HomeMy WebLinkAbout2019 Board of Finance Annual Investment Report
Annual Investment Report
to the City of South Bend
Board of Finance
For the Year Ended
December 31, 2019
Report Date: January 27, 2020
Report Distribution: South Bend Common Council Members
Mayor
Chief of Staff
Deputy Chief of Staff
City Clerk
Common Council Attorney
Corporation Counsel
State Board of Accounts (local office)
Submitted By: City Controller (pursuant to I.C. 5-13-7-7)
1
TABLE OF CONTENTS
Investment Officers, Advisors, Authorized Investments .............................. 3
Investment Review Meetings ...................................................................... 4
Investment Report (12/31/19) ............................................................. 5 – 15
Year-End Cash Report (12/31/19 – preliminary) ............................... 16 – 28
1st Source Bank Interest Earnings Summary ..................................... 29 – 30
Total Interest Earnings by Year ................................................................. 31
Total Interest Earnings by Fund ........................................................ 32 – 34
Investment Policy .............................................................................. 35 – 37
Cash Reserve Policy......................................................................... 38 – 42
1st Source Investment Advisor Profiles .............................................. 43 – 45
2
INVESTMENT OFFICERS
Daniel T. Parker, MBA, MSA, CPA, City Controller
Benjamin J. Dougherty, JD, Deputy City Controller
Rahman M. Johnson, MBA, Director of Treasury
INVESTMENT ADVISORS (1ST SOURCE BANK)
Paul W. Gifford, Jr., CFA
President & Chief Investment Officer, 1st Source Corporation Investment
Advisors, Inc.
Erik Clapsaddle, CFA, CFP ®
Vice President & Sr. Fixed Income Portfolio Manager
Amy White, JD
Vice President & Personal Trust Manager
AUTHORIZED INVESTMENT AMOUNT
Maximum of $185 million with 1st Source Bank
(Increase by $10 million as of January 31, 2017)
3
INVESTMENT REVIEW MEETINGS
QUARTER DATE TIME
1ST Quarter 04/16/2020 10:00 A.M.
2ND Quarter 07/16/2020 10:00 A.M.
3RD Quarter 10/15/2020 10:00 A.M.
4TH Quarter 01/14/2021 10:00 A.M.
Investment Review Meetings will be held at:
1st Source Bank
100 North Michigan Street, 5th Floor
South Bend, IN 46601
4
Investment Report (12/31/19)
5
City of South Bend Corporate Agency
Investment Presentation for
Account 619062011
Prepared by Paul W Gifford, CFA
6
Account Summary as of 1/2/2020
City of South Bend Corporate Agency
Account Statistics
Total Market Value $186,076,062.02
Total Unrealized Gain/Loss $885,907.90
Estimated Annual Income $3,912,977.38
Estimated Portfolio Yield 2.10%
YTD Long Term Gain/Loss $0.00
YTD Short Term Gain/Loss $0.00
Policy Account Income
Minor Account Type AGENCY
Investment Officer PAUL GIFFORD
Administrative Officer AMY WHITE
Asset Allocation
% TotalMarket ValueAsset Category
3.8 7,099,589.65Cash
96.2 178,976,472.37Fixed Income
100.0%$186,076,062.02Total
Top 5 Holdings (Cash Excluded)
Asset Units Price Tax Cost Market Value YieldEst. IncomeGain/Loss % Total
FFCB 1.620% 12/02/21 5.38 1.62 162,000.00 19,800.00 10,016,050.00 9,996,250.00 100.03 10,000,000
FFCB 1.700% 12/20/21 4.30 1.70 136,000.00 4,395.56 8,004,395.56 8,000,000.00 100.00 8,000,000
U.S. Treasury Notes 2.000%
8/31/21
2.72 1.97 100,000.00 36,322.46 5,066,791.21 5,030,468.75 100.66 5,000,000
Wells Fargo Bank CD 2.650%
2/16/21
2.72 2.62 132,500.00 61,747.26 5,061,747.26 5,000,000.00 101.10 5,000,000
FFCB 2.050% 1/30/20 2.71 2.03 102,500.00 48,170.27 5,045,793.06 4,997,622.79 100.06 5,000,000
$33,024,341.54 $33,194,777.09 $170,435.55 $633,000.00 1.91%Total 17.84%
Market values include accruals.
January 1, 2020 Account 6190620117
Holdings Detail as of 1/2/2020
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Cash
Taxable Money Market Funds
Federated Govt Obli Fd-prm 608919718 7,085,530 7,085,530.21 7,099,589.65 14,059.44 110,874.38 1.56%
$7,085,530.21 $7,099,589.65 $14,059.44 $110,874.38 1.56%Total Cash
Fixed Income
Time Deposits
Ally Bank CD 2.450% 5/17/21 02007GJW4 250,000 250,000.00 253,391.92 3,391.92 6,125.00 2.42%
Bankers Bank CD 2.400% 6/21/21 06610QDU2 250,000 250,000.00 252,785.82 2,785.82 6,000.00 2.37%
Berkshire Bank CD 2.400% 5/28/21 084601UU5 250,000 250,000.00 253,033.53 3,033.53 6,000.00 2.37%
Biddeford Svgs Bk CD 1.950% 11/16/20 08883ACH3 250,000 250,000.00 250,856.20 856.20 4,875.00 1.94%
Bmo Harris Bank CD 1.600% 12/01/20 05581W3Q6 2,215,000 2,215,000.00 2,217,246.56 2,246.56 35,440.00 1.60%
Bmo Harris Bank CD 1.750% 9/23/20 05581WZ32 930,000 930,000.00 936,529.36 6,529.36 16,275.00 1.74%
Bmo Harris Bank CD 1.800% 9/03/21 05581WZ73 4,000,000 4,000,000.00 4,006,840.55 6,840.55 72,000.00 1.80%
Bmo Harris Bank CD 2.050% 12/12/24 05581W3T0 1,000,000 1,000,000.00 1,002,933.29 2,933.29 20,500.00 2.04%
Bmo Harris Bank CD 2.500% 12/20/23 05581WU78 1,000,000 1,000,000.00 1,002,651.92 2,651.92 25,000.00 2.49%
Bmo Harris Bank CD 2.700% 5/23/23 05581WT70 2,000,000 2,000,000.00 2,008,849.86 8,849.86 54,000.00 2.69%
Bmo Harris Bk CD 2.250% 1/31/24 05581WX42 2,000,000 2,000,000.00 2,008,503.84 8,503.84 45,000.00 2.24%
Bmo Harris Bk CD V-A 2.000% 8/14/24 05581WZ24 2,000,000 2,000,000.00 2,006,080.27 6,080.27 40,000.00 1.99%
Bmo Harris Bk CD V-A 2.750% 10/05/23 05581WQ24 2,000,000 2,000,000.00 2,019,020.27 19,020.27 55,000.00 2.72%
BMW Bank CD 2.750% 6/29/20 05580ANJ9 250,000 250,000.00 251,416.51 1,416.51 6,875.00 2.73%
Border State Bank CD 1.850% 8/16/21 099703FS4 250,000 250,000.00 252,378.63 2,378.63 4,625.00 1.83%
Brookline Bank CD 1.750% 2/26/21 11373QGY8 250,000 250,000.00 250,268.46 268.46 4,375.00 1.75%
Capital One Bank CD 2.400% 6/01/21 14042TAR8 250,000 250,000.00 253,041.03 3,041.03 6,000.00 2.37%
Capital One CD 2.400% 6/01/21 14042RLU3 250,000 250,000.00 253,041.03 3,041.03 6,000.00 2.37%
Cathay Bank CD 2.650% 5/18/20 149159MJ1 250,000 250,000.00 251,201.61 1,201.61 6,625.00 2.64%
Cfbank CD 1.650% 10/12/21 15721UDE6 250,000 250,000.00 250,017.33 17.33 4,125.00 1.65%
Citibank CD 2.500% 3/30/20 17312QH51 250,000 250,000.00 252,129.59 2,129.59 6,250.00 2.48%
Citizens North Bk CD 1.750% 11/12/21 17326PAB1 250,000 250,000.00 250,327.74 327.74 4,375.00 1.75%
Cmnty First Bank CD 1.650% 9/13/21 20368TCN8 250,000 250,000.00 250,033.53 33.53 4,125.00 1.65%
January 1, 2020 Account 6190620118
Holdings Detail as of 1/2/2020
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
Time Deposits (continued)
Comenity Cap Bank CD 3.000% 10/30/20 20033AM78 250,000 250,000.00 252,838.60 2,838.60 7,500.00 2.97%
Communitybank CD 2.400% 11/17/20 204161BD4 250,000 250,000.00 251,890.51 1,890.51 6,000.00 2.38%
Connectone Bank CD 3.050% 12/28/20 20786ACL7 245,000 245,000.00 248,435.94 3,435.94 7,472.50 3.01%
Customers Bank CD 2.650% 5/26/20 23204HFS2 250,000 250,000.00 251,674.08 1,674.08 6,625.00 2.63%
Eaglebank CD 2.650% 2/28/20 27002YDU7 250,000 250,000.00 250,482.60 482.60 6,625.00 2.64%
Enerbank CD 2.750% 5/28/20 29278TBV1 250,000 250,000.00 251,192.84 1,192.84 6,875.00 2.74%
Farmers State Bk CD 1.700% 11/18/20 31034RFA8 250,000 250,000.00 251,322.60 1,322.60 4,250.00 1.69%
First Finl Bank CD 2.400% 4/13/20 32021SFW1 250,000 250,000.00 253,854.49 3,854.49 6,000.00 2.36%
First Internet Bk CD 2.800% 6/29/20 32056GCZ1 2,000,000 2,000,000.00 2,011,760.27 11,760.27 56,000.00 2.78%
First Internet Bk CD 3.000% 12/28/20 32056GDD9 3,000,000 3,000,000.00 3,040,586.30 40,586.30 90,000.00 2.96%
First Merchant Bk CD 2.550% 2/01/21 32082BCH0 250,000 250,000.00 255,282.23 5,282.23 6,375.00 2.50%
First Merchants CD 1.700% 3/30/20 32082BER6 449,000 449,000.00 449,697.67 697.67 7,633.00 1.70%
First Merchants CD 1.850% 5/14/21 32082BEU9 1,411,000 1,402,957.30 1,415,475.19 12,517.89 26,103.50 1.84%
First Midwest Bk CD 1.600% 1/27/20 32086SNM6 840,000 840,000.00 841,271.97 1,271.97 13,440.00 1.60%
First Midwest Bk CD 1.600% 2/27/20 32086SNL8 1,404,000 1,404,000.00 1,406,083.88 2,083.88 22,464.00 1.60%
First Natl Bank CD 1.700% 9/18/20 32110YND3 250,000 250,000.00 250,255.51 255.51 4,250.00 1.70%
Flagstar Bank CD 1.750% 11/15/21 33847E2U0 1,350,000 1,350,000.00 1,354,162.62 4,162.62 23,625.00 1.74%
Flagstar Bank CD 2.300% 6/28/21 33847E2P1 500,000 500,000.00 504,656.03 4,656.03 11,500.00 2.28%
Flagstar Bank CD 2.400% 12/28/21 33847E2Q9 3,000,000 3,000,000.00 3,041,289.04 41,289.04 72,000.00 2.37%
Flagstar Bank CD 2.450% 6/14/21 33847E2L0 250,000 250,000.00 253,088.12 3,088.12 6,125.00 2.42%
Flushing Bank CD 2.500% 3/30/20 34387ACV9 250,000 250,000.00 250,816.10 816.10 6,250.00 2.49%
Freedom Bank CD 2.000% 10/14/21 35633MAP7 250,000 250,000.00 251,997.81 1,997.81 5,000.00 1.98%
Goldman Sachs Bk CD 2.350% 2/14/20 38148PXU6 250,000 250,000.00 252,475.92 2,475.92 5,875.00 2.33%
Great Southern Bk CD 2.400% 9/21/20 39120VSJ4 250,000 250,000.00 250,285.82 285.82 6,000.00 2.40%
Great Western Bk CD 2.050% 8/09/21 391414BG3 250,000 250,000.00 250,468.53 468.53 5,125.00 2.05%
HSBC Bank USA CD 1.750% 3/12/21 44329MAW3 250,000 250,000.00 250,289.73 289.73 4,375.00 1.75%
Iberiabank CD 3.000% 10/30/20 45083AKV3 250,000 250,000.00 254,056.47 4,056.47 7,500.00 2.95%
January 1, 2020 Account 6190620119
Holdings Detail as of 1/2/2020
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
Time Deposits (continued)
Investors Bank CD 2.600% 4/27/20 46176PJG1 250,000 250,000.00 253,616.82 3,616.82 6,500.00 2.56%
Investors Bank CD 2.750% 6/01/20 46176PHV0 250,000 250,000.00 251,752.74 1,752.74 6,875.00 2.73%
Israel Disc Bk CD 2.700% 5/04/20 465076KG1 250,000 250,000.00 251,965.10 1,965.10 6,750.00 2.68%
Ixonia Bank CD 1.950% 8/13/20 46603WAD5 250,000 250,000.00 250,700.41 700.41 4,875.00 1.94%
John Marshall Bk CD 2.350% 7/20/20 47804GEK5 250,000 250,000.00 251,166.75 1,166.75 5,875.00 2.34%
JP Morgan Bank CD 1.800% 10/18/21 48128LGN3 1,000,000 1,000,000.00 1,004,138.63 4,138.63 18,000.00 1.79%
JP Morgan Bank CD 1.800% 12/13/21 48128LRG6 2,000,000 2,000,000.00 2,003,213.97 3,213.97 36,000.00 1.80%
JP Morgan Bank CD 1.850% 10/31/21 48128LHQ5 4,000,000 4,000,000.00 4,015,129.86 15,129.86 74,000.00 1.84%
JP Morgan Bank CD 1.900% 12/17/22 48128LRJ0 2,000,000 2,000,000.00 2,003,781.64 3,781.64 38,000.00 1.90%
JP Morgan Bank CD 1.900% 8/30/21 48128H6P8 2,000,000 2,000,000.00 2,004,071.51 4,071.51 38,000.00 1.90%
JP Morgan Bank CD 1.950% 8/20/21 48128H5S3 1,000,000 1,000,000.00 1,002,673.84 2,673.84 19,500.00 1.94%
JP Morgan Bank CD 2.000% 11/30/21 48128H5V6 3,000,000 3,000,000.00 2,997,012.33 -2,987.67 60,000.00 2.00%
JP Morgan Bank CD 2.100% 12/17/24 48128LQS1 1,000,000 1,000,000.00 1,002,903.01 2,903.01 21,000.00 2.09%
Lake City CD 2.30% 6/20/2021 992572168 5,000,000 5,000,000.00 5,003,780.82 3,780.82 115,000.00 2.30%
Lake City CD 2.62% Due 4/30/2022 992572165 3,000,000 3,000,000.00 3,000,430.68 430.68 78,600.00 2.62%
Lake City CD 2.720% 3/25/21 992572162 3,000,000 3,000,000.00 3,001,564.93 1,564.93 81,600.00 2.72%
Lake City CD 2.92% Due 2/28/2020 992572153 5,000,000 5,000,000.00 5,000,000.00 0.00 146,000.00 2.92%
Luana Savings Bk CD 1.900% 8/23/21 549104HV2 250,000 250,000.00 252,539.79 2,539.79 4,750.00 1.88%
Marlin Bus Bank CD 2.400% 5/10/21 57116ASJ8 250,000 250,000.00 252,786.64 2,786.64 6,000.00 2.37%
MB Financial Bank CD 1.800% 7/28/20 55266CWB8 1,000,000 1,000,000.00 1,001,027.26 1,027.26 18,000.00 1.80%
MB Financial Bank CD 1.800% 9/28/20 55266CWV4 1,000,000 1,000,000.00 1,001,327.26 1,327.26 18,000.00 1.80%
MB Financial Bank CD 2.650% 5/24/20 55266CZM1 5,000,000 5,000,000.00 5,022,654.11 22,654.11 132,500.00 2.64%
MB Financial Bk CD 2.600% 3/23/21 55266CYY6 1,000,000 1,000,000.00 1,011,931.10 11,931.10 26,000.00 2.57%
Merchants Bank CD 1.900% 3/19/20 588493LE4 1,000,000 1,000,000.00 1,005,953.70 5,953.70 19,000.00 1.89%
Merrick Bank CD 2.750% 6/29/20 59013JY37 250,000 250,000.00 251,425.34 1,425.34 6,875.00 2.73%
Metabank CD 1.750% 8/19/21 59101LHW0 250,000 250,000.00 250,196.34 196.34 4,375.00 1.75%
