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Home My WebLink About2025 Mayor's Annual Financial Update Address - FINAL (2)CITY OF SOUTH BEND, IN Mayor’s Annual Address South Bend Common Council February 10, 2025 CITY OF SOUTH BEND, IN 2 2024 Financial Summary Fund Type 2024 Revenue 2024 Expenditures Accrual Adjustments Net Governmental General Plus Funds 143,124,973 142,057,929 103,788 1,170,833 Special Revenue Funds 66,185,319 73,614,888 4,024,093 (3,405,476) Capital Projects Funds 66,512,557 13,343,809 (448,702)52,720,046 Debt Service Funds 16,614,757 12,040,183 - 4,574,575 Internal Service Funds 48,724,300 45,549,035 (36,861)3,138,404 Fiduciary Funds 10,019,141 10,038,345 37,962 18,758 Enterprise Wastewater & Sewer 49,966,787 37,183,271 (316,119)12,467,397 Water Works 34,536,049 20,060,653 (1,201,812)13,273,585 Solid Waste 11,388,395 11,546,359 173,745 15,780 Century Center 5,762,184 5,031,478 (575,016)155,689 Other Enterprise 5,847,680 5,227,233 (76,308)544,140 Redevelopment Commission TIF Funds 54,783,396 60,458,558 676,143 (4,999,019) Redevelopment Funds 29,289,062 24,444,460 5,554,185 10,398,786 Grand Total 542,754,602 460,596,200 7,915,096 90,073,498 * Financial results as of 12.31.24 (unaudited) CITY OF SOUTH BEND, IN City of South Bend Financial Position CITY OF SOUTH BEND, IN 4 Liquidity Debt Capital Assets Operations (Revenue & Expenditures) Financial Position CITY OF SOUTH BEND, IN 5 Liquidity Debt Capital Assets Operations (Revenue & Expenditures) Financial Position CITY OF SOUTH BEND, IN 6 Ending Cash Balance (Total) 6 CITY OF SOUTH BEND, IN 7 Ending Cash Balance (General Plus Funds) $53.1M $55.4M $58.8M $67.8M $78.2M $91.5M $106.1M $129.4M $126.7M $129.7M $.0M $20.0M $40.0M $60.0M $80.0M $100.0M $120.0M $140.0M 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Cash on Hand - General Plus Funds CITY OF SOUTH BEND, IN 8 Cash Benchmarking Second Class City refers to Cities with population in excess of 35,000 residents and a City Council of 9 members. Note: Annual Expenditures does not include interfund transfers. Data from other cities is from Annual Financial Report (2023 latest year available for other cities ). Source: DLGF Gateway City Cash & Investments (Excl. ARP) Annual Expenditures Cash as a % of Expenditures South Bend 509,659,487 398,240,619 127.98% Elkhart 235,952,822 198,154,663 119.08% Westfield 170,234,198 153,318,603 111.03% Michigan City 150,470,004 135,945,767 110.68% Mishawaka 339,378,345 311,032,114 109.11% Anderson 290,002,387 270,852,655 107.07% Fishers 634,965,858 606,523,610 104.69% Lafayette 209,661,294 200,771,652 104.43% Hammond 308,339,049 296,061,282 104.15% Bloomington 272,397,155 265,314,004 102.67% Portage 126,048,307 123,648,893 101.94% Richmond 203,789,185 200,065,722 101.86% Noblesville 309,126,431 303,797,254 101.75% Carmel 440,110,954 433,029,332 101.64% West Lafayette 94,758,053 94,657,462 100.11% Jeffersonville 168,410,525 171,581,703 98.15% Evansville 549,817,089 575,500,401 95.54% Columbus 204,257,187 214,732,853 95.12% Fort Wayne 887,594,135 952,090,357 93.23% Kokomo 147,963,848 165,129,545 89.60% Cash and Investments Indiana Second Class Cities CITY OF SOUTH BEND, IN 9 Liquidity Debt Capital Assets Operations (Revenue & Expenditures) Financial Position CITY OF SOUTH BEND, IN 10 Debt Profile 12/31/2024 Principal Balance = 318,360,187 Governmental Business-Type Economic Development 76,582,258 Wastewater 58,720,000 Highways & Streets 22,890,396 Water Works 21,302,144 Culture & Recreation 115,202,588 Solid Waste 4,010,670 Public Safety 17,976,818 Building Department - General Government 1,675,313 84,032,814$ Code Enforcement - 234,327,373$ Economic Development 32.7%Culture & Recreation 49.2% Highways & Streets 9.8% Public Safety 7.7% General Government 0.7% Business - Type , 24% Governmental, 76% Wastewater 69.9% Water Works 25.3% Solid Waste 4.8% Building Department 0.00% 10 CITY OF SOUTH BEND, IN 11Note: ”Total Expenditures” does not include interfund transactions. Annual Debt Payments CITY OF SOUTH BEND, IN 12 Debt per Capita 12 CITY OF SOUTH BEND, IN Debt per Capita Comparison