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Home My WebLink About2019-08 Controller's Trustee Cash ReportPeriod Ending: August 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 Genevieve Miller 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, and debt service 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 the 2015 Smart Streets Bond debt service, the 2015 Parks/EDIT bond capital and debt service, and the 2017 Eddy Street Commons Phase II bond capital and debt service, and the 2018 Economic Development Revenue Bond (Potawatomi Zoo project) capital and debt service. 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. 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 August 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 1,564,990.47 1,566,084.99 1,147.012012 Police/Fire Building Refunding Operating & Repair Building Corporation US Bank 755 29,030.36 8,676.24 0.00 37,706.602012 Police/Fire Building Refunding Reserve Fund Building Corporation US Bank 755 3,976.80 60.33 0.00 4,037.132013 EMS Revenue Bond Sinking Fund Building Corporation US Bank 75531.71 520,469.01 520,467.53 33.192013 EMS Revenue Bond Operating & Reserve Building Corporation US Bank 755 126,404.28 121,717.24 115,895.78 132,225.742010 BPW Building Refunding Debt Service Reserve Fund Building Corporation Wells Fargo 755 607,504.83 7,889.70 7,889.70 607,504.832010 BPW Building Refunding Sinking Fund Building Corporation Wells Fargo 755 3,301.88 682,691.18 685,993.06 0.002010 BPW Building Refunding Operating & Reserve Building Corporation Wells Fargo 755 18,534.51 15,132.76 2,500.00 31,167.27Total Building Corporation791,025.90$ 2,921,626.93$ 2,898,831.06$ 813,821.77$ 2015 Parks/EDIT Bond Bond Retirement Account City of South Bend US Bank 757 161,026.90 286,330.43 382,731.26 64,626.072015 Parks/EDIT Bond Debt Service Reserve Fund City of South BendUS Bank 757 399,403.87 781.40 0.00 400,185.272015 Parks/EDIT Bond Construction Fund City of South Bend US Bank 751 471,687.11 794.48 270,756.34 201,725.252016 PNC Equipment Finance (2016 Lease #3) Vehicle/Equipment Lease City of South Bend US Bank 750 163,476.50 76.90 163,553.40 0.002017 Public-Finance.com (2017 Lease #1) Vehicle/Equipment Lease City of South Bend US Bank 750 517,574.12 1,012.61 0.00 518,586.732017 City Vehicle & Equipment (2017 Lease #2) Vehicle/Equipment Lease City of South Bend US Bank 750 365,605.71 687.53 18,967.50 347,325.742018 PNC Equipment Finance (1103481-1) Vehicle/Equipment Lease City of South Bend US Bank 750 1,627,577.91 13,118.23 1,462,015.00 178,681.142018 US Bancorp Government Leasing & Finance Vehicle/Equipment Lease City of South Bend US Bank 750 265,546.27 350.85 195,568.66 70,328.462019 Key Government Finance (2019 Lease #1) Vehicle/Equipment Lease City of South Bend Key Bank 750 0.00 1,473,027.78 1,254,077.00 218,950.78Total City of South Bend3,971,898.39$ 1,776,180.21$ 3,747,669.16$ 2,000,409.44$ 2017 Eddy Street Commons Phase II Sinking Fund City of South BendUS Bank 760 64.16 1,298,277.34 1,298,125.00 216.502017 Eddy Street Commons Phase II Debt Service Reserve Fund City of South Bend US Bank 760 3,452,843.57 6,622.99 0.00 3,459,466.562017 Eddy Street Commons Phase II Construction Fund-Hotel City of South Bend US Bank 759 25,658.00 50.21 0.00 25,708.212017 Eddy Street Commons Phase II Construction Fund-Mixed Use City of South Bend US Bank 759 7,624,586.25 0.08 2,864,461.32 4,760,125.012018 Economic Development Revenue Bond (Zoo) Sinking Fund City of South Bend US Bank N/A 0.00 214,535.89 214,486.64 49.252018 Economic Development Revenue Bond (Zoo) Construction Fund City of South Bend US Bank 453 3,264,858.78 20,647.04 2,714,637.47 570,868.352018 Economic Development Revenue Bond (Zoo) Cost of Issuance City of South Bend US Bank N/A 1.71 0.00 1.71 0.00Total Economic Development Commission14,368,012.47$ 1,540,133.55$ 7,091,712.14$ 8,816,433.88$ 2013 Century Center Refunding Operation & Reserve Redevelopment Authority US Bank 752 190,835.29 2,186.57 158,306.25 34,715.612013 Century Center Refunding Sinking Fund Redevelopment Authority US Bank 752 189.70 356,985.19 356,997.37 177.522015 Eddy Street Commons Refunding Sinking Fund Redevelopment Authority US Bank 752 1,671.84 2,473,040.36 2,473,096.97 1,615.232015 Eddy Street Commons Refunding Operations & Reserve Redevelopment Authority US Bank 752 17,795.21 4,532.41 0.00 22,327.622015 Smart Streets Bond Sinking Fund Redevelopment Authority US Bank 756 134.49 1,720,899.88 1,718,343.73 2,690.642015 Smart Streets Bond Operating & Reserve Redevelopment Authority US Bank 756 12,490.15 8,003.72 1,650.00 18,843.872015 Smart Streets Bond Reserve Fund Redevelopment Authority US Bank 756 1,713,194.63 3,348.00 5,135.04 1,711,407.592015 Smart Streets Bond Construction Fund Redevelopment AuthorityUS Bank 753 68,842.83 124.28 68,967.11 0.002015 Smart Streets Bond Bond Interest Account Redevelopment Authority US Bank 756 970.83 1.91 0.00 972.74Total Redevelopment Authority2,006,124.97$ 4,569,122.32$ 4,782,496.47$ 1,792,750.82$ Total Trustee Cash21,137,061.73$ 10,807,063.01$ 18,520,708.83$ 13,423,415.91$ Controller's Trustee Cash ReportPage 3 Entity Cash Balance Percent Building Corporation 813,822$ 6.06% City of South Bend 2,000,409 14.90% Economic Develop Commission 8,816,434 65.68% Redevelopment Authority 1,792,751 13.36% Total 13,423,416$ 100.00% Economic Development Commission includes the 2017 Eddy Street Commons Phase II Bond Capital Fund with a balance of $4.79 million remaining in the fund at August 31, 2019 and the 2018 Zoo Bond Construction Fund with a balance of $570,868 at August 31, 2019. City of South Bend includes the 2015 Parks/EDIT Bond Capital Fund with a balance of $201,725 remaining in the fund at August 31, 2019. August 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