HomeMy WebLinkAbout2021 Board of Finance Annual Investment ReportANNUAL INVESTMENT REPORT
to the
CITY OF SOUTH BEND BOARD OF FINANCE
For the Year Ended December 31, 2021
Report Date:
Report Distribution:
Submitted By:
January 24, 2022
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)
City Controller (pursuant to I.C. 5-13-7-7)
TABLE OF CONTENTS
Investment Officers, Advisors, Authorized Investments ............................................................ 3
Investment Review Meetings ........................................................................................................... 4
Investment Report (12/31/21) .............................................................................................. 5 – 14
Year-End Cash Report (12/31/21 – preliminary) ............................................................. 15 – 17
2021 Interest Earnings Summary ......................................................................................... 18 – 23
Cash Management & Investment Policies .......................................................................... 24 – 32
1st Source Investment Advisor Profiles ............................................................................... 33 – 35
INVESTMENT OFFICERS
City Controller:
Deputy City Controller:
Director of Treasury:
Daniel T. Parker, MBA, MSA, CPA
Benjamin J. Dougherty, JD
Amanda N. Pietsch, CPA
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 $200 million in investments with 1st Source Bank
3
INVESTMENT REVIEW MEETINGS
QUARTER DATE TIME
1ST Quarter 04/20/2022 10:00 A.M.
2ND Quarter 07/20/2022 10:00 A.M.
3RD Quarter 10/19/2022 10:00 A.M.
4TH Quarter 01/18/2023 10:00 A.M.
Investment Review Meetings will be held virtually via Microsoft Teams until further notice.
4
INVESTMENT REPORT (12/31/2021)
5
City of South Bend Corporate Agency
Annual Investment Review
Account 619062011
Prepared by Paul W Gifford, CFA
6
Account Summary as of 12/31/2021
City of South Bend Corporate Agency
Account Statistics
Total Market Value
Total Unrealized Gain/Loss
Estimated Annual Income
Estimated Portfolio Yield
YTD Long Term Gain/Loss
YTD Short Term Gain/Loss
Policy Account
Minor Account Type
Investment Officer
Administrative Officer
$198,960,759.89
-$1,093,758.17
$1,143,945.82
0.58%
$0.00
$0.00
Income
AGENCY
PAUL GIFFORD
CARMEN POST
Asset Allocation
% TotalMarket ValueAsset Category
4.0Cash
96.0
7,356,821.39
191,603,938.50Fixed Income
100.0%$198,960,759.89Total
Top 5 Holdings (Cash Excluded)
Asset Units Price Tax Cost Market Value YieldEst. IncomeGain/Loss % Total
U.S. Treasury Notes 1.375%
6/30/23
5.09 1.36 137,500.00-81,755.17 10,100,617.68 10,182,372.85 100.95 10,000,000
FHLMC MTN 0.200% 12/15/22 5.03 0.20 20,000.00-18,388.89 9,981,611.11 10,000,000.00 99.80 10,000,000
FHLMC MTN 0.250% 5/19/23 3.50 0.25 17,500.00-58,223.15 6,946,183.61 7,004,406.76 99.19 7,000,000
FNMA 0.250% 7/10/23 2.65 0.25 13,262.50-48,196.00 5,264,351.91 5,312,547.91 99.23 5,305,000
U.S. Treasury Notes 1.625%
5/31/23
2.55 1.60 81,250.00-33,888.08 5,074,494.64 5,108,382.72 101.29 5,000,000
$37,607,710.24 $37,367,258.95 -$240,451.29 $269,512.50 0.72%Total 18.81%
Market values include accruals.
December 31, 2021 Account 6190620117
Holdings Detail as of 12/31/2021
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 7,356,821 7,356,821.39 7,356,821.39 0.00 1,817.13 0.02%
$7,356,821.39 $7,356,821.39 $0.00 $1,817.13 0.02%Total Cash
Fixed Income
Time Deposits
21st Century Bank CD 1.000% 4/14/22 90136STW6 250,000 250,000.00 250,547.50 547.50 2,500.00 1.00%
Amer Expr Natl Bk CD 0.800% 3/17/22 02589AA36 250,000 250,000.00 250,290.00 290.00 2,000.00 0.80%
Amerant Bank CD 1.050% 3/30/22 02357QAM9 250,000 250,000.00 250,495.00 495.00 2,625.00 1.05%
Axos Bank CD 1.550% 3/28/22 05465DAF5 250,000 250,000.00 250,795.00 795.00 3,875.00 1.55%
Bankunited CD 0.150% 2/21/23 066519QF9 250,000 250,000.00 249,292.50 -707.50 375.00 0.15%
Bankwell Bank CD 0.400% 7/06/23 06654BCH2 250,000 250,000.00 249,597.50 -402.50 1,000.00 0.40%
Bmo Harris Bank CD 0.500% 3/28/25 05600XAY6 1,000,000 1,000,000.00 985,470.00 -14,530.00 5,000.00 0.51%
Bmo Harris Bank CD 0.700% 4/28/25 05600XCV0 3,000,000 3,000,000.00 2,972,940.00 -27,060.00 21,000.00 0.71%
Bmo Harris Bk CD 0.500% 2/27/25 05600XAV2 1,000,000 1,000,000.00 986,400.00 -13,600.00 5,000.00 0.51%
BMW Bank CD 0.300% 7/31/23 05580AB94 250,000 250,000.00 249,105.00 -895.00 750.00 0.30%
Centerstate Bank CD 0.850% 3/30/22 15201QCP0 250,000 250,000.00 250,370.00 370.00 2,125.00 0.85%
CIT Bank CD 1.050% 3/28/22 12556LBU9 250,000 250,000.00 250,482.50 482.50 2,625.00 1.05%
Discover Bank CD 0.850% 3/25/22 254673ZU3 250,000 250,000.00 250,350.00 350.00 2,125.00 0.85%
Farmers Bank & Tr CD 1.600% 2/28/22 309162BG9 250,000 250,000.00 250,542.50 542.50 4,000.00 1.60%
First Bank CD 1.100% 3/31/22 31931TGL3 250,000 250,000.00 250,537.50 537.50 2,750.00 1.10%
First Natl Bank CD 1.100% 4/11/22 32114VBY2 250,000 250,000.00 250,595.00 595.00 2,750.00 1.10%
Flagstar Bank CD 0.200% 6/16/23 33847E4N4 5,000,000 5,000,000.00 4,978,850.00 -21,150.00 10,000.00 0.20%
