev TIF (Northeast TIF)10,994,678 5,101,982 5,892,696 2,396,923 3,495,773 61%25% of Annual expenditures430 TIF Southside Development Area #1 9,455,102 803,618 8,651,485 2,139,007 6,512,478 101%25% of Annual expenditures433 Redev Administration General615,795 - 615,795 8,150 607,645 1889%25% of Annual expenditures435 TIF - Douglas Road204,331 - 204,331 20,465 183,866 100%10% of Annual expenditures436 River East Residential (Ne Res TIF)2,990,020 - 2,990,020 1,316,250 1,673,770 57%25% of Annual expenditures450 Palais Royale Historic Preservation129,405 36,967 92,438 11,250 81,188 205%25% of Annual expenditures600 Consolidated Building Department2,097,307 99,541 1,997,765 1,190,796 806,969 42%25% of Annual expenditures601 Parking Garages1,329,185 34,789 1,294,397 313,086 981,311 103%25% of Annual expenditures620 Water Works Operations4,629,470 981,121 3,648,349 903,514 2,744,835 20%5% of Annual expenditures624 Water Works Customer Deposit1,506,992 - 1,506,992 1,506,992 - 100%100% cash reserves for customer deposits625 Water Works Sinking Fund1,730,279 - 1,730,279 1,730,279 - 100%100% cash reserves per bond covenants626 Water Works Bond Reserve1,426,313 - 1,426,313 1,426,313 - 100%100% cash reserves per bond covenants and Crowe Horwath640 Sewer Repair Insurance2,019,718 30,073 1,989,645 158,056 1,831,589 315%25% of Annual expenditures641 Sewage Works Operations15,201,615 4,958,805 10,242,809 2,506,347 7,736,462 20%5% of Annual expenditures643 Sewage Works Reserve - O & M5,399,084 - 5,399,084 5,386,928 12,156 17% 16.67% of annual operating expenses in Fund 641, net of transfers649 Sewage Works Bond Sinking966,030 550 965,480 965,480 - 100%100% cash reserves per bond covenants653 Sewage Works Debt Service Reserve 4,204,246 - 4,204,246 4,204,246 - 100%100% cash reserves per bond covenants and Crowe Horwath655 Project Releaf594,755 - 594,755 175,511 419,244 85%25% of Annual expendituresDecember 31, 2018Monthly Cash Report 12/2018Preliminary Report - Final Report to Follow Upon Year-End Closing23
City of South BendCash Reserves Summary by Fund Status CashActualFundFund NameCash Outstanding AvailableReserve% ofBalance Encumb. Cash Requirement Variance BudgetNotesCash Reserve PolicyDecember 31, 2018670 Century Center1,533,009 9,070 1,523,939 1,139,279 384,660 33%25% of Annual expenditures671 Century Center Capital857,363 - 857,363 800,000 57,363 4287%$800,000 Minimum per Board of Managers702 Police Pension 947,846 - 947,846 658,345 289,501 14% Pension payments received in June & Sept10% of Annual expenditures705 Police K-9 Unit2,335 - 2,335 505 1,830 116%25% of Annual expenditures711 Self-Funded Employee Benefits12,026,307 586 12,025,721 4,536,380 7,489,341 66%25% of Annual expenditures713 Unemployment Comp Fund209,023 - 209,023 20,000 189,023 261%25% of Annual expenditures714 Parental Leave Fund51,251 - 51,251 38,924 12,327 33%25% of Annual expenditures718 State Tax Withholding Fund324,526 - 324,526 324,526 - 100%100% cash reserves - trust & agency funds725 Morris / Palais Box Office2,226,914 - 2,226,914 2,226,914 - 100%100% cash reserves - trust & agency funds726 Police Distributions Payable838,526 - 838,526 838,526 - 100%100% cash reserves - trust & agency funds730 City Cemetery Trust28,987 - 28,987 6,250 22,737 116%25% of Annual expenditures731 Bowman Cemetery455,998 - 455,998 400,000 55,998 100%$400,000 minimum752 South Bend Redevelopment Authority210,492 - 210,492 210,492 - 100%100% cash reserves per bond covenants753 Smart Street Bond Capital68,843 - 68,843 68,843 - 100%100% cash reserves per bond covenants755 South Bend Building Corporation791,026 - 791,026 791,026 - 100%100% cash reserves per bond covenants756 Smart Streets Debt Service Fund1,726,790 - 1,726,790 1,726,790 - 100%100% cash reserves per bond covenants757 2015 Parks Bond Debt Service560,431 - 560,431 560,431 - 100%100% cash reserves per bond covenants760 Eddy St. Commons Debt Service3,452,908 - 3,452,908 2,500,000 952,908 91%$2,500,000 minimum242,445,406 27,453,220 214,992,186 118,843,840 96,148,346 No Reserve Requirements209 Studebaker/Oliver Revitalizing Grants956,464 257,782 698,681 - 698,681 100%No reserve requirement - Grant fund - spend down to zero210 DCI State Grants 345,693 81,000 264,693 - 264,693 100% To be reimbursed by grant receiptsNo reserve requirement - Grant fund - spend down to zero212 DCI Grant Fund347,782 2,733,915 (2,386,132) - (2,386,132) 100% To be reimbursed by grant receiptsNo reserve requirement - Grant fund - spend down to zero217 Gift, Donation, Bequest165,219 38,476 126,743 - 126,743 100%No reserve requirement221 Landlord Registration10,130 - 10,130 - 10,130 100%No reserve requirement224 Central Services Capital168,606 27,671 140,936 - 140,936 100%No reserve requirement - Capital fund - spend down to zero227 Loss Recovery Fund 627,325 47,506 579,819 - 579,819 100%No reserve requirement257 LOIT 2016 Special Distribution759,357 836,263 (76,906) - (76,906) 100% Will receive interfund transfer to coverNo reserve requirement265 Local Road & Bridge Grant330,177 83,291 246,886 - 246,886 100%No reserve requirement - Grant fund - spend down to zero279 IT / Innovation / 311 Call Center2,765,025 840,583 1,924,442 - 1,924,442 100% Reimbursed through interfund allocationNo reserve requirement280 Police Block Grants3,992 - 3,992 - 3,992 100%No reserve requirement - Grant fund - spend down to zero292 Police Grants26,716 - 26,716 - 26,716 100%No reserve requirement - Grant fund - spend down to zero295 COPS MORE Grant202,528 41,554 160,975 - 160,975 100%No reserve requirement - Grant fund - spend down to zero312 2017 Parks Bond Debt Service147,684 - 147,684 - 147,684 100% Will be reimbursed from property taxes in DecNo reserve requirement313 Hall of Fame Debt Service 97,077 - 97,077 - 97,077 100% Will be reimbursed from property taxes in DecNo reserve requirement401 Coveleski Stadium Capital73,435 64,622 8,813 - 8,813 100%No reserve requirement - Capital fund - spend down to zero410 Urban Develop Action Grant (UDAG)28,990 - 28,990 - 28,990 100%No reserve requirement - Grant fund - spend down to zero412 Major Moves Construction2,772,697 771,236 2,001,461 - 2,001,461 100%No reserve requirement - Capital fund - spend down to zero425 Redevelopment Retail Area8,388 - 8,388 - 8,388 100% Fund 425 to be closed in 2019No reserve requirement - Fund to be closed439 Certified Technology Park624,204 - 624,204 - 624,204 100%No reserve requirement451 2018 Fire St #9 Capital3,502,969 3,232,757 270,212 - 270,212 100%No reserve requirement - Bond capital fund - spend down to zero452 2018 TIF Park Bond Capital10,429,340 3,158,734 7,270,606 - 7,270,606 100%No reserve requirement - Bond capital fund - spend down to zero454 Airport Urban Enterprise Zone393,651 - 393,651 - 393,651 100%No reserve requirement471 2017 Parks Bond Capital12,975,703 2,727,666 10,248,036 - 10,248,036 100%Bond fund - spend down to zero - no reserves611 Solid Waste Capital44,603 - 44,603 - 44,603 100% Receives transfers from Fund 611 as neededNo reserve requirement - Capital fund - spend down to zero622 Water Works Capital1,892,832 215,291 1,677,541 - 1,677,541 100%No reserve requirement - Capital fund - spend down to zero642 Sewage Works Capital9,122,983 8,485,103 637,880 - 637,880 100% Receives transfers from Fund 641 as neededNo reserve requirement - Capital fund - spend down to zero672 Century Center Energy Savings170,609 - 170,609 - 170,609 100%No reserve requirement677 Hall of Fame Capital Fund425,528 3,514 422,014 - 422,014 100%No reserve requirement - Capital fund - spend down to zero750 Equipment/Vehicle Leasing2,942,040 998,124 1,943,916 - 1,943,916 100% No reserve requirement - Capital lease fund - spend down to zero751 2015 Parks Bond Capital471,687 58,687 413,000 - 413,000 100% No reserve requirement - Bond capital fund - spend down to zero754 Industrial Revolving Fund1,632,491 - 1,632,491 - 1,632,491 100%No City reserve requirement; there are program requirements759 Eddy St Commons Capital7,650,244 7,650,241 3 - 3 100%No reserve requirement - Bond capital fund - spend down to zero62,116,166 32,354,013 29,762,154 - 29,762,154 City Operations Total 309,811,785 59,939,052 249,872,734 124,473,856 125,398,878 Note: Available Cash is a Fund's cash balance minus any outstanding encumbrancesMonthly Cash Report 12/2018Preliminary Report - Final Report to Follow Upon Year-End Closing24
