HomeMy WebLinkAbout2023 Annual Comprehensive Financial ReportCITY OF SOUTH BEND, INDIANA
2023 ANNUAL COMPREHENSIVE
FINANCIAL REPORT
James Mueller, MayorKyle Willis, City ControllerBenjamin Dougherty, Deputy City Controller
City of South Bend, Indiana
Table of Contents
Introductory Section
Letter of Transmittal ................................................................................................................................ 1-6
Organization Chart ...................................................................................................................................... 7
List of City Officials .................................................................................................................................... 8
Financial Section
Independent Auditor’s Report .............................................................................................................. 9-11
Management’s Discussion & Analysis .............................................................................................. 12-31
Basic Financial Statements................................................................................................................. 32-45
Government-Wide Financial Statements
Statement of Net Position ......................................................................................................... 32-33
Statement of Activities .................................................................................................................... 34
Fund Financial Statements
Governmental Funds
Balance Sheet ......................................................................................................................... 35
Reconciliation of the Balance Sheet to the Statement of Net Position ................................... 36
Statement of Revenues, Expenditures, and Changes in Fund Balances ............................... 37
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances to the Statement of Activities ................................................................... 38
Proprietary Funds
Statement of Net Position ................................................................................................... 39-40
Statement of Revenues, Expenses, and Changes in Net Position ......................................... 41
Statement of Cash Flows ................................................................................................... 42-43
Fiduciary Funds
Statement of Fiduciary Net Position ........................................................................................ 44
Statement of Changes in Fiduciary Net Position ..................................................................... 45
Notes to the Financial Statements ..................................................................................................... 46-92
Required Supplementary Information .............................................................................................. 93-115
1925 Police Officers’ Pension Plan
Schedule of Investment Returns .................................................................................................... 94
Schedule of City Contributions ....................................................................................................... 95
Schedule of Changes in the City’s Net Pension Liability and Related Ratios ............................... 96
1937 Firefighters’ Pension Plan
Schedule of Investment Returns .................................................................................................... 97
Schedule of City Contributions ....................................................................................................... 98
Schedule of Changes in the City’s Net Pension Liability and Related Ratios ............................... 99
Public Employees’ Retirement Fund
Schedule of City Contributions ..................................................................................................... 100
City of South Bend, Indiana
Table of Contents (Continued)
Schedule of the City’s Proportionate Share of the Net Pension Liability ..................................... 101
1977 Police Officers’ Pension and Disability Fund
Schedule of City Contributions ..................................................................................................... 102
Schedule of the City’s Proportionate Share of the Net Pension Liability ..................................... 103
1977 Firefighters’ Pension and Disability Fund
Schedule of City Contributions ..................................................................................................... 104
Schedule of the City’s Proportionate Share of the Net Pension Liability ..................................... 105
Schedule of Changes in the City’s Total OPEB Liability and Related Ratios .................................... 106
Budgetary Comparison Schedules: General Fund and Major Special Revenue Funds ............. 107-112
Budget to GAAP Reconciliation .......................................................................................................... 113
Notes to Required Supplemental Information ............................................................................. 114-115
Other Supplemental Information .................................................................................................... 116-221
Nonmajor Governmental Funds:
Fund Descriptions ................................................................................................................. 117-121
Combining Balance Sheet .................................................................................................... 122-129
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .......... 130-138
Budgetary Comparison Schedules: Nonmajor Governmental Funds ................................... 139-201
Nonmajor Enterprise Funds:
Fund Descriptions ........................................................................................................................ 202
Combining Statement of Net Position .......................................................................................... 203
Combining Statement of Revenues, Expenses, and Changes in Net Position ........................... 204
Combining Statement of Cash Flows ........................................................................................... 205
Internal Service Funds:
Fund Descriptions ........................................................................................................................ 206
Combining Statement of Net Position .......................................................................................... 207
Combining Statement of Revenues, Expenses, and Changes in Net Position ........................... 208
Combining Statement of Cash Flows ........................................................................................... 209
Fiduciary Funds:
Fund Descriptions ........................................................................................................................ 210
Statement of Fiduciary Net Position ............................................................................................. 211
Statement of Changes in Fiduciary Net Position ......................................................................... 212
Statistical Section
Financial Trends Information .......................................................................................................... 213-220
Revenue Capacity Information ....................................................................................................... 221-241
Debt Capacity Information .............................................................................................................. 242-260
Demographic and Economic Information ...................................................................................... 261-263
Operating Information ..................................................................................................................... 264-273
1200N COUNTY-CITY BUILDING PHONE 574.235.9216 227 W. JEFFERSON BLVD. FAX 574.235.9928 SOUTH BEND, INDIANA 46601-1830
CITY OF SOUTH BEND, IN JAMES MUELLER, MAYOR DEPARTMENT OF ADMINISTRATION AND FINANCE
February 26. 2025
The Honorable James Mueller, Mayor of the City of South Bend
Members of the City of South Bend Common Council
Residents of the City of South Bend
The annual comprehensive financial report of the City of South Bend, Indiana (the "City") for the year ended December 31,
2023 is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation,
including all disclosures, rests with management. To the best of our knowledge and belief, the enclosed data is accurate in all
material respects and is reported in a manner designed to present fairly the financial position and results of operations of the
various funds of the City. All disclosures necessary to enable the reader to gain an understanding of the government’s financial
activities are included.
Accounting Principles Generally Accepted in the United States of America (US GAAP) require that management provide a
narrative introduction, overview and analysis to accompany the basic financial statements in the form of the Management’s
Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in
conjunction with it. The City of South Bend’s MD&A can be found immediately following the independent auditors’ report.
The Annual Comprehensive Financial Report is presented in four sections: introductory information, financial information,
statistical information and federal compliance information. The introductory section includes this transmittal letter, the City’s
organizational chart, and a list of principal City officials. The financial section begins with the independent auditors’ report on
the City’s financial statements and schedules, the City managements’ discussion and analysis report, followed by the City’s basic
financial statements and accompanying notes. The remaining portion of this section includes the combining and individual fund
and other financial statements and schedules. The statistical section includes selected financial and demographic information
generally presented on a multi-year basis, which has been provided to give the reader a broader understanding of the City. The
federal awards compliance section, which includes the results of the supplemental audit of the City’s federal awards and
the internal controls necessary for compliance, is included in a separate report.
The City is required to undergo an annual single audit in conformity with the provisions of the Code of Federal Regulations Title
2 Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), the
provisions of Indiana Code section 5-11-1-9 and the requirements of the Indiana State Board of Accounts. Information related
to the single audit, including the schedule of federal financial assistance, findings and recommendations, and the auditors’ reports
on the internal control structure and compliance with applicable laws and regulations, is included in a separate report.
The following pages of this transmittal letter begin with a general overview of South Bend and the surrounding area. Also
summarized are the key financial, budgetary and property tax controls with which the City is required to comply. The remainder
includes a discussion of the prior year’s financial challenges and accomplishments, the City’s goals and objectives for this year and
beyond, and other key issues the City is facing along with the impact they may have on current and future budgets.
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GENERAL INFORMATION
The City of South Bend is the county seat of St. Joseph County, Indiana, and is the fourth largest city in the state. The City of
South Bend’s 2020 U.S. Bureau of the Census population was 103,453. Accordingly, South Bend is classified as a “City of the
Second Class” under Indiana statutes (cities with a population of 35,000 to 250,000). The City of South Bend operates with a
mayor as chief executive and a nine-member City Common Council composed of six members elected from districts and three
members elected at-large. The City of South Bend has a bond rating of AA with Standard & Poors, one of the highest bond ratings
for any city in the State of Indiana.
The City provides a full range of traditional general governmental services to its residents. These services include police and fire
protection; sanitation services; the construction and maintenance of highways, streets and infrastructure; recreational activities and
cultural events. In addition to general governmental activities, the City exercises oversight over the South Bend Water Works, the
South Bend Wastewater Treatment Facility, the Century Center Convention Center, the Morris Performing Arts Center, the
Studebaker National Museum, the City of South Bend Redevelopment Commission and Authority, and several downtown parking
facilities.
Location
St. Joseph County lies within the heartland of the manufacturing belt and metropolitan regions of the Upper Midwest and Canada.
The City of South Bend is located in the north central part of Indiana, ten miles south of the Michigan state line, in what is
commonly known as the “Michiana” region. The region is a vibrant and diverse area with a strong economy based on a mix of
healthcare, agricultural, service, manufacturing, education and other commercial and tourism industries. This diverse economic
mix creates varied employment opportunities for the area’s residents while providing insulation via diversification from future
economic downturns.
The city is approximately 90 miles east of Chicago and 140 miles north of Indianapolis. Accessibility to transportation, including
Interstate 80/90, an international airport (which is the second busiest in the State of Indiana) and the South Shore Line has
supported economic growth within the community. Proximity to Chicago, the largest rail and intermodal (rail/truck/ocean/inland
waterway) transfer point in the country, is a significant advantage to the City of South Bend as is proximity to the University of
Notre Dame with its scenic campus located adjacent to the city limits. In 2017, the City of South Bend announced plans to partner
with the Federal, State and other local governments to reduce the South Shore Line travel time to downtown Chicago to 90 minutes
or less. This project continued to mature in 2019 and 2020, during which the City joined other northern Indiana municipalities in
funding a double tracking project for the South Shore Line that is expected to significantly reduce travel time. When completed,
this project is expected to be transformative to the local economy.
St. Joseph County / South Bend - Economic Conditions and Outlook
St. Joseph County, with its 2020 U.S. Bureau of the Census population of 272,912, boasts a strong history of manufacturing which
continues today. The service industry and retail trade have also flourished, creating a balance that serves the community well. The
County experienced a net growth in population of 33,487 (12.6% increase) between 1960 and 2020. After experiencing a reduction
of 2.6% during 1969 to 1983, at which time the entire Midwest was at the depth of its economic restructuring and recess, the
County’s population increased 4.0% between 1983 and 1990 and another 7.7% between 1990 and 2010. The population of St.
Joseph County grew again by 2.2% (5,981 residents) in the last decade between 2010 and 2020.
The estimated labor force in St. Joseph County is 132,460 workers (2022, STATS Indiana, using data from the Indiana Department
of Workforce Development). The workers are typical of the Midwest: well-trained with a strong work ethic. Approximately 91%
of the area’s adult population are high school graduates or higher (similar to the national average of 91.1%) with an estimated
32.1% with a bachelor’s degree or higher (slightly lower than the national average of 37.7%). There are six colleges, universities
and technical schools within South Bend and the surrounding area, including the University of Notre Dame; Indiana University
South Bend; Bethel College; Saint Mary’s College; Holy Cross College; and Ivy Tech Community College. The St. Joseph County
2023 Annual Average Unemployment was 3.2%, which was slightly higher than the state of Indiana unemployment rate of 2.9%.
The unemployment rate in St. Joseph County continues to rebound from the high unemployment caused by the COVID-19
pandemic and was similar in 2023 to the surrounding counties.
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The employment profile for St. Joseph County provides a good overview of the economic make-up of this community.
Employment estimates for the County’s major economic sectors are as follows (STATS Indiana 2022 Summary, using data from
US Bureau of Labor Statistics):
Economic Sector Number Employed % of Total
Healthcare and Social Assistance 22,450 16.29%
Retail Trade 16,000 11.61% Federal, State, & Local Government 13,785 10.00% Manufacturing 13,745 9.97%
Accommodation and Food Service 10,988 7.97%
Educational Services 10,354 7.51% Professional and Technological Services 7,940 5.76% Construction 7,546 5.47%
Wholesale Trade 6,778 4.92%
Transportation and Warehousing 6,816 4.94% Administrative and Waste Services 4,486 3.25% Other Services 3,445 2.50%
Finance and Insurance 3,525 2.56%
Arts, Entertainment, and Recreation 3,354 2.43% Management 2,401 1.74% Information 1,705 1.24%
Real Estate, Rental, Leasing 1,588 1.15%
Agriculture, Forestry, Fishing, Hunting, Mining 686 0.50% Utilities 245 0.18%
Total 137,837 100%
According to the United States Census Bureau, St. Joseph County presently has an estimated 106,330 households with a median
household income of $59,325, which is lower than both the State of Indiana median household income ($62,723) and the United
States median household income ($74,580). Surrounding counties have similar median household incomes—Elkhart ($58,350), La
Porte ($51,584), and Marshall ($53,889) in Indiana and Cass ($52,741) and Berrien ($51,262) in Michigan.
Health and education lead the employment statistics for St. Joseph County. The largest employers in St. Joseph County are: Beacon
Health System, University of Notre Dame, South Bend Community School Corporation, St. Joseph Health System, Indiana
University – South Bend, St. Joseph County, City of South Bend, AM General, Honeywell International, Inc, and Press Ganey
Associates, Inc.
The following provides a profile of the residents of St. Joseph County (US Census Bureau 2020 American Community Survey 5-
Year):
Gender %, male/female: 48.59% male; 51.41% female Age: Under 20 years of age 27.1% 20-29 years of age 14.4%
30-39 years of age 11.9%
40-49 years of age 12.0% 50-59 years of age 12.0% 60-64 years of age 6.6%
65 years of age and older 15.9%
Race: White 72.10% Black or African American 11.35%
Hispanic or Latino 8.52%
American Indian and Alaska Native 0.47% Asian 2.29% Native Hawaiian and Other Pacific Islander 0.09%
Some other race 1.81%
Two or more races 3.38% Home Ownership 67.8% own; 32.2% rent/other
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The cost of living continues to be one of the greatest advantages of living in this community. The housing costs in South Bend
are well below the national and regional averages. Per a report compiled by the National Association of Realtors in the first quarter
of 2023, the median sales price for a single-family home in the South Bend-Mishawaka Statistical Area was $213,914 as compared
to a median sales price of $346,253 in Chicago and $243,288 in Indianapolis. The national median sales price in Q1 2023 was
$429,000.
Between January 2016 and December 2023, the City of South Bend has seen over $800 million in private investment and the
announcement of over 3,000 new jobs. By providing state of the art innovative infrastructure and, in some cases, offering targeted
assistance the City can stimulate private investment, creating business opportunities and jobs. The City has had many significant
economic development projects to include new downtown residential housing, mixed use developments, downtown hotels, and
high-tech industrial projects. City investments encourage new start-up businesses, strengthen existing business, attract new jobs,
increase assessed value and emphasize direct investment in hard-to-develop areas. Efforts have been and will continue to focus
on implementing the comprehensive plans for our neighborhood and downtown areas.
The South Bend Community School Corporation serves the entire City and some of the surrounding area and has a current
enrollment of approximately 14,900 students in grades pre-kindergarten through 12. An estimated 9,041 students attend private
or parochial schools within the City. The six institutions of higher education and technical training located within the South Bend
area have a total enrollment of approximately 27,000. Over the years, the University of Notre Dame has provided a stabilizing
influence on the economy with a very significant positive economic impact upon the community.
South Bend History and Amenities
In 1820, Pierre Navarre of the American Fur Trading Company was the first settler in the area to become later known as South
Bend. South Bend has continued to progress in its growth since 1842 when Father Edward Sorin named his rustic log chapel
“Notre Dame du Lac” and began to teach the local Indians. Today the chapel has grown into the University of Notre Dame. In
1852, H.C. Studebaker started the industry of making wagons and horse-drawn buggies that evolved into the manufacturing of the
Studebaker automobile. It made the name Studebaker synonymous with the area of South Bend and its major employer until its
closure in 1963.
Another industrial firm that would later become the area’s largest began in 1923 when Vincent Bendix began manufacturing
automotive brakes. In 1929, the company became the Bendix Aviation Corporation, and now, as Honeywell (formerly AlliedSignal
Inc.), is a leading manufacturer of automotive and aerospace products. The Singer Sewing Company and the Oliver Chilled Plow
Works were other important companies during the early history of South Bend.
In the 1840s and 1850s, many South Bend residents were secretly involved in helping fugitive slaves escape from the South through
the Underground Railroad. Many residents of South Bend and St. Joseph County offered their homes, barns and businesses up
as “stations” or safe places in which runaways could eat and rest as they made their way North. Most notable among local
Underground Railroad conductors was James Washington, a well-known and well-respected free Black in South Bend. Mr.
Washington was a barber who, along with Mr. Sawyer, collected money from local citizens to fund the Underground Railroad.
Special attractions within the South Bend area include the Olympic-class East Race Waterway and the East Bank area; the renovated
Morris Performing Arts Center, which provides for the Broadway Theater League, the South Bend Symphony Orchestra with the
Chamber and Pops Orchestras, and the Southold Dance Theater and Patchwork Dance Company; the award-winning South Bend
Civic Theater; the Studebaker National Museum; the South Bend Museum of Art; the Snite Museum of Art at Notre Dame; the
Northern Indiana Center for History; Copshaholm/The Oliver Mansion; Century Center; Potawatomi Zoo; the Morris
Conservatory/Muessel-Ellison Tropical Gardens; the Farmers’ Market; and the Byers Softball Complex. The Four Winds Field
Baseball Stadium is a 5,600-seat facility which opened in 1987 and is rated among the best in minor league baseball. The stadium
is home to the South Bend Cubs, a minor league team affiliated with the Chicago Cubs.
Additional miscellaneous information about the City of South Bend can be found in the statistical section of this report.
Financial, Budgetary and Property Tax Controls
The City’s management team is responsible for establishing and maintaining an internal control structure designed to ensure that
the assets of the government are protected from loss, theft or misuse and to ensure that adequate accounting data is compiled to
allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control
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structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable
assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of
costs and benefits requires estimates and judgments by management. On March 22, 2021 the South Bend Common Council
approved an updated Internal Controls policy for the City.
Single Audit
As a recipient of federal and state financial assistance, the City is also responsible for ensuring that an adequate internal control
structure is in place to ensure compliance with applicable laws and regulations related to those programs. This internal control
structure is subject to periodic evaluation by management of the City. As part of the City’s single audit described earlier, tests are
performed to review internal controls to determine the auditing procedures that are appropriate under the circumstances, including
that portion related to federal financial assistance programs, as well as to determine that the City has complied with applicable laws
and regulations. The results of the City’s single audit for the year ended December 31, 2023 are included in a separate report.
Budgetary Controls
In accordance with Indiana statutes, the City maintains budgetary controls integrated within the accounting system. The objective
of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget (prepared
on a cash basis) which is adopted by the Common Council or Redevelopment Commission (depending on the fund) and then
reviewed and approved by the State of Indiana Department of Local Government and Finance (DLGF). Activities of the general
fund, special revenue funds, capital project funds, enterprise funds, internal service funds, pension trust funds and debt service
funds are included in the annual budget. The level of budgetary control (that is, the level at which expenditures cannot legally
exceed the appropriated amount) is established by major expenditure classification within funds. The Mayor and Common Council
may transfer appropriations from one major expenditure classification to another within a department by ordinance if the total
appropriations for that fund are not exceeded. Additional appropriations in excess of the original budget must be approved by the
Mayor and Common Council and are also submitted to the DLGF for either approval or acknowledgement (depending on the
fund). Additional appropriations for funds approved by the Redevelopment Commission do not require DLGF approval. The
deadline for adoption of the annual budget is November 1. The city’s fiscal year begins on January 1.
The City maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered
amounts do not lapse at year end and are carried over to the following year as a part of the subsequent year’s budget.
Property Tax Controls
In addition to budgetary and other controls established by Indiana law, the City must operate within specific and rigid controls
governing the amount of property tax it may levy. The property tax control program, which began in 1973, limits the amount of
property tax that may be levied by each unit of government in its legally budgeted funds. The total amount of property tax levied
by the unit may increase by the six-year average annual growth in Indiana personal non-farm income, as calculated by the U.S.
Bureau of Economic Analysis, with a 6% maximum.
During March 2008, the State of Indiana General Assembly enacted property tax reform legislation which made significant changes
in the property tax system by capping the amount of property taxes at 1% of gross assessed value for residential homesteads, 2%
for agricultural/rental properties and 3% for all other real and personal property. This legislation was phased in over a two-year
period beginning in 2009. The loss of revenue to the City due to this legislation was significant (estimated to be over $45 million
dollars per year) but this revenue loss has been offset by cost savings and the adoption of local option income taxes to continue
providing essential City services, including police and fire protection.
A historical view of the City’s tax rate and its net assessed valuation has been included in the statistical section of this document.
Mayoral Leadership
Mayor James Mueller is the chief executive of the City of South Bend. The city’s thirty-third mayor, he was sworn into office on
January 1, 2020. As mayor, Mueller is responsible for the city workforce of over 1,000 employees and an annual budget over $380
million.
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After attending St. Joseph’s High School, the University of Notre Dame, and the University of Delaware for his PhD, Mayor
Mueller worked in public policy, promoting pragmatic public policies and affordable energy solutions at the George Washington
University’s Solar Institute in Washington, DC. He also served in the office of US Senator Maria Cantwell (D-WA), for nearly four
years, first as a John A. Knauss Legislative Fellow and then as a policy adviser on energy and natural resources.
In 2015, Mayor Mueller returned home to join the Buttigieg administration as Mayor Pete Buttigieg’s Chief of Staff. Mueller’s
tenure as Chief of Staff included the establishment of the first Diversity and Inclusion Office in Indiana, as well as the creation of
the Departments of Innovation & Technology and the Venues Parks and Arts Department. Mueller went on to become the
Executive Director of Community Investment where he was responsible for attracting businesses to South Bend and investing in
the neighborhoods. Early in his tenure as Executive Director of Community Investment, Mueller established the Engagement &
Economic Empowerment Division to empower residents with access to economic opportunities and meaningful civic
participation.
Mayor Mueller’s priorities include:
• Strengthening education from cradle to career to set up every child for success
• Reforming our public safety systems to make us all safer
• Promoting shared growth and an economy that works for everyone
• Rebuilding our neighborhoods block by block
Acknowledgments
The preparation of the Annual Comprehensive Financial Report (ACFR) was made possible by the dedicated service of the City’s
departmental directors of finance and the staff of the Department of Administration and Finance. Each Director of Department
Finance and member of the Department has our sincere appreciation for the contributions made in the preparation of this report.
In addition, we would like to thank the audit staff at FORVIS, LLP (led by Andy Rinzel and Emily Tursi) for their hard work and
dedication in this effort.
In closing, without the leadership and support of Mayor James Mueller, City Department Heads, Directors of Department Finance
and members of the City of South Bend Common Council, preparation of this report would not have been possible.
Sincerely,
Kyle Willis
City Controller
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CITY ORGANIZATIONAL CHART
(1) Board Members include Mayoral Appointments (2) Board Members include Mayoral and Council Appointments for Redevelopment Commission, Mayoral Appointment for Redevelopment Authority (3) Board Members include 5 mayoral appointees and 4 council appointees Effective: January 1, 2022
Residents of South Bend
Common Council Mayor
Administration & Finance (City Controller)
Finance
Treasury
Purchasing
Human Resources
Central Services
Diversity & Inclusion (Diversity & Inclusion Officer)
Diversity & Inclusion Office
Human Rights Commission
Legal Department (Corporation Counsel)
Board & Department Support
Ordinances
Litigation
Public Works (Director)
Board of Public Works 1
Engineering
Solid Waste
Streets & Sewers
Water Utility
Wastewater Utility
Innovation & Technology (Chief Innovation Officer)
Services
Infrastructure
Applications
Business Analytics
311 Call Center
Police Department (Chief)
Board of Public Safety 1
Operations
Patrol
Support
Fire Department (Chief)
Board of Public Safety 1
Operations
Services
Training
Fire Prevention
EMS
Community Investment (Executive Director)
Redevelopment Commission 2 / Redevelopment Authority 2
Growth & Opportunity
Engagement & Economic Resources Planning
Neighborhoods
Neighborhood Development
Neighborhood Code Enforcement / NEAT Crew
Animal Resource Center
Building Inspections & Permitting
Sustainability
Venues, Parks & Arts (Executive Director)
Board of Park Commissioners 1
Park Maintenance & Recreation
Community
Civic Center Board of Managers 3
Century Center
Morris Performing Arts Center & Palais Royale
City Clerk
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CITY OFFICIALS
Office Official Term
Mayor James Mueller
Controller Ben Dougherty (interim)
Kyle Willis
City Clerk Dawn M. Jones
President of the Board of Public Works Elizabeth Maradik
Common Council Members
1st District Canneth Lee
2nd District Henry Davis, Jr.
3rd District Sharon McBride
4th District Troy Warner
5th District Eli Wax
6th District Sheila Niezgodski
At Large Karen L. White
At Large Lori K. Hamann
At Large Rachel Tomas Morgan
01/01/2020 to 12/31/2023
12/31/2022 to 2/5/2023
2/6/2023 to 12/31/2023
08/15/2019 to 12/31/2023
01/01/2023 to 12/31/2023
07/01/2020 to 12/31/2023
01/01/2020 to 12/31/2023
02/24/2018 to 12/31/2023
01/01/2020 to 12/31/2023
11/29/2020 to 12/31/2023
01/01/2020 to 12/31/2023
01/01/2016 to 12/31/2023
01/01/2020 to 12/31/2023
01/01/2020 to 12/31/2023
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Forvis Mazars, LLP is an independent member of Forvis Mazars Global Limited
Independent Auditor’s Report
Audit Committee
City of South Bend, Indiana
South Bend, Indiana
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, the
discretely presented component unit, each major fund, and the aggregate remaining fund information of the
City of South Bend, Indiana (the City) as of and for the year ended December 31, 2023, and the related
notes to the financial statements, which collectively comprise the City’s basic financial statements as listed
in the table of contents.
In our opinion, based on our audit and the report of other auditors, the accompanying financial statements
referred to above present fairly, in all material respects, the respective financial position of the governmental
activities, the business-type activities, the discretely presented component unit, each major fund, and the
aggregate remaining fund information of the City, as of December 31, 2023, and the respective changes in
financial position, and, where applicable, cash flows thereof for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
We did not audit the financial statements of South Bend Public Transportation Corporation, the discretely
presented component unit of the City. Those statements were audited by other auditors whose report has
been furnished to us, and our opinion, insofar as it relates to the amounts included for the South Bend
Public Transportation Corporation as the discretely presented component unit, is based solely on the report
of the other auditors.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our
responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit
of the Financial Statements” section of our report. We are required to be independent of the City and to
meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our
audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or error.
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Audit Committee
City of South Bend, Indiana
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a
going concern for 12 months beyond the financial statement date, including any currently known information
that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing
Standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are
considered material if there is a substantial likelihood that, individually or in the aggregate, they would
influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable
period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control-related matters
that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, budgetary comparison, pension, and other postemployment benefit information as
listed in the table of contents be presented to supplement the basic financial statements. Such information
is the responsibility of management and, although not a part of the basic financial statements, is required
by the Governmental Accounting Standards Board who considers it to be an essential part of financial
reporting for placing the basic financial statements in an appropriate operational, economic, or historical
context. We have applied certain limited procedures to the required supplementary information in
accordance with GAAS, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management’s responses to our inquiries,
the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
10
Audit Committee
City of South Bend, Indiana
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The combining and individual fund statements and
schedules are presented for purposes of additional analysis and are not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates directly
to the underlying accounting and other records used to prepare the basic financial statements. The
information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information directly
to the underlying accounting and other records used to prepare the basic financial statements or to the
basic financial statements themselves, and other additional procedures in accordance with GAAS. In our
opinion, the combining and individual fund statements and schedules are fairly stated, in all material
respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual comprehensive financial report.
The other information comprises the introductory and statistical sections but does not include the basic
financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do
not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If, based
on the work performed, we conclude that an uncorrected material misstatement of the other information
exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 25,
2025 on our consideration of the City’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters.
The purpose of that report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness
of the City’s internal control over financial reporting or on compliance. That report is an integral part of an
audit performed in accordance with Government Auditing Standards in considering the City’s internal
control over financial reporting and compliance.
Indianapolis, Indiana
February 25, 2025
11
City of South Bend, Indiana
Management’s Discussion and Analysis
December 31, 2023
The management of the City of South Bend, Indiana (the “City”) is pleased to present this Management’s
Discussion and Analysis (MD&A) of the financial activities and condition of the City of South Bend, Indiana
for the fiscal year ended December 31, 2023.
Readers should note that the information contained within this Management’s Discussion and Analysis, and
any opinion derived therein, should be considered as a part of the greater whole of the financial statements,
notes to the financial statements, supplemental information and letter of transmittal, as contained within this
Annual Comprehensive Financial Report.
The City of South Bend is the county seat of St. Joseph County, Indiana, and is the fourth largest city in the
state of Indiana. St. Joseph County is located within the heartland of the manufacturing and metropolitan
regions of the Upper Midwest. The City of South Bend is located in the north central region of the state of
Indiana, five (5) miles south of the Indiana / Michigan state boundary line. The City is approximately ninety
(90) miles east of the city of Chicago and one hundred forty (140) miles north of the city of Indianapolis.
The 2020 U.S. Bureau of the Census population for the City of South Bend was reported as 103,453 and
the 2020 Census population for St. Joseph County was reported as 272,912. Accordingly, South Bend is
classified as a “Second Class City” under State of Indiana statutes, defined as cities with a population
between 35,000 and 600,000 residents.
The City of South Bend and St. Joseph County is a vibrant and diverse area with a strong local economy
based on a mix of agricultural, manufacturing and service, higher education, health care and other
commercial and tourism-based industries. The diverse economic mix creates varied employment
opportunities for residents while providing insulation from economic downturns through diversification.
South Bend is home to the University of Notre Dame.
The City of South Bend provides a full range of general governmental services to its residents. Services
include general government, public safety, street construction and maintenance, infrastructure construction
and maintenance, parks and recreation services, arts and culture, and sanitation services. In addition, the
City provides Water Utility, Wastewater Utility and Solid Waste services to commercial and residential
properties within the City. City operations also include the Century Center convention venue, Morris
Performing Arts Center, Palais Royale Ballroom, Studebaker National Museum, and Public Parking
Garages within the City footprint.
The City of South Bend governmental structure includes elected officials as follows with defined
management and legislative authority in compliance with Indiana law.
Mayor Chief Executive Officer 4-year term
Common Council 9 member legislative body 4-year term
6 from defined districts within the City
3 at-large members
City Clerk Secretary of the Common Council 4-year term
The current terms of office for Common Council members, Mayor and City Clerk expired on December 31,
2023.
The City of South Bend was incorporated in 1865, is compliant with Indiana statutes, and remains as such
through the period covered by this Management’s Discussion and Analysis report.
12
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Financial Highlights
• Government-wide net position was $553,286,739 as of December 31, 2023.
• Government-wide net position increased by $10,585,456 or 2.0% during fiscal year 2023.
Governmental activity net position increased by $5,026,281 or 1.7% and business-type activity net
position increased by $5,559,175 or 2.3% during fiscal year 2023. The increase in government-
wide net position is primarily due to improvements in pension liabilities and establishment of capital
assets.
• Total assets and deferred outflows of resources as of December 31, 2023 of $1,126,069,018
increased by $54,058,360 or 5.0% as compared to total assets and deferred outflows of resources
as of December 31, 2022. The increase is primarily attributable to continued increases in cash on
hand, stemming from debt issuance and an operating surplus in 2023.
• Total liabilities and deferred inflows of resources as of December 31, 2023 of $572,782,279
increased by $43,462,904 or 8.2% as compared to total liabilities and deferred inflows of resources
as of December 31, 2022. This increase was primarily due to the issuance of new debt in 2023.
• As of December 31, 2023, the government-wide net position of $553,286,739 has $294,749,025
invested in capital assets (net of debt) which is not available for spending, $38,280,478 classified
as restricted for debt service; capital outlays; and other uses; and $220,257,236 classified as
unrestricted.
• Government-wide revenues received in fiscal 2023 totaled $337,143,060 an increase of
$15,857,568,119 or 4.9% compared to government-wide revenues received in fiscal 2022.
Governmental activity revenues increased by $8,083.211 or 3.3%, and business-type activity
revenue increased by $7,774,357 or 9.8%.
• Government-wide expenses in 2023 totaled $326,557,604 and an increase of $103,904,840
(46.7%) compared to expenses in 2022. Governmental activity expenses increased by
$89,473,476 or 57.6%, while business-type activity expenses increased by $14,431,364 or 21.5%
compared to fiscal 2022.
• The financial statements contain information for a single discrete component unit, the South Bend
Public Transportation Corporation (Transpo).
• Explanatory commentary concerning the changes in assets, liabilities, revenues, and expenditures
can be found in later sections of this MD&A.
2023 2022 2023 2022 2023 2022 2023 2022Assets/deferred outflows 812,439,405$ 759,570,783$ 313,629,613$ 312,449,875$ 1,126,069,018$ 1,072,020,658$ 42,674,880$ 41,620,001$
Liabilities/deferred inflows 505,821,122 457,978,781 66,961,157 71,340,594 572,782,279 529,319,375 5,027,814 5,665,392
Net Position
Net investment in capital assets 124,800,129 138,388,784 169,948,896 171,543,157 294,749,025 309,931,941 36,363,853 33,663,696 Restricted 11,149,383 10,969,003 27,131,095 50,422,677 38,280,478 61,391,680 - - Unrestricted 170,668,771 152,234,215 49,588,465 19,143,447 220,257,236 171,377,662 1,283,213 2,290,913
Total Net Position 306,618,283$ 301,592,002$ 246,668,456$ 241,103,028$ 553,286,739$ 542,701,283$ 37,647,066$ 35,954,609$
Change vs. prior year 5,026,281$ 86,416,546$ 5,559,175$ 12,216,182$ 10,585,456$ 98,632,728 1,692,457$ 1,724,757$
Expenses 244,916,132 155,442,656 81,641,472 67,210,108 326,557,604 222,652,764 103,904,840 14,408,642 Revenues 249,942,413 241,859,202 87,200,647 79,426,290 337,143,060 321,285,492 15,857,568 16,133,399
Governmental Activities Business-type Activities Government-wide Component Units
13
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Overview of the Financial Statements
The City of South Bend’s financial statements are comprised of three components: (1) government-wide
financial statements, (2) fund financial statements, and (3) notes to the financial statements. This report
also includes other supplementary information in addition to the basic financial statements themselves.
Government-wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the
City of South Bend’s finances using “accrual-based accounting,” a method of accounting used by private
sector businesses.
Statement of Net Position
This statement reports all assets, deferred outflows of resources, liabilities, and deferred inflows of
resources of the City of South Bend as of December 31, 2023. The difference between total assets and
deferred outflows of resources less total liabilities and deferred inflows of resources is reported as “net
position,” and can generally be thought of as the net worth of the City. Increases in net position generally
indicate an improvement in financial position while decreases in net position may indicate a deterioration
of financial position.
Statement of Activities
This statement serves the purpose of the traditional income statement. It provides consolidated reporting
of the results of all activities of the City of South Bend for the year ended December 31, 2023. Changes in
net position are recorded in the period in which the underlying event takes place, which may differ from the
period in which cash is received or disbursed. The statement of activities displays the expense of the City’s
various programs net of the related revenues, as well as a separate presentation of revenue available for
general purposes including property and local income taxes, fees for services and other revenue sources.
The government-wide financial statements distinguish between functions of the City that are principally
supported by taxes and intergovernmental revenue (governmental activities) and other functions that are
intended to recover all or a significant portion of their costs through user fees and charges (business-type
activities). The major governmental activities of the City of South Bend include general government, public
safety, street construction and maintenance, infrastructure construction and maintenance, parks and
recreation services, and arts and culture. The major business-type activities of the City include the water
utility, wastewater utility, solid waste sanitation services, Century Center convention center, the Morris
Performing Arts Center, the building department, and the downtown parking garages.
Component units are included in our basic financial statements, in accordance with GASB Statement 61.
These units are legally separate entities for which the City is financially accountable. Component units are
presented as either discrete or blended, depending on the level of oversight exercised and the relationship
between the City and the external entity. Blended component units include the South Bend Redevelopment
Authority, the City of South Bend Building Corporation, the Urban Enterprise Association of South Bend,
and the VPA Foundation. These entities are set up to exclusively benefit or provide services to the City,
and the management team of the City has operational responsibility for these entities. Accordingly, the
financial information for these entities is blended into the primary government in these statements.
In contrast, the City has included the South Bend Public Transportation Corporation (Transpo) as a discrete
component unit. Although the City does not have operational responsibility for Transpo, and no financial
benefit or burden accrues to the City due to Transpo’s operations, Transpo is nonetheless fiscally
dependent on the City. This dependency exists because the South Bend Common Council has the authority
14
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
to approve and modify Transpo’s budget and levy taxes on behalf of Transpo. More information on the
City’s component units can be found in Note 1 to the Financial Statements.
Fund Financial Statements
A fund is a group of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The City, like other state and local governments, uses fund
accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds
of the City of South Bend can be divided into three categories: governmental funds, proprietary funds and
fiduciary funds. Each fund has its own cash balance which must be maintained according to the City’s cash
reserve policy.
Governmental Funds
Governmental funds are used to account for the same functions reported as governmental activities in the
government-wide financial statements. However, unlike government-wide financial statements,
governmental fund financial statements focus on short-term inflows and outflows of spendable resources,
as well as on balances of spendable resources available at the end of the fiscal year. Such information may
be useful in evaluating a government's short-term financing requirements. Governmental funds use the
modified accrual accounting method.
The City maintains six (6) major governmental funds (General, Parks and Recreation, Local Income Tax
Public Safety, Local Income Tax Economic Development, American Rescue Plan, and River West TIF) and
seventy-three (73) nonmajor governmental funds.
Proprietary Funds
The City of South Bend maintains two types of proprietary funds: enterprise and internal service.
• Enterprise funds are used to report the same functions presented as business-type activities in
the government-wide financial statements.
The City maintains seven (7) enterprise funds. Information is presented separately in the
proprietary statement of net position and the proprietary statement of revenues, expenses and
changes in fund net position for the Water utility and Wastewater utility, which are considered major
enterprise funds. Data from the other five (5) nonmajor enterprise funds (Century Center,
Consolidated Building Department, Parking Garage, Solid Waste, and Morris Performing Arts
Center) are combined into a single, aggregated presentation.
Individual fund data for each of these nonmajor enterprise funds is provided in the form of
combining statements elsewhere in this report.
• Internal service funds are used to accumulate and allocate costs internally among the City's
various functions and funds. The City maintains seven (7) internal service funds. The City of South
Bend uses internal service funds to account for its self-funded liability insurance program, self-
funded employee health benefits program, unemployment compensation claims, police take-home
vehicle program, Innovation & Technology and 311 call center, parental leave benefit for City
employees, and Central Services unit (a division that accounts for expenses related to fuel, vehicle
repairs, facilities management, and other services provided to City departments on a cost-
reimbursement basis).
15
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Because these services predominantly benefit governmental rather than business-type functions,
they have been included within governmental activities in the government-wide financial statements
but are combined into a single, aggregated presentation in the proprietary fund financial
statements. Individual fund data for the internal service funds is provided in the form of combining
statements elsewhere in the report.
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the City government.
Fiduciary funds are not reflected in the government-wide financial statements because the resources of
those funds are not available to support City programs.
The City maintains four (4) fiduciary funds, which consist of two (2) pension trust funds (1925 Police Officers’
Pension and 1937 Firefighters’ Pension), and two custodial funds (Morris / Palais Box Office Fund and
Police Distributions Payable Fund).
Pension Trust Fund Operations
The vast majority of City employees are covered by the Public Employees Retirement Fund (PERF) and
the 1977 Police Officers' and Firefighters' Pension Fund, both of which are administered by the State of
Indiana.
However, certain police officers and firefighters hired before May 1, 1977 (who did not opt into the 1977
fund) continue to be members of the 1925 Police Officers’ Pension Fund or the 1937 Firefighters' Pension
Fund. These two funds are administered by the City. The number of police officers and firefighters in the
City-managed pension trust funds will continue to decline in the future as current participants pass away.
The State makes certain contributions toward the funding of the 1925 Police Officers’ and 1937 Firefighters’
pension plans.
See Note 18 and the items in the Required Supplementary Information section for more information.
Notes to the Financial Statements
The notes to the financial statements provide additional information that is essential in order to have a full
understanding of the data provided in the government-wide and fund financial statements. These notes
should be considered to be a part of the overall financial statements.
Other Information
In addition to the basic financial statements and accompanying notes and disclosures, this ACFR presents
supplementary information (“Required Supplementary Information” or “RSI”) immediately following the
basic financial statements.
The combining statements referred to earlier in connection with nonmajor governmental, nonmajor
enterprise, internal service and fiduciary funds are presented immediately after the Required
Supplementary Information within the financial statement section of the ACFR.
Other supplementary information is found in the Statistical Section.
Government-wide Financial Statements
The following financial analysis will focus on the statement of net position and statement of changes in net
position of the City’s governmental and business-type activities.
16
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Statement of Net Position
• As of December 31, 2023, total assets and deferred outflows exceeded liabilities and deferred
inflows by $553,286,739, an increase of $10,585,456 or 2.0%, from the net position level as of
December 31, 2022.
• Governmental activities net position of $306,618,283 increased by $5,206,281 or 1.7%, from
December 31, 2022
• Business-type net position of $246,668,456 increased by $5,559,175 or 2.3%, from December 31,
2022.
• Total assets and deferred outflows of resources as of December 31, 2023 of $1,126,069,018
increased by $54,048,360 or 5.0% as compared to total assets and deferred outflows of resources
as of December 31, 2022. The increase is primarily attributable to continued increases in cash on
hand, stemming from debt issuance and an operating surplus in 2023.
• Total liabilities and deferred inflows of resources as of December 31, 2023 of $572,782,279
increased by $43,462,904 or 8.2% as compared to total liabilities and deferred inflows of resources
as of December 31, 2022. This increase was primarily due to the issuance of new debt in 2023.
2023 2022 2023 2022 2023 2022 2023 2022
AssetsCurrent and other 474,083,989$ 440,457,360$ 96,317,777$ 85,365,919$ 570,401,766$ 525,823,279$ 5,788,812$ 6,825,517$ Capital assets (net)290,688,734 278,350,367 213,199,262 223,398,255 503,887,996 501,748,622 36,375,080 33,819,669 Total Assets 764,772,723 718,807,727 309,517,039 308,764,174 1,074,289,762 1,027,571,901 42,163,892 40,645,186
Deferred Outflows 47,666,682 40,763,056 4,112,574 3,685,701 51,779,256 44,448,757 510,988 974,815
LiabilitiesCurrent 28,190,240 22,329,793 7,792,992 6,410,324 35,983,232 28,740,117 352,001 420,662 Long-term 362,897,839 325,726,634 56,399,255 62,340,275 419,297,094 388,066,909 371,685 1,185,709 Total Liabilities 391,088,079 348,056,427 64,192,247 68,750,599 455,280,326 416,807,026 723,686 1,606,371
Deferred Inflows 114,733,043 109,922,354 2,768,910 2,589,995 117,501,953 112,512,349 4,304,128 4,059,021
Net PositionNet investment in capital assets 124,800,129 138,388,784 169,948,896 171,543,157 294,749,025 309,931,941 36,363,853 33,663,696
Restricted 11,149,383 10,969,003 27,131,095 50,422,677 38,280,478 61,391,680 - -
Unrestricted 170,668,771 152,234,215 49,588,465 19,143,447 220,257,236 171,377,662 1,283,213 2,290,913
Total Net Position 306,618,283$ 301,592,002$ 246,668,456$ 241,109,281$ 553,286,739$ 542,701,283$ 37,647,066$ 35,954,609$
Governmental Activities Business-type Activities Government-wide Component Units
17
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Statement of Activities
Governmental Activities
Net position for governmental activities increased by $5,026,281 during fiscal 2023, an increase of 1.7%
from the balance of net position as of December 31, 2022. Governmental activity revenue (including
transfers) increased by $8,083,211 or 3.3%, while governmental activity expenses increased by $89,43,476
or 57.7%.
Business-type Activities
Net position from business-type activities increased by $5,559,175 (2.3%) from the balance of net position
at December 31, 2022.
• During 2023, business-type activities revenue of $87,200,647 increased by $7,774,357 or 9.8%,
over fiscal 2022.
• During 2023, business-type activities expenses of $76,408,974 increased by $13,128,830 or 20.7%
compared to fiscal 2022.
These changes are due primarily to the normal fluctuations in operations from year-to-year. In addition,
operations in the business-type activities continue to expand back to normal levels following lower levels of
activity during the COVID-19 pandemic (particularly for the Century Center and the Morris Performing Arts
Center).
Component Unit
Net position for the South Bend Public Transportation Corporation increased by $1,692,457 (4.7%) from
the balance of net position at December 31, 2022.
2023 2022 2023 2022 2023 2022 2023 2022
Revenue
Program revenueCharges for Services 12,764,775$ 13,227,837$ 81,679,609$ 77,726,352$ 94,444,384$ 90,954,189$ 1,556,876$ 1,458,626$ Operating grants 20,414,840 21,370,099 - - 20,414,840 21,370,099 4,983,975 5,527,775 Capital grants 1,000,000 1,000,000 300,410 7,410 1,300,410 1,007,410 5,562,287 5,103,444
General revenue
Property Tax 98,454,889 88,670,960 - - 98,454,889 88,670,960 4,565,969 4,001,402 Other Tax 45,339,137 32,260,782 1,769,855 1,912,500 47,108,992 34,173,282 - - State-shared revenue 18,725,812 61,869,953 - - 18,725,812 61,869,953 - - Investment Earnings 12,192,479 (999,162) 3,450,773 (219,972) 15,643,252 (1,219,134) 29,040 26,052 Other Revenue 35,817,983 20,522,516 - - 35,817,983 20,522,516 - 16,100 Total Revenue 244,709,915 237,922,985 87,200,647 79,426,290 331,910,562 317,349,275 16,698,147 16,133,399
Expenses
General Government 26,825,090 21,881,174 - - 26,825,090 21,881,174 - - Public Safety 94,934,628 56,739,974 - - 94,934,628 56,739,974 - - Highways & Streets 31,556,893 24,745,703 - - 31,556,893 24,745,703 - - Economic Development 49,277,781 25,843,717 - - 49,277,781 25,843,717 - - Culture & Recreation 36,451,399 20,604,274 - - 36,451,399 20,604,274 - - Interest on long-term debt 5,870,341 5,627,814 - - 5,870,341 5,627,814 - - Water Utility - - 21,051,699 15,760,389 21,051,699 15,760,389 - - Wastewater Utility - - 36,522,974 30,960,152 36,522,974 30,960,152 - - Century Center - - 5,202,221 4,553,091 5,202,221 4,553,091 - -
Building Department - - 2,297,459 1,826,813 2,297,459 1,826,813 - - Parking - - 1,573,973 1,181,311 1,573,973 1,181,311 - - Solid Waste - - 8,334,688 7,807,892 8,334,688 7,807,892 - - Emergency Medical Services - - - - - - - - Morris Performing Arts Ctr - - 1,425,960 1,184,243 1,425,960 1,184,243 - - Transpo - - - - - - 15,005,690 14,408,642 Total Expenses 244,916,132 155,442,656 76,408,974 63,273,891 321,325,106 218,716,547 15,005,690 14,408,642
Change in Net PositionBefore Transfers (206,217) 82,480,329 10,791,673 16,152,399 10,585,456 98,632,728 1,692,457 1,724,757 Transfers 5,232,498 3,936,217 (5,232,498) (3,936,217) - - - - Change in Net Position 5,026,281 86,416,546 5,559,175 12,216,182 10,585,456 98,632,728 1,692,457 1,724,757
Beginning Net Position 301,592,002 215,175,456 241,109,281 228,893,099 542,707,536 444,068,555 35,954,609$ 34,229,852
Ending Net Position 306,618,283$ 301,592,002$ 246,668,456$ 241,109,281$ 553,286,739$ 542,707,536$ 37,647,066$ 35,954,609$
Governmental Activities Business-type Activities Government-wide Component Units
18
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Financial Analysis of Governmental Funds
The City of South Bend uses fund accounting to ensure and demonstrate compliance with finance related
legal requirements.
Funds of the City are divided into three categories:
• Governmental funds,
• Proprietary funds, and
• Fiduciary funds.
The following balance sheet presents a consolidated look at the City’s governmental funds, which account
for all activities that provide general governmental services that are not business-type activities. This
includes the General Fund, special revenue funds, debt service funds, and capital project funds.
These funds are accounted for on the modified accrual basis of accounting.
19
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Condensed Balance Sheet, Statement of Revenue, Expenditures, and Changes in Fund Balance As of and for the Year Ended December 31, 2023
As of December 31, 2023, the City governmental funds reported a combined ending fund balance of
$316,053,858. This fund balance is comprised of the following components:
• The non-spendable fund balance of $843,969 is sequestered for inventory, prepaids, the long-term
portions of notes/loans receivable, and property held for resale in the General Fund, and is,
therefore, not available for new spending.
• The restricted fund balance of $178,518,650 consists of monies in debt service funds or other funds
such as road and tax increment financing funds that are limited by external parties as to their use.
• The committed fund balance of $7,745,034 is designated by the South Bend Common Council or
South Bend Redevelopment Commission to be used for certain purposes such as for economic
development projects.
• The assigned fund balance of $27,062,462 includes balances in local option income tax funds that
have not been committed to certain projects and are available for spending by the City.