Flagstar Bank CD 0.250% 6/30/23 33847E4R5 3,000,000 3,000,000.00 2,988,720.00 -11,280.00 7,500.00 0.25%
Flagstar Bank CD 0.300% 7/17/23 33847E4T1 4,000,000 4,000,000.00 3,986,720.00 -13,280.00 12,000.00 0.30%
Flagstar Bank CD 0.400% 9/30/24 33847E4E4 1,000,000 1,000,000.00 988,150.00 -11,850.00 4,000.00 0.40%
Flagstar Bank CD 0.500% 7/31/24 33847E3X3 1,000,000 1,000,000.00 992,450.00 -7,550.00 5,000.00 0.50%
Goldman Sachs Bk CD 0.800% 3/11/22 38149MRG0 250,000 250,000.00 250,267.50 267.50 2,000.00 0.80%
Homestreet Bank CD 0.150% 2/22/23 43785QPR8 250,000 250,000.00 249,290.00 -710.00 375.00 0.15%
December 31, 2021 Account 6190620118
Holdings Detail as of 12/31/2021
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
Time Deposits (continued)
Investors Bank CD 0.200% 6/30/23 46176PNG6 250,000 250,000.00 248,872.50 -1,127.50 500.00 0.20%
Lake City CD 0.29% 6/21/23 992572219 5,000,000 5,000,000.00 5,000,000.00 0.00 14,500.00 0.29%
Lake City CD 0.39% Due 6/11/2022 992572195 2,000,000 2,000,000.00 2,000,000.00 0.00 7,800.00 0.39%
Lake City CD 2.62% Due 4/30/2022 992572165 3,000,000 3,000,000.00 3,000,000.00 0.00 78,600.00 2.62%
Landmark Cmnty Bk CD 0.850% 12/27/22 51507LBW3 250,000 250,000.00 251,227.50 1,227.50 2,125.00 0.85%
Maine Cmnty Bank CD 1.000% 4/18/22 560390AG1 250,000 250,000.00 250,562.50 562.50 2,500.00 1.00%
Mainstreet Bank CD 0.250% 3/31/23 56065GAN8 250,000 250,000.00 249,442.50 -557.50 625.00 0.25%
Medallion Bank CD 0.850% 3/25/22 58404DGH8 250,000 250,000.00 250,355.00 355.00 2,125.00 0.85%
Northpointe Bank CD 0.750% 3/25/22 666613HJ6 250,000 250,000.00 250,295.00 295.00 1,875.00 0.75%
Northstar Bank CD 1.000% 4/14/22 66704MER8 250,000 250,000.00 250,547.50 547.50 2,500.00 1.00%
NY Community Bank CD 0.200% 11/09/22 649447UC1 250,000 250,000.00 249,732.50 -267.50 500.00 0.20%
NY Community Bank CD 0.200% 7/03/23 649447VA4 250,000 250,000.00 248,857.50 -1,142.50 500.00 0.20%
Parkway Bank CD 0.150% 2/27/23 70153RKQ0 250,000 250,000.00 249,270.00 -730.00 375.00 0.15%
Pioneer Bank CD 1.600% 2/14/22 723605BS9 250,000 250,000.00 250,422.50 422.50 4,000.00 1.60%
Sallie Mae Bank CD 0.300% 7/28/23 795451AE3 250,000 250,000.00 249,120.00 -880.00 750.00 0.30%
SB One Bank CD 1.500% 2/28/22 78414TBW1 250,000 250,000.00 250,517.50 517.50 3,750.00 1.50%
Southern Sts Bank CD 0.500% 6/12/24 843879DC8 250,000 250,000.00 248,410.00 -1,590.00 1,250.00 0.50%
State Bank CD 1.600% 2/14/22 856309BT5 250,000 250,000.00 250,412.50 412.50 4,000.00 1.60%
State Bank Texas CD 1.400% 3/21/22 856528DC5 250,000 250,000.00 250,647.50 647.50 3,500.00 1.40%
Synchrony Bank CD 0.400% 10/10/23 87164WD21 250,000 250,000.00 249,187.50 -812.50 1,000.00 0.40%
Third Fed Svgs CD 0.150% 2/23/23 88413QCX4 250,000 250,000.00 249,285.00 -715.00 375.00 0.15%
Webbank CD 0.250% 5/01/23 947547MU6 250,000 250,000.00 249,322.50 -677.50 625.00 0.25%
Wells Fargo Bank CD 1.800% 1/18/22 949495AN5 1,000,000 1,000,000.00 1,000,780.00 780.00 18,000.00 1.80%
Wells Fargo Bank CD 1.900% 1/17/23 949495AQ8 1,000,000 1,000,000.00 1,015,990.00 15,990.00 19,000.00 1.87%
Wells Fargo Bank CD 2.850% 3/13/23 949763YK6 500,000 500,000.00 514,610.00 14,610.00 14,250.00 2.77%
Wells Fargo Bank CD 2.950% 3/27/24 949763YW0 1,000,000 1,000,000.00 1,049,810.00 49,810.00 29,500.00 2.81%
West MI Cmnty Bk CD 1.000% 4/14/22 954444BT1 250,000 250,000.00 250,547.50 547.50 2,500.00 1.00%
December 31, 2021 Account 6190620119
Holdings Detail as of 12/31/2021
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
US Treasury
U.S. Treasury Notes 1.125% 2/28/22 912828ZA1 5,000,000 5,027,092.99 5,008,300.00 -18,792.99 56,250.00 1.12%
U.S. Treasury Notes 1.375% 6/30/23 912828S35 10,000,000 10,182,372.85 10,118,800.00 -63,572.85 137,500.00 1.36%
U.S. Treasury Notes 1.625% 5/31/23 912828R69 5,000,000 5,108,382.72 5,075,400.00 -32,982.72 81,250.00 1.60%
U.S. Treasury Notes 2.375% 3/15/22 9128286H8 1,000,000 1,000,344.17 1,004,510.00 4,165.83 23,750.00 2.36%
Government Agency
FFCB 0.090% 2/02/23 3133EMX98 5,000,000 4,997,500.00 4,989,150.00 -8,350.00 4,500.00 0.09%
FFCB 0.110% 3/01/23 3133EMSE3 5,000,000 4,998,750.00 4,984,850.00 -13,900.00 5,500.00 0.11%
FFCB 0.170% 11/30/22 3133EMHE5 2,000,000 2,000,000.00 1,997,040.00 -2,960.00 3,400.00 0.17%
FFCB 0.190% 10/13/22 3133EMCU4 5,000,000 5,000,000.00 4,998,950.00 -1,050.00 9,500.00 0.19%
FFCB 0.190% 9/22/23 3133EMLE0 5,000,000 5,000,000.00 4,973,650.00 -26,350.00 9,500.00 0.19%
FFCB 0.210% 12/28/23 3133EMLT7 3,000,000 3,000,000.00 2,968,470.00 -31,530.00 6,300.00 0.21%
FFCB 0.330% 6/03/24 3133EME40 3,000,000 3,000,000.00 2,961,000.00 -39,000.00 9,900.00 0.33%
FFCB 0.340% 4/22/24 3133EMXB3 5,000,000 4,999,250.00 4,939,900.00 -59,350.00 17,000.00 0.34%
FFCB 0.420% 9/09/24 3133EL6E9 2,000,000 2,000,000.00 1,972,420.00 -27,580.00 8,400.00 0.43%
FFCB 0.600% 6/16/25 3133EMH47 2,000,000 2,000,000.00 1,958,340.00 -41,660.00 12,000.00 0.61%
FFCB 0.900% 6/15/26 3133EMH21 1,000,000 1,000,490.98 983,210.00 -17,280.98 9,000.00 0.92%
FHLB 0.180% 4/28/23 3130AM5P3 5,000,000 5,000,375.16 4,971,950.00 -28,425.16 9,000.00 0.18%
