HomeMy WebLinkAbout2020 Board of Finance Annual Investment Report
ANNUAL INVESTMENT REPORT
to the
CITY OF SOUTH BEND BOARD OF FINANCE
For the Year Ended December 31, 2020
Report Date: January 25, 2021
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)
11
TABLE OF CONTENTS
Investment Officers, Advisors, Authorized Investments ............................................................. 3
Investment Review Meetings............................................................................................................. 4
Investment Report (12/31/20) ................................................................................................ 5 – 15
Year-End Cash Report (12/31/20 – preliminary) .............................................................. 16 – 18
2020 Interest Earnings Summary ........................................................................................... 19 – 24
Cash Management & Investment Policies ............................................................................ 25 – 34
1st Source Investment Advisor Profiles ................................................................................ 35 – 37
22
INVESTMENT OFFICERS
City Controller: Daniel T. Parker, MBA, MSA, CPA
Deputy City Controller: Benjamin J. Dougherty, JD
Director of Treasury: Renata Matousova, MS, MBA
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
Portfolio of $185 million in investments with 1st Source Bank
33
INVESTMENT REVIEW MEETINGS
QUARTER DATE TIME
1ST Quarter 04/21/2021 10:00 A.M.
2ND Quarter 07/21/2021 10:00 A.M.
3RD Quarter 10/20/2021 10:00 A.M.
4TH Quarter 01/19/2022 10:00 A.M.
Investment Review Meetings will be held virtually via Microsoft Teams until further notice.
44
INVESTMENT REPORT (12/31/2020)
55
City of South Bend Corporate Agency
Investment Presentation for
Account 619062011
Prepared by Paul W Gifford, CFA
66
Account Summary as of 12/31/2020
City of South Bend Corporate Agency
Account Statistics
Total Market Value $185,909,492.83
Total Unrealized Gain/Loss $814,583.51
Estimated Annual Income $1,551,721.43
Estimated Portfolio Yield 0.84%
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 & CARMEN POST
Asset Allocation
% TotalMarket ValueAsset Category
9.4 17,538,665.22Cash
90.6 168,370,827.61Fixed Income
100.0%$185,909,492.83Total
Top 5 Holdings (Cash Excluded)
Asset Units Price Tax Cost Market Value YieldEst. IncomeGain/Loss % Total
FFCB 0.270% 6/09/22 4.30 0.27 21,600.00 3,560.00 7,998,360.00 7,994,800.00 99.96 8,000,000
U.S. Treasury Notes 2.000%
8/31/21
2.74 1.96 100,000.00 79,224.44 5,096,477.90 5,017,253.46 101.25 5,000,000
Wells Fargo Bank CD 1.650%
8/10/21
2.72 1.63 82,500.00 54,172.60 5,054,172.60 5,000,000.00 100.98 5,000,000
Wells Fargo Bank CD 2.650%
2/16/21
2.70 2.64 132,500.00 23,497.26 5,023,497.26 5,000,000.00 100.33 5,000,000
FHLMC MTN 0.270% 7/08/22 2.69 0.27 13,500.00 8,487.50 5,008,487.50 5,000,000.00 100.04 5,000,000
$28,012,053.46 $28,180,995.26 $168,941.80 $350,100.00 1.24%Total 15.16%
Market values include accruals.
December 31, 2020 Account 61906201177
Holdings Detail as of 12/31/2020
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Cash
Taxable Money Market Funds
Federated Hermes Govt Obl 608919718 17,538,473 17,538,473.28 17,538,665.22 191.94 5,892.93 0.03%
$17,538,473.28 $17,538,665.22 $191.94 $5,892.93 0.03%Total Cash
Fixed Income
Time Deposits
21st Century Bank CD 1.000% 4/14/22 90136STW6 250,000 250,000.00 253,118.94 3,118.94 2,500.00 0.99%
Ally Bank CD 2.450% 5/17/21 02007GJW4 250,000 250,000.00 253,061.92 3,061.92 6,125.00 2.42%
Amer Expr Natl Bk CD 0.800% 3/17/22 02589AA36 250,000 250,000.00 252,800.82 2,800.82 2,000.00 0.79%
Amerant Bank CD 1.050% 3/30/22 02357QAM9 250,000 250,000.00 253,743.84 3,743.84 2,625.00 1.03%
Axos Bank CD 1.550% 3/28/22 05465DAF5 250,000 250,000.00 254,673.70 4,673.70 3,875.00 1.52%
Bank Ozk CD 0.850% 1/22/21 06417NRW5 250,000 250,000.00 250,174.90 174.90 2,125.00 0.85%
Bank Rhode Island CD 0.600% 4/08/21 064577FD6 250,000 250,000.00 250,476.13 476.13 1,500.00 0.60%
Bankers Bank CD 2.400% 6/21/21 06610QDU2 250,000 250,000.00 252,983.32 2,983.32 6,000.00 2.37%
Bankwell Bank CD 0.400% 7/06/23 06654BCH2 250,000 250,000.00 252,087.91 2,087.91 1,000.00 0.40%
Berkshire Bank CD 2.400% 5/28/21 084601UU5 250,000 250,000.00 252,951.03 2,951.03 6,000.00 2.37%
Bmo Harris Bank CD 0.500% 3/28/25 05600XAY6 1,000,000 1,000,000.00 1,001,144.79 1,144.79 5,000.00 0.50%
Bmo Harris Bank CD 0.550% 11/22/22 05581W7Q2 2,000,000 2,000,000.00 2,002,605.48 2,605.48 11,000.00 0.55%
Bmo Harris Bank CD 0.600% 6/26/23 05600XAA8 1,000,000 1,000,000.00 1,001,388.63 1,388.63 6,000.00 0.60%
Bmo Harris Bank CD 1.250% 3/31/21 05581W6M2 1,500,000 1,500,000.00 1,518,873.08 18,873.08 18,750.00 1.23%
Bmo Harris Bk CD 0.500% 2/27/25 05600XAV2 1,000,000 1,000,000.00 1,001,179.45 1,179.45 5,000.00 0.50%
Border State Bank CD 1.850% 8/16/21 099703FS4 250,000 250,000.00 254,601.13 4,601.13 4,625.00 1.82%
Brookline Bank CD 1.750% 2/26/21 11373QGY8 250,000 250,000.00 250,720.96 720.96 4,375.00 1.74%
Cadence Bank CD 0.900% 3/26/21 12738RFW9 250,000 250,000.00 252,228.53 2,228.53 2,250.00 0.89%
Capital One Bank CD 2.400% 6/01/21 14042TAR8 250,000 250,000.00 253,016.03 3,016.03 6,000.00 2.37%
Capital One CD 2.400% 6/01/21 14042RLU3 250,000 250,000.00 253,016.03 3,016.03 6,000.00 2.37%
Centerstate Bank CD 0.850% 3/30/22 15201QCP0 250,000 250,000.00 252,988.94 2,988.94 2,125.00 0.84%