January 1, 2007 - December 31, 2018
$329,782,565 6/30/2018
$122,056,198 5/31/2007
$212,604,128 --
$292,509,503 --
Enterprise Redevelopment Civil City Enterprise Redevelopment Civil City
Date Total Cash Funds Funds Funds Date Total Cash Funds Funds Funds
01/01/07 153,934,542.58 28,657,187.47 40,101,775.51 85,175,579.60 03/31/11 204,406,098.50 46,555,428.08 52,439,712.97 105,410,957.45
01/31/07 140,751,745.07 30,058,091.08 37,204,941.29 73,488,712.70 04/30/11 196,890,904.95 46,284,639.10 51,775,206.12 98,831,059.73
02/28/07 134,780,141.52 30,099,578.04 42,400,991.27 62,279,572.21 05/31/11 187,084,917.40 45,692,919.82 45,543,075.85 95,848,921.73
03/31/07 130,695,124.81 30,984,947.93 36,322,464.80 63,387,712.08 06/30/11 230,633,979.38 46,029,921.56 57,605,720.29 126,998,337.53
04/30/07 123,592,524.20 29,218,887.63 36,374,308.24 57,999,328.33 07/31/11 215,737,687.08 45,556,018.39 51,845,520.23 118,336,148.46
05/31/07 122,056,197.59 32,424,086.65 36,579,224.31 53,052,886.63 08/31/11 208,031,597.26 45,688,053.72 49,085,008.00 113,258,535.54
06/30/07 153,755,514.81 48,699,567.31 35,914,061.41 69,141,886.09 09/30/11 203,800,576.60 46,330,287.44 47,073,543.39 110,396,745.77
07/31/07 137,115,793.85 48,096,309.22 33,046,039.94 55,973,444.69 10/31/11 218,059,539.64 67,040,484.39 44,750,523.17 106,268,532.08
08/31/07 135,817,993.03 47,662,427.04 31,416,991.60 56,738,574.39 11/30/11 207,257,743.68 61,691,017.04 41,844,406.42 103,722,320.22
09/30/07 130,647,671.00 45,360,303.16 30,955,278.22 54,332,089.62 12/31/11 231,757,444.75 58,173,399.01 51,201,636.39 122,382,409.35
10/31/07 139,006,258.42 46,717,357.10 29,953,285.20 62,335,616.12 01/31/12 216,528,714.30 59,207,692.55 44,464,972.65 112,856,049.10
11/30/07 149,006,468.44 41,716,114.28 29,049,190.99 78,241,163.17 02/29/12 210,660,777.01 59,272,665.18 43,124,396.97 108,263,714.86
12/31/07 191,315,373.73 55,204,053.77 43,118,912.28 92,992,407.68 03/31/12 204,985,024.71 59,768,182.49 40,875,506.16 104,341,336.06
01/31/08 178,454,459.92 56,114,335.03 41,405,052.40 80,935,072.49 04/30/12 202,396,668.08 60,202,795.65 39,972,677.94 102,221,194.49
02/29/08 175,025,158.07 54,575,012.50 40,635,068.99 79,815,076.58 05/31/12 194,807,225.14 59,123,171.41 37,283,464.71 98,400,589.02
03/31/08 170,888,981.29 54,575,272.95 40,558,124.18 75,755,584.16 06/30/12 244,718,879.49 67,140,754.63 48,308,618.33 129,269,506.53
04/30/08 165,390,558.53 54,929,047.02 40,290,091.29 70,171,420.22 07/31/12 230,268,324.98 67,955,663.74 43,597,429.86 118,715,231.38
05/31/08 156,964,559.54 53,052,472.03 40,210,711.69 63,701,375.82 08/31/12 223,526,459.82 67,464,201.30 41,355,817.62 114,706,440.90
06/30/08 167,363,776.09 53,204,418.10 39,857,987.53 74,301,370.46 09/30/12 223,261,928.97 65,732,654.52 40,654,565.67 116,874,708.78
07/31/08 171,036,661.63 54,533,563.28 39,145,712.40 77,357,385.95 10/31/12 214,815,908.26 66,270,486.67 38,605,222.83 109,940,198.76
08/31/08 163,938,453.44 54,251,216.99 36,074,455.00 73,612,781.45 11/30/12 203,844,116.85 59,658,568.60 37,090,958.24 107,094,590.01
09/30/08 160,071,575.14 53,272,451.68 35,928,266.53 70,870,856.93 12/31/12 255,285,203.18 82,506,887.41 47,393,846.15 125,384,469.62
10/31/08 164,801,788.81 68,706,036.43 34,674,631.21 61,421,121.17 01/31/13 247,853,896.56 83,296,821.86 45,144,294.34 119,412,780.36
11/30/08 148,390,201.07 54,077,562.73 33,382,904.90 60,929,733.44 02/28/13 237,222,593.71 82,484,393.54 41,364,435.41 113,373,764.76
12/31/08 140,621,861.88 44,639,804.67 28,608,922.65 67,373,134.56 03/31/13 232,080,046.72 82,950,715.18 41,430,811.51 107,698,520.03
01/31/09 129,082,048.94 45,793,529.09 26,731,148.85 56,557,371.00 04/30/13 226,442,650.85 80,568,512.43 42,438,979.52 103,435,158.90
02/28/09 136,587,197.92 46,941,062.25 28,199,966.51 61,446,169.16 05/31/13 220,102,647.01 79,672,318.05 42,077,874.12 98,352,454.84
03/31/09 150,350,125.92 47,265,006.09 27,482,787.81 75,602,332.02 06/30/13 259,848,268.81 79,520,360.08 55,157,971.58 125,169,937.15
04/30/09 156,355,774.87 48,061,985.20 38,905,572.01 69,388,217.66 07/31/13 252,445,699.79 79,867,774.82 51,147,079.40 121,430,845.57
05/31/09 154,015,638.43 46,623,111.00 38,656,758.39 68,735,769.04 08/31/13 242,038,208.31 79,782,901.50 48,231,381.91 114,023,924.90
06/30/09 145,255,362.21 46,662,615.02 36,003,705.47 62,589,041.72 09/30/13 242,325,305.67 79,940,103.15 47,344,717.04 115,040,485.48
07/31/09 151,028,950.92 45,609,990.75 39,288,192.08 66,130,768.09 10/31/13 235,335,719.18 79,663,547.72 45,849,747.51 109,822,423.95
08/31/09 154,754,067.65 44,700,623.82 38,981,480.90 71,071,962.93 11/30/13 222,610,337.19 72,524,668.50 45,831,055.40 104,254,613.29
09/30/09 153,379,153.77 44,771,129.93 38,365,267.66 70,242,756.18 12/31/13 247,349,777.30 67,716,137.82 55,315,510.06 124,318,129.42
10/31/09 150,364,096.50 44,855,908.07 36,749,933.72 68,758,254.71 01/31/14 232,044,399.72 66,889,990.77 50,898,242.66 114,256,166.29
11/30/09 144,010,184.05 44,458,186.54 35,847,660.55 63,704,336.96 02/28/14 227,156,115.52 67,566,543.96 49,986,290.38 109,603,281.18
12/31/09 188,453,001.03 36,891,179.40 34,358,243.89 117,203,577.74 03/31/14 222,046,327.82 68,633,684.73 49,028,261.04 104,384,382.05
01/31/10 196,099,529.93 37,726,300.40 53,534,937.83 104,838,291.70 04/30/14 214,783,605.41 68,960,383.93 47,281,387.13 98,541,834.35
02/28/10 194,663,355.99 36,982,623.93 52,816,628.95 104,864,103.11 05/31/14 209,324,809.29 67,425,749.33 46,795,213.96 95,103,846.00
03/31/10 197,907,655.27 41,475,717.35 52,577,148.25 103,854,789.67 06/30/14 251,700,644.00 67,697,981.00 61,118,881.00 122,883,782.00
04/30/10 190,430,003.35 40,478,357.60 51,768,568.42 98,183,077.33 07/31/14 238,781,403.03 68,611,865.99 56,842,280.86 113,327,256.18
05/31/10 201,229,420.61 38,739,522.56 50,881,687.36 111,608,210.69 08/31/14 234,086,687.41 68,747,483.87 55,735,447.17 109,603,756.37
06/30/10 230,557,975.59 39,738,881.62 62,539,377.78 128,279,716.19 09/30/14 233,595,370.44 69,430,344.98 54,889,194.46 109,275,831.00
07/31/10 217,064,522.90 42,020,069.17 55,401,804.58 119,642,649.15 10/31/14 225,913,486.47 70,431,027.92 54,196,891.83 101,285,566.72
08/31/10 210,387,480.23 40,331,826.60 53,423,401.23 116,632,252.40 11/30/14 216,583,420.38 64,909,392.12 54,554,819.33 97,119,208.93
09/30/10 211,494,373.45 40,245,656.32 52,832,007.68 118,416,709.45 12/31/14 239,808,095.03 61,623,499.90 65,903,128.76 112,281,466.37
10/31/10 204,642,650.38 39,984,803.80 51,745,774.22 112,912,072.36 01/31/15 225,471,264.56 61,585,040.94 60,387,162.56 103,499,061.06
11/30/10 198,782,418.22 35,695,100.47 49,573,730.89 113,513,586.86 02/28/15 221,854,105.82 63,269,776.69 58,990,110.88 99,594,218.25
12/31/10 227,739,252.18 41,300,042.16 65,164,721.07 121,274,488.95 03/31/15 215,278,052.12 64,288,370.38 58,654,868.03 92,334,813.71
01/31/11 214,107,834.98 42,918,366.28 57,392,911.65 113,796,557.05 04/30/15 213,330,317.66 65,430,174.18 57,972,838.77 89,927,304.71
02/28/11 208,263,626.92 44,793,554.36 53,822,791.88 109,647,280.68 05/31/15 209,379,494.75 65,714,228.05 57,630,884.95 86,034,381.75
Note: Property tax distributions are received
in June and December.