FHLB 0.220% 12/28/23 3130AKKE5 5,000,000 4,999,250.00 4,961,350.00 -37,900.00 11,000.00 0.22%
FHLB 0.280% 6/10/22 3130AJN47 5,000,000 5,000,000.00 4,999,150.00 -850.00 14,000.00 0.28%
FHLB 0.370% 3/13/24 3130ANSW1 3,000,000 3,000,000.00 2,972,910.00 -27,090.00 11,100.00 0.37%
FHLB 0.500% 11/24/23 3130APM77 5,000,000 5,000,950.00 4,986,550.00 -14,400.00 25,000.00 0.50%
FHLB 0.650% 11/28/23 3130APW27 4,000,000 4,000,000.00 3,994,920.00 -5,080.00 26,000.00 0.65%
FHLB 0.750% 12/29/23 3130AQ5T6 3,000,000 3,000,450.00 2,998,020.00 -2,430.00 22,500.00 0.75%
FHLB 1.000% 8/12/26 3130ANET3 5,000,000 5,000,000.00 4,946,400.00 -53,600.00 50,000.00 1.01%
FHLMC MTN 0.125% 1/27/23 3134GXKH6 5,000,000 4,997,750.00 4,991,600.00 -6,150.00 6,250.00 0.13%
FHLMC MTN 0.180% 11/18/22 3134GXBC7 1,250,000 1,250,000.00 1,247,950.00 -2,050.00 2,250.00 0.18%
FHLMC MTN 0.200% 12/15/22 3134GXGQ1 10,000,000 10,000,000.00 9,987,300.00 -12,700.00 20,000.00 0.20%
December 31, 2021 Account 61906201110
Holdings Detail as of 12/31/2021
City of South Bend Corporate Agency
Asset CUSIP Quantity Tax Cost YieldEst. IncomeGain/LossMarket Value
Fixed Income
Government Agency (continued)
FHLMC MTN 0.250% 5/19/23 3134GXCB8 7,000,000 7,004,406.76 6,954,780.00 -49,626.76 17,500.00 0.25%
FHLMC MTN 0.300% 11/13/23 3134GXAY0 1,125,000 1,124,741.25 1,118,238.75 -6,502.50 3,375.00 0.30%
FHLMC MTN 0.320% 11/02/23 3134GW6E1 5,000,000 5,000,000.00 4,966,700.00 -33,300.00 16,000.00 0.32%
FHLMC MTN 0.320% 11/24/23 3134GXCA0 3,000,000 3,000,000.00 2,977,620.00 -22,380.00 9,600.00 0.32%
FHLMC MTN 0.375% 4/20/23 3137EAEQ8 5,000,000 5,015,619.50 4,988,450.00 -27,169.50 18,750.00 0.38%
FHLMC MTN 0.450% 9/11/24 3134GWN44 5,000,000 5,000,000.00 4,944,550.00 -55,450.00 22,500.00 0.46%
FNMA 0.250% 7/10/23 3135G05G4 5,305,000 5,315,059.98 5,276,087.75 -38,972.23 13,262.50 0.25%
FNMA 0.350% 8/18/23 3135G05T6 5,000,000 5,009,650.00 4,971,300.00 -38,350.00 17,500.00 0.35%
FNMA 0.420% 11/18/24 3135G06E8 2,000,000 1,999,500.00 1,967,340.00 -32,160.00 8,400.00 0.43%
FNMA 0.625% 12/30/25 3135GABA8 2,000,000 2,000,000.00 1,959,240.00 -40,760.00 12,500.00 0.64%
Tax Exempt Muni Notes/Bonds
Goshen IN Sewage Wks 3.000% 1/01/22 383316ER3 125,000 126,678.27 125,000.00 -1,678.27 3,750.00 3.00%
Goshen IN Sewage Wks 3.000% 7/01/22 383316ES1 150,000 153,995.11 152,059.50 -1,935.61 4,500.00 2.96%
$192,562,609.74 $191,603,938.50 $-958,671.24 $1,056,887.50 0.55%Total Fixed Income
Total Portfolio $199,919,431.13 $198,960,759.89 $-958,671.24 $1,058,704.63 0.53%
December 31, 2021 Account 61906201111
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
50,000,000
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
All Others
Maturity Ladder as of 12/31/2021
City of South Bend Corporate Agency
Par Value of Maturing Assets Over Time
Par Value of Maturing Assets Per Period
Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
0 0 0 0 0 0All Others
0 4,750,000 6,250,000 0 500,000 2,750,000Time Deposits
0 6,000,000 0 0 0 0US Treasury
0 0 5,000,000 0 18,250,000 15,000,000Government Agency
0 125,000 0 150,000 0 0Tax Exempt Muni
Notes/Bonds
0 10,875,000 11,250,000 150,000 18,750,000 17,750,000
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
0 0 0 0 0 0All Others
13,500,000 5,000,000 250,000 1,000,000 250,000 2,000,000Time Deposits
15,000,000 0 0 0 0 0US Treasury
17,000,000 15,305,000 29,125,000 3,000,000 8,000,000 7,000,000Government Agency
0 0 0 0 0 0Tax Exempt Muni
Notes/Bonds
45,500,000 20,305,000 29,375,000 4,000,000 8,250,000 9,000,000
December 31, 2021 Account 61906201112
Fixed Income Summary as of 12/31/2021
City of South Bend Corporate Agency
Maturity Summary
Maturity (Years)Market Value
% Bond
Holdings
0 - 1 41,031,579.50 21.4%
1 - 3 135,780,359.00 70.9%
3 - 5 14,792,000.00 7.7%
Total $191,603,938.50 100.0%
Asset Class Allocation
Subclass Market Value
% Bond
Holdings
Time Deposits 41,210,482.50 21.5%
US Treasury 21,207,010.00 11.1%
Government
Agency
128,909,386.50 67.3%
Tax Exempt Muni
Notes/Bonds
277,059.50 0.1%
Total $191,603,938.50 100.0%
Bond Rating Summary
Credit Rating Market Value
% Bond
Holdings
AAA 150,116,396.50 78.3%
AA 277,059.50 0.1%
NR 41,210,482.50 21.5%
Total $191,603,938.50 100.0%
Duration Summary
Duration (Years)Market Value
% Bond
Holdings
Less than 1.00 47,986,359.50 25.0%
1.00 - 3.00 128,825,579.00 67.2%
3.00 - 5.00 13,808,790.00 7.2%
10.00+ 983,210.00 0.5%
Total $191,603,938.50 100.0%
December 31, 2021 Account 61906201113
Performance Summary as of 12/31/2021
City of South Bend Corporate Agency
Return Details
3 Month YTD 1 Year 5 Year3 Year
Total Fund Net Fees -0.38% -0.22% -0.22% 1.33% 1.28%
Benchmark - Merrill 3 Month T-bill 0.01% 0.05% 0.05% 0.99% 1.14%
December 31, 2021 Account 61906201114
12/31/2021 CASH REPORT
15
City of South Bend
Report of Changes in Cash Balance
January 1, 2021 through December 31, 2021
Beginning 2021 2021 Plus/(Minus)Ending Variance
Cash Balance Year to Date Year to Date Accrual Surplus Cash Balance Cash Reserve
Above/(Below)
1/1/2021 Revenue Expenditures Adjustments (Deficit) 12/31/2021 Requirement Reserve Req.
