HomeMy WebLinkAbout2019-01 Controller's Trustee Cash ReportPeriod Ending: January 31, 2019
Issued By: Controller
City of South Bend
Controller's Trustee Cash Report
Page
2 Purpose & Narrative
3 Summary
4 Graph of Cash Balances
Distribution
Mayor Pete Buttigieg
Chief of Staff Laura O'Sullivan
Deputy Chief of Staff Suzanna Fritzberg
Common Council
Department Heads
Fiscal Officers
Contents
Purpose of Report
Current Activity
The City of South Bend maintains certain cash balances with bank trustees in connection with bond and capital
lease financing agreements that have been approved by the Common Council, Redevelopment Commission, and
the Board of Public Works. The cash reserves are restricted and may not be used for general city operations.
Rather, trustee cash reserves must be used as provided for in the debt documents including for capital projects,
debt service payments, debt service reserves and operating reserves The bank trustee accounts are also used for
the defeasance of prior debt that has been refunded. The primary bank trustees used by the city are US Bank and
Wells Fargo Bank. The debt service payments on bonds and capital leases are included in the regular city budget.
The current trustee cash accounts include capital project money for the 2015 Smart Streets bond, the 2015
Parks/EDIT bond, and the 2017 Eddy Street Commons Phase II bond, and the 2018 Economic Development
Revenue Bond (Potawatomi Zoo project). Cash in capital project accounts is spent down as work is completed on
projects. Trustee cash accounts also include proceeds from lease purchase agreements for the replacement of
certain city vehicles and equipment on a regular basis.
In 2018, the City issued the 2018 Economic Development Revenue Bonds to fund the Potawatomi Zoo project. The
principal balance of the bonds was $3.44 million.
In 2018, three debts were paid off:
- The 2001/2011 Century Center Refunding Bonds (debt schedule #7) were paid off on 2/1/18. The remaining cash
balance at the trustee bank ($324,170.83) was deposited into COIT Fund 404.
- The 2000/2011 Hall of Fame Refunding Bonds (debt schedule #8) were paid off on 2/1/18. The remaining cash
balance at the trustee bank ($26,043.94) was deposited into HOF Debt Service Fund 313.
- The 2008/2015 Eddy Street Commons Refunding Bonds (debt schedule #54) were paid off early. The final
payment was 2/15/18. The remaining cash balance at the trustee bank ($60.85) was deposited into Fund 436.
The City has several vehicle/equipment lease purchase agreements. These agreements are used to purchase
vehicles and equipment for various City departments. The purchases are paid off over 5 years.
If you should have any questions regarding this report, please contact the Department of Administration & Finance
by calling 311.
Controller's Trustee Cash Report Page 2
City of South Bend, IndianaTrustee Cash SummaryJanuary 1, 2019 thru January 31, 2019Beginning YTD YTD EndingName Purpose Entity Trustee Fund Cash Receipts Disbursements Cash2012 Police/Fire Building Refunding Sinking Fund Building Corporation US Bank 755 2,241.53 782,004.11 0.00 784,245.642012 Police/Fire Building Refunding Operating & Repair Building Corporation US Bank 755 29,030.36 53.27 0.00 29,083.632012 Police/Fire Building Refunding Reserve Fund Building Corporation US Bank 755 3,976.80 7.29 0.00 3,984.092013 EMS Revenue Bond Sinking Fund Building Corporation US Bank 75531.71 202,750.01 0.00 202,781.722013 EMS Revenue Bond Operating & Reserve Building Corporation US Bank 755 126,404.28 32.21 0.00 126,436.492013 EMS Revenue Bond Reserve Fund Building Corporation US Bank 7550.00 0.00 0.00 0.002010 BPW Building Refunding Debt Service Reserve Fund Building Corporation Wells Fargo 755 607,504.83 960.32 960.32 607,504.832010 BPW Building Refunding Sinking Fund Building Corporation Wells Fargo 755 3,301.88 338,465.53 0.00 341,767.412010 BPW Building Refunding Operating & Reserve Building Corporation Wells Fargo 755 18,534.51 29.75 0.00 18,564.26Total Building Corporation791,025.90$ 1,324,302.49$ 960.32$ 2,114,368.07$ 2015 Parks/EDIT Bond Bond Retirement Account City of South Bend US Bank 757 161,026.90 63,939.33 0.00 224,966.232015 Parks/EDIT Bond Debt Service Reserve Fund City of South BendUS Bank 757 