Mutualbank CD 2.700% 8/03/20 62844AAK3 5,000,000 5,000,000.00 5,041,476.03 41,476.03 135,000.00 2.68%
January 1, 2020 Account 61906201110
Holdings Detail as of 1/2/2020
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
Time Deposits (continued)
Oconee State Bk CD 2.350% 6/19/20 675611AJ6 250,000 250,000.00 251,016.75 1,016.75 5,875.00 2.34%
Pacific Westrn Bk CD 2.400% 6/10/20 69506YMM8 250,000 250,000.00 254,155.92 4,155.92 6,000.00 2.36%
Raymond James Bk CD 1.850% 8/23/21 75472RAB7 250,000 250,000.00 252,292.43 2,292.43 4,625.00 1.83%
Sallie Mae Bank CD 2.450% 6/01/21 7954503D5 250,000 250,000.00 253,243.77 3,243.77 6,125.00 2.42%
Security Fed Bank CD 2.050% 2/15/22 81423LCP5 250,000 250,000.00 250,376.20 376.20 5,125.00 2.05%
Southpoint Bank CD 1.900% 8/30/21 84464PBG1 250,000 250,000.00 250,091.54 91.54 4,750.00 1.90%
State Bank India CD 1.900% 1/21/20 856283K88 250,000 250,000.00 250,976.99 976.99 4,750.00 1.89%
Stearns Bank CD 2.400% 7/13/20 857894A33 250,000 250,000.00 251,326.27 1,326.27 6,000.00 2.39%
Stifel Bank & Tr CD 2.700% 5/29/20 86063QAQ8 250,000 250,000.00 251,098.49 1,098.49 6,750.00 2.69%
Summit Cmty Bk CD 2.400% 5/21/21 86604XNM4 250,000 250,000.00 252,653.32 2,653.32 6,000.00 2.37%
Synchrony Bank CD 2.750% 5/18/20 87165GXT4 250,000 250,000.00 251,871.27 1,871.27 6,875.00 2.73%
Synovus Bank CD 2.400% 6/17/21 87164DNM8 250,000 250,000.00 252,831.58 2,831.58 6,000.00 2.37%
TCF National Bk CD 2.300% 6/05/20 87227RGA6 250,000 250,000.00 253,978.22 3,978.22 5,750.00 2.26%
Texas Exchange Bk CD 1.750% 8/18/21 88241TEM8 250,000 250,000.00 250,170.82 170.82 4,375.00 1.75%
Townebank CD 2.700% 5/26/20 89214PBN8 250,000 250,000.00 251,755.24 1,755.24 6,750.00 2.68%
Trans Alliance Bk CD 1.700% 3/05/21 89388CDQ8 250,000 250,000.00 250,390.24 390.24 4,250.00 1.70%
Triumph Bank CD 2.400% 11/19/20 89678LGQ4 250,000 250,000.00 251,851.20 1,851.20 6,000.00 2.38%
UBS Bank CD 2.700% 6/01/20 90348JCN8 250,000 250,000.00 251,131.99 1,131.99 6,750.00 2.69%
Valley Natl Bank CD 1.850% 4/09/20 919853EU1 250,000 250,000.00 251,191.88 1,191.88 4,625.00 1.84%
Welch State Bank CD 1.950% 8/09/21 949095BM4 250,000 250,000.00 250,404.69 404.69 4,875.00 1.95%
Wellesley Bank CD 1.900% 8/14/20 94948LCS8 250,000 250,000.00 252,189.42 2,189.42 4,750.00 1.88%
Wells Fargo Bank CD 2.350% 2/14/20 949763NK8 5,000,000 5,000,000.00 5,010,194.52 10,194.52 117,500.00 2.35%
Wells Fargo Bank CD 2.500% 4/12/21 949763ZC3 500,000 500,000.00 505,988.42 5,988.42 12,500.00 2.47%
Wells Fargo Bank CD 2.650% 2/16/21 949763XP6 5,000,000 5,000,000.00 5,061,747.26 61,747.26 132,500.00 2.62%
Wells Fargo Bank CD 2.850% 3/13/23 949763YK6 500,000 500,000.00 515,826.78 15,826.78 14,250.00 2.76%
Wells Fargo Bank CD 2.950% 3/27/24 949763YW0 1,000,000 1,000,000.00 1,036,694.11 36,694.11 29,500.00 2.85%
Wells Fargo CD V-A 2.150% 11/21/22 94986T2Y2 1,500,000 1,500,000.00 1,510,297.60 10,297.60 32,250.00 2.14%
January 1, 2020 Account 61906201111
Holdings Detail as of 1/2/2020
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
Time Deposits (continued)
Wells Fargo CD V-S 2.250% 12/15/22 94986T3K1 3,000,000 3,000,000.00 3,020,393.84 20,393.84 67,500.00 2.23%
West Town Bank CD 1.900% 8/28/20 956310AR7 250,000 250,000.00 250,436.03 436.03 4,750.00 1.90%
Wex Bank CD 2.450% 5/03/21 92937CJG4 250,000 250,000.00 253,542.57 3,542.57 6,125.00 2.42%
US Treasury
U.S. Treasury Notes 2.000% 8/31/21 912828D72 5,000,000 5,030,468.75 5,066,791.21 36,322.46 100,000.00 1.97%
U.S. Treasury Notes 2.000% 9/30/20 912828VZ0 2,000,000 2,005,921.60 2,015,323.93 9,402.33 40,000.00 1.98%
U.S. Treasury Notes 2.375% 3/15/22 9128286H8 1,000,000 1,001,682.07 1,024,356.70 22,674.63 23,750.00 2.32%
U.S. Treasury Notes 2.500% 6/30/20 912828XY1 3,000,000 2,995,429.69 3,012,866.04 17,436.35 75,000.00 2.49%
Government Agency
Famc MTN 2.500% 4/15/21 31422BFA3 2,000,000 2,000,322.65 2,013,715.56 13,392.91 50,000.00 2.48%
FFCB 1.620% 12/02/21 3133ELBT0 10,000,000 9,996,250.00 10,016,050.00 19,800.00 162,000.00 1.62%
FFCB 1.620% 4/27/20 3133EHHA4 5,000,000 4,982,746.51 5,014,400.00 31,653.49 81,000.00 1.62%
FFCB 1.700% 12/20/21 3133ELES9 8,000,000 8,000,000.00 8,004,395.56 4,395.56 136,000.00 1.70%
FFCB 1.840% 3/15/21 3133EHNJ8 3,500,000 3,500,000.00 3,510,387.22 10,387.22 64,400.00 1.83%
FFCB 1.890% 10/15/21 3133EK2C9 4,000,000 4,000,000.00 4,016,000.00 16,000.00 75,600.00 1.88%
FFCB 2.050% 1/30/20 3133EJBC2 5,000,000 4,997,622.79 5,045,793.06 48,170.27 102,500.00 2.03%
FHLB 1.400% 5/18/20 3130A7ZT5 2,000,000 2,000,000.00 2,001,364.44 1,364.44 28,000.00 1.40%
FHLB 1.500% 5/08/20 3133812C8 250,000 249,738.43 250,237.08 498.65 3,750.00 1.50%
FHLMC MTN 1.650% 8/25/21 3134GAAM6 1,500,000 1,500,000.00 1,503,877.50 3,877.50 24,750.00 1.65%
FHLMC MTN 1.700% 11/22/21 3134GUSU5 4,000,000 4,000,000.00 4,007,686.67 7,686.67 68,000.00 1.70%
FHLMC MTN 1.875% 11/26/21 3134GUSA9 3,000,000 3,001,950.00 3,006,398.75 4,448.75 56,250.00 1.87%
FHLMC MTN 2.000% 7/29/21 3134GTK51 2,935,000 2,936,186.61 2,945,755.14 9,568.53 58,700.00 1.99%
FHLMC MTN 2.050% 7/22/22 3134GTH97 2,000,000 2,000,000.00 2,017,708.33 17,708.33 41,000.00 2.03%
FHLMC MTN 2.500% 4/29/21 3134GTJD6 1,570,000 1,570,347.51 1,578,549.52 8,202.01 39,250.00 2.49%
FNMA 1.350% 6/29/20 3136G37M1 1,750,000 1,750,000.00 1,749,903.75 -96.25 23,625.00 1.35%
FNMA 1.700% 1/27/20 3135G0S53 1,000,000 1,000,000.00 1,007,302.22 7,302.22 17,000.00 1.69%
$178,104,623.91 $178,976,472.37 $871,848.46 $3,802,103.00 2.12%Total Fixed Income
January 1, 2020 Account 61906201112
Holdings Detail as of 1/2/2020
City of South Bend Corporate Agency
Total Portfolio $185,190,154.12 $186,076,062.02 $885,907.90 $3,912,977.38 2.10%
* Market values include accruals.
January 1, 2020 Account 61906201113
Fixed Income Summary as of 1/2/2020
City of South Bend Corporate Agency
Maturity Summary
Maturity (Years)Market Value
% Bond
Holdings
0 - 1 63,141,791.63 35.3%
1 - 3 103,231,217.39 57.7%
3 - 5 12,603,463.35 7.0%
Total $178,976,472.37 100.0%
Asset Class Allocation
Subclass Market Value
% Bond
Holdings
Time Deposits 110,167,609.69 61.6%
US Treasury 11,119,337.88 6.2%
Government
Agency
57,689,524.80 32.2%
Total $178,976,472.37 100.0%
Bond Rating Summary
Credit Rating Market Value
% Bond
Holdings
AAA 55,029,193.37 30.7%
AA+ 11,765,953.75 6.6%
NR 112,181,325.25 62.7%
Total $178,976,472.37 100.0%
Duration Summary
Duration (Years)Market Value
% Bond
Holdings
Less than 1.00 132,606,150.13 74.1%
1.00 - 3.00 44,817,801.35 25.0%
3.00 - 5.00 1,552,520.89 0.9%
Total $178,976,472.37 100.0%
* Market values include accruals.
January 1, 2020 Account 61906201114
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
All Others
Maturity Ladder as of 1/2/2020
City of South Bend Corporate Agency
Par Value of Maturing Assets Over Time
Par Value of Maturing Assets Per Period
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
0 0 0 0 0 0All Others
14,943,000 11,250,000 9,680,000 6,960,000 10,000,000 10,161,000Time Deposits
0 3,000,000 2,000,000 0 0 0US Treasury
6,000,000 9,000,000 0 0 3,500,000 3,570,000Government Agency
20,943,000 23,250,000 11,680,000 6,960,000 13,500,000 13,731,000
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
0 0 0 0 0 0All Others
9,250,000 15,100,000 250,000 3,000,000 0 6,500,000Time Deposits
5,000,000 0 1,000,000 0 0 0US Treasury
4,435,000 29,000,000 0 0 2,000,000 0Government Agency
18,685,000 44,100,000 1,250,000 3,000,000 2,000,000 6,500,000
January 1, 2020 Account 61906201115
12/31/2019 Cash Report
16
Period Ending:
Issued by:
Page Number(s)Contents
2 Narrative
3 - 5 Controller's Cash Report
6 - 7 Cash Reserves Summary by Fund Status
8 - 9 Cash Trends - All Funds
10 Cash Trends - Enterprise Funds
11 Cash Trends - Redevelopment Funds
12 Cash Trends - Civil City Funds
Distribution
Mayor
Chief of Staff
Deputy Chief of Staff
Common Council
Department Heads
Fiscal Officers
December 31, 2019
Controller
City of South Bend
Monthly Cash Report
2019-12 Monthly Cash Report 117
Questions
If you should have additional questions, please contact the Department of Administration & Finance by calling 311.
Narrative
Fiscal Responsibility
The City’s management team is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are
protected from loss, theft, or misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity
with generally accepted accounting principles.
Controller's Cash Report (pages 3-5)
The Controller’s Cash Report is a monthly summary of cash and investment transactions within the current period by Fund. It summarizes the cash received,
interest earned, cash disbursed, and cash transferred between Funds within the City of South Bend as well as any loans between Funds. The report provides a
month-end view of the City’s cash balance in the reporting period.
Cash Reserves Summary (pages 6-7)
The purpose of the Cash Reserves Summary Report is keep track of whether the City's funds are meeting their cash reserve requirement. Cash reserve
requirements are set for each fund by the City of South Bend or other governing body (e.g. bond counsel, Century Center Board of Managers).
Cash Trends Summary (pages 9-12)
The purpose of the Cash Trends Summary is to track trends in cash balances for the City of South Bend over an extended period of time, from January 1, 2007
through the present date. Charts and graphs for the cash balances are provided in four areas--total cash, enterprise fund cash, redevelopment fund cash, and
civil city fund cash.
Cash Reserve Requirements
Cash reserve requirements are typically based on fund type.
- Most City funds are assigned a cash reserve requirement of a percentage of the fund's annual expenditures.
- The Rainy Day Fund 102 has a reserve requirement of 3% of the City's prior year operational expenditures, excluding one-time capital expenditures.
- Some funds have a set dollar amount as the reserve requirement, such as the Police Take Home Vehicle Fund 278 and the Century Center Capital Fund 671.
- Capital project funds, grant funds, and bond capital funds do not have reserve requirements as they are spent down to zero.
- The IT/Innovation/311 Call Center Fund 279 does not have a reserve requirement because it is an internal service fund, reimbursed by departments within
other City funds. Its budgeted revenues are equal to its budgeted expenditures.
- Debt service reserve funds are required to hold all reserves until the respective debt has been paid in full. The amount is often defined in bond covenants.
Pooled Cash
The City utilities pooled cash, the majority of the City's money being held in a single bank account. Although the money is in a single account, each fund retains
ownership of its own cash. Any interest earned on the bank account is distributed amongst the funds based on each funds' cash balance.
Trustee Cash
The City also has cash maintained by trustees or escrow agents at financial institutions and expended upon the provision by the City of a proper claim form and
invoice. These funds are typically for debt service payments, debt service reserves, or capital project expenditures.
Changes in Cash Balance
Property taxes are received in June and December of each year and this will cause the cash balances to fluctuate for total cash, redevelopment fund cash and
civil city fund cash. Enterprise fund cash balances will fluctuate based on the receipt of bond proceeds and the spending down of cash on capital projects.
Redevelopment fund cash accounts will vary based on capital spending on projects in tax increment financing (TIF) funds.
Negative Cash Balances
Due to the timing of revenue and expenditures, certain funds will not meet cash reserve requirements and may even have a negative cash balance at different
times throughout the year. Although a fund has a negative cash balance, the City does not have negative cash overall. Pooled cash can cover those funds so
necessary expenditures can be made even if revenues have not been received yet.