City Controlled Funds
101 General Fund 53,544,921 77,019,698 75,567,091 (789,455) 663,152 54,208,073 27,456,404 26,751,670
Special Revenue Funds
102 Rainy Day 10,845,986 64,091 - - 64,091 10,910,077 8,206,983 2,703,095
201 Parks & Recreation 4,156,004 16,604,000 14,974,277 80,130 1,709,854 5,865,858 3,977,920 1,887,938
202 Motor Vehicle Highway 6,607,820 8,159,765 9,972,287 (22,883) (1,835,405) 4,772,416 2,619,611 2,152,805
209 Studebaker-Oliver Revitalizing Grants 763,112 4,318 75,182 - (70,864) 692,248 - -
210 Economic Development State Grants 27,154 77,180 77,457 (1) (278) 26,876 - -
211 Dept of Community Investment Operating 1,629,498 2,172,743 3,396,182 (11,934) (1,235,373) 394,125 - -
212 Dept of Community Investment Grants 313,907 2,905,379 2,811,571 2,102 95,910 409,818 - -
216 Police State Seizures 213,569 31,299 71,043 - (39,744) 173,825 24,261 149,564
217 Gift, Donation, Bequest 981,455 478,492 481,425 - (2,933) 978,522 - -
218 Police Curfew Violations 13,799 82 - - 82 13,880 250 13,630
219 Unsafe Building 832,938 38,879 107,286 450 (67,957) 764,981 - -
220 Law Enforcement Continuing Education 483,549 325,862 422,985 (7,445) (104,568) 378,981 119,628 259,354
221 Rental Units Regulation 189,090 57,608 159,283 - (101,674) 87,416 - -
227 Loss Recovery 481,214 2,515 69,630 - (67,115) 414,099 - -
230 Code Enforcement Fund 803,572 3,065,940 3,369,933 (2,088) (306,080) 497,492 - -
249 Local Income Tax - Public Safety 4,045,717 9,416,761 9,618,013 - (201,253) 3,844,465 769,441 3,075,024
251 Local Road & Street 3,632,884 2,628,875 3,912,948 565 (1,283,507) 2,349,376 - -
257 LOIT Special Distribution 266,588 2,969 23,927 - (20,958) 245,630 - -
258 Human Rights Federal Grants 486,159 175,390 235,005 - (59,614) 426,544 - -
263 American Rescue Plan - 29,536,642 - - 29,536,642 29,536,642 - -
264 COVID-19 Response 53,214 2,943,368 2,996,232 (350) (53,214) - - -
265 Local Road & Bridge Grant 1,391,493 1,795,904 2,482,521 - (686,618) 704,875 - -
266 MVH Restricted Fund 1,126,297 3,213,833 2,291,664 (6,134) 916,035 2,042,332 - -
273 Morris PAC / Palais Royale Marketing 76,521 5,936 7,648 - (1,712) 74,809 7,496 67,313
274 Morris PAC Self-Promotion 225,432 38,578 - - 38,578 264,010 28,750 235,260
280 Police Block Grants 4,138 24 - - 24 4,162 - -
289 Haz-Mat 27,937 165 - - 165 28,102 2,500 25,602
291 Indiana River Rescue 330,404 97,843 53,135 (14,800) 29,908 360,311 21,310 339,001
292 Police Grants 26,716 - - - - 26,716 - -
294 Regional Police Academy 125,984 20,444 100 - 20,344 146,328 4,313 142,016
295 COPS MORE Grant 73,474 111,077 139,203 - (28,126) 45,349 - -
299 Police Federal Drug Enforcement 83,275 58,110 81,148 - (23,037) 60,237 27,412 32,825
404 Local Income Tax - Certified Shares 14,902,237 15,414,847 11,687,709 1,870 3,729,008 18,631,245 7,135,186 11,496,059
408 Local Income Tax - Economic Development 19,044,274 14,286,985 8,380,845 (155,061) 5,751,079 24,795,353 6,068,335 18,727,019
410 Urban Development Action Grant 32,733 18,449 24,000 - (5,551) 27,182 - -
655 Project ReLeaf 425,913 468,643 587,350 (25,149) (143,856) 282,057 158,572 123,485
705 Police K-9 Unit 2,420 14 - - 14 2,435 - -
730 City Cemetery 30,041 178 - - 178 30,218 - -
731 Bowman Cemetery 472,576 2,793 - - 2,793 475,369 400,000 75,369
754 Industrial Revolving Fund 2,406,914 2,959,263 3,190,699 1,525,365 1,293,929 3,700,843 - -
Total Special Revenue Funds 77,636,007 117,185,248 81,700,688 1,364,638 36,849,199 114,485,206 29,571,966 41,505,359
Debt Service Funds
312 2017 Parks Bond Debt Service 187,578 1,185,775 1,189,190 - (3,415) 184,163 - -
350 2018 Fire Station #9 Bond Debt Service - 345,306 345,306 - -- - -
672 Century Center Energy Conservation Debt Svc 193,705 409,708 406,711 - 2,997 196,702 - -
752 South Bend Redevelopment Authority 232,423 2,866,071 2,856,069 - 10,002 242,425 242,425 -
755 South Bend Building Corporation 833,535 11,424,080 12,033,240 - (609,159) 224,375 224,375 -
756 2015 Smart Streets Bond Debt Service 1,739,076 1,716,091 1,712,469 - 3,623 1,742,699 1,742,699 -
757 2015 Parks Bond Debt Service 586,111 376,033 374,381 - 1,652 587,763 587,763 -
760 2017 Eddy Street Commons Bond Debt Service 3,463,323 1,916,164 1,710,875 - 205,289 3,668,611 2,500,000 1,168,611
Total Debt Service Funds 7,235,750 20,239,229 20,628,241 - (389,012) 6,846,739 5,297,263 1,168,611
Capital Funds
287 Fire Department Capital 3,111,296 2,125,468 2,478,126 (300) (352,958) 2,758,339 - -
401 Coveleski Stadium Capital 11,685 58 10,183 (746) (10,870) 814 - -
406 Cumulative Capital Development 169,893 511,620 394,767 - 116,853 286,746 - -
407 Cumulative Capital Improvement 676,798 236,443 262,145 - (25,702) 651,096 - -
412 Major Moves Construction 1,386,436 587,639 84,882 - 502,758 1,889,193 - -
413 Professional Sports Convention Development Area - 775,632 - - 775,632 775,632 - -
416 Morris Performing Arts Center Capital 203,098 1,838,280 128,451 - 1,709,829 1,912,926 - -
450 Palais Royale Historic Preservation 80,911 12,571 - - 12,571 93,481 - -
451 2018 Fire Station #9 Bond Capital 314,233 1,857 - - 1,857 316,090 - -
455 2021 Infrastructure Bond Capital - 8,622,248 4,785,766 - 3,836,482 3,836,482 - -
471 2017 Parks Bond Capital 5,926,118 31,461 1,695,211 (2,642) (1,666,392) 4,259,726 - -
750 Equipment/Vehicle Leasing 347,680 17 - - 17 347,697 - -
759 2017 Eddy Street Commons Bond Capital 25,762 1 - - 1 25,763 - -
Total Capital Funds 12,253,909 14,743,295 9,839,531 (3,688) 4,900,076 17,153,985 - -
16
City of South Bend
Report of Changes in Cash Balance
January 1, 2021 through December 31, 2021
Beginning 2021 2021 Plus/(Minus)Ending Variance
Cash Balance Year to Date Year to Date Accrual Surplus Cash Balance Cash Reserve
Above/(Below)
1/1/2021 Revenue Expenditures Adjustments (Deficit) 12/31/2021 Requirement Reserve Req.
