HomeMy WebLinkAbout02-11-2013 Mayor Highlights City's Fiscal Strength in Address to Council SOU TJJ 8F
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CITY OF SOUTH BEND
PETE BUTTIGIEG, MAYOR
OFFICE OF THE MAYOR
FOR IMMEDIATE RELEASE
February 11, 2013
Contact: Mike Schmuhl
Phone: 574-235-9261
MAYOR HIGHLIGHTS CITY'S FISCAL STRENGTH IN ADDRESS TO COUNCIL
Credit Rating Highest Among Second-Class Indiana Cities
SOUTH BEND In the mayor's annual address to the South Bend Common Council required
by municipal code South Bend Mayor Pete Buttigieg presented the overall fiscal health of the
City, explained the City's high credit rating, and announced a financial reporting award for the
City's Department of Administration and Finance.
"In tough economic times, the City of South Bend continues its strong fiscal stewardship of
public funds," said Mayor Buttigieg. "I would like to applaud the work of our departments and
employees as they do more with less to improve the overall quality of life in our city."
Overall,revenue exceeded expenditures in 2012, the first year of Mayor Buttigieg's
administration. The total revenue to the City, which includes property taxes, charges for service,
bond proceeds, and other items, came to $284,166,267. Expenditures totaled $261,227,352.
Increases in Enterprise funds in recent years can be attributed to the large capital projects needed
for the unfunded, federally mandated CSO (combined sewer overflow)project, which will cost
hundreds of millions of dollars over the next 20 years as part of the Clean Water Act.
In the City's General Fund, which totaled $63,399,284 in 2012, public safety accounted for
83.44% of the fund.
As it relates to workforce,the administration has kept the number of full-time employees lower
than the previous two years. In 2012, the total number of full-time City employees was 1,118,
with 51% of those employees working in public safety.
1400 COUNTY-CITY BUILDING•227 W.JEFFERSON BOULEVARD•SOUTH BEND,INDIANA 46601
PHONE 574/235-9261 • FAx 574/235-9892 • TTD 574/235-5567
South Bend's fiscal health also benefits from an exemplary credit rating of"AA"with a"stable"
outlook from Standard & Poor's. According to S&P's General Obligation Ratings of Indiana
Local Governments as of January 2, 2013, South Bend has the top rating among Second Class
Cities in the state of Indiana.
S&P has explained the key factors in South Bend's strong credit rating:
• "Diverse local economy and position as a regional center
• Very strong financial operations
• Moderate overall debt burden
• The university (Notre Dame) and two major healthcare systems anchor the area
economy."
In addition, on January 31, 2013, the City of South Bend was notified that it had been awarded
the Certificate of Achievement for Excellence in Financial Reporting by the Government
Finance Officers Association of the United States and Canada (GFOA) for its comprehensive
annual report (CAFR). The Department of Administration and Finance, headed by City
Controller Mark Neal, won the award, and a Certificate of Achievement plaque was given to
Deputy City Controller John Murphy.
The GFOA is a nonprofit professional association serving approximately 17,500 government
finance professionals with offices in Chicago, Ill., and Washington, D.C.