HomeMy WebLinkAbout2024 Board of Finance Annual Investment ReportANNUAL INVESTMENT REPORT
to the
CITY OF SOUTH BEND BOARD OF FINANCE
For the Year Ended December 31, 2024
Report Date:
Report Distribution:
Submitted By:
January 27, 2025
South Bend Common Council Members
Mayor
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 (12/31/24) ................................................................................................5 – 20
Year-End Cash Report (12/31/24 – preliminary) .............................................................. 21 – 23
Cash Management & Investment Policies ........................................................................... 24 – 32
INVESTMENT OFFICERS
City Controller:
Director of Treasury:
Kyle J. Willis
Jonathan MacGown
INVESTMENT ADVISORS (1ST SOURCE BANK)
Paul W. Gifford, Jr., CFA
Senior Vice President & Chief Investment Officer
Erik Clapsaddle, CFA, CFP ®
Vice President & Sr. Fixed Income Portfolio Manager
Delia Salazar Nicholls
Trust Officer
AUTHORIZED INVESTMENT AMOUNT
Portfolio of $200 million in investments with 1st Source Bank
3
INVESTMENT REVIEW MEETINGS
QUARTER DATE TIME
1ST Quarter 10:00 A.M.
2ND Quarter 10:00 A.M.
3RD Quarter 10:00 A.M.
4TH Quarter
04/15/2025
07/15/2025
10/15/2025
01/15/2026 10:00 A.M.
Investment Review Meetings will be held virtually via Microsoft Teams until further notice.
4
INVESTMENT REPORT (12/31/2024)
5
Investment Presentation for City of South Bend Corporate AgencyPrepared by Paul Gifford
.
The Consumer & Manufacturing
Data as of: January 10, 2024
.
Labor & Economic Growth
Data as of: January 10, 2024
Source: Bureau of Labor Statistics
•Third quarter GDP grew by 3.1% in the U.S. and above the
original forecast of 2.9%. The increase of 3.1% marked the ninth
consecutive quarter of positive economic growth since the first
two quarters of negative output in 2022.
•Personal Consumption increased 3.7% over the previous quarter,
ahead of the 3.3% forecast, and consumption accounted for 80% of
total economic growth. Motor vehicles were a positive contributor to
GDP for the second consecutive quarter but had been negative every
quarter since 1Q2023.
•We always highlight intellectual property and its importance in the
U.S. economy. Economic output coming from intellectual property
increased by 4.1% over the past year and steadily rose to $1.51 TLN
in Real GDP dollars for the three-month period ending September 30,
2024. Annualized growth over the past five years has been 8%.
•The largest detractor in the quarter was net exports and has detracted
for three consecutive quarters. Imports detracted 144 basis points of
growth in the quarter while exports added 101.
.
Interest Rates & Inflation
Data as of: January 10, 2024
Account SummaryCity of South Bend Corporate Agency (619062011)Report as of December 31, 2024Asset AllocationTop Holdings % ofMarket ValueMkt ValCash$123,232,67261.0%Fixed Income$78,803,87039.0%Total$202,036,542100.0%UnrealizedAnnual% ofPriceTotal CostMarket ValueAccrualGain/LossIncomeMkt ValFederated Hermes Government Obligations Fund1.00012,823,677.8912,823,677.8932,503.60.00583,605.586.4United States Treasury Note/Bond 2.875% 31 May 20299.4216,975,244.336,959,470.0017,692.29-15,774.33201,250.003.5Wells Fargo Bank NA 4.8% 02 May 2025100.1706,500,000.006,511,050.0025,643.8711,050.00312,000.003.2United States Treasury Note/Bond 4.5% 15 Nov 2025100.1865,991,669.176,011,160.0035,055.2419,490.83270,000.003.0United States Treasury Bill Zero 23 Jan 202599.7525,871,333.335,985,120.00.00113,786.67.003.0United States Treasury Note/Bond 4.625% 30 Sep 202100.9355,067,578.135,046,750.0059,083.10-20,828.13231,250.002.5United States Treasury Note/Bond 5% 31 Aug 2025100.4834,989,062.505,024,150.0084,944.7535,087.50250,000.002.5United States Treasury Note/Bond 4.625% 28 Feb 202100.4054,991,015.635,020,250.0078,573.9029,234.37231,250.002.5Bank of America NA 5.45% 01 May 2025100.3735,000,000.005,018,650.0045,541.1018,650.00272,500.002.5United States Treasury Note/Bond 4.375% 15 Dec 202100.2275,015,221.185,011,350.0010,216.35-3,871.18218,750.002.5JPMorgan Chase Bank NA 4.6% 10 Dec 2026100.0855,000,000.005,004,250.0013,863.004,250.00230,000.002.5All Others132,198,843.81132,473,538.49744,008.27274,694.684,361,243.0065.9Total200,423,645.97200,889,416.381,147,125.47465,770.417,161,848.58100.0