Cfbank CD 1.650% 10/12/21 15721UDE6 250,000 250,000.00 253,382.33 3,382.33 4,125.00 1.63%
CIT Bank CD 1.050% 3/28/22 12556LBU9 250,000 250,000.00 253,745.10 3,745.10 2,625.00 1.03%
December 31, 2020 Account 61906201188
Holdings Detail as of 12/31/2020
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
Time Deposits (continued)
Cmnty First Bank CD 1.650% 9/13/21 20368TCN8 250,000 250,000.00 253,051.03 3,051.03 4,125.00 1.63%
Discover Bank CD 0.850% 3/25/22 254673ZU3 250,000 250,000.00 252,983.05 2,983.05 2,125.00 0.84%
Encore Bank CD 0.900% 4/27/21 29260MBB0 250,000 250,000.00 250,725.82 725.82 2,250.00 0.90%
Farmers Bank & Tr CD 1.600% 2/28/22 309162BG9 250,000 250,000.00 254,498.84 4,498.84 4,000.00 1.57%
Fifth Third Bank CD 1.150% 4/22/21 316777XJ5 3,000,000 3,000,000.00 3,034,328.22 34,328.22 34,500.00 1.14%
First Bank CD 1.100% 3/31/22 31931TGL3 250,000 250,000.00 253,237.53 3,237.53 2,750.00 1.09%
First Merchant Bk CD 2.550% 2/01/21 32082BCH0 250,000 250,000.00 253,262.23 3,262.23 6,375.00 2.52%
First Merchants CD 1.850% 5/14/21 32082BEU9 1,411,000 1,402,957.30 1,421,711.81 18,754.51 26,103.50 1.84%
First Natl Bank CD 1.100% 4/11/22 32114VBY2 250,000 250,000.00 253,470.79 3,470.79 2,750.00 1.08%
First Reliance Bk CD 1.000% 4/22/21 33615RFY9 250,000 250,000.00 250,810.99 810.99 2,500.00 1.00%
Flagstar Bank CD 0.400% 9/30/24 33847E4E4 1,000,000 1,000,000.00 1,005,889.18 5,889.18 4,000.00 0.40%
Flagstar Bank CD 0.500% 7/31/24 33847E3X3 1,000,000 1,000,000.00 1,010,989.59 10,989.59 5,000.00 0.49%
Flagstar Bank CD 1.750% 11/15/21 33847E2U0 1,350,000 1,350,000.00 1,373,116.62 23,116.62 23,625.00 1.72%
Flagstar Bank CD 2.300% 6/28/21 33847E2P1 500,000 500,000.00 505,751.03 5,751.03 11,500.00 2.27%
Flagstar Bank CD 2.400% 12/28/21 33847E2Q9 3,000,000 3,000,000.00 3,070,869.04 70,869.04 72,000.00 2.34%
Flagstar Bank CD 2.450% 6/14/21 33847E2L0 250,000 250,000.00 253,098.12 3,098.12 6,125.00 2.42%
Goldman Sachs Bk CD 0.800% 3/11/22 38149MRG0 250,000 250,000.00 252,806.20 2,806.20 2,000.00 0.79%
Great Southern Bk CD 1.100% 5/27/21 39120VSW5 250,000 250,000.00 251,117.67 1,117.67 2,750.00 1.10%
Lake City CD 0.39% Due 6/11/2022 992572195 2,000,000 2,000,000.00 2,000,470.14 470.14 7,800.00 0.39%
Lake City CD 1.31% Due 03/02/2021 992572183 5,000,000 5,000,000.00 5,005,383.56 5,383.56 65,500.00 1.31%
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%
Landmark Cmnty Bk CD 0.850% 12/27/22 51507LBW3 250,000 250,000.00 253,751.61 3,751.61 2,125.00 0.84%
Luana Savings Bk CD 1.900% 8/23/21 549104HV2 250,000 250,000.00 254,724.79 4,724.79 4,750.00 1.86%
Maine Cmnty Bank CD 1.000% 4/18/22 560390AG1 250,000 250,000.00 253,122.74 3,122.74 2,500.00 0.99%
Marlin Bus Bank CD 2.400% 5/10/21 57116ASJ8 250,000 250,000.00 252,489.14 2,489.14 6,000.00 2.38%
December 31, 2020 Account 61906201199
Holdings Detail as of 12/31/2020
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
Time Deposits (continued)
MB Financial Bk CD 2.600% 3/23/21 55266CYY6 1,000,000 1,000,000.00 1,006,521.10 6,521.10 26,000.00 2.58%
Medallion Bank CD 0.850% 3/25/22 58404DGH8 250,000 250,000.00 252,458.25 2,458.25 2,125.00 0.84%
Metabank CD 0.950% 2/24/21 59101LJJ7 250,000 250,000.00 251,982.23 1,982.23 2,375.00 0.94%
Mizuho Bank USA CD 1.550% 3/04/21 60688MK29 250,000 250,000.00 253,871.78 3,871.78 3,875.00 1.53%
Morgan Stanley Bk CD 1.650% 2/19/21 61768EAN3 250,000 250,000.00 254,126.23 4,126.23 4,125.00 1.62%
Morgan Stanley Bk CD 1.700% 2/19/21 61690UTU4 250,000 250,000.00 254,251.95 4,251.95 4,250.00 1.67%
Nicolet Natl Bk CD 1.150% 10/18/21 654062KC1 250,000 250,000.00 252,328.15 2,328.15 2,875.00 1.14%
Northern Bk & Tr CD 1.200% 10/15/21 66476QCH9 250,000 250,000.00 252,926.10 2,926.10 3,000.00 1.19%
Northpointe Bank CD 0.750% 3/25/22 666613HJ6 250,000 250,000.00 252,143.46 2,143.46 1,875.00 0.74%
Northstar Bank CD 1.000% 4/14/22 66704MER8 250,000 250,000.00 253,118.94 3,118.94 2,500.00 0.99%
NY Community Bank CD 0.200% 11/09/22 649447UC1 250,000 250,000.00 250,557.60 557.60 500.00 0.20%
Penn Cmnty Bank CD 0.850% 3/26/21 707312AT1 250,000 250,000.00 252,102.64 2,102.64 2,125.00 0.84%
Peoples SEC Bank CD 0.900% 4/30/21 712303AJ5 250,000 250,000.00 252,228.94 2,228.94 2,250.00 0.89%
Pinnacle Bank CD 1.150% 4/21/21 72345SKM2 250,000 250,000.00 250,939.14 939.14 2,875.00 1.15%
Pioneer Bank CD 1.600% 2/14/22 723605BS9 250,000 250,000.00 255,856.75 5,856.75 4,000.00 1.56%
Preferred Bank CD 0.600% 5/07/21 740367LB1 250,000 250,000.00 250,606.13 606.13 1,500.00 0.60%
Raymond James Bk CD 1.850% 8/23/21 75472RAB7 250,000 250,000.00 254,599.93 4,599.93 4,625.00 1.82%
Safra National Bk CD 1.650% 2/19/21 78658RCF6 250,000 250,000.00 254,126.23 4,126.23 4,125.00 1.62%
Sallie Mae Bank CD 2.450% 6/01/21 7954503D5 250,000 250,000.00 253,096.27 3,096.27 6,125.00 2.42%
SB One Bank CD 1.500% 2/28/22 78414TBW1 250,000 250,000.00 255,477.02 5,477.02 3,750.00 1.47%
Southern Sts Bank CD 0.500% 6/12/24 843879DC8 250,000 250,000.00 252,333.49 2,333.49 1,250.00 0.50%
State Bank CD 1.600% 2/14/22 856309BT5 250,000 250,000.00 254,509.76 4,509.76 4,000.00 1.57%
State Bank Texas CD 1.400% 3/21/22 856528DC5 250,000 250,000.00 254,195.07 4,195.07 3,500.00 1.38%
Summit Cmty Bk CD 2.400% 5/21/21 86604XNM4 250,000 250,000.00 252,490.82 2,490.82 6,000.00 2.38%
Synovus Bank CD 2.400% 6/17/21 87164DNM8 250,000 250,000.00 253,001.58 3,001.58 6,000.00 2.37%
Trans Alliance Bk CD 1.700% 3/05/21 89388CDQ8 250,000 250,000.00 251,025.24 1,025.24 4,250.00 1.69%
