HomeMy WebLinkAbout05-2016 Controller's Trustee Cash ReportPeriod Ending:May 31, 2016
Issued By:Administration/Finance
City of South Bend
Controller's Trustee Cash Report
Page Contents
2 Purpose & Narrative
3 Summary
4 Graph of Cash Balances
Distribution
Mayor Pete Buttigieg
Chief of Staff James Mueller
Common Council
Department Heads
Fiscal Officers
Controller John Murphy
Deputy Controller Jennifer Hockenhull
City Finance Director Rahman Johnson
Sr. Budget Analyst Cecil Eastman
Purpose of Report
The City of South Bend maintains certain cash balances with bank trustees in connection with bond and
capital lease financing agreements that have been approved by the Common Council, Redevelopment
Redevelopment Commission and the Board of Public Works. The cash reserves are restricted and may
not be used for general city operations. Rather, trustee cash reserves must be used as provided for in the
debt documents including for capital projects, debt service payments, debt service reserves and operating
reserves The bank trustee accounts are also used for the defeasance of prior debt that has been refunded.
The primary bank trustees used by the city are US Bank and Wells Fargo Bank. The debt service
payments on bonds and capital leases are included in the regular city budget.
Current Activity
The current trustee cash accounts include capital project money for the Smart Streets bond, Parks/EDIT
bond and the Century Center Energy Savings agreement with Ameresco. Cash in capital project accounts
is spent down as work is completed on projects. Trustee cash accounts also includes proceeds from
lease purchase agreements for the replacement of certain city vehicles and equipment on a regular basis.
If you should have any questions regarding this report, please contact John Murphy, City Controller
(574) 235-7678, Jennifer Hockenhull, Deputy City Controller (574) 235-9822, or Rahman Johnson,
City Finance Director (574) 235-5921.
Administration Finance 6/21/2016 Page 2
City of South Bend, Indiana
Trustee Cash Summary
January 1, 2016 - May 31, 2016
Beginning YTD YTD Ending
Name Purpose Entity Trustee Cash Receipts Disbursements Cash
2012 Police/Fire Building Refunding Sinking Fund Building Corporation US Bank 16.38 786,091.15 786,016.38 91.15
2012 Police/Fire Building Refunding Operating & Repair Building Corporation US Bank 18,339.78 2,307.05 0.00 20,646.83
2012 Police/Fire Building Refunding Reserve Fund Building Corporation US Bank 3,877.30 4.01 0.00 3,881.31
2013 EMS Revenue Bond Sinking Fund Building Corporation US Bank 1.91 313,735.12 313,727.50 9.53
2013 EMS Revenue Bond Operating & Reserve Building Corporation US Bank 112,244.84 11.61 108,475.59 3,780.86
2013 EMS Revenue Bond Reserve Fund Building Corporation US Bank 0.00 0.00 0.00 0.00
2013 EMS Revenue Bond Construction Fund Building Corporation US Bank 115.98 0.04 0.00 116.02
2013 EMS Revenue Bond Bond Interest Account Building Corporation US Bank 0.00 0.00 0.00 0.00
2010 BPW Building Refunding Debt Service Reserve Fund Building Corporation Wells Fargo 607,500.00 20.14 15.31 607,504.83
2010 BPW Building Refunding Sinking Fund Building Corporation Wells Fargo 20.30 340,020.48 340,025.46 15.32
2010 BPW Building Refunding Operating & Reserve Building Corporation Wells Fargo 9,028.61 1,312.99 2,514.00 7,827.60
Total Building Corporation 751,145.10 1,443,502.59 1,550,774.24 643,873.45
2015 Bank of America Vehicle/Equipment Lease City of South Bend Bank of America 729,477.20 0.00 679,881.03 49,596.17
2015 Century Center Energy Conservation Bond Construction Fund City of South Bend Bank of America 1,348,997.00 0.00 1,005,519.00 343,478.00
2015 Parks/EDIT Bond Bond Retirement Account City of South Bend US Bank 158,367.59 158,437.26 190,039.52 126,765.33
2015 Parks/EDIT Bond Debt Service Reserve Fund City of South Bend US Bank 397,313.00 134.86 6,533.25 390,914.61