Enterprise Funds
288 Emergency Medical Services Operating 607,079 - 607,079 - (607,079) - - -
600 Consolidated Building Fund 2,127,056 1,531,105 1,555,614 (175) (24,684) 2,102,372 417,473 1,684,898
601 Parking Garages 674,268 956,029 724,568 1,650 233,112 907,380 229,879 677,500
610 Solid Waste Operations 87,032 7,939,316 6,606,356 (513,522) 819,438 906,471 694,644 211,827
611 Solid Waste Capital 388,126 1,626,271 1,235,235 - 391,036 779,163 - -
620 Water Works Operations 4,840,727 21,989,022 19,681,182 (598,110) 1,709,730 6,550,457 1,059,524 5,490,933
622 Water Works Capital 7,652,044 3,606,371 1,533,903 (51,533) 2,020,935 9,672,979 - -
624 Water Works Customer Deposit 1,263,319 7,493 7,493 15,996 15,996 1,279,314 1,279,314 -
625 Water Works Sinking (Debt Service)2,323 1,511,520 1,513,843 - (2,323) - - -
626 Water Works Bond Reserve 1,422,800 8,191 8,188 - 4 1,422,804 1,422,804 -
629 Water Works Operations & Maintenance Reserve 2,912,652 17,168 17,168 - - 2,912,652 2,706,529 206,123
640 Sewer Repair Insurance 2,052,857 709,391 723,314 (35,074) (48,996) 2,003,861 215,001 1,788,860
641 Sewage Works Operations 11,466,153 41,265,804 37,949,214 (957,372) 2,359,218 13,825,371 2,107,920 11,717,451
642 Sewage Works Capital 13,821,218 6,598,607 6,047,698 (12,418) 538,490 14,359,708 - -
643 Sewage Works Operations & Maintenance Reserve 5,550,801 32,719 32,719 - - 5,550,801 4,762,109 788,693
649 Sewage Sinking (Debt Service)1,320,833 22,204,969 23,525,803 - (1,320,833) - - -
653 Sewage Debt Service Reserve 3,990,250 1,509,481 1,749,971 - (240,490) 3,749,760 3,749,760 -
654 Sewage Works Customer Deposit 649,073 4,446 4,446 254,768 254,768 903,840 903,840 -
667 Storm Sewer Fund 1,032,916 1,139,829 511,602 (56,988) 571,239 1,604,154 135,535 1,468,620
670 Century Center Operations 1,016,748 2,111,688 2,948,380 14,294 (822,398) 194,350 1,054,307 (859,957)
671 Century Center Capital 983,612 98 - - 98 983,710 800,000 183,710
Total Enterprise Funds 63,861,888 114,769,519 106,983,776 (1,938,484) 5,847,259 69,709,146 21,538,640 69,709,146
Internal Service Funds
222 Central Services 1,209,079 7,497,135 8,239,216 191,668 (550,413) 658,666 880,123 (221,457)
224 Central Services Capital 26,221 84,157 110,378 - (26,221) - - -
226 Liability Insurance 5,956,858 3,386,046 3,228,301 (13,737) 144,009 6,100,867 1,966,102 4,134,764
278 Police Take Home Vehicle 681,823 18,678 270 (1,685) 16,723 698,546 750,000 (51,454)
279 IT / Innovation / 311 Call Center 2,125,192 10,219,588 8,831,973 (29,942) 1,357,673 3,482,865 - -
711 Self-Funded Employee Benefits 10,143,060 17,243,514 16,602,496 2,336 643,354 10,786,414 4,682,881 6,103,534
713 Unemployment Compensation 31,859 103,474 75,914 (59,419) (31,859) - 24,000 (24,000)
714 Parental Leave Fund 157,521 249,526 180,337 - 69,189 226,711 20,308 206,403
Total Internal Service Funds 20,331,613 38,802,118 37,268,885 89,222 1,622,455 21,954,068 8,323,414 10,147,790
Fiduciary Funds
701 Fire Pension 453,561 4,103,087 4,136,468 - (33,381) 420,180 449,626 (29,446)
702 Police Pension 566,569 5,957,118 5,962,764 - (5,646) 560,923 605,774 (44,851)
718 State Tax Withholding Fund 336,042 - - 459,570 459,570 795,612 795,612 -
725 Morris / Palais Box Office 393,326 - - 398,272 398,272 791,599 791,599 -
726 Police Distributions Payable 894,848 - - 746,555 746,555 1,641,403 1,641,403 -
Total Fiduciary Funds 2,644,346 10,060,205 10,099,232 1,604,397 1,565,370 4,209,716 4,284,013 (74,297)
Total City Controlled Funds 237,508,434 392,819,312 342,087,442 326,630 51,058,499 288,566,933 96,471,699 149,208,279
Redevelopment Commission Controlled Funds
Tax Increment Financing Funds
324 TIF - River West Development Area 29,039,261 20,134,540 15,442,915 (17,845) 4,673,780 33,713,041 - -
422 TIF - West Washington 1,127,293 356,020 248,282 - 107,738 1,235,031 - -
429 TIF - River East Development Area (NE Dev)5,864,278 5,116,467 1,404,591 (69,709) 3,642,167 9,506,445 - -
430 TIF - Southside Development Area #1 12,586,134 3,057,189 1,162,353 (7,789) 1,887,048 14,473,182 - -
435 TIF - Douglas Road 93,140 270,610 106,170 - 164,440 257,579 - -
436 TIF - River East Residential Area (NE Res)4,678,334 6,318,471 5,566,837 - 751,634 5,429,968 - -
Total Tax Increment Financing Funds 53,388,440 35,253,296 23,931,147 (95,343) 11,226,807 64,615,246 - -
Redevelopment Funds
433 Redevelopment General 2,444,710 1,429,434 686,149 - 743,285 3,187,994 280,896 2,907,098
439 Certified Technology Park 11,080 65 - - 65 11,145 - -
452 2018 TIF Park Bond Capital 2,614,468 15,033 188,982 (7,283) (181,232) 2,433,236 - -
454 Airport Urban Enterprise Zone 407,982 2,411 - - 2,411 410,393 - -
Total Redevelopment Funds 5,478,239 1,446,943 875,132 (7,283) 564,529 6,042,769 280,896 2,907,098
Debt Service Funds
315 Airport 2003 Debt Reserve 1,040,462 6,133 6,133 - - 1,040,462 1,040,462 -
328 SBCDA 2003 Debt Reserve 1,739,495 10,253 10,253 - - 1,739,495 1,739,495 -
351 2018 TIF Park Bond Debt Service 1,029,665 6,085 - - 6,085 1,035,750 1,035,750 -
352 2019 South Shore Double Tracking Debt Service 690 1,036,503 1,027,750 - 8,753 9,443 9,443 -
353 2020 TIF Library Bond Debt Service Reserve 326,939 16 11 - 5 326,944 326,944 -
Total Debt Service Funds 4,137,251 1,058,990 1,044,147 - 14,843 4,152,094 4,152,094 -
Total Redevelopment Commission Funds 63,003,930 37,759,230 25,850,426 (102,625) 11,806,179 74,810,109 4,432,990 2,907,098
Grand Total 300,512,364 430,578,541 367,937,868 224,005 62,864,678 363,377,042 100,904,689 152,115,377
17
INTEREST EARNINGS SUMMARY
18
City of South Bend, Indiana
Interest Earnings Summary
Fiscal Year Ended December 31, 2021
1st Source 1st Source
Month Month Investment Checking Other Bank Cash with Total
Earned Received Interest Interest Accounts (1) Fiscal Agent (2) Interest Received
Dec 2020 Jan 2021 $229,049.12 $17,995.56 $107.17 $110.59 $247,262.44
Jan 2021 Feb 2021 52,106.50 22,097.83 103.50 118.97 74,426.80