Tristate Cap Bank CD 0.800% 3/25/21 89677DHJ8 250,000 250,000.00 251,985.21 1,985.21 2,000.00 0.79%
December 31, 2020 Account 6190620111010
Holdings Detail as of 12/31/2020
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
Time Deposits (continued)
Truist Bank CD 1.150% 4/20/21 89788HAU7 250,000 250,000.00 252,853.56 2,853.56 2,875.00 1.14%
Unity Bank CD 1.550% 9/13/21 91330ACC9 250,000 250,000.00 252,862.33 2,862.33 3,875.00 1.53%
Wells Fargo Bank CD 1.650% 8/10/21 949495AW5 5,000,000 5,000,000.00 5,054,172.60 54,172.60 82,500.00 1.63%
Wells Fargo Bank CD 1.800% 1/18/22 949495AN5 1,000,000 1,000,000.00 1,019,009.73 19,009.73 18,000.00 1.77%
Wells Fargo Bank CD 1.900% 1/17/23 949495AQ8 1,000,000 1,000,000.00 1,037,470.82 37,470.82 19,000.00 1.83%
Wells Fargo Bank CD 2.500% 4/12/21 949763ZC3 500,000 500,000.00 504,228.42 4,228.42 12,500.00 2.48%
Wells Fargo Bank CD 2.650% 2/16/21 949763XP6 5,000,000 5,000,000.00 5,023,497.26 23,497.26 132,500.00 2.64%
Wells Fargo Bank CD 2.850% 3/13/23 949763YK6 500,000 500,000.00 530,781.78 30,781.78 14,250.00 2.68%
Wells Fargo Bank CD 2.950% 3/27/24 949763YW0 1,000,000 1,000,000.00 1,086,804.11 86,804.11 29,500.00 2.71%
West MI Cmnty Bk CD 1.000% 4/14/22 954444BT1 250,000 250,000.00 253,118.94 3,118.94 2,500.00 0.99%
Wex Bank CD 2.450% 5/03/21 92937CJG4 250,000 250,000.00 253,045.07 3,045.07 6,125.00 2.42%
US Treasury
U.S. Treasury Notes 2.000% 8/31/21 912828D72 5,000,000 5,017,253.46 5,096,477.90 79,224.44 100,000.00 1.96%
U.S. Treasury Notes 2.375% 3/15/22 9128286H8 1,000,000 1,001,020.78 1,033,995.64 32,974.86 23,750.00 2.30%
Government Agency
FFCB 0.170% 11/30/22 3133EMHE5 2,000,000 2,000,000.00 1,999,912.78 -87.22 3,400.00 0.17%
FFCB 0.190% 10/13/22 3133EMCU4 5,000,000 5,000,000.00 5,000,308.33 308.33 9,500.00 0.19%
FFCB 0.210% 12/28/23 3133EMLT7 3,000,000 3,000,000.00 2,996,902.50 -3,097.50 6,300.00 0.21%
FFCB 0.270% 6/09/22 3133ELH56 8,000,000 7,994,800.00 7,998,360.00 3,560.00 21,600.00 0.27%
FFCB 0.400% 7/27/23 3133ELZ72 1,700,000 1,700,000.00 1,702,585.89 2,585.89 6,800.00 0.40%
FFCB 0.420% 10/16/23 3133ELV68 5,000,000 5,000,000.00 5,001,575.00 1,575.00 21,000.00 0.42%
FFCB 0.420% 9/09/24 3133EL6E9 2,000,000 2,000,000.00 2,002,653.33 2,653.33 8,400.00 0.42%
FHLB 0.220% 12/28/23 3130AKKE5 5,000,000 4,999,250.00 4,997,891.67 -1,358.33 11,000.00 0.22%
FHLB 0.280% 6/10/22 3130AJN47 5,000,000 5,000,000.00 5,000,066.67 66.67 14,000.00 0.28%
FHLMC MTN 0.180% 11/18/22 3134GXBC7 1,250,000 1,250,000.00 1,249,356.25 -643.75 2,250.00 0.18%
FHLMC MTN 0.200% 12/15/22 3134GXGQ1 5,000,000 5,000,000.00 5,004,894.44 4,894.44 10,000.00 0.20%
FHLMC MTN 0.220% 12/30/22 3134GWXJ0 4,000,000 4,001,080.00 3,998,904.44 -2,175.56 8,800.00 0.22%
FHLMC MTN 0.250% 11/18/22 3134GWQC3 5,000,000 5,000,000.00 5,001,843.06 1,843.06 12,500.00 0.25%
December 31, 2020 Account 6190620111111
Holdings Detail as of 12/31/2020
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
Government Agency (continued)
FHLMC MTN 0.250% 7/28/22 3134GWAP1 1,800,000 1,800,000.00 1,802,398.50 2,398.50 4,500.00 0.25%
FHLMC MTN 0.270% 5/26/22 3134GVZJ0 4,000,000 4,000,000.00 4,002,170.00 2,170.00 10,800.00 0.27%
FHLMC MTN 0.270% 7/08/22 3134GV5E4 5,000,000 5,000,000.00 5,008,487.50 8,487.50 13,500.00 0.27%
FHLMC MTN 0.300% 5/20/22 3134GVXQ6 4,000,000 4,000,000.00 4,002,286.67 2,286.67 12,000.00 0.30%
FHLMC MTN 0.320% 11/02/23 3134GW6E1 5,000,000 5,004,500.00 5,004,622.22 122.22 16,000.00 0.32%
FHLMC MTN 0.320% 11/24/23 3134GXCA0 3,000,000 3,000,300.00 3,001,256.67 956.67 9,600.00 0.32%
FHLMC MTN 0.320% 7/08/22 3134GV5J3 5,000,000 5,000,000.00 5,007,738.89 7,738.89 16,000.00 0.32%
FHLMC MTN 0.350% 11/27/23 3134GWMW3 3,000,000 3,000,000.00 3,003,736.67 3,736.67 10,500.00 0.35%
FHLMC MTN 0.450% 9/11/24 3134GWN44 5,000,000 5,001,250.00 5,006,675.00 5,425.00 22,500.00 0.45%
FHLMC MTN 0.550% 7/22/24 3134GWAS5 3,000,000 3,000,000.00 3,007,407.50 7,407.50 16,500.00 0.55%
FNMA 0.420% 11/18/24 3135G06E8 2,000,000 1,999,500.00 2,001,203.33 1,703.33 8,400.00 0.42%
FNMA 0.625% 12/30/25 3135GABA8 2,000,000 2,000,000.00 1,999,474.72 -525.28 12,500.00 0.63%
Tax Exempt Muni Notes/Bonds
Goshen IN Sewage Wks 3.000% 1/01/22 383316ER3 125,000 128,437.50 128,436.25 -1.25 3,750.00 2.92%
Goshen IN Sewage Wks 3.000% 7/01/22 383316ES1 150,000 156,087.00 156,102.00 15.00 4,500.00 2.88%
$167,556,436.04 $168,370,827.61 $814,391.57 $1,545,828.50 0.92%Total Fixed Income
Total Portfolio $185,094,909.32 $185,909,492.83 $814,583.51 $1,551,721.43 0.83%
* Market values include accruals.
December 31, 2020 Account 6190620111212
Fixed Income Summary as of 12/31/2020
City of South Bend Corporate Agency
Maturity Summary
Maturity (Years)Market Value
% Bond
Holdings
0 - 1 50,470,618.02 30.0%
1 - 3 98,524,455.10 58.5%
3 - 5 19,375,754.49 11.5%
Total $168,370,827.61 100.0%
Asset Class Allocation
Subclass Market Value
% Bond
Holdings
Time Deposits 67,153,103.79 39.9%
US Treasury 6,130,473.54 3.6%
Government
Agency
94,802,712.03 56.3%
Tax Exempt Muni
Notes/Bonds
284,538.25 0.2%
Total $168,370,827.61 100.0%
Bond Rating Summary
Credit Rating Market Value
% Bond
Holdings
AAA 100,933,185.57 59.9%
AA 284,538.25 0.2%
NR 67,153,103.79 39.9%
Total $168,370,827.61 100.0%
Duration Summary
Duration (Years)Market Value
% Bond
Holdings
Less than 1.00 99,452,214.74 59.1%
1.00 - 3.00 58,556,446.78 34.8%
3.00 - 5.00 10,362,166.09 6.2%
Total $168,370,827.61 100.0%
* Market values include accruals.