• The remaining unassigned fund balance of $101,883,743 consists of money in the General Fund
that has not been obligated in any manner by the City or deficit balances in the non-major funds.
The General Fund is the primary operating fund for City operations including general government, public
safety, certain culture and recreation expenses, and certain debt service obligations.
As of December 31, 2023, the General Fund balance of $102,305,370 represents a decrease of
$11,141,713, or 9.8% from the balance as of December 31, 2022.
As of December 31, 2023, the General Fund had an unassigned fund balance of $102,130,370, which is
equal to 92.8% of 2023 General Fund expenditures.
The General Fund unassigned fund balance has traditionally been used by the City to fund certain capital
projects and emergency contingencies. In addition, the City used the unassigned fund balance in 2023 as
a cash flow bridge to the receipt of property tax revenues from the County collection authority which
distributes property tax revenue twice per year (June and December). The General Fund unassigned
Local Income TaxParks and Local Income Tax Economic American NonmajorGeneral Fund Recreation Public Safety Development Rescue Plan River West TIF Funds Total
Total assets 160,742,557$ 21,118,573$ 6,148,468$ 26,825,114$ 10,119,722$ 59,035,168$ 165,278,160$ 449,267,762$
Total liabilities and deferred inflows 58,437,187 13,154,875 - 519,321 9,186,433 20,703,989 31,212,099 133,213,904
Fund Balances
Nonspendable 175,000 26,893 - - - - 642,076 843,969 Restricted - 7,936,805 6,148,468 - 933,289 38,331,179 125,168,909 178,518,650 Committed - - - - - - 7,745,034 7,745,034 Assigned - - - 26,305,793 - - 756,669 27,062,462 Unassigned 102,130,370 - - - - - (246,627) 101,883,743 Total fund balances 102,305,370 7,963,698 6,148,468 26,305,793 933,289 38,331,179 134,066,061 316,053,858
Total liabilities and fund balances 160,742,557 21,118,573 6,148,468 26,825,114 10,119,722 59,035,168 165,278,160 449,267,762
Revenues 101,284,583 17,464,742 12,905,361 18,831,191 2,545,986 21,713,652 67,705,538 242,451,053 Expenditures 110,043,921 21,087,502 9,498,558 7,830,566 2,158,632 19,311,142 99,523,856 269,454,177 Net Surplus (deficit)(8,759,338) (3,622,760) 3,406,803 11,000,625 387,354 2,402,510 (31,818,318) (27,003,124)
Other sources (uses)(2,382,375) 5,804,530 - (8,029,012) - (4,270,792) 53,432,160 44,554,511 Net Change in Fund Balances (11,141,713) 2,181,770 3,406,803 2,971,613 387,354 (1,868,282) 21,613,842 17,551,387
Beginning Fund Balances 113,447,083 5,781,928 2,741,665 23,334,180 545,935 40,199,461 112,452,219 298,502,471
Ending Fund Balances 102,305,370 7,963,698 6,148,468 26,305,793 933,289 38,331,179 134,066,061 316,053,858
20
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
balance provided sufficient cash to cover City operating obligations without incurring tax anticipation notes
and resultant borrowing costs during fiscal 2023.
As discussed in Governmental Accounting, Auditing, and Financial Reporting (GAAFR), a General Fund
unassigned fund balance should be either 1) no less than 5 to 15 percent of regular General Fund operating
revenues, or 2) no less than one to two months of regular General Fund operating expenditures. An
unassigned fund balance may be higher if circumstances dictate, such as a delay in collection of a major
revenue source. The City has a policy to maintain fund reserves equal to at least 50% of annual
expenditures and exceeded this target at December 31, 2023.
The Parks and Recreation Fund balance increased by $2,181,770 during 2023, due primarily to a planned
buildup of fund balance following a large spenddown in 2019. As of December 31, 2023, the fund balance
in the Parks and Recreation Fund was $7,963,698, or 37.8% of 2023 expenditures. The City has a policy
to maintain fund reserves equal to at least 25% of annual expenditures in this fund and meets this target
as of December 31, 2023.
The Local Income Tax – Public Safety Fund was created in October 2009, with the local legislative
passage of an increase in local option income taxes of 0.95%, a part of which (0.25%) tax increase was
established to fund public safety expenditures. The City has established the Local Income Tax – Public
Safety Fund as a major governmental fund, due solely to its purpose of creating a funding source to sustain
public safety staffing levels, which were compromised by state implementation of property tax reform that
has reduced property tax revenues, which historically are the source of public safety funding. Local Income
Tax – Public Safety funds are used to cover the personnel costs of police officers and firefighters. Receipts
of Local Income Tax – Public Safety tax revenue commenced in January 2010. The increase in fund balance
in the amount of $3,406,803 during 2023 was due primarily to lower-than budgeted expenditures. The
ending fund balance was $6,148,468, or 64.7% of annual expenditures.
The Local Income Tax – Economic Development fund is used to fund major capital and construction
projects, economic development initiatives, certain subsidies and support to organizations and units that
benefit City economic development and cultural venues, certain City-wide expenditures such as major
technology costs, and certain debt service payments. The Local Income Tax – Economic Development
Fund balance increased by $2,971,613 during 2023 due to normal fluctuations in operations and an
additional income tax distribution. The City has operationally sequestered Local Income Tax – Economic
Development funds for use in major economic development initiatives, certain subsidies and support to
organizations and units that benefit City economic development and cultural venues, operational costs of
the street, code enforcement and community investment departments and certain debt service payments.
As of December 31, 2023, the Local Income Tax – Economic Development fund balance was $26,305,793,
or 165.9% of 2023 expenditures and transfers out. The City policy target is 50%.
The American Rescue Plan Fund is used to account for the proceeds from the American Rescue Plan
Act, which was signed by President Joe Biden in 2021. As a part of this legislation, the City of South Bend
received nearly $60 million in “State and Local Fiscal Recovery Funds”. The first distribution of these funds
(equal to half the total awarded amount) was received by the City in 2021, with the second tranche was
received in 2022. The ending fund balance of this fund as of December 31, 2023 was $933,289.
The fund balance in the River West TIF Fund decreased by $1,868,282 during 2023. As of December 31,
2023, the River West TIF Fund balance was $38,331,179, almost entirely restricted for use in economic
development projects.
During 2023, the fund balances in nonmajor governmental funds increased by $21,613,842 due primarily
to a bond issued during the year, which was not fully spent.
21
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
The total balance in nonmajor governmental funds was $134,066,061 as of December 31, 2023. These
fund balances provide the necessary resources that the City requires to meet future capital construction
needs, ongoing debt service obligations, and economic development project initiatives in order to fuel
community growth within the City.
Individual fund data for each of the nonmajor governmental funds is provided in the form of the combining
statements immediately following the Required Supplemental Information within the Financial Section of
the ACFR.
Governmental Funds Revenue
The following schedule presents a summary of governmental fund revenues for the year ended December
31, 2023, with comparison to the prior year:
Tax revenue continues to represent the most significant ongoing source of revenue required to support
services provided by the City. Property tax revenue is the primary source of funding for governmental
expenditures. Property tax revenue is based on a relationship between two variables. The first variable is
the net assessed property valuation of industrial, commercial and residential parcels for both real and
personal property. The second variable is the application of a tax rate to arrive at the total tax levy. Taxable
property is assessed at 100% of the true tax value. The amount of property tax levied (billed to property
owners) is further restricted by State of Indiana-enacted property tax legislative reform (the “circuit breaker”
property tax caps) to no more than 1.0% (homestead), 2.0% (other residential/rental) or 3.0%
(commercial/industrial) of gross assessed valuation.
Property tax revenue includes taxes collected on behalf of the following funds: General Fund, Parks and
Recreation Fund, Cumulative Capital Development Fund, Redevelopment Commission Tax Incremental
Financing (TIF) Funds, and a special levy to cover debt service for City-issued Parks bonds.
The City recognizes the need to further diversify the revenue stream and to reduce its dependency on
general property taxes to ensure that a broad base of users of City services, including nonresidents who
work in the City, share in the funding of basic City services.
As a result of the need to diversify the revenue stream, the City of South Bend Common Council, the City
of Mishawaka Common Council, and Saint Joseph County Council (together comprising the local income
2023 Actual % of Total 2022 Actual % of Total
Tax Based
General Property 98,454,889$ 40.6% 88,670,960$ 37.6%
Local Income Tax 44,541,700 18.4% 31,464,822 13.3%
Hotel/Motel Tax 797,437 0.3%795,960 0.3%
Total Tax 143,794,026 59.3% 120,931,742 51.2%
Non-Tax Based
Licenses & Permits 246,565 0.1%350,561 0.1%
Intergovernmental 38,058,277 15.7% 82,567,947 35.0%
Charges for Services 12,602,548 5.2% 13,109,188 5.6%
Fines and Forfeitures 739,837 0.3%593,118 0.3%
Interest Income 12,192,479 5.0%(999,162) -0.4%
Other 34,817,321 14.4% 19,557,382 8.3%
Total Non-Tax Based 98,657,027 40.7% 115,179,034 48.8%
Total Revenue 242,451,053$ 100.0% 236,110,776$ 100.0%
22
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
tax council) have adopted a Local Income Tax rate of 1.75%. The Local Income Tax consists of four
components:
• 0.50% for the expenditure rate–certified shares component (formerly the County Option Income
Tax), which is deposited directly into the City’s general fund,
• 0.40% for the economic development component (formerly the Economic Development Income
Tax),
• 0.25% for the public safety component (formerly the Public Safety Local Option Income Tax), and
• 0.60% property tax relief component. The property tax relief component of the Local Income Tax
does not result in any direct revenue to the City, but rather reduces circuit breaker property tax
losses.
The City continues to seek diversified sources of revenue that will reduce its reliance on property and
income taxes. One viable source of revenue is from user fees and/or charges for services currently being
performed. City-performed services are priced at levels representing the full cost of service, taking into
consideration fees charged by providers of similar services. The City performs ongoing reviews of user fee
costs incurred and revises service fee prices as required.
Total tax revenue was $143,794,026 during 2023 and increased by $22,862,284, or 18.9%, from 2022.
Property tax revenue was stronger than expected during 2023, driven by rising real estate values. Income
tax was also strong in 2023, recovering from the COVID-19 pandemic in 2020.
Total non-tax-based revenue was $98,657,027 in 2023 and decreased $16,522,007, or 14.3%, from 2022.
This is due primarily due to higher-than-normal intergovernmental revenue in 2022, stemming mainly from
the City’s recognition of a significant portion of the ARPA revenue in 2022.
Governmental Fund Expenditures
The City accounts for government fund expenditures in eight functional categories as follows:
(1) general government,
(2) public safety,
(3) highways and streets,
(4) community and economic development,
(5) culture and recreation,
(6) bond issuance costs,
(7) debt service, and
(8) capital outlay.
The following schedule presents a summary of governmental fund expenditures for the year ended
December 31, 2023, in comparison to fiscal year 2022.
23
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Governmental fund expenditures in fiscal 2023 of $269,454,177 increased by $58,506,260, or 27.7%, in
comparison to governmental fund expenditures in fiscal 2022.
Capital outlay expenditures increased by $22,651,809, or 70.4%, during 2023.
Public Safety expenditures continue to be the primary use of government fund resources with 33.3% of
expenditures used for this purpose in fiscal 2023. Public safety spending is followed by:
• capital outlay expenditures (20.3%),
• culture and recreation (10.8%),
• highways and streets (9.7%),
• general government (9.0%),
• debt service expenditures (8.5%),
• and community and economic development (8.5%).
Note: “General government” spending is comprised of the executive offices of the Mayor, Common Council,
City Clerk, Legal, Controller, Human Resources and Innovation & Technology.
2023 Actual % of Total 2022 Actual % of Total
General Government 24,203,487$ 9.0%23,212,153$ 11.0%
Public Safety 89,702,272 33.3% 82,671,364 39.2%
Highways and Streets 26,088,643 9.7%19,032,317 9.0%
Community & Economic Development 22,934,480 8.5%14,239,039 6.8%
Culture and Recreation 29,035,558 10.8% 17,263,972 8.2%
Debt Service 22,880,747 8.5%22,481,891 10.7%
Capital Outlay 54,608,990 20.3% 32,047,181 15.2%
Total Expenditures 269,454,177$ 100.0% 210,947,917$ 100.0%
24
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Proprietary funds
Condensed Statement of Net Position Revenue, Expenses, and Changes in Fund Net Position As of and for the Year Ended December 31, 2023
The City of South Bend maintains two types of proprietary funds: enterprise and internal service.
The City maintains seven (7) enterprise funds. Information is presented separately in the Proprietary
Statement of Net Position, the Proprietary Statement of Revenues and Expenditures, and Changes in Fund
Net Position for the Water Utility and Wastewater Utility, which are considered major enterprise funds. Data
from the other five (5) nonmajor enterprise funds (Century Center, Consolidated Building Department,
Parking Garage, Solid Waste, and Morris Performing Arts Center) are combined into a single, aggregated
presentation.
Governmental
Activities
Wastewater Nonmajor Proprietary
Water Utility Utility Enterprise Total Enterprise Internal Service
Total assets 81,026,289$ 196,918,728$ 31,591,845$ 309,536,862$ 28,291,988$
Total deferred outflows 1,210,493 2,084,222 817,859 4,112,574 1,334,420
Total liabilities 14,882,613 42,622,300 6,707,157 64,212,070 12,750,198
Total deferred inflows 1,322,394 963,869 482,647 2,768,910 787,488
Net Position
Net investment in capital assets 45,626,595 104,233,971 20,088,330 169,948,896 2,671,148
Restricted:
Customer repair and deposit 1,342,137 3,193,917 - 4,536,054 - Cash with fiscal agent - - - - -
Bond reserve 1,470,040 3,871,800 - 5,341,840 -
Operating reserve 3,007,946 5,731,458 - 8,739,404 -
Capital outlay 2,665,897 4,406,002 1,441,898 8,513,797 - Unrestricted 11,919,160 33,979,633 3,689,672 49,588,465 13,417,574
Total net position 66,031,775 155,416,781 25,219,900 246,668,456 16,088,722
Operating Revenues 21,922,958 44,725,771 15,011,100 81,659,829 41,631,515 Operating Expenses 20,652,897 35,546,913 18,701,969 74,901,779 42,792,066
Operating Income (Loss)1,270,061 9,178,858 (3,690,869) 6,758,050 (1,160,551)
Non-Operating Revenue (Expenses)618,565 1,274,838 1,838,585 3,731,988 905,253
Income (Loss) before Contributions & 1,888,626 10,453,696 (1,852,284) 10,490,038 (255,298)
Capital Contributions - 293,000 8,636 301,636 -
Transfers in 134,865 201,195 527,035 863,095 -
Transfers Out (1,606,468) (4,489,126) - (6,095,594) -
Change in Net Position 417,023 6,458,765 (1,316,613) 5,559,175 (255,298)
Total Net Position - Beginning 65,614,752 148,958,016 26,536,513 241,109,281 16,344,020
Total Net Position - Ending 66,031,775$ 155,416,781$ 25,219,900$ 246,668,456$ 16,088,722$
Enterprise Funds
25
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
The City maintains seven (7) internal service funds. The City of South Bend uses internal service funds to
account for its self-funded liability insurance program, self-funded employee health benefits program,
unemployment compensation claims, police take-home vehicle insurance program, Innovation &
Technology and 311 call center, parental leave benefit for City employees, and central services unit (a
department that accounts for expenses related to fuel, vehicle repairs, and other services provided to City
departments on a cost-reimbursement basis). Because these services predominantly benefit governmental
rather than business-type functions, they have been included within governmental activities in the
government-wide financial statements but are combined into a single, aggregated presentation in the
proprietary fund financial statements. The internal service funds have been combined into a single,
aggregated presentation.
As of December 31, 2023, City enterprise funds reported a net position of $246,668,456, which represents
an increase of $5,559,175, or 2.3% from the net position as of December 31, 2022.
As of December 31, 2023, enterprise fund net position includes net investment in capital assets of
$169,948,896 restricted net position of $27,131,095 and unrestricted net position of $49,588,465.
During 2023, the Water utility experienced an increase in net position of $417,023 and the Wastewater
utility experienced an increase in net position of $6,458,765.
Nonmajor Enterprise Funds experienced a decrease in net position of $1,316,613 during 2023, which
was due primarily to an expansion in services following reopening after the COVID-19 pandemic. The
Century Center Fund reported a decrease in net position of $207,766. The Parking Garage Fund
reported a decrease in net position of $624,296. The Consolidated Building Fund reported a decrease in
net position of $88,068 during 2023. The Solid Waste Fund reported a decrease in net position of
$140,184, which is the result of unsustainably low charge rates. The City will need to evaluate how to bring
the Solid Waste Fund to sustainability over the upcoming years. The Morris Performing Arts Center Fund
reported a decrease in net position of $256,299.
Internal Services Funds reported net position of $16,088,722 as of December 31, 2023, a decrease of
$255,298 compared to net position as of December 31, 2022. The Liability Insurance Fund increased in
net position by $728,202 in 2023. The Central Services Fund decreased its net position by $1,216,408.
The Self-Funded Employee Benefits Fund decreased in net position by $33,451 due to slightly higher-
than-expected healthcare costs. The Innovation & Technology and 311 Call Center fund is a fully
allocated fund which supports most City departments and increased in net position by $23,171 in fiscal
2023. The Unemployment Compensation Insurance Fund decreased in net position by $71,262, and
the Parental Leave Fund increased in net position by $221,411.
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the government.
The City maintains three fiduciary funds, which consist of two pension trust funds (1925 Police Officers’
Pension and 1937 Firefighters’ Pension) and two custodial funds (Morris / Palais Box Office and Police
Distributions Payable).
26
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Pension Trust Funds
Custodial Fund Total assets $897,366 $271,754 Total liabilities 182 271,754 Fiduciary net position restricted for pensions 897,184 -
Total additions 10,090,277 6,216,932 Total deductions 10,153,967 6,216,932 Net increase (decrease) in net position $(63,690) $-
Effective in fiscal 2009, with the passage of State legislation, the State of Indiana began making
contributions to the 1925 Police Officers’ and 1937 Firefighters’ Pension Funds. These funds no longer
receive property tax revenue distributions beyond fiscal 2009. The administration of the pension plans is
the responsibility of the City.
The net position maintained in the pension trust is the result of timing differences in the payment of pension
benefits and the contributions received from the State of Indiana (the State reimburses in June and
September for expenses paid in the previous calendar year). The cost of healthcare benefits to pension
members are not covered by State contributions. The 1925 Police Officers’ and 1937 Firefighters’ pension
funds will no longer pay retiree health insurance costs, these costs will be paid from the regular Police
Department and Fire Department operating budgets.
General Fund Budgetary Highlights
The City prepares an annual budget for General Fund expenditures, which is subject to City of South Bend
Common Council approval for adoption, before November 1 of the year preceding the budget period,
according to state law concerning the annual budget of second-class cities and towns. The Common
Council adopted the 2023 budget at its meeting held in October 2022.
The General Fund budget applicable for fiscal 2023 is reported as follows:
Original (inclusive of encumbrances carried forward) Final
Actual Budgetary Basis Variance Revenues / Transfers In $103,521,489 $103,521,489 $111,481,315 $7,959,826 Expenditures / Transfers Out 148,623,151 129,394,327 122,666,924 $6,727,403 Surplus (Deficit) $(45,101,662) $(25,872,838) $(11,185,609) $14,687,229
General Fund revenues/transfers in was originally budgeted at $103,301,301 for fiscal 2023. The revenue
budget may be increased or decreased at any time based on updated revenue projections. By closely
aligning the budget with actual results, the City is able to increase the meaningfulness of its analysis. The
revenue/transfers in budget was increased primarily due to an increase in the property tax estimate because
of higher collections than anticipated.
During 2023, the General Fund collected $111,481,315 in revenues/transfers in on a budgetary basis, which
was $7,959,826 higher than the original budget. This difference is 7.7% higher than the original budget.
This increase over budget is due mainly to the receipt of higher-than-expected property and income taxes
in 2023.
27
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
General Fund expenditures/transfers out were originally budgeted at $148,623,151 for fiscal 2023, which
included roughly $32.4 million in encumbrances that were carried forward from the previous year. During
the year, the General Fund expenditure/transfers out budgets were decreased to $129,394,327.
General Fund spending is reviewed on a monthly basis under the direction of the City Controller to ensure
spending remains within budgetary constraints. Monthly reviews are conducted with General Fund
department management to review spending projections to ensure that annual expenditure remains within
the budgetary levels. Budget amendments for cost-neutral redistribution between expense categories (i.e.,
personnel, supplies, services, capital) were submitted to Common Council four times during 2023, as
required to adjust the budget to prevent any budget overruns in any expenditure category.
Additional appropriations for projects, initiatives, or unbudgeted spending requirements within the General
Fund as deemed necessary by the Mayor are presented to the Common Council for adoption.
Capital Assets and Debt Administration
Capital Assets of the Primary Government
Governmental Activities Business-type Activities Government-wide
2023 2022 2023 2022 2023 2022
Assets not depreciated Land $14,697,605 $14,496,141 $2,586,613 $2,586,613 $17,284,218 $17,082,754 Construction in Progress 25,337,577 19,667,573 1,383,548 7,955,682 26,721,125 27,623,255
Total 40,035,182 34,163,714 3,970,161 10,542,295 44,005,343 44,706,009
Assets depreciated Buildings 150,847,944 148,814,102 90,278,919 90,274,609 241,126,863 239,088,711 Non-building improvements 55,206,493 50,031,890 27,161,302 27,112,178 82,367,795 77,144,068 Machinery and Equipment 63,575,393 55,962,055 43,385,449 43,592,444 106,960,842 99,554,499 Roads and Infrastructure 510,099,659 496,419,566 250,557,156 243,237,499 753,462,702 739,657,065 Total Cost 779,729,489 751,227,613 411,382,827 404,216,730 1,191,112,314 1,155,444,343 Accumulated Depreciation Buildings 71,157,743 67,181,604 47,274,941 45,322,449 118,432,684 112,504,053 Non-building improvements 18,423,194 16,415,602 14,785,557 13,541,842 33,208,751 29,957,444 Machinery and Equipment 47,002,838 44,152,792 34,496,735 31,935,079 81,499,573 76,087,871 Roads and Infrastructure 392,492,163 379,290,962 105,596,491 100,561,400 498,088,654 479,852,362
Total Accum. Depreciation 529,075,937 507,040,960 202,153,724 191,360,771 731,229,662 698,401,730 Net Depreciated Assets 250,653,551 244,186,653 209,229,101 212,855,960 459,882,652 457,042,613 Net Capital Assets $290,688,733 $278,350,367 $213,199,262 $223,398,254 $503,887,995 $501,748,622
The investment in capital assets includes land and land improvements, buildings and building
improvements, vehicles, information technology equipment, machinery and equipment, and construction in
progress. A detailed explanation of these capital assets can be found in the Notes to the Financial
Statements.
Under the category of roads and infrastructure, the current cost amount of $779,729,489 includes estimated
costs derived primarily from the City’s 2006 implementation of GASB Statement No. 89, which required the
retroactive reporting of infrastructure capital assets. All other assets are recorded at historical cost.
28
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
Capital Assets Analysis
As of December 31, 2023, government-wide capital assets were valued at $503,887,995, net of
accumulated depreciation, an increase of $2.1 million, or 0.4%, since December 31, 2022. Construction in
Progress decreased by $902,130 and capitalized assets in land, buildings, improvements, machinery and
equipment, and roads increased by $3.0 million, net of depreciation, since December 31, 2022.
As of December 31, 2023, the cost of Roads & Infrastructure ($760,656,815) was the major asset class
followed by Buildings ($241,126,863) and Machinery & Equipment ($106,960,842).
Additional information on capital assets can be found in the notes to the financial statements in Note 6.
Debt Administration
Outstanding debt principal as of December 31, 2023 was $226,214,890, an increase of $14,380,813, or
6.8% from 2022. City outstanding debt includes general obligation bonds, revenue bonds, mortgage bonds,
notes and loans payable and financed purchase agreements.
Beginning Additions Retirements Ending
Governmental Activities General Obligation Bonds $14,886,850 - $(1,102,786) $13,784,064
Revenue Bonds 121,492,117 $33,098,353 (10,328,098) 144,262,372
Mortgage Bonds 4,568,551 - (1,043,160) 3,525,391
Notes and Loans 2,781,851 - (303,221) 2,478,630
Financed purchase agreements 14,679,571 6,930,647 (5,353,052) 16,257,166
Total Governmental Activities Debt 158,408,940 40,029,000 (18,130,317) 180,307,623
Business-Type Activities
Revenue Bonds 50,638,747 - (7,859,002) 42,779,745
Mortgage Bonds - - - -
Notes and Loans 196,030 - (25,513) 170,517
Financed purchase agreements 2,590,360 1,225,000 (858,355) 2,957,005
Total Business-Type Activities Debt 53,425,137 1,225,000 (8,742,870) 45,907,267
Total Debt $211,834,077 $41,254,000 $(26,873,187) $226,214,890
During 2023, the City entered into financed purchase agreements in the amount of $8,155,647 to purchase
certain vehicles and equipment. The lease terms are typically for five years with semi-annual debt service
paid from the operating budgets of the user departments. Financed purchase agreements are used to
acquire police vehicles, fire trucks, ambulances, garbage trucks, computer replacements, copiers and other
vehicles and equipment. The City solicits competitive financing proposals for lease financing from local and
national companies and the interest rate achieved during 2023 was on average around 5% for these leases.
Under the Indiana Constitution and State statute, the City's general obligation bonded debt and certain
other debt is subject to a legal limitation based upon 2% of 1/3 of the total assessed value of real and
personal property. The City issued one lease-rental revenue bonds in 2023 for $33,098,353 to support
capital projects. The revenue backup on this bond issuance is TIF revenues, and this debt issuance is not
29
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
subject to the constitutional debt limitation. A calculation of the City’s legal debt limitation can be found in
the statistical debt capacity section of this document.
Additional information on debt can be found in the Notes to the Financial Statements in Note 8 – Financed
Purchase Agreements and Note 9 - Long-term Debt.
Economic Factors and 2024 Budget
Economic Factors
Property tax revenue, historically and at present, is the principal source of revenue for funding of
governmental activities within the City of South Bend.
The State of Indiana General Assembly enacted property tax reform legislation in March 2008. Known as
the “Circuit Breaker”, House Enrolled Act 1001 (HEA 1001) limits property taxes paid to 1% of gross
assessed value for residential homesteads, 2% for agricultural/rental properties, and 3% for all other real
and personal property.
Under current legislation, all Indiana localities assess properties based on market values. Each year
properties are “trended”, which involves comparing property values to sales activity in the neighborhood
and adjusting the current assessed values up or down according to the trended data.
The Circuit Breaker legislation was phased in commencing in fiscal 2009 and has led to significant
reductions in property tax revenues available to fund City governmental operations since then. In 2023, the
primary funds supported by property taxes (General Fund, Parks and Recreation Fund, and Cumulative
Capital Development Fund) lost approximately $42.6 million in taxable property tax levy due to the circuit
breaker caps (Department of Local Government Finance, 2023 St. Joseph County Circuit Breaker Report).
As a consequence of the state enacted legislation in 2008, the City enacted a 0.95% local option income
tax increase to partially offset the property tax revenue loss. The local option tax increase became effective
in October 2009 and has resulted in an increase in local income taxes available to the City to fund ongoing
governmental operations of public safety, parks and recreation, highways and streets and general
government.
Management of the City of South Bend will continue to oversee the financial affairs from a position of fiscal
conservatism. Special attention will be given to maintaining adequate fund reserves in the General Fund
and the income tax funds as they are very important to the continued financial strength of the City.
Job creation is the primary engine to drive economic recovery. With the economic outlook for 2024 and
beyond forecasted to be stronger, the City has opportunity to invest. Significant concerns linger (particularly
around inflation and its impact on both city finances and resident well-being), but the City is excited to use
recent-year surpluses to reinvest back into our community. Particularly with the passage of the American
Recovery Plan in early 2021, the City has the opportunity to invest in large-scale economic development
and infrastructure projects to attempt to change the trajectory of the local economy and put the City back
on the path to growth.
30
City of South Bend, Indiana
Management’s Discussion and Analysis (Continued)
December 31, 2023
2024 Budget and Beyond
The City will engage to ensure effective delivery of required services to taxpayers and residents within the
constraints of available financial resources. The City will continue to provide required services within the
constraints of a balanced General Fund budget. In the spirit of fiscal responsibility, the City has engaged in
a process of program budgeting for the 2024 budgets. This program budgeting is in addition to the state-
required fund and account budgeting through the Indiana Department of Local Government Finance.
Through its Office of Innovation, the City continues to pursue reengineering programs targeted to create
efficiency and cost improvements within City operations. These include purchasing process reengineering,
back-office process improvements for human resources, performance management and other customer
service operations. These initiatives, upon successful deployment completion, will achieve the desired
results to create efficiency gains in the delivery of services to taxpayers.
The City is committed to creating a budget for fiscal 2024 that will remain fiscally responsible to the effective
delivery of required services to City residents and stakeholders within the existing revenue constraints, as
well as new revenue constraints imposed by the uncertain economic conditions we now face.
Specific concerns for the 2024 budget include the continuing impact of Circuit Breaker property tax reform
on City revenue, the need for economic stimulus in our City and the need to address ever-increasing public
safety costs, high health and pension costs and other stagnant or declining revenue sources such as
gasoline, wheel and auto excise taxes.
Requests for Information
This Management’s Discussion and Analysis, as contained within the City of South Bend Annual
Comprehensive Financial Report, is intended to provide readers with a general overview of the financial
condition of the City of South Bend as of December 31, 2023.
Questions concerning any of the information provided in this report, or requests for additional information,
should be addressed to:
Kyle Willis, Controller
City of South Bend Department of Administration and Finance
227 W. Jefferson Blvd., 12th Floor South Bend, IN 46601
Telephone (574) 235-9822
Email: kwillis@southbendin.gov
31
City of South Bend, Indiana
Statement of Net Position
December 31, 2023
Governmental Business-type Component
Activities Activities Total Unit
Assets
Cash and cash equivalents 185,621,774$ 37,543,398$ 223,165,172$ 934,675$ Investments 153,256,795 18,045,783 171,302,578 - Receivables:
Accounts - net 2,461,836 7,018,778 9,480,614 397,312
Interest 910,234 263,762 1,173,996 -
Taxes 289,170 637,500 926,670 - Intergovernmental 3,754,480 - 3,754,480 - Property taxes 102,722,770 - 102,722,770 3,965,027
Loans 12,824,667 - 12,824,667 -
Internal balances (24,329) 6,221 (18,108) -
Inventory 1,658,456 2,312,731 3,971,187 381,668 Prepaid expenses 1,515,963 24,714 1,540,677 110,130 Restricted assets 17,087 30,464,890 30,481,977 -
Property held for resale 9,075,086 - 9,075,086 -
Capital assets:
Assets not subject to depreciation 40,035,182 3,970,161 44,005,344 1,853,026 Assets subject to depreciation - net 250,653,552 209,229,101 459,882,653 34,522,054
Total assets 764,772,723 309,517,039 1,074,289,763 42,163,892
Deferred outflows of resources
Unamortized loss on refunding 1,656,649 458,388 2,115,037 - Deferred outflows related to pensions 39,913,827 2,592,114 42,505,941 510,988 Deferred outflows related to OPEB 6,096,206 1,062,072 7,158,278 -
Total deferred outflows of resources 47,666,682 4,112,574 51,779,256 510,988
Liabilities
Accounts payable 13,433,590 4,100,958 17,534,548 87,644
Due to other governmental units 400,822 - 400,822 -
Performance deposits payable 133,356 7,000 140,356 - Accrued liabilities and other:Accrued payroll payable 3,125,715 573,348 3,699,063 135,625
Accrued interest payable 2,648,154 338,647 2,986,801 -
Taxes payable 284,137 114,205 398,342 -
Other current payables 78,474 (64,923) 13,551 128,732 Customer deposits payable 26,499 2,723,757 2,750,256 - Unearned revenue 8,059,493 - 8,059,493 -
Noncurrent liabilities:
Due within one year:
Compensated absences 5,545,109 170,552 5,715,661 264,603 Claims payable 5,936,210 - 5,936,210 - General obligation bonds payable 290,000 - 290,000 -
Revenue bonds payable 10,092,408 6,860,000 16,952,408 -
Mortgage bonds payable 280,000 - 280,000 -
Notes and loans payable 309,315 26,373 335,688 - Financed purchase agreements 5,130,399 909,744 6,040,143 - Due in more than one year:
General obligation bonds payable 13,494,064 - 13,494,064 -
Revenue bonds payable 134,169,964 35,919,745 170,089,709 -
Mortgage bonds payable 3,245,391 - 3,245,391 - Notes and loans payable 2,169,315 144,144 2,313,459 - Financed purchase agreements 11,126,768 2,047,261 13,174,029 -
Net pension liability 148,065,944 6,306,929 154,372,873 107,082 Total OPEB liability 23,042,952 4,014,507 27,057,459 -
Total liabilities 391,088,079 64,192,247 455,280,326 723,686
See Notes to Financial Statements 32
- City of South Bend, Indiana
Statement of Net Position (Continued)
December 31, 2023
Governmental Business-type ComponentActivitiesActivitiesTotalUnit
Deferred inflows of resources
Unamortized gain on refunding 145,913 612,446 758,359 - Deferred inflows related to pensions 1,386,135 329,431 1,715,566 339,101
Deferred inflows related to OPEB 10,487,023 1,827,033 12,314,056 - Deferred inflows related to property taxes receivable 102,713,972 - 102,713,972 3,965,027
Total deferred inflows of resources 114,733,043 2,768,910 117,501,953 4,304,128
Net position
Net investment in capital assets 124,800,129 169,948,896 294,749,025 36,363,853
Restricted:
Debt service 11,149,383 - 11,149,383 - Customer repair and deposit - 4,536,054 4,536,054 - Bond reserve - 5,341,840 5,341,840 -
Operating reserve - 8,739,404 8,739,404 -
Capital outlay - 8,513,797 8,513,797 -
Unrestricted 170,668,771 49,588,465 220,257,236 1,283,213
Total net position 306,618,283$ 246,668,456$ 553,286,739$ 37,647,066$
See Notes to Financial Statements 33
City of South Bend, Indiana
Statement of Activities
For the Year Ended December 31, 2023
Net (Expense) Revenue and Changes inProgram Revenues Net Position
Operating Capital Grants Primary Government
Charges for Grants and and Governmental Business-type Component
Expenses Services Contributions Contributions Activities Activities Total Unit
Functions/programs
Primary government:Governmental activities:
General government 26,825,090$ 617,503$ 2,121,150$ -$ (24,086,437)$ -$ (24,086,437)$ -$ Public safety 94,934,628 7,657,412 10,721,139 - (76,556,077) - (76,556,077) - Highways and streets 31,556,893 287,847 1,238,248 - (30,030,798) - (30,030,798) -
Community and economic development 49,277,781 855,118 6,334,303 1,000,000 (41,088,360) - (41,088,360) - Culture and recreation 36,420,777 3,346,895 - - (33,073,882) - (33,073,882) - Interest on long-term debt 5,870,341 - - - (5,870,341) - (5,870,341) -
Total governmental activities 244,885,510 12,764,775 20,414,840 1,000,000 (210,705,895) - (210,705,895) -
Business-type activities:Water utility 21,051,699 21,924,430 - - - 872,731 872,731 -
Wastewater utility 36,522,974 44,744,079 - 293,000 - 8,514,105 8,514,105 - Century center 5,202,221 3,178,260 - - - (2,023,961) (2,023,961) -
Consolidated building 2,297,459 2,118,723 - - - (178,736) (178,736) -
Parking garage 1,573,973 912,261 - - - (661,712) (661,712) - Solid waste 8,334,688 7,640,735 - 7,410 - (686,543) (686,543) - Morris performing arts center 1,425,960 1,161,121 - - - (264,839) (264,839) -
Total business-type activities 76,408,974 81,679,609 - 300,410 - 5,571,045 5,571,045 -
Total primary government 321,294,484$ 94,444,384$ 20,414,840$ 1,300,410$ (210,705,895)$ 5,571,045$ (205,134,850)$ -$
Component unit:
South Bend Public Transportation Corp.15,005,690$ 1,556,876$ 4,983,975$ 5,562,287$ (2,902,552)$ -$ (2,902,552)$ (2,902,552)$
General revenues:
Taxes:
Property taxes 98,454,889 - 98,454,889 4,565,969 Income taxes 44,541,700 - 44,541,700 -
Hotel/motel taxes 797,437 1,769,855 2,567,292 -
State-shared revenue 18,725,812 - 18,725,812 - Unrestricted investment income (loss)12,192,479 3,450,773 15,643,252 29,040
Gain on sale of capital assets 14,260 - 14,260 - Other miscellaneous income 35,803,723 - 35,803,723 -
Total general revenues 210,530,300 5,220,628 215,750,927 4,595,009
Transfers 5,201,876 (5,232,498) (30,622) -
Change in net position 5,026,281 5,559,175 10,585,456 1,692,457
Net position - Beginning of year 301,592,002 241,109,281 542,701,283 35,954,609
Net position - End of year 306,618,283$ 246,668,456$ 553,286,739$ 37,647,066$ See Notes to Financial Statements 34
City of South Bend, Indiana
Governmental Funds
Balance Sheet
December 31, 2023
Local Income Tax
Parks and Local Income Tax Economic American NonmajorGeneral Fund Recreation Public Safety Development Rescue Plan River West TIF Funds Total
Assets
Cash and cash equivalents 50,292,088$ 4,277,824$ 2,824,437$ 12,182,746$ 4,648,722$ 15,621,375$ 85,820,473$ 175,667,665$ Investments 56,129,565 4,608,271 3,304,744 14,289,935 5,439,255 18,277,833 38,805,234 140,854,837
Receivables:Accounts 1,721,897 6,282 - (824) - - 618,851 2,346,206 Interest 328,729 27,077 19,287 83,256 31,745 108,975 238,778 837,847
Taxes - - - - - - 289,170 289,170 Intergovernmental - - - - - - 3,754,480 3,754,480
Property taxes 51,869,256 12,172,226 - - - 18,701,787 19,979,501 102,722,770
Loans - - - - - 508,000 12,316,667 12,824,667 Due from other funds 226,022 - - - - - 43 226,065
Advances to other funds - - - - - - 642,076 642,076
Inventory - 26,893 - - - - - 26,893 Property held for resale 175,000 - - 270,001 - 5,817,198 2,812,887 9,075,086
Restricted assets - - - - - - - -
Total assets 160,742,557$ 21,118,573$ 6,148,468$ 26,825,114$ 10,119,722$ 59,035,168$ 165,278,160$ 449,267,762$
Liabilities
Accounts payable 1,838,120$ 566,788$ -$ 513,156$ 1,244,017$ 1,953,677$ 6,180,774$ 12,296,532$ Due to other funds 14,632 7,110 - 165 - - 227,833$ 249,740 Due to other governments 400,822 - - - - - - 400,822
Advances from other funds - - - - - - 642,076 642,076 Performance deposits payable 103,881 - - 6,000 - 18,525 4,950 133,356
Accrued liabilities and other:
Accrued payroll payable 2,316,891 267,674 - - - - 345,463 2,930,028 Taxes payable 205,260 31,627 - - - - 30,163 267,050
Other current payables 28,113 - - - - 30,000 20,361 78,474
Customer deposits - - - - - - 26,499 26,499 Unearned revenue - 109,451 - - 7,942,416 - - 8,051,867
Total liabilities 4,907,719 982,650 - 519,321 9,186,433 2,002,202 7,478,119 25,076,444
Deferred inflows of resources
EMS Medicaid receivable 1,669,008 - - - - - - 1,669,008
Intergovernmental receivable - - - - - - 3,754,480 3,754,480
Property taxes receivable 51,860,460 12,172,225 - - - 18,701,787 19,979,500 102,713,972
Total deferred inflows of resources 53,529,468 12,172,225 - - - 18,701,787 23,733,980 108,137,460
Fund balances
Nonspendable 175,000 26,893 - - - - 642,076 843,969
Restricted - 7,936,805 6,148,468 - 933,289 38,331,179 125,168,909 178,518,650 Committed - - - - - - 7,745,034 7,745,034 Assigned - - - 26,305,793 - - 756,669 27,062,462
Unassigned 102,130,370 - - - - - (246,627) 101,883,743
Total fund balances 102,305,370 7,963,698 6,148,468 26,305,793 933,289 38,331,179 134,066,061 316,053,858
Total liabilities, deferred inflows
of resources, and fund balances 160,742,557$ 21,118,573$ 6,148,468$ 26,825,114$ 10,119,722$ 59,035,168$ 165,278,160$ 449,267,762$ See Notes to Financial Statements 35
City of South Bend, Indiana
Governmental Funds
Reconciliation of the Balance Sheet to the Statement of Net Position
December 31, 2023
Fund balances reported in governmental funds 316,053,858$
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and are not
reported in the funds 288,009,238
Prepaid expenses are not available to pay for current period expenditures, and therefore
are not reported in the funds 96,205
Deferred outflows on refunding are not due and payable in the current period and
are not reported in the funds 1,656,649
Deferred outflows related to pensions are not due and payable in the current period and are
not reported in the funds 38,967,250
Deferred outflows related to OPEB are not due and payable in the current period and are
not reported in the funds 5,708,363
Notes and loans payable, general obligation bonds payable, mortgage bonds payable, revenue bonds
payable, and financed purchase agreements are not due and payable in the current period and are not reported in the funds (178,772,303)
Accrued interest is not due and payable in the current period and is not reported in the funds (2,619,545)
Employee compensated absences are payable over a long period of years and do not represent
a claim on current financial resources; therefore, they are not reported as fund liabilities (5,422,300)
Net pension liabilities do not present a claim on current financial resources and are
not reported as fund liabilities (145,762,808)
Total OPEB liability does not present a claim on current financial resources and
is not reported as fund liability (21,576,951)
Deferred inflows on refunding are not receivable and not available to pay current period
expenditures, and thus not included in the governmental fund balance (145,913)
Deferred inflows of resources related to pensions do not present a claim on current
financial resources and are not reported as fund liabilities (1,265,835)
Deferred inflows of resources related to OPEB do not present a claim on current
financial resources and are not reported as fund liabilities (9,819,835)
Future inflows related to EMS Medicaid revenue, opioid settlement, and other inflows are not reported as
revenue in the governmental funds until they become available to finance current period expenditures 5,423,488
Internal service funds are included as part of governmental activities 16,088,722
Net position of governmental activities 306,618,283$
See Notes to Financial Statements 36
City of South Bend, Indiana
Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances
For the Year Ended December 31, 2023
Local Income Tax
Parks and Local Income Tax Economic American NonmajorGeneral Fund Recreation Public Safety Development Rescue Plan River West TIF Funds Total
Revenues
Property taxes 48,636,182$ 11,441,105$ -$ -$ -$ 19,559,921$ 18,817,681$ 98,454,889$ Income taxes 14,189,571 - 12,690,915 17,660,862 - - 352 44,541,700
Hotel/motel taxes - - - - - 385,000 412,437 797,437 Licenses and permits 219,971 289 - - - - 26,305 246,565 Intergovernmental 14,111,091 996,197 - 44,703 2,189,244 331,620 20,385,422 38,058,277 Charges for services 5,630,413 3,171,541 - - - - 3,800,594 12,602,548
Fines and forfeitures 9,045 - - - - - 730,792 739,837 Investment income (loss)4,827,984 205,228 214,446 1,117,002 356,742 1,436,311 4,034,766 12,192,479 Other 13,660,326 1,650,382 - 8,624 - 800 19,497,189 34,817,321
Total revenues 101,284,583 17,464,742 12,905,361 18,831,191 2,545,986 21,713,652 67,705,538 242,451,053
Expenditures
Current:
General government 18,450,450 1,388,050 - 31,911 - - 4,333,076 24,203,487 Public safety 79,692,577 - 9,498,558 - - - 511,137 89,702,272 Highways and streets 4,737,478 - - 2,563,760 - - 18,787,405 26,088,643
Community and economic development - - - 3,457,808 - 988,765 18,487,907 22,934,480
Culture and recreation 1,974,507 16,735,185 - 1,100,000 - - 9,225,866 29,035,558 Capital outlay:General government 495,176 - - 64,117 2,158,632 - 273,206 2,991,131
Public safety 3,326,446 - - - - - 4,449,206 7,775,652
Highways and streets 29,380 - - - - - 4,266,168 4,295,548 Community and economic development - - - 277,720 - 13,806,116 11,781,830 25,865,666 Culture and recreation - 2,444,510 - - - - 11,236,483 13,680,993
Debt service:
Principal 1,273,218 462,762 - 200,000 - 3,874,615 10,747,987 16,558,582 Interest on long-term debt 64,689 56,995 - 135,250 - 641,646 4,933,226 5,831,806 Bond issuance costs - - - - - - 490,359 490,359
Total expenditures 110,043,921 21,087,502 9,498,558 7,830,566 2,158,632 19,311,142 99,523,856 269,454,177
Excess of revenues (under) over expenditures (8,759,338) (3,622,760) 3,406,803 11,000,625 387,354 2,402,510 (31,818,318) (27,003,124)
Other financing sources (uses)
Issuance of debt 1,827,500 394,616 - - - - 33,052,000 35,274,116
Premium on debt - - - - - - 3,943,353 3,943,353
Proceeds from sale of capital assets 14,260 67,974 - - - - 22,310 104,544 Transfers in 19,960,737 5,341,940 - - - 8 23,572,270 48,874,955 Transfers out (24,184,872) - - (8,029,012) - (4,270,800) (7,157,773) (43,642,457)
Total other financing sources (uses)(2,382,375) 5,804,530 - (8,029,012) - (4,270,792) 53,432,160 44,554,511
Net change in fund balances (11,141,713) 2,181,770 3,406,803 2,971,613 387,354 (1,868,282) 21,613,842 17,551,387
Fund balances - Beginning of year 113,447,083 5,781,928 2,741,665 23,334,180 545,935 40,199,461 112,452,219 298,502,471
Fund balances - End of year 102,305,370$ 7,963,698$ 6,148,468$ 26,305,793$ 933,289$ 38,331,179$ 134,066,061$ 316,053,858$
See Notes to Financial Statements 37
City of South Bend, Indiana
Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds
For the Year Ended December 31, 2023
Net change in fund balances - Total governmental funds 17,551,387$
Amount reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures; however, in the statement of activities,
these costs are allocated over their estimated useful lives as depreciation:Capital outlay 34,985,627
Depreciation expense (22,634,746)
Net book value of assets disposed and transferred (513,857)
Prepaid expenses recorded in the statement of net position do not require the use of current financial
resources, and therefore are not reported in the fund statements (83,232)
Issuance of debt (from notes and loans payable, mortgage bonds payable, revenue bonds payable, and
financed purchase agreements) provide financial resources to governmental funds, but issuing debt
increases long-term liabilities in the statement of net position (35,274,116)
Premium on debt proceeds provide financial resources to governmental funds, but issuing debt
increases long-term liabilities in the statement of net position (3,943,353)
Repayment of debt principal is an expenditure in the governmental funds, but not in the statement ofactivities (where it reduces long-term debt)16,558,582
Other adjustments related to debt premiums, discounts, deferred inflows of resources, and deferred outflows 762,378 of resources
Changes in accrued interest payable and other (314,694)
Changes in compensated absences reported in the statement of activities do not require the use of
current resources, and therefore are not reported in the fund statements until they come due for payment (530,361)
Recognition of revenue previously received and available, and thus previously recognized in thegovernmental funds -
Changes in the total OPEB liability reported in the statement of activities do not require the use of current
resources, and therefore are not reported in the fund statements until they come due for payment 1,536,994
Future receipts of EMS Medicaid revenue and other revenues are not available to pay current period
expenditures, and thus is not included in governmental fund balance 2,244,602
Changes in the net pension liabilities and related deferred inflows and outflows of resources
reported in the statement of activities do not require the use of current resources, and therefore
are not reported in the fund statements until they come due for payment (5,063,632)
Internal service funds are included as part of governmental activities - Change in net position (255,298)
Change in net position of governmental activities 5,026,281$
See Notes to Financial Statements 38
City of South Bend, Indiana
Proprietary Funds
Statement of Net Position
December 31, 2023
Governmental
Activities
Wastewater Nonmajor ProprietaryWater Utility Utility Enterprise Total Internal Service
Assets
Current assets:
Cash and cash equivalents 10,413,228$ 24,608,181$ 2,521,989$ 37,543,398$ 9,954,109$
Investments 4,209,282 11,662,124 2,174,377 18,045,783 12,401,958 Receivables:
Accounts 1,854,483 3,852,691 1,471,703 7,178,877 115,630 Allowance for doubtful accounts (50,000) (85,100) (24,999) (160,099) -
Interest 75,290 171,292 17,180 263,762 72,387
Taxes - - 637,500 637,500 - Due from other funds 9,682 14,458 1,904 26,044 -
Inventory 1,783,681 368,750 160,300 2,312,731 1,631,563 Prepaid expenses - - 24,714 24,714 1,419,758
Total current assets 18,295,646 40,592,396 6,984,668 65,872,710 25,595,405
Noncurrent assets:Restricted assets 8,653,723 17,438,366 4,372,801 30,464,890 17,087
Capital assets:Assets not subject to depreciation 1,760,499 364,208 1,845,454 3,970,161 -
Assets subject to depreciation 52,316,421 138,523,758 18,388,922 209,229,101 2,679,496
Total noncurrent assets 62,730,643 156,326,332 24,607,177 243,664,152 2,696,583
Total assets 81,026,289 196,918,728 31,591,845 309,536,862 28,291,988
Deferred outflows of resources
Unamortized loss on refunding 7,467 450,921 - 458,388 - Deferred outflows related to pensions 853,372 1,158,590 580,152 2,592,114 946,577
Deferred outflows related to OPEB 349,654 474,711 237,707 1,062,072 387,843
Total deferred outflows of resources 1,210,493 2,084,222 817,859 4,112,574 1,334,420
Liabilities
Current liabilities:Accounts payable 1,873,663 1,096,956 1,130,339 4,100,958 1,137,058 Due to other funds - 2,818 17,005 19,823 654
Performance deposits payable - - 7,000 7,000 - Accrued liabilities and other:
Accrued payroll payable 167,703 235,189 170,456 573,348 195,687 Accrued interest payable 157,400 152,352 28,895 338,647 28,609 Taxes payable 79,888 20,529 13,788 114,205 17,087
Other current payables - 31,842 (96,765) (64,923) - Customer deposits payable 1,297,368 1,312,784 113,605 2,723,757 -
Compensated absences 63,237 51,571 55,744 170,552 122,809 Claims payable - - - - 5,936,210 Revenue bonds payable 720,000 6,140,000 - 6,860,000 -
Notes and loans payable 26,373 - - 26,373 - Financed purchase agreements - - 909,744 909,744 714,270
Total current liabilities 4,385,632 9,044,041 2,349,811 15,779,484 8,152,384
Noncurrent liabilities:Revenue bonds payable 6,954,829 28,964,916 - 35,919,745 -
Notes and loans payable 144,144 - - 144,144 - Financed purchase agreements - - 2,047,261 2,047,261 828,677
Net pension liability 2,076,358 2,818,990 1,411,581 6,306,929 2,303,136 Total OPEB liability 1,321,650 1,794,353 898,504 4,014,507 1,466,001
Total noncurrent liabilities 10,496,981 33,578,259 4,357,346 48,432,586 4,597,814
Total liabilities 14,882,613 42,622,300 6,707,157 64,212,070 12,750,198
Enterprise Funds
See Notes to Financial Statements 39
City of South Bend, Indiana
Proprietary Funds
Statement of Net Position (Continued)
December 31, 2023
Governmental
Activities
Wastewater Nonmajor ProprietaryWater Utility Utility Enterprise Total Internal Service
Deferred inflows of resources
Unamortized gain on refunding 612,446 - - 612,446 -
Deferred inflows related to pensions 108,455 147,245 73,731 329,431 120,300 Deferred inflows related to OPEB 601,493 816,624 408,916 1,827,033 667,188
Total deferred inflows of resources 1,322,394 963,869 482,647 2,768,910 787,488
Net position
Net investment in capital assets 45,626,595 104,233,971 20,088,330 169,948,896 2,671,148 Restricted:
Customer repair and deposit 1,342,137 3,193,917 - 4,536,054 - Cash with fiscal agent - - - - -
Bond reserve 1,470,040 3,871,800 - 5,341,840 - Operating reserve 3,007,946 5,731,458 - 8,739,404 - Capital outlay 2,665,897 4,406,002 1,441,898 8,513,797 -
Unrestricted 11,919,160 33,979,633 3,689,672 49,588,465 13,417,574
Total net position 66,031,775$ 155,416,781$ 25,219,900$ 246,668,456$ 16,088,722$