Feb 2021 Mar 2021 50,876.76 16,055.33 112.39 106.50 67,150.98
Mar 2021 Apr 2021 368,045.37 16,838.89 105.23 90.26 385,079.75
Apr 2021 May 2021 34,092.54 13,478.33 234.49 88.08 47,893.44
May 2021 June 2021 42,093.94 14,589.25 115.91 87.96 56,887.06
June 2021 July 2021 396,019.67 29,267.68 153.85 69.92 425,511.12
July 2021 Aug 2021 27,336.93 36,705.62 173.55 103.74 64,319.84
Aug 2021 Sep 2021 84,808.73 32,744.28 146.51 98.05 117,797.57
Sep 2021 Oct 2021 45,281.98 30,204.00 149.16 53.60 75,688.74
Oct 2021 Nov 2021 22,753.57 31,961.02 133.28 86.93 54,934.80
Nov 2021 Dec 2021 80,437.45 29,566.23 204.80 62.65 110,271.13
$1,432,902.56 $291,504.02 $1,739.84 $1,077.25 $1,727,223.67
(1) Interest earned on cash held at various banks including Centier Bank, Key Bank, and other.
(2) Interest earned on cash held in escrow accounts at Bank of New York Mellon and US Bank, and other.
19
Year Earnings
% Change
Year to Year
2012 Actual $1,474,283 ------
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 3,578,226 -46.1%
2021 Actual 1,727,224 -51.7%
Notes to Interest Earnings Summary:
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.
Investment and interest earnings are reported net of fees.
Total par value of investment portfolio at 1 st Source Bank:
May 11, 2011 – Investment account opened
January, 2013
January, 2017
April, 2021
$150,000,000
175,000,000
185,000,000
200,000,000
The reduction in 2021 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.
$0.0 M
$1.0 M
$2.0 M
$3.0 M
$4.0 M
$5.0 M
$6.0 M
$7.0 M
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
Interest Earnings 2012-2021
20
City of South Bend, Indiana
Interest Earnings Summary
Fiscal Years 2012 through 2021
December 31, 2021
Fund #Fund Name 2012 Actual 2013 Actual 2014 Actual 2015 Actual 2016 Actual 2017 Actual 2018 Actual 2019 Actual 2020 Actual 2021 Actual
101 General Fund 99,725$ 81,117$ 74,513$ 146,438$ 234,728$ 292,096$ 487,006$ 724,748$ 492,302$ 290,597$
102 Rainy Day 42,239 29,524 29,473 61,234 88,296 109,764 186,733 246,194 137,687 64,091
103 Excess Levy - - - 23 7 - - - - -
201 Parks & Recreation 14,802 12,082 8,075 13,649 24,609 32,228 84,863 126,119 21,738 20,758
202 Motor Vehicle Highway 7,431 11,791 12,300 34,302 56,152 72,001 139,982 146,469 59,007 23,518
203 Recreation Nonreverting 3,332 2,692 2,893 6,075 8,243 9,673 15,514 - - -
209 Studebaker-Oliver Revitalizing Grants 5,485 3,712 3,705 7,750 10,243 9,050 16,482 21,005 10,808 4,318
210 Economic Development State Grants 64,332 60,703 15,033 11,236 14,144 12,124 11,863 7,773 749 160
211 Dept of Community Investment Operating 3,057 2,610 3,246 7,938 12,494 12,136 14,360 13,570 12,986 6,023
212 Dept of Community Investment Grants 2,578 2,152 2,038 1,972 1,424 723 1,163 2,852 - -
216 Police State Seizures 653 498 564 1,368 2,032 2,543 3,755 5,396 2,862 993
217 Gift, Donation, Bequest 287 232 462 592 725 1,411 2,527 12,695 11,424 6,884
218 Police Curfew Violations 52 38 40 85 115 136 236 306 167 82
219 Unsafe Building - - - - - - 6,040 14,604 11,167 4,812
220 Law Enforcement Continuing Education 5,194 3,491 3,394 6,715 8,138 6,961 10,040 9,307 5,560 2,229
221 Rental Units Regulation - - - - - - 140 279 645 728
222 Central Services 4,688 3,421 3,950 8,574 10,343 10,211 10,934 16,454 16,118 6,268
224 Central Services Capital - - - 322 933 1,176 2,780 3,129 139 40
226 Liability Insurance 23,376 18,597 17,712 35,042 43,001 48,797 71,401 97,578 74,635 36,491
227 Loss Recovery 21,894 18,685 25,717 24,843 9,131 9,952 13,044 14,210 7,534 2,515
244 Emergency Phone System - - - 19 - - - - - -
230 Code Enforcement Fund - - - - - - - - 2,492 941
249 Local Income Tax - Public Safety 8,296 6,954 5,168 6,209 7,162 9,938 22,716 65,117 46,805 25,015
251 Local Road & Street 7,306 6,247 7,585 18,729 27,861 31,663 71,117 111,308 65,026 18,850
252 Excess Welfare Distribution 5,407 4 4 - - - - - - -
257 LOIT Special Distribution - - - - - 34,717 38,179 10,229 1,950 1,469
258 Human Rights Federal Grant 2,279 1,593 1,743 2,960 4,149 5,179 8,987 10,376 3,655 2,417
263 American Rescue Plan - - - - - - - - - 81,618
265 Local Road & Bridge Grant - - - - - - 6,373 8,641 9,466 4,832
266 MVH Restricted Fund - - - - - - - 12,367 15,230 9,704
271 Eastrace Waterway 99 49 35 22 12 9 - - - -
273 Morris PAC / Palais Royale Marketing 122 95 90 198 332 507 1,041 1,506 945 453
274 Morris PAC Self-Promotion - - - - - - 814 3,175 2,576 1,355
278 Police Take Home Vehicle 1,828 1,435 1,705 4,062 6,404 8,100 13,630 17,664 8,942 4,038
279 IT / Innovation / 311 Call Center - - - - - - 31,487 54,428 34,050 14,598
280 Police Block Grants 459 13 13 27 36 42 71 94 53 24
281 Economic Develop Commission-Revenue Bonds 133 93 93 193 255 298 259 - - -
287 Fire Department Capital - - - 6,860 30,399 44,718 81,118 71,960 17,117 8,474
288 Emergency Medical Services Operating 30,051 16,450 14,964 22,372 20,021 27,419 49,138 49,036 20,548 -
289 Haz-Mat 13 40 86 231 269 261 456 608 355 165
291 Indiana River Rescue 408 368 361 618 1,248 1,530 2,777 5,807 4,146 1,993
292 Police Grants - - - 55 - - - - - -
294 Regional Police Academy 399 268 262 480 757 910 1,739 2,588 1,587 819
295 COPS MORE Grant 492 364 380 778 1,212 1,814 2,334 4,036 1,281 432
299 Police Federal Drug Enforcement 941 947 978 975 1,397 2,048 2,654 3,131 723 192
312 2017 Parks Bond Debt Service - - - - - - 763 565 603 500
313 Football Hall of Fame Debt Service - - - 41 0 285 141 27 - -
314 1990 SBCDA TIF L/P Bond 3,009 - - - - - - - - -
315 Airport 2003 Debt Reserve 5,571 3,567 3,548 7,340 9,662 11,140 18,760 24,249 13,309 6,133
317 Coveleski Debt Service Reserve 2,470 1,725 1,722 3,577 4,742 5,523 9,396 1,076 - -
319 Blackthorn Debt Service 4,420 464 - - - - - - - -
324 TIF - River West Development Area 80,260 61,707 85,249 255,183 284,754 295,661 498,346 622,691 321,099 153,650