December 31, 2020 Account 6190620111313
0
4,000,000
8,000,000
12,000,000
16,000,000
20,000,000
24,000,000
28,000,000
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
All Others
Maturity Ladder as of 12/31/2020
City of South Bend Corporate Agency
Par Value of Maturing Assets Over Time
Par Value of Maturing Assets Per Period
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
0 0 0 0 0 0All Others
18,500,000 15,161,000 6,250,000 5,100,000 4,750,000 6,250,000Time Deposits
0 0 5,000,000 0 1,000,000 0US Treasury
0 0 0 0 0 21,000,000Government Agency
0 0 0 0 125,000 0Tax Exempt Muni
Notes/Bonds
18,500,000 15,161,000 11,250,000 5,100,000 5,875,000 27,250,000
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
0 0 0 0 0 0All Others
0 2,500,000 1,500,000 1,000,000 250,000 0Time Deposits
0 0 0 0 0 0US Treasury
11,800,000 22,250,000 0 0 1,700,000 24,000,000Government Agency
150,000 0 0 0 0 0Tax Exempt Muni
Notes/Bonds
11,950,000 24,750,000 1,500,000 1,000,000 1,950,000 24,000,000
December 31, 2020 Account 6190620111414
Performance Summary as of 12/31/2020
City of South Bend Corporate Agency
Return Details
3 Month YTD 1 Year 5 Year3 Year
Total Fund Net Fees 0.07% 1.39% 1.39% 1.94% 1.52%
Benchmark - Merrill 3 Month T-bill 0.03% 0.67% 0.67% 1.61% 1.20%
* Market values include accruals.
December 31, 2020 Account 6190620111515
12/31/2020 CASH REPORT
1616
City of South Bend
Report of Changes in Cash Balance
Fiscal Year Ended December 31, 2020
Unaudited and Subject to Change
Beginning 2020 2020 Plus/(Minus)Ending
Cash Balance YTD YTD Accrual Surplus Cash Balance Cash Reserve
1/1/2020 Revenues Expenditures Adjustments (Deficit) 12/31/2020 Requirement Variance
City Controlled Funds
101 General Fund 44,871,229 74,794,769 66,528,124 295,249 8,561,894 53,433,122 25,391,193 28,041,929
Special Revenue Funds
102 Rainy Day 10,733,474 94,111 - 18,401 112,512 10,845,986 8,998,791 1,847,195
201 Parks & Recreation 3,649,543 15,876,040 15,356,666 (5,455) 513,919 4,163,462 4,139,671 23,791
202 Motor Vehicle Highway 4,743,203 10,238,117 8,352,952 (20,548) 1,864,617 6,607,820 2,432,276 4,175,544
209 Studebaker-Oliver Revitalizing Grants 929,415 107,035 274,931 1,593 (166,303) 763,112 - 763,112
210 Economic Development State Grants 64,775 90,725 128,362 16 (37,622) 27,154 - 27,154
211 Department of Community Investment (DCI)1,012,307 3,373,019 2,769,940 14,111 617,191 1,629,498 - 1,629,498
212 Dept of Community Investment Grants 305,248 2,579,168 2,569,980 (528) 8,659 313,907 - 313,907
216 Police State Seizures 238,323 6,591 31,753 409 (24,754) 213,569 19,678 193,891
217 Gift, Donation, Bequest 668,273 765,453 453,294 1,022 313,181 981,455 - 981,455
218 Police Curfew Violations 12,894 883 - 22 905 13,799 250 13,549
219 Unsafe Building 923,154 58,259 141,586 (7,482) (90,810) 832,344 - 832,344
220 Law Enforcement Continuing Education 421,276 260,088 196,846 (915) 62,327 483,603 95,887 387,716
221 Rental Units Regulation 17,823 353,999 182,762 31 171,267 189,090 - 189,090
227 Loss Recovery 605,471 5,076 130,370 1,038 (124,257) 481,214 - 481,214
230 Code Enforcement Fund - 4,458,267 3,404,134 (228,612) 825,520 825,520 - 825,520
249 Public Safety LOIT 3,253,787 9,736,892 8,950,540 5,578 791,931 4,045,717 716,044 3,329,673
251 Local Roads & Streets 5,233,148 1,942,340 3,554,685 8,971 (1,603,373) 3,629,775 - 3,629,775
257 LOIT Special Distribution 170,735 145,354 49,793 293 95,853 266,588 - 266,588
258 Human Rights Federal Grant 521,051 177,140 212,926 893 (34,893) 486,159 - 486,159
264 COVID-19 Response - 6,086,138 6,033,275 350 53,214 53,214 - 53,214
265 Local Road & Bridge Grant 449,431 2,212,372 1,691,081 770 522,061 971,493 - 971,493
266 MVH Restricted Fund 650,402 2,997,747 2,532,426 10,574 475,895 1,126,297 - 1,126,297
273 Morris PAC / Palais Royale Marketing 73,045 4,183 832 125 3,476 76,521 5,208 71,313
274 Morris PAC / Self-Promotion 186,839 39,372 1,100 320 38,592 225,432 28,750 196,682
280 Police Block Grants 4,095 36 - 7 43 4,138 - 4,138
289 HAZMAT 27,647 243 - 47 291 27,937 2,500 25,437
291 Indiana River Rescue 293,325 57,555 19,679 (797) 37,079 330,404 23,771 306,633
292 Police Grants 26,716 - - --26,716 - 26,716
294 Regional Police Academy 118,481 10,456 3,157 203 7,503 125,984 5,625 120,359
295 COPS MORE Grant 169,439 188,771 285,026 290 (95,965) 73,474 - 73,474
299 Police Federal Drug Enforcement 113,552 723 31,000 - (30,277) 83,275 12,750 70,525
404 County Option Income Tax 12,724,697 16,500,074 14,341,653 19,120 2,177,540 14,902,237 7,746,108 7,156,129
408 Economic Development Income Tax 17,389,466 14,090,026 12,470,279 35,061 1,654,808 19,044,274 7,209,695 11,834,579
410 Urban Development Action Grant 53,838 18,803 40,000 92 (21,105) 32,733 - 32,733
655 Project ReLeaf 398,183 450,312 410,497 (12,085) 27,730 425,913 108,365 317,548
705 Police K-9 Unit 2,395 21 - 4 25 2,420 - 2,420
730 City Cemetery Trust 29,730 259 - 51 310 30,041 5,000 25,041
731 Bowman Cemetery 467,692 4,082 - 802 4,884 472,576 400,000 72,576
754 Industrial Revolving Fund 2,078,333 266,643 104,026 165,965 328,581 2,406,914 - 2,406,914
Total Special Revenue Funds 68,761,206 93,196,372 84,725,551 9,737 8,480,558 77,241,764 31,950,369 45,291,396
Debt Service Funds
312 2017 Parks Bond Debt Service 208,740 1,151,444 1,172,965 358 (21,163) 187,578 - 187,578
350 2018 Fire Station #9 Bond Debt Service - 341,231 341,231 - - - - -
672 Century Center Energy Conservation Debt Svc 189,409 415,154 411,096 238 4,296 193,705 - 193,705
752 South Bend Redevelopment Authority 222,584 2,872,851 2,863,013 - 9,839 232,423 232,423 -
755 South Bend Building Corporation 815,025 2,648,478 2,629,968 - 18,510 833,535 833,535 -
756 2015 Smart Streets Bond Debt Service 1,734,901 1,716,869 1,712,694 - 4,175 1,739,076 1,739,076 -
757 2015 Parks Bond Debt Service 590,497 376,746 381,131 - (4,385)586,111 586,111 -
760 2017 Eddy Street Commons Bond Debt Service 3,461,700 1,392,248 1,390,625 - 1,623 3,463,323 2,500,000 963,323
Total Debt Service Funds 7,222,856 10,915,022 10,902,723 596 12,895 7,235,750 5,891,145 1,344,606
Capital Funds
287 Fire Department Capital 1,962,214 4,192,303 3,046,584 3,364 1,149,083 3,111,296 - 3,111,296
401 Coveleski Stadium Capital 25,850 144 15,099 790 (14,165) 11,685 - 11,685
406 Cumulative Capital Development 223,617 475,372 529,479 383 (53,724) 169,893 - 169,893
407 Cumulative Capital Improvement 689,015 243,373 256,770 1,181 (12,216) 676,798 - 676,798
412 Major Moves Construction 2,195,972 511,407 904,708 3,765 (389,536) 1,806,436 - 1,806,436
416 Morris Performing Arts Center Capital 422,125 217,114 436,865 724 (219,027) 203,098 - 203,098
450 Palais Royale Historic Preservation 107,792 7,094 34,160 185 (26,881) 80,911 - 80,911
451 2018 Fire Station #9 Bond Capital 399,877 2,981 89,311 686 (85,645) 314,233 - 314,233
453 2018 Zoo Bond Capital 120,929 293 121,222 - (120,929) - - -
471 2017 Parks Bond Capital 9,062,798 72,162 3,227,021 18,179 (3,136,680) 5,926,118 - 5,926,118
750 Equipment/Vehicle Leasing 1,016,476 682 669,482 3 (668,797) 347,680 - 347,680
759 2017 Eddy Street Commons Bond Capital 3,048,190 306,537 3,328,966 - (3,022,429) 25,762 - 25,762
Total Capital Funds 19,274,855 6,029,462 12,659,668 29,259 (6,600,947) 12,673,909 - 12,673,910
