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Home My WebLink About2024 Mayor's Annual Financial Update Address - FinalCITY OF SOUTH BEND, IN Mayor’s Annual Address South Bend Common Council February 12, 2024 CITY OF SOUTH BEND, IN South Bend At a Glance Median Household Income Poverty Rate Note: 2022 Estimates are from data provided by Oxford Economics, and do not represent official numbers from the US Government. Population Per Capita Income CITY OF SOUTH BEND, IN 3 Strategic Priorities Strong Neighborhoods Safe Community for Everyone Robust, Sustainable Infrastructure Equitable Access to Opportunity Youth and Workforce Development CITY OF SOUTH BEND, IN 4 Neighborhood Investment •Recently Developed Plans: West Side Main Streets, SE Neighborhood Master Plan, NNN, Near West Side, Rum Village, Northeast, Kennedy Park, Monroe Park •Plans in Progress: LaSalle Park, River Park, and Comprehensive 2045 Plan •Neighborhood Implementation Bond: $34.7 million •Neighborhood Infrastructure: Rebuilding Our Streets, curbs and sidewalks Safe Community for Everyone •Fully staffed, assessing police and fire needs into future •Real Time Crime Center •Behavioral Crisis Center Affordable Housing •3 tax credit projects, 160 affordable units underway •New neighborhood homes initiative •Affordable and workforce housing in numerous redevelopment projects Recent Highlights CITY OF SOUTH BEND, IN American Rescue Plan Total Award: $58,910,047 Total Budgeted (unrelated to this bill): $58,005,000 Total Spent or Committed: $49,425,552 (~84% of total award) Committed Total Spent and Capital Total Spent/ ARP Programs Allocation Contracted Projects Committed Strong Neighborhoods 18,170,000 9,526,045 4,685,050 14,211,095 Home Repair Assistance Programs (ARP001)2,500,000 6,420 1,500,000 1,506,420 Housing Financing (ARP002)2,500,000 1,924,778 - 1,924,778 Home Buying Assistance (ARP003)1,000,000 55 - 55 Additional Neighborhood Infrastructure (ARP004)2,500,000 2,402,605 - 2,402,605 City-wide Comprehensive Plan (ARP005)500,000 335,846 - 335,846 Plan Implementation (ARP006)300,000 280,650 - 280,650 Land Bank Startup Costs (ARP007)250,000 47,300 - 47,300 Demolitions (Vacant & Abandoned / Commercial) (ARP008)4,170,000 1,070,949 3,099,051 4,170,000 Neighborhood Development Assistance (ARP009)150,000 29,999.00 - 29,999 Vacant Building Development Financing (ARP010)2,000,000 1,500,000 - 1,500,000 Neighborhood Recovery Grants (ARP011)200,000 80,000 - 80,000 Neighborhood Main Streets (Bike Racks, Trash Cans, etc.) (ARP012)500,000 254,020 - 254,020 Athletic Court Repair (ARP013)1,600,000 1,593,423 85,999 1,679,422 Safe Community for Everyone 13,410,000 12,105,377 58,490 12,163,867 Homelessness Strategy Implementation (ARP014)200,000 200,000 - 200,000 County Partnerships on Homelessness & Mental Health (ARP015)5,800,000 5,262,500 58,490 5,320,990 Gun Violence Intervention (ARP016)500,000 83,792 - 83,792 Public Safety Technology Upgrades (ARP017)1,500,000 1,232,745 - 1,232,745 COVID Response (ARP018)1,500,000 1,448,093 - 1,448,093 COVID Facilities Upgrades (ARP019)2,000,000 1,988,587 - 1,988,587 ARP Premium Pay (ARP033)1,910,000 1,889,660 - 1,889,660 Robust, Sustainable