City of South Bend Cash Balances - All Funds
Maximum Total Cash
Minimum Total Cash
Average Cash
Average - last 12 months
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
Monthly Cash Report 12/2018 Preliminary Report - Final Report to Follow Upon Year-End Closing
25
January 1, 2007 - December 31, 2018
City of South Bend Cash Balances - All Funds
Enterprise Redevelopment Civil City
Date Total Cash Funds Funds Funds
06/30/15 249,603,497.41 68,746,632.56 70,642,566.10 110,214,298.75
07/31/15 236,381,857.01 70,884,051.33 65,048,413.67 100,449,392.01
08/31/15 228,483,356.31 72,023,119.13 61,042,169.83 95,418,067.35
09/30/15 234,514,964.30 75,617,268.98 59,936,471.64 98,961,223.68
10/31/15 230,114,056.20 77,155,814.42 56,339,743.69 96,618,498.09
11/30/15 222,277,823.00 75,987,100.36 54,715,027.81 91,575,694.83
12/31/15 228,782,505.24 64,215,673.59 61,194,710.47 103,372,121.18
01/31/16 217,346,607.43 65,062,377.54 55,690,681.11 96,593,548.78
02/29/16 213,873,714.80 67,564,110.56 53,548,676.30 92,760,927.94
03/31/16 211,205,005.30 69,211,164.87 53,434,486.66 88,559,353.77
04/30/16 207,587,385.26 69,616,174.97 51,317,725.09 86,653,485.20
05/31/16 206,530,605.82 69,399,868.04 50,296,085.76 86,834,652.02
06/30/16 249,745,397.89 68,720,691.90 64,433,239.06 116,591,466.93
07/31/16 236,139,560.82 69,227,392.30 58,518,600.58 121,999,405.01
08/31/16 229,469,472.57 67,673,880.42 55,966,718.35 105,828,873.80
09/30/16 231,252,737.44 69,398,336.63 55,065,472.04 106,788,928.77
10/31/16 224,757,043.80 68,809,369.21 52,059,580.89 103,888,093.70
11/30/16 210,677,437.29 61,451,803.84 51,222,578.99 98,003,054.46
12/31/16 234,529,325.24 58,486,210.11 60,406,691.98 115,636,423.15
01/31/17 237,205,923.15 58,517,537.99 54,709,591.50 123,978,793.66
02/28/17 242,890,155.89 60,687,347.41 60,693,512.64 121,509,295.84
03/31/17 233,258,187.04 62,502,426.31 54,200,785.07 116,554,975.66
04/30/17 227,611,544.94 63,062,862.44 53,618,489.08 110,930,193.42
05/31/17 222,671,842.56 62,923,609.40 50,870,962.23 108,877,270.93
06/30/17 264,329,452.56 62,218,464.08 64,818,554.92 137,292,433.56
07/31/17 254,200,729.74 63,518,960.13 59,955,849.53 130,725,920.08
08/31/17 252,059,534.11 64,818,240.75 60,726,084.24 126,515,209.12
09/30/17 277,635,581.14 66,236,471.94 57,532,562.70 153,866,546.50
10/31/17 269,348,596.25 66,667,885.35 55,546,746.25 147,133,964.65
11/30/17 258,560,219.00 59,754,036.10 55,251,426.66 143,554,756.24
12/31/17 291,289,923.15 57,620,088.62 65,818,514.83 167,851,319.70
01/31/18 282,785,943.66 59,858,871.62 60,435,599.30 162,491,472.74
02/28/18 276,155,955.04 58,423,954.94 58,919,560.09 158,812,440.01
03/31/18 274,783,580.98 60,255,912.54 56,967,800.25 157,559,868.19
04/30/18 280,256,559.54 61,537,542.97 70,308,595.71 148,410,420.86
05/31/18 280,820,481.43 62,676,079.74 69,433,440.38 148,710,961.31
06/30/18 329,782,564.72 62,779,584.12 81,992,642.55 185,010,338.05
07/31/18 317,008,229.34 64,079,751.06 78,753,842.27 174,174,636.01
08/31/18 308,391,385.21 65,896,576.77 73,401,834.82 169,092,973.62
09/30/18 306,023,826.98 67,628,081.52 70,934,670.78 167,461,074.68
10/31/18 297,350,750.07 70,191,910.88 58,183,703.49 168,975,135.70
11/30/18 282,111,836.71 62,080,096.93 57,701,465.11 162,330,274.67
12/31/18 309,811,785.05 63,399,519.22 66,695,748.11 179,716,517.72
Monthly Cash Report 12/2018 Preliminary Report - Final Report to Follow Upon Year-End Closing
26
$83,296,822 1/31/2013
$28,657,187 1/1/2007
$58,310,564 --
$62,584,429 --
Date Cash Date Cash Date Cash
01/01/07 28,657,187.47 03/31/11 46,555,428.08 06/30/15 68,746,632.56
01/31/07 30,058,091.08 04/30/11 46,284,639.10 07/31/15 70,884,051.33
02/28/07 30,099,578.04 05/31/11 45,692,919.82 08/31/15 72,023,119.13
03/31/07 30,984,947.93 06/30/11 46,029,921.56 09/30/15 75,617,268.98
04/30/07 29,218,887.63 07/31/11 45,556,018.39 10/31/15 77,155,814.42
05/31/07 32,424,086.65 08/31/11 45,688,053.72 11/30/15 75,987,100.36
06/30/07 48,699,567.31 09/30/11 46,330,287.44 12/31/15 64,215,673.59
07/31/07 48,096,309.22 10/31/11 67,040,484.39 01/31/16 65,062,377.54
08/31/07 47,662,427.04 11/30/11 61,691,017.04 02/29/16 67,564,110.56
09/30/07 45,360,303.16 12/31/11 58,173,399.01 03/31/16 69,211,164.87
10/31/07 46,717,357.10 01/31/12 59,207,692.55 04/30/16 69,616,174.97
11/30/07 41,716,114.28 02/29/12 59,272,665.18 05/31/16 69,399,868.04
12/31/07 55,204,053.77 03/31/12 59,768,182.49 06/30/16 68,720,691.90
01/31/08 56,114,335.03 04/30/12 60,202,795.65 07/31/16 69,227,392.30
02/29/08 54,575,012.50 05/31/12 59,123,171.41 08/31/16 67,673,880.42
03/31/08 54,575,272.95 06/30/12 67,140,754.63 09/30/16 69,398,336.63
04/30/08 54,929,047.02 07/31/12 67,955,663.74 10/31/16 68,809,369.21
05/31/08 53,052,472.03 08/31/12 67,464,201.30 11/30/16 61,451,803.84
06/30/08 53,204,418.10 09/30/12 65,732,654.52 12/31/16 58,486,210.11
07/31/08 54,533,563.28 10/31/12 66,270,486.67 01/31/17 58,517,537.99
08/31/08 54,251,216.99 11/30/12 59,658,568.60 02/28/17 60,687,347.41
09/30/08 53,272,451.68 12/31/12 82,506,887.41 03/31/17 62,502,426.31
10/31/08 68,706,036.43 01/31/13 83,296,821.86 04/30/17 63,062,862.44
11/30/08 54,077,562.73 02/28/13 82,484,393.54 05/31/17 62,923,609.40
12/31/08 44,639,804.67 03/31/13 82,950,715.18 06/30/17 62,218,464.08
01/31/09 45,793,529.09 04/30/13 80,568,512.43 07/31/17 63,518,960.13
02/28/09 46,941,062.25 05/31/13 79,672,318.05 08/31/17 64,818,240.75
03/31/09 47,265,006.09 06/30/13 79,520,360.08 09/30/17 66,236,471.94
04/30/09 48,061,985.20 07/31/13 79,867,774.82 10/31/17 66,667,885.35
05/31/09 46,623,111.00 08/31/13 79,782,901.50 11/30/17 59,754,036.10
06/30/09 46,662,615.02 09/30/13 79,940,103.15 12/31/17 57,620,088.62
07/31/09 45,609,990.75 10/31/13 79,663,547.72 01/31/18 59,858,871.62