1717
City of South Bend
Report of Changes in Cash Balance
Fiscal Year Ended December 31, 2020
Unaudited and Subject to Change
Beginning 2020 2020 Plus/(Minus)Ending
Cash Balance YTD YTD Accrual Surplus Cash Balance Cash Reserve
1/1/2020 Revenues Expenditures Adjustments (Deficit) 12/31/2020 Requirement Variance
Enterprise Funds
288 Emergency Medical Services Operating 2,520,160 11,113 1,821,886 (102,309) (1,913,082) 607,079 456,015 151,064
600 Consolidated Building Fund 2,285,733 1,332,100 1,515,360 3,918 (179,343) 2,106,391 482,910 1,623,481
601 Parking Garages 1,326,253 891,805 1,546,043 2,274 (651,965) 674,288 414,379 259,909
610 Solid Waste Operations 449,145 6,007,008 6,266,076 (103,044) (362,112) 87,032 635,261 (548,229)
611 Solid Waste Capital 64,925 1,355,159 1,032,069 111 323,201 388,126 - 388,126
620 Water Works Operations 4,204,418 21,461,793 20,600,437 (225,147) 636,209 4,840,627 1,126,839 3,713,788
622 Water Works Capital 4,187,432 4,160,101 758,488 62,999 3,464,612 7,652,044 - 7,652,044
624 Water Works Customer Deposit 1,287,448 11,222 16,448 (18,903) (24,130) 1,263,319 1,263,319 -
625 Water Works Sinking (Debt Service)286,131 1,226,907 1,511,205 491 (283,808) 2,323 2,323 -
626 Water Works Bond Reserve 1,427,971 12,438 20,000 2,390 (5,171)1,422,800 1,422,800 -
629 Water Works Reserve Operations & Maintenance 2,902,529 42,357 37,210 4,976 10,123 2,912,652 2,765,270 147,382
640 Sewer Repair Insurance 2,173,605 691,083 796,097 (15,735) (120,748) 2,052,857 226,369 1,826,488
641 Sewage Works Operations 15,409,455 37,611,635 41,181,335 (373,552) (3,943,252) 11,466,203 2,202,345 9,263,858
642 Sewage Works Capital 9,417,064 8,613,472 4,248,134 38,815 4,404,154 13,821,218 - 13,821,218
643 Sewage Works Reserve Operations & Maintenance 5,563,851 48,416 71,004 9,538 (13,050) 5,550,801 4,711,741 839,060
649 Sewage Sinking (Debt Service)1,087,745 13,896,394 13,665,170 1,865 233,089 1,320,833 1,320,833 -
653 Sewage Debt Service Reserve 4,291,915 20,901 322,566 - (301,665) 3,990,250 3,990,250 -
654 Sewage Works Customer Deposit 413,157 4,641 6,318 237,593 235,915 649,073 649,073 -
667 Storm Sewer Fund 124,406 1,042,729 104,322 (29,898) 908,509 1,032,916 26,534 1,006,382
670 Century Center Operations 1,537,206 1,885,055 2,450,371 64,564 (500,752) 1,036,454 1,257,130 (220,676)
671 Century Center Capital 981,681 1,931 - -1,931 983,612 800,000 183,612
Total Enterprise Funds 61,942,231 100,328,261 97,970,539 (439,054) 1,918,667 63,860,898 23,753,391 63,860,898
Internal Service Funds
222 Central Services 1,455,158 7,081,852 7,243,566 (85,011) (246,725) 1,208,433 863,503 344,930
224 Central Services Capital 21,921 214,611 210,349 38 4,300 26,221 - 26,221
226 Liability Insurance 4,961,426 4,644,513 3,688,766 39,685 995,432 5,956,858 2,460,361 3,496,497
278 Police Take Home Vehicle 725,194 11,478 57,777 2,928 (43,371) 681,823 750,000 (68,177)
279 IT / Innovation / 311 Call Center 3,108,342 6,832,704 7,875,698 48,775 (994,219) 2,114,124 - 2,114,124
711 Self-Funded Employee Benefits 9,277,319 16,346,887 15,544,965 63,819 865,741 10,143,060 4,580,697 5,562,363
713 Unemployment Compensation 180,911 8,087 157,449 310 (149,053) 31,859 44,500 (12,641)
714 Parental Leave Fund 32,563 244,841 119,938 56 124,959 157,521 20,308 137,213
Total Internal Service Funds 19,762,834 35,384,972 34,898,507 70,599 557,064 20,319,898 8,719,369 11,600,530
Fiduciary Funds
701 Fire Pension 336,501 4,325,739 4,209,256 577 117,059 453,561 479,931 (26,370)
702 Police Pension 698,148 6,058,223 6,190,998 1,197 (131,579) 566,569 624,141 (57,572)
718 State Tax Withholding Fund 335,621 - - 421 421 336,042 336,042 -
725 Morris / Palais Box Office 3,065,972 - - (2,672,645) (2,672,645) 393,326 393,326 -
726 Police Distributions Payable 857,178 - - 37,670 37,670 894,848 894,848 -
Total Fiduciary Funds 5,293,420 10,383,961 10,400,254 (2,632,781) (2,649,074) 2,644,346 2,728,288 (83,942)
Total City Controlled Funds 227,128,631 331,032,818 318,085,368 (2,666,393) 10,281,057 237,409,688 98,433,755 162,729,327
Redevelopment Commission Controlled Funds
Tax Increment Financing Funds
324 TIF - River West Development Area (Airport)30,950,203 22,046,398 24,020,117 62,777 (1,910,942) 29,039,261 - 29,039,261
422 TIF - West Washington 1,031,822 246,422 152,721 1,769 95,470 1,127,293 - 1,127,293
429 TIF - River East Development Area (NE Dev)8,215,417 3,059,362 5,501,295 90,793 (2,351,139) 5,864,278 - 5,864,278
430 TIF - Southside Development #1 9,607,799 3,171,100 217,025 24,260 2,978,334 12,586,134 - 12,586,134
435 TIF - Douglas Road 187,806 1,154 96,143 322 (94,667) 93,140 - 93,140
436 TIF - River East Residential (NE Res)3,706,897 5,324,035 4,358,953 6,355 971,437 4,678,334 - 4,678,334
Total Tax Increment Financing Funds 53,699,946 33,848,471 34,346,252 186,276 (311,506)53,388,440 - 53,388,440
Redevelopment Funds
433 Redevelopment General 1,476,915 1,635,456 670,193 2,532 967,795 2,444,710 315,638 2,129,072
439 Certified Technology Park 10,965 96 - 19 115 11,080 - 11,080
452 2018 TIF Park Bond Capital 4,085,672 28,865 1,514,357 14,287 (1,471,204) 2,614,468 - 2,614,468
454 Airport Urban Enterprise Zone 403,750 3,540 - 692 4,232 407,982 - 407,982
Total Redevelopment Funds 5,977,302 1,667,957 2,184,550 17,530 (499,063) 5,478,239 315,638 5,162,602
Debt Service Funds
315 Airport 2003 Debt Reserve 1,042,908 9,075 13,309 1,788 (2,446)1,040,462 1,040,462 -
328 SBCDA 2003 Debt Reserve 1,743,584 15,173 22,251 2,989 (4,089)1,739,495 1,739,495 -
351 2018 TIF Park Bond Debt Service 1,018,984 8,934 - 1,747 10,681 1,029,665 1,029,665 -
352 2019 South Shore Double Tracking Debt Service 29,819 488,184 517,313 - (29,129) 690 690 -
353 2020 TIF Library Bond Debt Service Reserve - 326,939 - - 326,939 326,939 326,939 -
Total Debt Service Funds 3,835,295 848,306 552,873 6,524 301,956 4,137,251 4,137,251 -
Total Redevelopment Commission Funds 63,512,543 36,364,734 37,083,676 210,329 (508,613) 63,003,930 4,452,889 58,551,042
Grand Total 290,641,173 367,397,552 355,169,043 (2,456,064) 9,772,444 300,413,618 102,886,644 221,280,369
1818
INTEREST EARNINGS SUMMARY
1919
City of South Bend, Indiana
Interest Earnings Summary - 2020
December 31, 2020
1st Source 1st Source
Paid Investment Checking Other Total
Month Month Interest Interest Interest (1)Interest
Dec-19 Jan-20 323,645.64$ 95,980.22$ 9,994.47$ 429,620.33$
Jan-20 Feb-20 236,424.77 112,331.05 10,788.68 359,544.50
Feb-20 Mar-20 420,693.08 94,743.85 8,427.89 523,864.82
Mar-20 Apr-20 315,320.39 44,470.82 4,355.32 364,146.53
Apr-20 May-20 253,474.23 10,220.42 1,260.92 264,955.57
May-20 Jun-20 224,885.31 10,827.37 607.26 236,319.94
Jun-20 Jul-20 413,734.15 16,999.62 666.80 431,400.57
Jul-20 Aug-20 108,290.85 22,194.46 460.92 130,946.23
Aug-20 Sep-20 170,066.88 21,117.56 300.29 191,484.73
Sep-20 Oct-20 80,737.95 18,919.90 308,231.57 407,889.42
Oct-20 Nov-20 50,180.14 19,901.07 215.20 70,296.41
Nov-20 Dec-20 148,973.46 17,326.15 1,398.23 167,697.84
2,746,426.85$ 485,032.49$ 346,707.55$ 3,578,166.89$
(1) interest on DCI loans, Major Moves interfund loans, Centier, Key Bank accounts, Bank of New
York Mellon accounts and other miscellaneous accounts.