Infrastructure 1,625,000 636,283 - 636,283 Green Infrastructure - Greener Homes (ARP020)100,000 100,000 - 100,000 Green Infrastructure - Solarize, Switch & Save (ARP021)300,000 297,000 - 297,000 Green Infrastructure - Commercial Recycling Partnership for CBD’s (ARP022)75,000 1,004 - 1,004 Green Infrastructure - EV Plan & Deployment (ARP023)150,000 88,279 - 88,279 Green Infrastructure - Distributed Solar/Storage (ARP024)1,000,000 150,000 - 150,000 Equitable Access to Opportunity 8,950,000 6,573,132 - 6,573,132 Small Business Assistance (ARP025)1,750,000 434,232 - 434,232 Utility Relief (ARP026)5,500,000 5,499,794 - 5,499,794 Streamlined Assistance (ARP027)600,000 415,413 - 415,413 Opportunity Fund (ARP028)1,000,000 122,344 - 122,344 Immigration Support (ARP029)100,000 101,348 - 101,348 Youth and Workforce Development 15,850,000 13,897,737 1,943,438 15,841,175 Workforce Development (ARP030)250,000 197,251 - 197,251 Dream Center (ARP031)11,100,000 11,100,000 - 11,100,000 Pre-K Centers (ARP032)4,500,000 2,600,486 1,943,438 4,543,924 Grand Total 58,005,000 42,738,574 6,686,978 49,425,552 CITY OF SOUTH BEND, IN City of South Bend Financial Position CITY OF SOUTH BEND, IN 7 Liquidity Debt Capital Assets Operations (Revenue & Expenditures) Financial Position CITY OF SOUTH BEND, IN 8 Liquidity Debt Capital Assets Operations (Revenue & Expenditures) Financial Position CITY OF SOUTH BEND, IN 9 Ending Cash Balance (Total) CITY OF SOUTH BEND, IN 10 Ending Cash Balance (General Plus Funds) CITY OF SOUTH BEND, IN 11 Cash Benchmarking Second Class City refers to Cities with population in excess of 35,000 residents and a City Council of 9 members. Cash and Investments Indiana Second Class Cities City Cash & Investments (Excl. ARP) Annual Expenditures Cash as a % of Expenditures Westfield $104,076,713 $77,328,875 134.59% Elkhart $160,806,587 $134,951,723 119.16% South Bend $358,608,613 $315,028,538 113.38% Jeffersonville $131,894,448 $126,341,815 104.39% Noblesville $150,757,997 $146,482,845 102.92% Columbus $118,542,405 $121,070,196 97.91% Evansville $465,419,562 $514,497,448 90.46% Bloomington $195,333,398 $237,673,451 82.19% Mishawaka $145,949,949 $188,529,652 77.41% Fort Wayne $444,682,715 $629,445,628 70.65% West Lafayette $53,820,898 $80,906,825 66.52% Lafayette $111,868,871 $176,941,511 63.22% Anderson $136,590,397 $222,887,950 61.28% Michigan City $53,067,869 $87,292,131 60.79% Kokomo $67,583,440 $116,393,988 58.06% Richmond $94,800,967 $176,582,409 53.69% Fishers $136,988,051 $272,920,960 50.19% Portage $35,368,598 $94,936,080 37.26% Hammond $77,771,868 $267,737,217 29.05% Carmel $93,618,780 $366,126,349 25.57% Note: ”Annual Expenditures” does not include purchases of investments or interfund transactions. Data from other cities is from 2020 Annual Financial Report. Source: DLGF Gateway CITY OF SOUTH BEND, IN 12 Liquidity Debt Capital Assets Operations (Revenue & Expenditures) Financial Position CITY OF SOUTH BEND, IN 13 Debt Profile 12/31/2023 Principal Balance = $249,833,653 Governmental Business-Type Economic Development 59,546,157 Wastewater 65,300,000 Highways & Streets 22,931,770 Water Works 7,745,517 Culture & Recreation 