Enterprise Funds
See Notes to Financial Statements 40
City of South Bend, Indiana
Proprietary Funds
Statement of Revenues, Expenses, and Changes in Net Position
For the Year Ended December 31, 2023
GovernmentalActivities
Wastewater Nonmajor ProprietaryWater Utility Utility Enterprise Total Internal Service
Operating revenues
Metered revenue 15,026,734$ 43,100,811$ -$ 58,127,545$ -$ Convention fees - - 3,873,134 3,873,134 -
Fire protection revenue 3,121,427 - - 3,121,427 -
Licenses and permits - - 2,099,002 2,099,002 - Interest and penalty charges 102,349 628,806 - 731,155 -
Parking fees - - 1,035,542 1,035,542 -
Solid waste fees - - 7,622,504 7,622,504 - Employee/employer contributions - - - - 31,190,016
Charges for sales and services - - - - 8,928,541 Water leak insurance revenue 1,101,979 - - 1,101,979 - Charges to other funds 1,633,074 401,592 70,842 2,105,508 160,000
Other 937,395 594,562 310,076 1,842,033 1,352,958
Total operating revenues 21,922,958 44,725,771 15,011,100 81,659,829 41,631,515
Operating expenses
Personnel services 5,765,034 8,066,235 4,299,825 18,131,094 6,127,944 Materials and supplies 1,224,368 3,992,835 2,251,446 7,468,649 7,634,932 Contractual services 9,063,717 9,810,343 6,621,959 25,496,019 9,035,895
Insurance claims and premiums - - - - 19,162,359 General and administration 2,848,061 6,169,511 3,788,489 12,806,061 719,056 Depreciation 1,751,717 7,507,989 1,740,250 10,999,956 111,880
Total operating expenses 20,652,897 35,546,913 18,701,969 74,901,779 42,792,066
Operating income (loss)1,270,061 9,178,858 (3,690,869) 6,758,050 (1,160,551)
Nonoperating revenues (expenses)
Investment income 1,015,895 2,232,591 201,062 3,449,548 970,854 Hotel/motel tax revenues - - 1,769,855 1,769,855 - Interest expense (398,802) (976,061) (132,332) (1,507,195) (65,601) (Loss) gain on sale of assets 1,472 18,308 - 19,780 -
Total nonoperating revenues (expenses)618,565 1,274,838 1,838,585 3,731,988 905,253
Income (loss) - Before contributions and transfers 1,888,626 10,453,696 (1,852,284) 10,490,038 (255,298)
Capital contributions - Other capital contributions - 293,000 8,636 301,636 - Transfers in 134,865 201,195 527,035 863,095 - Transfers out (1,606,468) (4,489,126) - (6,095,594) -
Change in net position 417,023 6,458,765 (1,316,613) 5,559,175 (255,298)
Net position - Beginning of year 65,614,752 148,958,016 26,536,513 241,109,281 16,344,020
Net position - End of year 66,031,775$ 155,416,781$ 25,219,900$ 246,668,456$ 16,088,722$
Enterprise Funds
See Notes to Financial Statements 41
City of South Bend, Indiana Proprietary Funds
Statement of Cash FlowsFor the Year Ended December 31, 2023
Governmental
Activities
Enterprise Funds Proprietary
Wastewater Nonmajor Internal ServiceWater Utility Utility Enterprise Total Fund
Cash flows from operating activities
Receipts from customers and users 20,071,442$ 44,206,850$ 15,368,331$ 79,646,623$ 1,637,191$
Receipts from interfund services andreimbursements 1,603,772 1,015 411 1,605,198 39,888,973 Payments to suppliers (10,434,375) (14,162,987) (8,611,134) (33,208,496) (35,469,253)
Payments to employees (6,016,172) (6,781,516) (5,283,988) (18,081,676) (5,528,706) Internal activity - payments to other funds (2,848,061) (6,169,527) (2,336,419) (11,354,007) (719,422) Internal activity - payments from other funds 96,985 348,475 70,842 516,302 -
Net cash provided by (used in) operating activities 2,473,591 17,442,310 (791,957) 19,123,944 (191,217)
Cash flows from noncapital financing activities
Transfers from other funds 134,865 201,195 527,035 863,095 - Transfers to other funds (1,606,468) (4,489,126) - (6,095,594) - Hotel/motel tax - - 1,769,855 1,769,855 -
Net cash (used in) provided by noncapital financing activities (1,471,603) (4,287,931) 2,296,890 (3,462,644) -
Cash flows from capital and related financing activities
Proceeds from capital debt issued for future capital purchase - - 1,225,000 1,225,000 811,531 Proceeds from capital grant - 293,000 8,636 301,636 -
Proceeds from sales of capital assets 1,472 18,308 - 19,780 - Purchase of capital assets (694,218) (53,306) (53,433) (800,957) (642,934) Principal paid on capital debt and financed purchase agreements (1,045,513) (6,420,000) (932,904) (8,398,417) (825,934) Interest paid on capital debt and financed purchase agreements (354,962) (1,074,541) (48,961) (1,478,464) (57,726)
Debt service charge (1,200) (2,050) - (3,250) -
Net cash (used in) capital and related financing activities (2,094,421) (7,238,589) 198,338 (9,134,672) (715,063)
Cash flows from investing activities
Interest received on investments 1,000,064 2,177,037 196,143 3,373,244 948,658 Proceeds from sale and maturities of investment securities (1,698,125) (3,685,382) (216,476) (5,599,983) (444,999)
Net cash provided by (used in) investing activities (698,061) (1,508,345) (20,333) (2,226,739) 503,659
Net increase (decrease) in cash and cash equivalents (1,790,494) 4,407,445 1,682,938 4,299,889 (402,621)
Cash and cash equivalents - beginning of year 20,857,440 37,639,107 5,211,848 63,708,395 10,373,823
Cash and cash equivalents - end of year 19,066,946$ 42,046,552$ 6,894,786$ 68,008,284$ 9,971,202$
See Notes to Financial Statements 42
City of South Bend, Indiana Proprietary Funds
Statement of Cash Flows (Continued)For the Year Ended December 31, 2023
Governmental
Activities
Enterprise Funds Proprietary
Wastewater Nonmajor Internal ServiceWater Utility Utility Enterprise Total Fund
Classification of cash and cash equivalents
Cash and investments 14,622,505$ 36,270,310$ 4,696,362$ 55,589,177$ 22,356,073$ Restricted cash and investments 8,653,723 17,438,366 4,372,801 30,464,890 17,087
Less amounts classified as investments (4,209,282) (11,662,124) (2,174,377) (18,045,783) (12,401,958)
Total cash and cash equivalents 19,066,946$ 42,046,552$ 6,894,786$ 68,008,284$ 9,971,202$
Reconciliation of operating income (loss)
to net cash from operating activities
Operating income (loss)1,270,061 9,178,858 (3,690,869) 6,758,050 (1,160,551) Adjustments to reconcile operating income (loss)to net cash provided by (used in) operating activities:
Depreciation 1,751,714 7,507,989 1,740,250 10,999,953 111,880 (Increase) decrease in assetsReceivables (210,963) (252,563) 316,584 (146,942) (70,534) Due from other funds 388 1,015 6,664 8,067 -
Inventory (531,630) (188,212) (106,776) (826,618) (266,030) Prepaid expenses and other assets 2,910 1,575 (21,249) (16,764) 211,891 Increase (decrease) in liabilities
Accounts payable (265,001) 486,383 948,530 1,169,912 (795,894) Taxes payable (1,448) (4,882) (11,306) (17,636) 550 Due to other funds - (16) 6,595 6,579 (366) Accrued payroll payable 28,326 30,539 39,116 97,981 62,384
Compensated absences payable (3,451) (694) (8,105) (12,250) 16,218 Customer deposits (7,469) 135,234 21,842 149,607 - Other current payables - (6,567) (207,140) (213,707) -
Estimate of unfiled claims - - - - 1,350,092
(Increase) decrease in deferred outflows of resourcesPension items (107,381) (132,493) (44,150) (284,024) (77,015) OPEB items (131,903) (175,199) (81,251) (388,353) (134,022)
Increase (decrease) in net pension liabilities 168,343 194,548 40,654 403,545 79,063 Increase (decrease) in OPEB liability 407,313 536,698 241,544 1,185,555 400,206 Increase (decrease) in deferred inflows of resourcesPension items (49,545) (70,082) (39,794) (159,421) (63,873)
OPEB items 153,327 200,179 86,904 440,410 144,784
Total adjustments 1,203,530 8,263,452 2,898,912 12,365,894 969,334
Net cash provided by (used in) operating activities 2,473,591$ 17,442,310$ (791,957)$ 19,123,944$ (191,217)$
Noncash investing, capital, and financing activities
Capital assets acquired through financed purchases -$ -$ -$ -$ -$ Capital assets disposed (at cost)- (207,000) - (207,000) (20,471) Capital assets transferred from/to another fund (cost)- - - - - Capital asset contribution - 293,000 8,636 301,636 -
Work in progress completed transferredto capital assets - - - - - Accumulated depreciation on disposals
of capital assets - 207,000 - 207,000 20,471 Accumulated depreciation on transfers of capital assets - - - - -
See Notes to Financial Statements 43
City of South Bend, Indiana
Fiduciary Funds
Statement of Fiduciary Net Position
December 31, 2023
Pension Trust CustodialFundsFunds
Assets
Cash and cash equivalents 412,228$ 271,754$
Investments:
U.S. Treasuries 68,013 -
U.S. Government Agency Securities 413,428 -
Tax-Exempt Municipal Bonds 889 -
Receivables - Interest 2,808 -
Total assets 897,366 271,754$
Liabilities
Accounts payable 182 24,490
Customer deposits payable - (736,702) Police distribution payable - 983,966
Total liabilities 182 271,754$
Net position restricted for pensions 897,184$
See Notes to Financial Statements 44
City of South Bend, Indiana
Fiduciary Funds
Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2023
Pension Trust CustodialFundsFunds
Additions
Investment income (loss) - Interest and dividends 39,989$ -$
Police asset seizures - 74,931
Contributions:
On behalf 10,048,122 -
Other 2,166 -
Total contributions 10,050,288 -
Customer deposits - 6,142,001
Total additions 10,090,277 6,216,932
Deductions
Benefit payments 10,103,848 -
Police distributions - 139,882
Police distributions payable - (64,951)
Customer deposits distributed - 6,142,001
Customer deposits payable - -
Administrative expenses 50,119 -
Total deductions 10,153,967 6,216,932
Net (decrease) increase in net position (63,690) -
Net position - Beginning of year 960,874 -
Net position - End of year 897,184$ -$
See Notes to Financial Statements 45
City of South Bend, Indiana
Notes to Financial Statements
December 31, 2023
Note 1 – Summary of Significant Accounting Policies
Reporting Entity
The City of South Bend (the "City") was established under the laws of the State of Indiana and
operates under a Council-Mayor form of government. The accompanying financial statements present the City and its component units, entities for which the City is considered to be
financially accountable. The component units discussed below are included in the primary government's reporting entity because of the significance of their operational or financial
relationships with the primary government. Blended component units, although legally separate entities are in substance part of the government's operations and exist solely to provide services for the government; data from these units is combined with data of the primary government. Discretely presented component units are involved in activities of an operational
nature independent from the primary government; their transactions are reported in a separate column in the government-wide financial statements to emphasize that they are legally
separate from the government.
Component Units and Related Organizations
Blended Component Units
The City’s financial statements contain four blended component units:
• The South Bend Redevelopment Authority is a significant blended component unit of the City. Although it is legally separate from the City, the Redevelopment Authority is reported as if it were part of the City because its sole purpose is to finance and construct land, building, and other improvements for use by the City.
• The City of South Bend Building Corporation is a legally separate nonprofit corporation and a significant blended component unit of the City. The Building Corporation is reported as if it were part of the City because its main purpose is to finance construction and remodeling of City buildings. Debt of the Building Corporation is repaid through lease payments from the City.
• The Urban Enterprise Association of South Bend (“UEA”) is a legally separate nonprofit corporation, which is reported as if it were a part of the City because the City is the sole corporate member. The UEA exists exclusively to benefit the City through a variety of economic development programs. Additionally, the City appoints the majority of its
governing board, and the organization is staffed by City staff members through a management agreement.
• The Venues Parks & Arts Foundation (“VPA Foundation”) is a legally separate nonprofit corporation, which is reported as if it were a part of the City. The VPA Foundation exists solely to raise money through donations and grants for the City.
Financial statements for any of the City’s blended component units are available at the City Controller's Office, City of South Bend, 227 West Jefferson, 12th Floor County-City Building, South Bend, Indiana 46601.
Discretely Presented Component Unit
The South Bend Public Transportation Corporation (“Transpo”) is a discretely presented component
unit in these financial statements. Although the City does not have operational responsibility for Transpo, and no financial benefit or burden accrues to the City due to Transpo’s operations, Transpo is nonetheless fiscally dependent on the City, per the following relationship:
46
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
Pursuant to Indiana law, Transpo is required to submit its proposed budget and tax levy to the Common Council of the City of South Bend for adoption. Specifically, Indiana Code § 6-1.1-17-20 requires that Transpo, as a political subdivision governed by a majority of unelected officials, submit its proposed budget and property tax levy to the Common Council of the City of South Bend. Pursuant to Indiana Code § 6-1.1-17-20(e), the Common Council of the City of South Bend is required to review Transpo’s budget and proposed tax levy and
adopt a final budget and tax levy for Transpo. The Common Council of the City of South Bend may reduce or modify, but may not increase, the proposed budget or tax levy.
Because Transpo does not have the ability to complete the above essential events without substantive approval from the South Bend Common Council, it is fiscally dependent upon the City of
South Bend, and the City of South Bend is financially accountable for Transpo. Transpo is therefore a component unit of the City of South Bend.
The financial statements of Transpo, including all note disclosures, may be obtained from its offices as follows:
South Bend Public Transportation Corporation 1401 S Lafayette Blvd South Bend, IN 46613
Related Organizations
The City's officials are also responsible for appointing the members of the boards of other
organizations, but the City's accountability for these organizations generally does not extend far beyond making the appointments. The mayor and the Common Council appoint the board
members of the South Bend Housing Authority, St. Joseph County Housing Consortium, and the Saint Joseph County Board of Managers for Hotel-Motel Tax.
Accounting and Reporting Principles
The City follows accounting principles generally accepted in the United States of America (GAAP) as applicable to governmental units. Accounting and financial reporting pronouncements are promulgated by the Governmental Accounting Standards Board. The following is a summary of the significant accounting policies used by the City.
Basis of Presentation
Governmental accounting principles require that financial reports include two different perspectives: the government-wide perspective and the fund-based perspective.
Government-wide financial statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the primary government and its component units. All fiduciary activities are reported only in the fund financial statements.
The government-wide financial statements are presented on the economic resources measurement focus and the full accrual basis of accounting. Property taxes are recognized as revenue in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. The statements also present a schedule reconciling these amounts to the modified accrual basis of presentation found in the fund-based statements. The primary government is reported separately from the single
47
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
discretely presented component unit for which the primary government is financially accountable.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenue. Direct expenses are those that are clearly
identifiable with a specific function or segment. Program revenue includes: (1) charges to customers or applicants for goods, services, or privileges provided; (2) operating grants and
contributions; and (3) capital grants and contributions, including special assessments. Taxes and other items not properly included among program revenue are reported instead as general
revenue.
Except for interfund activity and balances between the funds that underlie governmental activities and the funds that underlie business‐type activities, the effect of interfund activity has been eliminated from these statements.
Fund Financial Statements
The City accounts for its various activities in several different funds in order to demonstrate accountability for how we have spent certain resources; separate funds allow us to show the particular expenditures for which specific revenue was used. The various funds are aggregated into three broad fund types:
Governmental Funds
Governmental funds include all activities that provide general governmental services that are not business-type activities. This includes the General Fund, special revenue funds, debt service funds, and capital project funds. The City reports the following funds as “major” governmental funds:
• The General Fund is the primary operating fund because it accounts for all financial resources used to provide government services other than those specifically assigned to
another fund.
o As in prior years, the City has determined that the neither the Rainy Day fund nor the Local Income Tax Certified Shares fund met the requirements of a special
revenue fund. Therefore, both are reported within the General Fund.
• The Parks and Recreation Fund is used to account for the operation of the City parks system. Financing is provided by a specific annual property tax levy to the extent that user fees and miscellaneous revenues are insufficient to provide such financing.
• The Local Income Tax – Public Safety Fund is used to account for the City's share of the public safety portion of the local income tax. Expenditures are restricted to public safety.
• The Local Income Tax – Economic Development Fund is to account for the City's share of the economic development portion of the local income tax. Expenditures include economic development and any lawful purpose of the City.
• The American Rescue Plan Fund is used to account for the receipt and expenditures of the funds that the City received from the American Rescue Plan Act of 2021. As a part of this
legislation, Congress allocated $350 billion to state, local, territorial and Tribal governments to respond to the COVID-19 pandemic, provide economic relief, and lay the foundation for
a strong and equitable recovery.
• The River West TIF (Tax Increment Financing) Fund is used to account for public
improvement projects in the river west economic development area. Financing is provided
48
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
by property tax proceeds in excess of those attributable to the assessed value of property
in the district before redevelopment.
Proprietary Funds
Proprietary funds include enterprise funds (which provide goods or services to users in
exchange for charges or fees) and internal service funds (which provide goods or services to other funds of the City). The City reports the following funds as “major” enterprise funds:
• The Water Utility Fund accounts for the operation of the City's water distribution system.
• The Wastewater Utility Fund accounts for the operation of the City's wastewater
treatment plant, pumping stations, and collection systems.
The City’s internal service funds are used to account for various City liability coverage, employee medical coverage, police officers' take-home vehicle, innovation & technology/311 call center,
unemployment claims, parental leave program, and central services such as fuel, vehicle repairs, and various supplies provided to other departments on a cost-reimbursement basis.
The activities are accounted for on a full accrual basis, so that the full costs are recognized and allocated to the various funds in the year that the costs are incurred.
Fiduciary Funds
Fiduciary funds include amounts held in a fiduciary capacity for others. These amounts will not be used to operate our government's programs. Activities that are reported as fiduciary include the following:
• The pension trust funds account for the activities of the 1925 Police and 1937 Fire Pension Funds which accumulate resources for pension benefit payments.
• The custodial funds accounts for assets held by the City for assets seized by the South
Bend Police Department during their normal operations as well as for customer deposits held on behalf of promoters at the Morris Performing Arts Center. The City is compelled to disburse the resources upon receiving so all amounts are recorded as a liability.
Interfund Activity
During the course of operations, the City has activity between funds for various purposes. Any residual balances outstanding at year end are reported as due from/to other funds and advances to/from other funds. While these balances are reported in fund financial statements, certain eliminations are made in the preparation of the government-wide financial statements.
• Balances between the funds included in governmental activities (i.e., the governmental and internal service funds) are eliminated so that only the net amount is included as internal balances in the governmental activities column.
• Similarly, balances between the funds included in business-type activities (i.e., the
enterprise funds) are eliminated so that only the net amount is included as internal balances in the business-type activities column.
Furthermore, certain activity occurs during the year involving transfers of resources between funds. In fund financial statements, these amounts are reported at gross amounts as transfers
in/out.
49
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
Basis of Accounting
Full Accrual Basis of Accounting
The government-wide and proprietary fund financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting. Revenues are recorded
when earned and expenses are recorded at the time liabilities are incurred, regardless of the timing of related cash flows.
Modified Accrual Basis of Accounting
The governmental funds use the current financial resources measurement focus and the modified accrual basis of accounting. This basis of accounting is intended to better demonstrate
accountability for how the government has spent its resources.
• Revenue is recognized when it is both measurable and available. Revenues are considered available if they are collected during the fiscal year, or collected soon enough after the end of the year, that they are available to pay for obligations outstanding at the end of the year. For this purpose, the City considers amounts collected within 60 days of year end to be available for recognition.
• Expenditures are reported when the goods are received or the services are rendered.
o Capital outlays are reported as expenditures (rather than as capital assets) because they reduce the ability to spend resources in the future.
o Conversely, liabilities that will be funded in the future (such as pension and retiree healthcare related costs, debt obligations, and employee vacation pay) are not recorded as expenditures until they come due for payment.
Elements of the Statement of Net Position
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, demand deposits, and short-term investments with a maturity of three months or less when acquired.
Investments
State statute (IC 5-13-9) authorizes the City to invest in securities, including but not limited to,
federal government securities, repurchase agreements, and certain money market mutual funds. Certain other statutory restrictions apply to all investments made by local governmental
units.
Nonparticipating certificates of deposit, demand deposits, and similar nonparticipating
negotiable instruments that are not reported as cash and cash equivalents are reported as investments at cost. A “nonparticipating” instrument is one that does not recognize market
fluctuations in its valuation.
Debt securities are reported at fair value. Debt securities are defined as securities backed by the
full faith and credit of the United States Treasury or fully insured or guaranteed by the United States or any United States government agency.
Open-end mutual funds and money market investments are reported at fair value.
Investment income, including changes in the fair value of investments, is reported as revenue
50
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
in the operating statement.
Inventories and Prepaid Items
Inventories are valued at cost, on a first-in, first-out basis. Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future fiscal years and are recorded as prepaid items in government-wide, proprietary fund, internal service fund financial statements.
Restricted Assets
Certain proceeds of the enterprise fund revenue bonds, as well as certain resources set aside for their repayment, are classified as restricted assets on the statement of net position because their use is limited by applicable bond covenants. Restricted assets also include customer deposits, operating reserves, capital outlay accounts, and debt service reserve funds.
Capital Assets
Capital assets, which include property, plant, equipment, intangible assets, and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business type activities column in the government-wide financial statements.
• Capital assets are recorded at historical cost or estimated historical cost.
• Donated capital assets are recorded at estimated acquisition value at the date of donation.
• The City has implemented retroactive reporting of its infrastructure as of December 31, 2006.
• For depreciated assets, the cost of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized.
• All land purchases are capitalized regardless of acquisition price. Land is never depreciated.
• The City has implemented the requirements of GASB Statement No. 87 and determined that there were no assets that met the definition of a lease under the new standard.
• Major outlays for capital assets and improvements are capitalized when projects have completed the construction phase. The City has implemented the requirements in GASB Statement No. 89, and no interest was capitalized during the construction of capital assets of business-type activities.
• Infrastructure, intangibles, buildings, equipment, roads, and vehicles are depreciated using the straight line method over the following useful lives:
Capital Asset Class Capitalization Threshold Useful Lives (in years) Buildings and improvements $ 100,000 20 - 30 Large office equipment 10,000 5 - 10 Vehicles and other equipment 10,000 5 - 20 Roads – collectors and residential 250,000 40 - 50 Utilities infrastructure (large) 250,000 30 - 99
Long-term Obligations
In the government-wide financial statements and the proprietary fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund-type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the
51
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
effective interest method. Bonds payable are reported net of the applicable bond premium or
discount. Bond issuance costs are expensed at the time they are incurred. In the fund financial statements, governmental fund types recognize bond issuances as an “other financing source,” as well as bond premiums and discounts. Net position restricted for debt service and for capital outlay shown in the business-type activities and in the enterprise funds are restricted pursuant to
state statute and/or local ordinance.
Deferred Outflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element represents a consumption of net assets that applies to a future period(s) and will not be recognized as an
outflow of resources (expense/expenditure) until then.
The City has three items that qualify for reporting in this category: the deferred charge on
refunding, deferred charges on pensions, and deferred charges on other post-employment benefits (OPEB) that are reported in the governmental activities statement of net position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the
refunded or refunding debt. Deferred outflows of resources are recorded with respect to pensions per GASB Statement No. 68 and OPEB per GASB Statement No. 75.
Deferred Inflows of Resources
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net assets that applies to a future period(s) and will not be recognized as an inflow of resources (revenue) until that time.
The City has four items that qualify for reporting in this category: an unamortized gain on a refunding transaction, deferred inflows related to pensions (per GASB Statement No. 68) and OPEB (per GASB Statement No. 75), and deferred inflows related to property taxes receivable. The deferred inflow related to property taxes results from property taxes that are levied prior to the
end of the fiscal year, but will not be received or legally allowed to be spent until a subsequent fiscal year.
Flow Assumptions
Net Position Flow Assumption
The City will sometimes fund outlays for a particular purpose from both restricted (e.g., restricted
bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s policy to consider restricted net position to have been
depleted before unrestricted net position is applied.
Fund Balance Flow Assumptions
The City will sometimes fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements, a flow assumption must be made about
the order in which the resources are considered to be applied. It is the government’s policy to
52
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
consider restricted fund balance to have been depleted before using any of the components of
unrestricted fund balance. Furthermore, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first followed by assigned fund balance. Unassigned fund balance is applied last.
Fund Balance Policies
Fund balance of governmental funds is reported in various categories based on the nature of any limitations requiring the use of resources for specific purposes. The government itself can establish limitations on the use of resources through either a commitment (committed fund balance) or an assignment (assigned fund balance).
• Nonspendable fund balances include items that cannot be spent. This includes activity that is not in a spendable form (inventory, long-term portions of loans, property held for resale) and activity that is legally or contractually required to remain intact, such as principal balances in a permanent fund.
• Restricted fund balances have constraints placed upon the use of the resources either by an external party such as a grantor or creditor or imposed by law through constitutional provisions or enabling legislation.
• Committed fund balances can be used only for specific purposes pursuant to constraints
imposed by a formal action by the South Bend Common Council or by the South Bend Redevelopment Commission. This formal action is the passage of an ordinance
by the Council or resolution by the Commission specifying the purposes for which the funds can be used. The same type of formal action is necessary to remove or change the
use. The South Bend Common Council is the highest level of authority for the non-TIF Funds. The South Bend Redevelopment Commission is the highest level of decision-
making authority for the TIF Funds and certain other Redevelopment Commission-controlled funds.
• Assigned fund balances include amounts that are constrained by the City's intent to be used for a specific purpose, but are neither restricted nor committed. For the governmental fund types other than the General Fund, this is the residual amount within the fund that is not restricted or committed. Currently, state statute does not require the City’s Common Council to undertake any resolution regarding the assignment of fund balances. Assignments of fund balance are imposed by informal action of the City Controller. Formal action by a governing body is not required to assign fund balances.
• The unassigned fund balance is the residual amount of the General Fund not included in the four categories above. Only the General Fund may report a positive unassigned fund balance whereas other governmental funds may need to report a negative unassigned fund balance if expenditures incurred for specific purposes exceeded the amounts restricted, committed, or assigned to those purposes.
Minimum Fund Balance Requirements
The fund balance policy proscribes the minimum fund balance as noted below. This is deemed to be the prudent amount to maintain the City's ability to meet obligations.
• General Fund: 50% of annual expenditures
• Local Income Tax-Economic Development: 50% of annual expenditures
53
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
• Water Works Operations: 5% of annual expenditures
• Wastewater Operations: 5% of annual expenditures
• Other: generally 25% of annual expenditures
The detail of the fund balance classifications of the governmental funds for the year ended
December 31, 2023 can be found in Note 16.
Revenues and Expenses / Expenditures
Property Tax Revenue
Property taxes levied are collected by the County Treasurer and are usually distributed to the City in June and in December. State statute (IC § 6-1.1-17-16) requires the Indiana Department of
Local Government Finance to establish property tax rates and levies by December 31 of the prior year. These rates are based on the taxable valuation of property as of the preceding January 1. Taxable property is assessed at 100% of the true tax value (determined in accordance with rules and regulations adopted by the Indiana Department of Local Government Finance). Taxes may
be paid in two equal installments that become delinquent if not paid by May 10 and November 10, respectively, at which time penalties and interest are assessed.
Property taxes levied not later than December 31 are recorded as a receivable at year-end, reduced by any amounts received prior to December 31 (if any) and an estimated allowance for uncollectible
property taxes with an offset to deferred inflows of resources for the same amount. Property tax revenue is recognized in the year for which the taxes are levied, subject to the available and
measurable criteria for property taxes reported in the fund financial statements.
Pension
The City offers several defined benefit pension plans to its employees. For each plan, the City
records a net pension liability for the difference between the total pension liability calculated by the actuary and the pension plan’s fiduciary net position. For the purpose of measuring net pension
liability in each plan, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the plans and
additions to/deductions from the pension plans' fiduciary net position have been determined on the same basis as they are reported by the pension plans. For this purpose, benefit payments
(including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
Net pension liability, expenses and deferred inflows and outflows of resources for each plan are allocated between governmental activities and proprietary funds based on applicable salaries
covered by each plan.
Other Postemployment Benefit Costs
The City offers post-employment healthcare benefits to retirees. For purposes of measuring the total OPEB liability in the government-wide financial statements, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense of the City of South Bend Retiree Healthcare Plan (SBRHP) have been determined on the same basis as they are reported.
OPEB liability, expense and deferred inflows and outflows of resources are allocated between governmental activities and proprietary funds based on applicable salaries.
Compensated Absences (Vacation and Sick Leave)
• Sick Leave - City employees earn sick leave at the rate of four to eight days per year, depending
54
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
upon employee classification and length of service.
o Police officers, teamsters, 40 hour-per-week firefighters, and all other employees earn eight sick days per year, regardless of tenure of service.
o Firefighters working 24-hour workdays with tenure greater than five years earn five days of sick leave per year, and firefighters working 24-hour workdays with tenure less than
five years, earn four days of sick leave per year.
o Sick leave may accumulate to a maximum 90 days for police officers, 100 days for 40-
hour-per-week firefighters, 38 days for 24-hour-per-day firefighters, 75 days for teamsters, and 65 days for all other employees.
o Accumulated sick leave is paid to firefighters and police officers upon termination of employment depending upon the number of sick leave hours transacted, at a rate of
50% to 100% of the base hourly rate of pay for firefighters and at a rate of one-half the first class patrolman rank rate of pay for police officers. Accumulated sick leave is
paid to teamster employees, upon retirement, at a rate of 50% of the employee’s base regular rate of pay.
o Sick leave buy-back during employment is paid to firefighters and police officers annually upon request. Upon request, firefighters are paid unused sick days earned
in the previous year in excess of 252 hours in the sick day bank at the base hourly rate of pay. Upon request, police officers are paid up to a maximum eight unused sick days at the first class patrolman rate of pay.
• Vacation Leave - Primary government employees earn vacation leave at rates from 10 days to 28 days based upon hire date, years of service, and employee classification.
o Vacation leave does not accumulate from year to year for police officers, firefighters, and teamster employees. Non-bargaining employees carry over to the following year unused vacation time up to a maximum of 160 hours.
o Unused vacation leave is paid to employees upon termination of employment.
o Firefighters may sell back vacation leave, up to a maximum three days per year, during selected times of the year, at the employee’s normal hourly rate of pay.
• Personal Leave
o City police officers earn personal leave at the rate of seven days per year, and have the opportunity to earn an additional three days leave with participation in regularly scheduled police practice shooting exercises. Police officers’ personal leave does
not accumulate from year to year.
o City employees under the teamster contract can use up to four days of their sick leave for personal leave. Personal leave of absence may be available for certain personal, family, and medical reasons when other forms of leave have been exhausted or otherwise not available.
o Leaves of absences are unpaid although employees may use accrued vacation, sick, and comp time. A leave of absence may not exceed 30 calendar days, however an employee facing exceptional circumstances may seek an additional 30 calendar day leave of absence subject to approval by the department and HR department. Employees who are enrolled in the City's insurance plans will be covered during the initial leave of absence, but benefit time, such as vacation and sick time, will not accrue during this period. While every effort will be made to retain employment
55
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
opportunities for an individual during this time, there is no guarantee of employment at
the completion of personal leave of absence.
• Compensatory Leave
o City firefighters can elect to receive compensation for overtime hours worked either through wage payment or compensatory time off work up to a maximum of 240 hours.
o All other non-exempt employees working overtime hours earn compensatory time off up to a maximum balance of 36 hours, after which they are paid overtime wage.
o All exempt employees working overtime hours earn compensatory time up to a maximum of 160 hours.
Unused vacation leave for all City employees, and unused sick leave and compensatory leave of firefighters, police officers, and teamsters, is accrued when incurred and reported as a liability in the statement of net position. Amounts due and payable at year end are included in the proprietary fund statements. A liability for these amounts is reported in governmental funds only for employee terminations as of year-end.
Proprietary Funds Operating Classification
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the Water and Wastewater Utility Funds, nonmajor proprietary funds, and
internal service funds are charges to customers for sales and services. Operating expenses for enterprise funds and internal service funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, deferred inflows of resources, and deferred outflows of resources, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates.
Upcoming Accounting Pronouncements
The following pronouncements issued by the GASB will be effective and/or are anticipated to be reflected in the City’s financial statements for the year ending December 31, 2024:
• GASB Statement No. 101, Compensated Absences: o Aligns and clarifies the situations in which compensated absences liabilities must be recognized and updates compensated absences disclosure requirements.
• GASB Statement No. 100, Accounting Changes and Error Corrections:
o Amends GASB Statement No. 62 to update and align requirements for reporting changes in accounting principles, changes in accounting estimates,
and changes to or within the financial reporting entity. Includes requirements for disclosures and presentation within required supplemental information.
• GASB Statement No. 99, Omnibus 2022 (for requirements related to financial guarantees
56
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 1 – Summary of Significant Accounting Policies (Continued)
and the classification and reporting of derivative instruments within the scope of Statement
53)
Note 2 – Stewardship, Compliance, and Accountability
Budgetary Information
Annual budgets are adopted on the cash basis which is not consistent with accounting principles generally accepted in the United States of America. All annual appropriations lapse at fiscal
year-end. Annual budgets are adopted for the following governmental funds.
Major governmental funds
• General Fund
• Special Revenue Funds - Park and Recreation, Local Income Tax-Public Safety, Local Income Tax-Economic Development, American Rescue Plan
• Capital Projects Fund - River West TIF
Nonmajor governmental funds:
• Special Revenue Funds - Motor Vehicle Highway, Studebaker Oliver Revitalization Grants, Economic Development State Grants, DCI Operating, DCI Federal Grants, Police State
Seizure, Gift Donation Bequest, Unsafe Building, Law Enforcement Continuing Education, Rental Units Regulation, Loss Recovery Fund, Code Enforcement, Local Road and Street, LOIT 2016 Special Distribution, Human Rights Federal Grants, COVID-19 Response, Local Road and Bridge Grant, MVH Restricted, Hazmat, Indiana River Rescue, COPS MORE Grant, Federal Drug Enforcement, Urban Development Action Grant, Leaf Collection and Removal, City Cemetery, Bowman Cemetery, Industrial Revolving Fund
• Debt Service Funds - 2003 Redevelopment Bond - Airport Taxable, 2003 Redevelopment Bond - Palais Royale, 2015 Smart Streets Bond Debt Service, 2015 Park Bond Debt
Service, 2017 Park Bond Debt Service, 2017 Eddy St. Commons Bond Debt Service, 2018 Fire Station #9 Bond Debt Service, 2018 TIF Park Bond Debt Service Reserve, 2019 South Shore Double Tracking Bond Debt Service, 2020 TIF Library Bond Debt Service Reserve, Century Center Energy Conservation Debt Service, Redevelopment Authority Debt
Service, South Bend Building Corporation Debt Service
• Capital Projects Funds – Fire Department Capital, Coveleski Stadium Capital, Cumulative Capital Development, Cumulative Capital Improvement, Major Moves, Professional Sports Convention Development Area, Morris Performing Arts Center Capital, Redevelopment General, TIF West Washington, TIF River East Development, TIF Southside Development Area No. 1, TIF Douglas Road, TIF River East Residential, Certified Technology Park, Palais Royale Historic Preservation, 2022 Zoo Bond Capital, Airport Urban Enterprise Zone, 2023 RDA Lease-Rental Bond Capital, 2017 Park Bond Capital, 2017 Eddy St. Commons Bond Capital, 2018 Fire Station #9 Bond Capital, 2018 TIF Park Bond Capital, 2021
57
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 2 – Stewardship, Compliance, and Accountability
Infrastructure Bond Capital
Note 2 – Stewardship, Compliance, and Accountability (Continued)
On or before August 31, the City Controller submits to the Common Council a proposed operating
budget for the year commencing the following January 1. Prior to adoption, the budget is advertised, and public hearings are conducted by the Common Council to obtain taxpayer
comments. Prior to November 1 of each year, the Common Council, through the passage of an ordinance, approves the budget for the next year. Copies of the budget ordinance and the
advertisement for funds for which property taxes are levied or highway use taxes are received are sent to the Indiana Department of Local Government Finance. The budget becomes legally
enacted after the City Controller receives approval of the Indiana Department of Local Government Finance.
The City's management cannot transfer budgeted appropriations between funds, departments, divisions, or cost categories (Personnel, Supplies, Services, or Capital) without approval of the
Common Council. The Department of Local Government Finance must approve any revisions to the appropriations for any controlled fund or any department of the General Fund. The legal level
of budgetary control is by fund, department, division and cost classification (Personnel, Services, Supplies, and Capital).
Budgetary Excess of Expenditures over Appropriations
Expenditures did not exceed appropriations for any funds or any departments within the General
Fund, the Parks and Recreation Fund, the Local Income Tax-Public Safety Fund, the Local Income Tax-Certified Shares Fund, the Local Income Tax-Economic Development Fund, the American
Rescue Plan Fund, or any other major or nonmajor governmental fund which required legally approved budgets.
Fund Deficits
As of December 31, 2023, the following funds reported a deficit in fund equity: Economic
Development State Grants ($134,586), and COVID-19 Response ($112,041). These funds account for a variety of grants, some of which are paid on a reimbursement basis. This, plus expenditures
awaiting a future funding source, accounts for the current fund deficit. This deficit will be repaid from future revenue.
Note 3 – Deposits and Investments
Allowable Investments
In accordance with Indiana Code 5-13-9, the City of South Bend Common Council has authorized
investment in securities backed by the full faith and credit of the United States Treasury or fully guaranteed by the United States of America and issued by the United States Treasury, a
federal agency, a federal instrumentality, or a federal government-sponsored enterprise. The maturity on these investments may not exceed five (5) years, and at least 75% of the City’s
investment portfolio must have a maturity of two (2) years or less.
In accordance with state law, the Common Council has also authorized investment in money market mutual funds that are in the form of securities of, or interest in, an open-end, no-load,
management-type investment company or investment trust registered under the provision of the federal Investment Company Act of 1940, as amended. Investments in money market mutual
58
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 3 – Deposits and Investments
funds may not exceed 50% of the funds held by the City and available for investment.
The portfolio of an investment company or investment trust used must be limited to direct obligations of the United States of America, obligations issued by the federal agency, a federal
Note 3 – Deposits and Investments (Continued)
instrumentality, or a federal government-sponsored enterprise; or repurchase agreements fully collateralized by direct obligations of the United States of America or obligations issued by a
federal agency, a federal instrumentality, or a federal government-sponsored enterprise. The form of securities of, or interest in, an investment company or investment trust must be rated as AAA, or its equivalent by Standard & Poor's Corporation or its successor or Aaa, or its equivalent, by Moody's Investors Service, Inc., or its successor. The form of securities in an investment company or investment trust should have a stated final maturity of one day.
Additionally, the City may enter into repurchase agreements with depositories designated by the State Board of Finance as depositories for state deposits involving the unit's purchase and
guaranteed resale of any interest-bearing obligations issued or fully insured or guaranteed by the United States of America, a United States of America government agency, an instrumentality of the United States of America, or a federal government-sponsored enterprise. The repurchase agreement must be fully collateralized by interest-bearing obligations as determined by their
current market value.
Finally, the City may invest in municipal securities issued by an Indiana local governmental entity, a quasi-governmental entity related to the state, or a unit of government, municipal corporation, or special taxing district in Indiana, if the issuer has not defaulted on any of the issuer's obligations within the twenty (20) years preceding the date of the purchase.
Deposit and Investment Risks
The City's cash and investments are subject to several types of risk:
Custodial Credit Risk of Bank Deposits
Custodial credit risk is the risk that in the event of a bank failure, the City's deposits may not be
returned to it. Indiana Code § 5-13-8-1 allows a political subdivision of the State of Indiana to deposit public funds in a financial institution only if that institution is a depository eligible to receive
state funds and has a principal office or branch that qualifies to receive public funds of the political subdivision.
All City bank balances are insured by either the Federal Deposit Insurance Corporation or the Public Deposit Insurance Fund, which covers all public funds held in approved depositories. As
such, the City has not formally adopted a deposit policy for custodial credit risk.
Custodial Credit Risk of Investments
Custodial credit risk is the risk that, in the event of the failure of the counterparty, the City will not be able to recover the value of its investments or collateral securities that are in the possession
of an outside party. The City does not have a policy for custodial credit risk.
At year end, $117,336,032 in U.S. Treasuries and U.S. Government Agency Securities holdings
was uninsured and unregistered, with securities held by the counterparty or by its trust department or agent but not in the City's name.
59
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 3 – Deposits and Investments (Continued)
Interest Rate Risk
Interest rate risk is the risk that the value of investments will decrease as a result of a rise in interest rates. The City must follow state statute and limit the stated final maturities of the investments to no more than five years. The City does not have a formal investment policy for interest rate risk.
At year end, the City had the following investments and maturities:
Maturity
Investment Type Fair Value Less than One Year One to Two Years More than Two Years Time Deposits $ 62,377,056 $19,152,450 $39,242,146 $ 3,982,460 U.S. Treasuries 58,422,830 44,584,850 13,837,980 - U.S. Government Agency Securities 58,913,203 39,213,460 7,207,803 12,491,940
Total $179,713,089 $102,950,760 $60,287,929 $16,474,400
Credit Risk
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. U.S. government agency securities are implicitly guaranteed by the full faith and credit of the U.S. government and are recognized as one of the safest investments available. The City does not have a formal investment policy for credit risk.
Concentration of Credit Risk
Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a single issuer. It is the City's practice to limit concentration of investments to no more than 10% of any institution's asset base. The government of the United States of America and United States of America governmental agency securities are exempt from this policy requirement.
Fair Value Measurements
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not classified in the fair value hierarchy below. In instances whereby inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The City’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.
The City has the following recurring fair value measurements as of December 31, 2023:
The fair value of Time Deposits, U.S. Treasuries, and U.S. Government Agency securities of $179,713,089 are valued using significant other observable inputs (Level 2 inputs). The City’s Level 2 holdings are valued using a matrix pricing model with inputs from prices and yields of similar fixed income holdings.
60
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 3 – Deposits and Investments (Continued)
Note 4 – Receivables
The following receivable accounts have timing and credit characteristics different from typical accounts receivable.
Loans Receivable
As of December 31, 2023, City funds recognized the following loan receivable balances. The schedule shows the total receivable and the portion that is not due within one year. These loans were for economic development projects:
Receivable Noncurrent
TIF River West $ 508,000 $ 488,000
Nonmajor governmental funds: Community investment grants 117,779 91,867 Industrial revolving fund 12,198,888 9,854,867
Total nonmajor governmental funds $ 12,316,667 $ 9,946,734
Note 5 – Net Investment in Capital Assets
The net investment in capital assets as of December 31, 2023 is calculated as follows:
Governmental Activities
Business-type Activities Total
Capital assets not subject to depreciation $40,035,182 $3,970,161 $44,005,343 Capital assets subject to depreciation - Net 250,653,552 209,229,101 459,882,653 Deferred outflows (capital related) 1,656,649 458,388 2,115,037 General obligations bonds payable-current (290,000) - (290,000) Revenue bonds payable - current (10,092,408) (6,860,000) (16,952,408) Mortgage bonds payable - current (280,000) - (280,000) Notes and loans payable - current (309,315) (26,373) (335,688) Financed purchase agreements payable-current (5,130,399) (909,744) (6,040,143) General obligations bonds payable-noncurrent (13,494,064) - (13,494,064) Revenue bonds payable - noncurrent (134,169,964) (35,919,745) (170,089,709) Mortgage bonds payable - noncurrent (3,245,391) - (3,245,391) Notes and loans payable - noncurrent (2,169,315) (144,144) (2,313,459) Financed purchase agreements payable-noncurrent (11,126,768) (2,047,261) (13,174,029) Deferred inflows (capital related) (145,913) (612,446) (758,359) Unspent debt proceeds 12,908,283 2,810,959 15,719,242 Net investment in capital assets $124,800,129 $169,948,896 $294,749,026
The business-type activities' unspent debt proceeds are financed purchase agreement proceeds, reported as restricted assets.