328 SBCDA 2003 Debt Reserve 8,258 5,959 5,929 12,263 16,144 18,628 31,363 40,541 22,251 10,253
351 2018 TIF Park Bond Debt Service - - - - - - - 23,374 13,071 6,085
352 2019 South Shore Double Tracking Debt Service - - - - - - - - 13 3
353 2020 TIF Library Bond Debt Service Reserve - - - - - - - - 2 16
377 Professional Sports Development 5,025 2,742 1,963 2,947 2,657 1,345 37 1,201 - -
401 Coveleski Stadium Capital 327 92 98 358 683 860 1,074 718 249 58
403 Potawatomi Zoo Nonreverting Capital Fund (aka Zoo Endowment)211 168 168 348 462 151 - - - -
21
City of South Bend, Indiana
Interest Earnings Summary
Fiscal Years 2012 through 2021
December 31, 2021
Fund #Fund Name 2012 Actual 2013 Actual 2014 Actual 2015 Actual 2016 Actual 2017 Actual 2018 Actual 2019 Actual 2020 Actual 2021 Actual
404 Local Income Tax - Certified Shares 69,195 50,203 50,003 100,599 99,241 95,698 186,016 296,751 162,840 87,126
405 Park Nonreverting Capital 1,772 1,386 1,384 3,120 3,405 1,471 1,200 - - -
406 Cumulative Capital Development 3,808 2,701 2,156 3,051 4,045 4,834 8,622 8,944 1,673 928
407 Cumulative Capital Improvement 15 122 227 1,042 2,607 3,838 5,687 11,646 8,167 3,682
408 Local Income Tax - Economic Development 45,531 33,100 34,399 69,484 94,879 130,988 264,870 393,399 234,476 128,951
410 Urban Development Action Grant 917 88 94 2,306 4,868 5,604 6,352 625 580 172
412 Major Moves Construction 394,379 261,868 253,216 252,281 221,540 179,953 168,342 161,549 26,326 9,556
413 Professional Sports Convention Development Area - - - - - - - - - 218
416 Morris Performing Arts Center Capital 1,997 1,412 1,651 3,642 4,965 6,593 7,250 9,243 5,695 1,057
420 TIF - South Bend Central Development Area (SBCDA) General 45,913 59,683 42,533 - - - - - - -
422 TIF - West Washington 3,920 1,435 2,502 8,903 15,176 21,964 38,510 37,241 13,049 7,164
425 Redevelopment Retail Area (Leighton Plaza)383 298 306 1,071 1,541 1,771 2,729 206 - -
426 TIF - Central Medical Service Area 16,841 12,242 8,308 - - - - - - -
429 TIF - River East Development Area (NE Dev)5,286 8,057 11,381 44,638 70,896 83,386 161,666 216,095 95,624 39,992
430 TIF - Southside Development Area #1 19,939 17,222 12,462 34,652 51,011 65,346 150,223 210,559 128,384 75,461
431 TIF - Southside Development #2 - Erskine Commons 2,329 - - - - - - - - -
432 TIF - Southside Development #3 27,801 18,842 20,575 38,457 46,268 8,519 - - - -
433 Redevelopment General 164 104 51 70 81 83 2,969 18,819 17,823 13,014
434 Community Revitalization Enhancement District 1,259 418 301 360 635 - - - - -
435 TIF - Douglas Road 723 454 685 606 1,123 844 3,533 4,666 1,916 687
436 TIF - River East Residential Area (NE Res)10,211 8,423 3,380 1,571 2,109 442 5,385 39,283 30,109 19,471
439 Certified Technology Park 3,571 7,207 12,682 28,205 20,426 10,965 11,138 11,102 141 65
450 Palais Royale Historic Preservation 247 215 195 488 760 1,065 2,143 2,523 1,055 493
451 2018 Fire Station #9 Bond Capital - - - - - - 56,076 40,384 4,604 1,857
452 2018 TIF Park Bond Capital - - - - - - - 186,070 45,452 15,033
453 2018 Zoo Bond Capital - - - - - - - 22,489 293 -
454 Airport Urban Enterprise Zone 1,323 1,289 1,287 2,674 3,545 4,129 7,024 9,261 5,179 2,411
455 2021 Infrastructure Bond Capital - - - - - - - - - 21,221
471 2017 Parks Bond Capital - - - - - - 189,838 260,532 108,955 31,461
600 Consolidated Building Fund 380 667 1,354 9,357 19,974 30,173 47,231 45,340 27,060 12,194
601 Parking Garages 4,124 2,408 3,407 7,543 6,965 12,422 23,414 26,939 13,473 4,803
610 Solid Waste Operations 5,359 2,996 1,765 2,578 3,132 4,756 9,887 10,429 4,185 781
611 Solid Waste Capital 279 469 169 114 1,211 1,089 1,666 5,160 1,210 34
620 Water Works Operations 10,309 6,453 11,007 30,010 31,293 31,224 53,391 72,870 46,545 28,409
622 Water Works Capital 6,523 13,709 11,944 21,149 25,902 24,709 36,395 73,538 68,626 50,372
623 Water Works Construction 11,241 16,550 1,731 544 - - - - - -
624 Water Works Customer Deposit 6,864 4,861 4,997 10,564 14,196 16,276 27,299 34,493 16,448 7,493
625 Water Works Sinking (Debt Service)3,961 2,064 2,535 6,268 7,299 9,994 15,871 25,708 10,069 2,818
626 Water Works Bond Reserve 3,221 4,767 5,391 8,258 15,039 15,294 25,805 33,355 18,099 8,191
629 Water Works Operations & Maintenance Reserve 9,729 6,927 7,079 15,609 22,367 27,841 47,942 66,676 37,210 17,168
640 Sewer Repair Insurance 5,003 4,204 4,907 11,145 16,006 19,466 34,679 48,681 27,444 12,053
641 Sewage Works Operations 16,545 16,604 20,498 58,066 105,065 152,871 238,326 325,226 143,362 69,545
642 Sewage Works Capital 46,026 26,316 17,278 46,366 72,469 71,081 153,406 244,500 175,995 87,851
643 Sewage Works Operations & Maintenance Reserve 15,457 11,036 11,635 25,652 40,590 53,934 96,204 128,822 71,004 32,719
647 2007 Sewer Bond 202 42 3 3 - - - - - -
649 Sewage Sinking (Debt Service)14,736 10,232 12,563 30,784 37,633 47,833 87,659 115,049 46,414 19,986
650 Clay Sewage General Fund 3 2 - - - - - - - -
651 2007B Sewer Bond 575 69 - - - - - - - -
653 Sewage Debt Service Reserve 30,127 3 3 3 6,009 26,716 65,897 87,669 20,901 271
654 Sewage Works Customer Deposit - - - - - - - 1,430 6,318 4,446
655 Project ReLeaf 4,230 2,914 3,642 7,334 7,978 9,381 14,362 13,753 5,792 2,322
658 2010 Sewer Bond CSO Plan 4,348 216 6 - - - - - - -
659 Sewer Bond 2011 91,421 30,970 20,589 5,103 1,961 155 1 - - -
661 Sewer Bond 2012 - 65,016 60,972 110,899 96,669 20,166 3,229 - - -
664 2013A Cost of Issuance Fund - 7 15 32 32 - - - - -
666 2015 Sewer Bond Issuance - -- - 114 - - - - -
667 Storm Sewer Fund - -- - - - - 836 5,336 7,492
670 Century Center Operations 228 3,079 - - - - - 6 25 54
671 Century Center Capital 365 315 328 809 932 866 2,026 12,966 1,931 98
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City of South Bend, Indiana
Interest Earnings Summary
Fiscal Years 2012 through 2021
December 31, 2021