72,886,389 Solid Waste 2,882,456 Public Safety 16,627,902 Building Department - General Government 1,913,462 75,927,973$ 173,905,680$ Economic Development 34.2%Culture & Recreation 41.9% Highways & Streets 13.2% Public Safety 9.6% General Government 1.1% Business - Type , 24% Governmental, 76% Wastewater 86.0% Water Works 10.2% Solid Waste 3.8%Building Department 0.00% CITY OF SOUTH BEND, IN 14Note: ”Total Expenditures” does not include interfund transactions. Annual Debt Payments CITY OF SOUTH BEND, IN 15 Debt per Capita CITY OF SOUTH BEND, IN 16 Second Class City refers to Cities with population in excess of 35,000 residents and a City Council of 9 members. Data from other cities is from 2020 Annual Financial Report. Source: DLGF Gateway Debt per Capita Indiana Second Class Cities Latest data available via the Indiana Department of Local Government Finance City Debt Outstanding Population Debt per Capita Kokomo $ 48,395,000 59,604 $811.94 Elkhart $ 44,466,121 52,172 $852.30 New Albany $55,832,127 37,841 $1,475.44 Columbus $79,317,754 50,474 $1,571.46 Noblesville $116,855,000 69,604 $1,678.85 Westfield $81,735,786 46,410 $1,761.17 Jeffersonville $92,429,789 49,447 $ 1,869.27 Anderson $ 102,734,429 54,788 $1,875.13 Richmond $ 68,758,693 35,720 $ 1,924.94 Mishawaka $ 103,865,296 51,063 $ 2,060.70 Portage $ 81,305,000 37,926 $ 2,143.78 Carmel $223,565,317 99,757 $2,241.10 Bloomington $186,177,200 79,168 $ 2,351.67 South Bend $249,833,653 105,984 $2,357.28 West Lafayette $106,060,000 44,595 $2,378.29 Fort Wayne $687,629,521 263,886 $2,605.78 Hammond $227,716,382 77,879 $2,923.98 Lafayette $ 212,142,874 70,783 $ 2,997.09 Fishers $314,210,000 98,977 $ 3,174.58 Evansville $ 889,645,933 117,298 $ 7,584.49 Debt per Capita Comparison CITY OF SOUTH BEND, IN 17 Bond Rating Second Class City refers to Cities with population in excess of 35,000 residents and a City Council of 9 members. Bond ratings are important to the City as the high rating allows the City to issue bonds at the lowest possible rate, therefore, saving valuable tax dollars. Note: No public ratings of General Obligation debt for Gary, Greenwood, Mishawaka or Muncie. S&P General Obligation Ratings Indiana Second Class Cities As of February 1, 2024 Organization Rating Outlook Fishers AAA STABLE South Bend AA STABLE Bloomington AA STABLE Carmel AA STABLE Noblesville AA STABLE Columbus AA-STABLE Elkhart AA-STABLE Evansville AA-STABLE Fort Wayne AA-STABLE Jeffersonville AA-STABLE Kokomo AA-STABLE Lafayette AA-STABLE West Lafayette AA-STABLE New Albany A+STABLE Portage A-STABLE Hammond BBB-NEGATIVE CITY OF SOUTH BEND, IN 18 Liquidity Debt Capital Assets Operations (Revenue & Expenditures) Financial Position CITY OF SOUTH BEND, IN 19 Capital Asset Profile Total Purchase / Construction Cost $1,191,815,083 Net Book Value $492,612,397 Average Useful Life Remaining 17 years CITY OF SOUTH BEND, IN 20 Capital Expenditures CITY OF SOUTH BEND, IN 21 Liquidity Debt Capital Assets Operations (Revenue & Expenditures) Financial Position CITY OF SOUTH BEND, IN 22 Operating Funds Only Funds 2023 Revenue 2023 Expenditures Accrual Adjustments Net 101 - GENERAL FUND 109,348,858 108,259,266 (627,263) 