61
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 6 – Capital Assets
Capital asset activity of the City's governmental and business-type activities was as follows:
Governmental Activities
Governmental Activities
Balance January 1, 2023 Additions / Transfers Disposals / Transfers
Balance December 31, 2023
Capital assets, non-depreciable Land $14,496,141 $201,464 $- $14,697,605 Construction in progress 19,667,573 21,066,726 (15,396,722) 25,337,577 Total capital assets, non-depreciable 34,163,714 21,268,190 (15,396,722) 40,035,182
Capital assets, depreciable Buildings $148,814,102 $2,085,319 $(51,477) $150,847,944 Improvements other than buildings 50,031,890 5,331,316 (156,713) 55,206,493 Machinery and equipment 55,962,055 8,324,985 (711,647) 63,575,393 Roads and other infrastructure 496,419,566 13,985,760 (305,667) 510,099,659 Subtotal 751,227,613 29,727,379 (1,225,504) 779,729,489 Less accumulated depreciation for: Buildings $67,181,604 $3,976,140 $- $71,157,743 Improvements other than buildings 16,415,602 2,007,592 - 18,423,194 Machinery and equipment 44,152,792 3,561,692 (711,647) 47,002,838 Roads and other infrastructure 379,290,962 13,201,201 - 392,492,163 Subtotal 507,040,960 22,746,625 (711,647) 529,075,937
Net capital assets, depreciable 244,186,654 6,980,754 (513,857) 250,653,552 Total governmental activities capital assets, net $278,350,367 $28,248,944 $(15,910,579) $290,688,734
Business-type Activities
Business-type Activities
Balance January 1, 2023 Additions / Transfers Disposals / Transfers
Balance December 31, 2023 Capital assets, non-depreciable
Land $2,586,613 $- $- $2,586,613 Construction in progress 7,955,682 587,317 (7,159,451) 1,383,548 Total capital assets, non-depreciable 10,542,295 587,317 (7,159,451) 3,970,161 Capital assets, depreciable Buildings $90,274,609 $4,314 $- $90,278,923 Improvements other than buildings 27,112,178 49,121 - 27,161,299 Machinery and equipment 43,592,444 5 (207,000) 43,385,449 Roads and other infrastructure 243,237,499 7,319,657 - 250,557,156
Subtotal 404,216,730 7,373,097 (207,000) 411,382,827
Less accumulated depreciation for: Buildings $45,322,449 $1,952,494 $- $47,274,943 Improvements other than buildings 13,541,842 1,243,715 - 14,785,557 Machinery and equipment 31,935,079 2,768,656 (207,000) 34,496,735 Roads and other infrastructure 100,561,400 5,035,091 - 105,596,491
Subtotal 191,360,771 10,999,956 (207,000) 202,153,726
Net capital assets, depreciable 212,855,960 (3,626.859) - 209,229,101 Total business-type activities capital assets, net $223,398,254 $(3,039,542) $(7,159,451) $213,199,262
62
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 6 – Capital Assets (Continued)
Depreciation
Accumulated depreciation additions shown in the two schedules above include depreciation expense and also include accumulated depreciation on assets transferred from other funds. Depreciation
expense was charged to programs of the primary government as follows:
Governmental Activities:
General government $314,236 Public safety 3,264,776 Highways and streets, and other general infrastructure 14,418,649 Culture and recreation 497,297 Economic development 4,139,788 Internal service funds 111,880 Total governmental activities depreciation expense $22,746,625
Business-type Activities: Water 1,751,717 Wastewater 7,504,031 Century Center 951,218 Building department 9,894 Parking garages 272,023 Solid waste 511,070 Total business-type activities depreciation expense $10,999,952
Construction in Progress
The City has active construction projects at year end. As of December 31, 2023, the City's commitments with contractors are as follows:
Project Spent to Date Remaining Commitment Governmental activities: Governmental funds: Elbel Architectural $10,183 $863 2022 VPA Athletic Court Renovations 1,514,001 (746,050) 2023 Curb & Sidewalks 361,175 341,026 2023 VPA Renovations 295,479 73,493 Byers Softball 36,860 119,206 Century Center Chiller 90,797 49,128 Century Center Gate 1,586 8,415 Century Center Kitchen 53,190 56,810 Century Center Restrooms 183,371 66,629 Century Center Water 10,840 14,160 Community Crossings 1,801,128 873,892 Custom Pumper Fire Trucks 560,240 1,014,316 Eddy & Howard Street Intersection Improvements 2,237,474 177,463 Fire Station #8 Renovations 315,213 1,606,605 Four Winds Field 762,953 16,113,710 Gravity Belt 101,240 350,730
Johnson Intersection 133,275 5,795 MLK Dream Center 1,608,918 14,670,914 Monroe Circle 1,462,747 187,424 New City Hall Renovations 93,846 156,417 Notre Dame Trail 218,741 5,348,991 Paving Projects Ongoing 5,363,147 747,644 Safe Routes Schools 1,578 143,870
63
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 6 – Capital Assets (Continued)
School Zone Safety 17,924 22,818 Seitz Park Reconstruction 6,894,124 1,922,706 The Hill 445,347 304,653 VPA Splashpads 250,828 111,234 Walker Field Restrooms 33,215 1,928,337 Water/Wastewater 478,160 47,299 Total - governmental activities $ 25,337,577 $45,718,498
Business-type activities: Water Utility: Northwest Elevated Tank Improvements 1,383,548 2,141,645 1,383,548 2,141,645
Total business-type activities $1,383,548 $2,141,645
Total Construction in Progress $26,721,126 $47,860,143
Note 7 – Interfund Receivables, Payables, and Transfers
Interfund Receivables & Payables
Interfund balances resulted from the time lag between the dates that (1) interfund loans are
repaid, (2) interfund goods and services are provided or reimbursable expenditures occur, (3) transactions are recorded in the accounting system, and (4) payments between funds are made. The composition of interfund balances as of December 31, 2023 is as follows: Receivable Fund Payable Fund Amount
General Economic State Grants 79,650 Code Enforcement 11,771 Covid-19 Response 134,601 Total General 226,022 Water Utility General $3,024 Parks & Recreation 2,150 Local Income Tax-Economic Development 61
Nonmajor governmental 555 Wastewater Utility 2,331 Nonmajor enterprise 1,405 Internal service 156 Total Water Utility 9,682
Wastewater Utility General 5,923 Parks & Recreation 4,404 Local Income Tax-Economic Development 45 Nonmajor governmental 1,138 Nonmajor enterprise 2,520 Internal service 428
Total Wastewater Utility 14,458
64
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 7 – Interfund Receivables, Payables, and Transfers (Continued)
Receivable Fund Payable Fund Amount Nonmajor enterprise General 641 Parks & Recreation 544 Local Income Tax-Economic Development 54 Nonmajor governmental 117 Wastewater Utility 478 Internal service 70 Total Nonmajor enterprise 1,904
Nonmajor governmental General 13 Parks & Recreation 12 Local Income Tax-Economic Development 5 Nonmajor enterprise 3 Wastewater Utility 9 Internal service 1 Total Nonmajor governmental 43 Total $253,100
Interfund Advances
The City has made the following advances between funds:
Receivable Fund Payable Fund Amount Nonmajor governmental Nonmajor governmental $642,076 Total $642,076
The Major Moves Fund advanced funds to the TIF-River East Residential for project costs incurred
to construct roads and a parking garage.
Interfund Transfers
Interfund transfers reported in the fund financial statements are comprised of the following:
Receiving Fund Paying Fund Amount
General Fund Local Income Tax-Certified Shares 13,131,810 Nonmajor Governmental 733,333 Water Utility 1,606,468 Wastewater Utility 4,489,126 Total General Fund 19,960,737 Parks and Recreation River West TIF General Fund Nonmajor Governmental 5,341,940 8 Nonmajor governmental General Fund 4,817,405 Local Income Tax-Economic Development 8,029,012 River West TIF 4,270,800 Nonmajor Governmental 6,455,053
Total Nonmajor governmental 23,572,270 Water Utility General Fund 134,865 Wastewater Utility General Fund 201,195 Nonmajor enterprise General Fund 527,035
Grand Total 49,738,050
65
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 7 – Interfund Receivables, Payables, and Transfers (Continued)
The City typically uses transfers to fund ongoing operating subsidies into the General Fund, the Parks & Recreation Fund, and various nonmajor governmental funds.
Additionally, the City recognizes transfers of Payment in Lieu of Taxes (PILOT) payments from the Water and Wastewater utilities into the General Fund.
Note 8 – Financed Purchase Agreements
Leases as financing for purchases
The City has entered into various lease agreements as lessee for financing the purchase of various types of equipment.
Future minimum financed purchase agreement payments and present values of the net minimum payments under these financed purchase agreements as of December 31, 2023 are as follows:
Governmental Activities Total to Be Paid Principal Interest
2024 $ 5,582,753 $ 5,130,399 $ 452,354
2025 5,328,153 5,010,315 317,838
2026 3,531,656 3,363,708 167,948
2027 2,102,808 2,028,810 73,998
2028 739,562 723,935 15,627 $ 17,284,932 $ 16,257,167 $ 1,027,765 Business-Type Activities Total to Be Paid Principal Interest
2024 $ 980,623 $ 909,744 $ 70,879
2025 829,815 778,243 51,572
2026 752,584 719,791 32,794
2027 432,402 417,924 14,478
2028 133,855 131,303 2,552 $ 3,129,279 $ 2,957,005 $ 172,274
66
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 9 – Long-term Obligations
Long-Term Obligations Summary
Long-term obligations activity for the year ended December 31, 2023 is summarized as follows:
Governmental Activities
Beginning Balance Additions Reductions Ending Balance Due Within One Year Governmental activities: Bonds payable: General obligation $ 14,705,000 $ - $ (1,080,000) $ 13,625,000 $ 290,000 Less unamortized (discounts)/premiums 181,850 - (22,786) 159,064 - Net - general obligation 14,886,850 - (1,102,786) 13,784,064 290,000 Mortgage 4,485,000 - (1,035,000) 3,450,000 280,000 Less unamortized (discounts)/premiums 83,551 - (8,160) 75,391 -
Net - Mortgage 4,568,551 - (1,043,160) 3,525,391 280,000 Revenue 118,110,198 29,155,000 (9,515,131) 137,750,067 10,092,408 Less unamortized (discounts)/premiums 3,381,919 3,943,353 (812,967) 6,512,305 - Net - Revenue 121,492,117 33,098,353 (10,328,098) 144,262,372 10,092,408 Total bonds payable 140,947,518 33,098,353 (12,474,044) 161,571,827 10,662,408 Notes from direct borrowings payable 2,781,851 - (303,221) 2,478,630 309,315 Financed purchase agreements 14,679,571 6,930,647 (5,353,051) 16,257,167 5,130,399 Subtotal 158,408,940 40,029,000 (18,130,316) 180,307,624 16,102,121 Accumulated compensated absences 4,985,725 5,545,109 (4,985,725) 5,545,109 5,545,109 Net pension liability 134,934,558 13,131,386 - 148,065,944 - Total other post-employment benefits (OPEB) liability 22,811,289 231,663 - 23,042,952 - Total governmental activities $321,140,512 $58,937,158 $(23,116,041) $356,961,629 $21,647,231
Business-type Activities
Beginning Balance Additions Reductions Ending Balance Due Within One Year Business-type activities: Bonds payable: Revenue $48,165,000 $ - $(7,440,000) $40,725,000 $6,860,000 Less unamortized (discounts)/premiums 2,473,747 - (419,002) 2,054,745 - Net - revenue 50,638,747 - (7,859,002) 42,779,745 6,860,000
Financed purchase agreements 2,590,360 1,225,000 (858,355) 2,957,005 909,744 Notes from direct borrowings payable 196,030 - (25,513) 170,517 26,373 Subtotal 53,425,137 1,225,000 (8,742,870) 45,907,267 7,796,117 Accumulated compensated absences 182,802 170,552 (182,802) 170,552 170,552 Net pension liability 5,903,385 403,544 - 6,306,929 - Total other post-employment benefits (OPEB) liability 2,828,952 1,185,555 - 4,014,507 -
Total business-type activities $62,340,276 $2,984,651 $(8,925,672) $56,399,255 $7,966,669
Total interest expense for the year was $7,060,561. The City does not have any unused lines of credit.
67
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 9 – Long-term Obligations (Continued)
Revenue Bonds
The City issues bonds to provide for the acquisition and construction of major capital facilities. Revenue bonds involve a pledge of specific income derived from the acquired or constructed assets and to pay debt service.
Utility Revenue Bonds
The City has pledged future revenue, net of operating expenses, to repay water and wastewater utilities' bonds. Bond ordinances require monthly deposits of a portion of user fee revenue sufficient to meet requirements of the next principal, interest, and bank fiscal charge payment. Water and wastewater bond ordinances also require monthly deposits of user fee revenues over 60 months to produce a bond reserve equal to approximately the maximum annual debt service.
During 2023, the Water Utility paid $1,400,474 in debt payments or approximately 6.38% of operating revenue. The Wastewater Utility paid $7,494,540 in debt payments or approximately 16.75% of operating revenue.
Other Revenue Bonds
The City has pledged tax incremental financing revenue to meet tax incremental financing and Redevelopment Authority debt requirements.
Mortgage Bonds
The City issues bonds to provide for the acquisition and construction of major capital facilities. Bondholders of mortgage bonds have a claim on the real assets constructed or acquired with the
bond proceeds, which the City puts up as collateral for the bond.
The City has pledged assets as collateral in each of the mortgage bonds issued below.
Collateralized assets include the Central Police Station and Central Fire Station, and the City’s Fire Training Center.
Events of Default
The bonds and direct borrowings of the City contain significant consequences for default. Default on the City’s long-term debt is generally defined as one of the following: 1) Failure of the City to
make payment on the due date; 2) Declaration of bankruptcy or insolvency by the City; 3) In the case of revenue bonds, the failure to apply collected pledged revenues; 4) In the case of mortgage bonds or revenue bonds secured by a leased asset, the placement of a lien on the underlying asset.
Nearly all of the City’s bonds and direct borrowings contain a provision that, in the event of a default,
the outstanding principal and any outstanding interest of the debt become immediately due. The events of default are specific and enumerated in each of the provisions – none of the City’s bonds or direct borrowings contain a subjective acceleration clause.
68
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Bonds Outstanding as of December 31, 2023
Purpose
Outstanding 12/31/2023
Governmental Activities
General Obligation Bonds
South Bend Park District Bonds, Series 2017(A-K)
- Interest rates 3% - 3.25%
- Original issue $14,075,000
- Installments of $350,000 to $580,000 plus interest
- Maturity January 15, 2033 9,650,000
General Obligation Bonds, Series 2018 (Fire Station #9)
- Interest rates 3% - 3.25%
- Original issue $5,045,000
- Installments of $75,000 to $170,000 plus interest
- Maturity January 15, 2038 3,975,000
Total General Obligation Bonds $ 13,625,000
Mortgage Bonds
Building Corporation First Mortgage Revenue Bonds, Series 2013
- Original issue $5,580,000
- Installments of $215,000 to $425,000 plus interest
- Maturity February 1, 2033 3,450,000
Total Governmental Mortgage Bonds $ 3,450,000
Revenue Bonds
Indiana Bond Bank Special Program Bonds, Series 2011A (TIF A)
- Interest rates 4% - 5.2%
- Original issue $18,030,000
- Installments of $260,000 to $935,000 plus interest
- Maturity August 1, 2024 1,845,000
Indiana Bond Bank Special Program Bonds, Series 2011A (TIF B)
- Interest rates 4% - 5.2%
- Original issue $10,435,000
- Installments of $254,036 to $530,000 plus interest
- Maturity August 1, 2024 1,050,000
South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2015 (Refunding 2008) - Interest rates 2% - 5%
- Original issue $31,450,000
- Installments of $650,000 to $1,210,000 plus interest
- Maturity February 15, 2033 19,765,000
South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds, Series 2013 - Interest rates 2% - 4%
- Original issue $3,990,000
- Installments of $160,000 to $375,000 plus interest *
- Maturity May 1, 2026 895,000 2014 St. Joseph County PSAP (EDIT) Revenue Bonds
- City's portion of $9.155M bond (29.03%)
- Interest rates 2% - 3.625%
- Original issue $2,657,697
- Maturity December 31, 2034 1,605,067
69
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 9 – Long-term Obligations (Continued)
South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2015 (Smart Streets Project) - Interest rates 3% - 4%
- Original issue $25,000,000
- Installments of $460,000 to $840,000 plus interest
- Maturity February 1, 2037 18,450,000
Economic Development Income Tax Bonds of 2015 (Parks Projects) - Interest rates 3% - 3.75%
- Original issue $5,605,000
- Installments of $16,667 to $65,000 plus interest
- Maturity August 1, 2035 3,840,000
Taxable Economic Development Revenue Bonds, Series 2017 (Eddy Street Phase II) - Interest rate 5%
- Original issue $25,000,000
- Installments of $628,472 to $1,834,750 plus interest
- Maturity February 15, 2037 22,825,000
Redevelopment District Bonds, Series 2018 (Parks Projects)
- Interest rates 2% - 3%
- Original issue $11,995,000
- Installments of $405,000 to $490,000 plus interest
- Maturity February 1, 2033 8,140,000
Economic Development Revenue Bonds, Series 2018 (Potawatomi Zoo Project) - Interest rates 4% - 5%
- Original issue $3,440,000
- Installments of $25,000 to $155,000 plus interest
- Maturity February 1, 2034 2,610,000
South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2019 (Double Tracking Project) - Interest rate 5%
- Original issue $7,985,000
- Installments of $270,000 to $500,000 plus interest
- Maturity February 1, 2030 5,660,000
2020 Taxable Economic Development Tax Increment Revenue Bonds (Library Project) - Interest rates 2% - 3%
- Original issue $4,225,000
- Installments of $75,000 to $160,000 plus interest
- Maturity February 1, 2037 3,705,000
2021 Building Corporation LIT Lease Rental Revenue Bonds (Infrastructure Projects) - Interest rates 3% - 4%
- Original issue $7,610,000
- Installments of $150,000 to $315,000 plus interest
- Maturity August 1, 2036 6,725,000
South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2022 (Morris PAC Project) - Interest rates 3% - 3.125%
- Original issue $6,395,000
- Installments of $190,000 to $365,000 plus interest
- Maturity February 1, 2046 6,100,000
Economic Development Lease Rental Revenue Bonds, Series 2022 (Potawatomi Zoo Project) - Interest rates 2% - 4%
- Original issue $5,715,000
- Installments of $215,000 to $365,000 plus interest
70
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 9 – Long-term Obligations (Continued)
- Maturity February 1, 2042 5,380,000
Redevelopment Authority Lease Rental Revenue Bonds, Series A of 2023 - Interest rates 2% - 4% - Original issue $29,155,000 - Installments of $110,000 to $1,530,000 plus interest - Maturity February 1, 2041 29,155,000 Total Governmental Revenue Bonds $ 137,750,067
Total Governmental Activities $ 154,825,067
Business-Type Activities
Revenue Bonds
Amended Water Works Revenue Bonds of 2009, Series B
- Interest rates 5.41% to 5.89%
- Original issue $2,814,256.87
- Installments of $124,257 to $455,000 plus interest
- Maturity January 1, 2030 2,365,000
Sewage Works 2020 Refunding Revenue Bonds (Refunding 2010)
- Interest rates 4%
- Original issue $4,830,000
- Installments of $150,000 to $555,000 plus interest
- Maturity December 1, 2030 3,465,000
Water Works Revenue Bonds of 2012
- Interest rates 2% - 3.7%
- Original issue $8,300,000
- Installments of $340,000 to $540,000 plus interest
- Maturity January 1, 2033 4,280,000
Sewage Works Revenue Bonds Series 2012
- Interest rates 2% - 2.75%
- Original issue $25,000,000
- Installments of $1,105,000 to $1,650,000 plus interest
- Maturity December 1, 2032 12,985,000
Sewage Works Refunding Revenue Bonds of 2013A
- Interest rate 1.94%
- Original issue $14,765,000
- Installments of $715,000 to $1,065,000 plus interest
- Maturity December 1, 2024 715,000
Sewage Works Refunding Revenue Bonds of 2015
- Interest rate 2%
- Original issue $27,440,000
- Installments of $2,475,000 to $3,025,000 plus interest
- Maturity December 1, 2025 5,990,000
Water Works Refunding Revenue Bonds of 2016
- Interest rate 3%
- Original issue $3,300,000
- Installments of $260,000 to $440,000 plus interest
- Maturity January 1, 2027 930,000
71
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 9 – Long-term Obligations (Continued)
Sewage Works Refunding Revenue Bonds of 2021
- Interest rates 2% - 5%
- Original issue $12,450,000
- Installments of $1,160,000 to $1,310,000 plus interest
- Maturity December 1, 2031 9,995,000
Total Business-Type Revenue Bonds $ 40,725,000
Total Business-Type Activities $ 40,725,000
Notes from Direct Borrowings and Direct Placements
Purpose Outstanding 12/31/2023
Governmental Activities
2015 Century Center Energy Conservation Bond
Interest rates: 3.5%
Original issue: $4,167,897
Installments of $22,585 to $176,508 plus interest
Maturity: May 1, 2031 $ 2,478,630
Total governmental activities $ 2,478,630
Business-type Activities
2009 Water Works State Revolving Loan
Interest rate: 3.37%
Original issue: $427,332
Installments of $17,719 to $29,459 plus interest
Maturity: January 1, 2030 $ 170,517
Total business-type activities $ 170,517
Other Long-term Liabilities
Compensated absences for governmental activities typically have been liquidated from the General Fund and special revenue funds. All of the December 31, 2023 compensated absences liabilities are due within one year.
The net 1925 Police and 1937 Firefighters' pension liability will be liquidated from the pension trust funds. The Public Employees' Retirement Fund (PERF) liability will not be liquidated from the pension trust funds.
The total OPEB obligation will be liquidated from the General Fund.
72
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 9 – Long-term Obligations (Continued)
Debt Service Requirements to Maturity
Annual debt service requirements to maturity for the above obligations are as follows:
Bonds (General Obligation, Revenue, and Mortgage)
Governmental Activities Business-type Activities Year Ending December 31 Principal Interest Total Principal Interest Total
2024 $10,662,408 $6,042,693 $17,525,101 $ 6,860,000 $ 1,248,974 $ 8.108.974
2025 10,271,766 5,590,900 15,042,665 7,310,000 1,065,979 8,175,979
2026 10,351,120 5,206,666 15,557,786 4,225,000 877,903 5,102,903
2027 10,709,023 4,780,648 15,489,671 4,055,000 741,465 4,796,465
2028 11,243,378 4,387,008 15,630,386 4,160,000 608,603 4,768,603
2029-2033 59,689,948 15,216,249 74,906,196 13,535,000 1,048,557 14,583,557
2034-2038 37,204,505 4,507,093 41,711,597 - - -
2039-2043 3,635,000 401,119 4,036,119 - - -
2044-2048 1,057,921 42,656 942,656 - - -
Totals $154,825,067 $46,175,032 $201,000,099 $40,145,000 $ 5,591,481 $45.736.481
Notes from Direct Borrowings
Governmental Activities Business-type Activities Year Ending December 31 Principal Interest Total Principal Interest Total
2024 $309,315 $84,073 $393,388 $26,373 $5,746 $32,119
2025 315,561 73,193 388,754 27,262 4,858 32,120
2026 321,964 62,093 384,057 28,181 3,939 32,120
2027 328,529 50,767 379,296 29,130 2,989 32,119
2028 335,259 39,210 374,469 30,112 2,008 32,120
2029-2033 868,002 45,886 913,888 29,459 993 30,452
Totals $2,478,630 $355,221 $2,833,851 $170,517 $20,533 $191,050
Note 10 – Restricted Assets
As of December 31, 2023, the balances of restricted assets in the enterprise funds are comprised of the following:
Water Wastewater
Nonmajor Enterprise
Total Enterprise Funds
Payroll taxes/benefits payable $167,703 $235,189 $106,903 $509,795
Customer repair and deposit 1,342,137 3,193,917 - 4,536,054
Cash with fiscal agent - - 2,810,959 2,810,959
Bond reserve 1,470,040 3,871,800 - 5,341,840
Operating reserve 3,007,946 5,731,458 - 8,739,404
Capital outlay 2,665,897 4,406,002 1,454,939 8,526,838
Total restricted assets $8,653,723 $17,438,366 $4,372,801 $30,464,890
73
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 11 – Property Held for Resale
The City's Redevelopment Commission has purchased properties in blighted areas for redevelopment and subsequent resale. As of December 31, 2023, the market value of these properties is not known. These properties are recognized as assets in the funds that purchased the property. In the General Fund, the proceeds from the sale of these assets are not expected to have internal or external restrictions on use,and are thus classified as nonspendable fund balance. In all other funds, proceeds from the sale of assets is expected to have internal or external restrictions and, thus, property held for resale in funds other than the General Fund is classified as restricted, committed, or assigned fund balance.
Note 12 – Service Concession Arrangement
On July 1, 2013, the City entered into a Service Concession Agreement (SCA) with SMG, a civic center management company, with the purpose of obtaining high-quality professional management of the Century Center. On October 1, 2019, SMG merged with AEG Facilities to form a new company, ASM Global.
The initial term of the contract extended through June 30, 2016 and has been extended three times to now be through December 31, 2023. ASM Global’s compensation is a flat fee of $135,000 for the first year and is then adjusted by the CPI (Consumer Price Index) for each successive year.
There are also additional financial incentives based on various operational goals. ASM Global is responsible for all operations and financial reporting. Additionally, ASM Global contributed a one-time capital infusion of $575,000, to be used for capital improvement that was amortized over seventy-two (72) months and is fully amortized as of December 31, 2023. No other assets or liabilities or deferred inflows of resources are remaining on the financial statements related to this SCA. Both parties retain certain rights regarding operations and contract cessation.
Note 13 – Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; job-related illnesses or injuries to employees; medical benefits
provided to employees, retirees, and dependents; and natural disasters. Theft of, damage to, and destruction of assets; errors and omissions; and natural disasters are covered by commercial insurance from independent third parties. Settled claims from these risks did not exceed commercial insurance coverage in 2021, 2022, or 2023. There were no significant
reductions in insurance by major category of risk.
Liability Insurance
The City has chosen to establish a risk financing fund for risks associated with job-related illnesses or injuries to employees, automobile liability, and comprehensive liability. The risk
financing fund is accounted for in the Liability Insurance Premium Reserve Fund, an internal service fund, whereby assets are set aside for claim settlements.
Excess policies through commercial insurance covers individual claims in excess of $400,000 per claim for job-related illnesses or injuries to employees (workers' compensation) and claims
for damage to and destruction of assets (property damage) with various self-retention amounts.
74
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 13 – Risk Management (Continued)
In recent years, no claims resulting from property damage exceeded the property insurance self-retention amount. A premium is charged to each fund based on a study of paid claims and based on the number of employees and percent of the total budget. Provisions are also made for unexpected and unusual claims.
Claim expenditures and liabilities of the fund are reported when it is probable that a loss has occurred, and the amount of the loss can be reasonably estimated. These losses include an estimate of claims that have been incurred but not reported (IBNRs).
Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amounts of payouts, and other economic and social factors. The entire insurance liability balance is reported as a current liability as the City has the intent to pay within one year.
Group Health Insurance
The City has chosen to establish a risk financing fund for risks associated with medical benefits of employees and their covered dependents. The risk financing fund is accounted for in the Self-Funded Employee Benefits Fund, an internal service fund, whereby assets are set aside for benefit costs.
An excess policy through commercial insurance covers individual claims in excess of $300,000 per year. Claims resulting from this risk exceeded the self-retention amount during and 2021 by $464,747. No claims exceeded the self-retention amount during 2022 or 2023.
A premium is charged to each fund based on the number of employees and estimated costs exceeding the employees' contributions. Provisions are also made for unexpected and unusual claims. Claim expenditures and liabilities of the fund are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. These losses include an estimate of claims that have been incurred but not reported (IBNRs).
Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amounts of payouts, and other economic and social factors. Changes in the estimated liability for the past two fiscal years were as follows:
Liability Insurance Group Health
2023 2022 2023 2022
Unpaid claims - Beginning of year $3,512,330 $3,151,622 $1,073,788 $849,384 Incurred claims, including claims incurred but not reported 2,633,062 1,928,796 16,560,413 16,026,896
Claim payments (1,346,212) (1,568,088) (16,497,171) (15,802,492)
Unpaid claims - End of year $4,799,180 $3,512,330 $1,137,030 $1,073,788
Note 14 – Subsequent Events
On March 28, 2024, the South Bend Redevelopment Commission approved a deal for the development of the “Madison Lifestyle District” in conjunction with Beacon Health System and Great Lakes Capital. This development deal utilizes $24 million in City bond funding, $12 million in state READI grant funding, and over $100 million in private investment. The City additionally purchased a building from Beacon Health System for $4 million. On May 15, 2024 the City issued revenue bonds through the Indiana Finance Authority’s State Revolving Fund (SRF) for the Water Works Department in the amount of
75
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 14 – Subsequent Events
$14,643,500. Proceeds will be used for treatment plant improvements, the distribution system improvements, and replacing lead line service lines in portions of the City. On June 12, 2024, the South Bend Redevelopment Commission issued $44,860,000 in lease rental revenue bonds for renovations and improvements to Four Winds Field at Coveleski Stadium. The bond proceeds will be used to renovating and improvements to modernize the existing stadium infrastructure, adding a full second level above the existing facility, renovating the primary seating areas and suites, adding a new 20,000 square foot, four-story club and event space building, and adding a new playground and splash pad with additional improvements including, without limitation, additional restrooms, additional circulation space, updated retail and concessions areas, and a new improved entrance for the purpose of increasing the Stadium’s capacity and providing for increased future success.
Note 15 – Conduit Debt Obligations
From time to time, the City has issued conduit debt obligations to provide financial assistance to private sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The bonds are secured by private sector revenue sources or by the underlying assets constructed with the bond proceeds, and are not secured by any asset or revenue source of the City, nor by the full faith and credit of the City.
Neither the City, the State, nor any political subdivision thereof is obligated in any manner for the repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of December 31, 2023, there were five series of conduit debt obligations outstanding:
Issue Description Issue Date Maturity Date Original Issue Amount
Estimated Amt Outstanding (12/31/2023) PEI/GENESIS Project 1/30/2007 4/1/2033 $ 8,105,000 $ 4,520,000 Erskine Commons Project 2/8/2006 2/1/2025 2,440,000 315,000 Stanley Clark School Project 12/9/2005 11/1/2030 15,000,000 6,585,000 Erskine Village Project 4/19/2005 2/1/2027 5,485,000 1,695,000 Southfield Village Project 5/1/1999 11/15/2029 17,665,000 7,420,000 $ 48,695,000 $ 20,535,000
Note 16 – Fund Balance Constraints
The detail of the various components of fund balance is as follows:
General Fund Parks and Recreation
Local Income Tax Public Safety
Local Income Tax Economic Development American Rescue Plan River West TIF Nonmajor Funds Total Fund Balances Nonspendable Advances to other funds $- $- $- $- $- $- $642,076 $642,076 Inventory - 26,893 - - - - - 26,893 Property held for resale 175,000 - - - - - - 175,000 Total Nonspendable 175,000 26,893 - - - - 642,076 843,969 Restricted Debt service - - 11,149,383 11,149,383 General administration - - 933,289 5,024,021 4,713,293 Police and fire salaries - - 6,148,468 - 6,148,468 Police and fire programs - - 1,447,693 1,447,693 Street maintenance - - 6,981,556 6,981,556 Economic development - - 38,331,179 60,804,130 99,135,309 Parks maintenance - 7,936,805 6,618,912 14,555,717 Public safety capital - - 328,772 328,772 Cultural capital projects - - 29,660,463 29,660,463 Street capital projects - - 3,153,979 3,153,979 Total Restricted - 7,936,805 6,148,468 - 933,289 38,331,179 125,168,909 178,518,650
76
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 16 – Fund Balance Constraints
Committed General administration - 3,287,090 3,287,0090 Street capital projects - - - Police and fire programs - 34,491 34,491 Economic development - 3,651,486 3,651,486 Cultural capital - 771,967 771,967 Total Committed - - - - - - 7,745,034 7,745,034 Assigned General administration - 26,305,793 - 26,305,793 Police and fire programs - - - Street maintenance - 513,274 513,274 Economic development - 243,395 243,395 Cultural projects - - - Total Assigned - - - 26,305,793 - - 756,669 27,062,462 Unassigned 102,130,370 (246,627) 101,883,743
Total fund balances 102,305,370 7,963,698 6,148,468 26,305,793 933,289 38,331,179 134,066,061 316,053,858
Note 16 – Fund Balance Constraints (Continued)
Local Income Tax-Public Safety funds are primarily restricted for payment of police and fire personnel. Parks and Recreation funds are restricted primarily for parks and recreation operating
costs, including personnel. The Local Income Tax-Economic Development fund is assigned to general government primarily for debt service payments and operating expenses. River West
TIF and Redevelopment Authority Debt Service are restricted for economic development projects and debt service. The government-wide statement of net position reports restricted net
position for debt service and capital outlay, which is restricted by enabling legislation.
Note 17 – Other Postemployment Benefits
Plan Description
The City of South Bend Retiree Healthcare Plan (SBRHP) is a single-employer defined benefit healthcare plan administered by the City of South Bend, Department of Administration and Finance,
through the City's self-insurance fund. Indiana Code section 5-10-8 gives the unit the authority to establish and amend the plan. No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement 75. Namely, employer contributions to the OPEB plan are not irrevocable, nor are any plan assets legally protected from creditors.
The City issues a publicly available financial report that includes financial statements and required supplementary information for the plan. The report is available by contacting the City Controller's office: 227 West Jefferson Blvd., Suite 1200N, South Bend, IN 46601, Phone: (574) 235-9216.
Benefits Provided and Funding Policy
SBRHP provides for medical insurance benefits to eligible retirees and their spouses. Police
officers and firefighters are eligible for retiree health coverage once they attain age 50 with 20 years of service. General employees are eligible for retiree health coverage upon satisfaction of:
• Rule of 85 and age 55; or
• Age 65 with 10 years of service; or
• Age 60 with 15 years of service
Health care coverage ceases when the retiree or dependent reaches age 65. The contribution
requirements of plan members for SBRHP are established and can be amended by the City's
77
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 17 – Other Postemployment Benefits
Common Council. The required contribution is based on projected "pay-as-you-go" financing requirements. For the year ended December 31, 2023, the City contributed $1,175,200 to the plan for current premiums.
Police and fire members receiving benefits contributed approximately 35.9% of the total premiums through their required contribution of $223 per month for retiree-only coverage in the PPO plan and $141 per month for retiree-only coverage for the HSA plan. Additionally, police and fire members contributed approximately 40.9% of the total premiums through their required contribution of $699 for retiree and spouse coverage in the PPO plan and $420 per month for retiree and spouse coverage in the HSA plan.
General employee members receiving benefits contributed 100% of the total premiums through their required contribution of $648.51 and $611.99 per month for retiree-only coverage and $1,709.30 and $1,592.10 for retiree and spouse coverage for the PPO and HSA plans, respectively.
Note 17 – Other Postemployment Benefits (Continued)
Employees Covered by Benefit Terms
At December 31, 2023, the following employees were covered by the benefit terms:
Active employees with coverage 979
Active employees without coverage 96
Retirees 98
Total 1,173
Total OPEB Liability
The City’s total OPEB liability of $27,057,459 was measured as of December 31, 2023, as determined by an actuarial valuation as of that date.
Actuarial Assumptions and Other Inputs
The total OPEB liability in the December 31, 2023 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified:
Inflation 2.25% per year
Salary increases 2.65%, average, including inflation
Discount rate 4.31% as of December 31, 2022 and 4.00% as of December 31, 2023
Healthcare cost trend rates 8.0% for 2023, decreasing 0.5% per year to an ultimate rate of 4.5% for 2032 and later years
Retirees' share of benefit-related costs approximately 35.5% for projected health insurance premiums for retirees and approximately 40.4% for retiree and spouse
The discount rate was based on a yield for 20-year tax-exempt general obligation municipal bonds
78
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 17 – Other Postemployment Benefits (Continued)
with an average rating of AA/Aa or higher (or equivalent quality on another rating scale).
Mortality assumptions are set to reflect general population trends based upon Pub-2010 Mortality tables and the most recent generational projection scale MP-2021 released by the Society of Actuaries (SOA) for future mortality improvement.
The actuarial assumptions used in the December 31, 2023 valuation were based on the results of an actuarial experience study for the year ending December 31, 2007.
The healthcare coverage election rate was 65% for active police and fire with current coverage, 40% for active general employees with current coverage, and 0% for active employees with no coverage.
Changes in the Total OPEB Liability
Total OPEB Liability
Total OPEB Liability as of January 1, 2023 $ 25,640,240
Changes for the year: Service cost 1,010,471 Interest 1,123,587 Changes in benefit terms - Differences between expected and actual experience (1,533,821) Changes in assumptions or other inputs 1,992,181 Benefit payments (1,175,200)
Net changes 1,417,218
Total OPEB Liability as of December 31, 2023 $ 27,057,459
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The following presents the total OPEB liability of the City as of December 31, 2023, as well as what the City’s total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (3.00%) or 1-percentage-point higher (5.00%) than the current discount rate:
1% Decrease Discount Rate 1% Increase
(3.00%) (4.00%) (5.00%)
Total OPEB Liability 29,486,096 27,057,459 24,852,998
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates
The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1- percentage-point
lower (7.0% decreasing to 3.5%) or 1-percentage-point higher (9.0% decreasing to 5.5%) than the current healthcare cost trend rate:
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City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 17 – Other Postemployment Benefits (Continued)
Healthcare 1% Decrease Cost Trend 1% Increase
(7.0% Rates (8.0% (9.0%
decreasing decreasing decreasing
to 3.5%) to 4.5%) to 5.5%) Total OPEB Liability 24,071,428 27,057,459 30,581,115
Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended December 31, 2023, the City recognized OPEB expense of $1,286,787. As of December 31, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Difference between expected and actual experience $ 2,066,248 $ (4,690,908)
Changes in assumptions or other inputs 5,092,030 (7,623,148)
Total $ 7,158,278 $ (12,314,056)
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
Year ended December 31: Amount
2024 (847,271)
2025 (847,271)
2026 (847,271)
2027 (847,271)
2028 (847,271)
Thereafter (919,423)
Note 18 – Pension Plans
Plan Descriptions
Public Employees' Retirement Fund (PERF)
The Public Employees' Retirement Fund, a cost-sharing multiple-employer defined benefit pension plan, administered by the Indiana Public Employees' Retirement Plan (INPRS) Board, provides pensions for all full-time employees other than police officers and firefighters, who are covered under the 1977 Police Officers' and Firefighters' Pension and Disability Fund. The pension system issues a publicly available financial report that can be obtained at http://www.inprs.in.gov.
1977 Police Officers' and Firefighters' Pension and Disability Fund
The 1977 Police Officers' and Firefighters' Pension and Disability Fund, a cost-sharing multiple-employer defined benefit pension plan administered by the Indiana Public Employees' Retirement
Plan (INPRS) Board, provides pensions for all police officers and firefighters hired after April 30, 1977. The pension system issues a publicly available financial report that can be obtained at http://www.inprs.in.gov.
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City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans
1925 Police Officers' Pension Plan
The City contributes to the 1925 Police Officers' Pension Plan, a single-employer defined benefit pension plan administered by the local pension board as authorized by state statute (IC 36-8-6). The financial statements of the plan are included in these financial statements as a pension and other employee benefit trust fund (a fiduciary fund).
Management of the 1925 Police Officers' Pension plan is vested in the pension board, which consists of nine members - six elected by plan members, the Mayor, the Chief of Police, and the City Controller. The pension plan is closed to new entrants.
1937 Firefighters' Pension Plan
The City contributes to the 1937 Firefighters' Pension Plan, a single-employer defined benefit pension plan administered by the 1937 Firefighters' Pension Plan Board as authorized by state
statute (IC 36-8-7). The financial statements of the plan are included in these financial statements as a pension and other employee benefit trust fund (a fiduciary fund). Management of the 1937
Firefighters' Pension Plan is vested in the pension board. The pension plan is closed to new entrants.
Note 18 – Pension Plans (Continued)
Benefits Provided
Public Employees' Retirement Fund (PERF)
These plans provide retirement, disability and survivor benefits for public employees not covered
by the 1977 Police Officers’ and Firefighters’ Pension and Disability Fund. The Indiana Code, Title 5, Articles 10.2 and 10.3, as amended only by the Indiana General Assembly, identifies the benefit
provisions and establishes the authority under which members and employers are obligated to contribute to the plan. The City of South Bend participates in two different plans for non-Public
Safety positions: the PERF Hybrid Plan and the My Choice Retirement Savings Plan.
• PERF Hybrid Plan: PERF Hybrid consists of two components: a monthly, employer-funded defined benefit component and a member-funded defined contribution account. For the defined
benefit component, retirement benefits for employees are calculated as years of credible service times the average highest 20 quarters of salary times 1.1%. Normal retirement ages
are age 65 and 10 years (eight years for certain elected officials) of creditable service, age 60 and 15 years of creditable service, and age 55 if age and creditable service total at least 85,
with early retirement at 50 with 15 years of service. Vesting period is 10 years. Benefit terms provide for annual cost of living adjustments to each employee's retirement allowance
subsequent to the employee's retirement date. The annual adjustments are granted by the Indiana General Assembly on an ad hoc basis. For the defined contribution component of the
Hybrid plan, an employee who leaves service may withdraw his or her Annuity Savings Account contributions, plus any accumulated interest.
• My Choice Retirement Savings Plan: Defined contribution plan with no defined benefit for employee. Employee contributions are fully vested upon hire, employer contributions to employee account are vested based upon full years of participation (20% per year – 5 full years for 100% vesting).
1977 Police Officers' and Firefighters' Pension and Disability Fund
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City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans (Continued)
The plan provides retirement, disability, and death benefits. Benefit terms are established and
amended by State legislative action. Annual retirement benefits for employees are calculated as 50% of first-class salary for 20 years of service plus 1% for each six months of active service over 20 years up to a maximum of 12 years (for a total of 32 years of service and 74% of salary). Normal retirement age is 52 with 20 years of service, with early retirement at age 50.
Employees are eligible for non-duty disability benefits after five years of service and for duty related disability benefits upon hire. Disability retirement benefits are based on the severity with a catastrophic disability receiving 100% of salary and less severity receiving lesser amounts ranging down to 35% of salary.
Death benefits equal the benefit which would have been payable to a beneficiary if the member had retired at age 50 or at death, whichever is later, under an effective election of the joint and survivor option available for retirement benefits.
An employee who leaves service may withdraw his or her contributions, plus any accumulated interest. Benefit terms provide for annual cost-of-living adjustments to each employee’s retirement allowance subsequent to the employee’s retirement date. The annual adjustments are determined by statue equal to the change in the Consumer Price Index but not in excess of a 3% increase.
1925 Police Officers' Pension Plan
The plan provides retirement, disability, and death benefits to plan members and beneficiaries. The
plan was established by a plan administrator, as provided by state statute. The financial statements of the plan are included in these financial statements as a pension trust fund (a fiduciary fund).
1937 Firefighters' Pension Plan
The plan provides retirement, disability, and death benefits to plan members and beneficiaries. The plan was established by a plan administrator, as provided by state statute. The financial statements of the plan are included in these financial statements as a pension trust fund (a fiduciary fund).
Employees Covered by Benefit Terms
The following members were covered by the benefit terms:
1925 Police Officer’s Pension Plan 1937 Firefighters’ Pension Plan Date of member count December 31, 2023 December 31, 2023 Inactive plan members or beneficiaries currently receiving benefits 170 120 Active plan members 0 1
Total employees covered by the plan 170 127
Contributions
Public Employees' Retirement Fund
Per Indiana Code, Title 5, Articles 10.2 and 10.3, the contribution requirements of the active employees and the participating employers are established and may be amended by the INPRS Board based on recommendations by the INPRS actuary. Employees are required to contribute 3% of their annual pay. The City’s contractually required contribution rate for the year ended
82
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans (Continued)
December 31, 2023 was 11.2% of annual payroll for the PERF Hybrid plan and 10% of annual payroll for the MyChoice Plan. Contributions to the plan from the City were $3,984,321 for the year ended December 31, 2023.
1977 Police Officers' and Firefighters' Pension and Disability Fund
Per Indiana State statute (IC 36-8-8 and IC 36-8-8.5), the contribution requirements of the active employees and the participating employers are established and may be amended by the INPRS Board based on recommendations by the INPRS actuary. Employees are required to contribute 6% of their annual pay. The City’s contractually required contribution rate for the year ended December 31, 2023 was 18% of annual payroll. Contributions to the plan from the City were $6,438,186 for the year ended December 31, 2023.
1925 Police Officers' Pension Plan
Plan members are required by state statute (IC § 36-8-6-4) to contribute an amount equal to 6% of the salary of a first class patrolman. The contribution requirements of plan members are established by state statute. The City's annual pension cost and related information, as provided by the actuary, is presented in this note. The net pension liability (NPL) is considered an obligation of the City and is reflected in the statement of net position. The State of Indiana is required by statute to reimburse the City for benefits paid and has contributed $5,981,246 during 2023 on behalf of the City. The City has recognized these on behalf payments as intergovernmental revenue and public safety expenditures in the General Fund.
1937 Firefighters' Pension Plan
Plan members are required by state statute (IC § 36-8-7-8) to contribute an amount equal to 6% of the salary of a first-class firefighter. The contribution requirements of plan members are established by state statute. The City's annual pension cost and related information, as provided by the actuary, is presented in this note. The net pension liability (NPL) is considered an obligation of the City and is reflected in the statement of net position. The State of Indiana is required by statute to reimburse the City for benefits paid and has contributed $4,059,876 during 2023 on behalf of the City. The City has recognized these on behalf payments as intergovernmental revenue and public safety expenditures in the General Fund.
Net Pension Liability
The City chooses a date for each pension plan to measure its net pension liability. This is based
on the measurement date of each pension plan, which may be based on a comprehensive valuation as of that date or based on an earlier valuation that has used procedures to roll the information forward to the measurement date.
Public Employees’ Retirement Fund
1977 Police Officers’ and Firefighters’ Pension and Disability 1925 Police Officers’ 1937 Firefighters’
Measurement date used for the City NPL June 30, 2023 June 30, 2023 December 31, 2023 December 31, 2023
Based on a comprehensive actuarial valuation as of June 30, 2023 June 30, 2023 December 31, 2023 December 31, 2023
83
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans (Continued)
Changes in the net pension liability during the measurement year were as follows:
1925 Police Officers’ Pension Plan
Increase (Decrease)
Changes in Net Pension Liability Total Pension Liability Plan Fiduciary Net Position Net Pension Liability
Balance as of January 1, 2023 $59,314,208 $606,612 $58,707,596
Service cost - - -
Interest 2,418,660 - 2,418,660
Plan Amendments - - -
Experience (gains)/ losses 2,315,364 - 2,315,364
Assumption Changes 1,836,473 - 1,836,473
Employer contributions - 7,957 (7,957)
Non-employer contributing entity contributions - 5,981,246 (5,981,246)
Net investment income - 14,162 (14,162)
Benefit payments, including refunds (5,848,471) (6,090,239) 241,768
Administrative expenses - (16,466) 16,466
Net changes: 722,026 (103,340) 825,366
Balance as of December 31, 2023 $60,036,234 $503,272 $59,532,962
The plan's fiduciary net position represents 0.84% of the total pension liability.
1937 Firefighters Pension Plan
Increase (Decrease)
Changes in Net Pension Liability Total Pension Liability Plan Fiduciary Net Position Net Pension Liability
Balance as of January 1, 2023 $43,782,334 $354,262 $43,428,072
Service cost - - -
Interest 1,746,130 - 1,746,130
Plan Amendments - - -
Experience (gains)/ losses 641,022 - 641,022
Assumption Changes 1,337,239 - 1,337,239
Employer contributions - 5,322 (5,322)
Non-employer contributing entity contributions - 4,059,876 (4,059,876)
Net investment income - 10,004 (10,004)
Benefit payments, including refunds (4,083,120) (4,013,609) (69,511)
Administrative expenses - (26,642) 26,642
Net changes: (358,729) 34,951 (393,680)
Balance as of December 31, 2023 $43,423,605 $389,213 $43,034,392
The plan's fiduciary net position represents 0.90% of the total pension liability.
Public Employees’ Retirement Fund
At December 31, 2023, the City reported a liability of $19,669,331 for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2023 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City's proportion of the net pension liability was based
84
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans (Continued)
on the City's actuarially required contribution for the year ended June 30, 2023, relative to all other contributing employers. As of June 30, 2023, the City's proportion was 0.55731%, which was a decrease of 0.0255 % from its proportion measured as of June 30, 2022.
1977 Police Officers’ and Firefighters’ Pension and Disability Fund
As of December 31, 2023, the City reported a net pension liability of $32,136,188 for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2023 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City's proportion of the net pension liability was based on the City's actuarially required contribution for the year ended June 30, 2023, relative to all other contributing employers. As of June 30, 2023, the City's proportion was 3.13698%, which was an increase of 0.0023% from its proportion measured as of June 30, 2022.
Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
As of December 31, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Public Employees' Retirement Fund
Deferred Outflows of Resources
Deferred Inflows of Resources Difference between expected and actual experience $ 402,428 $ - Changes in assumptions 1,072,608 - Net difference between projected and actual earnings on pension plan investments
4,508,264 -
Employer contributions to the plan subsequent to the measurement date
2,016,283 -
Changes in proportion and difference between employer contributions and proportionate share of contributions
84,410 1,027,393
Total $ 8,083,993 $ 1,027,393
1977 Police Officers' and Firefighters' Pension and Disability Fund
Deferred Outflows of Resources
Deferred Inflows of Resources Difference between expected and actual experience $ 10,557,057 $ 64,385 Changes in assumptions 7,234,763 475,725
Net difference between projected and actual earnings on pension plan investments
13,173,136
-
Employer contributions to the plan subsequent to the measurement date
3,254,631 -
Changes in proportion and differences between employer contributions and proportionate share of contributions
187,786 148,063
Total $ 34,407,373 $ 688,173
85
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans (Continued)
1925 Police Officers’ Pension Plan
Deferred Outflows of Resources
Investment experience $ 9,424
1937 Firefighters’ Pension Plan
Deferred Outflows of Resources
Investment experience $ 5,151
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows (note that employer contributions
subsequent to the measurement date will reduce the net pension liability and therefore will not be included in future pension expense):
Public Employees' Retirement Fund
Year Ending June 30 Amount
2024 $1,679,464 2025 (49,170) 2026 2,795,963 2027 614,060 2028 - Thereafter - Total $5,040,317
1977 Police Officers' and Firefighters' Pension and Disability Fund Year Ending June 30 Amount
2024 $5,591,492 2025 4,165,710 2026 11,675,604 2027 4,723,424
2028 2,851,170 Thereafter 1,457,169 Total $30,464,569
1925 Police Officers’ Pension Plan Year Ending December 31 Amount
2024 $5,321
86
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans (Continued)
2025 3,478 2026 1,331 2027 (706) 2028 - Thereafter - Total $9,424
1937 Firefighters’ Pension Plan Year Ending December 31 Amount
2024 $2,999 2025 2,329 2026 583 2027 (760) 2028 - Thereafter - Total $5,151
Actuarial Assumptions
The total pension liability in each actuarial valuation was determined using the following actuarial
assumptions applied to all periods included in the measurement:
Public Employees' Retirement Fund
1977 Police Officers' and Firefighters' Pension and Disability Fund
1925 Police Officers' Pension Plan
1937 Firefighters' Pension Plan
Inflation 2.00% 2.00% 2.00% 2.00% Salary increases (including inflation) 2.65% - 8.65% 2.65% 2.65% 2.65% Investment rate of return (net of expenses) 6.25% 6.25% 1.75% 1.75%
Mortality rates
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality improvements using SOA Scale MP-2019
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality improvements using SOA Scale MP-2019
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality improvements using SOA Scale MP-2019
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality improvements using SOA Scale MP-2019
There were no changes to the actuarial assumptions above for any City pension plan for 2023. The actuarial assumptions used in June 30, 2023 actuarial valuation date valuation were based on the results of an actuarial experience study for the five years ended June 30, 2020.
Discount Rate
As shown below, the discount rate used to measure the total pension liability was determined after considering a projection of the cash flows to determine whether the future contributions (made at
87
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans (Continued)
the current contribution rates) will be sufficient to allow the pension plans' fiduciary net position to make all projected future benefit payments of current active and inactive employees.
The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation update.
Public Employees' Retirement Fund
1977 Police Officers' and Firefighters' Pension and Disability Fund
1925 Police Officers' Pension Plan
1937 Firefighters' Pension Plan
Assumed investment rate of return 6.25% 6.25% 1.75% 1.75% Are contributions expected to be sufficient to allow fiduciary net position to pay future benefits? Yes Yes No No
Discount rate used to measure TPL 6.25% 6.25% 3.71% 3.71%
1925 Police Officers' Pension Plan's and 1937 Firefighters' Pension Plan's fiduciary net position were not projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the discount rate incorporates a municipal bond rate which was 3.71 %. The source of that bond rate was the Barclay's 20-year Municipal Bond (as referenced in The Wall Street Journal, December 31, 2023).
Investment Rate of Return
Best estimates of geometric real rates of return as of the June 30, 2023 measurement date for the Public Employees’ Retirement Fund and 1977 Police Officers’ and Firefighters’ Pension and Disability Fund and December 31, 2023 measurement date for the 1925 Police Officers’ Pension Plan and 1937 Firefighters’ Pension Plan, and for each major asset class included in the pension plan's target asset allocation, as disclosed in the investment footnote, are summarized in the following tables:
Public Employees' Retirement Fund and 1977 Police Officers' and Firefighters' Pension and Disability Fund
Asset Class Target Allocation Long-term Expected Real Rate of Return
Public Equity 20% 3.7%
Private Markets 15% 6.4%
Fixed Income - Ex Inflation-Linked 20% 2.2%
Fixed Income - Inflation-Linked 15% 0.5%
Commodities 10% 1.1%
Real Estate 10% 3.4%
Absolute Return 5% 1.6%
Risk Parity 20% 5.9%
Leverage Offset -15%
88
City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans (Continued)
1925 Police Officers’ Pension Plan
Asset Class
Long-term Expected Real Rate of Return
Cash or cash equivalents 1.75%
Fixed income investments 1.75%
1937 Firefighters’ Pension Plan
Asset Class
Long-term Expected Real Rate of Return
Cash or cash equivalents 1.75%
Government agency securities 1.75%
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
Pension Plan 1% Decrease (5.25%) Discount (6.25%) 1% Increase (7.25%)
Public Employees’ Retirement Fund $32,054,762 $19,669,331 $9,342,321
1977 Police Officers' and Firefighters' Pension and Disability Fund $74,880,944 $32,136,188 $(2,374,989)
Pension Plan 1% Decrease (2.71%) Discount (3.71%) 1% Increase (4.71%)
1925 Police Officers' Pension Plan $ 64,472,718 $59,532,962 $55,224,684 1937 Firefighters' Pension Plan 46,634,691 43,034,392 39,898,269
Detailed Information
Public Employees’ Retirement Fund, and 1977 Police Officers' and Firefighters' Pension and Disability Fund
Detailed information about the plan’s fiduciary net position is available in a separately issued financial report: https://www.in.gov/inprs/files/INPRSAnnualReportBook_FY23.pdf. The plan’s fiduciary net position has been determined on the same basis used by the plan. The plan uses the economic resources measurement focus and the full accrual basis of accounting. Investments are stated at fair value. Contribution revenue is recorded as contributions are due, pursuant to legal requirements. Benefit payments and refunds of employee contributions are recognized as expense when due and payable in accordance with the benefit terms.
1925 Police Officers' Pension Plan
The financial statements of the plan are included in these financial statements as a pension and other postemployment benefit trust fund. For the purpose of measuring the net pension liability, deferred outflows of resources, and deferred inflows or resources related to pension and pension
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City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans (Continued)
expense, information about the plan’s fiduciary net position and addition to/deduction from fiduciary net position have been determined on the same basis as they are report by the plan. The plan uses the economic resources measurement focus and the full accrual basis of accounting. Investments are stated at fair value. Contribution revenue is recorded as contributions are due, pursuant to legal requirements. Benefit payments and refunds of employee contributions are recognized as expense when due and payable in accordance with the benefit terms.
1937 Firefighters' Pension Plan
The financial statements of the plan are included in these financial statements as a pension and other postemployment benefit trust fund. For the purpose of measuring the net pension liability, deferred outflows of resources, and deferred inflows or resources related to pension and pension expense, information about the plan’s fiduciary net position and addition to/deduction from fiduciary net position have been determined on the same basis as they are report by the plan. The plan uses the economic resources measurement focus and the full accrual basis of accounting. Investments are stated at fair value. Contribution revenue is recorded as contributions are due, pursuant to legal requirements. Benefit payments and refunds of employee contributions are recognized as expense
when due and payable in accordance with the benefit terms.
Assumption Changes
Public Employees’ Retirement Fund / 1977 Police Officers' and Firefighters' Pension and Disability Fund
There were no actuarial assumption changes in the Public Employees Retirement Fund or 1977
Police Officers’ and Firefighters’ Pension and Disability Fund that impacted the net pension liability.
1925 Police Officers' Pension Plan and 1937 Firefighters' Pension Plan
The following actuarial assumption change occurred for the 1925 Police Officers and 1937 Firefighters pension plans since the Prior Measurement Date.
• Discount rate: The discount rate used for the December 31, 2023 valuation was 3.71%, as directed by INPRS, based on the Barclay’s 20-year Municipal Bond Index as of December 31, 2023. This is decrease from the 4.12% used for the December 31, 2022 valuation.
• Cost-of-living-adjustment (COLA): For converted members, the July 1, 2023 COLA of 3% was used in place of the ongoing valuation assumption to reflect the known increase. Beginning July 1, 2024 the assumption reverts to the assumed rate of 1.95%. For non-converted members, there was no change and the COLA remains at 2.65%.
Investment Policy
The 1925 Police Officers' Pension Plan and the 1937 Firefighters' Pension plan’s policy in regard to the allocation of invested assets is established and may be amended by the pension board by a majority vote of its members.
It is the policy of the pension board to pursue an investment strategy that manages risk through the prudent diversification of the portfolio across a broad selection of distinct asset classes. The pension plan’s investment policy discourages the use of cash equivalents, except for liquidity purposes, and aims to refrain from dramatically shifting asset class allocations over short time spans. The following was the pension board’s adopted asset allocation policy as of December 31, 2023:
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City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 18 – Pension Plans (Continued)
Asset Class Allocation Target
Cash or cash equivalents 24% Government agency securities 76%
Rate of Return and Pension Summary
For the year ended December 31, 2023, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 1.75%. The money-
weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.
The total aggregate amounts, for all City plans, of employer’s pension liability, deferred outflows of resources, deferred inflows of resources and pension expenditures for the period associated
with net pension liabilities is as follows:
Net Pension Pension
Liability Expenses Deferred Deferred
Plan Description (Asset) (Income) Outflows Inflows
Public Employees' Retirement Fund $19,669,331 $3,586,395 $8,083,993 $1,027,393 1977 Police Officers and Firefighters Pension and Disability Fund 32,136,188 11,081,388 34,407,373 688,173
1925 Police Officers' Pension Plan 59,532,962 6,564,907 9,424 -
1937 Firefighters' Pension Plan 43,034,392 3,720,409 5,151 -
Total Aggregate Amounts $154,372,873 $24,953,099 $42,505,941 $1,715,566
Note 19 – Pension Trust Funds
The following are condensed financial statements for the individual pension plans:
1925 Police Pension 1937 Fire Pension Total
Statement of Net Position
Cash and investments $503,959 $390,599 $894,558 Other assets 1,586 1,222 2,808 Liabilities (89) (93) (182)
Net position 505,456 391,728 897,184
Statement of Changes in Net Position:
Investment income 24,303 15,686 39,989 Contributions 5,984,746 4,065,542 10,050,288 Benefit payments (6,090,239) (4,013,609) (10,103,848) Administrative expenses (19,966) (30,153) (50,119)
Net change in net position $(101,156) $37,466 $(63,690)
Note 20 – Closure and Post-closure Care Cost
As of January 1, 2008, the City of South Bend's Biosolids Lagoon #4 site has been closed. The
City is required to maintain the one-acre site by monitoring methane and groundwater and maintain
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City of South Bend, Indiana
Notes to Financial Statements (continued)
December 31, 2023
Note 20 – Closure and Post-closure Care Cost
the site (mowing, cover inspection, gas collection system inspection, cover repair, ditch maintenance, etc.). The closure and post-closure care costs are reported as operating expenses, as incurred. For the year ending December 31, 2023, the total expenses incurred were $11,924. The remaining expected liability relating to post-closure costs is estimated at less than $250,000 and due to the minimal nature of these expenditures, is not included in the financial statements. This estimate is subject to changes due to inflation or deflation, changes in technology, or changes in applicable laws or regulations.
Note 21 – Tax Abatements
The City enters into property tax abatement agreements with local businesses and also for qualifying residential construction under the City’s Municipal Code Chapter 2, Article 6, Tax
Abatements, created by Ordinance 7267-83. Under this Article, the City may grant property tax abatements to a business located within or promising to relocate to the City for the purpose of
attracting or retaining the business and also for the purpose of encouraging residential construction within economic development target areas. For the fiscal year ended December 31, 2023, the City
abated property taxes totaling $3,045,131 under this program. One property had taxes abated that exceeded 10% of the total amount. Taxes abated on this property were $511,517.
92
Required Supplementary Information
93
City of South Bend, Indiana
Required Supplementary Information
1925 Police Officers’ Pension Plan Schedule of Investment Returns
Last Ten Fiscal Years
Years Ended December 31
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Annual money-weighted rate of
return, net of investment expense 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 0.80% 1.00% 0.80% 0.60%
94
City of South Bend, Indiana
Required Supplementary Information
1925 Police Officers’ Pension Plan Schedule of Contributions
Last Ten Fiscal Years
Years Ended December 31
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarially determined contribution $ 6,090,239 $ 5,950,596 $ 5,936,871 $ 6,183,243 $ 6,363,550 $ 6,161,954 $ 6,119,059 $ 6,133,389 $ 6,073,049 $ 6,432,800
Contributions in relation to the actuarially determined contribution 5,981,246 6,011,602 5,947,193 6,045,313 6,107,782 6,220,658 6,204,179 6,364,236 6,323,645 6,116,195
Contribution (Deficiency) Excess $ (108,993) $ 61,006 $ 10,322 $ (137,930) $ (255,768) $ 58,704 $ 85,120 $ 230,847 $ 250,596 $ (316,605)
Covered Payroll $ - $ - $ - $ - $ - $ - $ - $ - $ 441,200 $ 441,200
Contributions as a Percentage of Covered Payroll 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1433.3% 1386.3% Notes to Schedule of Contributions Actuarial valuation information relative to the determination of contributions: Valuation date December 31, 2023
Methods and assumptions used to determine contribution rates: Actuarial cost method Entry age normal Amortization method Level percent of payroll Remaining amortization period 30 years Asset valuation method Not applicable. Benefits are funded on a pay-as-you-go basis Inflation 2.00% per year Salary increase 2.65% per year Investment rate of return 1.75% per year Retirement age Non-converted - any age with 20 or more years of creditable service; Converted - age 52 with 20 or more years of creditable service and no longer active Mortality Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality improvements using SOA Scale MP-2019 Other information Cost of living increases of 2.65% per year in retirement for non-converted and 3% on July 1, 2023 and 1.95% thereafter per year for converted
The following actuarial assumption changes occurred for the 1925 Police Officers pension plan since the Prior Measurement Date: - Discount rate: The discount rate used for the December 31, 2023 valuation was 3.71% as directed by INPRS, based on the Barclay's 20-year Municipal Bond Index as of December 31, 2023. This is a decrease from the 1.39% used for the December 31, 2022 valuation.
- Cost-of-living-adjustment (COLA): For converted members, the July 1, 2023 COLA of 3% was used in place of the ongoing valuation assumption to reflect the known increase. Beginning July 1, 2024 the assumption reverts to the assumed rate of 1.95%. For non-converted members, there was no change and the COLA remains at 2.65%.
95
City of South Bend, Indiana
Required Supplementary Information
Schedule of Changes in the City Net Pension Liability and Related Ratios
1925 Police Officers’ Pension Plan
Last Ten Fiscal Years
Years Ended December 31
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Pension Liability Service cost $ - $ - $ - $ 40,214 $ 84,969 $ 92,916 $ 78,812 $ 164,481 $ 184,104 $ 157,965 Interest 2,418,660 1,061,871 1,174,172 1,771,194 2,445,011 2,337,437 2,653,831 2,344,653 2,415,583 3,721,864 Experience (gains)/losses 2,315,364 2,441,559 139,773 (494,601) 278,613 2,284,134 995,949 396,259 (2,973,249) - Plan amendments - - - - 870,092 - - - - -
Changes in assumptions 1,836,473 (15,248,062) (215,355) (371,926) 7,451,976 (2,697,730) 3,926,922 (5,617,308) (294,402) 12,487,771 Projected benefit payments (5,848,471) (5,786,349) (5,834,267) (5,946,093) (6,112,665) (6,146,696) (6,045,097) (5,977,290) (6,061,589) (6,122,870)
Net Change in Total Pension Liability 722,026 (17,530,981) (4,735,677) (5,001,212) 5,017,996 (4,129,939) 1,610,417 (8,689,205) (6,729,553) 10,244,730 Total Pension Liability - Beginning of year 59,314,208 76,845,189 81,580,866 86,582,078 81,564,082 85,694,021 84,083,604 92,772,809 99,502,362 89,257,632
Total Pension Liability – End of year $60,036,234 $59,314,208 $76,845,189 $81,580,866 $86,582,078 $81,564,082 $85,694,021 $84,083,604 $92,772,809 $99,502,362
Plan Fiduciary Net Position Contributions - Other $7,957 $ 1,527 $ 4,119 $ - $ - $ - $ 13,544 $ 15,749 $ 62 $ 4,329 Contributions - Non-employer Entity 5,981,246 6,007,221 5,947,193 6,045,313 6,107,782 6,220,658 6,204,179 5,991,750 6,378,359 6,111,865 Net investment income 14,162 (417) (1,009) 3,076 18,102 15,219 6,557 6,713 4,376 3,759 Administrative expenses (16,466) (10,653) (10,321) (9,942) (10,304) (10,054) (13,577) (13,551) (12,462) (10,957) Benefit payments, including refunds (6,090,239) (5,950,596) (5,936,871) (6,183,243) (6,363,550) (6,161,954) (6,119,245) (6,364,236) (6,323,646) (6,705,815) Net Change in Plan Fiduciary Net Position (103,340) 47,082 3,111 (144,796) (247,970) 63,869 91,458 (363,575) 46,689 (596,819) Plan Fiduciary Net Position - Beginning of year 606,612 559,530 556,419 701,215 949,185 885,316 793,858 1,157,433 1,110,743 1,707,562
Plan Fiduciary Net Position – End of year $503,272 $606,612 $559,530 $556,419 $701,215 $949,185 $885,316 $793,858 $1,157,432 $1,110,743
City's Net Pension Liability - Ending $59,532,962 $58,707,596 $76,285,659 $81,024,447 $85,880,863 $80,614,897 $84,808,705 $83,289,746 $91,615,377 $98,391,619
Plan Fiduciary Net Position as a % of Total Pension Liability 0.84% 1.02% 0.73% 0.68% 0.81% 1.16% 1.03% 0.94% 1.25% 1.12% Covered Payroll $ - $ - $ - $ - $ - $ - $ - $ - $ 441,200 $ 441,200 City's Net Pension Liability as a % of Covered Payroll - % - % - % - % - % - % - % - % 20765% 22301%
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City of South Bend, Indiana
Required Supplementary Information
1937 Firefighters’ Pension Plan Schedule of Investment Returns
Last Ten Fiscal Years
Years Ended December 31
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Annual money-weighted rate of
return, net of investment expense 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 0.80% 1.00% 0.80% 0.60%
97
City of South Bend, Indiana
Required Supplementary Information
1937 Firefighters’ Pension Plan Schedule of Contributions
Last Ten Fiscal Years
Years Ended December 31
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarially determined contribution $ 4,013,609 $4,110,921 $4,121,440 $4,195,490 $4,439,496 $4,618,617 $4,727,592 $5,152,192 $4,977,042 $5,436,400
Contributions in relation to the actuarially determined contribution 4,059,876 4,058,278 4,097,779 4,320,033 4,462,993 4,472,469 4,920,712 5,165,758 5,197,158 5,130,581
Contribution (Deficiency) Excess $ 46,267 $(52,643) $(23,661) $124,543 $23,497 $(146,148) $193,120 $13,566 $220,116 $(305,819)
Covered Payroll $ - $ - $ - $ - $ - $ - $ - $ - $328,600 $328,600
Contributions as a Percentage of Covered Payroll - % - % - % - % - % - % - % - % 1581.6% 1561.3% Notes to Schedule of Contributions Actuarial valuation information relative to the determination of contributions: Valuation date December 31, 2023 Methods and assumptions used to determine contribution rates: Actuarial cost method Entry age normal Amortization method Level percent of payroll Remaining amortization period 30 years Asset valuation method Not applicable. Benefits are funded on a pay-as-you-go basis Inflation 2.00% per year Salary increase 2.65% per year Investment rate of return 1.75% per year Retirement age Non-converted - any age with 20 or more years of creditable service; Converted - age 52 with 20 or more years of creditable service and no longer active Mortality Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality improvements using SOA Scale MP-2019 Other information Cost of living increases of 2.65% per year in retirement for non-converted and 3% on July 1, 2023 and 1.95% thereafter per year for converted The following actuarial assumption changes occurred for the 1937 Firefighters' pension plan since the Prior Measurement Date:
- Discount rate: The discount rate used for the December 31, 2023 valuation was 3.71% as directed by INPRS, based on the Barclay's 20-year Municipal Bond Index as of December 31, 2023. This is a decrease from the 1.39% used for the December 31, 2022 valuation.
- Cost-of-living-adjustment (COLA): For converted members, the July 1, 2023 COLA of 3% was used in place of the ongoing valuation assumption to reflect the known increase. Beginning July 1, 2024 the assumption reverts to the assumed rate of 1.95%. For non-converted members, there was no change and the COLA remains at 2.65%.
98
City of South Bend, Indiana
Required Supplementary Information
Schedule of Changes in the City Net Pension Liability and Related Ratios
1937 Firefighters’ Pension Plan
Last Ten Fiscal Years
Years Ended December 31
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Pension Liability Service cost $- $ - $ - $49,137 $62,978 $98,529 $81,717 $163,162 $155,487 $114,297 Interest 1,746,130 783,612 895,656 1,362,747 1,865,607 1,815,032 2,124,050 1,940,826 2,020,796 3,155,669 Experience (gains)/losses 641,022 (255,266) (562,790) (457,133) (1,096,354) (482,208) (1,611,010) (262,337) (2,816,692) - Plan amendments - - - - 941,442 - - - - - Changes in assumptions 1,337,239 (11,312,679) (218,152) (422,909) 5,758,955 (2,105,211) 3,179,702 (4,645,609) (245,887) 9,620,657 Projected benefit payments (4,083,120) (4,127,154) (4,189,691) (4,299,517) (4,420,816) (4,572,612) (4,727,592) (4,980,991) (5,094,762) (5,206,870) Net Change in Total Pension Liability (358,729) (14,911,487) (4,074,977) (3,767,675) 3,111,812 (5,246,470) (953,133) (7,784,949) (5,981,058) 7,683,753 Total Pension Liability - Beginning of year 43,782,334 58,693,821 62,768,798 66,536,473 63,424,661 68,671,131 69,624,264 77,409,213 83,390,271 75,706,518
Total Pension Liability - End of year $43,423,605 $43,782,334 $58,693,821 $62,768,798 $66,536,473 $63,424,661 $68,671,131 $69,624,264 $77,409,213 $83,390,271
Plan Fiduciary Net Position Contributions - Other $5,322 $3,922 $- $- $- $- $4,251 $6,279 $2,667 $1,484 Contributions - Non-employer Entity 4,059,876 4,058,278 4,097,779 4,320,033 4,462,993 4,472,469 4,920,712 4,866,271 5,039,025 5,129,098 Net investment income 10,004 611 (774) 2,579 9,432 7,596 3,352 2,852 2,675 1,963 Administrative expenses (26,642) (16,764) (11,458) (10,265) (10,309) (12,154) (14,771) (14,485) (14,255) (10,920) Benefit payments, including refunds (4,013,609) (4,110,921) (4,121,440) (4,195,490) (4,439,496) (4,618,617) (4,614,480) (5,165,758) (5,197,159) (5,407,429) Net Change in Plan Fiduciary Net Position 34,951 (64,874) (35,893) 116,857 22,620 (150,706) 299,064 (304,841) (167,047) (285,804) Plan Fiduciary Net Position - Beginning of year 354,262 419,136 455,029 338,172 315,552 466,258 167,194 472,035 639,081 924,885
Plan Fiduciary Net Position - End of year $389,213 $354,262 $419,136 $455,029 $338,172 $315,552 $466,258 $167,194 $472,034 $639,081 City's Net Pension Liability - Ending $43,034,392 $43,428,072 $58,274,685 $62,313,769 $66,198,301 $63,109,109 $68,204,873 $69,457,070 $76,937,179 $82,751,190
Plan Fiduciary Net Position as a % of Total Pension Liability 0.90% 0.81% 0.71% 0.72% 0.51% 0.50% 0.68% 0.24% 0.61% 0.77% Covered Payroll $- $- $- $- $- $- $- $- $328,600 $328,600 City's Net Pension Liability as a % of Covered Payroll - % - % - % - % - % - % - % - % 23414% 25183%
99
City of South Bend, Indiana
Required Supplementary Information
Schedule of City Contributions
Public Employees’ Retirement Fund
Last Nine Fiscal Years
Years Ended December 31
2023 2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined contribution $3,984,321 $3,606,008 $3,578,344 $3,621,367 $3,523,406 $3,385,879 $3,320,567 $3,037,666 $2,982,234 Contributions in relation to the actuarially determined contributions $3,984,321 $3,606,008 3,578,344 3,621,367 3,523,406 3,385,879 3,320,567 3,037,666 2,982,234
Contribution Excess (Deficiency) $- $- $- $- $- $- $- $- $-
Covered Payroll $35,574,290 $32,965,029 $32,493,524 $32,664,657 $32,020,965 $30,503,247 $29,647,920 $27,389,875 $26,681,229
Contributions as a Percentage of Covered Payroll 11.2% 10.9% 11.0% 11.1% 11.0% 11.1% 11.2% 11.2% 11.2% Information is presented for the years available
Contributions in relation to the actuarially determined contributions and covered payroll are reported as of the City’s calendar year-end (December 31).
Notes to Schedule of Contributions Actuarial valuation information relative to the determination of contributions: Valuation date June 30, 2023
Methods and assumptions used to determine contribution rates: Actuarial cost method Entry age normal Amortization method Level percent of payroll Actuarial Amortization Period for Unfunded Liability 20 years, closed Remaining amortization period 24 years Asset valuation method Actuarial Value of Assets is equal to a five-year smoothing of gains and losses on the Fair Value of Assets subject to a 20% corridor Inflation 2.00% per year Salary increase 2.65% to 8.65% per year Investment rate of return 6.25% per year, includes inflation and net of administrative and investment expenses Retirement age Normal retirement ages are age 65 and 10 years (eight years for certain elected officials) of creditable service, age 60 and 15 years of creditable service, and age 55 if age and creditable service total at least 85 with early retirement at 50 with 15 years of service Mortality Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality improvements using SOA Scale MP-2019 Other information The following COLAs, compounded annually, were assumed:
0.40% beginning on January 1, 2026; 0.50% beginning on January 1, 2034; 0.60% beginning on January 1, 2039 There were no actuarial assumption changes in the Public Employees Retirement Fund since the Prior Measurement Date:
100
City of South Bend, Indiana
Required Supplementary Information
Schedule of the City’s Proportionate Share of the Net Pension Liability
Public Employees’ Retirement Fund
Last Ten Fiscal Years
Years Ended June 30
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
City's proportion of the net pension liability (asset) 0.55731% 0.58281% 0.60460% 0.59296% 0.59232% 0.58323% 0.57988% 0.54700% 0.55700% 0.56300% City's proportionate share of the net pension liability (asset) $19,669,331 $18,380,848 $7,955,615 $17,909,730 $19,576,553
$19,812,587
$25,871,598
$24,845,715
$22,687,694
$14,807,363
City's Covered Payroll $35,037,733 $33,541,763 $33,334,366 $32,011,410 $30,860,389 $29,759,859 $28,768,543 $26,237,016 $26,691,229 $27,509,916 City's Proportionate Share of the Net pension Liability (Asset) as a Percentage of its Covered Payroll 56.14%
54.80%
23.87% 55.95% 63.44% 66.57% 89.93% 94.70% 85.00% 53.83%
Plan Fiduciary Net Position as a Percentage of Total Pension Liability 80.8%
82.5%
92.5% 81.4% 80.1% 78.9% 76.6% 75.3% 77.3% 84.3%
101
City of South Bend, Indiana
Required Supplementary Information
Schedule of City Contributions
1977 Police Officers' Pension and Disability Fund
Last Nine Fiscal Years
Years Ended December 31
2023 2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined contribution $3,336,579 $ 2,624,767 $ 2,638,916 $ 2,499,056 $ 2,528,512 $ 2,479,908 $ 2,394,421 $ 2,715,555 $ 2,625,418
Contributions in relation to the actuarially determined contributions 3,336,579
2,624,767
2,638,916 2,499,056 2,528,512 2,479,908 2,394,421 2,715,555 2,625,418
Contribution Excess (Deficiency) - $ - $ - $ - $ - $ - $ - $ - $ -
Covered Payroll $18,536,548 $14,998,666 $ 15,079,522 $ 14,280,320 $ 14,448,643 $ 14,170,905 $ 12,873,232 $ 13,784,545 $ 13,327,077 Contributions as a Percentage of Covered Payroll 18.0% 17.5% 17.5% 17.5% 17.5% 17.5% 18.6% 19.7% 19.7% Information is presented for the years available Contributions in relation to the actuarially determined contributions and covered payroll are reported as of the City’s calendar year-end (December 31). Notes to Schedule of Contributions Actuarial valuation information relative to the determination of contributions: Valuation date June 30, 2023 Methods and assumptions used to determine contribution rates: Actuarial cost method Entry age normal Amortization method Level percent of payroll Actuarial Amortization Period for Unfunded Liability 30 years, open Remaining amortization period 30 years, open Asset valuation method Actuarial Value of Assets is equal to a five-year smoothing of gains and losses on the Market Value of Assets subject to a 20% corridor Inflation 2.00% per year Salary increase 2.65% per year Investment rate of return 6.25% per year, includes inflation and net of administrative and investment expenses Retirement age Normal retirement is age 52 with 20 years of service; early retirement is age 50 with 20 years of service (reduced benefit) Mortality Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality improvements using SOA Scale MP-2019 Other information Assumed Cost of Living Adjustment (COLA): 1.95% annually There were no actuarial assumption changes in the Public Employees Retirement Fund since the Prior Measurement Date:
102
City of South Bend, Indiana
Required Supplementary Information
Schedule of the City’s Proportionate Share of the Net Pension Liability
1977 Police Officers' Pension and Disability Fund
Last Ten Fiscal Years
Years Ended June 30
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
City's proportion of the net pension liability (asset) 1.56571% 1.50982% 1.55846% 1.54916% 1.62738% 1.6501% 1.72294% 1.75600% 1.78700% 1.82900% City's proportionate share of the net pension liability (asset) $16,039,615 $9,781,397 $(9,210,737) $3,761,481 $149,979 $(1,450,622) $(265,770) $1,559,932 $(2,640,039) $(932,236)
City's Covered Payroll $17,011,263 $15,261,636 $14,796,362 $14,365,200 $14,385,011 $13,896,923 $13,968,031 $13,571,531 $13,327,077 $12,981,067 City's Proportionate Share of the Net pension Liability (Asset) as a Percentage of its Covered Payroll 94.29%
64.09%
-62.25%
26.18% 1.04% -10.44% -1.90% 11.49% (19.8)% (7.2)%
Plan Fiduciary Net Position as a Percentage of Total Pension Liability 88.40%
92.20%
107.80%
96.40% 99.90% 101.50% 100.3% 98.2% 103.2% 101.1%
103
City of South Bend, Indiana
Required Supplementary Information
Schedule of City Contributions
1977 Firefighters’ Pension and Disability Fund
Last Nine Fiscal Years
Years Ended December 31
2023 2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined contribution $3,101,607 $ 2,845,694 $ 2,799,560 $ 2,795,379 $ 2,730,295 $ 2,690,987 $ 2,556,604 $ 2,717,624 $ 2,666,116
Contributions in relation to the actuarially determined contributions 3,101,607
2,845,694
2,799,560 2,795,379 2,730,295 2,690,987 2,556,604 2,717,624 2,666,116
Contribution Excess (Deficiency) $- $ - $ - $ - $ - $ - $ - $ - $ -
Covered Payroll 17,231,151 16,261,112 15,997,482 $ 15,973,594 $ 15,601,683 $ 15,377,071 $ 13,745,183 $ 13,795,047 $ 13,533,745
Contributions as a Percentage of Covered Payroll 18.00% 17.50% 17.50% 17.50% 17.50% 17.50% 18.60% 19.70% 19.70% Information is presented for the years available Contributions in relation to the actuarially determined contributions and covered payroll are reported as of the City’s calendar year-end (December 31). Notes to Schedule of Contributions Actuarial valuation information relative to the determination of contributions: Valuation date June 30, 2023 Methods and assumptions used to determine contribution rates: Actuarial cost method Entry age normal Amortization method Level percent of payroll Actuarial Amortization Period for Unfunded Liability 30 years, open Remaining amortization period 30 years, open Asset valuation method Actuarial Value of Assets is equal to a five-year smoothing of gains and losses on the Market Value of Assets subject to a 20% corridor Inflation 2.00% per year Salary increase 2.65% per year Investment rate of return 6.25% per year, includes inflation and net of administrative and investment expenses Retirement age Normal retirement is age 52 with 20 years of service; early retirement is age 50 with 20 years of service (reduced benefit) Mortality Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality improvements using SOA Scale MP-2019 Other information Assumed Cost of Living Adjustment (COLA): 1.95% annually There were no actuarial assumption changes in the Public Employees Retirement Fund since the Prior Measurement Date:
104
City of South Bend, Indiana
Required Supplementary Information
Schedule of the City’s Proportionate Share of the Net Pension Liability
1977 Firefighters’ Pension and Disability Fund
Last Ten Fiscal Years
Years Ended June 30
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
City's proportion of the net pension liability (asset) 1.57127% 1.62692% 1.68915% 1.70153% 1.75457% 1.78736% 1.77600% 1.75800% 1.81500% 1.79500% City's proportionate share of the net pension liability (asset) $16,096,573 $10,540,031 $(9,983,135) $ 4,131,447 $ 161,701
$(1,571,289) $ (273,955) $ 1,561,833
$(2,680,987) $ (915,265)
City's Covered Payroll $17,071,671 $16,445,364 $16,037,134 $15,778,121 $15,509,357 $15,052,876 $14,398,217 $13,588,032 $13,533,745 $12,744,754 City's Proportionate Share of the Net pension Liability (Asset) as a Percentage of its Covered Payroll 94.29%
64.09%
-62.25%
26.18%
1.04% -10.44% -1.90% 11.49% (19.8)% (7.2)%
Plan Fiduciary Net Position as a Percentage of Total Pension Liability 88.40%
92.20%
107.80%
96.40%
99.90% 101.50% 100.3% 98.2% 103.2% 101.1%
105
City of South Bend, Indiana
Required Supplementary Information
Schedule of Changes in the City's Total OPEB Liability and Related Ratios
Last Six Fiscal Years
Years Ended December 31
Information is presented for the years available. No assets are accumulated in a trust.
2023 2022 2021 2020 2019 2018
Total OPEB liability
Service Cost $ 1,010,471 $ 1,371,609 $ 1,473,053 $ 1,072,669 $ 1,049,065 $ 1,489,465
Interest 1,123,587 628,173 620,338 1,032,011 981,132 1,026,964
Difference between expected and actual experience (1,533,821) 1,689,861 (2,190,115) (2,677,265) - 1,503,991
Changes of assumptions or other inputs 1,992,181 (4,157,551) (307,148) 5,155,786 - (8,795,897)
Benefit payments (1,175,200) (873,234) (801,646) (858,114) (774,470) (758,730)
Net change in total OPEB liability 1,417,219 (1,341,143) (1,205,518) 3,725,087 1,255,727 (5,534,207)
Total OPEB Liability - beginning 25,640,240 26,981,383 28,186,901 24,461,814 23,206,087 28,740,294
Total OPEB Liability - ending $27,057,459 $ 25,640,241 $ 26,981,383 $ 28,186,901 $ 24,461,814 $ 23,206,087
Plan fiduciary net position - ending $ - $ - $ - $ - $ - $ -
Net OPEB Liability - ending $ 27,057,459 $ 25,640,240 $ 26,981,383 $ 28,186,901 $ 24,461,814 $ 23,206,087
Plan fiduciary net position as % of total OPEB liability 0% 0% 0% 0% 0% 0%
Covered-Employee Payroll $ 70,064,222 $ 63,979,551 $ 62,327,863 $ 62,222,358 $ 60,754,757 $ 58,876,762
Net OPEB liability as a % of covered payroll 38.6% 40.1% 43.3% 45.3% 40.3% 39.4%
106
City of South Bend, Indiana Required Supplementary Information
Budgetary Comparison Schedules
General Fund
For fiscal year ended December 31, 2023
General Fund
Variance Actual With Final Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - Property 48,573,110$ 48,573,110$ 48,636,181$ 63,071$
Taxes - local income tax 9,737,608 9,737,608 14,189,571 4,451,963 Licenses and permits 278,025 278,025 219,971 (58,054)
Intergovernmental 4,257,918 4,257,918 4,062,969 (194,949) Charges for services 4,123,028 4,123,028 5,630,413 1,507,385 Fines and forfeitures 8,000 8,000 9,045 1,045
Investment income 1,434,925 1,434,925 2,932,089 1,497,164 Other 13,253,971 13,253,971 13,998,579 744,608
Total revenues 81,666,585 81,666,585 89,678,818 8,012,233
Expenditures:Current:
General government:Mayor:Personnel services 975,352 975,352 812,524 162,828
Supplies 5,500 5,411 3,655 1,756 Other services and charges 216,587 213,230 212,868 362
City Clerk:Personnel services 382,001 385,501 353,630 31,871 Supplies 8,381 11,581 9,689 1,892
Other services and charges 197,015 216,574 187,109 29,465 Common Council:
Personnel services 435,787 378,211 321,470 56,741 Supplies 2,500 2,410 1,893 517 Other services and charges 239,106 366,706 327,605 39,101
Administration/Finance:Personnel services 3,645,848 3,704,096 3,039,462 664,634
Supplies 33,165 33,158 24,368 8,790 Other services and charges 28,598,899 12,213,256 10,995,861 1,217,395 Capital outlay 4,421,562 753,931 253,931 500,000
Innovation and TechnologyOther services and charges 40,135 40,135 40,135 -
Legal Department:Personnel services 1,550,076 1,603,444 1,382,316 221,128 Supplies 4,214 4,214 3,312 902 Other services and charges 196,150 209,294 195,815 13,479
Total general government 40,952,278 21,116,504 18,165,643 2,950,861
Public safety:
Police Department:Personnel services 28,033,119 28,983,119 28,594,424 388,695 Supplies 1,518,839 1,458,400 1,377,592 80,808 Other services and charges 9,885,264 9,999,529 9,503,899 495,630 Capital outlay 4,013,660 3,521,229 3,287,851 233,378
Fire Department:Personnel services 24,359,719 24,359,719 23,975,978 383,741 Supplies 1,526,893 1,367,105 1,141,920 225,185 Other services and charges 5,287,560 5,680,451 5,504,613 175,838
Total public safety 74,625,054 75,369,552 73,386,277 1,983,275
107
City of South Bend, Indiana Required Supplementary Information
Budgetary Comparison Schedules
General Fund (Continuted)
For fiscal year ended December 31, 2023
General Fund
Variance Actual With Final Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Highways and streets:Streets and Sewers:
Other services and charges 1,467,536 1,467,536 1,314,108 153,428 Engineering:
Personnel services 3,040,073 3,039,548 2,544,589 494,959 Supplies 325,757 156,577 141,529 15,048 Other services and charges 873,305 788,251 694,087 94,164
Capital outlay 29,380 29,380 29,380 -
Total highways and streets 5,736,051 5,481,292 4,723,693 757,599
Community and economic development:
Other services and charges 33,000 - - - Capital outlay - - - -
Total community and economic developm 33,000 - - -
Culture and recreation:Park MaintenanceOther services and charges 1,839,028 1,951,225 1,891,368 59,857 Recreation
Other services and charges 95,554 134,031 132,245 1,786 Morris Performing Arts Center:Personnel services - - - - Supplies - - - - Other services and charges 184 184 184 -
Palais Royale Ballroom:Supplies 5,500 5,500 4,399 1,101 Other services and charges 225,509 225,252 178,243 47,009
Total culture and recreation 2,165,775 2,316,192 2,206,439 109,753
Total expenditures 123,512,158 104,283,540 98,482,052 5,801,488
Other Financing Sources (Uses):Debt proceeds 1,827,500 1,827,500 1,827,500 - Proceeds from sale of capital assets - - 14,260 14,260 Transfers in 20,027,404 20,027,404 19,960,737 (66,667) Transfers out (25,110,993) (25,110,787) (24,184,872) 925,915
Net change in fund balances (45,101,662) (25,872,838) (11,185,609) 14,687,229
Fund balances - Beginning - - - -
Fund balances - Ending (45,101,662)$ (25,872,838)$ (11,185,609)$ 14,687,229$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (11,185,609)$ To adjust revenues for accruals 11,605,765 To adjust expenditures for accruals (11,561,869)
Net change in fund balance, GAAP basis (11,141,713)$
108
City of South Bend, Indiana
Required Supplementary Information
Budgetary Comparison Schedules
Major Special Revenue Funds
Parks and Recreation Fund
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - Property 11,426,846$ 11,426,846$ 11,441,107$ 14,261$
Licenses and permits - - 289 289 Intergovernmental 900,762 1,035,762 996,197 (39,565)
Charges for services 2,856,696 2,856,696 3,171,541 314,845
Fines and forfeitures - - - -
Investment income 15,000 15,000 130,670 115,670
Other 5,262,820 5,307,820 1,650,380 (3,657,440)
Total revenues 20,462,124 20,642,124 17,390,184 (3,251,940)
Expenditures:
Current:
Culture and recreation:Personnel services 10,205,569 10,410,569 9,409,288 1,001,281
Supplies 1,995,911 1,822,211 1,611,704 210,507 Other services and charges 7,826,161 8,197,807 7,381,005 816,802 Capital outlay 9,439,092 1,875,393 1,807,647 67,746
Total expenditures 29,466,733 22,305,980 20,209,644 2,096,336
Other Financing Sources (Uses):
Debt proceeds 436,000 436,000 - (436,000)
Proceeds from sale of capital assets - - 67,974 67,974 Transfers in 5,860,977 5,860,977 5,341,940 (519,037)
Transfers out - - - -
Net change in fund balances (2,707,632) 4,633,121 2,590,454 (2,042,667)
Fund balances - Beginning - - - -
Fund balances - Ending (2,707,632)$ 4,633,121$ 2,590,454$ (2,042,667)$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 2,590,454$
To adjust revenues for accruals 469,174
To adjust expenditures for accruals (877,858)
Net change in fund balance, GAAP basis 2,181,770$
109
City of South Bend, Indiana
Required Supplementary Information
Budgetary Comparison Schedules
Major Special Revenue Funds (Continued)
Local Income Tax-Public Safety Fund
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - local income tax 9,488,558$ 9,488,558$ 12,690,915$ 3,202,357$ Investment income 10,000 10,000 178,001 168,001
Total revenues 9,498,558 9,498,558 12,868,916 3,370,358
Expenditures:Current:
Public safey:Personnel services 9,498,558 9,498,558 9,498,558 -
Total expenditures 9,498,558 9,498,558 9,498,558 -
Net change in fund balances - - 3,370,358 3,370,358
Fund balances - Beginning - - - -
Fund balances - Ending -$ -$ 3,370,358$ 3,370,358$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 3,370,358$ To adjust revenues for accruals 36,446 To adjust expenditures for accruals (1)
Net change in fund balance, GAAP basis 3,406,803$
110
City of South Bend, Indiana
Required Supplementary Information
Budgetary Comparison Schedules
Major Special Revenue Funds (Continued)
Local Income Tax-Economic Development Fund
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - local income tax 13,151,291$ 13,151,291$ 17,660,862$ 4,509,571$
Intergovernmental 50,000 50,000 44,703 (5,297) Investment income 78,445 78,445 750,667 672,222 Other 150,000 150,000 8,624 (141,376)
Total revenues 13,429,736 13,429,736 18,464,856 5,035,120
Expenditures:Current:
General government:
Other services and charges 10,356,194 9,420,509 7,100,164 2,320,345 Capital outlay 5,264,846 324,647 324,647 -
Total expenditures 15,621,040 9,745,156 7,424,811 2,320,345
Other Financing Sources (Uses):Transfers out (12,294,020) (12,294,020) (8,029,012) 4,265,008
Net change in fund balances (14,485,324) (8,609,440) 3,011,033 11,620,473
Fund balances - Beginning - - - -
Fund balances - Ending (14,485,324)$ (8,609,440)$ 3,011,033$ 11,620,473$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 3,011,033$
To adjust revenues for accruals 366,335 To adjust expenditures for accruals (405,755)
Net change in fund balance, GAAP basis 2,971,613$
111
City of South Bend, Indiana
Required Supplementary Information
Budgetary Comparison Schedules
Major Special Revenue Funds (Continued)
American Rescue Plan
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental -$ -$ 1,213,406$ 1,213,406$ Investment income - - 180,695 180,695
Total revenues - - 1,394,101 1,394,101
Expenditures:Current:
General government:Personnel services - - - -
Other services and charges - - - -
Capital outlay 10,291,678 945,227 945,227 -
Total expenditures 10,291,678 945,227 945,227 -
Net change in fund balances (10,291,678) (945,227) 448,874 1,394,101
Fund balances - Beginning - - - -
Fund balances - Ending (10,291,678)$ (945,227)$ 448,874$ 1,394,101$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 448,874$
To adjust revenues for accruals 1,121,275 To adjust expenditures for accruals (1,182,795)
Net change in fund balance, GAAP basis 387,354$
112
City of South Bend, Indiana
Required Supplementary Information
Budget/GAAP Reconciliation
General Fund and Major Special Revenue Funds
For fiscal year ended December 31, 2023
The major difference between budgetary (Non-GAAP) basis and GAAP basis are as follows:
a. Revenues are recorded when received in cash (budgetary) as opposed to susceptible to accrual (GAAP).
b. Expenditures are recorded when paid in cash (budgetary) as opposed to when the liability is incurred (GAAP).
Adjustments necessary to convert the results of operations at the end of the year on a budgetary basis to a GAAP basis are as follows:
Local Income Tax
Parks and Local Income Tax Economic AmericanGeneralRecreationPublic Safety Development Rescue Plan
Net change in fund balances (budgetary basis)(11,185,609)$ 2,590,454$ 3,370,358$ 3,011,033$ 448,874$
Adjustments:
To adjust revenues for accruals 11,605,765 469,174 36,446 366,335 1,121,275
To adjust expenditures for accruals (11,561,869) (877,858) (1) (405,755) (1,182,795)
Net change in fund balances (GAAP basis)(11,141,713)$ 2,181,770$ 3,406,803$ 2,971,613$ 387,354$
113
City of South Bend, Indiana
Notes to Required Supplementary Information
Note 1 – Budgets and Budgetary Accounting The City follows these procedures in establishing the budgetary data reflected in the budgetary comparison schedules:
A. After conferring with the Common Council President and several department heads, the City Controller submits to the Common Council a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. B. Prior to adoption, the City advertises the budget and the Common Council holds public hearings to obtain taxpayer comments. The Common Council may reduce, but not increase, the budget from the advertised amounts. C. No later than November 1 of each year, the budget for the next year is approved by the Common Council through the passage of an ordinance. D. Copies of the budget ordinance and advertisements for funds for which property taxes are levied or highway use taxes are received are sent to the Indiana Department of Local Government Finance for their review and approval. The budget becomes legally enacted after the City Controller receives approval from the Indiana Department of Local Government Finance. This approval is required by Indiana statute and ad valorem property tax rates are to be set by December 31 prior to the year budgeted. The budget ordinance as approved by the Indiana Department of Local Government Finance becomes the City's expenditures budget. The City's maximum tax levy is restricted by Indiana law, with certain adjustments and exceptions. If the advertised budget, for funds for which property taxes are levied or for which highway use taxes are received, exceeds the spending and tax limits of the state control laws, an excess levy can be granted by the Indiana Department of Local Government Finance, upon appeal by the City. E. The legal level of budgetary control (the level at which expenditures may not exceed appropriations without the governing body’s approval) is by fund, department, division, and cost classification for all funds. The City’s management cannot transfer budgeted appropriations between cost classifications of a budget without approval of the Common Council. Any revisions that alter the total appropriations for any fund or any department of the General Fund must be approved by the Common Council and, in some instances, by the Indiana Department of Local Government Finance. Formal budgetary integration is required by state statute and is employed as a management control method. F. Formal budgetary integration is required by State statute and is employed as a management control device. An annual budget was legally adopted for the following funds:
Major governmental funds:
• General Fund
• Special Revenue Funds - Park and Recreation, Local Income Tax-Public Safety, Local Income Tax-Economic Development, American Rescue Plan
• Capital Projects Fund - River West TIF
114
City of South Bend, Indiana
Notes to Required Supplementary Information
Note 1 – Budgets and Budgetary Accounting (Continued) Nonmajor governmental funds:
• Special Revenue Funds - Motor Vehicle Highway, Studebaker Oliver Revitalization Grants, Economic Development State Grants, DCI Operating, DCI Federal Grants, Police State Seizure, Gift Donation Bequest, Unsafe Building, Law Enforcement
Continuing Education, Rental Units Regulation, Loss Recovery Fund, Code Enforcement, Local Road and Street, LOIT 2016 Special Distribution, Human Rights
Federal Grants, COVID-19 Response, Local Road and Bridge Grant, MVH Restricted, Hazmat, Indiana River Rescue, Police Grants, COPS MORE Grant, Federal Drug
Enforcement, Urban Development Action Grant, Leaf Collection and Removal, City Cemetery, Bowman Cemetery, Industrial Revolving Fund.