08/31/09 44,700,623.82 11/30/13 72,524,668.50 02/28/18 58,423,954.94
09/30/09 44,771,129.93 12/31/13 67,716,137.82 03/31/18 60,255,912.54
10/31/09 44,855,908.07 01/31/14 66,889,990.77 04/30/18 61,537,542.97
11/30/09 44,458,186.54 02/28/14 67,566,543.96 05/31/18 62,676,079.74
12/31/09 36,891,179.40 03/31/14 68,633,684.73 06/30/18 62,779,584.12
01/31/10 37,726,300.40 04/30/14 68,960,383.93 07/31/18 64,079,751.06
02/28/10 36,982,623.93 05/31/14 67,425,749.33 08/31/18 65,896,576.77
03/31/10 41,475,717.35 06/30/14 67,697,981.00 09/30/18 67,628,081.52
04/30/10 40,478,357.60 07/31/14 68,611,865.99 10/31/18 70,191,910.88
05/31/10 38,739,522.56 08/31/14 68,747,483.87 11/30/18 62,080,096.93
06/30/10 39,738,881.62 09/30/14 69,430,344.98 12/31/18 63,399,519.22
07/31/10 42,020,069.17 10/31/14 70,431,027.92
08/31/10 40,331,826.60 11/30/14 64,909,392.12
09/30/10 40,245,656.32 12/31/14 61,623,499.90
10/31/10 39,984,803.80 01/31/15 61,585,040.94
11/30/10 35,695,100.47 02/28/15 63,269,776.69
12/31/10 41,300,042.16 03/31/15 64,288,370.38
01/31/11 42,918,366.28 04/30/15 65,430,174.18
02/28/11 44,793,554.36 05/31/15 65,714,228.05
Note: Cash goes down in June and at
year-end due to the timing of debt service
payments. Debt service payments for
Wastewater are paid out twice a year:
interest in June and principal and interest
in November. Debt service payments for
Water Works are paid out twice a year:
interest in June and principal and interest
in December.
The total cash has been declining as bond
funds are spent down.
In March 2017, the Utility Commission
approved a water rate increase in two
phases: phase 1 - 22% over 12 months,
phase 2 - 22% over 12 months. The
increase was added starting with April
2017 billing. Water Works expects to see
increase in cash in May 2017, when they
begin collecting on April billing.
City of South Bend Cash Balances - Enterprise Funds
January 1, 2007 - December 31, 2018
Maximum Total Cash
Minimum Total Cash
Average Cash
Average - last 12 months
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
Monthly Cash Report 12/2018 Preliminary Report - Final Report to Follow Upon Year-End Closing
27
$81,992,643 6/30/2018
$26,731,149 1/31/2009
$49,572,764 --
$66,439,347 --
Date Cash Date Cash Date Cash
01/01/07 40,101,775.51 03/31/11 52,439,712.97 06/30/15 70,642,566.10
01/31/07 37,204,941.29 04/30/11 51,775,206.12 07/31/15 65,048,413.67
02/28/07 42,400,991.27 05/31/11 45,543,075.85 08/31/15 61,042,169.83
03/31/07 36,322,464.80 06/30/11 57,605,720.29 09/30/15 59,936,471.64
04/30/07 36,374,308.24 07/31/11 51,845,520.23 10/31/15 56,339,743.69
05/31/07 36,579,224.31 08/31/11 49,085,008.00 11/30/15 54,715,027.81
06/30/07 35,914,061.41 09/30/11 47,073,543.39 12/31/15 61,194,710.47
07/31/07 33,046,039.94 10/31/11 44,750,523.17 01/31/16 55,690,681.11
08/31/07 31,416,991.60 11/30/11 41,844,406.42 02/29/16 53,548,676.30
09/30/07 30,955,278.22 12/31/11 51,201,636.39 03/31/16 53,434,486.66
10/31/07 29,953,285.20 01/31/12 44,464,972.65 04/30/16 51,317,725.09
11/30/07 29,049,190.99 02/29/12 43,124,396.97 05/31/16 50,296,085.76
12/31/07 43,118,912.28 03/31/12 40,875,506.16 06/30/16 64,433,239.06
01/31/08 41,405,052.40 04/30/12 39,972,677.94 07/31/16 58,518,600.58
02/29/08 40,635,068.99 05/31/12 37,283,464.71 08/31/16 55,966,718.35
03/31/08 40,558,124.18 06/30/12 48,308,618.33 09/30/16 55,065,472.04
04/30/08 40,290,091.29 07/31/12 43,597,429.86 10/31/16 52,059,580.89
05/31/08 40,210,711.69 08/31/12 41,355,817.62 11/30/16 51,222,578.99
06/30/08 39,857,987.53 09/30/12 40,654,565.67 12/31/16 60,406,691.98
07/31/08 39,145,712.40 10/31/12 38,605,222.83 01/31/17 54,709,591.50
08/31/08 36,074,455.00 11/30/12 37,090,958.24 02/28/17 60,693,512.64
09/30/08 35,928,266.53 12/31/12 47,393,846.15 03/31/17 54,200,785.07
10/31/08 34,674,631.21 01/31/13 45,144,294.34 04/30/17 53,618,489.08
11/30/08 33,382,904.90 02/28/13 41,364,435.41 05/31/17 50,870,962.23
12/31/08 28,608,922.65 03/31/13 41,430,811.51 06/30/17 64,818,554.92
01/31/09 26,731,148.85 04/30/13 42,438,979.52 07/31/17 59,955,849.53
02/28/09 28,199,966.51 05/31/13 42,077,874.12 08/31/17 60,726,084.24
03/31/09 27,482,787.81 06/30/13 55,157,971.58 09/30/17 57,532,562.70
04/30/09 38,905,572.01 07/31/13 51,147,079.40 10/31/17 55,546,746.25
05/31/09 38,656,758.39 08/31/13 48,231,381.91 11/30/17 55,251,426.66
06/30/09 36,003,705.47 09/30/13 47,344,717.04 12/31/17 65,818,514.83
07/31/09 39,288,192.08 10/31/13 45,849,747.51 01/31/18 60,435,599.30
08/31/09 38,981,480.90 11/30/13 45,831,055.40 02/28/18 58,919,560.09
09/30/09 38,365,267.66 12/31/13 55,315,510.06 03/31/18 56,967,800.25
10/31/09 36,749,933.72 01/31/14 50,898,242.66 04/30/18 70,308,595.71
11/30/09 35,847,660.55 02/28/14 49,986,290.38 05/31/18 69,433,440.38
12/31/09 34,358,243.89 03/31/14 49,028,261.04 06/30/18 81,992,642.55
01/31/10 53,534,937.83 04/30/14 47,281,387.13 07/31/18 78,753,842.27
02/28/10 52,816,628.95 05/31/14 46,795,213.96 08/31/18 73,401,834.82
03/31/10 52,577,148.25 06/30/14 61,118,881.00 09/30/18 70,934,670.78
04/30/10 51,768,568.42 07/31/14 56,842,280.86 10/31/18 58,183,703.49
05/31/10 50,881,687.36 08/31/14 55,735,447.17 11/30/18 57,701,465.11
06/30/10 62,539,377.78 09/30/14 54,889,194.46 12/31/18 66,695,748.11
07/31/10 55,401,804.58 10/31/14 54,196,891.83
08/31/10 53,423,401.23 11/30/14 54,554,819.33
09/30/10 52,832,007.68 12/31/14 65,903,128.76
10/31/10 51,745,774.22 01/31/15 60,387,162.56
11/30/10 49,573,730.89 02/28/15 58,990,110.88
12/31/10 65,164,721.07 03/31/15 58,654,868.03
01/31/11 57,392,911.65 04/30/15 57,972,838.77
02/28/11 53,822,791.88 05/31/15 57,630,884.95
Note: TIF property tax distributions
are received in June and December.