2019-12 Monthly Cash Report 218
City of South BendController's Cash ReportOpeningInterest Transfers Transfers EndingTotal Cash & Interfund LoansFundFund NameCash Balance Receipts Disbursements EarnedInOut Cash Balance Investments Investments (Borrowing)City Controlled FundsGeneral Fund101 GENERAL FUND $27,027,909.56$24,354,142.58$6,519,299.21 $61,040.91 $15,000.00$152,013.00$44,786,780.84$0.00$44,786,780.84$0.00Special Revenue Funds102 RAINY DAY FUND10,685,478.300.000.00 22,821.210.000.00 10,708,299.510.0010,708,299.510.00201 PARKS & RECREATION (534,134.10)5,580,431.89 1,509,694.67 4,520.85 100,000.000.00 3,641,123.970.003,641,123.970.00202 MOTOR VEHICLE HIGHWAY3,624,662.12 1,595,708.67 818,752.40 8,522.27 946,937.50 625,000.00 4,732,078.160.004,732,078.160.00209 STUDEBAKER/OLIVER REVERTING GRANTS925,710.000.00460.00 1,984.760.000.00 927,234.760.00927,234.76100,000.00210 DEPT COMMUNITY INVESTMENT STATE GRANTS 87,454.150.00 22,884.36184.200.000.00 64,753.990.0064,753.990.00211 DCI OPERATING FUND649,207.25 20,121.92 248,797.29 1,742.41 587,658.250.00 1,009,932.540.001,009,932.540.00212 DEPARTMENT OF COMMUNITY INVESTMENT238,964.13 226,365.18 160,384.12 302.890.000.00 305,248.080.00305,248.080.00216 POLICE STATE SEIZURES237,257.240.000.00506.710.000.00 237,763.950.00237,763.950.00217 GIFT, DONATION, BEQUEST716,042.792,501.95 125,479.43 2,981.450.000.00 596,046.76 70,828.53666,875.290.00218 POLICE CURFEW VIOLATIONS12,836.390.000.0027.340.000.00 12,863.730.0012,863.730.00219 UNSAFE BUILDING757,632.16 38,732.35 47,373.89 1,625.56 170,372.750.00 920,988.930.00920,988.930.00220 LAW ENFORCEMENT CONTINUING EDUCATION 408,277.54 16,438.515,274.28846.410.000.00 420,288.180.00420,288.180.00221 LANDLORD REGISTRATION17,146.18600.000.0035.090.000.00 17,781.270.0017,781.270.00227 LOSS RECOVERY FUND 602,763.200.000.00 1,287.330.000.00 604,050.530.00604,050.530.00249 PUBLIC SAFETY L.O.I.T.3,381,827.35 713,799.63 856,531.48 7,059.870.000.00 3,246,155.370.003,246,155.370.00251 LOCAL ROADS & STREETS4,485,152.54 173,035.37 71,789.70 9,476.11 625,000.000.00 5,220,874.320.005,220,874.320.00257 LOIT 2016 SPECIAL DISTRIBUTION177,711.950.007,793.85416.450.000.00 170,334.550.00170,334.550.00258 HUMAN RIGHTS - FEDERAL GRANT460,191.22 72,974.60 14,339.10 1,002.500.000.00 519,829.220.00519,829.220.00265 LOCAL ROAD & BRIDGE GRANT447,296.500.000.00 1,080.560.000.00 448,377.060.00448,377.060.00266 MVH RESTRICTED1,592,264.62 270,503.65 1,216,964.39 3,072.850.000.00 648,876.730.00648,876.730.00273 MORRIS PAC/PALAIS ROYALE MARKETING66,347.448,662.002,281.00144.810.000.00 72,873.250.0072,873.250.00274 MORRIS PAC SELF-PROMOTION172,970.65 13,068.000.00362.490.000.00 186,401.140.00186,401.140.00280 POLICE BLOCK GRANTS4,076.510.000.008.700.000.004,085.210.004,085.210.00289 HAZMAT28,448.950.00928.0260.750.000.00 27,581.680.0027,581.680.00291 INDIANA RIVER RESCUE291,024.701,300.00310.00622.540.000.00 292,637.240.00292,637.240.00292 POLICE GRANTS26,715.500.000.000.000.000.00 26,715.500.0026,715.500.00294 REGIONAL POLICE ACADEMY117,846.84650.00541.40248.080.000.00 118,203.520.00118,203.520.00295 COPS MORE GRANT190,467.422,404.40 24,208.57378.330.000.00 169,041.580.00169,041.580.00299 POLICE FEDERAL DRUG ENFORCEMENT113,391.720.000.00159.780.000.00 113,551.500.00113,551.500.00404 COUNTY OPTION INCOME TAX 13,346,242.32 1,013,457.83 501,551.62 27,785.710.00 1,191,082.25 12,694,851.990.0012,694,851.99420,253.20408 ECONOMIC DEVELOPMENT INCOME TAX 18,393,983.99 1,374,364.18 1,061,367.94 38,315.370.00 1,396,759.27 17,348,536.330.0017,348,536.330.00410 URBAN DEVELOPMENT ACTION GRANT (UDAG)53,597.050.000.00114.460.000.00 53,711.510.0053,711.51(420,253.20)655 PROJECT RELEAF529,411.25 41,503.58 37,290.99 1,125.200.00 137,500.00 397,249.040.00397,249.040.00705POLICE K-9 UNIT2,384.520.000.005.080.000.002,389.600.002,389.600.00754INDUSTRIAL REVOLVING FUND1,844,334.99 221,024.84 26,323.69 39,296.830.000.00 2,078,332.970.002,078,332.970.00Total Special Revenue Funds64,154,985.3811,387,648.556,761,322.19178,124.952,429,968.503,350,341.5268,039,063.6770,828.5368,109,892.20100,000.00 Debt Service Fund312 2017 PARKS BOND DEBT SERVICE(367,720.19)598,988.37 23,017.51 0.00 0.00 0.00 208,250.67 0.00208,250.670.00350 2018 FIRE ST #9 DEBT SERVICE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.000.00752 SB REDEVELOPMENT AUTHORITY 256,801.79 0.00 34,806.25 588.90 0.00 0.00 222,584.44 0.00222,584.440.00755 SB BUILDING CORPORATION 1,734,465.93 0.00 0.00 434.82 0.00 0.00 1,734,900.75 0.001,734,900.750.00756 SMARTS STREETS DEBT SERVICE 814,555.62 0.00 1,100.00 1,569.38 0.00 0.00 815,025.00 0.00815,025.000.00757 2015 PARKS BOND DEBT SERVICE 527,840.54 30,991.77 0.00 427.58 31,236.77 0.00 590,496.66 0.00590,496.660.00760 EDDY ST. COMMONS DEBT SERVICE 3,460,832.42 0.00 0.00 867.61 0.00 0.00 3,461,700.03 0.003,461,700.030.00Capital Project Funds401 COVELESKI STADIUM CAPITAL30,070.480.004,345.8064.220.000.00 25,788.900.0025,788.900.00406 CUMULATIVE CAPITAL DEVELOPMENT (7,616.74)239,587.519,182.35304.490.000.00 223,092.910.00223,092.910.00407 CUMULATIVE CAPITAL IMPROVEMENT566,775.51 119,412.670.00 1,210.450.000.00 687,398.630.00687,398.630.00412 MAJOR MOVES CONSTRUCTION2,198,513.930.00 12,388.48 4,696.050.000.00 2,190,821.500.002,190,821.502,388,902.44416 MORRIS PERFORMING ARTS CENTER CAPITAL408,592.13 13,068.001,400.00874.850.000.00 421,134.980.00421,134.980.00450 PALAIS ROYALE HISTORIC PRESERVATION106,791.48521.390.00225.920.000.00 107,538.790.00107,538.790.00451 2018 FIRE STATION #9 CAPITAL398,080.590.000.00858.990.000.00 398,939.580.00398,939.580.00Month of: December 20192019-12 Monthly Cash Report319
City of South BendController's Cash ReportOpeningInterest Transfers Transfers EndingTotal Cash & Interfund LoansFundFund NameCash Balance Receipts Disbursements EarnedInOut Cash Balance Investments Investments (Borrowing)Month of: December 2019453 2018 ZOO BOND CAPITAL459,259.010.00 338,892.18 562.310.000.00 120,929.140.00120,929.140.00471 2017 PARKS BOND CAPITAL9,037,799.130.00 16,033.23 19,776.020.000.00 9,041,541.920.009,041,541.920.00750 EQUIPMENT / VEHICLE LEASING1,271,378.090.00 255,559.55 653.100.000.00 1,016,471.640.001,016,471.640.00759 EDDY ST COMMONS BOND CAPITAL3,913,298.930.00 865,114.926.450.000.00 3,048,190.460.003,048,190.460.00Total Capital & Debt Service Funds24,809,718.651,002,569.71 1,561,840.2733,121.1431,236.770.00 24,314,806.000.0024,314,806.002,388,902.44Enterprise Funds287 EMS CAPITAL1,964,334.660.00 148,034.48 4,887.51 136,423.750.00 1,957,611.440.001,957,611.440.00288 EMS OPERATING2,013,205.78 833,313.45 573,551.41(5,952.22)247,234.000.00 2,514,249.600.002,514,249.600.00600 CONSOLIDATED BUILDING DEPARTMENT1,760,320.02 239,717.95 316,261.94 4,105.59 632,227.25 39,735.75 2,280,373.120.002,280,373.120.00601 PARKING GARAGES1,290,962.35 54,680.04 25,181.69 2,681.270.000.00 1,323,141.970.001,323,141.970.00610 SOLID WASTE OPERATIONS296,517.41 505,916.45 355,173.80 831.040.000.00 448,091.100.00448,091.100.00611 SOLID WASTE CAPITAL64,375.550.0045.20442.210.000.00 64,772.560.0064,772.560.00620 WATER WORKS OPERATIONS4,151,771.91 2,106,558.66 1,673,857.40 7,843.80 37,326.60 435,087.00 4,194,556.570.004,194,556.570.00622 WATER WORKS CAPITAL3,901,265.97 11,542.50 13,740.00 8,455.22 270,087.000.00 4,177,610.690.004,177,610.690.00624 WATER WORKS CUSTOMER DEPOSIT1,285,085.699,712.32 10,369.33 2,751.990.00 2,751.99 1,284,428.680.001,284,428.680.00625 WATER WORKS SINKING FUND1,597,992.270.00 1,477,532.43 3,381.43 165,000.00 3,381.43 285,459.840.00285,459.840.00626 WATER WORKS BOND RESERVE1,446,593.030.00 3,107.930.00 25,000.00 1,424,700.960.001,424,700.960.00629 WATER WORKS RESERVE - O & M2,895,721.400.000.00 6,193.180.00 6,193.18 2,895,721.400.002,895,721.400.00640 SEWER REPAIR INSURANCE2,132,166.96 69,663.67 37,868.50 4,545.260.000.00 2,168,507.390.002,168,507.390.00641 SEWAGE WORKS OPERATIONS14,232,974.76 3,639,583.51 2,592,435.76 31,318.96 61,871.710.00 15,373,313.180.0015,373,313.180.00642 SEWAGE WORKS CAPITAL10,361,930.16 29,884.50 1,019,131.28 22,293.930.000.00 9,394,977.310.009,394,977.310.00643 SEWAGE WORKS RESERVE - O & M5,550,801.290.000.00 11,871.710.00 11,871.71 5,550,801.290.005,550,801.290.00649 SEWAGE WORKS BOND SINKING1,069,312.470.00550.00 16,431.040.000.00 1,085,193.510.001,085,193.510.00653 SEWAGE WORKS DEBT SERVICE RESERVE4,280,228.210.000.00 11,686.850.000.00 4,291,915.060.004,291,915.060.00654 SEWAGE WORKS DEPOSIT FUND390,513.31 31,266.66 10,409.00817.090.000.00 412,188.060.00412,188.060.00667 STORM SEWER FUND46,404.32 96,387.24 18,987.82310.540.000.00 124,114.280.00124,114.280.00670 CENTURY CENTER1,564,205.82 464,968.38 491,978.020.000.000.00 1,537,196.180.001,537,196.180.00671 CENTURY CENTER CAPITAL980,847.910.000.00833.390.000.00 981,681.300.00981,681.300.00672 CENTURY CENTER ENERGY SAVINGS188,816.310.000.00266.070.000.00 189,082.380.00189,082.380.00Total Enterprise Funds63,466,347.568,093,195.338,765,108.06139,103.791,550,170.31 524,021.0663,959,687.870.0063,959,687.870.00Internal Service Funds222 CENTRAL SERVICES1,379,381.94 1,198,420.74 1,128,195.63 2,137.720.000.00 1,451,744.770.001,451,744.770.00224 CENTRAL SERVICES CAPITAL99,452.520.00 77,795.00212.400.000.00 21,869.920.0021,869.920.00226 LIABILITY INSURANCE4,964,805.69 444,311.18 469,716.64 10,389.460.000.00 4,949,789.690.004,949,789.690.00278 TAKE HOME VEHICLE POLICE764,319.071,447.00 43,905.10 1,631.770.000.00 723,492.740.00723,492.740.00279 IT / INNOVATION / 311 CALL CENTER2,834,965.67 669,181.50 408,467.83 5,372.660.000.00 3,101,052.000.003,101,052.000.00711 SELF-FUNDED EMPLOYEE BENEFITS9,062,533.41 1,184,064.16 1,011,778.23 20,824.710.000.00 9,255,644.050.009,255,644.050.00713 UNEMPLOYMENT COMP FUND180,234.330.00132.13384.920.000.00 180,487.120.00180,487.120.00714 PARENTAL LEAVE FUND28,936.82 15,435.96 11,941.8355.190.000.00 32,486.140.0032,486.140.00Total Internal Service Funds19,314,629.453,512,860.543,151,932.3941,008.830.000.00 19,716,566.430.0019,716,566.430.00Trust & Agency Funds701 FIREFIGHTERS PENSION 698,560.221,943.76 366,921.14 2,129.260.000.00 335,712.100.00335,712.100.00702 POLICE PENSION 1,176,284.40 31,437.60 514,669.62 3,458.130.000.00 696,510.510.00696,510.510.00709 PAYROLL FUND 0.00 9,259,202.28 9,259,202.280.000.000.000.000.000.000.00718 STATE TAX DEDUCTION FUND409,387.81 335,621.39 409,387.810.000.000.00 335,621.390.00335,621.390.00725 MORRIS / PALAIS BOX OFFICE2,330,967.87 735,003.850.000.000.000.00 3,065,971.720.003,065,971.720.00726 POLICE DISTRIBUTIONS PAYABLE855,869.991,307.590.000.000.000.00 857,177.580.00857,177.580.00730 CITY CEMETERY TRUST29,597.330.000.0063.210.000.00 29,660.540.0029,660.540.00731 BOWMAN CEMETERY465,601.130.000.00994.390.000.00 466,595.520.00466,595.520.00Total Trust & Agency Funds5,966,268.7510,364,516.4710,550,180.856,644.990.000.00 5,787,249.360.005,787,249.360.00Total City Funds204,739,859.3558,714,933.1837,309,682.97459,044.61 4,026,375.584,026,375.58226,604,154.1770,828.53226,674,982.702,488,902.442019-12 Monthly Cash Report420
City of South BendController's Cash ReportOpeningInterest Transfers Transfers EndingTotal Cash & Interfund LoansFundFund NameCash Balance Receipts Disbursements EarnedInOut Cash Balance Investments Investments (Borrowing)Month of: December 2019Redevelopment Commission Controlled FundsTax Increment Financing Funds324 TIF RIVER WEST 24,371,148.76 7,963,769.20 1,513,517.56 52,631.32 5,945.590.00 30,879,977.310.0030,879,977.31(100,000.00)422 TIF DISTRICT - WEST WASHINGTON 1,040,011.70 136,305.33 149,135.72 2,221.080.000.00 1,029,402.390.001,029,402.390.00429 TIF RIVER EAST DEV (NE)7,190,879.71 1,080,468.46 90,603.29 15,404.060.000.00 8,196,148.940.008,196,148.940.00430 TIF SOUTHSIDE DEVELOPMENT AREA #1 9,215,470.15 1,094,549.15 744,441.95 19,687.81 0.00 0.00 9,585,265.16 0.009,585,265.160.00435 TIF DOUGLAS ROAD 192,926.25 0.00 5,975.00 414.71 0.00 0.00 187,365.96 0.00187,365.960.00436 TIF RIVER EAST RES (NE RE) 1,559,902.67 2,134,968.88 0.00 3,331.51 0.00 0.00 3,698,203.06 0.003,698,203.06(2,388,902.44)Total Tax Increment Financing Funds43,570,339.2412,410,061.022,503,673.5293,690.495,945.590.00 53,576,362.820.0053,576,362.82(2,488,902.44)Redevelopment Funds433 REDEVELOPMENT ADMINISTRATION GENERAL 1,514,416.775,863.00 50,130.46 3,301.670.000.00 1,473,450.980.001,473,450.980.00439 CERTIFIED TECHNOLOGY PARK10,853.740.000.0085.400.000.00 10,939.140.0010,939.140.00452 2018 TIF PARK BOND CAPITAL4,455,549.160.00 390,455.22 10,995.780.000.00 4,076,089.720.004,076,089.720.00454 AIRPORT URBAN ENTERPRISE ZONE401,944.640.000.00858.430.000.00 402,803.070.00402,803.070.00Total Redevelopment Funds6,382,764.315,863.00440,585.6815,241.280.000.00 5,963,282.910.005,963,282.910.00Debt Service Funds 315 AIRPORT 2003 DEBT RESERVE1,040,462.240.000.00 2,225.270.00 2,225.27 1,040,462.240.001,040,462.240.00328 SBCDA 2003 DEBT RESERVE1,739,494.860.000.00 3,720.320.00 3,720.32 1,739,494.860.001,739,494.860.00351 2018 TIF PARK BOND DEBT SERVICE RESERVE 1,014,427.420.000.00 2,166.530.000.00 1,016,593.950.001,016,593.950.00352 SOUTH SHORE DOUBLE TRACKING BONDS0.00 9,356,612.07 9,326,793.560.000.000.00 29,818.510.0029,818.510.00Total Debt Service Funds3,794,384.529,356,612.079,326,793.568,112.120.00 5,945.593,826,369.560.003,826,369.560.00Total Redevelopment Commission Funds53,747,488.07 21,772,536.09 12,271,052.76 117,043.89 5,945.59 5,945.59 63,366,015.290.00 63,366,015.29(2,488,902.44)City Operations Total258,487,347.4280,487,469.2749,580,735.73576,088.504,032,321.174,032,321.17289,970,169.4670,828.53290,040,997.990.00Memo ItemPooled Investment AccountOpening Interest Accrued Change in Transfer In Transfer out Investment Total Cash &Balance Net of Fees Income Asset Value from Depository to Depository Balance Investments1st Source Bank Investment Account185,802,115.70299,568.450.00 (43,972.46)0.00 436,421.51 185,621,290.18185,621,290.182019-12 Monthly Cash Report521