Activity SummaryCity of South Bend Corporate AgencyReport as of December 31, 2024Annual Ending Market ValuesHistory of Asset GrowthMarket Value ReconciliationYearto Date(1 Year)1 Year2 Years3 YearsBeginning Portfolio Value198,874,676.88198,874,676.88193,128,084.84199,106,069.43 Net Contributions/Withdrawals-6,893,886.13-6,893,886.13-10,316,514.68-11,574,428.40 Fees Deducted-179,959.13-179,959.13-355,260.61-530,439.96 Income Earned7,064,958.007,064,958.0011,376,037.4913,277,273.80 Market Appreciation3,170,752.233,170,752.238,204,194.811,758,066.98Ending Portfolio Value202,036,541.85202,036,541.85202,036,541.85202,036,541.85
Holdings DetailCity of South Bend Corporate Agency (619062011)Report as of December 31, 2024UnrealizedAnnualCurrent% ofUnitsTotal CostMarket ValueAccrualGain/LossIncome YieldMkt ValCash Money Market Federated Hermes Government 12,823,677.89012,823,677.8912,823,677.8932,503.60.00583,605.584.5516.4Obligations FundTotal: Money Market12,823,677.8912,823,677.8932,503.60.00583,605.584.5516.4Treasury Bills United States Treasury Bill Zero 5,000,000.0004,871,741.395,000,000.00.00128,258.61.00.0002.502 Jan 2025United States Treasury Bill Zero 5,000,000.0004,904,654.174,979,500.00.0074,845.83.00.0002.506 Feb 2025United States Treasury Bill Zero 5,000,000.0004,889,227.444,963,400.00.0074,172.56.00.0002.506 Mar 2025United States Treasury Bill Zero 5,000,000.0004,892,141.604,923,550.00.0031,408.40.00.0002.515 May 2025United States Treasury Bill Zero 6,000,000.0005,871,333.335,985,120.00.00113,786.67.00.0003.023 Jan 2025United States of Amer Treas Bills 5,000,000.0004,894,014.444,946,600.00.0052,585.56.00.0002.50% T-Bill 03 AprTotal: Treasury Bills30,323,112.3730,798,170.00.00475,057.63.00.00015.5Short Term and CDs American Commercial Bank & 250,000.000250,000.00253,780.00127.403,780.0011,625.004.581.1Trust National AssociatBMO Bank NA .5% 27 Feb 20251,000,000.0001,000,000.00993,900.00479.45-6,100.005,000.00.503.5BMO Bank NA .5% 28 Mar 20251,000,000.0001,000,000.00990,910.0054.79-9,090.005,000.00.505.5BMO Bank NA .7% 28 Apr 20253,000,000.0003,000,000.002,965,290.003,739.74-34,710.0021,000.00.7081.5BMO Bank NA 4.85% 22 Aug 2,000,000.0002,000,000.002,007,720.0035,079.467,720.0097,000.004.8311.02025BMO Bank NA 4.85% 27 May 2,000,000.0002,000,000.002,004,980.0010,098.644,980.0097,000.004.8381.02025
Holdings DetailCity of South Bend Corporate Agency (619062011)Report as of December 31, 2024UnrealizedAnnualCurrent% ofUnitsTotal CostMarket ValueAccrualGain/LossIncome YieldMkt ValBMO Bank NA 4.9% 23 Jun 20252,000,000.0002,000,000.002,006,800.002,953.426,800.0098,000.004.8831.0BMO Bank NA 5% 14 Jul 20252,500,000.0002,500,000.002,509,600.0058,561.659,600.00125,000.004.9811.2BMO Bank NA 5.2% 24 Nov 20251,000,000.0001,000,000.001,009,790.005,698.639,790.0052,000.005.150.5BMW Bank North America 5.15% 250,000.000250,000.00253,555.001,587.333,555.0012,875.005.078.118 May 202026Bank of America NA 4.1% 02 Jul 1,000,000.0001,000,000.00999,450.00.00-550.0041,000.004.102.52025Bank of America NA 4.45% 07 750,000.000750,000.00754,162.5013,441.444,162.5033,375.004.425.4Aug 2026Bank of America NA 4.6% 09 Feb 1,000,000.0001,000,000.001,005,240.0018,526.035,240.0046,000.004.576.52026Bank of America NA 4.8% 06 Apr 2,000,000.0002,000,000.002,017,200.0023,408.2217,200.0096,000.004.7591.02026Bank of America NA 4.85% 30 1,000,000.0001,000,000.001,009,060.0012,623.299,060.0048,500.004.806.5Mar 2026Bank of America NA 5% 15 Sep 1,500,000.0001,500,000.001,509,435.0022,397.279,435.0075,000.004.969.82025Bank of America NA 5.05% 08 4,000,000.0004,000,000.004,054,040.0014,389.0454,040.00202,000.004.9832.0Jun 2026Bank of America NA 5.05% 22 3,000,000.0003,000,000.003,041,820.004,980.8141,820.00151,500.004.9811.5Jun 2026Bank of America NA 5.3% 24 Nov 892,000.000892,000.00901,517.645,180.939,517.6447,276.005.244.42025Bank of America NA 5.4% 22 May 1,254,000.0001,254,000.001,259,454.907,420.935,454.9067,716.005.377.62025Bank of America NA 5.45% 01 5,000,000.0005,000,000.005,018,650.0045,541.1018,650.00272,500.005.4302.5May 2025City National Bank Los Angeles 250,000.000250,000.00250,610.004,767.12610.0010,875.004.339.1California CertificCity Natl Bk Los Angeles Calif 199,000.000199,000.00200,422.851,041.891,422.859,751.004.865.14.9% 24 Nov 2025