Cash goes down in May and
November due to the timing of debt
service payments.
April 2018, Redevelopment District
Bonds totaling $11,995,000 were
issued for parks improvements to be
repaid by TIF Fund 324.
City of South Bend Cash Balances - Redevelopment Funds
January 1, 2007 - December 31, 2018
Maximum Total Cash
Minimum Total Cash
Average Cash
Average - last 12 months
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
Monthly Cash Report 12/2018 Preliminary Report - Final Report to Follow Upon Year-End Closing
28
$185,010,338 6/30/2018
$53,052,887 5/31/2007
$104,851,543 --
$163,868,014 --
Date Cash Date Cash Date Cash
01/01/07 85,175,579.60 03/31/11 105,410,957.45 06/30/15 110,214,298.75
01/31/07 73,488,712.70 04/30/11 98,831,059.73 07/31/15 100,449,392.01
02/28/07 62,279,572.21 05/31/11 95,848,921.73 08/31/15 95,418,067.35
03/31/07 63,387,712.08 06/30/11 126,998,337.53 09/30/15 98,961,223.68
04/30/07 57,999,328.33 07/31/11 118,336,148.46 10/31/15 96,618,498.09
05/31/07 53,052,886.63 08/31/11 113,258,535.54 11/30/15 91,575,694.83
06/30/07 69,141,886.09 09/30/11 110,396,745.77 12/31/15 103,372,121.18
07/31/07 55,973,444.69 10/31/11 106,268,532.08 01/31/16 96,593,548.78
08/31/07 56,738,574.39 11/30/11 103,722,320.22 02/29/16 92,760,927.94
09/30/07 54,332,089.62 12/31/11 122,382,409.35 03/31/16 88,559,353.77
10/31/07 62,335,616.12 01/31/12 112,856,049.10 04/30/16 86,653,485.20
11/30/07 78,241,163.17 02/29/12 108,263,714.86 05/31/16 86,834,652.02
12/31/07 92,992,407.68 03/31/12 104,341,336.06 06/30/16 116,591,466.93
01/31/08 80,935,072.49 04/30/12 102,221,194.49 07/31/16 121,999,405.01
02/29/08 79,815,076.58 05/31/12 98,400,589.02 08/31/16 105,828,873.80
03/31/08 75,755,584.16 06/30/12 129,269,506.53 09/30/16 106,788,928.77
04/30/08 70,171,420.22 07/31/12 118,715,231.38 10/31/16 103,888,093.70
05/31/08 63,701,375.82 08/31/12 114,706,440.90 11/30/16 98,003,054.46
06/30/08 74,301,370.46 09/30/12 116,874,708.78 12/31/16 115,636,423.15
07/31/08 77,357,385.95 10/31/12 109,940,198.76 01/31/17 123,978,793.66
08/31/08 73,612,781.45 11/30/12 107,094,590.01 02/28/17 121,509,295.84
09/30/08 70,870,856.93 12/31/12 125,384,469.62 03/31/17 116,554,975.66
10/31/08 61,421,121.17 01/31/13 119,412,780.36 04/30/17 110,930,193.42
11/30/08 60,929,733.44 02/28/13 113,373,764.76 05/31/17 108,877,270.93
12/31/08 67,373,134.56 03/31/13 107,698,520.03 06/30/17 137,292,433.56
01/31/09 56,557,371.00 04/30/13 103,435,158.90 07/31/17 130,725,920.08
02/28/09 61,446,169.16 05/31/13 98,352,454.84 08/31/17 126,515,209.12
03/31/09 75,602,332.02 06/30/13 125,169,937.15 09/30/17 153,866,546.50
04/30/09 69,388,217.66 07/31/13 121,430,845.57 10/31/17 147,133,964.65
05/31/09 68,735,769.04 08/31/13 114,023,924.90 11/30/17 143,554,756.24
06/30/09 62,589,041.72 09/30/13 115,040,485.48 12/31/17 167,851,319.70
07/31/09 66,130,768.09 10/31/13 109,822,423.95 01/31/18 162,491,472.74
08/31/09 71,071,962.93 11/30/13 104,254,613.29 02/28/18 158,812,440.01
09/30/09 70,242,756.18 12/31/13 124,318,129.42 03/31/18 157,559,868.19
10/31/09 68,758,254.71 01/31/14 114,256,166.29 04/30/18 148,410,420.86
11/30/09 63,704,336.96 02/28/14 109,603,281.18 05/31/18 148,710,961.31
12/31/09 117,203,577.74 03/31/14 104,384,382.05 06/30/18 185,010,338.05
01/31/10 104,838,291.70 04/30/14 98,541,834.35 07/31/18 174,174,636.01
02/28/10 104,864,103.11 05/31/14 95,103,846.00 08/31/18 169,092,973.62
03/31/10 103,854,789.67 06/30/14 122,883,782.00 09/30/18 167,461,074.68
04/30/10 98,183,077.33 07/31/14 113,327,256.18 10/31/18 168,975,135.70
05/31/10 111,608,210.69 08/31/14 109,603,756.37 11/30/18 162,330,274.67
06/30/10 128,279,716.19 09/30/14 109,275,831.00 12/31/18 179,716,517.72
07/31/10 119,642,649.15 10/31/14 101,285,566.72
08/31/10 116,632,252.40 11/30/14 97,119,208.93
09/30/10 118,416,709.45 12/31/14 112,281,466.37
10/31/10 112,912,072.36 01/31/15 103,499,061.06
11/30/10 113,513,586.86 02/28/15 99,594,218.25
12/31/10 121,274,488.95 03/31/15 92,334,813.71
01/31/11 113,796,557.05 04/30/15 89,927,304.71
02/28/11 109,647,280.68 05/31/15 86,034,381.75
Note: Property tax collections are
received in June and December.
Effective January 1, 2017, a total of
eight (8) funds with trustee cash
balances were included in the City's
formal accounting system,
signficantly increasing Civil City cash.
Also, bond proceeds received during
2017, totaling $43.4 million,
increased cash.
City of South Bend Cash Balances - Civil City Funds
January 1, 2007 - December 31, 2018
Maximum Total Cash
Minimum Total Cash
Average Cash
Average - last 12 months
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
$180,000,000
$200,000,000
Monthly Cash Report 12/2018 Preliminary Report - Final Report to Follow Upon Year-End Closing
29
Interest Earnings Summary
30
City of South Bend, Indiana
Interest Earnings Summary - 2018
December 31, 2018
Prepared - January 17, 2019
1st Source 1st Source
Paid Investment Checking Other Total
Month Month Interest Interest Interest (1) Interest
Dec-17 Jan-18 108,946.54$ 61,375.23$ 329,667.18$ 499,988.95$
Jan-18 Feb-18 224,026.05 88,038.93 97,504.61 409,569.59
Feb-18 Mar-18 116,179.64 60,059.30 35,775.02 212,013.96
Mar-18 Apr-18 122,834.93 61,920.30 19,122.09 203,877.32
Apr-18 May-18 110,601.49 69,255.70 26,127.10 205,984.29
May-18 Jun-18 273,937.79 88,714.81 74,963.11 437,615.71
Jun-18 Jul-18 185,930.81 103,739.56 89,495.53 379,165.90
Jul-18 Aug-18 284,319.62 173,865.99 12,615.24 470,800.85
Aug-18 Sep-18 312,697.14 153,665.95 83,288.94 549,652.03
Sep-18 Oct-18 118,508.44 145,495.83 35,342.22 299,346.49
Oct-18 Nov-18 341,542.95 166,363.88 50,548.85 558,455.68
Nov-18 Dec-18 380,874.19 148,364.24 113,152.27 642,390.70
2,580,399.59$ 1,320,859.72$ 967,602.16$ 4,868,861.47$
(1) interest on DCI loans, Major Moves interfund loans, Key Bank accounts, Bank of New York Mellon accounts.
31
Interest Earnings
% Change
Year to
Year
2010 Actual 809,279$ ------
2011 Actual 643,643 -20.5%
2012 Actual 1,474,283 129.1%
2013 Actual 1,119,139 -24.1%
2014 Actual 1,025,058 -8.4%
2015 Actual 1,769,436 72.6%
2016 Actual 2,359,164 33.3%
2017 Actual 2,737,881 16.1%
2018 Actual 4,868,861 77.8%
The City of South Bend earns interest on checking account balances, certificates of deposit, repayment of loans on
economic development projects and short-term investments. In May 11, 2011, the City opened a new investment
account with 1st Source Bank in the amount of $150,000,000. Investment earnings are reported net of fees.