2015 Parks/EDIT Bond Construction Fund City of South Bend US Bank 4,995,003.88 1,694.60 47,262.50 4,949,435.98
2015 PNC Bank Vehicle/Equipment Lease City of South Bend US Bank 1,225,502.36 322.89 390,464.00 835,361.25
2016 Public-Finance.com Vehicle/Equipment Lease City of South Bend US Bank 0.00 3,340,391.18 1,755,189.70 1,585,201.48
Total City of South Bend 8,854,661.03 3,500,980.79 4,074,889.00 8,280,752.82
2005 Erskine Village Bonds Reserve Fund Redevelopment Authority Wells Fargo 561,112.83 2.06 0.00 561,114.89
2005 Erskine Village Bonds Principal & Interest Redevelopment Authority Wells Fargo 1.77 365,835.01 365,835.00 1.78
2008 Eddy Street Commons Sinking Fund Redevelopment Authority US Bank 0.00 1,465,434.38 1,465,434.38 0.00
2008 Eddy Street Commons Debt Service Reserve Fund Redevelopment Authority US Bank 59.83 0.09 0.00 59.92
2008 Eddy Street Commons Excess Fund Redevelopment Authority US Bank 0.24 0.00 0.00 0.24
2011 Century Center Refunding Sinking Fund Redevelopment Authority US Bank 52.62 245,660.79 245,552.62 160.79
2011 Century Center Refunding Operating & Reserve Fund Redevelopment Authority US Bank 14,609.68 199.01 0.00 14,808.69
2011 Century Center Refunding Reserve Fund Redevelopment Authority US Bank 298,100.85 432.75 151.52 298,382.08
2011 Hall of Fame Refunding Sinking Fund Redevelopment Authority US Bank 8.05 636,023.56 636,008.05 23.56
2011 Hall of Fame Refunding Operations & Reserve Redevelopment Authority US Bank 16,308.64 3,072.32 0.00 19,380.96
2013 Century Center Refunding Operation & Reserve Redevelopment Authority US Bank 166,551.65 101.70 144,205.71 22,447.64
2013 Century Center Refunding Sinking Fund Redevelopment Authority US Bank 0.55 341,724.04 341,706.25 18.34
2013 Century Center Refunding Reserve Fund Redevelopment Authority US Bank 0.00 0.00 0.00 0.00
2015 Eddy Street Commons Refunding Escrow Fund Redevelopment Authority US Bank 0.00 0.00 0.00 0.00
2015 Eddy Street Commons Refunding Sinking Fund Redevelopment Authority US Bank 4,812.98 1,237,663.11 1,235,426.31 7,049.78
2015 Eddy Street Commons Refunding Operations & Reserve Redevelopment Authority US Bank 0.00 0.00 0.00 0.00
2015 Smart Streets Bond Sinking Fund Redevelopment Authority US Bank 77.82 395,012.91 394,784.38 306.35
2015 Smart Streets Bond Operating & Reserve Redevelopment Authority US Bank 0.00 0.00 0.00 0.00
2015 Smart Streets Bond Reserve Fund Redevelopment Authority US Bank 1,711,187.22 583.58 306.26 1,711,464.54
2015 Smart Streets Bond Construction Fund Redevelopment Authority US Bank 19,053,535.94 6,488.76 1,313,447.95 17,746,576.75
2015 Smart Streets Bond Bond Interest Account Redevelopment Authority US Bank 1,184,521.91 306.94 394,706.56 790,122.29
2009 Morris PAC Refunding Debt Service Reserve Fund Redevelopment Authority Wells Fargo 721,004.27 23.90 22.24 721,005.93
2009 Morris PAC Refunding Operations & Reserve Redevelopment Authority Wells Fargo 12,218.37 1,329.17 2,750.00 10,797.54
2009 Morris PAC Refunding Sinking Fund Redevelopment Authority Wells Fargo 0.29 521,500.57 521,500.29 0.57
Total Redevelopment Authority 23,744,165.51 5,221,394.65 7,061,837.52 21,903,722.64
Totals 33,349,971.64 10,165,878.03 12,687,500.76 30,828,348.91
Administration Finance 6/21/2016 Page 3
Entity Cash Balance Percent
Building Corporation$643,873 2.09%
City of South Bend 8,280,753 26.86%
Redevelopment Authority 21,903,723 71.05%
Total$30,828,349 100.00%
City of South Bend includes the 2015 Parks/EDIT bond capital fund with a balance of
$4.95 million dollars remaining in the fund at May 31, 2016.
Redevelopment Authority includes the 2015 Smart Streets bond capital fund
with a balance of $17.7 million dollars remaining in the fund at May 31, 2016.
Trustee Cash Balances -May 31, 2016
Building Corporation City of South Bend Redevelopment Authority
Administration Finance 6/21/2016 Page 4