399,403.87 101.76 0.00 399,505.632015 Parks/EDIT Bond Construction Fund City of South Bend US Bank 751 471,687.11 149.19 24,200.11 447,636.192016 PNC Equipment Finance (2016 Lease #3) Vehicle/Equipment Lease City of South Bend US Bank 750 163,476.50 41.95 44,555.53 118,962.922017 Public-Finance.com (2017 Lease #1) Vehicle/Equipment Lease City of South Bend US Bank 750 517,574.12 131.87 517,705.992017 City Vehicle & Equipment (2017 Lease #2) Vehicle/Equipment Lease City of South Bend US Bank 750 365,605.71 93.15 18,967.50 346,731.362018 PNC Equipment Finance (1103481-1) Vehicle/Equipment Lease City of South Bend US Bank 750 1,627,577.91 2,613.23 1,630,191.142018 US Bancorp Government Leasing & Finance Vehicle/Equipment Lease City of South Bend US Bank 750 265,546.27 107.22 43,952.83 221,700.66Total City of South Bend3,971,898.39$ 67,177.70$ 131,675.97$ 3,907,400.12$ 2017 Eddy Street Commons Phase II Sinking Fund City of South BendUS Bank 760 64.16 649,375.02 0.00 649,439.182017 Eddy Street Commons Phase II Debt Service Reserve Fund City of South Bend US Bank 760 3,452,843.57 747.71 0.00 3,453,591.282017 Eddy Street Commons Phase II Construction Fund-Hotel City of South Bend US Bank 759 25,658.00 6.54 0.00 25,664.542017 Eddy Street Commons Phase II Construction Fund-Mixed Use City of South Bend US Bank 759 7,624,586.25 0.01 472,519.77 7,152,066.492018 Economic Development Revenue Bond (Zoo) Sinking Fund City of South Bend US Bank N/A 0.00 59,136.64 0.00 59,136.642018 Economic Development Revenue Bond (Zoo) Construction Fund City of South Bend US Bank N/A 3,264,858.78 3,693.57 302,058.62 2,966,493.732018 Economic Development Revenue Bond (Zoo) Cost of Issuance City of South Bend US Bank N/A 1.71 0.00 0.00 1.71Total Economic Development Commission14,368,012.47$ 712,959.49$ 774,578.39$ 14,306,393.57$ 2013 Century Center Refunding Operation & Reserve Redevelopment Authority US Bank 752 190,835.29 351.90 0.00 191,187.192013 Century Center Refunding Sinking Fund Redevelopment Authority US Bank 752 189.70 0.35 0.00 190.052013 Century Center Refunding Reserve Fund Redevelopment Authority US Bank 752 0.00 0.00 0.00 0.002015 Eddy Street Commons Refunding Sinking Fund Redevelopment Authority US Bank 752 1,671.84 1,233,881.20 0.00 1,235,553.042015 Eddy Street Commons Refunding Operations & Reserve Redevelopment Authority US Bank 752 17,795.21 32.65 0.00 17,827.862015 Smart Streets Bond Sinking Fund Redevelopment Authority US Bank 756 134.49 857,500.03 0.00 857,634.522015 Smart Streets Bond Operating & Reserve Redevelopment Authority US Bank 756 12,490.15 3.18 0.00 12,493.332015 Smart Streets Bond Reserve Fund Redevelopment Authority US Bank 756 1,713,194.63 436.50 0.00 1,713,631.132015 Smart Streets Bond Construction Fund Redevelopment AuthorityUS Bank 753 68,842.83 17.54 0.00 68,860.372015 Smart Streets Bond Bond Interest Account Redevelopment Authority US Bank 756 970.83 0.25 0.00 971.08Total Redevelopment Authority2,006,124.97$ 2,092,223.60$ -$ 4,098,348.57$ Total Trustee Cash21,137,061.73$ 4,196,663.28$ 907,214.68$ 24,426,510.33$ Controller's Trustee Cash ReportPage 3
Entity Cash Balance Percent
Building Corporation 2,114,368$ 8.66%
City of South Bend 3,907,400 16.00%
Economic Develop Commission 14,306,394 58.57%
Redevelopment Authority 4,098,349 16.77%
Total 24,426,511$ 100.00%
Redevelopment Authority includes the 2015 Smart Streets Bond Capital
Fund with a balance of $68,860 remaining in the fund at January 31, 2019.
January 31, 2019
Economic Development Commission includes the 2017 Eddy Street
Commons Phase II Bond Capital Fund with a balance of $7.18 million
remaining in the fund at January 31, 2019 and the 2018 Zoo Bond
Construction Fund with a balance of $2.97 million at January 31, 2019.
City of South Bend includes the 2015 Parks/EDIT Bond Capital Fund with a
balance of $447,636 remaining in the fund at January 31, 2019.
Trustee Cash Balances
Building Corporation includes debt service accounts for the 2012 Police &
Fire refunding, the 2010 Public Works Building refunding, and the 2013
EMS Fire Station/Tower bonds. Debt payments are made twice a year.
Building
Corporation
City of South
Bend
Economic
Develop
Commission
Redevelopment
Authority
Controller's Trustee Cash Report Page 4