462,328 201 - PARKS & RECREATION 22,783,794 20,208,925 70,159 2,645,028 202 - MOTOR VEHICLE HIGHWAY 8,809,473 10,654,847 21,515 (1,823,859) 211 - DCI OPERATING FUND 4,386,542 4,467,407 (3,441) (84,306) 222 - CENTRAL SERVICES 9,145,812 10,145,759 17,792 (982,155) 226 – LIABILITY INSURANCE 4,248,586 3,021,317 (499,515) 727,753 230 – CODE ENFORCEMENT 3,684,958 3,935,919 (39,145) (290,105) 249 – LOCAL INCOME TAX (PUBLIC SAFETY)12,868,916 9,498,558 7,039 3,377,396 279 - IT / INNOVATION / 311 CALL CENTER 10,262,996 9,426,505 28,272 864,762 404 - LOCAL INCOME TAX (CERT SHARES)(11,647) 14,394,532 (2,843) (14,385,728) 408 - LOCAL INCOME TAX (ECON DEV)18,419,029 15,421,885 233,119 3,230,262 600 - CONSOLIDATED BUILDING DEPARTMENT 2,157,797 2,205,271 5,493 (41,981) 601 - PARKING GARAGES 935,015 1,262,222 16,109 (311,099) 610 - SOLID WASTE OPERATIONS 8,226,931 7,616,354 (138,453) 472,125 620-629 - WATER WORKS OPERATIONS 25,445,191 24,764,858 179,721 860,054 641-649 - SEWAGE WORKS OPERATIONS 54,270,581 46,798,058 1,537,372 9,009,895 670 - CENTURY CENTER 2,647,495 2,629,209 - 18,286 711 - SELF-FUNDED EMPLOYEE BENEFITS 15,734,141 15,274,008 (537,985) (77,852) Grand Total 313,364,466 309,984,901 267,944 3,647,510 CITY OF SOUTH BEND, IN 23 Property Tax Revenue CITY OF SOUTH BEND, IN 24 Local Income Tax Revenue CITY OF SOUTH BEND, IN 25 Full Time EmployeesDecember 31, 2023 Total Full Time Employees Dec 31, 2023 1,124 CITY OF SOUTH BEND, IN 26 Full Time Employee Trend 1,131 1,098 1,060 1,079 1,099 1,096 1,099 1,112 1,075 1,108 1,124 1,020 1,040 1,060 1,080 1,100 1,120 1,140 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Full Time Employees (Actual) CITY OF SOUTH BEND, IN 27 Employee Health Insurance Trend Average annual trend in PEPY prior to Everside (Activate) Clinic (2008 - 2015): +6.61% annually Average annual trend in PEPY since Everside (Activate) Clinic (2016 – 2023): +2.84% annually CITY OF SOUTH BEND, IN 28 Fiscal Position Summary City •Annual operating revenue: $313 million (excluding intrafund transfers) •Cash on hand (excluding ARP): $359 million •Assets: $493 million •Debt: $250 million Household equivalent •Annual income: $49,000 •Cash in savings/checking: $56,201 •Assets: $77,179 •Debt: $39,137 CITY OF SOUTH BEND, IN 2024 Budget and Upcoming Items CITY OF SOUTH BEND, IN 30 2024 Budget Highlights •Budgeted staffing level of 252 officers •Real time crime center operations •Homeless Strategy Implementation •Customer Service Focus •Rebuilding Our Streets 2.0 Plan •Continued Investments in Climate Action Plan •VPA and Neighborhood Capital Projects •Community Initiatives Fully Integrated into VPA with GVI •Adopting Latest Best Practices in Innovation & Technology •Continued cost of living adjustments to attract and retain talent CITY OF SOUTH BEND, IN Upcoming Items •Neighborhood bond projects •Sewer and water capital investments •Beacon District/READI projects •Opportunity fund •Financial empowerment •PSCDA bond and upgrades •New neighborhood homes •READI 2.0 •Low barrier intake center CITY OF SOUTH BEND, IN Additional Information Available Online at: https://southbendin.gov/department/administration-finance/(View “Finance” section)