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Home My WebLink About2014 Fiscal DashboardCity of South Bend, Indiana Fiscal Stability City Real & Personal Property Values $2.371 $2.210 (Net Assessed Value in Billions of $) Annual General Fund Expenditures per $723.96 $658.25 Capita General Fund Balance as % of 37.78% 41.43% Expenditures Bond Rating (Standard & Poor's) AA AA Debt per Capita $2,487.77 $2,351.12 Debt as % of Net Assessed Valuation 10.61% 10.76% (NAV) Full Time Employees per 1,000 residents 11.2 10.9 4 Property Tax Revenue (All Funds) $69,980,288 $72,034,021 4 Local Option Income Tax Revenue $21,916,677 $23,822,661 4 Performance Key: Q Improving p Staying about the same Declining Department of Administration and Finance June 15, 2015 City of South Bend, Indiana City Real &Personal Property Values $6,000 $5,000 $4,000 0 c $3,000 $2,000 $1,000 $0 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 --*—Gross Assessed Value Net Assessed Value Why is this important? One large source of revenue for the City of South Bend is property taxes which the residents pay each year. As taxable values change, so does the tax revenue. The tax revenue is essential to providing the services to the residents of the City of South Bend that they have come to know and expect. Department of Administration and Finance June 15, 2015 City of South Bend, Indiana General Fund Budget and Finances 2014* Audited $66,512,478 $66,593,986 ($81,508) $27,587,405 2013 Audited $72,115,610 $73,241,780 ($1,126,170) $27,668,913 2012 Audited $75,234,013 $74,370,146 $863,867 $28,795,083 2011 Audited $73,049,860 $73,855,786 ($805,926) $27,931,216 2010 Audited $73,963,008 $69,844,321 $4,118,687 $28,737,142 2009 Audited $59,313,038 $62,111,167 ($2,798,129) $24,618,455 2008 Audited $69,247,990 $65,592,159 $3,655,831 $27,416,584 *Decrease in revenue and expenditures in 2014 due to paying a portion of Police and Fire salaries directly from the PS LOIT Fund. Department of Administration and Finance June 15, 2015 City of South Bend, Indiana Annual General Fund Expenditures per Capita $750 $700 $650 $600 $550 $500 2008 2009 2010 2011 2012 2013 2014` —41---General Fund Expenditures per Capita (Pop. 101,168) Why is this important? Cost per resident is a measure of how much it costs to operate the City on a per - person basis. The City of South Bend continues to explore ways to provide high - quality services to residents at the lowest possible cost. Decrease in 2014 due to paying a portion of the police and fire salaries from PS LOIT Fund. Department of Administration and Finance June 15, 2015 City of South Bend, Indiana General Fund Balance % of Expenditures 45.00% 41.80% 41.14% 41.43% 39.64% 40.00% 37.82% 38.72% ° 37.78 /o / 35.00% 30.00% 25.00% 24.3096 1 21.80% 19.70% 20.10% 20.00% 18.20% 16.50% 15.00% 2008 2009 2010 2011 2012 2013 2014 General Fund Balance % of Expenditures Minimum Threshold per Board Policy National League of Cities Survey (2014 unavailable) Why is this important? The financial health of the City is important to provide and maintain services. The Fund Balance is one method of measuring financial health, and is a strong contributor to the credit rating of an organization. Note: Expenditures include transfers to other funds. Fund balance is defined as ending fund balance. Department of Administration and Finance June 15, 2015 140 0 City of South Bend, Indiana Bond Rating Indiana Local Government Standard & Poor's Bond Ratings July 2014 South Bend's S &P rating is AA State of Indiana's S &P rating is AAA W EN AAA AA+ AA A' A W � =4 Why is this important? The bond or credit rating is a measure of the City's financial reputation. A good credit rating enables the City to borrow money for construction projects and other needs at the most competitive rates available. This saves thousands of taxpayer dollars in interest payments. Department of Administration and Finance June 15, 2015 City of South Bend, Indiana Debt per Capita S3,000 S2,500 $2,000 $1,830 $1,758 $1,500 $1,000 $500 $2,603 $2,488 $2,314 $2,325 $2,363 $2,351 $2,239 $2,053 2005 2006 2007 2008 2009 2010 2011 2 2013 2014 --*—Primary Government Debt Per Capita Why is this important? The City of South Bend issues long -term debt for large capital projects, such as local water and sewer projects, SMART Streets, and Park Improvements. Its debt burden is the outstanding principal balance of financing these activities. Department of Administration and Finance June 15, 2015 City of South Bend, Indiana Debt as % of Net Assessed Value (NAV) 12% 10% 0 0 6.60% 6.74% 7'0 6% 4% 2% 0% 8.91% 8.16% 10.29% 10.610 10.76% 9.59% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 —40-- Primary Government Debt Debt as a % of Net Assessed Value Capita Why is this important? The lower the debt to Net Assessed Valuation ratio, the more financially healthy a community is. City borrowing in recent years includes revenue bonds for the Sewer Long -Term Control Plan that will be funded with higher sewer rates. New Sewer bonds were not issued during 2013 and 2014. Note: The ratio is higher in the most recent years is partially due to a decline in the net assessed values due to a decline in the overall economy. Actual debt levels have been decreasing year over year. Department of Administration and Finance June 15, 2015 City of South Bend, Indiana Full Time Number of Employees 12.8 12.7 1,294 1,288 12.2 12.0 1,230 1,213 11.0 11.2 11.2 11. 1,132 1,133 1,116 1,122 13.0 12.5 12.0 11.5 1.2 10.9 11.0 131 10.5 1,098 10.0 9.5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 —40---Primary Government Full Time Employees --*—Primary Govrnment Employees per 1,000 Residents Why is this important? A measure of efficiency is the number of employees over 1,000 residents. The lower the ratio of employees over 1,000 residents, the more efficient the City is providing services to the community. Note: The change in full time employees vs. employees per 1,000 residents is due mainly layoffs due to circuit breaker issues and the privatization of the zoo and the management of the convention center. (2010 Census population of 101,168 used for calculation.) Department of Administration and Finance June 15, 2015 City of South Bend, Indiana Property Tax Revenue —All Funds —Cash Basis $90 $85 0 $80 $75 $70 $65 $60 2006/2007 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 --*—Property Tax Revenue (in millions) Why is this important? Property tax revenue is the largest source of revenue for governmental operations such as police and fire protection. In 2008, the State of Indiana passed "Circuit Breaker" property tax reform which capped property tax rates and reduced revenue for local governmental units. Department of Administration and Finance June 15, 2015 City of South Bend, Indiana Local Option Income Tax Revenue -Cash Basis $30 $25 U) 0 0 $20 $15 $10 $5 $0 2007 2008 2009 2010 2011 2012 2013 2014 --*—Local Option Income Tax Revenue (in millions) Why is this important? Local option income taxes (COIT, CEDIT, PS LOIT) are an important source of revenue for governmental operations, including public safety and capital projects. Effective for fiscal year 2010, Local Option Income Tax rates were increased in response to State Legislation reducing property tax revenue. Department of Administration and Finance June 15, 2015