2020
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%
2020 Actual 3,578,167 -46.1%
Notes to Interest Earnings Summary:
•
• Investment and interest earnings are reported net of fees.
• Total par value of investment portfolio at 1st Source Bank:
May 11, 2011 - Investment account opened $150,000,000
January, 2013 175,000,000
January, 2017 185,000,000
•
The City of South Bend earns interest on checking account balances, certificates of deposit, repayment of loans on economic
development projects, advances from the Major Moves Fund to the Northeast Residential and Douglas Road TIF Funds, and
short-term investments.
The reduction in 2020 interest income is attributable to lower-than-expected yields. Due to economic uncertainty, safe
investments (which are the only legally available investments for the City) are increasingly attractive, driving up the price of
these investments, which correspondingly drives down the yield.
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
2011
Actual
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
Interest Earnings 2011-2020
21
City of South Bend, IndianaInterest Earnings SummaryYears 2011 through 2020December 31, 2020Updated - January 17, 2019FundFund2011201220132014201520162017201820192020NumberNameActualActualActualActualActualActualActualActualActualActual101 General Fund 56,303$ 99,725$ 81,117$ 74,513$ 146,438$ 234,728$ 292,096$ 487,006$ 724,748$ 492,243$ 102 Rainy Day Fund24,477 42,239 29,524 29,473 61,234 88,296 109,764 186,733 246,194 137,687 103 Excess Levy261 ---23 7----201 Parks & Recreation8,467 14,802 12,082 8,075 13,649 24,609 32,228 84,863 126,119 21,738 202 Motor Vehicle Highway5,314 7,431 11,791 12,300 34,302 56,152 72,001 139,982 146,469 59,007 203 Recreation - Non Reverting2,006 3,332 2,692 2,893 6,075 8,243 9,673 15,514 --209 Studebaker/Oliver Grants4,486 5,485 3,712 3,705 7,750 10,243 9,050 16,482 21,005 10,808 210 Econ Dev State Grants13,016 64,332 60,703 15,033 11,236 14,144 12,124 11,863 7,773 749 211 DCI Administration1,625 3,057 2,610 3,246 7,938 12,494 12,136 14,360 13,570 12,986 212 DCI Grants3,147 2,578 2,152 2,038 1,972 1,424 723 1,163 2,852 -216 State Seized Drug Money336 653 498 564 1,368 2,032 2,543 3,755 5,396 2,862 217 Gift, Donation, Bequest112 287 232 462 592 725 1,411 2,527 12,695 11,424 218 SBPD Curfew Violations28 52 38 40 85 115 136 236 306 167 219Unsafe Building-------6,040 14,604 11,167 220 Law Enforcement Cont. Education2,990 5,194 3,491 3,394 6,715 8,138 6,961 10,040 9,307 5,560 221 Landlord Registration-------140 279 645 222 Central Services1,917 4,688 3,421 3,950 8,574 10,343 10,211 10,934 16,454 16,118 224 Central Services Capital----322 933 1,176 2,780 3,129 139 226 Liability Insurance11,068 23,376 18,597 17,712 35,042 43,001 48,797 71,401 97,578 74,635 227 Loss Recovery Fund12,545 21,894 18,685 25,717 24,843 9,131 9,952 13,044 14,210 7,534 244 Emergency Telephone System----19 -----230 Code Enforcement---------2,492 249Public Safety LOIT Fund2,308 8,296 6,954 5,168 6,209 7,162 9,938 22,716 65,117 46,805 250 General Grant----------251 Local Roads & Streets6,031 7,306 6,247 7,585 18,729 27,861 31,663 71,117 111,308 65,026 252 Excess Welfare Distribution6,545 5,407 44------257 LOIT 2016 Special Distribution------34,717 38,179 10,229 1,950 258 Human Rights - Federal Grant1,404 2,279 1,593 1,743 2,960 4,149 5,179 8,987 10,376 3,655 265 Local Road and Bridge-------6,373 8,641 9,466 266 MVH Restricted Fund--------12,367 15,230 271 Eastrace Waterway78 99 49 35 22 12 9---272 Special Events----------273 Morris/Palais Marketing Fund60 122 95 90 198 332 507 1,041 1,506 945 274 Morris PAC Self Promotion-------814 3,175 2,576 278 Police Take Home Liability833 1,828 1,435 1,705 4,062 6,404 8,100 13,630 17,664 8,942 279 IT - Innovation 311 Call Center-------31,487 54,428 34,050 280 Police Block Grants3,433 459 13 13 27 36 42 71 94 53 281 Economic Revenue Bond76 133 93 93 193 255 298 259 --287 EMS Capital Fund----6,860 30,399 44,718 81,118 71,960 17,117 288 EMS Operating Fund15,121 30,051 16,450 14,964 22,372 20,021 27,419 49,138 49,036 20,548 289 Hazmat813 40 86 231 269 261 456 608 355 291Indiana River Rescue195 408 368 361 618 1,248 1,530 2,777 5,807 4,146 292 Police Grants Fund----55 -----294 Regional Police Academy231 399 268 262 480 757 910 1,739 2,588 1,587 295 COPS More Grant323 492 364 380 778 1,212 1,814 2,334 4,036 1,281 299 Federal Drug Enforcement724 941 947 978 975 1,397 2,048 2,654 3,131 723 305 SBCDA Bond Proceeds 20032,657 ---------312 2017 Parks Bond Debt Service-------763 565 603 313 Hall of Fame Debt Service----41 0285 141 27 -22
City of South Bend, IndianaInterest Earnings SummaryYears 2011 through 2020December 31, 2020Updated - January 17, 2019FundFund2011201220132014201520162017201820192020NumberNameActualActualActualActualActualActualActualActualActualActual314 Redev Bond 19902,373 3,009 --------315 Redev Bond - Airport - Taxable5,538 5,571 3,567 3,548 7,340 9,662 11,140 18,760 24,249 13,309 316 Redev Bond - Airport - Exempt----------317 Coveleski Bond Debt Service Reserve1,277 2,470 1,725 1,722 3,577 4,742 5,523 9,396 1,076 -319 Blackthorn Debt Service2,827 4,420 464 -------324 TIF Revenue - Airport68,381 80,260 61,707 85,249 255,183 284,754 295,661 498,346 622,691 321,099 328 Redev Bond - Palais Royale3,159 8,258 5,959 5,929 12,263 16,144 18,628 31,363 40,541 22,251 351 2018 TIF Park Bond Debt--------23,374 13,071 352 2019 South Shore Double Tracking Bon---------13353 2020 TIF Library Bond Debt Service---------2 377Professional Sports Development3,415 5,025 2,742 1,963 2,947 2,657 1,345 37 1,201 -401 Coveleski Stadium Capital262 327 92 98 358 683 860 1,074 718 249 403 Zoo Endowment97 211 168 168 348 462 151 ---404 COIT37,973 69,195 50,203 50,003 100,599 99,241 95,698 186,016 296,751 162,840 405 Park Nonreverting Capital1,020 1,772 1,386 1,384 3,120 3,405 1,471 1,200 --406 Cumulative Capital Development1,769 3,808 2,701 2,156 3,051 4,045 4,834 8,622 8,944 1,673 407 Cumulative Capital Improvement36 15 122 227 1,042 2,607 3,838 5,687 11,646 8,167 408 