City of South BendCash Reserves Summary by Fund Status CashActualFundFund NameCash Outstanding Available Reserve% ofBalance Encumb. Cash Requirement Variance BudgetNotesCash Reserve PolicyUnder Reserve Requirement201 Parks & Recreation 3,641,124 617,555 3,023,569 3,986,026 (962,457) 19% Building back up reserves after capital spend in 201925% of Annual expenditures278 Take Home Vehicle Police723,493 - 723,493 750,000 (26,507) 1447% Slightly under reserve requirementSet dollar amount of $750,000610 Solid Waste Operations448,091 34,806 413,285 572,454 (159,169) 7% Expenditures higher than revenues10% of Annual expenditures667 Storm Sewer Fund124,114 46,730 77,384 150,000 (72,616) 13% Fund created in 2019, still establishing reserves25% of Annual expenditures701 Firefighters Pension 335,712 - 335,712 511,246 (175,534) 7% Pension payments received in June & Sept10% of Annual expenditures5,272,534 699,091 4,573,443 5,969,726 (1,396,283) Meets or Exceeds Requirement101 General Fund 44,786,781 820,834 43,965,947 23,224,368 20,741,579 66% Property tax distribution received in June & Dec35% of Annual expenditures102 Rainy Day Fund10,708,300 - 10,708,300 9,142,632 1,565,668 4%3% of total expenditures in previous fiscal year, excluding one-time capital expenditures202 Motor Vehicle Highway4,732,078 727,749 4,004,330 3,054,330 950,000 33%25% of Annual expenditures211 DCI Administration Fund1,009,933 268,679 741,254 315,267 425,987 24%10% of Annual expenditures216 Police State Seizures237,764 - 237,764 8,000 229,764 743%25% of Annual expenditures218 Police Curfew Violations12,864 - 12,864 250 12,614 1286%25% of Annual expenditures220 Law Enforce. Continuing Education420,288 49,877 370,411 129,387 241,024 72%25% of Annual expenditures221 Landlord Registration17,781 - 17,781 50 17,731 3556%10% of Annual expenditures222 Central Services1,451,745 24,600 1,427,144 959,174 467,970 15%10% of Annual expenditures, excluding utility accounting226 Liability Insurance4,949,790 208,922 4,740,867 2,732,885 2,007,982 87%50% of Annual expenditures249 Public Safety L.O.I.T.3,246,155 - 3,246,155 685,324 2,560,831 38% 8% of Annual expenditures - one month reserve273 Morris PAC/Palais Royale Marketing72,873 10,816 62,057 7,500 54,557 207%25% of Annual expenditures274 Morris PAC/Self-Promotion186,401 - 186,401 18,750 167,651 249%25% of Annual expenditures288 EMS Operating2,514,250 52,067 2,462,183 1,626,417 835,766 38%25% of Annual expenditures289HAZMAT27,582 - 27,582 2,618 24,964 263%25% of Annual expenditures291 Indiana River Rescue292,637 2,782 289,856 33,816 256,040 214%25% of Annual expenditures294 Regional Police Academy118,204 - 118,204 5,625 112,579 525%25% of Annual expenditures299 Police Federal Drug Enforcement113,552 - 113,552 12,750 100,802 223%25% of Annual expenditures315 Airport 2003 Debt Reserve1,040,462 - 1,040,462 1,040,462 - 100%100% debt service reserve per bond covenants328 SBCDA 2003 Debt Reserve1,739,495 - 1,739,495 1,739,495 - 100%100% debt service reserve per bond covenants351 2018 TIF Park Bond Debt Svc Reserve 1,016,594 - 1,016,594 1,016,594 - 100% 100% debt service reserve per bond covenants352 South Shore Double Tracking Debt Service29,819 - 29,819 29,819 - 100%100% debt service reserve per bond covenants404 County Option Income Tax 12,694,852 3,607,470 9,087,382 8,619,357 468,025 53%50% of Annual expenditures408 Economic Development Income Tax 17,348,536 2,997,827 14,350,709 7,351,601 6,999,108 98%50% of Annual expenditures433 Redev Administration General 1,473,451 389,636 1,083,815 268,500 815,315 101%25% of Annual expenditures600 Consolidated Building Department 2,280,373 277,935 2,002,438 1,272,076 730,362 39%25% of Annual expenditures601 Parking Garages 1,323,142 479,060 844,082 476,646 367,436 44%25% of Annual expenditures620 Water Works Operations 4,194,557 896,761 3,297,795 1,140,646 2,157,149 14%5% of Annual expenditures624 Water Works Customer Deposit 1,284,429 - 1,284,429 1,284,429 - 100%100% cash reserves for customer deposits625 Water Works Sinking Fund 285,460 - 285,460 285,460 - 100%100% cash reserves per bond covenants626 Water Works Bond Reserve 1,424,701 - 1,424,701 1,424,701 - 100%100% cash reserves per bond covenants629 Water Works Reserve - O & M 2,895,721 - 2,895,721 2,879,222 16,499 17%16.67% of annual operating expenses in Fund 620, net of transfers640 Sewer Repair Insurance 2,168,507 84,819 2,083,688 165,797 1,917,891 314%25% of Annual expenditures641 Sewage Works Operations 15,373,313 3,940,529 11,432,785 2,307,147 9,125,638 25%5% of Annual expenditures643 Sewage Works Reserve - O & M 5,550,801 - 5,550,801 5,510,886 39,915 17% 16.67% of annual operating expenses in Fund 641, net of transfers649 Sewage Works Bond Sinking 1,085,194 - 1,085,194 1,085,194 - 100%100% cash reserves per bond covenants653 Sewage Works Debt Service Reserve 4,291,915 - 4,291,915 4,291,915 - 100%100% cash reserves per bond covenants654 Sewage Works Deposit Fund412,188 - 412,188 412,188 - 100%100% cash reserves for customer deposits655 Project Releaf397,249 - 397,249 168,741 228,508 59%25% of Annual expenditures670 Century Center1,537,196 38,186 1,499,011 1,228,339 270,672 31%25% of Annual expenditures671 Century Center Capital981,681 - 981,681 800,000 181,681 1183%$800,000 Minimum per Board of Managers702 Police Pension 696,511 - 696,511 642,590 53,921 11%10% of Annual expenditures711 Self-Funded Employee Benefits9,255,644 25,819 9,229,825 4,410,747 4,819,078 52%25% of Annual expenditures713 Unemployment Comp Fund180,487 - 180,487 17,500 162,987 258%25% of Annual expenditures714 Parental Leave Fund32,486 - 32,486 15,656 16,830 17%8% of Annual expenditures - one month reserve718 State Tax Withholding Fund335,621 - 335,621 335,621 - 100%100% cash reserves - trust & agency funds725 Morris / Palais Box Office3,065,972 - 3,065,972 3,065,972 - 100%100% cash reserves - trust & agency funds726 Police Distributions Payable857,178 - 857,178 857,178 - 100%100% cash reserves - trust & agency funds730 City Cemetery Trust29,661 - 29,661 - 29,661 100%25% of Annual expenditures731 Bowman Cemetery466,596 - 466,596 400,000 66,596 100%$400,000 minimumDecember 31, 20192019-12 Monthly Cash Report622
City of South BendCash Reserves Summary by Fund Status CashActualFundFund NameCash Outstanding Available Reserve% ofBalance Encumb. Cash Requirement Variance BudgetNotesCash Reserve PolicyDecember 31, 2019752 South Bend Redevelopment Authority222,584 - 222,584 222,584 - 100%100% cash reserves per bond covenants755 South Bend Building Corporation1,734,901 - 1,734,901 1,734,901 - 100%100% cash reserves per bond covenants756 Smart Streets Debt Service Fund815,025 - 815,025 815,025 - 100%100% cash reserves per bond covenants757 2015 Parks Bond Debt Service590,497 - 590,497 590,497 - 100%100% cash reserves per bond covenants760 Eddy St Commons Bond Debt Service 3,461,700 - 3,461,700 2,500,000 961,700 266%$2,500,000 minimum177,473,474 14,904,367 162,569,110 102,366,629 60,202,481 No Reserve Requirement209 Studebaker/Oliver Revitalizing Grants927,235 848,464 78,770 - 78,770 100%No reserve requirement - Grant fund - spend down to zero210 DCI State Grants 64,754 63,463 1,291 - 1,291 100% To be reimbursed by grant receiptsNo reserve requirement - Grant fund - spend down to zero212 DCI Federal Grants305,248 2,421,632 (2,116,384) - (2,116,384) 100% To be reimbursed by grant receiptsNo reserve requirement - Grant fund - spend down to zero217 Gift, Donation, Bequest666,875 334,389 332,486 - 332,486 100%No reserve requirement219 Unsafe Building920,989 44,895 876,094 - 876,094 100%No reserve requirement224 Central Services Capital21,870 148,194 (126,324) - (126,324) 100%No reserve requirement - Capital fund - spend down to zero227 Loss Recovery Fund 604,051 200,000 404,051 - 404,051 100%No reserve requirement251 Local Roads & Streets5,220,874 2,792,683 2,428,192 - 2,428,192 100%No reserve requirement257 LOIT 2016 Special Distribution170,335 164,087 6,248 - 6,248 100%No reserve requirement258 Human Rights - Federal Grant519,829 28,192 491,638 - 491,638 100%No reserve requirement - Grant fund - spend down to zero265 Local Road & Bridge Grant448,377 974,341 (525,964) - (525,964) 100%No reserve requirement - Grant fund - spend down to zero266 MVH Restricted648,877 29,386 619,491 - 619,491 100%New fund - reserve requirement to be determined279 IT / Innovation / 311 Call Center3,101,052 2,000,521 1,100,531 - 1,100,531 100%Reimbursed through interfund allocationNo reserve requirement280 Police Block Grants4,085 - 4,085 - 4,085 100%No reserve requirement - Grant fund - spend down to zero287 EMS Capital1,957,611 1,449,316 508,296 - 508,296 100%No reserve requirement - Capital fund - spend down to zero292 Police Grants26,716 - 26,716 - 26,716 100%No reserve requirement - Grant fund - spend down to zero295 COPS MORE Grant169,042 142,630 26,411 - 26,411 100%No reserve requirement - Grant fund - spend down to zero312 2017 Parks Bond Debt Service208,251 - 208,251 - 208,251 100% Property tax distribution received in June & DecNo reserve requirement324 TIF - River West TIF (Airport)30,879,977 7,834,836 23,045,142 - 23,045,142 100% Property tax distribution received in June & DecNo reserve requirement350 2018 Fire Station #9 Debt Service- - - - - 100% Receives transfers from Fund 287 for debt svc pmtsNo reserve requirement401 Coveleski Stadium Capital25,789 - 25,789 - 25,789 100%No reserve requirement - Capital fund - spend down to zero406 Cumulative Capital Development 223,093 14,389 208,704 - 208,704 100% Property tax distribution received in June & DecNo reserve requirement - Capital fund - spend down to zero407 Cumulative Capital Improvement687,399 - 687,399 - 687,399 100%No reserve requirement - Capital fund - spend down to zero410 Urban Develop Action Grant (UDAG)53,712 - 53,712 - 53,712 100%No reserve requirement - Grant fund - spend down to zero412 Major Moves Construction2,190,822 1,172,285 1,018,536 - 1,018,536 100%No reserve requirement - Capital fund - spend down to zero416 Morris Performing Arts Center Capital421,135 91,759 329,376 - 329,376 100%No reserve requirement422 TIF - West Washington 1,029,402 342,165 687,238 - 687,238 100% Property tax distribution received in June & DecNo reserve requirement429TIF - River East Devevelopment8,196,149 4,543,278 3,652,871 - 3,652,871 100% Property tax distribution received in June & DecNo reserve requirement430 TIF - Southside Development Area #1 9,585,265 234,951 9,350,314 - 9,350,314 100% Property tax distribution received in June & DecNo reserve requirement435 TIF - Douglas Road187,366 87,225 100,141 - 100,141 100% Property tax distribution received in June & DecNo reserve requirement436 TIF - River East Residential3,698,203 - 3,698,203 - 3,698,203 100% Property tax distribution received in June & DecNo reserve requirement439 Certified Technology Park10,939 752 10,187 - 10,187 100%No reserve requirement450 Palais Royale Historic Preservation107,539 34,160 73,379 - 73,379 100%No reserve requirement451 2018 Fire Station #9 Capital398,940 89,311 309,629 - 309,629 100%No reserve requirement - Bond capital fund - spend down to zero452 2018 TIF Park Bond Capital4,076,090 3,889,707 186,383 - 186,383 100%No reserve requirement - Bond capital fund - spend down to zero453 2018 Zoo Bond Capital120,929 133,581 (12,652) - (12,652) 100%No reserve requirement - Bond capital fund - spend down to zero454 Airport Urban Enterprise Zone402,803 - 402,803 - 402,803 100%No reserve requirement471 2017 Parks Bond Capital9,041,542 8,569,760 471,782 - 471,782 100%No reserve requirement - Bond capital fund - spend down to zero611 Solid Waste Capital64,773 94,000 (29,227) - (29,227) 100% Receives transfers from Fund 610 as neededNo reserve requirement - Capital fund - spend down to zero622 Water Works Capital4,177,611 1,728,047 2,449,564 - 2,449,564 100%No reserve requirement - Capital fund - spend down to zero642 Sewage Works Capital9,394,977 6,418,020 2,976,957 - 2,976,957 100% Receives transfers from Fund 641 as neededNo reserve requirement - Capital fund - spend down to zero672 Century Center Energy Savings189,082 - 189,082 - 189,082 100%No reserve requirement705 Police K-9 Unit2,390 - 2,390 - 2,390 100%No reserve requirement750 Equipment/Vehicle Leasing1,016,472 261,062 755,410 - 755,410 100% No reserve requirement - Capital lease fund - spend down to zero754 Industrial Revolving Fund2,078,333 - 2,078,333 - 2,078,333 100%No City reserve requirement; there are program requirements759 Eddy Street Commons Bond Capital3,048,190 3,048,122 68 - 68 100%No reserve requirement - Bond capital fund - spend down to zero107,294,990 50,229,601 57,065,392 - 57,065,392 City Operations Total290,040,998 65,833,059 224,207,945 108,336,355 115,871,590 Note: Available Cash is a Fund's cash balance minus any outstanding encumbrances2019-12 Monthly Cash Report723
January 1, 2007 - December 31, 2019
$329,782,565 6/30/2018
$122,056,198 5/31/2007
$218,228,548 --
$287,586,231 --
Enterprise Redevelopment Civil City Enterprise Redevelopment Civil City
Date Total Cash Funds Funds Funds Date Total Cash Funds Funds Funds
01/01/07 153,934,542.58 28,657,187.47 40,101,775.51 85,175,579.60 03/31/11 204,406,098.50 46,555,428.08 52,439,712.97 105,410,957.45
01/31/07 140,751,745.07 30,058,091.08 37,204,941.29 73,488,712.70 04/30/11 196,890,904.95 46,284,639.10 51,775,206.12 98,831,059.73
02/28/07 134,780,141.52 30,099,578.04 42,400,991.27 62,279,572.21 05/31/11 187,084,917.40 45,692,919.82 45,543,075.85 95,848,921.73
03/31/07 130,695,124.81 30,984,947.93 36,322,464.80 63,387,712.08 06/30/11 230,633,979.38 46,029,921.56 57,605,720.29 126,998,337.53
04/30/07 123,592,524.20 29,218,887.63 36,374,308.24 57,999,328.33 07/31/11 215,737,687.08 45,556,018.39 51,845,520.23 118,336,148.46
05/31/07 122,056,197.59 32,424,086.65 36,579,224.31 53,052,886.63 08/31/11 208,031,597.26 45,688,053.72 49,085,008.00 113,258,535.54
06/30/07 153,755,514.81 48,699,567.31 35,914,061.41 69,141,886.09 09/30/11 203,800,576.60 46,330,287.44 47,073,543.39 110,396,745.77
07/31/07 137,115,793.85 48,096,309.22 33,046,039.94 55,973,444.69 10/31/11 218,059,539.64 67,040,484.39 44,750,523.17 106,268,532.08