• Debt Service Funds - 2003 Redevelopment Bond - Airport Taxable, 2003 Redevelopment Bond - Palais Royale, 2015 Smart Streets Bond Debt Service, 2015 Park Bond Debt Service, 2017 Park Bond Debt Service, 2017 Eddy St. Commons Bond Debt Service, 2018 Fire Station #9 Bond Debt Service, 2018 TIF Park Bond Debt Service Reserve, 2019 South Shore Double Tracking Bond Debt Service, 2020 TIF Library Bond Debt Service Reserve, Century Center Energy Conservation Debt Service, Redevelopment Authority Debt Service, South Bend Building Corporation Debt Service
• Capital Projects Funds – Fire Department Capital, Coveleski Stadium Capital, Cumulative Capital Development, Cumulative Capital Improvement, Major Moves, Professional Sports Convention Development Area, Morris Performing Arts Center Capital, Redevelopment General, TIF West Washington, TIF River East Development, TIF Southside Development Area No. 1, TIF Douglas Road, TIF River East Residential, Certified Technology Park, Palais Royale Historic Preservation, 2022 Zoo Bond Capital, Airport Urban Enterprise Zone, 2023 RDA Lease-Rental Bond Capital, 2017 Park Bond Capital, 2017 Eddy St. Commons Bond Capital, 2018 Fire Station #9 Bond Capital, 2018 TIF Park Bond Capital, 2021 Infrastructure Bond Capital
G. The City's budgetary process is based upon cash outflows, which is a non-GAAP basis. Appropriations lapse with the expiration of the budgetary period unless encumbered by a purchase order or contract. Encumbered appropriations are carried over and added to the subsequent year's budget. H. Budgeted amounts are as originally adopted, or as amended by the Common Council and approved by the Indiana Department of Local Government Finance in the regular legal manner. The net effect of individual amendments to the budget increased the original appropriations by $92,110,351 in 2023 for the funds listed above. I. Expenditures did not exceed appropriations for any funds or any departments within any major or nonmajor governmental fund which required legally approved budgets.
Note 2 – Pension & OPEB Assets
There are no assets accumulated in a trust that meets the criteria in GASB Codification Section P22.101 to pay future pension benefits. There are no assets accumulated in a trust that meets the criteria in GASB Codification Section P52.101 to pay future OPEB benefits.
115
Other Supplemental Information
116
City of South Bend, Indiana
Other Supplemental Information
Nonmajor Governmental Funds
Fund Descriptions
SPECIAL REVENUE FUNDS
Motor Vehicle Highway To account for street construction and the operations of the street maintenance
department. Financing is provided by state motor vehicle highway distributions.
Studebaker/Oliver Revitalization Grants To account for expenditures related to the Studebaker and Oliver revitalization projects. Financing is provided by federal and state grants and loans from other organizations.
Economic Development
State Grants
To account for expenditures related to projects promoting economic development.
Financing is provided by state grants and loan payments. Expenditures include grants and related expenses.
DCI Operating To account for the operating expenditures related to the South Bend Department of Community Investment (DCI). Financing will be provided by revenues received from charges for services, other revenue sources, and from fund transfers.
DCI Federal Grants To account for revenues received from the U.S. Department of Housing and Urban Development related to community improvement projects.
Police State Seizure To account for law enforcement expenditures financed by the authorized state or local agencies' sale of confiscated property.
Gift Donation Bequest To account for donations, gifts, or bequeaths for purposes designated by the donor.
Police Curfew Violation To account for monies received from penalties paid for curfew violations. Expenditures include Drug Abuse Resistance Education and Juvenile Aid Bureau.
Unsafe Building To receive fines and fees related to Indiana's Unsafe Building law and account for the expenses incurred for board-ups, demolitions, ordinance violation abatements, and other related services.
Law Enforcement Continuing Education To account for police fees collected to finance police officers' continuing education, training, and supplies and equipment.
Rental Units Regulation To account for the revenues and expenditures related to the Landlord Registration and the Rental Safety Verification Program (RSVP) ordinances enacted by the Common Council.
Loss Recovery To account for compensatory or exemplary damage payments from third parties arising from loss or damage to City tangible or intangible property.
Code Enforcement To account for the activity of the Department of Code Enforcement including Neighborhood Code Enforcement and the South Bend Animal Resource Center.
Local Road and Street To account for operation and maintenance of local and arterial road and street systems. Financing is provided by state gasoline tax distributions.
LOIT 2016 Special Distribution To account for a one-time, special distribution of local income taxes from the State of
Indiana for the purpose of infrastructure expenditures.
Human Rights Federal Grants To account for expenditures to prevent discrimination and to promote human rights. Financing is provided by federal grants.
COVID-19 Response To account for expenditures related to the City’s response to the COVID-19 pandemic, including public safety and economic development activity, as well as related grants dedicated to fund these efforts.
117
City of South Bend, Indiana
Other Supplemental Information
Nonmajor Governmental Funds
Fund Descriptions
Local Road & Bridge Grant To account for the receipt of the Community Crossings grant and matching revenue
and for the payment of expenditures on eligible projects.
MVH Restricted To account for preventive maintenance of the City’s streets. Allowable costs related to preventive maintenance is defined by the state. Financing is provided by state motor vehicle highway distributions.
Morris and Palais Marketing To account for marketing and promotion expenditures financed by sponsorship solicitations and donations.
Morris PAC Self-Promoted Events To account for earnings on self-promoted events.
Police Block Grants To account for federal grants which provide financing for police activities.
Hazmat To account for monies generated by the South Bend Fire Department's response to
hazardous materials incidents. Funds are used to purchase, repair, or replace hazmat equipment, or for training and supplies.
Indiana River Rescue To account for expenditures related to river rescue training. Financing is provided by registration fees.
Police Grants To account for federal grants which provide financing for police activities.
Regional Police Academy To account for revenues (tuition) and expenditures (seminars, travel, lectures, and career days) related to the advancement of present and future police officers.
COPS MORE Grant To account for a grant which provides financing for police activities. The Community-Oriented Policing Services (COPS) Office of the Department of Justice offers grants through the Making Officer Redeployment Effective (MORE) program.
Federal Drug Enforcement To account for expenditures for drug enforcement. Financing is provided by distributions from the authorized federal agencies' confiscated property sale.
Urban Development Action Grant To account for economic development expenditures which are financed by federal grants and loan repayments.
Leaf Collection and Removal To account for the expenditures of a program to remove leaves from the City each fall. Financing is provided by a monthly service fee charged to all City residents.
Police K-9 Unit To account for donations for development and maintenance of the K-9 unit.
City Cemetery To account for expenditures specifically for the City Cemetery. Funding is provided by the sale of cemetery plots and burial expenses.
Bowman Cemetery To account for the expenditures the City incurs in maintaining the Bowman Cemetery.
Industrial Revolving Fund To report and administer loan funds for small businesses that is governed by a separate Board of Directors which contracts with the City's Community Investment Department for administration services.
Urban Enterprise Association Blended Component Unit: Accounts for activities from the UEA, which runs a variety of economic development projects for the City.
VPA Foundation Blended Component Unit: Accounts for donations for the City’s department of Venues Parks & Arts.
118
City of South Bend, Indiana
Other Supplemental Information
Nonmajor Governmental Funds
Fund Descriptions
DEBT SERVICE FUNDS
2003 Redevelopment Bond Airport Taxable To accumulate monies as a reserve for the payment of Redevelopment Authority bonds for the airport taxable project.
2003 Redevelopment Bond Palais Royale To accumulate monies as a reserve for the payment of Redevelopment Authority bonds for the Palais Royale project.
2015 Smart Streets Bond Debt Service To accumulate monies as a reserve for the payment of Smart Streets Bonds related
to the conversion of one-way to two-way streets.
2015 Park Bond Debt Service To accumulate monies as a reserve for the payment of the 2015 Parks & Recreation Bond debt service payments.
2017 Eddy St. Commons Bond Debt Service To accumulate monies as a reserve for the payment of the 2017 Eddy Street Commons Phase II Bond debt service payments.
2017 Park Bond Debt Service This fund is used to collect a separate property tax levy and is used to pay for the semi-annual payment of debt service principal and interest to the bondholders of the 2017 Park District Bonds, Series A-K.
2018 Fire Station #9 Bond Debt Service To accumulate monies received as debt service payments from the City and pass them through to trustee banks and bondholders.
2018 TIF Park Bond Debt Service Reserve To account for assets held to satisfy bond covenant requirements.
2019 South Shore Double Tracking Bond Debt Service
To accumulate monies received as debt service payments from the City and pass them through to trustee banks and bondholders.
2020 TIF Library Bond Debt Service Reserve To account for assets held to satisfy bond covenant requirements.
Century Center Energy Conservation Debt Service
To account for debt retirement of a 2015 qualified energy conservation bond for improvements at Century Center. Funding is provided by hotel/motel tax revenue, interest rebates, and transfers from other City funds.
Redevelopment Authority Debt Service To accumulate monies for the payment of Redevelopment Authority bonds issued to refinance bonds issued for construction of a parking garage facility, bonds issued for central development area land acquisition and construction of public improvements, bonds issued to purchase the Palais Royale, bonds issued to refinance bonds issued for construction of Century Center improvements, and bonds issued to refinance bonds issued for renovations to the Morris Performing Art Center.
South Bend Building Corporation Debt Service
To accumulate monies received as debt service payments from the City and pass them through to trustee banks and bondholders.
CAPITAL PROJECTS FUNDS
Fire Department Capital To purchase capital assets for the City’s Fire Department, including vehicles (such as fire trucks and ambulances) and capital improvements to Fire Stations.
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City of South Bend, Indiana
Other Supplemental Information
Nonmajor Governmental Funds
Fund Descriptions
Coveleski Stadium Capital To account for expenditures related to the maintenance and improvement of the
baseball stadium. Financing is provided by a rental paid by the semi-pro baseball team.
Cumulative Capital Development To account for expenditures relating to the purchase or lease of capital improvements in the City. Financing is provided by a specific property tax levy.
Cumulative Capital Improvement To account for state cigarette tax distributions used for improvement projects.
Major Moves To account for state distributions used for road construction and other uses
authorized by Indiana statute.
Professional Sports Convention Development Area
To account for state distributions of sales tax and income tax earned at specified locations within the area. Restricted for use on capital projects at those specific locations (which include Four Winds Field, Morris Performing Arts Center, and Century Center).
Morris Performing Arts Center Capital To accumulate monies for major repairs and capital improvements to the Morris Civic Auditorium. Financing is provided by a surcharge on ticket sales for events held at
the auditorium.
Redevelopment General To account for eligible redevelopment initiatives designed to improve educational opportunities and address poverty and unemployment in the City. Financing is provided by an annual payment in lieu of taxes from the Pokagon Band of Potawatomi Indians and a small receipt of local income tax.
TIF – West Washington To account for expenditures for public improvement projects in the West Washington Economic Development Area. Financing is provided by property tax proceeds in excess of those attributable to the assessed value of the property in the district before redevelopment.
TIF – River East Development To account for expenditures for improvements in the northeast development tax incremental district. Financing is provided by property tax proceeds in excess of
those attributable to the assessed valuation of the property in the district before redevelopment. During TIF consolidation in 2015, this fund was renamed. It was formerly known as the TIF Northeast Development Fund.
TIF – Southside Development Area No. 1 To account for expenditures for improvements in the Southside development tax incremental district no. 1. Financing is provided by property tax proceeds in excess of those attributable to the assessed valuation of the property in the district before redevelopment.
TIF – Douglas Road To account for expenditures for improvements in the Douglas Road development tax incremental district. Financing is provided by property tax proceeds in excess of those attributable to the assessed valuation of the property in the district before redevelopment.
TIF – River East Residential To account for expenditures for improvements in the Northeast Neighborhood Residential development tax incremental district. Financing is provided by property tax proceeds in excess of those attributable to the assessed valuation of the property in the district before redevelopment. During TIF consolidation in 2015, this fund was renamed. It was formerly known as the TIF Northeast Residential Fund.
120
City of South Bend, Indiana
Other Supplemental Information
Nonmajor Governmental Funds
Fund Descriptions
Certified Technology Park To account for expenditures related to acquisition, improvements, construction and
maintenance of public facilities, debt service and other permitted uses under I.C. 36-7-32-23 in connection with a certified technology park. Financing is provided by
property tax proceeds, state gross retail and uses taxes, and other revenues.
Palais Royale Historic Preservation To account for expenditures financed by a two percent fee charged for all Palais Royale services.
2022 Zoo Bond Capital To account for the expenditures of bond funds to be used for the construction, expansion, renovation, equipping, furnishing and improvement of the Potawatomi Zoo.
Airport Urban Enterprise
Zone
To account expenditures for improvements in the Zone area, financed by property
taxes on qualifying properties in the Zone.
Equipment Vehicle Leasing To account for proceeds from financed-purchase agreements used to finance major equipment needs of the City.
2017 Park Bond Capital To account for the expenditures of bond funds relating to the Park District Bonds, Series 2017 A-K to be used for planned capital projects to improve the parks.
2017 Eddy St. Commons Bond Capital To account for the expenditures of the bond proceeds from to be spent on Phase II of the mixed-use development near the University of Notre Dame.
2018 Fire Station #9 Bond Capital To account for the expenditures of bond funds relating to the General Obligation Bonds, Series 2018 to be used for the construction of the new Fire Station #9 and additional classroom for the Fire Training Center.
2018 TIF Park Bond Capital To account for the expenditures of bond funds relating to the Redevelopment District Bonds, Series 2018 to be used for planned capital projects to improve the parks.
121
City of South Bend, Indiana
Combining Balance Sheet
Nonmajor Governmental Funds
December 31, 2023
Special Revenue Funds
Studebaker Law
Oliver Economic DCI Gift Enforcement
Motor Vehicle Revitalization Development Federal Police State Donation Unsafe ContinuingHighwayGrantsState Grants DCI Operating Grants Seizure Bequest Building Education
Assets
Cash and cash equivalents 4,510,784$ 299,004$ - 196,152$ 1,212,370$ 117,773$ 2,028,278$ 412,553$ 460,570$ Investments 1,763,213 349,852 - 212,155 - 137,801 2,368,166 482,708 535,681
Receivables:Accounts 8,417 - - 320 127,003 - - - 19,081
Interest 11,608 2,043 15 2 - 803 8,408 2,814 3,085 Taxes - - - - - - - - -
Intergovernmental - - - - - - - - -
Property taxes - - - - - - - - -
Loans - - - - 117,778 - - - - Due from other funds - - - - - - - - - Advances to other funds - - - - - - - - - Property held for resale - 1 - - 2,288,072 - - - -
Restricted assets - - - - - - - - -
Total assets 6,294,022$ 650,900$ 15$ 408,629$ 3,745,223$ 256,377$ 4,404,852$ 898,075$ 1,018,417$
LiabilitiesAccounts payable 326,521$ 525$ -$ 45,466$ 11,603$ -$ 7,298$ 1,730$ 49,420$
Due to other funds 820 - 134,601$ - - - - - - Advances from other funds - - - - - - - - -
Performance deposits payable - - - - - - - 4,950 - Accrued liabilities and other:
Accrued payroll payable 163,538 - - 110,150 - - - - - Taxes payable 14,279 - - 9,618 - - - - - Other current payables - - - - 2,549 - - - - Customer deposits 2,000 - - - - - - - -
Total liabilities 507,158 525 134,601 165,234 14,152 - 7,298 6,680 49,420
Deferred inflows of resources
- unavailable revenue
Intergovernmental receivable - - - - - - - - -
Property taxes receivable - - - - - - - - -
Total deferred inflows of resources - - - - - - - - -
Fund balances
Nonspendable - - - - - - - - - Restricted 5,786,864 650,375 - - 3,731,071 256,377 4,397,554 - 968,997 Committed - - - - - - - 891,395 - Assigned - - - 243,395 - - - - - Unassigned - - (134,586) - - - - - -
Total fund balances 5,786,864 650,375 (134,586) 243,395 3,731,071 256,377 4,397,554 891,395 968,997
Total liabilities, deferred inflows
of resources, and fund balances 6,294,022$ 650,900$ 15$ 408,629$ 3,745,223$ 256,377$ 4,404,852$ 898,075$ 1,018,417$
122
City of South Bend, Indiana
Assets
Cash and cash equivalentsInvestments
Receivables:Accounts
InterestTaxes
Intergovernmental
Property taxes
LoansDue from other fundsAdvances to other fundsProperty held for resale
Restricted assets
Total assets
LiabilitiesAccounts payable
Due to other fundsAdvances from other funds
Performance deposits payableAccrued liabilities and other:
Accrued payroll payableTaxes payableOther current payablesCustomer deposits
Total liabilities
Deferred inflows of resources
- unavailable revenue
Intergovernmental receivable
Property taxes receivable
Total deferred inflows of resources
Fund balances
NonspendableRestrictedCommittedAssignedUnassigned
Total fund balances
Total liabilities, deferred inflows
of resources, and fund balances
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
December 31, 2023
Special Revenue Funds
Rental LOIT 2016
Units Loss Recovery Code Local Road Special Human Rights COVID-19 Local Road and MVHRegulationFundEnforcementand Street Distribution Federal Grants Response Bridge Grant Restricted
96,398$ 996,368$ - 636,266$ 30,921$ 71,550$ - 196,145$ 411,761$ 112,600 1,165,804 - 744,463 36,180 83,117 - 229,500 432,468
4,842 - 117,106 5,255 - - - - -
659 6,804 380 4,344 211 485 - 1,339 2,679 - - - - - - - - - - 3,754,480 - - - - - - -
- - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - -
214,499$ 5,923,456$ 117,486$ 1,390,328$ 67,312$ 155,152$ -$ 426,984$ 846,908$
-$ -$ 26,560$ 685,618$ 4,314$ 23$ 32,391$ -$ -$
- - 12,762$ - - - 79,650$ - - - - - - - - - - -
- - - - - - - - -
1,880 - 58,769 - - 5,613 - - - 164 - 5,131 - - 490 - - - - - - - - - - - - - - - - - - - - -
2,044 - 103,222 685,618 4,314 6,126 112,041 - -
- 3,754,480 - - - - - - -
- - - - - - - - -
- 3,754,480 - - - - - - -
- - - - - - - - - - - - 704,710 62,998 149,026 - 426,984 846,908 212,455 2,168,976 14,264 - - - - - - - - - - - - - - - - - - - - - (112,041) - -
212,455 2,168,976 14,264 704,710 62,998 149,026 (112,041) 426,984 846,908
214,499$ 5,923,456$ 117,486$ 1,390,328$ 67,312$ 155,152$ -$ 426,984$ 846,908$
123
City of South Bend, Indiana
Assets
Cash and cash equivalentsInvestments
Receivables:Accounts
InterestTaxes
Intergovernmental
Property taxes
LoansDue from other fundsAdvances to other fundsProperty held for resale
Restricted assets
Total assets
LiabilitiesAccounts payable
Due to other fundsAdvances from other funds
Performance deposits payableAccrued liabilities and other:
Accrued payroll payableTaxes payableOther current payablesCustomer deposits
Total liabilities
Deferred inflows of resources
- unavailable revenue
Intergovernmental receivable
Property taxes receivable
Total deferred inflows of resources
Fund balances
NonspendableRestrictedCommittedAssignedUnassigned
Total fund balances
Total liabilities, deferred inflows
of resources, and fund balances
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
December 31, 2023
Special Revenue Funds
Urban Industrial
Indiana River COPS MORE Federal Drug Development Leaf Collection City Bowman RevolvingHazmatRescueGrantEnforcementAction Grant and Removal Cemetery Cemetery Fund
14,754$ 212,355$ 9,567$ 201,296$ 31,673$ 211,974$ 14,438$ 227,134$ 3,050,363$ 17,262 248,467 11,194 - 37,058 247,457 16,894 265,758 -
2,375 23,600 - - - 58,350 - - 810
100 1,442 - 262 216 1,444 98 1,551 12,838 - - - - - - - - - - - - - - - - - -
- - - - - - - - -
- - - - - - - - 12,198,889 - - - - - 43 - - - - - - - - - - - - - - - - - - - - 76,300
- - - - - - - - -
34,491$ 485,864$ 20,761$ 201,558$ 68,947$ 519,268$ 31,430$ 494,443$ 15,339,200$
-$ 1,070$ -$ -$ -$ -$ -$ -$ 1,106$
- - - - - - - - - - - - - - - - - -
- - - - - - - - -
- - - - - 5,513 - - - - - - - - 481 - - - - - - - - - - - - - - - - - - - - -
- 1,070 - - - 5,994 - - 1,106
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - - - - 20,761 201,558 68,947 - 31,430 494,443 15,338,094 34,491 484,794 - - - - - - - - - - - - 513,274 - - - - - - - - - - - -
34,491 484,794 20,761 201,558 68,947 513,274 31,430 494,443 15,338,094
34,491$ 485,864$ 20,761$ 201,558$ 68,947$ 519,268$ 31,430$ 494,443$ 15,339,200$
124
City of South Bend, Indiana
Assets
Cash and cash equivalentsInvestments
Receivables:Accounts
InterestTaxes
Intergovernmental
Property taxes
LoansDue from other fundsAdvances to other fundsProperty held for resale
Restricted assets
Total assets
LiabilitiesAccounts payable
Due to other fundsAdvances from other funds
Performance deposits payableAccrued liabilities and other:
Accrued payroll payableTaxes payableOther current payablesCustomer deposits
Total liabilities
Deferred inflows of resources
- unavailable revenue
Intergovernmental receivable
Property taxes receivable
Total deferred inflows of resources
Fund balances
NonspendableRestrictedCommittedAssignedUnassigned
Total fund balances
Total liabilities, deferred inflows
of resources, and fund balances
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
December 31, 2023
Special Revenue Funds Debt Service Funds
2003 2003
Urban Total Redevelopment Redevelopment 2015 Smart 2017 Eddy St.
Enterpise VPA Special Revenue Bond - Airport Bond - Palais Streets Bond 2015 Park Bond 2017 Park Bond Commons BondAssociationFoundationFundsTaxableRoyaleDebt Service Debt Service Debt Service Debt Service
1,931,171$ 6,093,039$ 23,674,657$ 495,068$ 827,681$ 1,751,219$ 558,162$ 70,272$ 3,668,987$ 179,841 - 9,677,639 579,257 968,429 - - 82,222 -
251,392 - 618,551 - - - - - -
- - 63,630 3,381 5,651 7 685 480 15 - - - - - - - - - - - 3,754,480 - - - - - -
- - - - - - - 1,122,806 -
- - 12,316,667 - - - - - - - - 43 - - - - - - - - - - - - - - - - - 2,364,373 - - - - - -
- - - - - - - - -
2,362,404$ 6,093,039$ 52,470,040$ 1,077,706$ 1,801,761$ 1,751,226$ 558,847$ 1,275,780$ 3,669,002$
23,135$ -$ 1,216,780$ -$ -$ -$ -$ -$ -$
- - 227,833 - - - - - - - - - - - - - - -
- - 4,950 - - - - - -
- - 345,463 - - - - - - - - 30,163 - - - - - - 17,812 - 20,361 - - - - - - 24,499 - 26,499 - - - - - -
65,446 - 1,872,049 - - - - - -
- - 3,754,480 - - - - - -
- - - - - - - 1,122,805 -
- - 3,754,480 - - - - 1,122,805 -
- - - - - - - - - 2,296,958 6,093,039 42,527,094 1,077,706 1,801,761 1,751,226 558,847 152,975 3,669,002 - - 3,806,375 - - - - - - - - 756,669 - - - - - - - - (246,627) - - - - - -
2,296,958 6,093,039 46,843,511 1,077,706 1,801,761 1,751,226 558,847 152,975 3,669,002
2,362,404$ 6,093,039$ 52,470,040$ 1,077,706$ 1,801,761$ 1,751,226$ 558,847$ 1,275,780$ 3,669,002$
125
City of South Bend, Indiana
Assets
Cash and cash equivalentsInvestments
Receivables:Accounts
InterestTaxes
Intergovernmental
Property taxes
LoansDue from other fundsAdvances to other fundsProperty held for resale
Restricted assets
Total assets
LiabilitiesAccounts payable
Due to other fundsAdvances from other funds
Performance deposits payableAccrued liabilities and other:
Accrued payroll payableTaxes payableOther current payablesCustomer deposits
Total liabilities
Deferred inflows of resources
- unavailable revenue
Intergovernmental receivable
Property taxes receivable
Total deferred inflows of resources
Fund balances
NonspendableRestrictedCommittedAssignedUnassigned
Total fund balances
Total liabilities, deferred inflows
of resources, and fund balances
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
December 31, 2023
Capital
Debt Service Funds Special Revenue Funds Projects Funds
2018 2018 TIF Studebaker Century South Bend
Fire Station #9 Park Bond Oliver Center Energy Redevelopment Building Total Fire
Bond Debt Service Motor Vehicle Revitalization Conservation Authority Corporation Debt Service DepartmentDebt Service Reserve Highway Grants Debt Service Debt Service Debt Service Funds Capital
-$ 494,886$ 20,074$ 326,951$ 15,102$ 447,521$ 231,285$ 8,907,208$ 1,568,457$ - 579,043 - - 17,670 - - 2,226,621 -
- - - - - - - - 300
- 3,380 - 2 58 1,690 204 15,553 1,452 - - - - - - - - - - - - - - - - - -
- - - - - - - 1,122,806 -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - -
-$ 1,077,309$ 20,074$ 326,953$ 32,830$ 449,211$ 231,489$ 12,272,188$ 1,570,209$
-$ -$ -$ -$ -$ -$ -$ -$ -$
- - - - - - - - - - - - - - - - - -
- - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - 1,122,805 -
- - - - - - - 1,122,805 -
- - - - - - - - - - 1,077,309 20,074 326,953 32,830 449,211 231,489 11,149,383 1,570,209 - - - - - - - - - - - - - - - - - - - - - - - - - - -
- 1,077,309 20,074 326,953 32,830 449,211 231,489 11,149,383 1,570,209
-$ 1,077,309$ 20,074$ 326,953$ 32,830$ 449,211$ 231,489$ 12,272,188$ 1,570,209$
126
City of South Bend, Indiana
Assets
Cash and cash equivalentsInvestments
Receivables:Accounts
InterestTaxes
Intergovernmental
Property taxes
LoansDue from other fundsAdvances to other fundsProperty held for resale
Restricted assets
Total assets
LiabilitiesAccounts payable
Due to other fundsAdvances from other funds
Performance deposits payableAccrued liabilities and other:
Accrued payroll payableTaxes payableOther current payablesCustomer deposits
Total liabilities
Deferred inflows of resources
- unavailable revenue
Intergovernmental receivable
Property taxes receivable
Total deferred inflows of resources
Fund balances
NonspendableRestrictedCommittedAssignedUnassigned
Total fund balances
Total liabilities, deferred inflows
of resources, and fund balances
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
December 31, 2023
Capital Projects Funds
Professional Morris
Coveleski Cumulative Cumulative Sports Convention Performing
Stadium Capital Capital Development Arts Center Redevelopment TIF - West TIF - River EastCapitalDevelopmentImprovementMajor Moves Area Capital General Washington Development
1,284$ 65,132$ 128,084$ 734,249$ 115,791$ 160,803$ 1,489,160$ 862,990$ 6,704,728$ 1,501 133,003 149,864 859,109 135,481 - 1,741,726 1,009,745 7,844,893
- - - - - - - - -
8 775 583 5,014 791 228 10,762 5,894 46,508 - - - - 289,170 - - - - - - - - - - - - -
- 616,814 - - - - - 550,559 7,380,859
- - - - - - - - - - - - - - - - - - - - - 642,076 - - - - - - - - - - - 2,214 436,000 10,300
- - - - - - - - -
2,793$ 815,724$ 278,531$ 2,240,448$ 541,233$ 161,031$ 3,243,862$ 2,865,188$ 21,987,288$
-$ -$ -$ 7,449$ 21,986$ 4,445$ 19,237$ 68,357$ 344,411$
- - - - - - - - - - - - - - - - - -
- - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - 7,449 21,986 4,445 19,237 68,357 344,411
- - - - - - - - -
- 616,814 - - - - - 550,559 7,380,859
- 616,814 - - - - - 550,559 7,380,859
- - - 642,076 - - - - - - 198,910 278,531 1,590,923 519,247 - - 2,246,272 14,262,018 2,793 - - - - 156,586 3,224,625 - - - - - - - - - - - - - - - - - - - -
2,793 198,910 278,531 2,232,999 519,247 156,586 3,224,625 2,246,272 14,262,018
2,793$ 815,724$ 278,531$ 2,240,448$ 541,233$ 161,031$ 3,243,862$ 2,865,188$ 21,987,288$
127
City of South Bend, Indiana
Assets
Cash and cash equivalentsInvestments
Receivables:Accounts
InterestTaxes
Intergovernmental
Property taxes
LoansDue from other fundsAdvances to other fundsProperty held for resale
Restricted assets
Total assets
LiabilitiesAccounts payable
Due to other fundsAdvances from other funds
Performance deposits payableAccrued liabilities and other:
Accrued payroll payableTaxes payableOther current payablesCustomer deposits
Total liabilities
Deferred inflows of resources
- unavailable revenue
Intergovernmental receivable
Property taxes receivable
Total deferred inflows of resources
Fund balances
NonspendableRestrictedCommittedAssignedUnassigned
Total fund balances
Total liabilities, deferred inflows
of resources, and fund balances
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
December 31, 2023
Capital Projects Funds
TIF - Southside Certified Palais Royale 2022 Zoo Airport Urban 2023 RDA
Development TIF - Douglas TIF - River East Technology Historic Bond Enterprise Lease-Rental 2017 ParkArea No. 1 Road Residential Park Preservation Capital Zone Bond Capital Bond Capital
5,881,513$ 276,977$ 4,135,965$ 5,325$ 58,706$ -$ 196,088$ 28,540,319$ 628,237$ 6,881,688 324,077 4,839,305 6,231 68,688 - 229,433 - 735,072
- - - - - - - - -
40,050 1,889 28,245 36 400 - 1,340 1 4,291 - - - - - - - - - - - - - - - - - -
3,110,843 255,814 6,941,806 - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - -
15,914,094$ 858,757$ 15,945,321$ 11,592$ 127,794$ -$ 426,861$ 28,540,320$ 1,367,600$
867,665$ -$ 297,139$ -$ -$ -$ -$ 1,941,913$ 267,485$
- - - - - - - - - - - 642,076 - - - - - -
- - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
867,665 - 939,215 - - - - 1,941,913 267,485
- - - - - - - - -
3,110,843 255,814 6,941,806 - - - - - -
3,110,843 255,814 6,941,806 - - - - - -
- - - - - - - - - 11,935,586 602,943 8,064,300 11,592 - - - 26,598,407 1,100,115 - - - - 127,794 - 426,861 - - - - - - - - - - - - - - - - - - - -
11,935,586 602,943 8,064,300 11,592 127,794 - 426,861 26,598,407 1,100,115
15,914,094$ 858,757$ 15,945,321$ 11,592$ 127,794$ -$ 426,861$ 28,540,320$ 1,367,600$
128
City of South Bend, Indiana
Assets
Cash and cash equivalentsInvestments
Receivables:Accounts
InterestTaxes
Intergovernmental
Property taxes
LoansDue from other fundsAdvances to other fundsProperty held for resale
Restricted assets
Total assets
LiabilitiesAccounts payable
Due to other fundsAdvances from other funds
Performance deposits payableAccrued liabilities and other:
Accrued payroll payableTaxes payableOther current payablesCustomer deposits
Total liabilities
Deferred inflows of resources
- unavailable revenue
Intergovernmental receivable
Property taxes receivable
Total deferred inflows of resources
Fund balances
NonspendableRestrictedCommittedAssignedUnassigned
Total fund balances
Total liabilities, deferred inflows
of resources, and fund balances
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
December 31, 2023
Capital Projects Funds
2017 Eddy St.2018 Fire 2018 TIF 2021 Total Total Nonmajor
Commons Bond Station #9 Park Bond Infrastructure Capital Projects GovernmentalCapitalBond Capital Capital Bond Capital Funds Funds
25,765$ 151,030$ 1,085,253$ 422,752$ 53,238,608$ 85,820,473$ - 176,712 1,269,803 494,643 26,900,974 38,805,234
- - - - 300 618,851
- 1,030 7,410 2,888 159,595 238,778 - - - - 289,170 289,170 - - - - - 3,754,480
- - - - 18,856,695 19,979,501
- - - - - 12,316,667 - - - - - 43 - - - - 642,076 642,076 - - - - 448,514 2,812,887
- - - - - -
25,765$ 328,772$ 2,362,466$ 920,283$ 100,535,932$ 165,278,160$
-$ -$ 919,772$ 204,135$ 4,963,994$ 6,180,774$
- - - - - 227,833 - - - - 642,076 642,076
- - - - - 4,950
- - - - - 345,463 - - - - - 30,163 - - - - - 20,361 - - - - - 26,499
- - 919,772 204,135 5,606,070 7,478,119
- - - - - 3,754,480
- - - - 18,856,695 19,979,500
- - - - 18,856,695 23,733,980
- - - - 642,076 642,076 25,765 328,772 1,442,694 716,148 71,492,432 125,168,909 - - - - 3,938,659 7,745,034 - - - - - 756,669 - - - - - (246,627)
25,765 328,772 1,442,694 716,148 76,073,167 134,066,061
25,765$ 328,772$ 2,362,466$ 920,283$ 100,535,932$ 165,278,160$
129
City of South Bend, Indiana Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Governmental FundsFor the Year Ended December 31, 2023
Special Revenue Funds
StudebakerOliver Economic DCI Gift
Motor Vehicle Revitalization Development Federal Police State Donation UnsafeHighwayGrantsState Grants DCI Operating Grants Seizure Bequest Building
Revenues
Property taxes -$ -$ -$ -$ -$ -$ -$ -$ Income taxes - - - - - - - -
Hotel/motel taxes - - - - - - - -
Licenses and permits 2,725 - - - - - - - Intergovernmental 3,274,223 - 85,650 229,133 5,559,168 - - - Charges for services 89,847 - - 266,888 - - - -
Fines and forfeitures - - - 92,005 - - - 68,515 Investment income (loss)162,055 29,166 - (1,868) - 9,330 27,092 37,856 Other 265,667 - - 24,565 10,722 51,127 3,625,410 -
Total revenues 3,794,517 29,166 85,650 610,723 5,569,890 60,457 3,652,502 106,371
Expenditures
Current:General government - - - - - - 119,518 19,230 Public safety - - - - - - - - Highways and streets 8,286,325 - - - - - - -
Community and economic development - 18,345 144,348 4,077,096 4,176,155 - 27,831 - Culture and recreation 355,889 - - - - - - - Capital outlay:
General government - - - - - - - - Public safety - - - - - - - - Highways and streets 1,179,815 - - - - - - - Community and economic development - - - - - - - -
Culture and recreation - - - - - - - - Debt service:Principal 1,113,112 - - - - - - -
Interest on long-term debt 45,139 - - - - - - -
Bond issuance costs - - - - - - - -
Total expenditures 10,980,280 18,345 144,348 4,077,096 4,176,155 - 147,349 19,230
Excess of revenues (under) over expenditures (7,185,763) 10,821 (58,698) (3,466,373) 1,393,735 60,457 3,505,153 87,141
Other financing sources (uses)
Issuance of debt 2,235,000 - - - - - - - Premium on debt - - - - - - - - Proceeds from sale of capital assets 4,140 - - - - - - -
Transfers in 5,087,500 - - 3,778,841 - - - -
Transfers out - - - - - - - -
Total other financing sources (uses)7,326,640 - - 3,778,841 - - - -
Net change in fund balances 140,877 10,821 (58,698) 312,468 1,393,735 60,457 3,505,153 87,141
Fund balances - Beginning of year 5,645,987 639,554 (75,888) (69,073) 2,337,336 195,920 892,401 804,254
Fund balances - End of year 5,786,864$ 650,375$ (134,586)$ 243,395$ 3,731,071$ 256,377$ 4,397,554$ 891,395$
130
City of South Bend, Indiana
Revenues
Property taxesIncome taxes
Hotel/motel taxes
Licenses and permitsIntergovernmentalCharges for services
Fines and forfeituresInvestment income (loss)Other
Total revenues
Expenditures
Current:General governmentPublic safetyHighways and streets
Community and economic developmentCulture and recreationCapital outlay:
General governmentPublic safetyHighways and streetsCommunity and economic development
Culture and recreationDebt service:Principal
Interest on long-term debt
Bond issuance costs
Total expenditures
Excess of revenues (under) over expenditures
Other financing sources (uses)
Issuance of debtPremium on debtProceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - Beginning of year
Fund balances - End of year
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued)
Nonmajor Governmental Funds For the Year Ended December 31, 2023
Special Revenue Funds
LawEnforcement Rental LOIT 2016
Continuing Units Loss Recovery Code Local Road Special Human Rights COVID-19EducationRegulationFundEnforcementand Street Distribution Federal Grants Response
-$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - -
- - - - - - - -
- - - 23,580 - - - - 648,640 - 1,067,118 - 2,246,316 - 8,775 368,404 106,073 - - 43,575 - - 20,000 -
117,605 150,899 - 301,742 - - - - 31,247 6,999 67,288 2,404 114,719 7,802 12,438 - 101,750 - - 1,345 - - - -
1,005,315 157,898 1,134,406 372,646 2,361,035 7,802 41,213 368,404
- 65,790 - 3,926,155 - - 202,383 - 453,546 - - - - - - - - - - - 2,985,618 184,782 - -
- - - - - - - 428,867 - - - - - - - -
- - - 273,206 - - - - 301,100 - - - - - - - - - - - 968,646 4,314 - - - - - - - - - -
- - - - - - - -
- - - 207,530 - - - -
- - - 13,571 - - - -
- - - - - - - -
754,646 65,790 - 4,420,462 3,954,264 189,096 202,383 428,867
250,669 92,108 1,134,406 (4,047,816) (1,593,229) (181,294) (161,170) (60,463)
- - - 232,000 - - - - - - - - - - - - - - - 18,170 - - - -
- - - 3,298,000 - - - -
- - - - - - - -
- - - 3,548,170 - - - -
250,669 92,108 1,134,406 (499,646) (1,593,229) (181,294) (161,170) (60,463)
718,328 120,347 1,034,570 513,910 2,297,939 244,292 310,196 (51,578)
968,997$ 212,455$ 2,168,976$ 14,264$ 704,710$ 62,998$ 149,026$ (112,041)$
131
City of South Bend, Indiana
Revenues
Property taxesIncome taxes
Hotel/motel taxes
Licenses and permitsIntergovernmentalCharges for services
Fines and forfeituresInvestment income (loss)Other
Total revenues
Expenditures
Current:General governmentPublic safetyHighways and streets
Community and economic developmentCulture and recreationCapital outlay:
General governmentPublic safetyHighways and streetsCommunity and economic development
Culture and recreationDebt service:Principal
Interest on long-term debt
Bond issuance costs
Total expenditures
Excess of revenues (under) over expenditures
Other financing sources (uses)
Issuance of debtPremium on debtProceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - Beginning of year
Fund balances - End of year
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued)
Nonmajor Governmental Funds For the Year Ended December 31, 2023
Special Revenue Funds
Urban
Local Road and MVH Indiana River COPS MORE Federal Drug Development Leaf CollectionBridge Grant Restricted Hazmat Rescue Grant Enforcement Action Grant and Removal
-$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - -
- - - - - - - -
- - - - - - - - 1,000,000 3,274,223 - - - - - - - - 2,375 149,173 - - - 455,392
- - - - - - - - 95,348 61,442 1,407 18,270 332 3,551 16,009 18,864 - - - - - 155,023 - -
1,095,348 3,335,665 3,782 167,443 332 158,574 16,009 474,256
- - - - - - - - - - - 57,591 - - - - 3,045,398 3,561,690 - - - - - 95,819
- - - - - - - - - - - - - - - -
- - - - - - - - - - - 34,530 - 75,609 - - - 662,791 - - - - - - - - - - - - - -
- - - - - - - -
- 169,814 - - - - - -
- 17,716 - - - - - -
- - - - - - - -
3,045,398 4,412,011 - 92,121 - 75,609 - 95,819
(1,950,050) (1,076,346) 3,782 75,322 332 82,965 16,009 378,437
- - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - 4,905
- - - - - - - (275,000)
- - - - - - - (270,095)
(1,950,050) (1,076,346) 3,782 75,322 332 82,965 16,009 108,342
2,377,034 1,923,254 30,709 409,472 20,429 118,593 52,938 404,932
426,984$ 846,908$ 34,491$ 484,794$ 20,761$ 201,558$ 68,947$ 513,274$
132
City of South Bend, Indiana
Revenues
Property taxesIncome taxes
Hotel/motel taxes
Licenses and permitsIntergovernmentalCharges for services
Fines and forfeituresInvestment income (loss)Other
Total revenues
Expenditures
Current:General governmentPublic safetyHighways and streets
Community and economic developmentCulture and recreationCapital outlay:
General governmentPublic safetyHighways and streetsCommunity and economic development
Culture and recreationDebt service:Principal
Interest on long-term debt
Bond issuance costs
Total expenditures
Excess of revenues (under) over expenditures
Other financing sources (uses)
Issuance of debtPremium on debtProceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - Beginning of year
Fund balances - End of year
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued)
Nonmajor Governmental Funds For the Year Ended December 31, 2023
Special Revenue Funds Debt Service Funds
2003 2003IndustrialUrbanTotalRedevelopmentRedevelopment
City Bowman Revolving Enterpise VPA Special Revenue Bond - Airport Bond - PalaisCemeteryCemeteryFundAssociationFoundationFundsTaxableRoyale
-$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - -
- - - - - - - -
- - - - - 26,305 - - - - - - - 17,761,650 - - - - - 588,230 - 1,721,553 - -
- - - - - 730,766 - - 1,377 21,664 169,125 225 - 914,142 47,219 78,943 - - 513,563 86,520 11,435,101 16,270,793 - -
1,377 21,664 682,688 674,975 11,435,101 37,425,209 47,219 78,943
- - - - - 4,333,076 - - - - - - - 511,137 - - - - - - - 18,159,632 - -
- - 88,117 653,700 - 9,614,459 - - - - - - 8,836,818 9,192,707 - -
- - - - - 273,206 - - - - - - - 411,239 - - - - - - - 2,815,566 - - - - - - - - - -
- - - - - - - -
- - - - - 1,490,456 - -
- - - - - 76,426 - - - - - - - - - -
- - 88,117 653,700 8,836,818 46,877,904 - -
1,377 21,664 594,571 21,275 2,598,283 (9,452,695) 47,219 78,943
- - - - - 2,467,000 - - - - - - - - - - - - - - - 22,310 - -
- - - - - 12,169,246 - -
- - - - - (275,000) - -
- - - - - 14,383,556 - -
1,377 21,664 594,571 21,275 2,598,283 4,930,861 47,219 78,943
30,053 472,779 14,743,523 2,275,683 3,494,756 41,912,650 1,030,487 1,722,818
31,430$ 494,443$ 15,338,094$ 2,296,958$ 6,093,039$ 46,843,511$ 1,077,706$ 1,801,761$
133
City of South Bend, Indiana
Revenues
Property taxesIncome taxes
Hotel/motel taxes
Licenses and permitsIntergovernmentalCharges for services
Fines and forfeituresInvestment income (loss)Other
Total revenues
Expenditures
Current:General governmentPublic safetyHighways and streets
Community and economic developmentCulture and recreationCapital outlay:
General governmentPublic safetyHighways and streetsCommunity and economic development
Culture and recreationDebt service:Principal
Interest on long-term debt
Bond issuance costs
Total expenditures
Excess of revenues (under) over expenditures
Other financing sources (uses)
Issuance of debtPremium on debtProceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - Beginning of year
Fund balances - End of year
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued)
Nonmajor Governmental Funds For the Year Ended December 31, 2023
Debt Service Funds
2018 2018 TIF 2019 South 2020 TIF2015 Smart 2017 Eddy St.Fire Station #9 Park Bond Shore Double Library Bond
Streets Bond 2015 Park Bond 2017 Park Bond Commons Bond Bond Debt Service Tracking Bond Debt ServiceDebt Service Debt Service Debt Service Debt Service Debt Service Reserve Debt Service Reserve
-$ -$ 1,080,710$ -$ -$ -$ -$ -$ - - - - - - - -
- - - - - - - -
- - - - - - - - - - 54,790 - - - - - - - - - - - - -
- - - - - - - - 99 5,987 3,692 203 - 47,202 3 18 - - - - - - - -
99 5,987 1,139,192 203 - 47,202 3 18
- - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - -
1,090,000 240,000 865,000 760,000 215,000 - 720,000 -
619,319 135,581 314,165 1,169,875 127,856 - 310,125 - - - - - - - - -
1,709,319 375,581 1,179,165 1,929,875 342,856 - 1,030,125 -
(1,709,220) (369,594) (39,973) (1,929,672) (342,856) 47,202 (1,030,122) 18
- - - - - - - - - - - - - - - - - - - - - - - -
1,714,000 338,293 - 1,929,875 342,856 - 1,035,500 -
- - - - - - - (9)
1,714,000 338,293 - 1,929,875 342,856 - 1,035,500 (9)
4,780 (31,301) (39,973) 203 - 47,202 5,378 9
1,746,446 590,148 192,948 3,668,799 - 1,030,107 14,696 326,944
1,751,226$ 558,847$ 152,975$ 3,669,002$ -$ 1,077,309$ 20,074$ 326,953$
134
City of South Bend, Indiana
Revenues
Property taxesIncome taxes
Hotel/motel taxes
Licenses and permitsIntergovernmentalCharges for services
Fines and forfeituresInvestment income (loss)Other
Total revenues
Expenditures
Current:General governmentPublic safetyHighways and streets
Community and economic developmentCulture and recreationCapital outlay:
General governmentPublic safetyHighways and streetsCommunity and economic development
Culture and recreationDebt service:Principal
Interest on long-term debt
Bond issuance costs
Total expenditures
Excess of revenues (under) over expenditures
Other financing sources (uses)
Issuance of debtPremium on debtProceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - Beginning of year
Fund balances - End of year
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued)
Nonmajor Governmental Funds For the Year Ended December 31, 2023
Debt Service Funds Capital Projects Funds
Century South BendCenter Energy Redevelopment Building Total Fire Coveleski Cumulative Cumulative
Conservation Authority Corporation Debt Service Department Stadium Capital CapitalDebt Service Debt Service Debt Service Funds Capital Capital Development Improvement
-$ -$ -$ 1,080,710$ -$ -$ 581,307$ -$ - - - - - - - -
221,437 - - 221,437 - - - - - - - - - - - - - - - 54,790 - - 43,758 187,788 - - - - 2,031,836 31,611 - -
- - - - 26 - - - 8,131 17,767 4,199 213,463 69,811 182 8,861 13,332 36,231 - - 36,231 - - - -
265,799 17,767 4,199 1,606,631 2,101,673 31,793 633,926 201,120
- - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - 33,159 - -
- - - - - - - - - - - - 4,037,967 - - - - - - - - - - - - - - - - - - -
- - - - - - - 996
313,180 2,205,000 1,645,000 8,053,180 948,939 - 255,412 -
94,738 1,447,309 557,118 4,776,086 45,632 - 5,136 - - - - - - - - -
407,918 3,652,309 2,202,118 12,829,266 5,032,538 33,159 260,548 996
(142,119) (3,634,542) (2,197,919) (11,222,635) (2,930,865) (1,366) 373,378 200,124
- - - - 1,430,000 - - - - - - - - - - - - - - - - - - -
- 3,825,000 2,217,500 11,403,024 - - - -
- - - (9) (752,356) - (458,333) (275,000)
- 3,825,000 2,217,500 11,403,015 677,644 - (458,333) (275,000)
(142,119) 190,458 19,581 180,380 (2,253,221) (1,366) (84,955) (74,876)
174,949 258,753 211,908 10,969,003 3,823,430 4,159 283,865 353,407
32,830$ 449,211$ 231,489$ 11,149,383$ 1,570,209$ 2,793$ 198,910$ 278,531$
135
City of South Bend, Indiana
Revenues
Property taxesIncome taxes
Hotel/motel taxes
Licenses and permitsIntergovernmentalCharges for services
Fines and forfeituresInvestment income (loss)Other
Total revenues
Expenditures
Current:General governmentPublic safetyHighways and streets
Community and economic developmentCulture and recreationCapital outlay:
General governmentPublic safetyHighways and streetsCommunity and economic development
Culture and recreationDebt service:Principal
Interest on long-term debt
Bond issuance costs
Total expenditures
Excess of revenues (under) over expenditures
Other financing sources (uses)
Issuance of debtPremium on debtProceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - Beginning of year
Fund balances - End of year
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued)
Nonmajor Governmental Funds For the Year Ended December 31, 2023
Capital Projects Funds
Professional MorrisSports Convention Performing TIF - Southside
Development Arts Center Redevelopment TIF - West TIF - River East Development TIF - DouglasMajor Moves Area Capital General Washington Development Area No. 1 Road
-$ -$ -$ -$ 490,344$ 6,216,898$ 2,986,918$ 233,288$ - - - 352 - - - -
- - - 191,000 - - - -
- - - - - - - - 238,248 2,099,188 - - - - - - - - - - - - - -
- - - - - - - - 78,575 41,432 333 160,206 67,664 544,857 660,169 17,707 28,446 - 378,872 1,364,412 - - 691,010 -
345,269 2,140,620 379,205 1,715,970 558,008 6,761,755 4,338,097 250,995
- - - - - - - - - - - - - - - - 627,773 - - - - - - -
- - - 1,425,071 - 387,621 572,162 - - - - - - - - -
- - - - - - - - - - - - - - - - 30,000 - - - - - - - - - - - 168,102 3,534,113 6,560,004 -
- 3,586,641 1,390,847 - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
657,773 3,586,641 1,390,847 1,425,071 168,102 3,921,734 7,132,166 -
(312,504) (1,446,021) (1,011,642) 290,899 389,906 2,840,021 (2,794,069) 250,995
- - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - -
- - - (763,000) - (230,200) - -
- - - (763,000) - (230,200) - -
(312,504) (1,446,021) (1,011,642) (472,101) 389,906 2,609,821 (2,794,069) 250,995
2,545,503 1,965,268 1,168,228 3,696,726 1,856,366 11,652,197 14,729,655 351,948
2,232,999$ 519,247$ 156,586$ 3,224,625$ 2,246,272$ 14,262,018$ 11,935,586$ 602,943$
136
City of South Bend, Indiana
Revenues
Property taxesIncome taxes
Hotel/motel taxes
Licenses and permitsIntergovernmentalCharges for services
Fines and forfeituresInvestment income (loss)Other
Total revenues
Expenditures
Current:General governmentPublic safetyHighways and streets
Community and economic developmentCulture and recreationCapital outlay:
General governmentPublic safetyHighways and streetsCommunity and economic development
Culture and recreationDebt service:Principal
Interest on long-term debt
Bond issuance costs
Total expenditures
Excess of revenues (under) over expenditures
Other financing sources (uses)
Issuance of debtPremium on debtProceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - Beginning of year
Fund balances - End of year
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued)
Nonmajor Governmental Funds For the Year Ended December 31, 2023
Capital Projects Funds
Certified Palais Royale 2022 Zoo Airport Urban 2023 RDA 2017 Eddy St.
