HomeMy WebLinkAbout2020-02 - Controller's Trustee Cash ReportPeriod Ending: February 29, 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 February 29, 2020Beginning YTD YTD EndingName Purpose EntityTrustee Fund Cash Receipts Disbursements Cash2012 Police/Fire Building Refunding Sinking Fund Building Corporation US Bank 755 1,153.96 781,687.32 782,152.49 688.792012 Police/Fire Building Refunding Operating & Repair Building Corporation US Bank 755 36,685.20 5,734.44 0.00 42,419.642012 Police/Fire Building Refunding Reserve Fund Building Corporation US Bank 755 4,061.80 10.18 0.00 4,071.982013 EMS Revenue Bond Sinking Fund Building Corporation US Bank 755 33.20 320,137.49 320,152.50 18.192013 EMS Revenue Bond Operating & Reserve Building Corporation US Bank 755 131,200.91 33.38 118,369.30 12,864.992010 BPW Building Refunding Debt Service Reserve Fund Building Corporation Wells Fargo 755 607,504.83 1,204.76 1,204.76 607,504.832010 BPW Building Refunding Sinking Fund Building Corporation Wells Fargo 755 3,065.12 337,937.04 341,002.16 0.002010 BPW Building Refunding Operating & Reserve Building Corporation Wells Fargo 755 31,319.98 6,662.88 2,500.00 35,482.86Total Building Corporation815,025.00$ 1,453,407.49$ 1,565,381.21$ 703,051.28$ 2015 Parks/EDIT Bond Bond Retirement Account City of South Bend US Bank 757 190,083.84 63,785.12 188,890.63 64,978.332015 Parks/EDIT Bond Debt Service Reserve Fund City of South Bend US Bank 757 400,412.82 101.89 0.00 400,514.712017 Public-Finance.com (2017 Lease #1) Vehicle/Equipment Lease City of South Bend US Bank 750 425,200.60 114.33 153,594.00 271,720.932017 City Vehicle & Equipment (2017 Lease #2) Vehicle/Equipment Lease City of South Bend US Bank 750 347,523.23 88.43 0.00 347,611.662018 PNC Equipment Finance (1103481-1) Vehicle/Equipment Lease City of South Bend US Bank 750 179,611.44 362.11 179,973.55 0.002019 Key Government Finance (2019 Lease #1) Vehicle/Equipment Lease City of South Bend Key Bank 750 62,110.16 1.01 62,111.17 0.00Total City of South Bend1,604,942.09$ 64,452.89$ 584,569.35$ 1,084,825.63$ 2017 Eddy Street Commons Phase II Sinking Fund City of South Bend US Bank 760 266.40 648,146.31 648,125.00 287.712017 Eddy Street Commons Phase II Debt Service Reserve Fund City of South Bend US Bank 760 3,461,433.63 880.79 0.00 3,462,314.422017 Eddy Street Commons Phase II Construction Fund-Hotel City of South Bend US Bank 759 25,722.83 6.55 0.00 25,729.382017 Eddy Street Commons Phase II Construction Fund-Mixed Use City of South Bend US Bank 759 3,022,467.63 0.00 215,224.47 2,807,243.162018 Economic Development Revenue Bond (Zoo) Sinking Fund City of South Bend US Bank N/A 49.43 168,870.84 168,850.00 70.272018 Economic Development Revenue Bond (Zoo) Construction Fund City of South Bend US Bank 453 120,929.14 186.33 10,493.30 110,622.17Total Economic Development Commission6,630,869.06$ 818,090.82$ 1,042,692.77$ 6,406,267.11$ 2013 Century Center Refunding Operation & Reserve Redevelopment Authority US Bank 752 198,508.33 498.80 0.00 199,007.132013 Century Center Refunding Sinking Fund Redevelopment Authority US Bank 752 218.28 0.55 0.00 218.832015 Eddy Street Commons Refunding Sinking Fund Redevelopment Authority US Bank 752 2,598.98 1,237,398.04 1,237,000.00 2,997.022015 Eddy Street Commons Refunding Operations & Reserve Redevelopment Authority US Bank 752 21,258.85 1,275.15 0.00 22,534.002015 Smart Streets Bond Sinking Fund Redevelopment Authority US Bank 756 2,692.17 859,633.15 860,692.51 1,632.812015 Smart Streets Bond Operating & Reserve Redevelopment Authority US Bank 756 18,854.58 6,462.93 0.00 25,317.512015 Smart Streets Bond Reserve Fund Redevelopment Authority US Bank 756 1,712,380.71 435.73 1,555.11 1,711,261.332015 Smart Streets Bond Bond Interest Account Redevelopment Authority US Bank 756 973.29 0.24 0.00 973.532019 South Shore Double Tracking Sinking Fund Redevelopment Authority US Bank 352 0.00 0.00 0.00 0.002019 South Shore Double Tracking Cost of Issuance Redevelopment Authority US Bank 352 29,818.51 5.86 0.00 29,824.37Total Redevelopment Authority1,987,303.70$ 2,105,710.45$ 2,099,247.62$ 1,993,766.53$ Total Trustee Cash11,038,139.85$ 4,441,661.65$ 5,291,890.95$ 10,187,910.55$ Controller's Trustee Cash ReportPage 3
Entity Cash Balance Percent
Building Corporation 703,051$ 6.90%
City of South Bend 1,084,826 10.65%
Economic Develop Commission 6,406,267 62.88%
Redevelopment Authority 1,993,767 19.57%
Total 10,187,911$ 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 February 29, 2020 and the 2018 Zoo Bond
Construction Fund with a balance of $110,622 at February 29, 2020.
February 29, 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