|
Management Discussion & Analysis
<br /> economic development and cultural venues, certain city-wide expenditures such as telephone
<br /> costs, and certain debt service payments.
<br /> The COIT fund increased by $1,010,826 during 2011 due to higher income tax receipts than
<br /> originally estimated and conservative commitment of expenses to initiatives of the highest priority.
<br /> The City has operationally sequestered COIT funds for use in major capital and construction
<br /> funding initiatives, certain subsidies and support to organizations and units that benefit city
<br /> economic development and cultural venues, information technology costs, city-wide expenditures
<br /> like telephone costs, and certain debt service payments.
<br /> As of December 31, 2011, the COIT Fund balance of $17,928,838 included assigned fund
<br /> balance of $14,533,001 and non-spendable fund balance of $3,395,837, primarily for property
<br /> held for resale and advances to other funds.
<br /> The EDIT fund increased by $255,883 during 2011 due to higher income tax receipts than
<br /> originally estimated and conservative commitment of expenses to initiatives of the highest priority.
<br /> The City has operationally sequestered EDIT funds for use in major economic development
<br /> initiatives, certain subsidies and support to organizations and units that benefit city economic
<br /> development and cultural venues, and certain debt service payments.
<br /> As of December 31, 2011, the EDIT Fund balance of$9,837,412 included assigned fund balance
<br /> of $9,387,581 and non-spendable fund balance of $449,831, consisting of property held for
<br /> resale.
<br /> The fund balance in the TIF Airport Fund decreased by $8,373,426 during 2011 due to planned
<br /> spending for capital projects including a new Animal Control facility, improvements at Ignition
<br /> Park (industrial park), Oliver Plow Memorial, continued demolition of the historical Studebaker
<br /> automobile factory buildings, the extension of Mayflower Road and other economic development
<br /> initiatives.
<br /> As of December 31, 2011 the TIF Airport Fund fund balance of$30,439,306 included $9,562,208
<br /> in property held for resale, $1,759,923 advances to other funds (primarily to the Blackthorn golf
<br /> course) and $19,117,175 in assigned fund balance.
<br /> The TIF Airport Fund continues to be a major success for the City of South Bend and has
<br /> generated in excess of$500 million dollars in private investment since its inception.
<br /> During 2011, the fund balances in Other Governmental funds decreased by $5,266,723. This
<br /> decrease in fund balance was primarily the result of planned spending of $4.418,858 in the
<br /> Coveleski Stadium Bond construction fund, a fund established in late 2010 with bond financing.
<br /> These fund balances provide available resources that the City requires to meet future capital
<br /> construction needs, ongoing debt service obligations, and economic development project
<br /> initiatives in concert with the City vision for economic development within the City footprint.
<br /> Individual fund data for each of the non-major governmental funds is provided in the form of the
<br /> combining statements in the Supplemental Information section of the CAFR report.
<br /> Governmental Fund Revenue
<br /> The following schedule presents a summary of governmental fund revenue for the year ended
<br /> December 31, 2011 with comparison to the prior year:
<br /> 25
<br />
|