Fund #Fund Name 2012 Actual 2013 Actual 2014 Actual 2015 Actual 2016 Actual 2017 Actual 2018 Actual 2019 Actual 2020 Actual 2021 Actual
672 Century Center Energy Conservation Debt Service - - - 32 163,589 110,958 110,118 108,178 3,117 1,574
677 Football Hall of Fame Capital 3,906 2,416 2,145 3,767 4,699 5,075 7,804 2,311 - -
701 Fire Pension 4,740 2,918 1,690 3,275 2,889 3,878 7,526 7,304 3,571 1,809
702 Police Pension 6,904 5,432 3,308 5,842 6,841 7,646 15,005 14,180 5,961 2,305
705 Police K-9 Unit 11 7 8 25 34 31 52 55 31 14
711 Self-Funded Employee Benefits 42,730 25,351 18,112 34,136 50,896 95,456 212,822 251,340 127,164 62,791
713 Unemployment Compensation 101 524 822 1,747 2,617 2,761 3,874 4,479 1,922 69
714 Parental Leave Fund - - - - - - 481 805 883 1,125
730 City Cemetery Trust 202 138 118 201 267 310 517 682 380 178
731 Bowman Cemetery - - - - - - - 10,724 5,981 2,793
750 Equipment/Vehicle Leasing - - - - - 7,320 31,473 16,775 690 17
751 2015 Parks Bond Capital - - - - - 6,700 4,813 840 - -
752 South Bend Redevelopment Authority - - - - - 3,871 4,699 6,383 2,351 71
753 2015 Smart Streets Bond Capital - - - - - 5,075 1,060 124 - -
754 Industrial Revolving Fund - - - - - 141,832 206,484 263,452 - 380
755 South Bend Building Corporation - - - - - 3,162 10,314 15,243 3,478 58
756 2015 Smart Streets Bond Debt Service - - - - - 3,274 4,588 4,629 869 91
757 2015 Parks Bond Debt Service - - - - - 1,472 2,787 3,527 807 47
758 Erskine Village Debt Service - - - - - 114 - - - -
759 2017 Eddy Street Commons Bond Capital - - - - - -121 65 306,537 1
760 2017 Eddy Street Commons Bond Debt Service - - - - - 1,480 6,428 8,792 1,623 184
Total Interest 1,474,283$ 1,119,139$ 1,025,058$ 1,769,436$ 2,359,164$ 2,737,881$ 4,868,861$ 6,643,916$ 3,578,226$ 1,727,224$
23
CASH MANAGEMENT &
INVESTMENT POLICIES
24
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.
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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, including appropriate internal control measures in accordance with the City of South Bend
Internal Control Policy and its supplemental materials. 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. Effective Date and Approval
This Policy is effective on May 10, 2021, and supersedes all prior policies addressing the same subject matter.
26
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. 10832-21. 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 $200 million. On a monthly basis, the City’s investment custodian
(currently 1st Source) transfers any gain in market value over $200 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.
27
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 50% 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 Operating
No reserve requirement
212 Department of Community
Investment 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
219 Unsafe Building No reserve requirement
220 Law Enforcement Continuing
Education
25% of annual expenditures
221 Rental Units Regulation No reserve requirement
222 Central Services No reserve requirement
226 Liability Insurance 50% of annual expenditures
227 Loss Recovery No reserve requirement
230 Code Enforcement No reserve requirement
249 Local Income Tax – Public Safety 8% of annual expenditures – 1 month of expenditures
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Fund Fund Name Cash Reserve Policy
251 Local Road & Street 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
263 American Rescue Plan 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
266 MVH Restricted No reserve requirement
278 Police Take Home Vehicle $750,000 minimum
279 IT / Innovation / 311 Call Center No reserve requirement
287 Fire Department Capital No reserve requirement - Capital fund - spend down
to zero
289 Haz-Mat 25% of annual expenditures
291 Indiana River Rescue 25% of annual expenditures
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
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
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Fund Fund Name Cash Reserve Policy
404 Local Income Tax - Certified Shares 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 Local Income Tax - Economic
Development
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
413 Professional Sports Convention
Development Area (PSCDA)
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 Local Income Tax - Redevelopment 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
455 2021 Infrastructure Bond Capital No reserve requirement - Bond capital fund - spend
down to zero
471 2017 Parks Bond Capital No reserve requirement - Bond capital fund - spend
down to zero
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Fund Fund Name Cash Reserve Policy
600 Consolidated Building Department 25% of annual expenditures
601 Parking Garages 25% of annual expenditures
602 Morris Performing Arts Center
Operations
10% 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 (Debt
Service)
100% cash reserves per bond covenants
626 Water Works Bond Reserve 100% cash reserves per bond covenants
629 Water Works Operations &
Maintenance Reserve
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 Operations &
Maintenance Reserve
16.67% of annual operating expenses in fund 641, net
of transfers
649 Sewage Works Sinking (Debt
Service)
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
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Fund Fund Name Cash Reserve Policy
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
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
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
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33
34
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 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
Amy White, J.D.
WhiteA@1stsource.com
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