Holdings DetailCity of South Bend Corporate Agency (619062011)Report as of December 31, 2024UnrealizedAnnualCurrent% ofUnitsTotal CostMarket ValueAccrualGain/LossIncome YieldMkt ValFirst Federal Savings 260,000.000260,000.00262,225.60785.342,225.6013,650.005.205.1Bank/Huntington IN 5.25% 14First Internet Bank of Indiana 150,000.000150,000.00150,160.50292.60160.506,675.004.445.14.45% 16 Jun 2025Flagstar Bank NA 4.6% 09 Feb 2,000,000.0002,000,000.002,010,480.0036,800.0010,480.0092,000.004.5761.02026Flagstar Bank NA 4.8% 30 Jun 2,000,000.0002,000,000.002,006,200.001,052.066,200.0096,000.004.7851.02025Flagstar Bank NA 5% 28 Aug 20253,000,000.0003,000,000.003,014,820.0051,780.8114,820.00150,000.004.9751.5Flagstar Bank Na 4.4% 20 Oct 2,000,000.0002,000,000.002,003,480.0025,073.983,480.0088,000.004.3921.02025JPMorgan Chase Bank NA 4.5% 250,000.000250,000.00249,945.002,342.47-55.0011,250.004.501.116 Oct 2026JPMorgan Chase Bank NA 4.6% 5,000,000.0005,000,000.005,004,250.0013,863.004,250.00230,000.004.5962.510 Dec 2026JPMorgan Chase Bank NA 4.6% 2,000,000.0002,000,000.002,001,380.0012,350.681,380.0092,000.004.5971.013 Nov 2026KeyBank NA/Cleveland OH 2,000,000.0002,000,000.002,006,960.00.006,960.00105,000.005.2321.05.25% 23 May 2025Medallion Bank/Salt Lake City UT 250,000.000250,000.00254,337.50357.884,337.5011,875.004.669.14.75% 21 Jun 2027Morgan Stanley Bank NA 4.85% 250,000.000250,000.00254,422.503,089.384,422.5012,125.004.766.130 Mar 2027Morgan Stanley Private Bank NA 250,000.000250,000.00254,422.503,089.384,422.5012,125.004.766.14.85% 30 Mar 2027Popular Bank 4.3% 11 Dec 2025250,000.000250,000.00250,440.00530.14440.0010,750.004.292.1Sallie Mae Bank 4.9% 08 Dec 250,000.000250,000.00251,805.00839.041,805.0012,250.004.865.12025TriState Capital Bank 5% 30 Mar 250,000.000250,000.00252,712.503,184.932,712.5012,500.004.946.12026UBS Bank USA 4.35% 20 Jan 250,000.000250,000.00250,612.50387.33612.5010,875.004.339.12026
Holdings DetailCity of South Bend Corporate Agency (619062011) Report as of December 31, 2024Unrealized Annual Current % ofUnits Total Cost Market Value Accrual Gain/Loss Income Yield Mkt ValUnited Fidelity Bank FSB 4.6% 29 2,000,000.000 2,000,000.00 2,022,220.00 756.16 22,220.00 92,000.00 4.549 1.0Dec 2026United Fidelity Bank FSB 4.9% 30 500,000.000 500,000.00 509,495.00 134.25 9,495.00 24,500.00 4.809 .3Mar 2027United Fidelity Bank FSB 5% 14 2,500,000.000 2,500,000.00 2,510,775.00 6,164.38 10,775.00 125,000.00 4.979 1.2Jul 2025United Fidelity Bank FSB 5.2% 17 2,000,000.000 2,000,000.00 2,018,300.00 4,273.98 18,300.00 104,000.00 5.153 1.0Nov 2025Valley National Bank/Wayne NJ 250,000.000 250,000.00 254,625.00 394.52 4,625.00 12,000.00 4.713 .14.8% 21 Jun 2027Wells Fargo Bank NA 4.4% 27 1,000,000.000 1,000,000.00 1,000,070.00 843.84 70.00 44,000.00 4.400 .5Jan 2025Wells Fargo Bank NA 4.8% 02 6,500,000.000 6,500,000.00 6,511,050.00 25,643.87 11,050.00 312,000.00 4.792 3.2May 2025Wells Fargo Bank NA 4.9% 23 625,000.000 625,000.00 626,575.00 755.14 1,575.00 30,625.00 4.888 .3May 2025Wells Fargo Bank NA 5.2% 06 500,000.000 500,000.00 500,075.00 1,923.29 75.00 26,000.00 5.199 .2Jan 2025Wells Fargo Bank NA 5.2% 21 3,000,000.000 3,000,000.00 3,001,560.00 5,983.56 1,560.00 156,000.00 5.197 1.5Jan 2025Wells Fargo Bank NA 5.3% 14 2,000,000.000 2,000,000.00 2,019,820.00 5,227.40 19,820.00 106,000.00 5.248 1.0Nov 2025Wells Fargo Bank NA 5.4% 14 Oct 600,000.000 600,000.00 605,832.00 1,864.11 5,832.00 32,400.00 5.348 .32025Total: Short Term and CDs78,730,000.00 79,076,438.49 501,882.10 346,438.49 3,657,593.00 4.625 38.9Total: Cash121,876,790.26 122,698,286.38 534,385.70 821,496.12 4,241,198.58 3.457 60.8Fixed IncomeUS Treasury & Agencies
