10-2011 Newsletter - Laserfiche WebLink

Home Browse Search

50 UTHIlf B E N D OCTOBER 2011 MAYOR SIFPkIF9tl f, [UFC[E "47 V14 Letter from the Mayor • 2012 budget shows City's fiscal strength Dear Friends and Neighbors, • PERFORMING ARTS CENTTR • • October 28 S p After some of the most challenging budget years in my time as an elected official,I'm Straight No Chaser • very happy to report this year that our work on the City of South Bend's proposed • November 6 7p • 2012 budget is almost uneventful. Several years of difficult choices,reduced spending • Bill Cosby and fiscally responsible behavior have put us in a position where our annual budget November 11 7p • process is much less challenging. • Frankie Beverly and Maze • • Notre Dame Football • • Indiana's property tax caps have provided tax relief for some property owners, • October 29 us. Navy • particularly landlords and businesses. But in 2012 the state's changes mean the City of November 5 @ Wake Forest • South Bend will receive$21.3 million less in property tax revenues than it would have • November 12 vs. Maryland • before the tax caps.Normally,that would mean a dramatic reduction in services. But • November 19 vs. Boston College • the adoption of local option income taxes has provided us with an alternative source of November 26 @ Stanford revenue, enabling us to present a balanced 2012 budget while sustaining our • Football Fridav's Block Part y • commitment to public safety. In fact, during 2012 we will add five new firefighters to • Every home game Friday night, 5-9 PM • the South Bend Fire Department while keeping our police force at full strength. (Public • 100 N.Michigan St. near the College safety spending now represents 83 percent of our General Fund budget,up from 75 Football Hall of Fame.Admission is just$5, • percent as recently as 2008.)Our General Fund spending budget of$64.4 million for • and kids 12 and under are free. • 2012 is actually a 1-percent decrease from the current fiscal year. (The General Fund, • • • • which pays for general government and public-safety functions,represents the largest Downtown South Bend First Fridav's• p • of six segregated sections of budget accounts requiring approval of the South Bend November 4 Sp-9• Kids Night Out,Activities and experiences • Common Council.)The overall City budget-which includes pensions,road projects, • for kids, adults and families 0 capital investments and user-funded accounts like utilities-is proposed to be$263.4 • • million, down 2 percent from 2011. Potawatomi Zoo • • October 21-22 6p-9p • It's a testimony to City of South Bend fiscal strength that our 2012 budget is • Zoo Boo • • decreasing-even as other cities face annual increases of as much as 7 percent. But • October 23 12p-4p • you need not take only my word for it. In July,both Fitch Ratings and Standard& Little Zoo Boo • Poor's rating agencies gave stable rating outlooks to bonds held by the City of South • • Bend:Fitch at AA+and Standard&Poor's at AA. "The city's strong finances, • "All About Art"-Lunch and Learn Series • • • evidenced by extremely healthy reserve levels, have helped the city weather the October 12p-lp• Art in the City-Presented by-South Bend • economic recession and state-enacted changes to the property tax system,"Fitch • • reported. "In anticipation of the negative impact of state property tax reform, and • Museum of Art • through proactive and conservative fiscal practices, city management made strategic • November 1 12p-lp • Splendid Shakespeare-Presented by- expenditure cuts and increased local income taxes to replace a portion of lost property • Shakespeare at Notre Dame • tax revenue, which has diversified revenues and put the city's finances on firmer • For infortnafion please contact Sue Salinas ground. : at (574)235-5879 • • "The stable outlook reflects the city's very strong level of reserves and currently Other Happenings • balanced financial operations and, as such,we do not expect the rating to change in the • November 5 Sa-lp • two-year horizon of the outlook,"according to Standard&Poor's. Our stewardship of • "Operation Care Package"-Blue Star • • the City of South Bend's finances means that the new mayor and Common Council Mothers are collecting donations to create • will have some flexibility to pursue new initiatives. While other cities across Indiana • care packages for our military during the • and the Midwest are cutting services and staff,we are able to continue to operate the • holiday season. Heritage Square Martin's. • efficient and vital services our residents need. • Fore more information:Tammy Britt: • • Sincerely, P.S. Keep up to date on the latest • (574)234-7074• • innovations impacting South Bend • November 12-13 • at www.SouthBendON.com • `Art for the Min d"at Stanley y Clark School • Visit Our Website at www SouthBendIN.gov!