08/31/07 135,817,993.03 47,662,427.04 31,416,991.60 56,738,574.39 11/30/11 207,257,743.68 61,691,017.04 41,844,406.42 103,722,320.22
09/30/07 130,647,671.00 45,360,303.16 30,955,278.22 54,332,089.62 12/31/11 231,757,444.75 58,173,399.01 51,201,636.39 122,382,409.35
10/31/07 139,006,258.42 46,717,357.10 29,953,285.20 62,335,616.12 01/31/12 216,528,714.30 59,207,692.55 44,464,972.65 112,856,049.10
11/30/07 149,006,468.44 41,716,114.28 29,049,190.99 78,241,163.17 02/29/12 210,660,777.01 59,272,665.18 43,124,396.97 108,263,714.86
12/31/07 191,315,373.73 55,204,053.77 43,118,912.28 92,992,407.68 03/31/12 204,985,024.71 59,768,182.49 40,875,506.16 104,341,336.06
01/31/08 178,454,459.92 56,114,335.03 41,405,052.40 80,935,072.49 04/30/12 202,396,668.08 60,202,795.65 39,972,677.94 102,221,194.49
02/29/08 175,025,158.07 54,575,012.50 40,635,068.99 79,815,076.58 05/31/12 194,807,225.14 59,123,171.41 37,283,464.71 98,400,589.02
03/31/08 170,888,981.29 54,575,272.95 40,558,124.18 75,755,584.16 06/30/12 244,718,879.49 67,140,754.63 48,308,618.33 129,269,506.53
04/30/08 165,390,558.53 54,929,047.02 40,290,091.29 70,171,420.22 07/31/12 230,268,324.98 67,955,663.74 43,597,429.86 118,715,231.38
05/31/08 156,964,559.54 53,052,472.03 40,210,711.69 63,701,375.82 08/31/12 223,526,459.82 67,464,201.30 41,355,817.62 114,706,440.90
06/30/08 167,363,776.09 53,204,418.10 39,857,987.53 74,301,370.46 09/30/12 223,261,928.97 65,732,654.52 40,654,565.67 116,874,708.78
07/31/08 171,036,661.63 54,533,563.28 39,145,712.40 77,357,385.95 10/31/12 214,815,908.26 66,270,486.67 38,605,222.83 109,940,198.76
08/31/08 163,938,453.44 54,251,216.99 36,074,455.00 73,612,781.45 11/30/12 203,844,116.85 59,658,568.60 37,090,958.24 107,094,590.01
09/30/08 160,071,575.14 53,272,451.68 35,928,266.53 70,870,856.93 12/31/12 255,285,203.18 82,506,887.41 47,393,846.15 125,384,469.62
10/31/08 164,801,788.81 68,706,036.43 34,674,631.21 61,421,121.17 01/31/13 247,853,896.56 83,296,821.86 45,144,294.34 119,412,780.36
11/30/08 148,390,201.07 54,077,562.73 33,382,904.90 60,929,733.44 02/28/13 237,222,593.71 82,484,393.54 41,364,435.41 113,373,764.76
12/31/08 140,621,861.88 44,639,804.67 28,608,922.65 67,373,134.56 03/31/13 232,080,046.72 82,950,715.18 41,430,811.51 107,698,520.03
01/31/09 129,082,048.94 45,793,529.09 26,731,148.85 56,557,371.00 04/30/13 226,442,650.85 80,568,512.43 42,438,979.52 103,435,158.90
02/28/09 136,587,197.92 46,941,062.25 28,199,966.51 61,446,169.16 05/31/13 220,102,647.01 79,672,318.05 42,077,874.12 98,352,454.84
03/31/09 150,350,125.92 47,265,006.09 27,482,787.81 75,602,332.02 06/30/13 259,848,268.81 79,520,360.08 55,157,971.58 125,169,937.15
04/30/09 156,355,774.87 48,061,985.20 38,905,572.01 69,388,217.66 07/31/13 252,445,699.79 79,867,774.82 51,147,079.40 121,430,845.57
05/31/09 154,015,638.43 46,623,111.00 38,656,758.39 68,735,769.04 08/31/13 242,038,208.31 79,782,901.50 48,231,381.91 114,023,924.90
06/30/09 145,255,362.21 46,662,615.02 36,003,705.47 62,589,041.72 09/30/13 242,325,305.67 79,940,103.15 47,344,717.04 115,040,485.48
07/31/09 151,028,950.92 45,609,990.75 39,288,192.08 66,130,768.09 10/31/13 235,335,719.18 79,663,547.72 45,849,747.51 109,822,423.95
08/31/09 154,754,067.65 44,700,623.82 38,981,480.90 71,071,962.93 11/30/13 222,610,337.19 72,524,668.50 45,831,055.40 104,254,613.29
09/30/09 153,379,153.77 44,771,129.93 38,365,267.66 70,242,756.18 12/31/13 247,349,777.30 67,716,137.82 55,315,510.06 124,318,129.42
10/31/09 150,364,096.50 44,855,908.07 36,749,933.72 68,758,254.71 01/31/14 232,044,399.72 66,889,990.77 50,898,242.66 114,256,166.29
11/30/09 144,010,184.05 44,458,186.54 35,847,660.55 63,704,336.96 02/28/14 227,156,115.52 67,566,543.96 49,986,290.38 109,603,281.18
12/31/09 188,453,001.03 36,891,179.40 34,358,243.89 117,203,577.74 03/31/14 222,046,327.82 68,633,684.73 49,028,261.04 104,384,382.05
01/31/10 196,099,529.93 37,726,300.40 53,534,937.83 104,838,291.70 04/30/14 214,783,605.41 68,960,383.93 47,281,387.13 98,541,834.35
02/28/10 194,663,355.99 36,982,623.93 52,816,628.95 104,864,103.11 05/31/14 209,324,809.29 67,425,749.33 46,795,213.96 95,103,846.00
03/31/10 197,907,655.27 41,475,717.35 52,577,148.25 103,854,789.67 06/30/14 251,700,644.00 67,697,981.00 61,118,881.00 122,883,782.00
04/30/10 190,430,003.35 40,478,357.60 51,768,568.42 98,183,077.33 07/31/14 238,781,403.03 68,611,865.99 56,842,280.86 113,327,256.18
05/31/10 201,229,420.61 38,739,522.56 50,881,687.36 111,608,210.69 08/31/14 234,086,687.41 68,747,483.87 55,735,447.17 109,603,756.37
06/30/10 230,557,975.59 39,738,881.62 62,539,377.78 128,279,716.19 09/30/14 233,595,370.44 69,430,344.98 54,889,194.46 109,275,831.00
07/31/10 217,064,522.90 42,020,069.17 55,401,804.58 119,642,649.15 10/31/14 225,913,486.47 70,431,027.92 54,196,891.83 101,285,566.72
08/31/10 210,387,480.23 40,331,826.60 53,423,401.23 116,632,252.40 11/30/14 216,583,420.38 64,909,392.12 54,554,819.33 97,119,208.93
09/30/10 211,494,373.45 40,245,656.32 52,832,007.68 118,416,709.45 12/31/14 239,808,095.03 61,623,499.90 65,903,128.76 112,281,466.37
10/31/10 204,642,650.38 39,984,803.80 51,745,774.22 112,912,072.36 01/31/15 225,471,264.56 61,585,040.94 60,387,162.56 103,499,061.06
11/30/10 198,782,418.22 35,695,100.47 49,573,730.89 113,513,586.86 02/28/15 221,854,105.82 63,269,776.69 58,990,110.88 99,594,218.25
12/31/10 227,739,252.18 41,300,042.16 65,164,721.07 121,274,488.95 03/31/15 215,278,052.12 64,288,370.38 58,654,868.03 92,334,813.71
01/31/11 214,107,834.98 42,918,366.28 57,392,911.65 113,796,557.05 04/30/15 213,330,317.66 65,430,174.18 57,972,838.77 89,927,304.71
02/28/11 208,263,626.92 44,793,554.36 53,822,791.88 109,647,280.68 05/31/15 209,379,494.75 65,714,228.05 57,630,884.95 86,034,381.75
Note: Property tax distributions are
received in June and December.
City of South Bend Cash Balances - All Funds
Maximum Total Cash
Minimum Total Cash
Average Cash
Average - last 12 months
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
2019-12 Monthly Cash Report 824
January 1, 2007 - December 31, 2019
City of South Bend Cash Balances - All Funds
Enterprise Redevelopment Civil City Enterprise Redevelopment Civil City
Date Total Cash Funds Funds Funds Date Total Cash Funds Funds Funds
06/30/15 249,603,497.41 68,746,632.56 70,642,566.10 110,214,298.75 05/31/19 267,228,987.30 65,258,811.69 53,673,044.13 148,297,131.48
07/31/15 236,381,857.01 70,884,051.33 65,048,413.67 100,449,392.01 06/30/19 313,696,930.90 65,359,551.38 68,360,737.05 179,976,642.47
08/31/15 228,483,356.31 72,023,119.13 61,042,169.83 95,418,067.35 07/31/19 297,845,949.69 67,151,539.38 61,596,350.52 169,098,059.79
09/30/15 234,514,964.30 75,617,268.98 59,936,471.64 98,961,223.68 08/31/19 294,938,151.21 68,160,947.96 60,712,190.84 166,065,012.41
10/31/15 230,114,056.20 77,155,814.42 56,339,743.69 96,618,498.09 09/30/19 290,033,105.17 70,855,493.40 56,360,982.88 162,816,628.89
11/30/15 222,277,823.00 75,987,100.36 54,715,027.81 91,575,694.83 10/31/19 280,029,157.59 71,823,087.19 54,434,324.03 153,771,746.37
12/31/15 228,782,505.24 64,215,673.59 61,194,710.47 103,372,121.18 11/30/19 258,487,347.42 63,466,347.56 53,127,541.62 141,893,458.24
01/31/16 217,346,607.43 65,062,377.54 55,690,681.11 96,593,548.78 12/31/19 290,040,997.99 63,959,687.87 63,366,015.29 162,715,294.83
02/29/16 213,873,714.80 67,564,110.56 53,548,676.30 92,760,927.94
03/31/16 211,205,005.30 69,211,164.87 53,434,486.66 88,559,353.77
04/30/16 207,587,385.26 69,616,174.97 51,317,725.09 86,653,485.20
05/31/16 206,530,605.82 69,399,868.04 50,296,085.76 86,834,652.02
06/30/16 249,745,397.89 68,720,691.90 64,433,239.06 116,591,466.93
07/31/16 236,139,560.82 69,227,392.30 58,518,600.58 121,999,405.01
08/31/16 229,469,472.57 67,673,880.42 55,966,718.35 105,828,873.80
09/30/16 231,252,737.44 69,398,336.63 55,065,472.04 106,788,928.77
10/31/16 224,757,043.80 68,809,369.21 52,059,580.89 103,888,093.70
11/30/16 210,677,437.29 61,451,803.84 51,222,578.99 98,003,054.46
12/31/16 234,529,325.24 58,486,210.11 60,406,691.98 115,636,423.15
01/31/17 237,205,923.15 58,517,537.99 54,709,591.50 123,978,793.66
02/28/17 242,890,155.89 60,687,347.41 60,693,512.64 121,509,295.84
03/31/17 233,258,187.04 62,502,426.31 54,200,785.07 116,554,975.66
04/30/17 227,611,544.94 63,062,862.44 53,618,489.08 110,930,193.42
05/31/17 222,671,842.56 62,923,609.40 50,870,962.23 108,877,270.93
06/30/17 264,329,452.56 62,218,464.08 64,818,554.92 137,292,433.56
07/31/17 254,200,729.74 63,518,960.13 59,955,849.53 130,725,920.08
08/31/17 252,059,534.11 64,818,240.75 60,726,084.24 126,515,209.12
09/30/17 277,635,581.14 66,236,471.94 57,532,562.70 153,866,546.50
10/31/17 269,348,596.25 66,667,885.35 55,546,746.25 147,133,964.65
11/30/17 258,560,219.00 59,754,036.10 55,251,426.66 143,554,756.24
12/31/17 291,289,923.15 57,620,088.62 65,818,514.83 167,851,319.70
01/31/18 282,785,943.66 59,858,871.62 60,435,599.30 162,491,472.74
02/28/18 276,155,955.04 58,423,954.94 58,919,560.09 158,812,440.01
03/31/18 274,783,580.98 60,255,912.54 56,967,800.25 157,559,868.19
04/30/18 280,256,559.54 61,537,542.97 70,308,595.71 148,410,420.86
05/31/18 280,820,481.43 62,676,079.74 69,433,440.38 148,710,961.31
06/30/18 329,782,564.72 62,779,584.12 81,992,642.55 185,010,338.05
07/31/18 317,008,229.34 64,079,751.06 78,753,842.27 174,174,636.01
08/31/18 308,391,385.21 65,896,576.77 73,401,834.82 169,092,973.62
09/30/18 306,023,826.98 67,628,081.52 70,934,670.78 167,461,074.68
10/31/18 297,350,750.07 70,191,910.88 58,183,703.49 168,975,135.70
11/30/18 282,111,836.71 62,080,096.93 57,701,465.11 162,330,274.67
12/31/18 309,811,785.05 63,399,519.22 66,695,748.11 179,716,517.72
01/31/19 292,787,503.35 61,984,035.31 59,597,388.81 171,206,079.23
02/28/19 290,154,850.97 62,312,317.89 60,283,680.41 167,558,852.67
03/31/19 282,250,506.35 65,067,673.27 57,633,297.22 159,549,535.86
04/30/19 276,790,123.45 65,875,626.86 55,133,997.10 155,780,499.49
2019-12 Monthly Cash Report 925
$83,296,822 1/31/2013
$28,657,187 1/1/2007
$58,893,675 --
$65,939,593 --
Date Cash Date Cash Date Cash
01/01/07 28,657,187.47 04/30/11 46,284,639.10 08/31/15 72,023,119.13
01/31/07 30,058,091.08 05/31/11 45,692,919.82 09/30/15 75,617,268.98
02/28/07 30,099,578.04 06/30/11 46,029,921.56 10/31/15 77,155,814.42
03/31/07 30,984,947.93 07/31/11 45,556,018.39 11/30/15 75,987,100.36
04/30/07 29,218,887.63 08/31/11 45,688,053.72 12/31/15 64,215,673.59
05/31/07 32,424,086.65 09/30/11 46,330,287.44 01/31/16 65,062,377.54
06/30/07 48,699,567.31 10/31/11 67,040,484.39 02/29/16 67,564,110.56
07/31/07 48,096,309.22 11/30/11 61,691,017.04 03/31/16 69,211,164.87
08/31/07 47,662,427.04 12/31/11 58,173,399.01 04/30/16 69,616,174.97
09/30/07 45,360,303.16 01/31/12 59,207,692.55 05/31/16 69,399,868.04
10/31/07 46,717,357.10 02/29/12 59,272,665.18 06/30/16 68,720,691.90
11/30/07 41,716,114.28 03/31/12 59,768,182.49 07/31/16 69,227,392.30
12/31/07 55,204,053.77 04/30/12 60,202,795.65 08/31/16 67,673,880.42
01/31/08 56,114,335.03 05/31/12 59,123,171.41 09/30/16 69,398,336.63
02/29/08 54,575,012.50 06/30/12 67,140,754.63 10/31/16 68,809,369.21
03/31/08 54,575,272.95 07/31/12 67,955,663.74 11/30/16 61,451,803.84
04/30/08 54,929,047.02 08/31/12 67,464,201.30 12/31/16 58,486,210.11
05/31/08 53,052,472.03 09/30/12 65,732,654.52 01/31/17 58,517,537.99
06/30/08 53,204,418.10 10/31/12 66,270,486.67 02/28/17 60,687,347.41
07/31/08 54,533,563.28 11/30/12 59,658,568.60 03/31/17 62,502,426.31
08/31/08 54,251,216.99 12/31/12 82,506,887.41 04/30/17 63,062,862.44
09/30/08 53,272,451.68 01/31/13 83,296,821.86 05/31/17 62,923,609.40
10/31/08 68,706,036.43 02/28/13 82,484,393.54 06/30/17 62,218,464.08
11/30/08 54,077,562.73 03/31/13 82,950,715.18 07/31/17 63,518,960.13
12/31/08 44,639,804.67 04/30/13 80,568,512.43 08/31/17 64,818,240.75
01/31/09 45,793,529.09 05/31/13 79,672,318.05 09/30/17 66,236,471.94
02/28/09 46,941,062.25 06/30/13 79,520,360.08 10/31/17 66,667,885.35
03/31/09 47,265,006.09 07/31/13 79,867,774.82 11/30/17 59,754,036.10
04/30/09 48,061,985.20 08/31/13 79,782,901.50 12/31/17 57,620,088.62
05/31/09 46,623,111.00 09/30/13 79,940,103.15 01/31/18 59,858,871.62
06/30/09 46,662,615.02 10/31/13 79,663,547.72 02/28/18 58,423,954.94
07/31/09 45,609,990.75 11/30/13 72,524,668.50 03/31/18 60,255,912.54
08/31/09 44,700,623.82 12/31/13 67,716,137.82 04/30/18 61,537,542.97
09/30/09 44,771,129.93 01/31/14 66,889,990.77 05/31/18 62,676,079.74
10/31/09 44,855,908.07 02/28/14 67,566,543.96 06/30/18 62,779,584.12
11/30/09 44,458,186.54 03/31/14 68,633,684.73 07/31/18 64,079,751.06
12/31/09 36,891,179.40 04/30/14 68,960,383.93 08/31/18 65,896,576.77
01/31/10 37,726,300.40 05/31/14 67,425,749.33 09/30/18 67,628,081.52
02/28/10 36,982,623.93 06/30/14 67,697,981.00 10/31/18 70,191,910.88
03/31/10 41,475,717.35 07/31/14 68,611,865.99 11/30/18 62,080,096.93
04/30/10 40,478,357.60 08/31/14 68,747,483.87 12/31/18 63,399,519.22
05/31/10 38,739,522.56 09/30/14 69,430,344.98 01/31/19 61,984,035.31
06/30/10 39,738,881.62 10/31/14 70,431,027.92 02/28/19 62,312,317.89
07/31/10 42,020,069.17 11/30/14 64,909,392.12 03/31/19 65,067,673.27
08/31/10 40,331,826.60 12/31/14 61,623,499.90 04/30/19 65,875,626.86
09/30/10 40,245,656.32 01/31/15 61,585,040.94 05/31/19 65,258,811.69
10/31/10 39,984,803.80 02/28/15 63,269,776.69 06/30/19 65,359,551.38
11/30/10 35,695,100.47 03/31/15 64,288,370.38 07/31/19 67,151,539.38
12/31/10 41,300,042.16 04/30/15 65,430,174.18 08/31/19 68,160,947.96
01/31/11 42,918,366.28 05/31/15 65,714,228.05 09/30/19 70,855,493.40
02/28/11 44,793,554.36 06/30/15 68,746,632.56 10/31/19 71,823,087.19
03/31/11 46,555,428.08 07/31/15 70,884,051.33 11/30/19 63,466,347.56
12/31/19 63,959,687.87
Note: Cash goes down in June and at
year-end due to the timing of debt service
payments. Debt service payments for
Wastewater are paid out twice a year:
interest in June and principal and interest
in November. Debt service payments for
Water Works are paid out twice a year:
interest in June and principal and interest
in December.