Investment earnings are recorded in the general ledger on a cash basis when realized and do not reflect changes in
asset value and accrued interest until the investment is sold or matures. Interest is also earned on advances from
the Major Moves Fund to the Northeast Residential and Douglas Road TIF Funds. In January 2013, the Board of
Finance increased the authorized investment amount at 1st Source Bank to $175,000,000. In January 2017, the
Board increased the authorized amount to $185,000,000. Meetings are held quarterly with the investment staff of
1st Source Bank.
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
2010
Actual
2011
Actual
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
Interest Earnings 2010-2018
32
City of South Bend, IndianaInterest Earnings SummaryYears 2010 through 2018December 31, 2018Updated - January 17, 2019Fund Fund2010 2011 2012 2013 2014 2015 2016 2017 2018Number Name Actual Actual Actual Actual Actual Actual Actual Actual Actual101 General Fund 50,536$ 56,303$ 99,725$ 81,117$ 74,513$ 146,438$ 234,728$ 292,096$ 487,006$ 102 Rainy Day Fund 28,532 24,477 42,239 29,524 29,473 61,234 88,296 109,764 186,733 103 Excess Levy 395 261 - - - 23 7 - - 201 Parks & Recreation 9,423 8,467 14,802 12,082 8,075 13,649 24,609 32,228 84,863 202 Motor Vehicle Highway 11,099 5,314 7,431 11,791 12,300 34,302 56,152 72,001 139,982 203 Recreation - Non Reverting 2,899 2,006 3,332 2,692 2,893 6,075 8,243 9,673 15,514 209 Studebaker/Oliver Grants 6,401 4,486 5,485 3,712 3,705 7,750 10,243 9,050 16,482 210 Econ Dev State Grants 89,744 13,016 64,332 60,703 15,033 11,236 14,144 12,124 11,863 211 DCI Administration - 1,625 3,057 2,610 3,246 7,938 12,494 12,136 14,360 212DCI Grants5,760 3,147 2,578 2,152 2,038 1,972 1,424 723 1,163 216State Seized Drug Money351 336 653 498 564 1,368 2,032 2,543 3,755 217 Gift, Donation, Bequest102 112 287 232 462 592 725 1,411 2,527 218 SBPD Curfew Violations29 28 52 38 40 85 115 136 236 219 Unsafe Building- - - - - - - - 6,040 220 Law Enforcement Cont. Education3,174 2,990 5,194 3,491 3,394 6,715 8,138 6,961 10,040 221 Landlord Registration- - - - - - - - 140 222 Central Services972 1,917 4,688 3,421 3,950 8,574 10,343 10,211 10,934 224 Central Services Capital- - - - - 322 933 1,176 2,780 226 Liability Insurance12,954 11,068 23,376 18,597 17,712 35,042 43,001 48,797 71,401 227 Loss Recovery Fund16,057 12,545 21,894 18,685 25,717 24,843 9,131 9,952 13,044 249 Public Safety LOIT Fund4,741 2,308 8,296 6,954 5,168 6,209 7,162 9,938 22,716 250 General Grant15 - - - - - - - - 251 Local Roads & Streets8,710 6,031 7,306 6,247 7,585 18,729 27,861 31,663 71,117 252 Excess Welfare Distribution17,808 6,545 5,407 4 4 - - - - 257 LOIT 2016 Special Distribution- - - - - - - 34,717 38,179 258 Human Rights - Federal Grant1,606 1,404 2,279 1,593 1,743 2,960 4,149 5,179 8,987 265 Local Road and Bridge- - - - - - - - 6,373 271 Eastrace Waterway118 78 99 49 35 22 12 9 - 273 Morris/Palais Marketing Fund47 60 122 95 90 198 332 507 1,041 274 Morris PAC Self Promotion- - - - - - - - 814 278 Police Take Home Liability871 833 1,828 1,435 1,705 4,062 6,404 8,100 13,630 279 IT - Innovation 311 Call Center- - - - - - - - 31,487 280 Police Block Grants2,031 3,433 459 13 13 27 36 42 71 281 Economic Revenue Bond88 76 133 93 93 193 255 298 259 287 EMS Capital Fund- - - - - 6,860 30,399 44,718 81,118 288 EMS Operating Fund17,438 15,121 30,051 16,450 14,964 22,372 20,021 27,419 49,138 289 Hazmat21 8 13 40 86 231 269 261 456 291 Indiana River Rescue269 195 408 368 361 618 1,248 1,530 2,777 292 Police Grants Fund- - - - - 55 - - - 294 Regional Police Academy285 231 399 268 262 480 757 910 1,739 295 COPS More Grant418 323 492 364 380 778 1,212 1,814 2,334 299 Federal Drug Enforcement981 724 941 947 978 975 1,397 2,048 2,654 305 SBCDA Bond Proceeds 20038,832 2,657 - - - - - - - 312 2017 Parks Bond Debt Service- - - - - - - - 763 313 Hall of Fame Debt Service- - - - - 41 0 285 141 314 Redev Bond 19903,027 2,373 3,009 - - - - - - 315 Redev Bond - Airport - Taxable7,090 5,538 5,571 3,567 3,548 7,340 9,662 11,140 18,760 317 Coveleski Bond Debt Service Reserve- 1,277 2,470 1,725 1,722 3,577 4,742 5,523 9,396 319 Blackthorn Debt Service3,627 2,827 4,420 464 - - - - - 33
City of South Bend, IndianaInterest Earnings SummaryYears 2010 through 2018December 31, 2018Updated - January 17, 2019Fund Fund2010 2011 2012 2013 2014 2015 2016 2017 2018Number Name Actual Actual Actual Actual Actual Actual Actual Actual Actual324 TIF Revenue - Airport90,268 68,381 80,260 61,707 85,249 255,183 284,754 295,661 498,346 328 Redev Bond - Palais Royale4,053 3,159 8,258 5,959 5,929 12,263 16,144 18,628 31,363 377 Professional Sports Development3,669 3,415 5,025 2,742 1,963 2,947 2,657 1,345 37 401 Coveleski Stadium Capital370 262 327 92 98 358 683 860 1,074 403 Zoo Endowment113 97 211 168 168 348 462 151 - 404 COIT50,033 37,973 69,195 50,203 50,003 100,599 99,241 95,698 186,016 405 Park Nonreverting Capital1,319 1,020 1,772 1,386 1,384 3,120 3,405 1,471 1,200 406 Cumulative Capital Development3,267 1,769 3,808 2,701 2,156 3,051 4,045 4,834 8,622 407 Cumulative Capital Improvement45 36 15 122 227 1,042 2,607 3,838 5,687 408 EDIT18,952 22,135 45,531 33,100 34,399 69,484 94,879 130,988 264,870 410 UDAG14,170 2,659 917 88 94 2,306 4,868 5,604 6,352 412 Major Moves Construction (1)36,180 77,860 394,379 261,868 253,216 252,281 221,540 179,953 168,342 416 Morris PAC Capital1,434 1,503 1,997 1,412 1,651 3,642 4,965 6,593 7,250 420 TIF District - SBCDA General15,002 9,217 45,913 59,683 42,533 - - - - 422 TIF District - W. Washington1,959 3,141 3,920 1,435 2,502 8,903 15,176 21,964 38,510 424 TIF SBCDA-Building Operations- - - - - - - - - 425 TIF - Leighton Plaza488 334 383 298 306 1,071 1,541 1,771 2,729 426 TIF - Cent. Med Serv Area15,948 10,028 16,841 12,242 8,308 - - - - 428 Red Dist Capital - AEDA20031,202 - - - - - - - - 429 Northeast Development Area TIF345 1,040 5,286 8,057 11,381 44,638 70,896 83,386 161,666 430 Southside TIF Area #18,816 10,154 19,939 17,222 12,462 34,652 51,011 65,346 150,223 431 Southside TIF #2 - Erskine Commons10,074 4,029 2,329 - - - - - - 432 Southside TIF #3 - Erskine Village11,905 13,192 27,801 18,842 20,575 38,457 46,268 8,519 - 433 Redevelopment Admin General214 107 164 104 51 70 81 83 2,969 434 CRED3,214 1,507 1,259 418 301 360 635 - - 435 Douglas Road TIF756 246 723 454 685 606 1,123 844 3,533 436 Northeast Residential TIF1,478 2,266 10,211 8,423 3,380 1,571 2,109 442 5,385 438 Coveleski Bond Construction- 5,268 - - - - - - - 439 Certified Technology Park- - 3,571 7,207 12,682 28,205 20,426 10,965 11,138 450 Palais Royale Historic Preservation124 118 247 215 195 488 760 1,065 2,143 451 2018 Fire St #9 Bond Capital- - - - - - - - 56,076 452 2018 TIF Park Bond Capital- - - - - - - - 454 Airport Urban Enterprise Zone741 473 1,323 1,289 1,287 2,674 3,545 4,129 7,024 471 2017 Parks Bond Series A-K Capital - - - - - - - - 189,838 600 Building Department129 113 380 667 1,354 9,357 19,974 30,173 47,231 601 Parking Garages1,207 2,112 4,124 2,408 3,407 7,543 6,965 12,422 23,414 610 Solid Waste Operations2,854 3,363 5,359 2,996 1,765 2,578 3,132 4,756 9,887 611 Solid Waste Capital234 210 279 469 169 114 1,211 1,089 1,666 620 Water Works Operations6,735 4,545 10,309 6,453 11,007 30,010 31,293 31,224 53,391 622 Water Works Capital1,977 1,909 6,523 13,709 11,944 21,149 25,902 24,709 36,395 623 WW 1997 Bond Capital10,555 1,764 11,241 16,550 1,731 544 - - - 624 Water Works Customer Deposit4,960 3,971 6,864 4,861 4,997 10,564 14,196 16,276 27,299 625 WW 1993 Sinking Fund5,260 4,581 3,961 2,064 2,535 6,268 7,299 9,994 15,871 626 Water Works Bond Reserve162 606 3,221 4,767 5,391 8,258 15,039 15,294 25,805 629 WW Resv O&M Fund8,691 7,206 9,729 6,927 7,079 15,609 22,367 27,841 47,942 640 Sewer Repair Insurance1,710 2,179 5,003 4,204 4,907 11,145 16,006 19,466 34,679 641 Sewage Works Operations24,711 19,879 16,545 16,604 20,498 58,066 105,065 152,871 238,326 642 Sewage Works Capital1,577 13,101 46,026 26,316 17,278 46,366 72,469 71,081 153,406 643 Sewage Works Resv - O&M10,034 8,429 15,457 11,036 11,635 25,652 40,590 53,934 96,204 645 2004-2006 Sewer Bonds97 12 - - - - - - - 34