Holdings DetailCity of South Bend Corporate Agency (619062011)Report as of December 31, 2024UnrealizedAnnualCurrent% ofUnitsTotal CostMarket ValueAccrualGain/LossIncome YieldMkt ValFederal Farm Credit Banks 2,000,000.0002,000,000.001,965,540.00500.00-34,460.0012,000.00.6111.0Funding Corp .6% 16 JunFederal Farm Credit Banks 1,000,000.0001,000,000.00951,480.00400.00-48,520.009,000.00.946.5Funding Corp .9% 15 JunFederal Farm Credit Banks 1,000,000.0001,000,000.00995,060.006,083.33-4,940.0021,900.002.201.5Funding Corp 2.19% 21 MaFederal Home Loan Banks 1% 12 5,000,000.0005,000,000.004,741,350.0019,305.55-258,650.0050,000.001.0552.4Aug 2026Federal Home Loan Banks 2,000,000.0002,030,520.001,990,440.0025,437.50-40,080.0082,500.004.1451.04.125% 10 Sep 2027Federal Home Loan Banks 4.5% 1,750,000.0001,757,429.131,753,815.004,156.25-3,614.1378,750.004.490.912 Dec 2025Federal Home Loan Banks 5% 20 500,000.000500,000.00499,380.007,013.89-620.0025,000.005.006.2Mar 2029Federal Home Loan Banks 5.05% 2,500,000.0002,500,000.002,492,975.009,118.05-7,025.00126,250.005.0641.205 Dec 2029Federal Home Loan Mortgage 3,000,000.0003,000,000.003,001,110.0016,800.001,110.00144,000.004.7981.5Corp 4.8% 19 Nov 2026Federal National Mortgage 2,000,000.0002,000,000.001,928,500.0034.72-71,500.0012,500.00.6481.0Association .625% 30 DecUnited States Treasury Note/Bond 5,000,000.0004,809,999.994,798,300.0042,493.20-11,699.99112,500.002.3452.42.25% 15 Feb 2027United States Treasury Note/Bond 7,000,000.0006,975,244.336,959,470.0017,692.29-15,774.33201,250.002.8923.52.875% 31 May 202United States Treasury Note/Bond 5,000,000.0004,966,387.934,998,850.0086,311.1532,462.07206,250.004.1262.54.125% 31 Jan 202United States Treasury Note/Bond 5,000,000.0004,997,656.244,998,700.0063,397.801,043.76212,500.004.2512.54.25% 15 Mar 2027United States Treasury Note/Bond 5,000,000.0004,958,196.485,001,250.0045,535.7043,053.52212,500.004.2492.54.25% 15 Oct 2025United States Treasury Note/Bond 5,000,000.0004,996,875.005,001,250.00587.004,375.00212,500.004.2492.54.25% 31 Dec 2025
Holdings DetailCity of South Bend Corporate Agency (619062011)Report as of December 31, 2024UnrealizedAnnualCurrent% ofUnitsTotal CostMarket ValueAccrualGain/LossIncome YieldMkt ValUnited States Treasury Note/Bond 5,000,000.0005,015,221.185,011,350.0010,216.35-3,871.18218,750.004.3652.54.375% 15 Dec 202United States Treasury Note/Bond 6,000,000.0005,991,669.176,011,160.0035,055.2419,490.83270,000.004.4923.04.5% 15 Nov 2025United States Treasury Note/Bond 5,000,000.0004,991,015.635,020,250.0078,573.9029,234.37231,250.004.6062.54.625% 28 Feb 202United States Treasury Note/Bond 5,000,000.0005,067,578.135,046,750.0059,083.10-20,828.13231,250.004.5822.54.625% 30 Sep 202United States Treasury Note/Bond 5,000,000.0004,989,062.505,024,150.0084,944.7535,087.50250,000.004.9762.55% 31 Aug 2025Total: US Treasury & Agencies78,546,855.7178,191,130.00612,739.77-355,725.712,920,650.003.73539.1Total: Fixed Income78,546,855.7178,191,130.00612,739.77-355,725.712,920,650.003.73539.1 Total200,423,645.97200,889,416.381,147,125.47465,770.417,161,848.583.565100.0
ACR Performance Summary Total NetCity of South Bend Corporate Agency (619062011) Report as of December 31, 2024Return DetailsYearto DateMarket Value (1 Year) 1 Year 3 Years 5 YearsTotal Fd Net Fee202,036,542 5.15 5.15 2.46 1.71Cash123,232,672 5.45 5.45 2.98 2.20Fixed Income78,803,870 4.88 4.88 2.33 1.65Total Managed202,036,542 5.24 5.24 2.55 1.80 Benchmark BOA Treasury 1-3 year4.08 4.08 1.50 1.40
.Although the statements of facts in this report have been obtained from and are based upon sources the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete and condensed. All opinions and estimates included in this report constitute the Firm’s judgment as of the date of this report and are subject to change without notice.Past performance is not a guarantee of future results. Investments are:May Lose ValueNot Bank Deposits or Other ObligationsNot Bank GuaranteedNot Insured by FDIC or Any Other Government AgencyDisclosure
12/31/2024 CASH REPORT
14
Report of Changes in Cash Balance
For the Twelve Months Ending Tuesday,
December 31, 2024
Report generated 1/24/2025 , 6:03 PM
Plus/ (Minus)Ending Variance
1/1 Beginning 2024 YTD 2024 YTD Accrual Surplus Cash Balance Cash Reserve Above/(Below)
Cash Balance Revenue Expenditures Adjustments (Deficit)12/31/2024 Requirement Reserve Req.