The total cash has been declining as
bond funds are spent down.
In March 2017, the Utility Commission
approved a water rate increase in two
phases: phase 1 - 22% over 12 months,
phase 2 - 22% over 12 months. The
increase was added starting with April
2017 billing. Water Works expects to see
increase in cash in May 2017, when they
begin collecting on April billing.
City of South Bend Cash Balances - Enterprise Funds
January 1, 2007 - December 31, 2019
Maximum Total Cash
Minimum Total Cash
Average Cash
Average - last 12 months
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
2019-12 Monthly Cash Report 1026
$81,992,643 6/30/2018
$26,731,149 1/31/2009
$50,269,620 --
$58,689,962 --
Date Cash Date Cash Date Cash
01/01/07 40,101,775.51 04/30/11 51,775,206.12 08/31/15 61,042,169.83
01/31/07 37,204,941.29 05/31/11 45,543,075.85 09/30/15 59,936,471.64
02/28/07 42,400,991.27 06/30/11 57,605,720.29 10/31/15 56,339,743.69
03/31/07 36,322,464.80 07/31/11 51,845,520.23 11/30/15 54,715,027.81
04/30/07 36,374,308.24 08/31/11 49,085,008.00 12/31/15 61,194,710.47
05/31/07 36,579,224.31 09/30/11 47,073,543.39 01/31/16 55,690,681.11
06/30/07 35,914,061.41 10/31/11 44,750,523.17 02/29/16 53,548,676.30
07/31/07 33,046,039.94 11/30/11 41,844,406.42 03/31/16 53,434,486.66
08/31/07 31,416,991.60 12/31/11 51,201,636.39 04/30/16 51,317,725.09
09/30/07 30,955,278.22 01/31/12 44,464,972.65 05/31/16 50,296,085.76
10/31/07 29,953,285.20 02/29/12 43,124,396.97 06/30/16 64,433,239.06
11/30/07 29,049,190.99 03/31/12 40,875,506.16 07/31/16 58,518,600.58
12/31/07 43,118,912.28 04/30/12 39,972,677.94 08/31/16 55,966,718.35
01/31/08 41,405,052.40 05/31/12 37,283,464.71 09/30/16 55,065,472.04
02/29/08 40,635,068.99 06/30/12 48,308,618.33 10/31/16 52,059,580.89
03/31/08 40,558,124.18 07/31/12 43,597,429.86 11/30/16 51,222,578.99
04/30/08 40,290,091.29 08/31/12 41,355,817.62 12/31/16 60,406,691.98
05/31/08 40,210,711.69 09/30/12 40,654,565.67 01/31/17 54,709,591.50
06/30/08 39,857,987.53 10/31/12 38,605,222.83 02/28/17 60,693,512.64
07/31/08 39,145,712.40 11/30/12 37,090,958.24 03/31/17 54,200,785.07
08/31/08 36,074,455.00 12/31/12 47,393,846.15 04/30/17 53,618,489.08
09/30/08 35,928,266.53 01/31/13 45,144,294.34 05/31/17 50,870,962.23
10/31/08 34,674,631.21 02/28/13 41,364,435.41 06/30/17 64,818,554.92
11/30/08 33,382,904.90 03/31/13 41,430,811.51 07/31/17 59,955,849.53
12/31/08 28,608,922.65 04/30/13 42,438,979.52 08/31/17 60,726,084.24
01/31/09 26,731,148.85 05/31/13 42,077,874.12 09/30/17 57,532,562.70
02/28/09 28,199,966.51 06/30/13 55,157,971.58 10/31/17 55,546,746.25
03/31/09 27,482,787.81 07/31/13 51,147,079.40 11/30/17 55,251,426.66
04/30/09 38,905,572.01 08/31/13 48,231,381.91 12/31/17 65,818,514.83
05/31/09 38,656,758.39 09/30/13 47,344,717.04 01/31/18 60,435,599.30
06/30/09 36,003,705.47 10/31/13 45,849,747.51 02/28/18 58,919,560.09
07/31/09 39,288,192.08 11/30/13 45,831,055.40 03/31/18 56,967,800.25
08/31/09 38,981,480.90 12/31/13 55,315,510.06 04/30/18 70,308,595.71
09/30/09 38,365,267.66 01/31/14 50,898,242.66 05/31/18 69,433,440.38
10/31/09 36,749,933.72 02/28/14 49,986,290.38 06/30/18 81,992,642.55
11/30/09 35,847,660.55 03/31/14 49,028,261.04 07/31/18 78,753,842.27
12/31/09 34,358,243.89 04/30/14 47,281,387.13 08/31/18 73,401,834.82
01/31/10 53,534,937.83 05/31/14 46,795,213.96 09/30/18 70,934,670.78
02/28/10 52,816,628.95 06/30/14 61,118,881.00 10/31/18 58,183,703.49
03/31/10 52,577,148.25 07/31/14 56,842,280.86 11/30/18 57,701,465.11
04/30/10 51,768,568.42 08/31/14 55,735,447.17 12/31/18 66,695,748.11
05/31/10 50,881,687.36 09/30/14 54,889,194.46 01/31/19 59,597,388.81
06/30/10 62,539,377.78 10/31/14 54,196,891.83 02/28/19 60,283,680.41
07/31/10 55,401,804.58 11/30/14 54,554,819.33 03/31/19 57,633,297.22
08/31/10 53,423,401.23 12/31/14 65,903,128.76 04/30/19 55,133,997.10
09/30/10 52,832,007.68 01/31/15 60,387,162.56 05/31/19 53,673,044.13
10/31/10 51,745,774.22 02/28/15 58,990,110.88 06/30/19 68,360,737.05
11/30/10 49,573,730.89 03/31/15 58,654,868.03 07/31/19 61,596,350.52
12/31/10 65,164,721.07 04/30/15 57,972,838.77 08/31/19 60,712,190.84
01/31/11 57,392,911.65 05/31/15 57,630,884.95 09/30/19 56,360,982.88
02/28/11 53,822,791.88 06/30/15 70,642,566.10 10/31/19 54,434,324.03
03/31/11 52,439,712.97 07/31/15 65,048,413.67 11/30/19 53,127,541.62
12/31/19 63,366,015.29
Note: TIF property tax distributions
are received in June and December.
Cash goes down in May and
November due to the timing of debt
service payments.
April 2018, Redevelopment District
Bonds totaling $11,995,000 were
issued for parks improvements to be
repaid by TIF Fund 324.
City of South Bend Cash Balances - Redevelopment Funds
January 1, 2007 - December 31, 2019
Maximum Total Cash
Minimum Total Cash
Average Cash
Average - last 12 months
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
2019-12 Monthly Cash Report 1127
$185,010,338 6/30/2018
$53,052,887 5/31/2007
$109,186,004 --
$161,560,745 --
Date Cash Date Cash Date Cash
01/01/07 85,175,579.60 04/30/11 98,831,059.73 08/31/15 95,418,067.35
01/31/07 73,488,712.70 05/31/11 95,848,921.73 09/30/15 98,961,223.68
02/28/07 62,279,572.21 06/30/11 126,998,337.53 10/31/15 96,618,498.09
03/31/07 63,387,712.08 07/31/11 118,336,148.46 11/30/15 91,575,694.83
04/30/07 57,999,328.33 08/31/11 113,258,535.54 12/31/15 103,372,121.18
05/31/07 53,052,886.63 09/30/11 110,396,745.77 01/31/16 96,593,548.78
06/30/07 69,141,886.09 10/31/11 106,268,532.08 02/29/16 92,760,927.94
07/31/07 55,973,444.69 11/30/11 103,722,320.22 03/31/16 88,559,353.77
08/31/07 56,738,574.39 12/31/11 122,382,409.35 04/30/16 86,653,485.20
09/30/07 54,332,089.62 01/31/12 112,856,049.10 05/31/16 86,834,652.02
10/31/07 62,335,616.12 02/29/12 108,263,714.86 06/30/16 116,591,466.93
11/30/07 78,241,163.17 03/31/12 104,341,336.06 07/31/16 121,999,405.01
12/31/07 92,992,407.68 04/30/12 102,221,194.49 08/31/16 105,828,873.80
01/31/08 80,935,072.49 05/31/12 98,400,589.02 09/30/16 106,788,928.77
02/29/08 79,815,076.58 06/30/12 129,269,506.53 10/31/16 103,888,093.70
03/31/08 75,755,584.16 07/31/12 118,715,231.38 11/30/16 98,003,054.46
04/30/08 70,171,420.22 08/31/12 114,706,440.90 12/31/16 115,636,423.15
05/31/08 63,701,375.82 09/30/12 116,874,708.78 01/31/17 123,978,793.66
06/30/08 74,301,370.46 10/31/12 109,940,198.76 02/28/17 121,509,295.84
07/31/08 77,357,385.95 11/30/12 107,094,590.01 03/31/17 116,554,975.66
08/31/08 73,612,781.45 12/31/12 125,384,469.62 04/30/17 110,930,193.42
09/30/08 70,870,856.93 01/31/13 119,412,780.36 05/31/17 108,877,270.93
10/31/08 61,421,121.17 02/28/13 113,373,764.76 06/30/17 137,292,433.56
11/30/08 60,929,733.44 03/31/13 107,698,520.03 07/31/17 130,725,920.08
12/31/08 67,373,134.56 04/30/13 103,435,158.90 08/31/17 126,515,209.12
01/31/09 56,557,371.00 05/31/13 98,352,454.84 09/30/17 153,866,546.50
02/28/09 61,446,169.16 06/30/13 125,169,937.15 10/31/17 147,133,964.65
03/31/09 75,602,332.02 07/31/13 121,430,845.57 11/30/17 143,554,756.24
04/30/09 69,388,217.66 08/31/13 114,023,924.90 12/31/17 167,851,319.70
05/31/09 68,735,769.04 09/30/13 115,040,485.48 01/31/18 162,491,472.74
06/30/09 62,589,041.72 10/31/13 109,822,423.95 02/28/18 158,812,440.01
07/31/09 66,130,768.09 11/30/13 104,254,613.29 03/31/18 157,559,868.19
08/31/09 71,071,962.93 12/31/13 124,318,129.42 04/30/18 148,410,420.86
09/30/09 70,242,756.18 01/31/14 114,256,166.29 05/31/18 148,710,961.31
10/31/09 68,758,254.71 02/28/14 109,603,281.18 06/30/18 185,010,338.05
11/30/09 63,704,336.96 03/31/14 104,384,382.05 07/31/18 174,174,636.01
12/31/09 117,203,577.74 04/30/14 98,541,834.35 08/31/18 169,092,973.62
01/31/10 104,838,291.70 05/31/14 95,103,846.00 09/30/18 167,461,074.68
02/28/10 104,864,103.11 06/30/14 122,883,782.00 10/31/18 168,975,135.70
03/31/10 103,854,789.67 07/31/14 113,327,256.18 11/30/18 162,330,274.67
04/30/10 98,183,077.33 08/31/14 109,603,756.37 12/31/18 179,716,517.72
05/31/10 111,608,210.69 09/30/14 109,275,831.00 01/31/19 171,206,079.23
06/30/10 128,279,716.19 10/31/14 101,285,566.72 02/28/19 167,558,852.67
07/31/10 119,642,649.15 11/30/14 97,119,208.93 03/31/19 159,549,535.86
08/31/10 116,632,252.40 12/31/14 112,281,466.37 04/30/19 155,780,499.49
09/30/10 118,416,709.45 01/31/15 103,499,061.06 05/31/19 148,297,131.48
10/31/10 112,912,072.36 02/28/15 99,594,218.25 06/30/19 179,976,642.47
11/30/10 113,513,586.86 03/31/15 92,334,813.71 07/31/19 169,098,059.79
12/31/10 121,274,488.95 04/30/15 89,927,304.71 08/31/19 166,065,012.41
01/31/11 113,796,557.05 05/31/15 86,034,381.75 09/30/19 162,816,628.89
02/28/11 109,647,280.68 06/30/15 110,214,298.75 10/31/19 153,771,746.37
03/31/11 105,410,957.45 07/31/15 100,449,392.01 11/30/19 141,893,458.24
12/31/19 162,715,294.83
Note: Property tax collections are
received in June and December.
Effective January 1, 2017, a total of
eight (8) funds with trustee cash
balances were included in the City's
formal accounting system,
signficantly increasing Civil City
cash.
Also, bond proceeds received during
2017, totaling $43.4 million,
increased cash.