TIF - River East Technology Historic Bond Enterprise Lease-Rental 2017 Park Commons BondResidentialParkPreservationCapitalZoneBond Capital Bond Capital Capital
7,228,216$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - -
- - - - - - - -
- - - - - - - - - - - - - - - - - - 15,594 - - - - -
- - - - - - - - 262,005 508 5,146 123 18,703 662,994 87,785 1 - - - - - 727,425 - -
7,490,221 508 20,740 123 18,703 1,390,419 87,785 1
- - - - - - - - - - - - - - - - - - - - - - - -
- - - - - 6,488,594 - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - 608,199 - - - - 911,412 - -
- - - 4,467,956 - - 862,791 -
- - - - - - - -
29,946 - - - - - - -
- - - - - 490,359 - -
638,145 - - 4,467,956 - 7,890,365 862,791 -
6,852,076 508 20,740 (4,467,833) 18,703 (6,499,946) (775,006) 1
- - - - - 29,155,000 - - - - - - - 3,943,353 - - - - - - - - - -
- - - - - - - -
(4,403,875) - - - - - - -
(4,403,875) - - - - 33,098,353 - -
2,448,201 508 20,740 (4,467,833) 18,703 26,598,407 (775,006) 1
5,616,099 11,084 107,054 4,467,833 408,158 - 1,875,121 25,764
8,064,300$ 11,592$ 127,794$ -$ 426,861$ 26,598,407$ 1,100,115$ 25,765$
137
City of South Bend, Indiana
Revenues
Property taxesIncome taxes
Hotel/motel taxes
Licenses and permitsIntergovernmentalCharges for services
Fines and forfeituresInvestment income (loss)Other
Total revenues
Expenditures
Current:General governmentPublic safetyHighways and streets
Community and economic developmentCulture and recreationCapital outlay:
General governmentPublic safetyHighways and streetsCommunity and economic development
Culture and recreationDebt service:Principal
Interest on long-term debt
Bond issuance costs
Total expenditures
Excess of revenues (under) over expenditures
Other financing sources (uses)
Issuance of debtPremium on debtProceeds from sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - Beginning of year
Fund balances - End of year
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued)
Nonmajor Governmental Funds For the Year Ended December 31, 2023
Capital Projects Funds
2018 Fire 2018 TIF 2021 Total Total Nonmajor
Station #9 Park Bond Infrastructure Capital Projects GovernmentalBond Capital Capital Bond Capital Funds Funds
-$ -$ -$ 17,736,971$ 18,817,681$ - - - 352 352
- - - 191,000 412,437
- - - - 26,305 - - - 2,568,982 20,385,422 - - - 2,079,041 3,800,594
- - - 26 730,792 14,405 103,745 88,617 2,907,161 4,034,766 - - - 3,190,165 19,497,189
14,405 103,745 88,617 28,673,698 67,705,538
- - - - 4,333,076 - - - - 511,137 - - - 627,773 18,787,405
- - - 8,873,448 18,487,907 - - - 33,159 9,225,866
- - - - 273,206 - - - 4,037,967 4,449,206 - - 1,420,602 1,450,602 4,266,168 - - - 11,781,830 11,781,830
- 927,252 - 11,236,483 11,236,483
- - - 1,204,351 10,747,987
- - - 80,714 4,933,226 - - - 490,359 490,359
- 927,252 1,420,602 39,816,686 99,523,856
14,405 (823,507) (1,331,985) (11,142,988) (31,818,318)
- - - 30,585,000 33,052,000 - - - 3,943,353 3,943,353 - - - - 22,310
- - - - 23,572,270
- - - (6,882,764) (7,157,773)
- - - 27,645,589 53,432,160
14,405 (823,507) (1,331,985) 16,502,601 21,613,842
314,367 2,266,201 2,048,133 59,570,566 112,452,219
328,772$ 1,442,694$ 716,148$ 76,073,167$ 134,066,061$
138
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Major Governmental Funds
Capital Projects Funds - River West TIF
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:
Taxes - Property 17,704,130$ 17,704,130$ 19,559,921$ 1,855,791$ Intergovernmental 396,500 396,500 716,620 320,120
Investment income 538,325 538,325 868,831 330,506
Other - - 68,639 68,639
Total revenues 18,638,955 18,638,955 21,214,011 2,575,056
Expenditures:
Current:
Economic development:
Other services and charges 5,536,932 5,549,814 5,503,174 46,640
Capital outlay 12,035,905 13,146,389 12,780,071 366,318
Total expenditures 17,572,837 18,696,203 18,283,245 412,958
Other Financing Sources (Uses):
Transfers in - - 8 8 Transfers out (3,924,500) (3,924,500) (4,270,800) (346,300)
Net change in fund balances (2,858,382) (3,981,748) (1,340,026) 2,641,722
Fund balances - Beginning - - - -
Fund balances - Ending (2,858,382)$ (3,981,748)$ (1,340,026)$ 2,641,722$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (1,340,026)$
To adjust revenues for accruals 499,640 To adjust expenditures for accruals (1,027,896)
Net change in fund balance, GAAP basis (1,868,282)$
139
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
Special Revenue Funds - Motor Vehicle Highway
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:
Licenses and permits 1,500$ 1,500$ 2,725$ 1,225$ Intergovernmental 3,118,991 3,118,991 3,274,223 155,232
Charges for services 154,800 154,800 89,847 (64,953)
Investment income 8,479 8,479 90,854 82,375 Other 168,650 168,650 265,667 97,017
Total revenues 3,452,420 3,452,420 3,723,316 270,896
Expenditures:
Current:
Highways and streets:
Personnel services 5,315,194 5,225,542 4,492,597 732,945 Supplies 1,536,421 1,289,743 1,146,446 143,297
Other services and charges 5,337,731 4,331,947 3,971,469 360,478 Capital outlay 3,699,542 1,067,160 1,067,160 -
Total expenditures 15,888,888 11,914,392 10,677,672 1,236,720
Other Financing Sources (Uses):
Debt proceeds 2,235,000 2,235,000 2,235,000 - Transfers in 5,550,000 5,550,000 5,087,500 (462,500)
Transfers out - - - -
Net change in fund balances (4,651,468) (676,972) 372,284 1,049,256
Fund balances - Beginning - - - -
Fund balances - Ending (4,651,468)$ (676,972)$ 372,284$ 1,049,256$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 372,284$
To adjust revenues for accruals 71,201 To adjust expenditures for accruals (302,608)
Net change in fund balance, GAAP basis 140,877$
140
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Studebaker Oliver Revitalization Grants
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 7,715$ 7,715$ 18,615$ 10,900$ Other - - - -
Total revenues 7,715 7,715 18,615 10,900
Expenditures:Current:
Economic development:Other services and charges 74,550 26,220 25,658 562
Capital outlay - - - -
Total expenditures 74,550 26,220 25,658 562
Net change in fund balances (66,835) (18,505) (7,043) 11,462
Fund balances - Beginning - - - -
Fund balances - Ending (66,835)$ (18,505)$ (7,043)$ 11,462$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (7,043)$
To adjust revenues for accruals 10,551 To adjust expenditures for accruals 7,313
Net change in fund balance, GAAP basis 10,821$
141
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Economic Development State Grants
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental -$ -$ 85,650$ 85,650$
Investment income - - - - Other - - - -
Total revenues - - 85,650 85,650
Expenditures:
Current:Economic development:Other services and charges 374,599 151,734 144,348 7,386
Total expenditures 374,599 151,734 144,348 7,386
Net change in fund balances (374,599) (151,734) (58,698) 93,036
Fund balances - Beginning - - - -
Fund balances - Ending (374,599)$ (151,734)$ (58,698)$ 93,036$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (58,698)$
To adjust revenues for accruals -
To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (58,698)$
142
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - DCI Operating
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental -$ -$ 229,133$ 229,133$
Charges for services 1,049,655 1,049,655 266,888 (782,767) Fines and forfeitures 58,450 58,450 92,005 33,555
Investment income 10,000 10,000 (92) (10,092)
Other - - 24,565 24,565
Total revenues 1,118,105 1,118,105 612,499 (505,606)
Expenditures:
Current:
Economic development:
Personnel services 3,043,673 3,043,673 2,691,232 352,441
Supplies 53,426 51,847 29,510 22,337 Other services and charges 1,803,990 1,335,109 1,294,340 40,769
Total expenditures 4,901,089 4,430,629 4,015,082 415,547
Other Financing Sources (Uses):Transfers in 3,559,320 3,559,320 3,778,841 219,521 Transfers out - - - -
Net change in fund balances (223,664) 246,796 376,258 129,462
Fund balances - Beginning - - - -
Fund balances - Ending (223,664)$ 246,796$ 376,258$ 129,462$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 376,258$ To adjust revenues for accruals (1,777)
To adjust expenditures for accruals (62,013)
Net change in fund balance, GAAP basis 312,468$
143
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - DCI Federal Grants
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 2,832,655$ 2,832,655$ 5,559,168$ 2,726,513$
Fines and forfeitures - - - - Other 119,687 119,687 15,178 (104,509)
Total revenues 2,952,342 2,952,342 5,574,346 2,622,004
Expenditures:
Current:Economic development:Other services and charges 12,085,586 4,631,396 4,310,457 320,939
Total expenditures 12,085,586 4,631,396 4,310,457 320,939
Net change in fund balances (9,133,244) (1,679,054) 1,263,889 2,942,943
Fund balances - Beginning - - - -
Fund balances - Ending (9,133,244)$ (1,679,054)$ 1,263,889$ 2,942,943$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 1,263,889$
To adjust revenues for accruals (4,456)
To adjust expenditures for accruals 134,302
Net change in fund balance, GAAP basis 1,393,735$
144
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Police State Seizure
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 5,000$ 5,000$ 51,127$ 46,127$ Investment income 2,364 2,364 6,281 3,917
Total revenues 7,364 7,364 57,408 50,044
Expenditures:Current:
Public safety:Other services and charges 22,000 22,000 - 22,000 Capital outlay - - - -
Total expenditures 22,000 22,000 - 22,000
Other Financing Sources (Uses):Transfers in - - - -
Net change in fund balances (14,636) (14,636) 57,408 72,044
Fund balances - Beginning - - - -
Fund balances - Ending (14,636)$ (14,636)$ 57,408$ 72,044$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 57,408$ To adjust revenues for accruals 3,049 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 60,457$
145
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Gift, Donation, Bequest
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 9,400$ 9,400$ 26,704$ 17,304$ Other 53,000 53,000 3,625,410 3,572,410
Total revenues 62,400 62,400 3,652,114 3,589,714
Expenditures:Current:
General government:Supplies 10,682 10,682 8,182 2,500 Other services and charges 163,004 195,524 139,302 56,222
Total expenditures 173,686 206,206 147,484 58,722
Net change in fund balances (111,286) (143,806) 3,504,630 3,648,436
Fund balances - Beginning - - - -
Fund balances - Ending (111,286)$ (143,806)$ 3,504,630$ 3,648,436$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 3,504,630$
To adjust revenues for accruals 388
To adjust expenditures for accruals 135
Net change in fund balance, GAAP basis 3,505,153$
146
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Unsafe Building
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Fines and forfeitures 62,900$ 62,900$ 68,515$ 5,615$ Investment income 17,055 17,055 24,876 7,821
Total revenues 79,955 79,955 93,391 13,436
Expenditures:Current:
General government:Other services and charges 23,000 21,120 17,500 3,620
Total expenditures 23,000 21,120 17,500 3,620
Net change in fund balances 56,955 58,835 75,891 17,056
Fund balances - Beginning - - - -
Fund balances - Ending 56,955$ 58,835$ 75,891$ 17,056$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 75,891$ To adjust revenues for accruals 12,980 To adjust expenditures for accruals (1,730)
Net change in fund balance, GAAP basis 87,141$
147
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Law Enforcement Continuing Education
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental -$ 449,000$ 648,640$ 199,640$
Charges for services 115,000 115,000 106,073 (8,927) Fines and forfeitures 101,200 101,200 117,605 16,405
Investment income 10,442 10,442 20,473 10,031
Other 1,000 1,000 101,750 100,750
Total revenues 227,642 676,642 994,541 317,899
Expenditures:
Current:
Public safety:
Supplies 140,373 256,354 209,080 47,274
Other services and charges 202,582 210,813 199,280 11,533 Capital outlay 49,193 333,193 301,100 32,093
Total expenditures 392,148 800,360 709,460 90,900
Other Financing Sources (Uses):Transfers in - - - -
Net change in fund balances (164,506) (123,718) 285,081 408,799
Fund balances - Beginning - - - -
Fund balances - Ending (164,506)$ (123,718)$ 285,081$ 408,799$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 285,081$
To adjust revenues for accruals 10,775 To adjust expenditures for accruals (45,187)
Net change in fund balance, GAAP basis 250,669$
148
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Rental Units Regulation
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Fines and forfeitures 100,000$ 100,000$ 150,899$ 50,899$ Investment income 200 200 5,230 5,030
Total revenues 100,200 100,200 156,129 55,929
Expenditures:Current:
General government:Personnel services - - 63,900 (63,900)
Supplies - - - -
Other services and charges 153,686 1,475 1,475 -
Total expenditures 153,686 1,475 65,375 (63,900)
Other Financing Sources (Uses):
Transfers in - - - -
Net change in fund balances (53,486) 98,725 90,754 (7,971)
Fund balances - Beginning - - - -
Fund balances - Ending (53,486)$ 98,725$ 90,754$ (7,971)$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 90,754$
To adjust revenues for accruals 1,769
To adjust expenditures for accruals (415)
Net change in fund balance, GAAP basis 92,108$
149
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Loss Recovery
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental -$ -$ 1,067,118$ 1,067,118$ Investment income 8,357 8,357 53,138 44,781
Other - - - -
Total revenues 8,357 8,357 1,120,256 1,111,899
Net change in fund balances 8,357 8,357 1,120,256 1,111,899
Fund balances - Beginning - - - -
Fund balances - Ending 8,357$ 8,357$ 1,120,256$ 1,111,899$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 1,120,256$ To adjust revenues for accruals 14,150 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 1,134,406$
150
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Code Enforcement
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Licenses and permits 37,000$ 37,000$ 23,580$ (13,420)$
Charges for services 50,300 50,300 43,575 (6,725) Fines and forfeitures 342,000 342,000 301,742 (40,258)
Investment income - - 1,261 1,261
Other 500 500 1,345 845
Total revenues 429,800 429,800 371,503 (58,297)
Expenditures:
Current:
General government:
Personnel services 3,622,450 3,622,450 2,334,799 1,287,651
Supplies 232,038 273,611 212,692 60,919 Other services and charges 2,164,146 2,034,127 1,576,037 458,090
Capital outlay 646,264 273,206 273,206 -
Total expenditures 6,664,898 6,203,394 4,396,734 1,806,660
Other Financing Sources (Uses):
Debt proceeds 232,000 232,000 232,000 -
Proceeds from sale of capital assets - - 18,170 18,170 Transfers in 5,568,219 5,568,219 3,298,000 (2,270,219)
Net change in fund balances (434,879) 26,625 (477,061) (503,686)
Fund balances - Beginning - - - -
Fund balances - Ending (434,879)$ 26,625$ (477,061)$ (503,686)$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (477,061)$ To adjust revenues for accruals 1,144 To adjust expenditures for accruals (23,729)
Net change in fund balance, GAAP basis (499,646)$
151
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Local Road and Street
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 2,263,188$ 2,263,188$ 2,246,316$ (16,872)$ Investment income 12,385 12,385 74,193 61,808
Total revenues 2,275,573 2,275,573 2,320,509 44,936
Expenditures:Current:
Highways and streets:Supplies 367,220 367,220 347,256 19,964
Other services and charges 4,770,601 2,446,746 2,241,701 205,045
Capital outlay 1,098,872 783,788 783,787 1
Total expenditures 6,236,693 3,597,754 3,372,744 225,010
Other Financing Sources (Uses):
Transfers out (220,000) (220,000) - 220,000
Net change in fund balances (2,181,120) 457,819 (1,052,235) (1,510,054)
Fund balances - Beginning - - - -
Fund balances - Ending (2,181,120)$ 457,819$ (1,052,235)$ (1,510,054)$
Budget/GAAP ReconciliationNet change in fund balance, budget basis (1,052,235)$
To adjust revenues for accruals 40,526
To adjust expenditures for accruals (581,520)
Net change in fund balance, GAAP basis (1,593,229)$
152
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - LOIT 2016 Special Distribution
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 6$ 6$ 3,388$ 3,382$ Other - - - -
Total revenues 6 6 3,388 3,382
Expenditures:Current:
Highways and streets:Other services and charges 189,223 187,723 184,782 2,941 Capital outlay 56,950 4,314 4,314 -
Total expenditures 246,173 192,037 189,096 2,941
Net change in fund balances (246,167) (192,031) (185,708) 6,323
Fund balances - Beginning - - - -
Fund balances - Ending (246,167)$ (192,031)$ (185,708)$ 6,323$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (185,708)$
To adjust revenues for accruals 4,414
To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (181,294)$
153
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Human Rights Federal Grants
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 54,600$ 54,600$ 8,775$ (45,825)$
Charges for services 85,000 85,000 20,000 (65,000) Investment income - - 6,995 6,995 Other 1,400 1,400 - (1,400)
Total revenues 141,000 141,000 35,770 (105,230)
Expenditures:Current:
General government:
Personnel services 189,370 189,370 168,255 21,115
Supplies 2,028 2,028 1,280 748
Other services and charges 64,617 72,568 27,235 45,333
Total expenditures 256,015 263,966 196,770 67,196
Net change in fund balances (115,015) (122,966) (161,000) (38,034)
Fund balances - Beginning - - - -
Fund balances - Ending (115,015)$ (122,966)$ (161,000)$ (38,034)$
Budget/GAAP ReconciliationNet change in fund balance, budget basis (161,000)$
To adjust revenues for accruals 5,443 To adjust expenditures for accruals (5,613)
Net change in fund balance, GAAP basis (161,170)$
154
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - COVID-19 Response
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental -$ -$ 368,404$ 368,404$ Other - - - -
Total revenues - - 368,404 368,404
Expenditures:Current:
General government:Supplies - - - - Other services and charges 641,483 551,335 383,405 167,930
Total expenditures 641,483 551,335 383,405 167,930
Other Financing Sources (Uses):Transfers in - - - -
Transfers out - - - -
Net change in fund balances (641,483) (551,335) (15,001) 536,334
Fund balances - Beginning - - - -
Fund balances - Ending (641,483)$ (551,335)$ (15,001)$ 536,334$
Budget/GAAP ReconciliationNet change in fund balance, budget basis (15,001)$
To adjust revenues for accruals 1
To adjust expenditures for accruals (45,463)
Net change in fund balance, GAAP basis (60,463)$
155
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Local Road and Bridge Grant
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 1,000,000$ 1,000,000$ 1,000,000$ -$ Investment income 77 77 50,707 50,630
Total revenues 1,000,077 1,000,077 1,050,707 50,630
Expenditures:Current:
Highways and streets:Other services and charges 3,328,691 3,105,996 3,105,996 -
Total expenditures 3,328,691 3,105,996 3,105,996 -
Other Financing Sources (Uses):
Transfers in 220,000 220,000 - (220,000)
Net change in fund balances (2,108,614) (1,885,919) (2,055,289) (169,370)
Fund balances - Beginning - - - -
Fund balances - Ending (2,108,614)$ (1,885,919)$ (2,055,289)$ (169,370)$
Budget/GAAP ReconciliationNet change in fund balance, budget basis (2,055,289)$
To adjust revenues for accruals 44,641 To adjust expenditures for accruals 60,598
Net change in fund balance, GAAP basis (1,950,050)$
156
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - MVH Restricted
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 3,118,991$ 3,118,991$ 3,274,223$ 155,232$ Investment income 12,362 12,362 39,874 27,512
Total revenues 3,131,353 3,131,353 3,314,097 182,744
Expenditures:Current:
Highways and streets:Personnel services 630,273 719,925 582,623 137,302
Supplies 1,311,924 1,410,393 1,386,353 24,040
Other services and charges 1,943,802 1,796,930 1,780,244 16,686 Capital outlay 703,891 703,891 662,791 41,100
Total expenditures 4,589,890 4,631,139 4,412,011 219,128
Net change in fund balances (1,458,537) (1,499,786) (1,097,914) 401,872
Fund balances - Beginning - - - -
Fund balances - Ending (1,458,537)$ (1,499,786)$ (1,097,914)$ 401,872$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (1,097,914)$ To adjust revenues for accruals 21,568
To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (1,076,346)$
157
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Hazmat
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Charges for services 10,000$ 10,000$ 2,375$ (7,625)$ Investment income 567 567 910 343
Total revenues 10,567 10,567 3,285 (7,282)
Expenditures:Current:
Public safety:Supplies 10,000 10,000 - 10,000
Total expenditures 10,000 10,000 - 10,000
Net change in fund balances 567 567 3,285 2,718
Fund balances - Beginning - - - -
Fund balances - Ending 567$ 567$ 3,285$ 2,718$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 3,285$
To adjust revenues for accruals 497 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 3,782$
158
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Indiana River Rescue
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Charges for services 90,000$ 90,000$ 149,173$ 59,173$
Investment income 7,043 7,043 12,217 5,174 Other - - - -
Total revenues 97,043 97,043 161,390 64,347
Expenditures:
Current:Public safety:
Personnel services - - - -
Supplies 53,500 50,429 31,093 19,336 Other services and charges 38,300 33,700 25,429 8,271
Total expenditures 91,800 118,729 91,052 27,677
Net change in fund balances 5,243 (21,686) 70,338 92,024
Fund balances - Beginning - - - -
Fund balances - Ending 5,243$ (21,686)$ 70,338$ 92,024$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 70,338$ To adjust revenues for accruals 6,054
To adjust expenditures for accruals (1,070)
Net change in fund balance, GAAP basis 75,322$
159
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - COPS MORE Grant
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental -$ -$ -$ -$
Fines and forfeitures - - - - Investment income - - 64 64 Other - - - -
Total revenues - - 64 64
Expenditures:Current:
Public safety:
Supplies - - - -
Other services and charges - - - -
Capital outlay - - - -
Total expenditures - - - -
Other Financing Sources (Uses):Transfers out - - - -
Net change in fund balances - - 64 64
Fund balances - Beginning - - - -
Fund balances - Ending -$ -$ 64$ 64$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 64$
To adjust revenues for accruals 268
To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 332$
160
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Federal Drug Enforcement
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 25,000$ 25,000$ 155,023$ 130,023$ Investment income 1,809 1,809 3,289 1,480
Total revenues 26,809 26,809 158,312 131,503
Expenditures:Current:
Public safety:Supplies 6,000 6,000 - 6,000
Other services and charges - - - -
Capital outlay - 78,000 75,609 2,391
Total expenditures 6,000 84,000 75,609 8,391
Other Financing Sources (Uses):
Transfers in - - - -
Net change in fund balances 20,809 (57,191) 82,703 139,894
Fund balances - Beginning - - - -
Fund balances - Ending 20,809$ (57,191)$ 82,703$ 139,894$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 82,703$
To adjust revenues for accruals 262
To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 82,965$
161
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Urban Development Action Grant
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income -$ -$ 8,846$ 8,846$ Other - - - -
Total revenues - - 8,846 8,846
Expenditures:Current:
Economic development:Other services and charges - - 338,253 (338,253)
Total expenditures - - 338,253 (338,253)
Net change in fund balances - - (329,407) (329,407)
Fund balances - Beginning - - - -
Fund balances - Ending -$ -$ (329,407)$ (329,407)$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (329,407)$
To adjust revenues for accruals 7,163 To adjust expenditures for accruals 338,253
Net change in fund balance, GAAP basis 16,009$
162
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Leaf Collection and Removal
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Charges for services 451,610$ 451,610$ 455,392$ 3,782$ Investment income 6,690 6,690 13,471 6,781
Total revenues 458,300 458,300 468,863 10,563
Expenditures:Current:
Highways and streets:Personnel services 89,496 89,496 43,252 46,244
Supplies 7,250 7,250 4,380 2,870
Other services and charges 42,739 42,739 42,675 64
Total expenditures 139,485 139,485 90,307 49,178
Other Financing Sources (Uses):
Transfers out (300,000) (300,000) (275,000) 25,000
Net change in fund balances 18,815 18,815 108,461 89,646
Fund balances - Beginning - - - -
Fund balances - Ending 18,815$ 18,815$ 108,461$ 89,646$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 108,461$
To adjust revenues for accruals 5,393
To adjust expenditures for accruals (5,512)
Net change in fund balance, GAAP basis 108,342$
163
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - City Cemetery
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 610$ 610$ 890$ 280$
Total revenues 610 610 890 280
Net change in fund balances 610 610 890 280
Fund balances - Beginning - - - -
Fund balances - Ending 610$ 610$ 890$ 280$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 890$
To adjust revenues for accruals 487 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 1,377$
164
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Bowman Cemetery
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 9,594$ 9,594$ 14,005$ 4,411$
Total revenues 9,594 9,594 14,005 4,411
Net change in fund balances 9,594 9,594 14,005 4,411
Fund balances - Beginning - - - -
Fund balances - Ending 9,594$ 9,594$ 14,005$ 4,411$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 14,005$
To adjust revenues for accruals 7,659 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 21,664$
165
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Special Revenue Funds - Industrial Revolving Fund
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental -$ -$ -$ -$
Investment income 2,000 2,000 156,288 154,288 Other 172,000 172,000 513,563 341,563
Total revenues 174,000 174,000 669,851 495,851
Expenditures:
Current:Economic development:Other services and charges 823,320 519,124 87,011 432,113
Total expenditures 823,320 519,124 87,011 432,113
Net change in fund balances (649,320) (345,124) 582,840 927,964
Fund balances - Beginning - - - -
Fund balances - Ending (649,320)$ (345,124)$ 582,840$ 927,964$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 582,840$
To adjust revenues for accruals 12,837
To adjust expenditures for accruals (1,106)
Net change in fund balance, GAAP basis 594,571$
166
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - 2017 Park Bond Debt Service
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - Property 1,100,842$ 1,100,842$ 1,080,710$ (20,132)$
Intergovernmental 67,677 67,677 54,790 (12,887) Investment income 3,099 3,099 438 (2,661)
Total revenues 1,171,618 1,171,618 1,135,938 (35,680)
Expenditures:
Current:Debt service:Other services and charges 1,179,167 1,179,167 1,179,165 2
Total expenditures 1,179,167 1,179,167 1,179,165 2
Net change in fund balances (7,549) (7,549) (43,227) (35,678)
Fund balances - Beginning - - - -
Fund balances - Ending (7,549)$ (7,549)$ (43,227)$ (35,678)$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (43,227)$
To adjust revenues for accruals 3,254
To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (39,973)$
167
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - 2003 Redevelopment Bond - Airport Taxable
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income -$ -$ 30,526$ 30,526$
Total revenues - - 30,526 30,526
Other Financing Sources (Uses):
Transfers out - - - -
Net change in fund balances - - 30,526 30,526
Fund balances - Beginning - - - -
Fund balances - Ending -$ -$ 30,526$ 30,526$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 30,526$
To adjust revenues for accruals 16,693
To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 47,219$
168
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - 2003 Redevelopment Bond - Palais Royale
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income -$ -$ 51,035$ 51,035$
Total revenues - - 51,035 51,035
Other Financing Sources (Uses):
Transfers out - - - -
Net change in fund balances - - 51,035 51,035
Fund balances - Beginning - - - -
Fund balances - Ending -$ -$ 51,035$ 51,035$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 51,035$
To adjust revenues for accruals 27,908
To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 78,943$
169
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - 2018 Fire Station #9 Bond Debt Service
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Expenditures:Current:
Debt service:Other services and charges 342,856$ 342,856$ 342,856$ -$
Total expenditures 342,856 342,856 342,856 -
Other Financing Sources (Uses):
Transfers in 342,857 342,857 342,856 (1)
Net change in fund balances 1 1 - (1)
Fund balances - Beginning - - - -
Fund balances - Ending 1$ 1$ -$ (1)$
Budget/GAAP ReconciliationNet change in fund balance, budget basis -$
To adjust revenues for accruals - To adjust expenditures for accruals -
Net change in fund balance, GAAP basis -$
170
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - 2018 TIF Park Bond Debt Service Reserve
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 20,902$ 20,902$ 30,515$ 9,613$
Total revenues 20,902 20,902 30,515 9,613
Net change in fund balances 20,902 20,902 30,515 9,613
Fund balances - Beginning - - - -
Fund balances - Ending 20,902$ 20,902$ 30,515$ 9,613$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 30,515$
To adjust revenues for accruals 16,687 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 47,202$
171
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - 2019 South Shore Double Tracking Bond Debt Service
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 10$ 10$ 3$ (7)$
Total revenues 10 10 3 (7)
Expenditures:
Current:Debt service:Other services and charges 1,030,125 1,030,125 1,030,125 -
Total expenditures 1,030,125 1,030,125 1,030,125 -
Other Financing Sources (Uses):Transfers in 1,035,500 1,035,500 1,035,500 -
Net change in fund balances 5,385 5,385 5,378 (7)
Fund balances - Beginning - - - -
Fund balances - Ending 5,385$ 5,385$ 5,378$ (7)$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 5,378$ To adjust revenues for accruals - To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 5,378$
172
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - 2020 TIF Library Bond Debt Service Reserve
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 10$ 10$ 16$ 6$
Total revenues 10 10 16 6
Other Financing Sources (Uses):
Transfers out - - (8) (8)
Net change in fund balances 10 10 8 (2)
Fund balances - Beginning - - - -
Fund balances - Ending 10$ 10$ 8$ (2)$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 8$
To adjust revenues for accruals 1 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 9$
173
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - Century Center Energy Conservation Debt Service
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 221,437$ 221,437$ 221,437$ -$
Investment income 2,000 2,000 5,924 3,924 Other 80,242 80,242 36,231 (44,011)
Total revenues 303,679 303,679 263,592 (40,087)
Expenditures:
Current:Debt service:Other services and charges 397,959 397,959 407,917 (9,958)
Total expenditures 397,959 397,959 407,917 (9,958)
Other Financing Sources (Uses):Transfers in 104,255 104,255 - (104,255)
Net change in fund balances 9,975 9,975 (144,325) (154,300)
Fund balances - Beginning - - - -
Fund balances - Ending 9,975$ 9,975$ (144,325)$ (154,300)$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (144,325)$ To adjust revenues for accruals 2,206 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (142,119)$
174
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - Redevelopment Authority Debt Service
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 2,750$ 2,750$ 16,077$ 13,327$
Total revenues 2,750 2,750 16,077 13,327
Expenditures:
Current:Debt service:Other services and charges 3,237,507 3,237,507 3,652,309 (414,802)
Total expenditures 3,237,507 3,237,507 3,652,309 (414,802)
Other Financing Sources (Uses):Transfers in 3,249,500 3,249,500 3,825,000 575,500
Net change in fund balances 14,743 14,743 188,768 174,025
Fund balances - Beginning - - - -
Fund balances - Ending 14,743$ 14,743$ 188,768$ 174,025$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 188,768$ To adjust revenues for accruals 1,690 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 190,458$
175
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - South Bend Building Corporation Debt Service
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 3,000$ 3,000$ 3,995$ 995$
Total revenues 3,000 3,000 3,995 995
Expenditures:
Current:Debt service:Other services and charges 1,423,143 1,423,143 2,202,118 (778,975)
Total expenditures 1,423,143 1,423,143 2,202,118 (778,975)
Other Financing Sources (Uses):
Debt proceeds - - - -
Transfers in 2,217,500 2,217,500 2,217,500 - Transfers out - - - -
Net change in fund balances 797,357 797,357 19,377 (777,980)
Fund balances - Beginning - - - -
Fund balances - Ending 797,357$ 797,357$ 19,377$ (777,980)$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 19,377$ To adjust revenues for accruals 204 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 19,581$
176
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - 2015 Smart Streets Bond Debt Service
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 1,000$ 1,000$ 91$ (909)$
Total revenues 1,000 1,000 91 (909)
Expenditures:
Current:Debt service:Other services and charges 1,709,669 1,709,669 1,709,319 350
Total expenditures 1,709,669 1,709,669 1,709,319 350
Other Financing Sources (Uses):Transfers in 1,713,000 1,713,000 1,714,000 1,000
Net change in fund balances 4,331 4,331 4,772 441
Fund balances - Beginning - - - -
Fund balances - Ending 4,331$ 4,331$ 4,772$ 441$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 4,772$ To adjust revenues for accruals 8 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 4,780$
177
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - 2015 Park Bond Debt Service
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 1,000$ 1,000$ 5,303$ 4,303$
Total revenues 1,000 1,000 5,303 4,303
Expenditures:
Current:Debt service:Other services and charges 375,582 375,582 375,581 1
Total expenditures 375,582 375,582 375,581 1
Other Financing Sources (Uses):Transfers in 371,981 371,981 338,293 (33,688)
Net change in fund balances (2,601) (2,601) (31,985) (29,384)
Fund balances - Beginning - - - -
Fund balances - Ending (2,601)$ (2,601)$ (31,985)$ (29,384)$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (31,985)$ To adjust revenues for accruals 684 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (31,301)$
178
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Debt Service Funds - 2017 Eddy St. Commons Bond Debt Service
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 1,750$ 1,750$ 187$ (1,563)$
Total revenues 1,750 1,750 187 (1,563)
Expenditures:
Current:Debt service:Other services and charges 1,929,875 1,929,875 1,929,875 -
Total expenditures 1,929,875 1,929,875 1,929,875 -
Other Financing Sources (Uses):Transfers in 1,929,875 1,929,875 1,929,875 -
Net change in fund balances 1,750 1,750 187 (1,563)
Fund balances - Beginning - - - -
Fund balances - Ending 1,750$ 1,750$ 187$ (1,563)$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 187$ To adjust revenues for accruals 16 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 203$
179
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - Fire Department Capital
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 75,000$ 75,000$ -$ (75,000)$
Charges for services 2,021,345 2,021,345 2,031,836 10,491 Fines and forfeitures - - 26 26
Investment income 2,716 2,716 29,370 26,654
Other - - - -
Total revenues 2,099,061 2,099,061 2,061,232 (37,829)
Expenditures:
Current:
Public safety:
Other services and charges 1,145,069 1,145,069 994,570 150,499
Capital outlay 5,885,706 4,103,898 4,037,967 65,931
Total expenditures 7,030,775 5,248,967 5,032,537 216,430
Other Financing Sources (Uses):
Debt proceeds 1,430,000 1,430,000 1,430,000 - Transfers out (752,357) (752,357) (752,356) 1
Net change in fund balances (4,254,071) (2,472,263) (2,293,661) 178,602
Fund balances - Beginning - - - -
Fund balances - Ending (4,254,071)$ (2,472,263)$ (2,293,661)$ 178,602$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (2,293,661)$
To adjust revenues for accruals 40,440 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (2,253,221)$
180
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - Coveleski Stadium Capital
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Charges for services 25,000$ 25,000$ 31,611$ 6,611$ Investment income 4 4 111 107
Total revenues 25,004 25,004 31,722 6,718
Expenditures:Current:
Culture and recreation:Other services and charges 25,474 33,649 33,159 490
Total expenditures 25,474 33,649 33,159 490
Net change in fund balances (470) (8,645) (1,437) 7,208
Fund balances - Beginning - - - -
Fund balances - Ending (470)$ (8,645)$ (1,437)$ 7,208$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (1,437)$
To adjust revenues for accruals 71 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (1,366)$
181
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - Cumulative Capital Development
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - Property 511,682$ 511,682$ 581,307$ 69,625$
Intergovernmental 41,081 41,081 43,758 2,677 Investment income 1,610 1,610 4,133 2,523
Total revenues 554,373 554,373 629,198 74,825
Expenditures:
Current:General government:
Other services and charges 261,015 261,015 260,548 467
Capital outlay - - - -
Total expenditures 261,015 261,015 260,548 467
Net change in fund balances (206,642) (206,642) (89,683) 116,959
Fund balances - Beginning - - - -
Fund balances - Ending (206,642)$ (206,642)$ (89,683)$ 116,959$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (89,683)$
To adjust revenues for accruals 4,728 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (84,955)$
182
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - Cumulative Capital Improvement
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 214,341$ 214,341$ 187,788$ (26,553)$
Investment income 3,885 3,885 7,680 3,795 Other 25,000 25,000 - (25,000)
Total revenues 243,226 243,226 195,468 (47,758)
Other Financing Sources (Uses):Transfers out (300,000) (300,000) (275,000) 25,000
Net change in fund balances (207,770) (207,770) (80,528) 127,242
Fund balances - Beginning - - - -
Fund balances - Ending (207,770)$ (207,770)$ (80,528)$ 127,242$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (80,528)$
To adjust revenues for accruals 5,652
To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (74,876)$
183
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - Major Moves
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental -$ -$ 238,248$ 238,248$
Investment income 3,857 3,857 53,463 49,606 Other 493,328 493,328 493,328 -
Total revenues 497,185 497,185 785,039 287,854
Expenditures:
Current:Highways and streets:
Supplies 700,000 699,998 628,041 71,957
Other services and charges 519,497 122,636 97,521 25,115 Capital outlay 494,264 33,493 33,493 -
Total expenditures 1,713,761 856,127 759,055 97,072
Net change in fund balances (1,216,576) (358,942) 25,984 384,926
Fund balances - Beginning - - - -
Fund balances - Ending (1,216,576)$ (358,942)$ 25,984$ 384,926$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 25,984$
To adjust revenues for accruals (439,771)
To adjust expenditures for accruals 101,283
Net change in fund balance, GAAP basis (312,504)$
184
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - Professional Sports Convention Development Area
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Intergovernmental 2,000,000$ 2,000,000$ 2,055,414$ 55,414$
Investment income - - 15,005 15,005 Other - - - -
Total revenues 2,000,000 2,000,000 2,070,419 70,419
Expenditures:
Current:Highways and streets:
Supplies - - - -
Other services and charges - - - - Capital outlay 2,787,981 3,568,457 3,568,457 -
Total expenditures 2,787,981 3,568,457 3,568,457 -
Net change in fund balances (787,981) (1,568,457) (1,498,038) 70,419
Fund balances - Beginning - - - -
Fund balances - Ending (787,981)$ (1,568,457)$ (1,498,038)$ 70,419$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (1,498,038)$
To adjust revenues for accruals 70,201
To adjust expenditures for accruals (18,184)
Net change in fund balance, GAAP basis (1,446,021)$
185
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - Morris Performing Arts Center Capital
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Charges for services -$ -$ -$ -$ Investment income - - 307 307
Total revenues - - 379,179 379,179
Expenditures:Current:
Culture and recreation:Supplies - - - -
Other services and charges - - - -
Capital outlay 1,126,966 1,440,954 1,440,954 -
Total expenditures 1,126,966 1,440,954 1,440,954 -
Other Financing Sources (Uses):
Transfers in - - - -
Net change in fund balances (1,126,966) (1,440,954) (1,061,775) 379,179
Fund balances - Beginning - - - -
Fund balances - Ending (1,126,966)$ (1,440,954)$ (1,061,775)$ 379,179$
Budget/GAAP ReconciliationNet change in fund balance, budget basis (1,061,775)$
To adjust revenues for accruals 26
To adjust expenditures for accruals 50,107
Net change in fund balance, GAAP basis (1,011,642)$
186
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - Redevelopment General
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - local income tax 100$ 100$ 352$ 252$
Intergovernmental 763,000 763,000 191,000 (572,000) Investment income 74,969 74,969 98,249 23,280 Other 1,000,000 1,000,000 1,364,412 364,412
Total revenues 1,838,069 1,838,069 1,654,013 (184,056)
Expenditures:Current:
Economic development:
Other services and charges 529,366 1,412,408 1,407,909 4,499
Total expenditures 529,366 1,412,408 1,407,909 4,499
Other Financing Sources (Uses):
Transfers in 150,000 150,000 - (150,000) Transfers out (763,000) (763,000) (763,000) -
Net change in fund balances 695,703 (187,339) (516,896) (329,557)
Fund balances - Beginning - - - -
Fund balances - Ending 695,703$ (187,339)$ (516,896)$ (329,557)$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (516,896)$
To adjust revenues for accruals 61,957 To adjust expenditures for accruals (17,162)
Net change in fund balance, GAAP basis (472,101)$
187
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - TIF - West Washington
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - Property 283,927$ 283,927$ 490,344$ 206,417$ Investment income 26,079 26,079 45,603 19,524
Total revenues 310,006 310,006 535,947 225,941
Expenditures:Current:
Economic development:Other services and charges 4,456 4,456 - 4,456 Capital outlay 110,297 209,940 99,745 110,195
Total expenditures 114,753 214,396 99,745 114,651
Net change in fund balances 195,253 95,610 436,202 340,592
Fund balances - Beginning - - - -
Fund balances - Ending 195,253$ 95,610$ 436,202$ 340,592$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 436,202$
To adjust revenues for accruals 22,061 To adjust expenditures for accruals (68,357)
Net change in fund balance, GAAP basis 389,906$
188
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - TIF - River East Development
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - Property 3,822,890$ 3,822,890$ 6,216,898$ 2,394,008$
Investment income 152,018 152,018 360,139 208,121 Other - - 1,000 1,000
Total revenues 3,974,908 3,974,908 6,578,037 2,603,129
Expenditures:
Current:Economic development:
Other services and charges 548,514 371,517 371,517 -
Capital outlay 6,878,071 3,327,923 3,232,307 95,616
Total expenditures 7,426,585 3,699,440 3,603,824 95,616
Other Financing Sources (Uses):
Transfers in - - - -
Net change in fund balances (3,451,677) 275,468 2,744,013 2,468,545
Fund balances - Beginning - - - -
Fund balances - Ending (3,451,677)$ 275,468$ 2,744,013$ 2,468,545$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 2,744,013$
To adjust revenues for accruals 183,717
To adjust expenditures for accruals (317,909)
Net change in fund balance, GAAP basis 2,609,821$
189
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - TIF - Southside Development Area No. 1
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - Property 1,815,749$ 1,815,749$ 2,986,918$ 1,171,169$ Investment income 130,009 130,009 411,769 281,760
Total revenues 1,945,758 1,945,758 4,089,697 2,143,939
Expenditures:Current:
Economic development:Other services and charges 554,909 580,807 568,771 12,036 Capital outlay 5,858,331 4,444,839 5,879,206 (1,434,367)
Total expenditures 6,413,240 5,025,646 6,447,977 (1,422,331)
Net change in fund balances (4,467,482) (3,079,888) (2,358,280) 721,608
Fund balances - Beginning - - - -
Fund balances - Ending (4,467,482)$ (3,079,888)$ (2,358,280)$ 721,608$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (2,358,280)$
To adjust revenues for accruals 248,400
To adjust expenditures for accruals (684,189)
Net change in fund balance, GAAP basis (2,794,069)$
190
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - TIF - Douglas Road
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - Property 166,000$ 166,000$ 233,288$ 67,288$ Investment income 6,781 6,781 12,570 5,789
Total revenues 172,781 172,781 245,858 73,077
Expenditures:Current:
Economic development:Other services and charges 74,175 - - -
Total expenditures 74,175 - - -
Other Financing Sources (Uses):
Transfers out - - - -
Net change in fund balances 98,606 172,781 245,858 73,077
Fund balances - Beginning - - - -
Fund balances - Ending 98,606$ 172,781$ 245,858$ 73,077$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 245,858$
To adjust revenues for accruals 5,137 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 250,995$
191
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - TIF - River East Residential
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - Property 5,978,380$ 5,978,380$ 7,228,216$ 1,249,836$ Investment income 151,790 151,790 157,758 5,968
Total revenues 6,130,170 6,130,170 7,385,974 1,255,804
Expenditures:Current:
Economic development:Other services and charges 525,329 525,329 494,828 30,501
Total expenditures 525,329 863,461 832,960 30,501
Other Financing Sources (Uses):
Transfers out (4,403,875) (4,403,875) (4,403,875) -
Net change in fund balances 1,200,966 862,834 2,149,139 1,286,305
Fund balances - Beginning - - - -
Fund balances - Ending 1,200,966$ 862,834$ 2,149,139$ 1,286,305$
Budget/GAAP ReconciliationNet change in fund balance, budget basis 2,149,139$
To adjust revenues for accruals 104,246 To adjust expenditures for accruals 194,816
Net change in fund balance, GAAP basis 2,448,201$
192
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - Certified Technology Park
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 225$ 225$ 328$ 103$
Total revenues 225 225 328 103
Net change in fund balances 225 225 328 103
Fund balances - Beginning - - - -
Fund balances - Ending 225$ 225$ 328$ 103$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 328$
To adjust revenues for accruals 180 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 508$
193
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Project Funds - Palais Royale Historical Preservation
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Charges for services 14,500$ 14,500$ 15,594$ 1,094$ Investment income 926 926 3,450 2,524
Total revenues 15,426 15,426 19,044 3,618
Expenditures:Current:
Culture and recreation:Other services and charges 35,000 35,000 - 35,000
Total expenditures 35,000 35,000 - 35,000
Net change in fund balances (19,574) (19,574) 19,044 38,618
Fund balances - Beginning - - - -
Fund balances - Ending (19,574)$ (19,574)$ 19,044$ 38,618$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 19,044$ To adjust revenues for accruals 1,696 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 20,740$
194
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Project Funds - 2022 Zoo Bond Capital
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Charges for services -$ -$ -$ -$ Investment income - - 122 122
Total revenues - - 122 122
Expenditures:Current:
Culture and recreation:Other services and charges - - - -
Total expenditures - 4,467,628 4,467,955 (327)
Net change in fund balances - (4,467,628) (4,467,833) (205)
Fund balances - Beginning - - - -
Fund balances - Ending -$ (4,467,628)$ (4,467,833)$ (205)$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (4,467,833)$ To adjust revenues for accruals - To adjust expenditures for accruals -
Net change in fund balance, GAAP basis (4,467,833)$
195
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - Airport Urban Enterprise Zone
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income 30$ 30$ 12,091$ 12,061$
Total revenues 30 30 12,091 12,061
Net change in fund balances 30 30 12,091 12,061
Fund balances - Beginning - - - -
Fund balances - Ending 30$ 30$ 12,091$ 12,061$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 12,091$
To adjust revenues for accruals 6,612 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 18,703$
196
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - 2023 RDA Lease-Rental Bond Capital
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Taxes - Property -$ -$ -$ -$
Taxes - local income tax - - - - Licenses and permits - - - -
Intergovernmental - - - -
Charges for services - - - -
Fines and forfeitures - - - -
Investment income -$ -$ 662,994$ 662,994$
Other - - - -
Total revenues - - 662,994 662,994
Expenditures:
Current:
Highways and streets:
Personnel services - - - -
Supplies - - - -
Other services and charges - 5,530,838 6,021,197 (490,359) Capital outlay - 794,541 794,541 -
Total expenditures - 6,325,379 6,815,738 (490,359)
Other Financing Sources (Uses):
Debt proceeds - - 33,098,353 33,098,353
Proceeds from sale of capital assets - - - -
Transfers in - - - - Transfers out - - - -
Net change in fund balances - (6,325,379) 26,945,609 33,270,988
Fund balances - Beginning - - - -
Fund balances - Ending -$ (6,325,379)$ 26,945,609$ 33,270,988$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 26,945,609$ To adjust revenues for accruals - To adjust expenditures for accruals (1,074,627)
Net change in fund balance, GAAP basis 25,870,982$
197
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - 2017 Park Bond Capital
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income -$ -$ 43,384$ 43,384$
Total revenues - - 43,384 43,384
Expenditures:
Current:Culture and recreation:
Other services and charges - - - - Capital outlay 1,526,352 781,279 780,322 957
Total expenditures 1,526,352 781,279 780,322 957
Net change in fund balances (1,526,352) (781,279) (736,938) 44,341
Fund balances - Beginning - - - -
Fund balances - Ending (1,526,352)$ (781,279)$ (736,938)$ 44,341$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis (736,938)$
To adjust revenues for accruals 44,400 To adjust expenditures for accruals (82,468)
Net change in fund balance, GAAP basis (775,006)$
198
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - 2018 Fire Station #9 Bond Capital
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income -$ -$ 9,313$ 9,313$
Total revenues - - 9,313 9,313
Net change in fund balances - - 9,313 9,313
Fund balances - Beginning - - - -
Fund balances - Ending -$ -$ 9,313$ 9,313$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 9,313$
To adjust revenues for accruals 5,092 To adjust expenditures for accruals -
Net change in fund balance, GAAP basis 14,405$
199
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - 2018 TIF Park Bond Capital
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income -$ -$ 67,016$ 67,016$
Total revenues - - 67,016 67,016
Expenditures:
Current:Culture and recreation:
Other services and charges - - - - Capital outlay 2,194,506 7,946 7,480 466
Total expenditures 2,194,506 7,946 7,480 466
Net change in fund balances (2,194,506) (7,946) 59,536 67,482
Fund balances - Beginning - - - -
Fund balances - Ending (2,194,506)$ (7,946)$ 59,536$ 67,482$
Budget/GAAP Reconciliation
Net change in fund balance, budget basis 59,536$
To adjust revenues for accruals 36,729 To adjust expenditures for accruals (919,772)
Net change in fund balance, GAAP basis (823,507)$
200
City of South Bend, Indiana
Other Supplemental Information
Budgetary Comparison Schedule - Nonmajor Governmental Funds
(Continued)
Capital Projects Funds - 2021 Infrastructure Bond Capital
For fiscal year ended December 31, 2023
Variance
Actual With Final
Budgetary Budget Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
Revenues:Investment income -$ -$ 48,402$ 48,402$
Total revenues - - 48,402 48,402
Expenditures:
Current:Highways and streets:Capital outlay 2,054,148 1,330,650 1,236,390 94,260
Total expenditures 2,054,148 1,330,650 1,236,390 94,260
Net change in fund balances (2,054,148) (1,330,650) (1,187,988) 142,662
Fund balances - Beginning - - - -
Fund balances - Ending (2,054,148)$ (1,330,650)$ (1,187,988)$ 142,662$
Budget/GAAP ReconciliationNet change in fund balance, budget basis (1,187,988)$
To adjust revenues for accruals 40,215 To adjust expenditures for accruals (184,212)
Net change in fund balance, GAAP basis (1,331,985)$
201
City of South Bend, Indiana
Other Supplemental Information
Nonmajor Enterprise Funds
Fund Descriptions
NONMAJOR ENTERPRISE FUNDS
Century Center To account for the operations of the City’s convention center.