City Controlled Funds
101 General Fund $93,698,542.77 $107,120,006.68 $109,949,854.86 ($51,570.10)($2,881,418.28)$90,817,124.49 54,974,927.43 35,842,197.06
Special Revenue Funds
102 Rainy Day 11,375,389.29 460,869.87 --460,869.87 11,836,259.16 3,298,496 8,537,764
201 Parks & Recreation 8,884,669.82 24,308,126.48 22,715,589.68 1,698,464.67 3,291,001.47 12,175,671.29 5,678,897 6,496,774
202 Motor Vehicle Highway 6,272,149.84 13,829,268.18 14,679,641.29 242,091.79 (608,281.32)5,663,868.52 3,669,910 1,993,958
209 Studebaker-Oliver Revitalizing Grants 652,478.70 26,294.41 39,367.50 -(13,073.09)639,405.61 - -
210 Economic Development State Grants (134,600.58)67,698.00 --67,698.00 (66,902.58)- -
211 Dept of Community Investment Operating 396,172.21 4,441,599.00 4,844,975.32 7,948.05 (395,428.27)743.94 - -
212 Dept of Community Investment Grants 1,212,370.44 1,495,478.73 2,859,881.76 (79,158.88)(1,443,561.91)(231,191.47)- -
216 Police State Seizures 257,000.51 49,470.73 --49,470.73 306,471.24 - -
217 Gift, Donation, Bequest 4,416,666.10 3,747,784.04 5,339,969.98 -(1,592,185.94)2,824,480.16 - -
219 Unsafe Building 900,258.14 132,211.55 24,780.00 -107,431.55 1,007,689.69 - -
220 Law Enforcement Continuing Education 999,052.36 659,752.94 904,620.14 (18,460.86)(263,328.06)735,724.30 226,155.04 509,569.27
221 Rental Units Regulation 210,000.72 313,536.82 152,870.04 (69,662.07)91,004.71 301,005.43 - -
227 Loss Recovery 2,174,241.93 1,099,625.79 150,000.00 -949,625.79 3,123,867.72 - -
230 Code Enforcement (18,293.73)4,257,136.52 4,252,944.19 (2,856.73)1,335.60 (16,958.13)- -
249 Local Income Tax - Public Safety 6,163,397.21 14,163,964.70 13,856,680.76 -307,283.94 6,470,681.15 - -
251 Local Road & Street 1,388,435.30 2,438,421.86 3,269,691.45 (78,650.28)(909,919.87)478,515.43 817,422.86 (338,907.43)
257 LOIT Special Distribution 67,475.48 2,572.93 -(4,314.47)(1,741.54)65,733.94 - -
258 Human Rights Federal Grants 155,013.85 319,423.04 231,051.44 -88,371.60 243,385.45 - -
263 American Rescue Plan 10,144,293.00 187,278.88 9,321,898.00 (28,892.00)(9,163,511.12)980,781.88 - -
264 COVID-19 Response (79,650.24)197,788.64 118,138.40 -79,650.24 -- -
265 Local Road & Bridge Grant 428,020.10 1,139,734.33 1,229,349.67 -(89,615.34)338,404.76 - -
266 MVH Restricted 848,707.45 3,241,616.35 2,936,090.55 46,080.00 351,605.80 1,200,313.25 - -
289 Haz-Mat 32,194.26 26,461.11 -(16,465.00)9,996.11 42,190.37 - -
291 Indiana River Rescue 463,394.19 154,146.28 60,934.62 6,400.00 99,611.66 563,005.85 15,233.66 547,772.20
295 COPS MORE Grant 20,876.46 ----20,876.46 - -
299 Police Federal Drug Enforcement 201,295.73 92,600.09 -(18,830.96)73,769.13 275,064.86 - 275,064.86
404 Local Income Tax - Certified Shares 2,042,780.87 55,182.69 1,297,124.24 (14,000.00)(1,255,941.55)786,839.32 - -
408 Local Income Tax - Economic Development 26,620,482.89 21,128,549.14 14,433,866.70 (150,318.56)6,544,363.88 33,164,846.77 7,216,933.35 25,947,913.42
410 Urban Development Action Grant 69,114.04 2,800.14 --2,800.14 71,914.18 - -
725 Morris / Palais Box Office (711,758.30)--2,460,138.85 2,460,138.85 1,748,380.55 - -
730 City Cemetery 31,507.07 1,276.51 --1,276.51 32,783.58 - -
731 Bowman Cemetery 495,643.34 20,080.80 --20,080.80 515,724.14 400,000.00 115,724.14
754 Industrial Revolving Fund 3,050,364.19 2,026,652.78 81,138.84 (64,428.75)1,881,085.19 4,931,449.38 - -
Total Special Revenue Funds $89,029,142.64 $100,087,403.33 $102,800,604.57 $3,915,084.80 $1,201,883.56 $90,231,026.20
Debt Service Funds
312 2017 Parks Bond Debt Service 153,345.77 1,194,472.93 1,177,990.00 -16,482.93 169,828.70 - 169,828.70
350 2018 Fire Station #9 Debt Service --341,331.28 -(341,331.28)(341,331.28)341,331.28 (682,662.56)