City Debt Outstanding Population Debt per Capita Evansville $825,777,684 115,332 $7,160.00 Fishers $591,665,000 104,094 $5,683.95 Mishawaka $261,969,318 50,842 $5,152.62 Lafayette $256,008,000 71,216 $3,594.81 Fort Wayne $950,502,557 269,994 $3,520.46 South Bend $318,360,187 103,415 $3,078.47 Bloomington $218,834,470 78,840 $2,775.68 Carmel $278,367,916 102,296 $2,721.20 Noblesville $197,250,590 73,916 $2,668.58 Hammond $185,017,383 76,193 $2,428.27 Richmond $76,872,868 35,425 $2,170.02 Columbus $108,560,000 51,522 $2,107.06 Jeffersonville $103,870,246 51,235 $2,027.33 Kokomo $118,730,252 59,890 $1,982.47 Elkhart $88,211,594 53,484 $1,649.31 Portage $60,950,057 38,513 $1,582.58 Anderson $57,579,000 55,199 $1,043.12 Westfield $60,008,490 57,746 $1,039.18 West Lafayette $41,500,000 44,829 $925.74 New Albany $30,432,254 37,329 $815.24 Debt per Capita Indiana Second Class Cities Latest data available via the Indiana Department of Local Government Finance •Second Class City refers to Cities with population in excess of 35,000 residents and a City Council of 9 members. 13 CITY OF SOUTH BEND, IN 14 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 15 Liquidity Debt Capital Assets Operations (Revenue & Expenditures) Financial Position CITY OF SOUTH BEND, IN 16 Capital Asset Profile Total Purchase / Construction Cost $1,191,815,083 Net Book Value $494,118,434 Average Useful Life Remaining 17.47 years CITY OF SOUTH BEND, IN 17 Capital Expenditures 17 CITY OF SOUTH BEND, IN 18 Liquidity Debt Capital Assets Operations (Revenue & Expenditures) Financial Position CITY OF SOUTH BEND, IN 19 Operating Funds Only Funds 2024 Revenue 2024 Expenditures Accrual Adjustments Net 101 - GENERAL FUND 107,777,277 110,245,257 268,107 (2,199,874) 201 - PARKS & RECREATION 24,337,814 22,728,199 1,719,960 3,329,575 202 - MOTOR VEHICLE HIGHWAY 13,869,835 15,010,836 590,094 (550,907) 211 - DCI OPERATING FUND 4,441,799 4,230,312 8,948 220,435 222 - CENTRAL SERVICES 11,832,771 11,050,762 35,561 817,570 226 – LIABILITY INSURANCE 3,994,584 3,098,324 12,688 908,948 230 – CODE ENFORCEMENT 4,989,091 5,001,223 34,361 22,228 249 – LOCAL INCOME TAX (PUBLIC SAFETY)14,163,965 13,856,681 - 307,284 279 - IT / INNOVATION / 311 CALL CENTER 13,456,829 12,509,535 (54,090) 893,203 408 - LOCAL INCOME TAX (ECON DEV)21,128,549 16,658,867 (150,319) 4,319,364 600 - CONSOLIDATED BUILDING DEPARTMENT 3,998,248 2,838,993 - 1,159,255 601 - PARKING GARAGES 311,266 469,275 (27,874) (185,883) 610 - SOLID WASTE OPERATIONS 8,213,121 7,679,398 (22,771) 510,952 620-629 - WATER WORKS OPERATIONS 34,536,049 20,060,653 (1,201,812) 13,273,585 641-649 - SEWAGE WORKS OPERATIONS 47,192,237 34,581,500 (258,071) 12,352,666 670 - CENTURY CENTER 5,587,477 4,807,849 (575,016) 204,612 711 - SELF-FUNDED EMPLOYEE BENEFITS 18,994,008 18,734,663 (31,021) 228,324 Grand Total 338,824,922 303,562,327 348,746 35,611,340 19 CITY OF SOUTH BEND, IN 20 Property Tax Revenue 20 0 $20 M $40 M $60 M $80 M $100 M $120 M 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (unaudited) Civil City Funds TIF Funds $76.71M $77.14M $80.79M $82.60M $80.19M $77.08M $87.87M $88.67M $111.75M $70.91M $98.45M CITY OF SOUTH BEND, IN 21 Local Income Tax Revenue 21 CITY OF SOUTH BEND, IN 22 Full Time EmployeesDecember 31, 2024 Total Full Time Employees Dec 31, 2024 1,148 CITY OF SOUTH BEND, IN 23 Full Time Employee Trend 23 CITY OF SOUTH BEND, IN 24 Employee Health Insurance Trend 24 CITY OF SOUTH BEND, IN 25 Fiscal Position Summary City •Annual operating revenue: $339 million •Cash on hand: $509 million •Assets: $494 million •Debt: $318 million Household equivalent •Annual income: $50,000 •Cash in savings/checking: $75,073 •Assets: $72,861 •Debt: $46,905 CITY OF SOUTH BEND, IN 2025 Upcoming Items CITY OF SOUTH BEND, IN Upcoming Items •Property Tax Reform (SB 1) •Executive Order – Federal Funds •South Shore Station Relocation •Readi 2.0 & Lilly Endowment Awards CITY OF SOUTH BEND, IN Additional Information Available Online at: https://southbendin.gov/department/administration-finance/ (“View publicly-available city budgets and finance records” section)