City of South Bend Cash Balances - Civil City Funds
January 1, 2007 - December 31, 2019
Maximum Total Cash
Minimum Total Cash
Average Cash
Average - last 12 months
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
$180,000,000
$200,000,000
2019-12 Monthly Cash Report 1228
Interest Earnings Summary
29
City of South Bend, Indiana
Interest Earnings Summary - 2019
December 31, 2019
1st Source 1st Source
Paid Investment Checking Other Total
Month Month Interest Interest Interest (1)Interest
Dec-18 Jan-19 292,801.06$ 163,793.09$ 79,953.32$ 536,547.47$
Jan-19 Feb-19 267,613.86 192,558.06 48,906.99 509,078.91
Feb-19 Mar-19 276,974.83 152,738.16 82,532.27 512,245.26
Mar-19 Apr-19 176,169.99 155,191.87 41,173.68 372,535.54
Apr-19 May-19 510,609.78 144,973.97 98,384.71 753,968.46
May-19 Jun-19 426,110.67 132,873.29 41,463.97 600,447.93
Jun-19 Jul-19 362,662.00 151,236.43 38,374.85 552,273.28
Jul-19 Aug-19 303,606.02 210,265.30 98,852.73 612,724.05
Aug-19 Sep-19 354,860.02 163,547.17 45,618.75 564,025.94
Sep-19 Oct-19 254,042.94 141,082.61 33,098.33 428,223.88
Oct-19 Nov-19 412,294.74 127,250.90 86,211.14 625,756.78
Nov-19 Dec-19 436,421.51 89,753.72 49,913.27 576,088.50
4,074,167.42$ 1,825,264.57$ 744,484.01$ 6,643,916.00$
(1) interest on DCI loans, Major Moves interfund loans, Centier, Key Bank accounts, Bank of New
York Mellon accounts.
30
Interest Earnings
% Change
Year to
Year
2011 Actual 643,643$ ------
2012 Actual 1,474,283 129.1%
2013 Actual 1,119,139 -24.1%
2014 Actual 1,025,058 -8.4%
2015 Actual 1,769,436 72.6%
2016 Actual 2,359,164 33.3%
2017 Actual 2,737,881 16.1%
2018 Actual 4,868,861 77.8%
2019 Actual 6,643,916 36.5%
The City of South Bend earns interest on checking account balances, certificates of deposit, repayment of loans on
economic development projects and short-term investments.In May 11, 2011,the City opened a new investment
account with 1st Source Bank in the amount of $150,000,000. Investment earnings are reported net of fees.
Investment earnings are recorded in the general ledger on a cash basis when realized and do not reflect changes in
asset value and accrued interest until the investment is sold or matures. Interest is also earned on advances from
the Major Moves Fund to the Northeast Residential and Douglas Road TIF Funds.In January 2013,the Board of
Finance increased the authorized investment amount at 1st Source Bank to $175,000,000.In January 2017,the
Board increased the authorized amount to $185,000,000. Meetings are held quarterly with the investment staff of
1st Source Bank.
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
2011
Actual
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
Interest Earnings 2011 -2019
31
City of South Bend, Indiana
Interest Earnings Summary
Years 2011 through 2019
December 31, 2019
Fund Fund 2011 2012 2013 2014 2015 2016 2017 2018 2019
Number Name Actual Actual Actual Actual Actual Actual Actual Actual Actual
101 General Fund 56,303$ 99,725$ 81,117$ 74,513$ 146,438$ 234,728$ 292,096$ 487,006$ 724,748$
102 Rainy Day Fund 24,477 42,239 29,524 29,473 61,234 88,296 109,764 186,733 246,194
103 Excess Levy 261 - - - 23 7 - - -
201 Parks & Recreation 8,467 14,802 12,082 8,075 13,649 24,609 32,228 84,863 126,119
202 Motor Vehicle Highway 5,314 7,431 11,791 12,300 34,302 56,152 72,001 139,982 146,469
203 Recreation - Non Reverting 2,006 3,332 2,692 2,893 6,075 8,243 9,673 15,514 -
209 Studebaker/Oliver Grants 4,486 5,485 3,712 3,705 7,750 10,243 9,050 16,482 21,005
210 Econ Dev State Grants 13,016 64,332 60,703 15,033 11,236 14,144 12,124 11,863 7,773
211 DCI Administration 1,625 3,057 2,610 3,246 7,938 12,494 12,136 14,360 13,570
212 DCI Grants 3,147 2,578 2,152 2,038 1,972 1,424 723 1,163 2,852
216 State Seized Drug Money 336 653 498 564 1,368 2,032 2,543 3,755 5,396
217 Gift, Donation, Bequest 112 287 232 462 592 725 1,411 2,527 12,695
218 SBPD Curfew Violations 28 52 38 40 85 115 136 236 306
219 Unsafe Building - - - - - - - 6,040 14,604
220 Law Enforcement Cont. Education 2,990 5,194 3,491 3,394 6,715 8,138 6,961 10,040 9,307
221 Landlord Registration - - - - - - - 140 279
222 Central Services 1,917 4,688 3,421 3,950 8,574 10,343 10,211 10,934 16,454
224 Central Services Capital - - - - 322 933 1,176 2,780 3,129
226 Liability Insurance 11,068 23,376 18,597 17,712 35,042 43,001 48,797 71,401 97,578
227 Loss Recovery Fund 12,545 21,894 18,685 25,717 24,843 9,131 9,952 13,044 14,210
249 Public Safety LOIT Fund 2,308 8,296 6,954 5,168 6,209 7,162 9,938 22,716 65,117
250 General Grant - - - - - - - - -
251 Local Roads & Streets 6,031 7,306 6,247 7,585 18,729 27,861 31,663 71,117 111,308
252 Excess Welfare Distribution 6,545 5,407 4 4 - - - - -
257 LOIT 2016 Special Distribution - - - - - - 34,717 38,179 10,229
258 Human Rights - Federal Grant 1,404 2,279 1,593 1,743 2,960 4,149 5,179 8,987 10,376
265 Local Road and Bridge - - - - - - - 6,373 8,641
266 MVH Restricted Fund - - - - - - - - 12,367
271 Eastrace Waterway 78 99 49 35 22 12 9 - -
273 Morris/Palais Marketing Fund 60 122 95 90 198 332 507 1,041 1,506
274 Morris PAC Self Promotion - - - - - - - 814 3,175
278 Police Take Home Liability 833 1,828 1,435 1,705 4,062 6,404 8,100 13,630 17,664
279 IT - Innovation 311 Call Center - - - - - - - 31,487 54,428
280 Police Block Grants 3,433 459 13 13 27 36 42 71 94
281 Economic Revenue Bond 76 133 93 93 193 255 298 259 -
287 EMS Capital Fund - - - - 6,860 30,399 44,718 81,118 71,960
288 EMS Operating Fund 15,121 30,051 16,450 14,964 22,372 20,021 27,419 49,138 49,036
289 Hazmat 8 13 40 86 231 269 261 456 608
291 Indiana River Rescue 195 408 368 361 618 1,248 1,530 2,777 5,807
292 Police Grants Fund - - - - 55 - - - -
294 Regional Police Academy 231 399 268 262 480 757 910 1,739 2,588
295 COPS More Grant 323 492 364 380 778 1,212 1,814 2,334 4,036
299 Federal Drug Enforcement 724 941 947 978 975 1,397 2,048 2,654 3,131
305 SBCDA Bond Proceeds 2003 2,657 - - - - - - - -
312 2017 Parks Bond Debt Service - - - - - - - 763 565
313 Hall of Fame Debt Service - - - - 41 0 285 141 27
314 Redev Bond 1990 2,373 3,009 - - - - - - -
315 Redev Bond - Airport - Taxable 5,538 5,571 3,567 3,548 7,340 9,662 11,140 18,760 24,249
317 Coveleski Bond Debt Service Reserve 1,277 2,470 1,725 1,722 3,577 4,742 5,523 9,396 1,076
319 Blackthorn Debt Service 2,827 4,420 464 - - - - - -
32
City of South Bend, Indiana
Interest Earnings Summary
Years 2011 through 2019
December 31, 2019
Fund Fund 2011 2012 2013 2014 2015 2016 2017 2018 2019
Number Name Actual Actual Actual Actual Actual Actual Actual Actual Actual
324 TIF Revenue - Airport 68,381 80,260 61,707 85,249 255,183 284,754 295,661 498,346 622,691
328 Redev Bond - Palais Royale 3,159 8,258 5,959 5,929 12,263 16,144 18,628 31,363 40,541
351 2018 TIF Park Bond Debt - - - - - - - - 23,374
377 Professional Sports Development 3,415 5,025 2,742 1,963 2,947 2,657 1,345 37 1,201
401 Coveleski Stadium Capital 262 327 92 98 358 683 860 1,074 718
403 Zoo Endowment 97 211 168 168 348 462 151 - -
404 COIT 37,973 69,195 50,203 50,003 100,599 99,241 95,698 186,016 296,751
405 Park Nonreverting Capital 1,020 1,772 1,386 1,384 3,120 3,405 1,471 1,200 -
406 Cumulative Capital Development 1,769 3,808 2,701 2,156 3,051 4,045 4,834 8,622 8,944
407 Cumulative Capital Improvement 36 15 122 227 1,042 2,607 3,838 5,687 11,646
408 EDIT 22,135 45,531 33,100 34,399 69,484 94,879 130,988 264,870 393,399
410 UDAG 2,659 917 88 94 2,306 4,868 5,604 6,352 625
412 Major Moves Construction (1)77,860 394,379 261,868 253,216 252,281 221,540 179,953 168,342 161,549
416 Morris PAC Capital 1,503 1,997 1,412 1,651 3,642 4,965 6,593 7,250 9,243
420 TIF District - SBCDA General 9,217 45,913 59,683 42,533 - - - - -
422 TIF District - W. Washington 3,141 3,920 1,435 2,502 8,903 15,176 21,964 38,510 37,241
424 TIF SBCDA-Building Operations - - - - - - - - -
425 TIF - Leighton Plaza 334 383 298 306 1,071 1,541 1,771 2,729 206
426 TIF - Cent. Med Serv Area 10,028 16,841 12,242 8,308 - - - - -
428 Red Dist Capital - AEDA2003 - - - - - - - - -
429 Northeast Development Area TIF 1,040 5,286 8,057 11,381 44,638 70,896 83,386 161,666 216,095
430 Southside TIF Area #1 10,154 19,939 17,222 12,462 34,652 51,011 65,346 150,223 210,559
431 Southside TIF #2 - Erskine Commons 4,029 2,329 - - - - - - -
432 Southside TIF #3 - Erskine Village 13,192 27,801 18,842 20,575 38,457 46,268 8,519 - -
433 Redevelopment Admin General 107 164 104 51 70 81 83 2,969 18,819
434 CRED 1,507 1,259 418 301 360 635 - - -
435 Douglas Road TIF 246 723 454 685 606 1,123 844 3,533 4,666
436 Northeast Residential TIF 2,266 10,211 8,423 3,380 1,571 2,109 442 5,385 39,283
438 Coveleski Bond Construction 5,268 - - - - - - - -
439 Certified Technology Park - 3,571 7,207 12,682 28,205 20,426 10,965 11,138 11,102
450 Palais Royale Historic Preservation 118 247 215 195 488 760 1,065 2,143 2,523
451 2018 Fire St #9 Bond Capital - - - - - - - 56,076 40,384
452 2018 TIF Park Bond Capital - - - - - - - - 186,070
453 2018 Zoo Bond Capital - - - - - - - - 22,489
454 Airport Urban Enterprise Zone 473 1,323 1,289 1,287 2,674 3,545 4,129 7,024 9,261
471 2017 Parks Bond Series A-K Capital - - - - - - - 189,838 260,532
600 Building Department 113 380 667 1,354 9,357 19,974 30,173 47,231 45,340
601 Parking Garages 2,112 4,124 2,408 3,407 7,543 6,965 12,422 23,414 26,939
610 Solid Waste Operations 3,363 5,359 2,996 1,765 2,578 3,132 4,756 9,887 10,429
611 Solid Waste Capital 210 279 469 169 114 1,211 1,089 1,666 5,160
620 Water Works Operations 4,545 10,309 6,453 11,007 30,010 31,293 31,224 53,391 72,870
622 Water Works Capital 1,909 6,523 13,709 11,944 21,149 25,902 24,709 36,395 73,538
623 WW 1997 Bond Capital 1,764 11,241 16,550 1,731 544 - - - -
624 Water Works Customer Deposit 3,971 6,864 4,861 4,997 10,564 14,196 16,276 27,299 34,493
625 WW 1993 Sinking Fund 4,581 3,961 2,064 2,535 6,268 7,299 9,994 15,871 25,708
626 Water Works Bond Reserve 606 3,221 4,767 5,391 8,258 15,039 15,294 25,805 33,355
629 WW Resv O&M Fund 7,206 9,729 6,927 7,079 15,609 22,367 27,841 47,942 66,676
640 Sewer Repair Insurance 2,179 5,003 4,204 4,907 11,145 16,006 19,466 34,679 48,681
641 Sewage Works Operations 19,879 16,545 16,604 20,498 58,066 105,065 152,871 238,326 325,226
642 Sewage Works Capital 13,101 46,026 26,316 17,278 46,366 72,469 71,081 153,406 244,500
643 Sewage Works Resv - O&M 8,429 15,457 11,036 11,635 25,652 40,590 53,934 96,204 128,822
33
City of South Bend, Indiana
Interest Earnings Summary
Years 2011 through 2019
December 31, 2019
Fund Fund 2011 2012 2013 2014 2015 2016 2017 2018 2019
Number Name Actual Actual Actual Actual Actual Actual Actual Actual Actual
645 2004-2006 Sewer Bonds 12 - - - - - - - -
647 2007 Sewer Bond 1,352 202 42 3 3 - - - -
649 Sewage Works Bond Sinking 6,987 14,736 10,232 12,563 30,784 37,633 47,833 87,659 115,049
650 Clay Sewage Works Operations 2 3 2 - - - - - -
651 2007B Sewer Bond 2,989 575 69 - - - - - -
653 Sewage Works Debt Service Reserve 4,901 30,127 3 3 3 6,009 26,716 65,897 87,669
654 Sewage Works Deposit Fund - - - - - - - - 1,430
655 Project ReLeaf 2,111 4,230 2,914 3,642 7,334 7,978 9,381 14,362 13,753
658 2010 Sewer Bond 18,528 4,348 216 6 - - - - -
659 2011 Sewer Bond 8,738 91,421 30,970 20,589 5,103 1,961 155 1 -
661 2012 Sewer Bond - - 65,016 60,972 110,899 96,669 20,166 3,229 -
664 2013A Sewer Bonds Refunds - - 7 15 32 32 - - -
666 2015 Sewer Bond - - - - - 114 - - -
667 Storm Sewer Fund - - - - - - - - 836
670 Century Center 1,839 228 3,079 - - - - - 6
671 Century Center Capital - 365 315 328 809 932 866 2,026 12,966
672 Century Center Energy Savings Bond - - - - 32 163,589 110,958 110,118 108,178
677 Hall of Fame Capital 2,910 3,906 2,416 2,145 3,767 4,699 5,075 7,804 2,311
701 Fire Pension 4,330 4,740 2,918 1,690 3,275 2,889 3,878 7,526 7,304
702 Police Pension 5,510 6,904 5,432 3,308 5,842 6,841 7,646 15,005 14,180
705 K-9 Unit 6 11 7 8 25 34 31 52 55
711 Self-Funded Employee Benefits 27,732 42,730 25,351 18,112 34,136 50,896 95,456 212,822 251,340
713 Unemployment Comp Fund 81 101 524 822 1,747 2,617 2,761 3,874 4,479
714 Parental Leave - - - - - - - 481 805
730 City Cemetery Trust 118 202 138 118 201 267 310 517 682
731 Bowman Cemetery Trust - - - - - - - - 10,724
750 Equipment / Vehicle Leasing - - - - - - 7,320 31,473 16,775
751 Parks Bond Capital - - - - - - 6,700 4,813 840
752 SB Redevelopment Authority - - - - - - 3,871 4,699 6,383
753 Smart Street Bond Capital - - - - - - 5,075 1,060 124
754 Industrial Revolving Fund - - - - - - 141,832 206,484 263,452
755 SB Building Corp - - - - - - 3,162 10,314 15,243
756 Smart Streets Debt Service - - - - - - 3,274 4,588 4,629
757 Parks Bond Debt Service - - - - - - 1,472 2,787 3,527
758 Erskine Village Debt Service - - - - - - 114 - -
759 Eddy St. Commons Capital - - - - - - - 121 65
760 Eddy St. Commons Debt Service - - - - - - 1,480 6,428 8,792
Total Interest 643,643$ 1,474,283$ 1,119,139$ 1,025,058$ 1,769,436$ 2,359,164$ 2,737,881$ 4,868,861$ 6,643,916$
(1) includes NE TIF and Douglas Road TIF repayment of interest on advances from Major Moves.