City of South Bend, IndianaInterest Earnings SummaryYears 2010 through 2018December 31, 2018Updated - January 17, 2019Fund Fund2010 2011 2012 2013 2014 2015 2016 2017 2018Number Name Actual Actual Actual Actual Actual Actual Actual Actual Actual647 2007 Sewer Bond3,595 1,352 202 42 3 3 - - - 649 Sewage Works Bond Sinking6,167 6,987 14,736 10,232 12,563 30,784 37,633 47,833 87,659 650 Clay Sewage Works Operations2 2 3 2 - - - - - 651 2007B Sewer Bond30,308 2,989 575 69 - 0 0 0 0 653 Sewage Works Debt Service Reserve14,267 4,901 30,127 3 3 3 6,009 26,716 65,897 655 Project ReLeaf2,312 2,111 4,230 2,914 3,642 7,334 7,978 9,381 14,362 658 2010 Sewer Bond- 18,528 4,348 216 6 0 0 0 0 659 2011 Sewer Bond- 8,738 91,421 30,970 20,589 5,103 1,961 155 1 661 2012 Sewer Bond- - - 65,016 60,972 110,899 96,669 20,166 3,229 664 2013A Sewer Bonds Refunds- - - 7 15 32 32 - - 666 2015 Sewer Bond- - - - - - 114 - - 670 Century Center7,288 1,839 228 3,079 - - - - - 671 Century Center Capital- - 365 315 328 809 932 866 2,026 672 Century Center Energy Savings Bond- - - - - 32 163,589 110,958 110,118 677 Hall of Fame Capital4,024 2,910 3,906 2,416 2,145 3,767 4,699 5,075 7,804 701 Fire Pension5,532 4,330 4,740 2,918 1,690 3,275 2,889 3,878 7,526 702 Police Pension7,340 5,510 6,904 5,432 3,308 5,842 6,841 7,646 15,005 705 K-9 Unit4 6 11 7 8 25 34 31 52 711 Self-Funded Employee Benefits34,807 27,732 42,730 25,351 18,112 34,136 50,896 95,456 212,822 713 Unemployment Comp Fund- 81 101 524 822 1,747 2,617 2,761 3,874 714 Parental Leave- - - - - - - - 481 730 City Cemetery Trust150 118 202 138 118 201 267 310 517 731 Bowman Cemetery Trust- - - - - - - - - 750 Equipment / Vehicle Leasing- - - - - - - 7,320 31,473 751 Parks Bond Capital- - - - - - - 6,700 4,813 752 SB Redevelopment Authority- - - - - - - 3,871 4,699 753 Smart Street Bond Capital- - - - - - - 5,075 1,060 754 Industrial Revolving Fund- - - - - - - 141,832 206,484 755 SB Building Corp- - - - - - - 3,162 10,314 756 Smart Streets Debt Service- - - - - - - 3,274 4,588 757 Parks Bond Debt Service- - - - - - - 1,472 2,787 758 Erskine Village Debt Service- - - - - - - 114 - 759 Eddy St. Commons Capital- - - - - - - - 121 760 Eddy St. Commons Debt Service- - - - - - - 1,480 6,428 Total Interest 809,279$ 643,643$ 1,474,283$ 1,119,139$ 1,025,058$ 1,769,436$ 2,359,164$ 2,737,881$ 4,868,861$ (1) includes NE TIF and Douglas Road TIF repayment of interest on advances from Major Moves. 35
City of South Bend Administration & Finance Policy Manual
2.3.2 Cash Reserve Policy
Effective: January 1, 2010
Revised 1/1/2013, 1/1/2014, 1/1/2016, 1/1/2017, 1/1/2018, and 1/1/2019
Purpose: This procedure defines the cash reserve practices for the City of South Bend.
Scope: This statement applies to all governmental units, enterprise operations, and operations of the
City of South Bend.
Responsibility: This policy is the responsibility of the Controller of the City of South Bend. Changes or revisions
to this policy are affected only with the consent and approval of the Controller.
Effective Date: This policy is effective January 1, 2010.
1.0 Procedure Statement
The City of South Bend has established the following cash reserve guidelines. Cash reserves are defined as
cash balances on hand less outstanding encumbrances.
Fund Fund Name Cash Reserve Policy
101 General Fund 35% of annual expenditures
102 Rainy Day Fund 3% contingency of total expenditures in prior
year
103 Excess Levy Fund No reserve requirement
201 Parks & Recreation Fund 25% of annual expenditures
202 Motor Vehicle Highway Fund 25% of annual expenditures
209 Studebaker/Oliver Reverting Grants Fund No reserve requirement - Grant fund - spend
down to zero
210 Department of Community Investment State Grants Fund No reserve requirement - Grant fund - spend
down to zero
211 Department of Community Investment Administration
Fund 25% of annual expenditures
212 DCI Grant Fund No reserve requirement - Grant fund - spend
down to zero
216 Police State Seizures Fund 25% of annual expenditures
217 Gift, Donation, Bequest Fund No reserve requirement
218 Police Curfew Violations Fund 25% of annual expenditures
219 Unsafe Building Fund 25% of annual expenditures
220 Law Enforcement Continuing Education Fund 25% of annual expenditures
221 Landlord Registration Fund No reserve requirement
222 Central Services Fund 25% of annual expenditures, excluding utilities
224 Central Services Capital Fund No reserve requirement - Capital fund - spend
down to zero
226 Liability Insurance Fund 50% of annual expenditures
227 Loss Recovery Fund No reserve requirement
249 Public Safety LOIT Fund 8% of annual expenditures – 1 month of
expenditures
36
2.3.2 Cash Reserve Policy
Fund Fund Name Cash Reserve Policy
251 Local Roads & Streets Fund 25% of annual expenditures
257 LOIT 2016 Special Distribution No reserve requirement
258 Human Rights – Federal Grants Fund 25% of annual expenditures
265 Local Road and Bridge Matching Grant Fund No reserve requirement - Grant fund - spend
down to zero
273 Morris Performing Arts Center/Palais Royale Marketing
Fund 25% of annual expenditures
274 Morris PAC Self-Promotion 25% of annual expenditures
278 Take Home Vehicle Police Fund $750,000 minimum
279 IT / Innovation / 311 Call Center Fund No reserve requirement
280 Police Block Grants Fund No reserve requirement - Grant fund - spend
down to zero
287 EMS Capital Fund 25% of annual expenditures
288 EMS Operating Fund 25% of annual expenditures
289 HAZMAT Fund 25% of annual expenditures
291 Indiana River Rescue Fund 25% of annual expenditures
292 Police Grants Fund No reserve requirement
294 Regional Police Academy Fund 25% of annual expenditures
295 COPS More Grant Fund No reserve requirement
299 Police Federal Drug Enforcement Grant 25% of annual expenditures
312 2017 Parks Bond Debt Service Fund No reserve requirement
313 Hall of Fame Debt Service Fund No reserve requirement
315 Airport 2003 Debt Reserve Fund 100% of debt service reserve per bond
covenants
317 Coveleski Bond Debt Reserve Fund 100% of debt service reserve per bond
covenants
324 TIF Revenue – River West Fund 25% of annual expenditures
328 SBCDA 2003 Debt Reserve Fund 100% debt service reserve per bond covenants
351 2018 TIF Parks Bond Debt Service Fund 100% debt service reserve per bond covenants
377 Professional Sports Development Fund No reserve requirement
401 Coveleski Stadium Capital Fund No reserve requirement - Capital fund - spend
down to zero
404 County Option Income Tax Fund 50% of annual expenditures
406 Cumulative Capital Development Fund 25% of annual expenditures
407 Cumulative Capital Improvement Fund 25% of annual expenditures
408 Economic Development Income Tax Fund 50% of annual expenditures
410 Urban Development Action Grant (UDAG) Fund No reserve requirement - Grant fund - spend
down to zero
412 Major Moves Construction Fund No reserve requirement - Capital fund - spend
down to zero
416 Morris Performing Arts Center Capital Fund 25% of annual expenditures