EDIT22,135 45,531 33,100 34,399 69,484 94,879 130,988 264,870 393,399 234,476 410 UDAG2,659 917 88 94 2,306 4,868 5,604 6,352 625 580 412 Major Moves Construction (1)77,860 394,379 261,868 253,216 252,281 221,540 179,953 168,342 161,549 26,326 414 TIF District - Sample/Ewing----------416 Morris PAC Capital1,503 1,997 1,412 1,651 3,642 4,965 6,593 7,250 9,243 5,695 420 TIF District - SBCDA General9,217 45,913 59,683 42,533 ------422 TIF District - W. Washington3,141 3,920 1,435 2,502 8,903 15,176 21,964 38,510 37,241 13,049 425 TIF - Leighton Plaza334 383 298 306 1,071 1,541 1,771 2,729 206 -426 TIF - Cent. Med Serv Area10,028 16,841 12,242 8,308 ------429 Northeast Development Area TIF1,040 5,286 8,057 11,381 44,638 70,896 83,386 161,666 216,095 95,624 430 Southside TIF Area #110,154 19,939 17,222 12,462 34,652 51,011 65,346 150,223 210,559 128,384 431 Southside TIF #2 - Erskine Commons4,029 2,329 --------432 Southside TIF #3 - Erskine Village13,192 27,801 18,842 20,575 38,457 46,268 8,519 ---433 Redevelopment Admin General107 164 104 51 70 81 83 2,969 18,819 17,823 434 CRED1,507 1,259 418 301 360 635 ----435 Douglas Road TIF246 723 454 685 606 1,123 844 3,533 4,666 1,916 436 Northeast Residential TIF2,266 10,211 8,423 3,380 1,571 2,109 442 5,385 39,283 30,109 438 Coveleski Bond Construction5,268 ---------439 Certified Technology Park-3,5717,207 12,682 28,205 20,426 10,965 11,138 11,102 141 450 Palais Royale Historic Preservation118 247 215 195 488 760 1,065 2,143 2,523 1,055 451 2018 Fire St #9 Bond Capital-------56,076 40,384 4,604 452 2018 TIF Park Bond Capital--------186,070 45,452 453 2018 Zoo Bond Capital--------22,489 293 454 Airport Urban Enterprise Zone473 1,323 1,289 1,287 2,674 3,545 4,129 7,024 9,261 5,179 4712017 Parks Bond Series A-K Capital -------189,838 260,532 108,955 600 Building Department113 380 667 1,354 9,357 19,974 30,173 47,231 45,340 27,060 601 Parking Garages2,112 4,124 2,408 3,407 7,543 6,965 12,422 23,414 26,939 13,473 610 Solid Waste Operations3,363 5,359 2,996 1,765 2,578 3,132 4,756 9,887 10,429 4,185 611 Solid Waste Capital210 279 469 169 114 1,211 1,089 1,666 5,160 1,210 620 Water Works Operations4,545 10,309 6,453 11,007 30,010 31,293 31,224 53,391 72,870 46,545 622 Water Works Capital1,909 6,523 13,709 11,944 21,149 25,902 24,709 36,395 73,538 68,626 623 WW 1997 Bond Capital1,764 11,241 16,550 1,731 544 -----624 Water Works Customer Deposit3,971 6,864 4,861 4,997 10,564 14,196 16,276 27,299 34,493 16,448 23
City of South Bend, IndianaInterest Earnings SummaryYears 2011 through 2020December 31, 2020Updated - January 17, 2019FundFund2011201220132014201520162017201820192020NumberNameActualActualActualActualActualActualActualActualActualActual625 WW 1993 Sinking Fund4,581 3,961 2,064 2,535 6,268 7,299 9,994 15,871 25,708 10,069 626 Water Works Bond Reserve606 3,221 4,767 5,391 8,258 15,039 15,294 25,805 33,355 18,099 629 WW Resv O&M Fund7,206 9,729 6,927 7,079 15,609 22,367 27,841 47,942 66,676 37,210 640 Sewer Repair Insurance2,179 5,003 4,204 4,907 11,145 16,006 19,466 34,679 48,681 27,444 641 Sewage Works Operations19,879 16,545 16,604 20,498 58,066 105,065 152,871 238,326 325,226 143,362 642 Sewage Works Capital13,101 46,026 26,316 17,278 46,366 72,469 71,081 153,406 244,500 175,995 643 Sewage Works Resv - O&M8,429 15,457 11,036 11,635 25,652 40,590 53,934 96,204 128,822 71,004 645 2004-2006 Sewer Bonds12 ---------647 2007 Sewer Bond1,352 202 42 33-----649 Sewage Works Bond Sinking6,987 14,736 10,232 12,563 30,784 37,633 47,833 87,659 115,049 46,414 650 Clay Sewage Works Operations232-------651 2007B Sewer Bond2,989 575 69 -------653 Sewage Works Debt Service Reserve4,901 30,127 3336,009 26,716 65,897 87,669 20,901 654 Sewage Works Deposit Fund--------1,430 6,318 655Project ReLeaf2,111 4,230 2,914 3,642 7,334 7,978 9,381 14,362 13,753 5,792 658 2010 Sewer Bond18,528 4,348 216 6------659 2011 Sewer Bond8,738 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--715 32 32 ----666 2015 Sewer Bond-----114 ----667 Storm Sewer Fund--------836 5,336 670 Century Center1,839 228 3,079 -----625 671Century Center Capital-365 315 328 809 932 866 2,026 12,966 1,931 672 Century Center Energy Savings Bond----32 163,589 110,958 110,118 108,178 3,117 677 Hall of Fame Capital2,910 3,906 2,416 2,145 3,767 4,699 5,075 7,804 2,311 -701 Fire Pension4,330 4,740 2,918 1,690 3,275 2,889 3,878 7,526 7,304 3,571 702 Police Pension5,510 6,904 5,432 3,308 5,842 6,841 7,646 15,005 14,180 5,961 705 K-9 Unit611 7825 34 31 52 55 31 711 Self-Funded Employee Benefits27,732 42,730 25,351 18,112 34,136 50,896 95,456 212,822 251,340 127,164 713 Unemployment Comp Fund81 101 524 822 1,747 2,617 2,761 3,874 4,479 1,922 714 Parental Leave-------481 805 883 730 City Cemetery Trust118 202 138 118 201 267 310 517 682 380 731Bowman Cemetery Trust--------10,724 5,981 750 Equipment / Vehicle Leasing------7,320 31,473 16,775 690 751 Parks Bond Capital------6,700 4,813 840 -752 SB Redevelopment Authority------3,871 4,699 6,383 2,351 753 Smart Street Bond Capital------5,075 1,060 124 -754Industrial Revolving Fund------141,832 206,484 263,452 -755 SB Building Corp------3,162 10,314 15,243 3,478 756 Smart Streets Debt Service------3,274 4,588 4,629 869 757 Parks Bond Debt Service------1,472 2,787 3,527 807 758Erskine Village Debt Service------114 ---759 Eddy St. Commons Capital-------121 65 306,537 760 Eddy St. Commons Debt Service- -- -- -1,480 6,428 8,792 1,623 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$ 3,578,167$ (1) includes NE TIF and Douglas Road TIF repayment of interest on advances from Major Moves.24
CASH MANAGEMENT &
INVESTMENT POLICIES
2525
ADMINISTRATION & FINANCE POLICIES
City of South Bend Cash Management and Investments Policy
Section 1. Authority
The City Controller (the “Controller”) of the City of South Bend, Indiana (the “City”) adopts this statement
of policy (this “Policy”) pursuant to the Controller’s authority as the head of the Administration and
Finance Department (the “Department”) under South Bend Municipal Code Section 2-21(b).