672 Century Center Energy Conservation Debt Service 32,955.57 512,505.89 393,387.54 -119,118.35 152,073.92 - 152,073.92
752 South Bend Redevelopment Authority 447,521.12 9,405,858.72 5,992,431.26 -3,413,427.46 3,860,948.58 3,860,948.58 -
755 South Bend Building Corporation 231,284.99 1,442,640.28 1,424,542.50 -18,097.78 249,382.77 249,382.77 -
756 2015 Smart Streets Bond Debt Service Reserve 1,751,219.17 1,712,584.27 1,706,393.76 -6,190.51 1,757,409.68 1,757,409.68 -
757 2015 Parks Bond Debt Service 558,162.18 341,364.29 368,381.26 -(27,016.97)531,145.21 531,145.21 -
760 2017 Eddy Street Commons Bond Debt Service 3,668,986.50 172.47 --172.47 3,669,158.97 2,500,000.00 1,169,158.97
Total Debt Service Funds $6,843,475.30 $14,609,598.85 $11,404,457.60 -$3,205,141.25 $10,048,616.55
Capital Funds
287 Fire Department Capital 1,568,458.12 4,885,121.44 3,060,817.54 (345,314.00)1,478,989.90 3,047,448.02 - -
401 Coveleski Stadium Capital 2,799.38 24.11 21,613.26 -(21,589.15)(18,789.77)- -
406 Cumulative Capital Development 199,512.12 713,314.62 548,540.63 -164,773.99 364,286.11 - -
407 Cumulative Capital Improvement 279,499.44 178,147.11 75,000.00 -103,147.11 382,646.55 - -
412 Major Moves Construction 1,602,252.09 208,273.63 884,900.13 -(676,626.50)925,625.59 - -
413 Professional Sports Convention Development Area 252,674.97 6,489,300.22 4,167,772.03 -2,321,528.19 2,574,203.16 - -
416 Morris Performing Arts Center Capital 160,803.97 7,700,257.54 1,493,326.48 (330,179.34)5,876,751.72 6,037,555.69 - -
450 Palais Royale Historic Preservation 128,104.79 22,471.95 -(1,013.98)21,457.97 149,562.76 - -
451 2018 Fire Station #9 Bond Capital 329,570.79 13,352.46 --13,352.46 342,923.25 - -
453 Zoo Bond Capital 0.01 -0.01 -(0.01)-- -
455 2021 Infrastructure Bond Capital 922,516.37 27,841.91 276,766.85 -(248,924.94)673,591.43 - -
458 2024 RDA Bond Proceeds (Four Winds)-46,114,179.74 2,027,334.24 -44,086,845.50 44,086,845.50 - -
471 2017 Parks Bond Capital 1,370,919.60 41,823.56 558,335.57 -(516,512.01)854,407.59 - -
759 2017 Eddy Street Commons Bond Capital 25,765.55 1.20 --1.20 25,766.75 - -
Total Capital Funds $6,842,877.20 $66,394,109.49 $13,114,406.74 ($676,507.32)$52,603,195.43 $59,446,072.63
Enterprise Funds600 Consolidated Building 2,087,954.34 3,998,248.12 2,273,632.86 -1,724,615.26 3,812,569.60 568,408.22 3,244,161.39
601 Parking Garages 553,931.93 309,450.96 469,232.66 (27,873.83)(187,655.53)366,276.40 117,308.17 248,968.24
602 Morris Performing Arts Center Operations 646,795.58 1,069,219.41 1,520,930.65 (55,582.21)(507,293.45)139,502.13 152,093.07 (12,590.94)610 Solid Waste Operations 766,956.77 8,213,121.47 7,679,398.26 (22,771.24)510,951.97 1,277,908.74 767,939.83 509,968.91
611 Solid Waste Capital 2,734,870.62 3,167,656.88 3,670,445.28 -(502,788.40)2,232,082.22 - -
620 Water Works Operations 7,853,449.64 22,684,347.65 17,674,441.47 9,501.66 5,019,407.84 12,872,857.48 883,722.07 11,989,135.41622 Water Works Capital 6,652,330.24 11,326,147.31 2,432,585.04 (26,000.31)8,867,561.96 15,519,892.20 - -
624 Water Works Customer Deposit 1,349,629.84 54,661.16 -(2,474.06)52,187.10 1,401,816.94 1,401,816.94 -
625 Water Works Sinking (Debt Service)3,665,884.17 150,467.68 175,718.05 (1,222,993.99)(1,248,244.36)2,417,639.81 - 2,417,639.81
626 Water Works Bond Reserve 1,478,046.49 124,271.73 --124,271.73 1,602,318.22 1,602,318.22 -
629 Water Works Operations & Maintenance Reserve 3,040,119.52 123,169.37 --123,169.37 3,163,288.89 2,946,329.39 216,959.50
640 Sewer Repair Insurance 1,804,260.28 783,390.01 994,942.11 (12,327.29)(223,879.39)1,580,380.89 248,735.53 1,331,645.36
