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40 CITY OF SOUTH BEND I OFFICE OF THE CLERK <br /> thank you for your explanation. Our residents hold us accountable for that and we need to <br /> understand what we are doing. <br /> Mrs. Hockenhull stated, The last thing I want to provide to the Council and residents is a reminder <br /> of our monthly financial report on page twelve(12). This is an example of what we send out. I also <br /> included a second (2°d) page of the report and walk you through what you will see in that report. <br /> The last four (4) pages are what we included in our monthly report to our Council and residents <br /> that lists all the debts and information that you could possibly think of regarding what debts we <br /> truly have. <br /> Councilmember Davis asked, Can you share a little about the $77 million spenddown? <br /> Mrs. Hockenhull answered, In our next report for next week, we will share withyou fresh reports <br /> p p <br /> and detailed spenddown details. We included in that spenddown number, spenddown <br /> most of that <br /> p p <br /> is going to be for the 2017 Parks Bond. We received all the proceeds in December 2017 and they <br /> have shown up as a revenue and in 2018 we are going spend that $13 million. It's showing up as <br /> a spenddown but it's in the capital section of the budget. <br /> Councilmember Teshka stated,In the adopted 2018 budget would that$13 million show up or not? <br /> Say we approve this bond in October and it's done by December, then the amended 2019 budget <br /> includes that as the account to balance. I just want to make clear again, it's great that we are <br /> transparent but at the same time when people look at it, it's indigestible. <br /> Mrs. Hockenhull replied, Next week you are going to get a full report on this. You can see in the <br /> budget we are not spending our general plus funds and hopefully this is more digestible. We are <br /> always trying to improve our presentation and how we present information to you. <br /> Committee Chair White stated, When we look at some of the reports, they are running a high <br /> percent of debt. What you have shared with us now is how the funds are taken in and then how we <br /> spend out when they are available. Somehow, we need to make this clear for me and everyone <br /> else. <br /> Councilmember Teshka stated, I know you all are working hard to get this information done and <br /> this department is running a$9 million deficit. <br /> Councilmember Davis stated,When it comes down to the Park Bond,given our credit rate,is there <br /> a limit on how many bonds we can have out at this time based on our credit rating, without it <br /> hurting our credit rate?I know it's just not the amount of bonds, but where are we with that? <br /> Committee Chair White interjected, I want to make sure Councilmembers financially, were you <br /> able to get your questions addressed? <br /> Councilmember Davis followed up, again the question is there a limit, how close are we to that <br /> limit, and this should be able to help us prioritize for a better situation? <br /> Councilmember White followed up, I know the point to tag onto that question is even though we <br /> may not be at the max but from another perspective,how much of this information do we pass on <br /> to our citizens. What is reasonable? <br /> EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT <br /> 455 County-City Building 1227 W.Jefferson Bvld I South Bend,Indiana 466011p 574.235.92211f574.235.9173 TTD 574.235.5567 Iwww.southbendin.gov <br /> 12 <br />