Section 2. Background and Purposes
The purpose of this Policy and the accompanying supplements is to set forth policies and procedures related
to the City’s management of cash and investments. The City is permitted to invest funds in accordance with
Indiana Code 5-13-9.
Maintaining adequate access to liquid assets (cash and investments) is of paramount importance to the City.
The City’s liquidity is a major component of its overall fiscal health. The ability to access adequate cash
reserves when needed is important for maintaining service levels during periods of lowered tax revenue or
for ensuring that non-discretionary expenses (such as debt service) are adequately funded. Additionally,
maintaining strong cash reserves is one of the foundations of the City’s General Obligation Bond Rating,
which is currently one of the highest in the state.
In addition to the importance of maintaining strong liquidity, it is important that the City strive to increase
its investment and interest income, within the confines of Indiana law and prudent financial management.
Indiana law strictly limits the types of investments that the City is permitted to hold, which constrains
income opportunity but also reduces risk of investment loss. This Policy will define the City’s investment
philosophy and procedures designed to ensure compliance with all applicable laws and regulations.
The City recognizes that cash management procedures (including receipt, deposit, and reconciliation) carry
inherent risk that must be mitigated with appropriate internal control procedures. This Policy will outline
these internal controls that must be followed to protect employees and ensure that the City remains a good
steward of taxpayer dollars.
The City’s financial system is Microsoft Dynamics 365 for Finance and Operations (“DFO”). DFO serves
as the sole record of cash balances, cash receipts, and cash payments in the City. Any cash receipts that are
initially recorded in a separate system must also be recorded in DFO. See the City of South Bend Revenue
Recognition Policy for more information.
Section 3. Roles and Responsibilities
Controller
The Controller is responsible for the overall cash management and investment strategy for the City. It is the
Controller’s responsibility to define acceptable cash reserve requirements and enforce corrective actions (as
prescribed in this Policy) when cash reserve requirements are not met. Additionally, it is the Controller’s
responsibility to oversee the City’s investments, including hiring and providing oversight to outside
investment management consultants. Finally, the Controller is responsible for designing cash management
procedures (including cash receipt and reconciliation) that mitigate inherent risks of cash handling through
strong internal control. In fulfilling the Controller’s responsibilities under this Policy, the Controller is
assisted by the Deputy City Controller and may delegate all appropriate authority to the Deputy City
Controller to achieve the purposes of this Policy.
2626
Director of Treasury
Under the direction of the Controller, the City’s Director of Treasury is responsible for the day-to-day
management of the City’s cash and investment portfolio. This includes performing all bank reconciliations
and resolving discrepancies, as well as serving as the point of contact for City employees, bank
representatives, or investment management professionals on matters of cash handling, cash management, or
investment management. The Director of Treasury is also responsible for ensuring that correct cash
handling procedures are followed.
Fiscal Officers
Fiscal Officers are responsible for ensuring that cash receipts are correctly entered into DFO as they are
received by various members of their assigned departments. Additionally, Fiscal Officers work with the
Director of Treasury to ensure that proper cash handling procedures are followed in each department and to
identify cash receipts that are received by the Director of Treasury (especially those received via wire
transfer or automated clearing house (ACH)).
Section 4. Establishment of Procedures
Except as otherwise provided, it is the Controller’s responsibility to establish, direct, modify, and otherwise
maintain, from time to time as the Controller may determine in the Controller’s discretion, the procedures
for carrying out the administrative and financial activities associated with the subject matter of this Policy.
Due to the fundamental importance of maintaining strong cash reserves and the inherent risks associated
with handling cash reserves, the Controller has established, both within and without DFO, certain rules and
procedures for all divisions of the City to protect the City’s financial position and safeguard the City’s assets.
Those rules and procedures are included as supplements to this Policy and may be amended, supplemented,
or eliminated from time to time as the Controller may deem appropriate, without the need for further
approval of the Mayor or amendment to this Policy.
Section 5. Internal Control
Pursuant to Indiana Code § 5-11-1-27, the City adopted and maintains an internal controls policy dated
October 26, 2016, which the Common Council approved by Ordinance No. 10482-16 on November 28,
2016 (the “Internal Controls Policy”). All procedures described in or established under this Policy will
adhere to the requirements of and principles set forth in the Internal Controls Policy.
Section 6. Effective Date and Approval
This Policy is effective on May 1, 2020, and supersedes all prior policies addressing the same subject matter.
2727
ADMINISTRATION & FINANCE POLICIES
Supplement 202 – Investments
The City shall invest excess cash in various investment vehicles as allowed by Indiana law. The City shall
make all investments, in both Deposit and Investment Accounts, in accordance with the terms and
limitations of Indiana Code 5-13-9. The current authorization for the City to engage in these investment
activities comes from Ordinance No. 10768-20. The City's practice is to obtain this authorization via an
ordinance on an annual basis, so as to maintain the maximum investment flexibility under Indiana Code 5-
13-9.
Board of Finance
The local Board of Finance (as defined in Indiana Code 5-13-7) will review the investment policy and will
receive an investment report on an annual basis coincident with the Annual Meeting of the Board of
Finance, held after the 1st Monday in January and before January 31st.
Valuation of Investments
Currently, the total amount invested is $185 million. On a monthly basis, the City’s investment custodian
(currently 1st Source) transfers any gain in market value over $185 million or direct dividends paid from
investments into the City’s depository bank account. This investment income is allocated using the
procedures described in Supplement 203.
The City will not track the current fair market value of investments on a monthly basis in DFO. Rather, the
City's books will be adjusted for FMV of investments on an annual basis only.
2828
ADMINISTRATION & FINANCE POLICIES
Supplement 208 - Cash Reserve Requirements
The City of South Bend has established the following cash reserve guidelines to ensure adequate liquidity.
Cash reserves are defined as cash balances on hand less outstanding encumbrances. “Annual expenditures”
in each fund do not include capital expenditures.
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 No reserve requirement
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
2929
Fund Fund Name Cash Reserve Policy
230 Code Enforcement No reserve requirement
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
264 COVID-19 Response No reserve requirement
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
3030
Fund Fund Name Cash Reserve Policy
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
353 2020 TIF Library Bond Debt Service
Reserve 100% debt service reserve per bond covenants
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
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
3131
Fund Fund Name Cash Reserve Policy
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
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
3232
Fund Fund Name Cash Reserve Policy
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
725 Morris / Palais Box Office 100% cash reserves
726 Police Distributions Payable 100% cash reserves
730 City Cemetery 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
3333
Fund Fund Name Cash Reserve Policy
755 South Bend Building Corporation 100% cash reserves per bond covenants
756 Smart Streets Debt Service 100% cash reserves per bond covenants
757 2015 Parks Bond Debt Service 100% cash reserves per bond covenants
759 Eddy Street Commons Capital No reserve requirement - Bond capital fund - spend
down to zero
760 Eddy Street Commons Debt Service $2,500,000 minimum per bond covenant
3434
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.
3535
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
3636
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
3737