422 TIF District – West Washington Fund 25% of annual expenditures
425 TIF Leighton Plaza Fund 25% of annual expenditures
429 TIF River East District Fund 25% of annual expenditures
430 TIF Southside Development Area #1 Fund 25% of annual expenditures
37
2.3.2 Cash Reserve Policy
Fund Fund Name Cash Reserve Policy
432 TIF Southside Development Area #3 – Erskine Village
Fund 25% of annual expenditures
433 Redevelopment Administration General Fund 25% of annual expenditures
435 TIF – Douglas Road Fund 10% of annual expenditures
436 TIF – River East Residential Fund 25% of annual expenditures
439 Certified Technology Park Fund No reserve requirement
450 Palais Royale Historic Preservation Fund 25% of annual expenditures
451 2018 Fire Station #9 Bond Capital Fund No reserve requirement - Bond capital fund -
spend down to zero
452 2018 TIF Parks Bond Capital Fund No reserve requirement - Bond capital fund -
spend down to zero
454 Airport Urban Enterprise Zone Fund No reserve requirement
471 2017 Parks Bond Capital Fund No reserve requirement - Bond capital fund -
spend down to zero
600 Consolidated Building Department Fund 25% of annual expenditures
601 Parking Garages Fund 25% of annual expenditures
610 Solid Waste Operations Fund 10% of annual expenditures
611 Solid Waste Capital Fund No reserve requirement - Capital fund - spend
down to zero
620 Water Works Operations Fund 5% of annual expenditures
622 Water Works Capital Fund No reserve requirement - Capital fund - spend
down to zero
624 Water Works Customer Deposit Fund 100% cash reserves for customer deposits
625 Water Works Sinking Fund 100% cash reserves per bond covenants
626 Water Works Bond Reserve Fund 100% cash reserves per bond covenants
629 Water Works Reserve – O & M Fund 16.67% of annual operating expenses in fund
620, net of transfers
640 Sewer Repair Insurance Fund 25% of annual expenditures
641 Sewage Works Operations Fund 5% of annual expenditures
642 Sewage Works Capital Fund No reserve requirement - Capital fund - spend
down to zero
643 Sewage Works Reserve – O & M Fund 16.67% of annual operating expenses in fund
641, net of transfers
649 Sewage Works Sinking Fund 100% cash reserves per bond covenants
653 Sewage Works Debt Service Reserve Fund 100% cash reserves per bond covenants
--- Water & Sewer Bond Funds No reserve requirement
655 Project ReLeaf Fund 25% of annual expenditures
667 Storm Sewer Fund 25% of Annual expenditures
670 Century Center Fund 25% of annual expenditures
671 Century Center Capital Fund $800,000 minimum
672 Century Center Energy Conservation Bond Fund No reserve requirement
677 Hall of Fame Capital Fund No reserve requirement - Capital fund - spend
down to zero
701 Firefighters Pension Fund 10% of annual expenditures
702 Police Pension Fund 10% of annual expenditures
703 Police/Fire 1977 State Pension Fund 100% cash reserves – trust & agency funds
38
2.3.2 Cash Reserve Policy
Fund Fund Name Cash Reserve Policy
705 Police K-9 Unit Fund 25% of annual expenditures
709 Payroll Fund 100% cash reserves – trust & agency funds
711 Self-Funded Employee Benefits 25% of annual expenditures
712 Public Employees Retirement Fund 100% cash reserves – trust & agency funds
713 Unemployment Compensation Fund 25% of annual expenditures
714 Parental Leave Fund 25% of annual expenditures
718 State Tax Deduction Fund 100% cash reserves – trust & agency funds
725 Morris / Palais Box Office Fund 100% cash reserves – trust & agency funds
726 Police Distributions Payable 100% cash reserves – trust & agency funds
730 City Cemetery Trust 25% of annual expenditures
731 Bowman Cemetery $400,000 minimum
750 Equipment/Vehicle Leasing No reserve requirement - Capital lease fund -
spend down to zero
751 2015 Parks Bond Capital No reserve requirement - Bond capital fund -
spend down to zero
752 South Bend Redevelopment Authority 100% cash reserves per bond covenants
753 Smart Streets Bond Capital No reserve requirement - Bond capital fund -
spend down to zero
754 Industrial Revolving Fund No City reserve requirement; there are program
requirements
755 South Bend Building Corporation 100% cash reserves per bond covenants
756 Smart Streets Debt Service 100% cash reserves per bond covenants
757 2015 Parks Bond Debt Service 100% cash reserves per bond covenants
759 Eddy Street Commons Capital No reserve requirement - Bond capital fund -
spend down to zero
760 Eddy Street Commons Debt Service $2,500,000 minimum per bond covenant
39
Background: Paul leads the investment
strategy and implementation for our clients.
Paul oversaw the effort to create 1st Source
Corporation Investment Advisors, Inc. and
started here as our Senior Fixed Income
Manager. Prior to joining 1st Source in 2000,
he worked for Bremer Trust, N.A. in St. Cloud,
Minnesota. He has worked in sales, portfolio
management, and product development in
investments since 1989. Paul earned the right
to use the Chartered Financial Analyst
designation in 1998.
Organizations: Paul is involved with the
CFA Institute, Christ the King Lutheran Church,
and South Bend Medical Foundation.
Paul W. Gifford, Jr., CFA
office: (574) 235-2751
mobile: (574) 274-2246
GiffordP@1stsource.com
Title: President and Chief Investment
Officer, 1st Source Corporation
Investment Advisors, Inc.
Education: B.S. Finance (magna cum laude)
University of Minnesota - Mankato
Mankato, Minnesota
Our Mission is to help our clients achieve security,
build wealth and realize their dreams.
40
Background: Erik joined 1st Source in 2015 after
working with Comerica in Detroit as a Senior Fixed
Income Analyst & Strategist for seven years, and prior
as a Closely-Held Investment Analyst for two years.
He worked as a manager of fixed income analytics
and worked closely with the capital markets and
investment banking businesses. His work has focused
on credit analytics, valuation, interest rate strategies,
and macro-strategy. Erik has developed and
implemented tailored portfolio asset allocation
strategies, which were focused on fixed income,
for a wide array of clients with a large range of
financial instruments.
Organizations: Erik is active coaching local youth
sports teams. Erik received his B.S. in Marketing
with Minors in Finance and Music Industry from
York College of Pennsylvania.
Title: Vice President and Senior Fixed
Income Portfolio Manager
Education: B.S. Marketing, Finance minor
York College
York, Pennsylvania
Our Mission is to help our clients achieve security,
build wealth and realize their dreams.
Erik Clapsaddle, CFA, CFP®
office: (574) 235-2754
mobile: (248) 808-4281
ClapsaddleE@1stsource.com
41
Title: Vice President and Personal
Trust Manager, South Bend
Education: J.D.
Thomas M. Cooley Law School
Lansing, Michigan
B.A., Economics
Kalamazoo College
Kalamazoo, Michigan
Background: Amy joined 1st Source Bank in 2018
from Chemical Bank in St. Joseph, Michigan where she
served as 1st Vice President and South Region Manager
and Trust Officer since 2010. Her prior professional
experience includes: Trust Officer at Fifth Third Bank
and the private practice of law for seven years serving
clients throughout Michiana. Amy earned her Bachelor
of Arts degree from Kalamazoo College in 1990 and
her Juris Doctor degree from Thomas M. Cooley Law
School in 1996.
Organizations: Amy has been an active member of
the Berrien County Bar Association and is a current
member of the Board of the Lake Michigan College
Foundation.
Our Mission is to help our clients achieve security,
build wealth and realize their dreams.
Amy White, J.D.
office: 574 235-2316
WhiteA@1stsource.com
42