641 Sewage Works Operations 19,586,869.93 44,734,039.52 28,690,819.78 199,570.10 16,242,789.84 35,829,659.77 1,434,540.99 34,395,118.78
642 Sewage Works Capital 12,732,726.58 979,582.46 4,317,807.41 (12,175.03)(3,350,399.98)9,382,326.60 - 9,382,326.60
643 Sewage Works Operations & Maintenance Reserve 5,763,455.13 233,504.36 --233,504.36 5,996,959.49 4,782,759.66 1,214,199.83
649 Sewage Sinking (Debt Service)6,033,296.37 127,600.26 484,370.37 (447,416.00)(804,186.11)5,229,110.26 - 5,229,110.26653 Sewage Debt Service Reserve 3,893,415.08 593,351.10 5,354.00 -587,997.10 4,481,412.18 4,481,412.18 -
654 Sewage Works Customer Deposit 1,360,670.15 57,810.46 -128,334.82 186,145.28 1,546,815.43 1,546,815.43 -
655 Project Releaf 461,511.00 476,616.48 397,704.48 2,027.27 80,939.27 542,450.27 99,426.12 443,024.15667 Storm Sewer 2,163,419.99 1,292,495.78 1,601,474.92 (174,055.72)(483,034.86)1,680,385.13 - 1,680,385.13
670 Century Center 838,463.57 4,251,120.62 4,776,544.92 (306,754.57)(832,178.87)6,284.70 1,194,136.23 (1,187,851.53)
671 Century Center Capital 1,102,114.72 174,706.49 223,629.20 -(48,922.71)1,053,192.01 800,000.00 253,192.01 Total Enterprise Funds $86,570,171.94 $104,924,979.28 $77,389,031.46 ($1,970,990.40)$25,564,957.42 $112,135,129.36
Internal Service Funds222 Central Services (680,622.37)10,332,771.22 11,050,761.78 35,561.04 (682,429.52)(1,363,051.89)1,105,076.18 (2,468,128.07)
226 Liability Insurance 6,488,526.24 3,994,584.40 3,098,324.47 12,688.38 908,948.31 7,397,474.55 1,549,162.24 5,848,312.32
278 Take Home Vehicle Police 833,591.47 107,505.21 --107,505.21 941,096.68 750,000.00 191,096.68279 IT / Innovation / 311 Call Center 5,506,547.10 13,456,828.51 12,508,709.97 (54,090.18)894,028.36 6,400,575.46 - -
711 Self-Funded Employee Benefits 9,628,439.54 18,994,008.10 18,734,663.46 (31,020.70)228,323.94 9,856,763.48 4,683,665.87 5,173,097.62
713 Unemployment Compensation 45,823.64 9,297.82 77,729.37 -(68,431.55)(22,607.91)19,432.34 (42,040.25)714 Parental Leave 626,913.42 329,305.02 78,020.76 -251,284.26 878,197.68 6,241.66 871,956.02
Total Internal Service Funds $22,449,219.04 $47,224,300.28 $45,548,209.81 ($36,861.46)$1,639,229.01 $24,088,448.05
Fiduciary Funds
701 Fire Pension 392,781.21 3,934,778.41 3,985,174.16 -(50,395.75)342,385.46 398,517.42 (56,131.96)
702 Police Pension 506,772.20 6,084,362.58 6,053,170.48 -31,192.10 537,964.30 605,317.05 (67,352.75)
709 Payroll Clearing (29,611.67)--(10,979.94)(10,979.94)(40,591.61)- -
718 State Tax Withholding Fund 322,126.98 --811,550.09 811,550.09 1,133,677.07 1,133,677.07 -
726 Police Distributions Payable 983,965.52 --(155,131.35)(155,131.35)828,834.17 828,834.17 -
Total Fiduciary Funds $2,176,034.24 $10,019,140.99 $10,038,344.64 $645,438.80 $626,235.15 $2,802,269.39
Total City Controlled Funds $307,609,463.13 $450,379,538.90 $370,244,909.68 $1,824,594.32 $81,959,223.54 $389,568,686.67
Redevelopment Commission Controlled Funds
Tax Increment Financing Funds
324 TIF - River West Development Area 34,088,454.38 29,690,811.04 38,523,804.55 (222,901.46)(9,055,894.97)25,032,559.41 - - 422 TIF - West Washington 1,883,190.20 671,770.71 1,208,356.79 -(536,586.08)1,346,604.12 - -
429 TIF - River East Development Area (NE Dev)14,630,845.93 11,316,089.92 4,392,535.73 933,402.16 7,856,956.35 22,487,802.28 - -
430 TIF - Southside Development Area #1 12,834,453.38 3,827,261.45 8,034,036.39 (7,285.00)(4,214,059.94)8,620,393.44 - - 435 TIF - Douglas Road 604,408.35 376,128.68 --376,128.68 980,537.03 - -
436 TIF - River East Residential Area (NE Res)9,025,377.39 8,126,147.35 6,992,824.48 (27,072.65)1,106,250.22 10,131,627.61 - -
Total Tax Increment Financing Funds $73,066,729.63 $54,008,209.15 $59,151,557.94 $676,143.05 ($4,467,205.74)$68,599,523.89
