Board of Finance Investment Report for FY 2016

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Interest Earnings 2009-2016 $2,500,000 - -- _ ------ - $2,000,000 - - - $1,500,000 ___. ._..____-- $1,000,000 - $500,000 ----- 2009 Actual 2010 Actual 2011 Actual 2012 Actual 2013 Actual 2014 Actual 2015 Actual 2016 Actual Interest Earnings 2009 Actual $ 1,348,289 2010 Actual 809,279 2011 Actual 643,643 2012 Actual 1,474,283 2013 Actual 1,119,139 2014 Actual 1,025,058 2015 Actual 1,769,437 2016 Actual 2,359,164 Total 2009-2016 $ 10,548,292 The City of South Bend earns interest on checking account balances, certificates of deposit, repaying of loans on economic development projects and short-term investments. In May 2011,the City opened a new investment account with 1st Source Bank in the amount of$150,000,000. Investment earnings are reported net of fees. Investment earnings are recorded in the general ledger on a cash basis when realized and do not reflect changes in asset value and accrued interest until the investment is sold or matures. Interest is also earned on advances from the Major Moves Fund to the Northeast Residential and Douglas Road TIF Funds. In January 2013,the Board of Finance increased the authorized investment amount at 1st Source Bank to $175,000,000 and in January 2017 to$185,000,000. Meetings are held quarterly with the investment staff of 1st Source Bank. 23