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City of South Bend Administration & Finance Policy Manual
2.8 Investment Policy
Effective: January 1, 2019
Purpose: This policy defines the cash investment policy of the City of South Bend.
Scope: This statement applies to all governmental units, enterprise operations, and operations of the
City of South Bend. This policy shall be in accordance with the terms and limit ations of I.C. 5-
13-9, Deposit and Investment Powers, as amended from time to time.
Responsibility: This policy is the responsibility of the City Controller. Changes or revisions to this policy are
affected only by approval of the City Controller.
Effective Date: This policy is effective as of the date stated above. The Board of Finance of the City of South
Bend (constituted by the South Bend Common Council pursuant to I.C. 5-13-7-5) will review this
policy each year at its annual meeting conducted in accordance with I.C. 5-13-7-6 and I.C. 5-
13-7-7.
1.0 Policy Statement
The City of South Bend, Indiana shall make all investments, in both Deposit and Investment Accounts,
in accordance with the terms and limitations of IC 5-13-9, Deposit and Investment Powers, as amended
from time to time.
2.0 Deposit and Investment Options
Eligible deposit accounts mean any of the following:
1. Any account subject to withdrawal by negotiable orders of withdrawal, unlimited as to amount or
number, and without penalty, including NOW accounts
2. Passbook savings accounts
3. Certificates of Deposit
4. Money market deposit accounts
5. Any interest-bearing account that is authorized and offered by a financial institution in the course of
its respective business
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City of South Bend Administration & Finance Policy Manual
2.8 Investment Policy
3.0 Eligible Investment Products:
Each investment officer may invest or reinvest any funds that are held by the officer and available for
investment in any of the following (IC 5-13-9):
3.1 Securities backed by the full faith and credit of the United States Treasury or fully guaranteed by the
United States and issued by any of the following:
1. The United States Treasury
2. A federal agency
3. A federal instrumentality
4. A federal government sponsored enterprise
3.2 Discount notes issued by any of the following:
1. A federal agency
2. A federal instrumentality
3. A federal government sponsored enterprise
3.3 An investment officer shall annually obtain the approval of the Common Council before making
investments in the following:
1. Money market mutual funds that are in the form of securities of or interests in an open-end, no-load,
management-type investment company or investment trust registered under the provisions of the
federal Investment Company Act of 1940, as amended. The portfolio of this type must be limited to the
following:
A. Direct obligations of the United States
B. Obligations issued by any of the following:
a. A federal agency
b. A federal instrumentality
c. A federal government sponsored enterprise
C. Repurchase agreements fully collateralized by obligations described in both A and B
above.
2. The money market mutual fund must be rated as one of the following:
A. AAA, or its equivalent, by Standard and Poor's Corporation
B. Aaa, or its equivalent, by Moody's Investors Service, Inc.
3.4 The investment is considered to have a stated final maturity of one day, and shall be made through
depositories designated by the state board of finance as depositories for state deposits under IC 5 -13-
9.5.
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City of South Bend Administration & Finance Policy Manual
2.8 Investment Policy
4.0 Terms of Repurchase Agreements
Each investment officer may enter into, with any funds that are held by the officer and available for
investment, repurchase agreements with depositories designated by the State Board of Finance as
depositories under IC 5-13-9.5; and involving the political subdivision’s purchase and guaranteed resale
of any interest-bearing obligations;
A. issued; or
B. fully insured or guaranteed by the United States, a United States Government Agency, an
instrumentality of the United States, or a federal government sponsored enterprise.
The depository shall determine daily that the amount of money in this type of agreement must be fully
collateralized by interest-bearing obligations as determined by their current market value. The collateral
is not subject to the two-year maturity limitation.
Repurchase agreements may be entered into for a fixed term or arranged on an open or continuing basis
as a continuing contract that:
1. operates like a series of overnight repurchase agreements (may be referred to as overnight
sweep products),
2. is renewed each day with the repurchase rate and the amount of funds invested determined
daily; and
3. for this purpose is considered to have a final maturity of one day.
5.0 Investment in Other Securities
Each investing officer may invest or reinvest in obligations issued, assumed or guaranteed by the
International Bank for Reconstruction and Redevelopment or the African Development Bank (IC 5-13-
9.3.3)
6.0 Inter-local Cooperation Agreement
IC 36-1-7-1 authorizes and permits local units of government to enter into inter -local cooperation
agreements, and thus to exercise a power jointly pursuant to a written agreement authorized by
ordinance or resolution. MBIA provides through Invest Indiana, such an inter-local agreement. The
investments of the joint structure are limited to all investments authorized by IC 5-13.
7.0 Maturity Limitations
1. A minimum of 75% of the total portfolio must be invested with a maximum maturity of two (2) years
in permitted investments as defined as above.
2. A maximum of 25% of the total portfolio may be invested with a maturity of two (2) to five (5) years
as permitted in IC 5-13-9-5.7 in permitted investments as defined as above. This policy expires
on January 31, 2021.
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City of South Bend Administration & Finance Policy Manual
2.3.2 Cash Reserve Policy
Revised 1/1/2013, 1/1/2014, 1/1/2016, 1/1/2017, 1/1/2018 , 1/1/2019, and 1/1/2020
Purpose: This procedure defines the cash reserve practices for the City of South Bend.
Scope: This statement applies to all governmental units, enterprise operations, and operations of the City of
South Bend.
Responsibility: This policy is the responsibility of the Controller of the City of South Bend. Changes or revisions to this
policy are affected only with the consent and approval of the Controller.
Effective Date: This policy is effective January 1, 2020.
1.0 Procedure Statement
The City of South Bend has established the following cash reserve guidelines. Cash reserves are defined as cash
balances on hand less outstanding encumbrances.
Fund Fund Name Cash Reserve Policy
101 General Fund 35% of annual expenditures
102 Rainy Day 3% of prior year operational expenditures in Civil City
funds, excluding interfund transfers
201 Parks & Recreation 25% of annual expenditures
202 Motor Vehicle Highway 25% of annual expenditures
209 Studebaker/Oliver Reverting Grants No reserve requirement - Grant fund - spend down to zero
210 Department of Community Investment State Grants No reserve requirement - Grant fund - spend down to zero
211 Department of Community Investment Administration 10% of annual expenditures
212 DCI Grants No reserve requirement - Grant fund - spend down to zero
216 Police State Seizures 25% of annual expenditures
217 Gift, Donation, Bequest No reserve requirement
218 Police Curfew Violations 25% of annual expenditures
219 Unsafe Building No reserve requirement
220 Law Enforcement Continuing Education 25% of annual expenditures
221 Rental Units Regulation 10% of annual expenditures
222 Central Services 10% of annual expenditures, excluding utilities
224 Central Services Capital No reserve requirement - Capital fund - spend down to
zero
226 Liability Insurance 50% of annual expenditures
227 Loss Recovery No reserve requirement
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Fund Fund Name Cash Reserve Policy
230 Code Enforcement 10% of annual expenditures
249 Public Safety LOIT 8% of annual expenditures – 1 month of expenditures
251 Local Roads & Streets 25% of annual expenditures
257 LOIT 2016 Special Distribution No reserve requirement
258 Human Rights – Federal Grants No reserve requirement - Grant fund - spend down to zero
265 Local Road & Bridge Matching Grant No reserve requirement - Grant fund - spend down to zero
273 Morris Performing Arts Center/Palais Royale Marketing 25% of annual expenditures
274 Morris PAC Self-Promotion 25% of annual expenditures
278 Police Take Home Vehicle $750,000 minimum
279 IT / Innovation / 311 Call Center No reserve requirement
280 Police Block Grants No reserve requirement - Grant fund - spend down to zero
287 Fire Department Capital No reserve requirement - Capital fund - spend down to
zero
289 HAZMAT 25% of annual expenditures
291 Indiana River Rescue 25% of annual expenditures
292 Police Grants No reserve requirement
294 Regional Police Academy 25% of annual expenditures
295 COPS MORE Grant No reserve requirement
299 Police Federal Drug Enforcement 25% of annual expenditures
312 2017 Parks Bond Debt Service No reserve requirement
315 Airport 2003 Debt Reserve 100% of debt service reserve per bond covenants
324 TIF - River West Development Area No reserve requirement
328 SBCDA 2003 Debt Reserve 100% debt service reserve per bond covenants
350 2018 Fire Station #9 Bond Debt Service No reserve requirement
351 2018 TIF Parks Bond Debt Service 100% debt service reserve per bond covenants
352 South Shore Double Tracking Debt Service No reserve requirement
401 Coveleski Stadium Capital No reserve requirement - Capital fund - spend down to
zero
404 County Option Income Tax 50% of annual expenditures
406 Cumulative Capital Development No reserve requirement - Capital fund - spend down to
zero
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Fund Fund Name Cash Reserve Policy
407 Cumulative Capital Improvement No reserve requirement - Capital fund - spend down to
zero
408 Economic Development Income Tax 50% of annual expenditures
410 Urban Development Action Grant (UDAG) No reserve requirement - Grant fund - spend down to zero
412 Major Moves Construction No reserve requirement - Capital fund - spend down to
zero
416 Morris Performing Arts Center Capital No reserve requirement
422 TIF - West Washington No reserve requirement
429 TIF - River East Development Area (NE Dev) No reserve requirement
430 TIF - Southside Development Area #1 No reserve requirement
433 Redevelopment Administration General 25% of annual expenditures
435 TIF - Douglas Road No reserve requirement
436 TIF - River East Residential (NE Res) No reserve requirement
439 Certified Technology Park No reserve requirement
450 Palais Royale Historic Preservation No reserve requirement
451 2018 Fire Station #9 Bond Capital No reserve requirement - Bond capital fund - spend down
to zero
452 2018 TIF Parks Bond Capital No reserve requirement - Bond capital fund - spend down
to zero
454 Airport Urban Enterprise Zone No reserve requirement
471 2017 Parks Bond Capital No reserve requirement - Bond capital fund - spend down
to zero
600 Consolidated Building Department 25% of annual expenditures
601 Parking Garages 25% of annual expenditures
610 Solid Waste Operations 10% of annual expenditures
611 Solid Waste Capital No reserve requirement - Capital fund - spend down to
zero
620 Water Works Operations 5% of annual expenditures
622 Water Works Capital No reserve requirement - Capital fund - spend down to
zero
624 Water Works Customer Deposit 100% cash reserves for customer deposits
625 Water Works Sinking 100% cash reserves per bond covenants
626 Water Works Bond Reserve 100% cash reserves per bond covenants
629 Water Works Reserve - O & M 16.67% of annual operating expenses in fund 620, net of
transfers
640 Sewer Repair Insurance 25% of annual expenditures
40
Fund Fund Name Cash Reserve Policy
641 Sewage Works Operations 5% of annual expenditures
642 Sewage Works Capital No reserve requirement - Capital fund - spend down to
zero
643 Sewage Works Reserve - O & M 16.67% of annual operating expenses in fund 641, net of
transfers
649 Sewage Works Sinking 100% cash reserves per bond covenants
653 Sewage Works Debt Service Reserve 100% cash reserves per bond covenants
654 Sewage Works Customer Deposit 100% cash reserves for customer deposits
655 Project ReLeaf (Leaf Pickup) 25% of annual expenditures
667 Storm Sewer 25% of Annual expenditures
670 Century Center Operations 25% of annual expenditures
671 Century Center Capital $800,000 minimum
672 Century Center Energy Conservation Bond No reserve requirement
701 Firefighters Pension 10% of annual expenditures
702 Police Pension 10% of annual expenditures
705 Police K-9 Unit No reserve requirement
709 Payroll Fund No reserve requirement – clearing fund
711 Self-Funded Employee Benefits 25% of annual expenditures
713 Unemployment Compensation 25% of annual expenditures
714 Parental Leave 8% of annual expenditures – 1 month of expenditures
718 State Tax Deduction Fund 100% cash reserves – trust & agency funds
725 Morris / Palais Box Office 100% cash reserves – trust & agency funds
726 Police Distributions Payable 100% cash reserves – trust & agency funds
730 City Cemetery Trust 25% of annual expenditures
731 Bowman Cemetery $400,000 minimum
750 Equipment/Vehicle Leasing No reserve requirement - Capital lease fund - spend down
to zero
752 South Bend Redevelopment Authority 100% cash reserves per bond covenants
754 Industrial Revolving Fund No City reserve requirement; there are program
requirements
755 South Bend Building Corporation 100% cash reserves per bond covenants
756 Smart Streets Debt Service 100% cash reserves per bond covenants
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Fund Fund Name Cash Reserve Policy
757 2015 Parks Bond Debt Service 100% cash reserves per bond covenants
759 Eddy Street Commons Bond Capital No reserve requirement - Bond capital fund - spend down
to zero
760 Eddy Street Commons Bond Debt Service $2,500,000 minimum per bond covenant
42
Background: Paul leads the investment
strategy and implementation for our clients.
Paul oversaw the effort to create 1st Source
Corporation Investment Advisors, Inc. and
started here as our Senior Fixed Income
Manager. Prior to joining 1st Source in 2000,
he worked for Bremer Trust, N.A. in St. Cloud,
Minnesota. He has worked in sales, portfolio
management, and product development in
investments since 1989. Paul earned the right
to use the Chartered Financial Analyst
designation in 1998.
Organizations: Paul is involved with the
CFA Institute, Christ the King Lutheran Church,
and South Bend Medical Foundation.
Paul W. Gifford, Jr., CFA
office: (574) 235-2751
mobile: (574) 274-2246
GiffordP@1stsource.com
Title: President and Chief Investment
Officer, 1st Source Corporation
Investment Advisors, Inc.
Education: B.S. Finance (magna cum laude)
University of Minnesota - Mankato
Mankato, Minnesota
Our Mission is to help our clients achieve security,
build wealth and realize their dreams.
43
Background: Erik joined 1st Source in 2015 after
working with Comerica in Detroit as a Senior Fixed
Income Analyst & Strategist for seven years, and prior
as a Closely-Held Investment Analyst for two years.
He worked as a manager of fixed income analytics
and worked closely with the capital markets and
investment banking businesses. His work has focused
on credit analytics, valuation, interest rate strategies,
and macro-strategy. Erik has developed and
implemented tailored portfolio asset allocation
strategies, which were focused on fixed income,
for a wide array of clients with a large range of
financial instruments.
Organizations: Erik is active coaching local youth
sports teams. Erik received his B.S. in Marketing
with Minors in Finance and Music Industry from
York College of Pennsylvania.
Title: Vice President and Senior Fixed
Income Portfolio Manager
Education: B.S. Marketing, Finance minor
York College
York, Pennsylvania
Our Mission is to help our clients achieve security,
build wealth and realize their dreams.
Erik Clapsaddle, CFA, CFP®
office: (574) 235-2754
mobile: (248) 808-4281
ClapsaddleE@1stsource.com
44
Title:Vice President and Personal
Trust Manager, South Bend
Education: J.D.
Thomas M. Cooley Law School
Lansing, Michigan
B.A., Economics
Kalamazoo College
Kalamazoo, Michigan
Background: Amy joined 1st Source Bank in 2018
from Chemical Bank in St. Joseph, Michigan where she
served as 1st Vice President and South Region Manager
and Trust Officer since 2010. Her prior professional
experience includes: Trust Officer at Fifth Third Bank
and the private practice of law for seven years serving
clients throughout Michiana. Amy earned her Bachelor
of Arts degree from Kalamazoo College in 1990 and
her Juris Doctor degree from Thomas M. Cooley Law
School in 1996.
Organizations: Amy has been an active member of
the Berrien County Bar Association and is a current
member of the Board of the Lake Michigan College
Foundation.
Our Mission is to help our clients achieve security,
build wealth and realize their dreams.
Amy White, J.D.
office: 574 235-2316
WhiteA@1stsource.com
45