Redevelopment Funds
433 Redevelopment General 3,248,345.97 2,489,603.13 2,312,002.47 19,117.45 196,718.11 3,445,064.08 578,000.62 2,867,063.46 439 Certified Technology Park 11,620.57 470.78 --470.78 12,091.35 - 12,091.35
452 2018 TIF Park Bond Capital 2,368,201.82 43,299.69 2,238,755.85 -(2,195,456.16)172,745.66 - 172,745.66
454 Airport Urban Enterprise Zone 427,896.32 17,336.06 --17,336.06 445,232.38 - 445,232.38
456 2023 South Bend Redevelopment Authority Lease Rental Revenue Bond 28,540,322.23 969,952.23 11,782,262.60 5,520,497.13 (5,291,813.24)23,248,508.99
457 Series B of the Rental Revenue Bonds -24,509,842.74 7,114,380.36 14,570.00 17,410,032.38 17,410,032.38 - -
Total Redevelopment Funds $34,596,386.91 $28,030,504.63 $23,447,401.28 $5,554,184.58 $10,137,287.93 $44,733,674.84
Debt Service Funds
315 Airport 2003 Debt Reserve 1,080,322.84 43,768.90 --43,768.90 1,124,091.74 1,124,091.74 -
328 SBCDA 2003 Debt Reserve 1,806,135.73 73,174.96 --73,174.96 1,879,310.69 1,879,310.69 - 351 2018 TIF Park Bond Debt Service Reserve 1,079,924.27 43,752.77 --43,752.77 1,123,677.04 1,123,677.04 -
352 2019 South Shore Double Tracking Debt Service 20,073.96 1,039,003.28 1,033,625.00 -5,378.28 25,452.24 - 25,452.24
353 2020 TIF Library Bond Debt Service Reserve 326,952.45 15.05 --15.05 326,967.50 326,967.50 - Total Debt Service Funds $4,313,409.25 $1,199,714.96 $1,033,625.00 -$166,089.96 $4,479,499.21
Total Redevelopment Commission Funds $111,976,525.79 $83,238,428.74 $83,632,584.22 $6,215,757.63 $5,836,172.15 $117,812,697.94
Grand Total $419,585,988.92 $533,617,967.64 $453,877,493.90 $8,040,351.95 $87,795,395.69 $507,381,384.61
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.
25
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.
Directors of Department Finance
Directors of Department Finance are responsible for ensuring that cash receipts are correctly entered into
DFO as they are received by various members of their assigned departments. Additionally, Directors of
Department Finance 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 1, 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. 10993-23. The City's practice is to obtain 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 No reserve requirement
28
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 2019 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
29
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 - Capital fund - spend down to zero
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 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
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
453 Zoo 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
30
Fund Fund Name Cash Reserve Policy
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
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) No reserve requirement
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) No reserve requirement
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 and
Removal) 25% of annual expenditures
667 Storm Sewer No reserve requirement - Capital fund - spend down to zero
31
Fund Fund Name Cash Reserve Policy
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
709 Payroll Clearing 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 Withholding 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 2015 Smart Streets Bond Debt Service 100% cash reserves per bond covenants
757 2015 Parks Bond Debt Service 100% cash reserves per bond covenants
759 2017 Eddy Street Commons Bond
Capital
No reserve requirement - Bond capital fund - spend down
to zero
760 2017 Eddy Street Commons
Bond Debt Service $2,500,000 minimum per bond covenant
32