HomeMy WebLinkAbout2019-09 Controller's Trustee Cash ReportPeriod Ending: September 30, 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
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 September 30, 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 1,564,992.37 1,566,084.99 1,148.912012 Police/Fire Building Refunding Operating & Repair Building Corporation US Bank 755 29,030.36 8,740.83 0.00 37,771.192012 Police/Fire Building Refunding Reserve Fund Building Corporation US Bank 755 3,976.80 67.24 0.00 4,044.042013 EMS Revenue Bond Sinking Fund Building Corporation US Bank 75531.71 520,469.02 520,467.53 33.202013 EMS Revenue Bond Operating & Reserve Building Corporation US Bank 755 126,404.28 121,739.70 115,895.78 132,248.202010 BPW Building Refunding Debt Service Reserve Fund Building Corporation Wells Fargo 755 607,504.83 8,765.97 8,765.97 607,504.832010 BPW Building Refunding Sinking Fund Building Corporation Wells Fargo 755 3,301.88 683,567.45 685,993.06 876.272010 BPW Building Refunding Operating & Reserve Building Corporation Wells Fargo 755 18,534.51 15,176.38 2,500.00 31,210.89Total Building Corporation791,025.90$ 2,923,518.96$ 2,899,707.33$ 814,837.53$ 2015 Parks/EDIT Bond Bond Retirement Account City of South Bend US Bank 757 161,026.90 317,634.60 382,731.26 95,930.242015 Parks/EDIT Bond Debt Service Reserve Fund City of South BendUS Bank 757 399,403.87 849.38 0.00 400,253.252015 Parks/EDIT Bond Construction Fund City of South Bend US Bank 751 471,687.11 840.03 472,527.14 0.002016 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 1,100.70 0.00 518,674.822017 City Vehicle & Equipment (2017 Lease #2) Vehicle/Equipment Lease City of South Bend US Bank 750 365,605.71 746.53 18,967.50 347,384.742018 PNC Equipment Finance (1103481-1) Vehicle/Equipment Lease City of South Bend US Bank 750 1,627,577.91 13,383.32 1,462,015.00 178,946.232018 US Bancorp Government Leasing & Finance Vehicle/Equipment Lease City of South Bend US Bank 750 265,546.27 362.80 195,568.66 70,340.412019 Key Government Finance (2019 Lease #1) Vehicle/Equipment Lease City of South Bend Key Bank 750 0.00 1,473,031.38 1,254,077.00 218,954.38Total City of South Bend3,971,898.39$ 1,808,025.64$ 3,949,439.96$ 1,830,484.07$ 2017 Eddy Street Commons Phase II Sinking Fund City of South BendUS Bank 760 64.16 1,298,327.14 1,298,125.00 266.302017 Eddy Street Commons Phase II Debt Service Reserve Fund City of South Bend US Bank 760 3,452,843.57 7,210.62 0.00 3,460,054.192017 Eddy Street Commons Phase II Construction Fund-Hotel City of South Bend US Bank 759 25,658.00 54.58 0.00 25,712.582017 Eddy Street Commons Phase II Construction Fund-Mixed Use City of South Bend US Bank 759 7,624,586.25 0.08 3,517,635.77 4,106,950.562018 Economic Development Revenue Bond (Zoo) Sinking Fund City of South Bend US Bank N/A 0.00 214,535.94 214,486.64 49.302018 Economic Development Revenue Bond (Zoo) Construction Fund City of South Bend US Bank 453 3,264,858.78 21,415.22 2,798,885.39 487,388.612018 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$ 1,541,543.58$ 7,829,134.51$ 8,080,421.54$ 2013 Century Center Refunding Operation & Reserve Redevelopment Authority US Bank 752 190,835.29 2,246.04 158,306.25 34,775.082013 Century Center Refunding Sinking Fund Redevelopment Authority US Bank 752 189.70 356,985.49 356,997.37 177.822015 Eddy Street Commons Refunding Sinking Fund Redevelopment Authority US Bank 752 1,671.84 2,474,012.91 2,473,096.97 2,587.782015 Eddy Street Commons Refunding Operations & Reserve Redevelopment Authority US Bank 752 17,795.21 4,569.07 1,200.00 21,164.282015 Smart Streets Bond Sinking Fund Redevelopment Authority US Bank 756 134.49 1,720,900.34 1,718,343.73 2,691.102015 Smart Streets Bond Operating & Reserve Redevelopment Authority US Bank 756 12,490.15 8,006.92 1,650.00 18,847.072015 Smart Streets Bond Reserve Fund Redevelopment Authority US Bank 756 1,713,194.63 3,638.70 5,135.04 1,711,698.292015 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 2.08 0.00 972.91Total Redevelopment Authority2,006,124.97$ 4,570,485.83$ 4,783,696.47$ 1,792,914.33$ Total Trustee Cash21,137,061.73$ 10,843,574.01$ 19,461,978.27$ 12,518,657.47$ Controller's Trustee Cash ReportPage 3
Entity Cash Balance Percent
Building Corporation 814,838$ 6.51%
City of South Bend 1,830,484 14.62%
Economic Develop Commission 8,080,422 64.55%
Redevelopment Authority 1,792,914 14.32%
Total 12,518,658$ 100.00%
Economic Development Commission includes the 2017 Eddy Street
Commons Phase II Bond Capital Fund with a balance of $4.13 million
remaining in the fund at September 30, 2019 and the 2018 Zoo Bond
Construction Fund with a balance of $487,389 at September 30, 2019.
September 30, 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