HomeMy WebLinkAbout2020-01 - Controller's Trustee Cash ReportPeriod Ending: January 31, 2020
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
Chief of Staff
Deputy Chief of Staff
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, the 2018 Economic
Development Revenue Bond (Potawatomi Zoo project) capital and debt service, and the 2019 South Shore Double
Tracking Bond 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, 2020 thru January 31, 2020Beginning YTDYTDEndingNamePurposeEntityTrustee Fund Cash Receipts Disbursements Cash2012 Police/Fire Building RefundingSinking FundBuilding Corporation US Bank 7551,153.96 781,001.460.00 782,155.422012 Police/Fire Building RefundingOperating & RepairBuilding Corporation US Bank 75536,685.2046.440.00 36,731.642012 Police/Fire Building RefundingReserve FundBuilding Corporation US Bank 7554,061.805.140.004,066.942013 EMS Revenue BondSinking FundBuilding Corporation US Bank 75533.20 201,750.000.00 201,783.202013 EMS Revenue BondOperating & ReserveBuilding Corporation US Bank 755131,200.9116.710.00 131,217.622010 BPW Building RefundingDebt Service Reserve Fund Building Corporation Wells Fargo 755607,504.83606.89606.89 607,504.832010 BPW Building RefundingSinking FundBuilding Corporation Wells Fargo 7553,065.12 337,109.910.00 340,175.032010 BPW Building Refunding Operating & ReserveBuilding Corporation Wells Fargo 75531,319.9831.010.00 31,350.99Total Building Corporation815,025.00$ 1,320,567.56$ 606.89$ 2,134,985.67$ 2015 Parks/EDIT BondBond Retirement Account City of South Bend US Bank 757190,083.84 31,499.340.00 221,583.182015 Parks/EDIT BondDebt Service Reserve Fund City of South Bend US Bank 757400,412.8251.010.00 400,463.832017 Public-Finance.com (2017 Lease #1) Vehicle/Equipment Lease City of South Bend US Bank 750425,200.6061.48 95,914.00 329,348.082017 City Vehicle & Equipment (2017 Lease #2) Vehicle/Equipment Lease City of South Bend US Bank 750347,523.2344.270.00 347,567.502018 PNC Equipment Finance (1103481-1) Vehicle/Equipment Lease City of South Bend US Bank 750179,611.44362.11 179,973.550.002019 Key Government Finance (2019 Lease #1) Vehicle/Equipment Lease City of South Bend Key Bank 75062,110.161.01 62,110.161.01Total City of South Bend1,604,942.09$ 32,019.22$ 337,997.71$ 1,298,963.60$ 2017 Eddy Street Commons Phase IISinking FundCity of South Bend US Bank 760266.40 648,125.030.00 648,391.432017 Eddy Street Commons Phase IIDebt Service Reserve Fund City of South Bend US Bank 760 3,461,433.63440.970.00 3,461,874.602017 Eddy Street Commons Phase IIConstruction Fund-HotelCity of South Bend US Bank 75925,722.833.280.00 25,726.112017 Eddy Street Commons Phase IIConstruction Fund-Mixed Use City of South Bend US Bank 759 3,022,467.630.00 215,224.47 2,807,243.162018 Economic Development Revenue Bond (Zoo) Sinking FundCity of South Bend US Bank N/A49.43 168,850.040.00 168,899.472018 Economic Development Revenue Bond (Zoo) Construction FundCity of South Bend US Bank 453120,929.1494.080.00 121,023.22Total Economic Development Commission6,630,869.06$ 817,513.40$ 215,224.47$ 7,233,157.99$ 2013 Century Center RefundingOperation & ReserveRedevelopment Authority US Bank 752198,508.33252.540.00 198,760.872013 Century Center Refunding Sinking FundRedevelopment Authority US Bank 752218.280.280.00218.562015 Eddy Street Commons RefundingSinking FundRedevelopment Authority US Bank 7522,598.98 1,237,003.290.00 1,239,602.272015 Eddy Street Commons RefundingOperations & Reserve Redevelopment Authority US Bank 75221,258.8526.910.00 21,285.762015 Smart Streets BondSinking FundRedevelopment Authority US Bank 7562,692.17 858,000.340.00 860,692.512015 Smart Streets BondOperating & ReserveRedevelopment Authority US Bank 75618,854.582.400.00 18,856.982015 Smart Streets BondReserve FundRedevelopment Authority US Bank 756 1,712,380.71218.150.00 1,712,598.862015 Smart Streets BondBond Interest Account Redevelopment Authority US Bank 756973.290.120.00973.412019 South Shore Double TrackingSinking FundRedevelopment Authority US Bank 3520.000.000.000.002019 South Shore Double TrackingCost of IssuanceRedevelopment Authority US Bank 35229,818.512.070.00 29,820.58Total Redevelopment Authority1,987,303.70$ 2,095,506.10$ -$ 4,082,809.80$ Total Trustee Cash11,038,139.85$ 4,265,606.28$ 553,829.07$ 14,749,917.06$ Controller's Trustee Cash ReportPage 3
Entity Cash Balance Percent
Building Corporation 2,134,986$ 14.47%
City of South Bend 1,298,964 8.81%
Economic Develop Commission 7,233,158 49.04%
Redevelopment Authority 4,082,810 27.68%
Total 14,749,918$ 100.00%
Economic Development Commission includes the 2017 Eddy Street
Commons Phase II Bond Capital Fund with a balance of $2.83 million
remaining in the fund at January 31, 2020 and the 2018 Zoo Bond
Construction Fund with a balance of $121,023 at January 31, 2020.
January 31, 2020
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