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CITY OF SOUTH BEND I OFFICE OF THE CLERK <br /> The CSO that Tim Scott brought, that started out as $4 or $5 million dollar projects and then we <br /> did a couple of studies and we spend a lot of money on these studies, and then we were supposed <br /> to be reducing the cost.Where is that cost compared to the original.We need to watch the priorities. <br /> Where is our debt ceiling at? <br /> Mr. Frierson answered, It's more complicated. It's based on which revenue stream we are talking <br /> about. It also depends on which debt you may be issuing. You may be issuing a bond issue that's <br /> related to a specific project. So, it's difficult to answer your question and tell you where the debt <br /> ceiling is because you have so much different kind of revenue(case by case basis). This is the role <br /> and Jen and Ben go through before they come to the Council. They come to me and I advise them <br /> and give them different perspectives based on the outcomes. <br /> Jessie Davis, PO Box 10205, South Bend, IN interjected, He said all our revenue is tax revenue <br /> period. It's tax revenue from somewhere. It comes out of our pockets. So, if the economy takes a <br /> crap tomorrow and we go into a huge recession again and we've got property tax caps coming that <br /> we have been kicking down the road since 2018 and those revenues are going down, I don't care <br /> how many of them are. We are going to lose at the end of the day? <br /> Sue Kesim,4022 Kennedy Drive, South Bend,IN stated,You have received a handout on the cash <br /> reserves, we were concerned that it dropped $87 million. That also means we lose $711,000 in <br /> interest income. The River West TIF deserves some attention. I also gave you a second(2nd)hand <br /> out regarding revenue bonds. There are some years that are missing on the State Gateway and they <br /> need to be updated on there. On the Double A (AA) bond, one (1) of the things I noticed is that <br /> the numbers continue to slip on a national level and we need to consider this. On the revenue <br /> projects,we are concerned that there is a fourteen(14%)decrease which is$54 million when there <br /> is expected revenue of$372 million and we only got$324 million.That was a lurch of$54 million <br /> and I think when you over spend, that goes to the cash reserves going down. We appreciate your <br /> time,thank you. <br /> Committee Chair White stated,we have time for one(1)more,Please state your name and address. <br /> Sharon Banicki, South Bend,IN stated,Does the Controller answer to the Mayor or to the Council? <br /> Tim, you were saying the bond they were looking at was four-hundred and thirty-five dollars <br /> ($435) a person and personally thought it was a great idea that you got that much enjoyment out <br /> of it,but Oliver and Regina can't go to their areas or get the enjoyment out of this. <br /> Committee Chair White stated, We appreciate your time and effort that you have put in. This is a <br /> very important conversation that we have had.As we investigate the 2019 Budget,we need to have <br /> this discussion. In the upcoming month,we need to have quarterly special meetings. I am not one <br /> (1) to add meetings; but any time we have an opportunity to have clarity, we come out more <br /> informed so that we can share with our constituents. I am making a recommendation now and <br /> putting this is writing. So, once the committee chair is selected,they have that vote. <br /> Councilmember Davis stated, Will the staff be answering these questions? <br /> Committee Chair White answered, The questions will be recorded and posted on our website. <br /> Mr. Frierson stated,whatever we can do,please don't hesitate to call us. <br /> EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT <br /> 455 County-City Building 1227 W.Jefferson Bvld I South Bend,Indiana 466011 p 574.235.92211f 574.235.91731 TTD574.235.5567 www.southbendin.gov <br /> 17 <br />