Consolidated Building To account for the operation of the consolidated St. Joseph County/ South Bend
Building Department.
Parking Garage To account for the operation and maintenance of the City's parking garages.
Solid Waste To account for the operations of the Solid Waste department. Revenues come from
charging City residents a monthly fee for pick-up and disposal of trash at area landfills
and recycling centers
Morris Performing Arts Center To account for the operation of the Morris Performing Arts Center. Financed by ticket sales (for self-promoted events) and rent from promoters.
202
City of South Bend, Indiana
Combining Statement of Net Position
Nonmajor Enterprise Funds
December 31, 2023
MorrisConsolidatedPerformingCentury Center Building Parking Garage Solid Waste Arts Center Total
Assets
Current assets:
Cash and cash equivalents 785,757$ 958,747$ 253,976$ 223,863$ 299,646$ 2,521,989$ Investments - 1,119,236 297,012 411,325 346,804 2,174,377 Receivables:
Accounts 440,863 295 - 1,030,545 - 1,471,703 Allowance for doubtful accounts - - - (24,999) - (24,999) Interest 4,444 6,472 1,733 3,384 1,147 17,180
Taxes 637,500 - - - - 637,500 Due from other funds - - - 1,904 - 1,904
Inventory 160,300 - - - - 160,300 Prepaid expenses 24,714 - - - - 24,714
Total current assets 2,053,578 2,084,750 552,721 1,646,022 647,597 6,984,668
Noncurrent assets:Restricted assets 1,499,196 3,121 - 2,868,637 1,847 4,372,801
Capital assets:Assets not subject to depreciation 713,434 - 1,132,020 - - 1,845,454 Assets subject to depreciation 12,524,181 21,440 4,005,187 1,838,114 - 18,388,922
Total noncurrent assets 14,736,811 24,561 5,137,207 4,706,751 1,847 24,607,177
Total assets 16,790,389 2,109,311 5,689,928 6,352,773 649,444 31,591,845
Deferred outflows of resources
Deferred outflows related to pensions 74,614 207,250 - 298,288 - 580,152 Deferred outflows related to OPEB 30,572 84,917 - 122,218 - 237,707
Total deferred outflows of resources 105,186 292,167 - 420,506 - 817,859
Liabilities
Current liabilities:
Accounts payable 121,400 4,213 60,569 904,828 39,329 1,130,339
Due to other funds 2,048 - 13,812 - 1,145 17,005 Performance deposits payable - 7,000 - - - 7,000
Accrued liabilities and other:Accrued payroll payable 44,257 35,744 9,829 59,474 21,152 170,456 Accrued interest payable - - - 28,895 - 28,895
Taxes payable 15,342 3,121 - 5,193 (9,868) 13,788 Other current payables (96,765) - - - - (96,765) Customer deposits payable 113,605 - - - - 113,605
Compensated absences 11,858 15,690 - 9,253 18,943 55,744 Financed purchase agreements - - - 909,744 - 909,744
Total current liabilities 211,745 65,768 84,210 1,917,387 70,701 2,349,811
Noncurrent liabilities:Financed purchase agreements - - - 2,047,261 - 2,047,261
Net pension liability 181,546 504,265 - 725,770 - 1,411,581 Total OPEB liability 115,558 320,977 - 461,969 - 898,504
Total noncurrent liabilities 297,104 825,242 - 3,235,000 - 4,357,346
Total liabilities 508,849 891,010 84,210 5,152,387 70,701 6,707,157
Deferred inflows of resources
Deferred inflows related to pensions 9,483 26,339 - 37,909 - 73,731 Deferred inflows related to OPEB 52,591 146,079 - 210,246 - 408,916
Total deferred inflows of resources 62,074 172,418 - 248,155 - 482,647
Net position
Net investment in capital assets 13,237,615 21,440 5,137,207 1,692,068 - 20,088,330 Restricted:Capital outlay 1,441,898 - - - - 1,441,898 Unrestricted 1,645,139 1,316,610 468,511 (319,331) 578,743 3,689,672
Total net position 16,324,652$ 1,338,050$ 5,605,718$ 1,372,737$ 578,743$ 25,219,900$
203
City of South Bend, Indiana
Combining Statement of Revenues, Expenses, and Changes in Net Position
Nonmajor Enterprise Funds
For the Year Ended December 31, 2023
MorrisConsolidatedPerformingCentury Center Building Parking Garage Solid Waste Arts Center Total
Operating revenuesConvention fees 2,884,462$ -$ -$ -$ 988,672$ 3,873,134$ Licenses and permits - 2,099,002 - - - 2,099,002 Parking fees 123,281 - 912,261 - - 1,035,542 Solid waste fees - - - 7,622,504 - 7,622,504 Charges to other funds 70,842 - - - - 70,842 Other 99,675 19,721 - 18,231 172,449 310,076
Total operating revenues 3,178,260 2,118,723 912,261 7,640,735 1,161,121 15,011,100
Operating expensesPersonnel services 458,834 1,267,151 - 1,917,293 656,547 4,299,825 Materials and supplies 974,743 51,820 28,788 1,164,928 31,167 2,251,446 Contractual services 1,317,429 613,934 976,260 3,254,725 459,611 6,621,959 General and administration 1,499,997 354,619 296,902 1,358,336 278,635 3,788,489 Depreciation 951,218 9,896 272,023 507,113 - 1,740,250
Total operating expenses 5,202,221 2,297,420 1,573,973 8,202,395 1,425,960 18,701,969
Operating income (loss)(2,023,961) (178,697) (661,712) (561,660) (264,839) (3,690,869)
Nonoperating revenues (expenses)
Investment income 46,340 90,668 37,416 18,098 8,540 201,062
Hotel/motel tax revenues 1,769,855 - - - - 1,769,855 Interest expense - (39) - (132,293) - (132,332) (Loss) gain on sale of assets - - - - - -
Total nonoperating revenues (expenses)1,816,195 90,629 37,416 (114,195) 8,540 1,838,585
Income (loss) - Before contributions and transfers (207,766) (88,068) (624,296) (675,855) (256,299) (1,852,284)
Capital contributions - Other capital contributions - - - 8,636 - 8,636
Transfers in - - - 527,035 - 527,035 Transfers out - - - - - -
Change in net position (207,766) (88,068) (624,296) (140,184) (256,299) (1,316,613)
Net position - Beginning of year 16,532,418 1,426,118 6,230,014 1,512,921 835,042 26,536,513
Net position - End of year 16,324,652$ 1,338,050$ 5,605,718$ 1,372,737$ 578,743$ 25,219,900$
204
City of South Bend, Indiana Nonmajor Enterprise Funds
Combining Statement of Cash Flows
For the Year Ended December 31, 2023
Morris
Consolidated Parking PerformingCentury Center Building Garage Solid Waste Arts Center Total
Cash flows from operating activities
Receipts from customers and users 3,085,305$ 2,127,346$ 912,261$ 7,610,141$ 1,633,278$ 15,368,331$ Receipts from interfund services andreimbursements - - - 411 - 411 Payments to suppliers (2,915,695) (664,619) (961,989) (3,564,812) (504,019) (8,611,134)
Payments to employees (1,398,822) (1,190,517) (193,744) (1,860,956) (639,949) (5,283,988) Internal activity - payments to other funds (251,961) (354,619) (92,686) (1,358,336) (278,817) (2,336,419) Internal activity - payments from other funds 70,842 - - - - 70,842
Net cash provided by (used in) operating activities (1,410,331) (82,409) (336,158) 826,448 210,493 (791,957)
Cash flows from noncapital financing activities
Transfers from other funds - - - 527,035 - 527,035 Transfers to other funds - - - - - - Hotel/motel tax 1,769,855 - - - - 1,769,855
Net cash (used in) provided by noncapital financing activities 1,769,855 - - 527,035 - 2,296,890
Cash flows from capital and related financing activitiesProceeds from capital debt issued
for future capital purchase - - - 1,225,000 - 1,225,000 Purchase of capital assets (53,433) - - - - (53,433) Principal paid on capital debt - (4,673) - (928,231) - (932,904) Interest paid on capital debt - (49) - (48,912) - (48,961)
Net cash (used in) provided by capital and related financing activit (53,433) (4,722) - 256,493 - 198,338
Cash flows from investing activitiesInterest received on investments 44,387 89,808 37,858 15,514 8,576 196,143 Proceeds from sale and maturities of investment securities - (4,246) 159,555 (254,927) (116,858) (216,476)
Net cash provided by (used in) investing activities 44,387 85,562 197,413 (239,413) (108,282) (20,333)
Net (decrease) increase in cash and cash equivalents 350,478 (1,569) (138,745) 1,370,563 102,211 1,682,938
Cash and cash equivalents - beginning of year 1,934,471 963,434 392,721 1,721,939 199,283 5,211,848
Cash and cash equivalents - end of year 2,284,949$ 961,865$ 253,976$ 3,092,502$ 301,494$ 6,894,786$
Classification of cash and cash equivalents
Cash and investments 785,753$ 2,077,980$ 550,988$ 635,190$ 646,451$ 4,696,362$ Restricted cash and investments 1,499,196 3,121 - 2,868,637 1,847 4,372,801 Less amounts classified as investments - (1,119,236) (297,012) (411,325) (346,804) (2,174,377)
Total cash and cash equivalents 2,284,949$ 961,865$ 253,976$ 3,092,502$ 301,494$ 6,894,786$
Reconciliation of operating income (loss)to net cash from operating activities
Operating income (loss)(2,023,961) (178,697) (661,712) (561,660) (264,839) (3,690,869) Adjustments to reconcile operating income (loss)to net cash from operating activities:Depreciation and amortization 951,218 9,896 272,023 507,113 - 1,740,250
Changes in assets and liabilities:Receivables (58,685) (120) - (96,768) 472,157 316,584
Due from other funds 6,253 - - 411 - 6,664 Inventory (106,776) - - - - (106,776) Prepaid expenses and other assets (21,251) - - - 2 (21,249) Increase (decrease) in liabilitiesAccounts payable 51,933 1,140 43,059 855,051 (2,653) 948,530 Taxes payable (505) (3) - (209) (10,589) (11,306) Due to other funds (146) - 6,923 - (182) 6,595
Accrued payroll payable (30) 10,566 3,549 15,932 9,099 39,116 Compensated absences payable (8,525) (2,037) - (5,041) 7,498 (8,105)
Customer deposits 21,842 - - - - 21,842 Other current payables (207,140) - - - - (207,140) Increase (decrease) in deferred outflows of resourcesPension items (2,414) (16,983) - (24,753) - (44,150) OPEB items (9,497) (29,379) - (42,375) - (81,251)
Increase (decrease) in net pension liabilities (3,119) 17,621 - 26,152 - 40,654 Increase (decrease) in OPEB liability 27,065 87,773 - 126,706 - 241,544
Increase (decrease) in deferred inflows of resourcesPension items (5,809) (13,959) - (20,026) - (39,794) OPEB items 9,216 31,773 - 45,915 - 86,904
Total adjustments 613,630 96,288 325,554 1,388,108 475,332 2,898,912
Net cash provided by (used in) operating activities (1,410,331)$ (82,409)$ (336,158)$ 826,448$ 210,493$ (791,957)$
Noncash investing, capital, and financing activities
Capital assets acquired through lease -$ -$ -$ -$ -$ -$ Capital assets disposed (at cost)- - - - - -
Work in progress completed transferredto capital assets - - - - - - Accumulated depreciation on disposalsof capital assets - - - - - -
205
City of South Bend, Indiana
Other Supplemental Information
Internal Service Funds
Fund Descriptions
INTERNAL SERVICE FUNDS
Liability Insurance Premium Reserve To account for expenses related to maintaining the City's self-funded liability insurance including administrative costs, claims and premiums. Funding is provided by assessments to certain other City funds.
Self-Funded Employee Benefits To account for employer and employee contributions for a health plan, and for the payment of healthcare claims for members of the City’s plan.
Central Services To account for expenses related to fuel, vehicle repairs and various supplies provided to City departments on a cost-reimbursement basis.
Police Take Home Vehicle To account for expenses associated with claims arising from use of program vehicles occurring while officers are not on duty. Funding is provided by officers participating in the program.
Innovation/ Information Technology/ 311 Call Center
To account for expenses associated with the 311 Call Center and Department of
Innovation & Technology. The Call Center is a customer service support center where residents and business can receive personal assistance with City-related
questions and non-emergency services. The IT Department provides technical services to the various departments within the City. Funding is provided by the
departments which benefit from the departments.
Unemployment Compensation Insurance
To account for payment of unemployment claims to the Indiana Department of Workforce Development. Financing is provided by allocating costs to user departments to cover the estimated costs of claims.
Parental Leave To account for expenses related to the City’s Parental Leave Program which provides additional paid time off for employees for the child or adoption of a child. Financing is provided by allocating costs to user departments to cover the estimated costs of the program.
206
City of South Bend, Indiana
Combining Statement of Net Position
Internal Service Funds
December 31, 2023
Liability Innovation &Insurance Self-Funded Technology UnemploymentPremiumEmployeeCentralPolice Take 311 Call Compensation ParentalReserveBenefitsServicesHome Vehicle Center Insurance Leave Total
Assets
Current assets:
Cash and cash equivalents 2,989,606$ 4,412,325$ (675,579)$ 382,002$ 2,537,467$ 20,999$ 287,289$ 9,954,109$ Investments 3,479,074 5,162,660 - 446,962 2,952,548 24,570 336,144 12,401,958 Receivables:Accounts - 63,007 52,623 - - - - 115,630 Interest 20,306 30,131 2 2,609 17,234 143 1,962 72,387
Inventory - - 1,631,563 - - - - 1,631,563 Prepaid expenses 527,024 - - - 892,734 - - 1,419,758
Total current assets 7,016,010 9,668,123 1,008,609 831,573 6,399,983 45,712 625,395 25,595,405
Noncurrent assets:Restricted assets - - 7,148 - 9,939 - - 17,087 Capital assets:Assets not subject to depreciation - - - - - - - - Assets subject to depreciation 1,925,099 - 754,397 - - - - 2,679,496
Total noncurrent assets 1,925,099 - 761,545 - 9,939 - - 2,696,583
Total assets 8,941,109 9,668,123 1,770,154 831,573 6,409,922 45,712 625,395 28,291,988
Deferred outflows of resourcesDeferred outflows related to pensions - - 414,085 - 532,492 - - 946,577 Deferred outflows related to OPEB - - 169,664 - 218,179 - - 387,843
Total deferred outflows of resources - - 583,749 - 750,671 - - 1,334,420
LiabilitiesCurrent liabilities:Accounts payable 105,032 49,814 511,464 - 465,388 5,360 - 1,137,058 Due to other funds - - 654 - - - - 654
Accrued liabilities and other:Accrued payroll payable - - 81,861 - 113,826 - - 195,687 Accrued interest payable - - - - 28,609 - - 28,609 Taxes payable - - 7,148 - 9,939 - - 17,087 Other current payables - - - - - - - -
Compensated absences - - 43,745 - 79,064 - - 122,809 Claims payable 4,799,180 1,137,030 - - - - - 5,936,210 Financed purchase agreements - - 8,348 - 705,922 - - 714,270
Total current liabilities 4,904,212 1,186,844 653,220 - 1,402,748 5,360 - 8,152,384
Noncurrent liabilities:Financed purchase agreements - - - - 828,677 - - 828,677 Net pension liability - - 1,007,519 - 1,295,617 - - 2,303,136 Total OPEB liability - - 641,310 - 824,691 - - 1,466,001
Total noncurrent liabilities - - 1,648,829 - 2,948,985 - - 4,597,814
Total liabilities 4,904,212 1,186,844 2,302,049 - 4,351,733 5,360 - 12,750,198
Deferred inflows of resources
Deferred inflows related to pensions - - 52,626 - 67,674 - - 120,300 Deferred inflows related to OPEB - - 291,865 - 375,323 - - 667,188
Total deferred inflows of resources - - 344,491 - 442,997 - - 787,488
Net position
Net investment in capital assets 1,925,099 - 746,049 - - - - 2,671,148 Unrestricted 2,111,798 8,481,279 (1,038,686) 831,573 2,365,863 40,352 625,395 13,417,574
Total net position 4,036,897$ 8,481,279$ (292,637)$ 831,573$ 2,365,863$ 40,352$ 625,395$ 16,088,722$
207
City of South Bend, Indiana
Combining Statement of Revenues, Expenses, and Changes in Net Position
Internal Service Funds
For the Year Ended December 31, 2023
Liability Innovation &
Insurance Self-Funded Technology Unemployment
Premium Employee Central Police Take 311 Call Compensation Parental Reserve Benefits Services Home Vehicle Center Insurance Leave Total
Operating revenues
Employee/employer contributions 3,583,000$ 17,264,637$ -$ 59,460$ 9,990,823$ 8,305$ 283,791$ 31,190,016$ Charges for sales and services - - 8,925,939 - 2,602 - - 8,928,541 Charges to other funds - - 160,000 - - - - 160,000
Other 500,956 645,958 59,794 - 146,250 - - 1,352,958
Total operating revenues 4,083,956 17,910,595 9,145,733 59,460 10,139,675 8,305 283,791 41,631,515
Operating expenses
Personnel services 33,878 102,799 2,615,064 - 3,292,807 - 83,396 6,127,944
Materials and supplies - 63,798 6,535,586 - 1,035,548 - - 7,634,932
Contractual services 1,661,468 1,069,196 382,745 1,040 5,921,446 - - 9,035,895
Insurance claims and premiums 1,915,550 17,163,756 - - - 83,053 - 19,162,359 General and administration - - 718,243 - 813 - - 719,056 Depreciation - - 111,880 - - - - 111,880
Total operating expenses 3,610,896 18,399,549 10,363,518 1,040 10,250,614 83,053 83,396 42,792,066
Operating income (loss)473,060 (488,954) (1,217,785) 58,420 (110,939) (74,748) 200,395 (1,160,551)
Nonoperating revenues (expenses)
Investment income 255,142 455,503 5,717 34,619 195,371 3,486 21,016 970,854
Interest expense - - (4,340) - (61,261) - - (65,601) (Loss) gain on sale of assets - - - - - - - -
Total nonoperating revenues (expenses)255,142 455,503 1,377 34,619 134,110 3,486 21,016 905,253
Income (loss) - Before contributions and transfers 728,202 (33,451) (1,216,408) 93,039 23,171 (71,262) 221,411 (255,298)
Transfers in - - - - - - - - Transfers out - - - - - - - -
Change in net position 728,202 (33,451) (1,216,408) 93,039 23,171 (71,262) 221,411 (255,298)
Net position - Beginning of year 3,308,695 8,514,730 923,771 738,534 2,342,692 111,614 403,984 16,344,020
Net position - End of year 4,036,897$ 8,481,279$ (292,637)$ 831,573$ 2,365,863$ 40,352$ 625,395$ 16,088,722$
208
City of South Bend, Indiana Internal Service FundsCombining Statement of Cash Flows
For the Year Ended December 31, 2023
Liability Innovation/
Insurance Self-Funded Technology/UnemploymentPremiumEmployeeCentralPolice Take 311 Call Compensation Parental Reserve Benefits Services Home Vehicle Center Insurance Leave Total
Cash flows from operating activities
Receipts from customers and users 500,956$ 585,359$ 342,565$ 59,460$ 148,851$ -$ -$ 1,637,191$
Receipts from interfund services andreimbursements 3,583,000 17,264,637 8,754,774 - 9,994,466 8,305 283,791 39,888,973 Payments to suppliers (2,873,068) (19,239,712) (6,893,705) (1,041) (6,419,009) (42,718) - (35,469,253) Payments to employees - - (2,465,947) - (2,979,363) - (83,396) (5,528,706) Internal activity - payments to other funds - - (718,609) - (813) - - (719,422)
Net cash provided by (used in) operating activities 1,210,888 (1,389,716) (980,922) 58,419 744,132 (34,413) 200,395 (191,217)
Cash flows from capital and related financing activities
Proceeds from capital debt issuedfor future capital purchase - - - - 811,531 - - 811,531 Proceeds from sales of capital assets - - - - - - - -
Purchase of capital assets (642,934) - - - - - - (642,934) Principal paid on capital debt - - (8,254) - (817,680) - - (825,934) Interest paid on capital debt - - (237) - (57,489) - - (57,726)
Net cash (used in) provided by capital and related financing activities (642,934) - (8,491) - (63,638) - - (715,063)
Cash flows from investing activities
Interest received on investments 246,184 452,410 6,743 33,905 185,786 3,539 20,091 948,658 Proceeds from sale and maturities of investment securities (437,213) 491,783 161,460 (50,687) (507,515) 16,552 (119,379) (444,999)
Net cash provided by (used in) investing activities (191,029) 944,193 168,203 (16,782) (321,729) 20,091 (99,288) 503,659
Net (decrease) increase in cash and cash equivalents 376,925 (445,523) (821,210) 41,637 358,765 (14,322) 101,107 (402,621)
Cash and cash equivalents - beginning of year 2,612,683 4,857,850 152,782 340,364 2,188,642 35,320 186,182 10,373,823
Cash and cash equivalents - end of year 2,989,608$ 4,412,327$ (668,428)$ 382,001$ 2,547,407$ 20,998$ 287,289$ 9,971,202$
Classification of cash and cash equivalentsCash and investments 6,468,682$ 9,574,987$ (675,576)$ 828,963$ 5,490,016$ 45,568$ 623,433$ 22,356,073$ Restricted cash and investments - - 7,148 - 9,939 - - 17,087 Less amounts classified as investments (3,479,074) (5,162,660) - (446,962) (2,952,548) (24,570) (336,144) (12,401,958)
Total cash and cash equivalents 2,989,608$ 4,412,327$ (668,428)$ 382,001$ 2,547,407$ 20,998$ 287,289$ 9,971,202$
Reconciliation of operating income (loss)to net cash from operating activitiesOperating income (loss)473,060 (488,954) (1,217,785) 58,420 (110,939) (74,748) 200,395 (1,160,551) Adjustments to reconcile operating income (loss)to net cash provided by (used in) operating activities:Depreciation and amortization - - 111,880 - - - - 111,880
Changes in assets and liabilities:Receivables - (60,599) (9,935) - - - - (70,534) Due from other funds - - - - - - - - Inventory - - (266,030) - - - - (266,030) Prepaid expenses and other assets (46,915) 10,980 - - 212,851 34,975 - 211,891
Accounts payable (502,107) (914,385) 291,731 (1) 323,508 5,360 - (795,894) Taxes payable - - (1,075) - 1,625 - - 550 Due to other funds - - (366) - - - - (366) Accrued payroll payable - - 15,578 - 46,806 - - 62,384 Compensated absences payable - - 9,633 - 6,585 - - 16,218
Other current payables - - - - - - - - Estimate of unfiled claims 1,286,850 63,242 - - - - - 1,350,092 Increase (decrease) in deferred outflows of resourcesPension items - - (13,325) - (63,690) - - (77,015) OPEB items - - (52,684) - (81,338) - - (134,022)
Increase (decrease) in net pension liabilities - - (17,502) - 96,565 - - 79,063 Increase (decrease) in OPEB liability - - 150,111 - 250,095 - - 400,206 Increase (decrease) in deferred inflows of resourcesPension items - - (32,255) - (31,618) - - (63,873) OPEB items - - 51,102 - 93,682 - - 144,784
Total adjustments 737,828 (900,762) 236,863 (1) 855,071 40,335 - 969,334
Net cash provided by (used in) operating activities 1,210,888$ (1,389,716)$ (980,922)$ 58,419$ 744,132$ (34,413)$ 200,395$ (191,217)$
Noncash investing, capital, and financing activities
Capital assets disposed (at cost)-$ -$ (20,471)$ -$ -$ -$ -$ (20,471)$ Capital assets transferred from/to another fund (cost)- - - - - - - - Accumulated depreciation on disposalsof capital assets - - 20,471 - - - - 20,471 Accumulated depreciation on transfers of capital assets - - - - - - - -
209
City of South Bend, Indiana
Other Supplemental Information
Fiduciary Funds
Fund Descriptions
FIDUCIARY FUNDS
Pension Trust Funds
1925 Police Pension To account for the provision of retirement and disability benefits to police officers hired prior to May 1, 1977. Financing is provided by mandatory contributions by
active members, and state pension relief distributions.
1937 Firefighters' Pension To account for the provision of retirement and disability benefits to firefighters hired prior to May 1, 1977. Financing is provided by mandatory contributions by active members and state pension relief distributions.
Custodial Funds
Police Distributions Payable To account for monies collected by the South Bend Police Department from asset seizures and other sources. Proceeds may be used to pay other governmental agencies for monies collected on their behalf or for related expenses.
Morris / Palais Box Office To account for Morris Performing Arts Center and Palais Royale event advance deposits. Customer deposits are used for event-related activity, and any deposit remaining after event expenses is returned to the customer.
210
City of South Bend, Indiana
Combining Statement of Fiduciary Net Position
Fiduciary Funds
December 31, 2023
Pension Trust Funds Custodial Funds
1925 1937 Total Morris / Palais Police Total
Police Firefighters'Pension Trust Box Distribution CustodialPensionPensionFundsOfficePayableFunds
Assets
Cash and cash equivalents 232,233$ 179,995$ 412,228$ (712,212)$ 983,966$ 271,754$
Investments:
U.S. Treasuries 38,316 29,697 68,013 - - -
U.S. Government Agency Securities 232,909 180,519 413,428 - - -
Tax-Exempt Municipal Bonds 501 388 889 - - -
Receivables - Interest 1,586 1,222 2,808 - - -
Total assets 505,545 391,821 897,366 (712,212) 983,966 271,754
Liabilities
Accounts payable 89 93 182 24,490 - 24,490
Customer deposits payable - - - (736,702) - (736,702)
Police distribution payable - - - - 983,966 983,966
Total liabilities 89 93 182 (712,212) 983,966 271,754
Net position restricted for pensions 505,456$ 391,728$ 897,184$
See Notes to Financial Statements 211
City of South Bend, Indiana
Combining Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended December 31, 2023
Pension Trust Funds Custodial Funds
1925 1937 Total Morris / Palais Police Total
Police Firefighters'Pension Trust Box Distribution CustodialPensionPensionFundsOfficePayableFunds
AdditionsInvestment income (loss) - Interest and dividends 24,303$ 15,686$ 39,989$ -$ -$ -$
Police asset seizures - - - - 74,931 74,931
Contributions:
On behalf 5,984,746 4,063,376 10,048,122 - - - Other - 2,166 2,166 - - -
Net contributions 5,984,746 4,065,542 10,050,288 - - -
Customer deposits - - - 6,142,001 - 6,142,001
Total additions 6,009,049 4,081,228 10,090,277 6,142,001 74,931 6,216,932
Deductions
Benefit payments 6,090,239 4,013,609 10,103,848 - - -
Police distributions - - - - 139,882 139,882
Police distributions payable - - - - (64,951) (64,951)
Customer deposits distributed - - - 6,142,001 - 6,142,001 Customer deposits payable - - - - - -
Administrative expenses 19,966 30,153 50,119 - - -
Total deductions 6,110,205 4,043,762 10,153,967 6,142,001 74,931 6,216,932
Net increase (decrease) in net position held in trust (101,156) 37,466 (63,690) - - -
Net position - Beginning of year 606,612 354,262 960,874 - - -
Net position - End of year 505,456$ 391,728$ 897,184$ -$ -$ -$
See Notes to Financial Statements 212
Financial trends
Revenue capacity
Debt capacity
Demographic and economic information
Operating information
These schedules help the reader understand the environment within which the government's
financial activities take place.
These schedules contain service and infrastructure data to help the reader understand how the
information in the government's financial report relates to the services the government provides
and the activities it performs.
Statistical Section
This part of the comprehensive annual financial report presents detailed information as context for
understanding what the information in the financial statements, note disclosures, and required
supplementary information says about the City's overall financial health.
The statistical section is organized into the following main categories:
These schedules contain trend information to help the reader understand how the government's
financial performance and well-being have changed over time.
These schedules contain information to help the reader assess the government's most significant
local revenue source, the property tax.
These schedules present information to help the reader assess the affordability of the
government's current level of outstanding debt and the government's ability to issue additional
debt in the future.
213
Financial Trends
These schedules contain trend information to help the reader understand how the City's financial
performance and well-being have changed over time.
214
City of South Bend, Indiana
Net Position by Component
Last Ten Fiscal Years
As of December 31,
2014 (1)2015 (1)2016 2017 2018 2019 (2)2020 2021 2022 2023
Governmental activities
Net investment in capital assets 168,275,521$ 157,604,691$ 161,341,318$ 155,912,682$ 143,282,487$ 133,763,392$ 128,432,152$ 133,711,581$ 138,388,784$ 124,800,129$
Restricted 8,723,878 9,137,552 8,669,117 9,245,531 11,639,254 11,332,302 11,810,879 30,180,859 10,969,003 11,149,383
Unrestricted (18,581,970) (25,882,348) (7,327,797) (16,751,916) 3,673,134 10,845,011 31,481,927 51,283,016 152,234,215 170,668,771
Total net position 158,417,429$ 140,859,895$ 162,682,638$ 148,406,297$ 158,594,875$ 155,940,705$ 171,724,958$ 215,175,456$ 301,592,002$ 306,618,283$
Business-type activities
Net investment in capital assets 136,685,811$ 141,998,384$ 145,288,974$ 145,585,038$ 147,069,159$ 151,699,680$ 158,425,568$ 165,916,250$ 171,543,157$ 169,948,896$
Restricted 26,587,012 28,397,290 31,963,852 29,623,015 33,936,695 34,701,170 42,169,068 42,713,237 50,422,677 27,131,095
Unrestricted 22,426,017 24,415,739 25,357,665 28,103,338 30,785,421 19,018,588 12,248,916 20,263,612 19,143,447 49,588,465
Total net position 185,698,840$ 194,811,413$ 202,610,491$ 203,311,391$ 211,791,275$ 205,419,438$ 212,843,552$ 228,893,099$ 241,109,281$ 246,668,456$
Primary government
Net investment in capital assets 304,961,332$ 299,603,075$ 306,630,292$ 301,497,720$ 290,531,646$ 285,463,072$ 286,857,720$ 299,627,831$ 309,931,941$ 294,749,025$
Restricted 35,310,890 37,534,842 40,632,969 38,868,546$ 45,575,949 46,033,472 53,979,947 72,894,096 61,391,680 38,280,478
Unrestricted 3,844,047 (1,466,609) 18,029,868 11,351,422 34,458,555 29,863,599 43,730,843 71,546,628 171,377,662 220,257,236
Total net position 344,116,269$ 335,671,308$ 365,293,129$ 351,717,688$ 370,566,150$ 361,360,143$ 384,568,510$ 444,068,555$ 542,701,283$ 553,286,739$
Net position is defined as the difference between total assets and deferred outflows of resources less total liabilities and deferred inflows of resources and can generally be thought of
as the net worth of the City of South Bend.
(1) The City implemented the reporting of net pension liability through GASB 68 during 2015. 2014 was restated.
(2) 2019 Net position for governmental and business-type is restated. See Note 20 for information regarding the prior period adjustments.
Source: City of South Bend Annual Comprehensive Financial Reports
215
City of South Bend, Indiana
Changes in Net Position
Last Ten Fiscal Years
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Expenses
Governmental activities:
General government (19,013,453)$ (21,572,776)$ (15,618,817)$ (16,750,853)$ (12,654,430)$ (10,915,147)$ (15,594,628)$ (13,099,391)$ (21,881,174)$ (26,825,090)$ Public safety (68,783,155) (56,528,448) (55,029,909) (71,656,865) (69,209,163) (92,017,691) (71,038,475) (66,584,412) (56,739,974) (94,934,628) Highways and streets (13,031,500) (20,045,444) (13,550,535) (21,716,658) (17,223,378) (27,114,327) (30,954,585) (29,402,967) (24,745,703) (31,556,893) Community and economic development (19,780,791) (40,727,612) (28,436,368) (26,326,989) (33,801,755) (44,698,518) (33,591,809) (18,151,702) (25,843,717) (49,277,781) Culture and recreation (16,802,311) (20,300,768) (17,156,094) (19,332,902) (26,076,331) (24,641,558) (18,219,658) (20,298,172) (20,604,274) (36,451,399) Interest on long-term debt (2,497,849) (5,135,146) (4,727,630) (4,538,530) (5,718,172) (5,746,755) (5,928,006) (5,517,287) (5,627,814) (5,870,341)
Total governmental activities expenses (139,909,059) (164,310,194) (134,519,353) (160,322,797) (164,683,229) (205,133,996) (175,327,161) (153,053,931) (155,442,656) (244,916,132)
Business-type activities:
Water utility (13,020,610) (13,609,378) (14,900,039) (14,902,682) (14,788,847) (16,268,059) (15,426,501) (14,387,728) (15,760,389)$ (21,051,699)$ Wastewater utility (25,521,753) (25,737,867) (26,420,526) (32,548,087) (25,744,139) (32,482,382) (30,400,218) (29,248,157) (30,960,152) (36,522,974) Century center (4,747,838) (4,854,747) (5,364,472) (5,121,336) (5,287,797) (5,469,673) (3,513,761) (3,826,100) (4,553,091) (5,202,221) Consolidated building (1)(3,242,320) (3,552,347) (3,240,172) (3,704,963) (4,136,837) (4,329,275) (1,500,424) (1,346,344) (1,826,813) (2,297,459) Parking garage (1,660,596) (2,139,182) (909,857) (1,177,363) (459,536) (1,178,641) (1,262,908) (966,418) (1,181,311) (1,573,973)
Solid waste (5,811,526) (5,243,972) (5,794,913) (5,169,128) (5,467,986) (5,481,420) (6,169,271) (6,133,675) (7,807,892) (8,334,688) Emergency medical services (2)- (6,596,206) (7,437,349) (8,617,050) (8,987,340) (7,864,987) (91,057) (2,017) - - Morris performing arts center - - - - - - - (45,918) (1,184,243) (1,425,960)
Total business-type activities expenses (55,879,605) (61,899,676) (64,067,328) (71,240,609) (64,872,482) (73,074,437) (58,364,140) (55,956,357) (63,273,891) (76,408,974)
Total primary government expenses (195,788,664) (226,209,870) (198,586,681) (231,563,406) (229,555,711) (278,208,433) (233,691,301) (209,010,288) (218,716,547) (321,325,106)
Program revenues
Governmental activities:
Charges for services:General government 1,451,438$ 1,188,531$ 1,622,788$ 1,118,328$ 718,155$ 452,796$ 635,786$ 619,851$ 607,155$ 617,503$ Public safety 4,992,228 529,386 975,712 648,136 702,977 521,835 5,940,878 6,322,288 6,764,488 7,657,412 Highways and streets 728,343 676,429 707,547 976,095 - 244,790 690,372 416,847 308,415 287,847 Community and economic development 485,938 408,654 481,293 1,489,942 698,252 199,405 1,391,715 1,973,800 1,876,212 855,118
Culture and recreation 3,815,920 3,726,359 4,383,977 4,308,699 4,356,659 4,240,087 3,180,546 3,791,726 3,671,567 3,346,895 Operating grants and contributions 3,203,805 2,813,481 2,644,272 11,828,681 26,248,738 14,701,908 20,139,125 20,180,108 21,370,099 20,414,840 Capital grants and contributions - - - 1,000,000 4,100,000 3,605,801 949,034 3,742,319 1,000,000 1,000,000
Total governmental activities program revenues 14,677,672 9,342,840 10,815,589 21,369,881 36,824,781 23,966,622 32,927,456 37,046,939 35,597,936 34,179,615
Business-type activities:
Charges for services:
Water utility 14,373,176 14,204,285 15,091,372 15,290,203 17,183,460 20,440,181 21,536,290 21,486,628 20,856,662 21,924,430 Wastewater utility 34,009,117 36,638,804 39,061,562 38,794,212 39,931,429 41,324,779 39,653,436 41,517,462 42,707,606 44,744,079 Century center 2,227,171 4,202,564 4,796,676 3,055,793 3,258,017 3,268,026 1,047,253 1,465,145 3,340,775 3,178,260 Consolidated building 1,387,571 2,037,950 1,764,100 1,902,493 2,044,582 2,043,272 1,302,594 1,518,911 1,894,252 2,118,723
Parking garage 1,017,218 968,417 996,197 1,264,706 1,323,524 1,004,401 885,672 951,227 828,821 912,261 Solid waste 5,295,712 5,364,871 5,839,143 5,420,711 5,471,364 5,465,311 5,754,646 6,118,743 6,972,856 7,640,735 Blackthorn golf course 1,548,341 109,949 - - - - - - - - Emergency medical services - 6,470,446 7,921,172 7,308,243 6,727,643 5,720,434 797 - - - Morris Performing Arts Center - - - - - - - - 1,125,380 1,161,121
Operating grants and contributions - - - - 278,112 - - - - - Capital grants and contributions 95,834 4,683,424 649,609 1,170,970 - 1,710,762 2,142,194 743,450 7,410 300,410
Total business-type activities program revenues 59,954,140 74,680,710 76,119,831 74,207,331 76,218,131 80,977,166 72,322,882 73,801,566 77,733,762 81,980,019
Total primary government program revenues 74,631,812 84,023,550 86,935,420 95,577,212 113,042,912 104,943,788 105,250,338 110,848,505 113,331,698 116,159,634
Net (expenses)/revenues
Governmental activities (125,231,387) (154,967,354) (123,703,764) (138,952,916) (127,858,448) (181,167,374) (142,399,705) (116,006,992) (119,844,720) (210,736,517) Business-type activities 4,074,535 12,781,034 12,052,503 2,966,722 11,345,649 7,902,729 13,958,742 17,845,209 14,459,871 5,571,045
Total primary government net (expenses)/revenues (121,156,852) (142,186,320) (111,651,261) (135,986,194) (116,512,799) (173,264,645) (128,440,963) (98,161,783) (105,384,849) (205,165,472)
216
City of South Bend, Indiana
Changes in Net Position (continued)
Last Ten Fiscal Years
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General revenues and other changes in net position
Governmental activities:
Taxes:Property taxes 69,221,468$ 72,032,049$ 76,331,581$ 78,266,107$ 80,155,902$ 82,470,667$ 80,188,143$ 87,866,397$ 88,670,960$ 98,454,888$ Income taxes 23,822,661 23,879,047 30,789,397 28,179,750 32,911,525 34,643,723 36,897,937 35,736,715 31,464,822 44,541,700 Hotel/motel taxes - 492,000 396,000 394,000 616,437 630,000 602,937 604,437 795,960 797,437 Community revitalization district taxes - - - - - - - - - -
State-shared revenue 29,061,942 25,623,373 26,124,184 17,113,289 4,819,125 13,050,283 12,242,415 13,357,839 61,869,953 18,725,812 Unrestricted investment income (loss)951,901 1,322,674 1,458,787 1,687,888 3,304,646 5,136,772 2,152,868 (52,191) (999,162) 12,192,479 Other miscellaneous income 6,747,199 11,214,442 6,745,542 8,731,916 10,523,004 17,646,068 17,917,905 19,002,228 20,501,061 35,803,723 Gain (loss) on sale of capital assets - - - - - - 80,339 104,819 21,455 14,260 Transfers (683,049) 2,846,415 3,681,016 4,123,183 5,229,661 2,768,851 8,101,414 2,837,246 3,936,217 5,232,498
Total governmental activities 129,122,122 137,410,000 145,526,507 138,496,133 137,560,300 156,346,364 158,183,958 159,457,490 206,261,266 215,762,797
Business-type activities:
Unrestricted Investment earnings 128,168 358,918 570,982 578,773 1,088,896 1,784,206 639,006 4,084 (219,972) 3,450,773
Hotel/motel taxes (3)1,313,450 - - 1,275,000 1,275,000 1,275,000 956,250 1,037,500 1,912,500 1,769,855 Other 188,214 - - 3,588 - - (28,470) - - - Gain (loss) on sale of capital assets - - (1,143,391) - - - - - - - Transfers 683,049 (2,846,415) (3,681,016) (4,123,183) (5,229,661) (2,768,851) (8,101,414) (2,837,246) (3,936,217) (5,232,498)
Total business-type activities 2,312,881 (2,487,497) (4,253,425) (2,265,822) (2,865,765) 290,355 (6,534,628) (1,795,662) (2,243,689) (11,870)
Total primary government 131,435,003 134,922,503 141,273,082 136,230,311 134,694,535 156,636,719 151,649,330 157,661,828 204,017,577 215,750,927
Special items (Governmental activities):
Well field contamination settlement - - - - - - - - Disposal of operations - (1,180,964) - - - - -
Change in net position
Governmental activities 3,890,735 (17,557,354) 21,822,743 (456,783) 9,701,852 (24,821,010) 15,784,253 43,450,498 86,416,546 5,026,281 Business-type activities 6,387,416 10,293,537 7,799,078 700,900 8,479,884 8,193,084 7,424,114 16,049,547 12,216,182 5,559,175
Total primary government 10,278,151$ (7,263,817)$ 29,621,821$ 244,117$ 18,181,736$ (16,627,926)$ 23,208,367$ 59,500,045$ 98,632,728$ 10,585,456$
Changes in net assets is defined as the incremental difference between total assets and total liabilities as a result of operations during the fiscal year.
(3) Hotel/motel taxes for the Century Center were mistakenly included in program revenues from 2011-2013 and 2015-2016, but are now represented as general revenues.
Source: City of South Bend Annual Comprehensive Financial Reports (excludes prior period adjustments)
(1) In 2014, Code Enforcement and Animal Care & Control were consolidated with the Building Department to build efficiencies. Prior to 2014, these expenses were included in the general government activities. In 2019, Code Enforcement and Animal Care & Control were moved into a governmental fund and reclassified as general governmental activities again.
(2) In 2015, Emergency Medical Services was reclassified to an enterprise fund. In 2019, EMS activities were reclassified from business-type to public safety governmental activities.
217
City of South Bend, Indiana
Fund Balances - Governmental Funds
Last Ten Fiscal Years
As of December 31,
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General fund:
Nonspendable 558,304 491,665 494,730 447,003 425,680 - - - 513,253 175,000
Restricted - - - - - - - - - -
Committed - - - - - - - - - -
Assigned - 466,088 1,380,036 1,242,770 820,914 820,834 - - - - Unassigned 27,029,101 29,664,303 32,077,856 33,776,487 37,383,206 42,478,766 51,026,016 63,401,631 112,933,830 102,130,370
Total general fund 27,587,405 30,622,056 33,952,622 35,466,260 38,629,800 43,299,600 51,026,016 63,401,631 113,447,083 102,305,370
All other governmental funds:
Nonspendable 20,537,450 27,042,236 23,566,267 21,927,221 22,322 15,686 11,359,804 10,903,713 1,129,310 668,969 Restricted 100,501,274 113,004,506 101,826,640 125,302,667 152,809,121 119,218,398 109,268,103 125,396,563 152,085,918 178,518,650 Committed 12,962,745 2,238,475 2,698,694 2,392,685 3,209,500 4,495,457 6,177,133 8,053,213 8,297,587 7,745,034 Assigned 35,147,874 32,138,059 31,998,790 32,769,201 38,707,987 42,474,803 47,008,958 42,663,195 23,739,112 27,062,462 Unassigned (5,700,829) (4,218,596) (2,301,793) (626,846) - (57,852) - (26,633) (196,539) (246,627)
Total all other governmental funds 163,448,514 170,204,680 157,788,598 181,764,928 194,748,930 166,146,492 173,813,998 186,990,051 185,055,388 213,748,488
Total of all governmental funds 191,035,919$ 200,826,736$ 191,741,220$ 217,231,188$ 233,378,730$ 209,446,092$ 224,840,014$ 250,391,682$ 298,502,471$ 316,053,858$
Source: City of South Bend Annual Comprehensive Financial Reports
218
City of South Bend, Indiana
Changes in Fund Balances - Governmental Funds
Last Ten Fiscal Years
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
RevenuesTaxes 93,632,183$ 96,033,296$ 107,861,553$ 106,746,367$ 113,683,864$ 117,943,632$ 117,689,017$ 124,207,549$ 120,931,742$ 143,794,026$
Licenses, fees and permits 141,565 151,923 224,677 231,260 245,956 284,048 311,100 303,837 350,561 246,565
Intergovernmental 30,663,505 30,216,059 27,959,813 29,634,896 35,167,863 31,987,992 33,326,540 36,241,803 82,567,947 38,058,277
Charges for services 10,628,976 5,794,168 7,062,108 7,020,575 5,735,251 5,658,913 11,286,157 13,165,015 13,109,188 12,602,548 Fines and forfeitures 563,999 454,327 756,781 562,466 494,836 1,124,570 647,214 613,971 593,118 739,837 Investment income (loss)955,376 1,253,242 1,624,527 1,687,888 3,304,646 5,136,772 2,152,868 (52,191) (999,162) 12,192,479 Other revenues 7,904,187 8,816,811 7,179,959 9,703,304 10,523,004 16,237,450 16,959,591 18,963,129 19,557,382 34,817,321
Total revenues 144,489,791 142,719,826 152,669,418 155,586,756 169,155,420 178,373,377 182,372,487 193,443,113 236,110,776 242,451,053
Expenditures
Current:General government 8,022,688 8,420,278 16,311,633 14,221,015 12,763,226 11,714,095 14,890,828 14,088,456 23,212,153 24,203,487 Public safety 66,927,250 61,889,405 64,350,281 72,010,182 75,530,051 74,695,638 77,145,197 80,411,282 82,671,364 89,702,272 Highways and streets 10,441,957 12,787,641 11,294,768 13,600,140 16,906,126 19,636,991 18,741,789 15,999,114 19,032,317 26,088,643
Community and economic development 13,948,089 12,855,704 13,070,606 20,622,330 22,179,273 20,706,436 12,593,759 12,791,198 14,239,039 22,934,480
Culture and recreation 7,309,130 11,068,013 20,894,153 15,904,306 16,597,764 26,106,656 15,993,587 16,644,748 17,263,972 29,035,558
Capital outlay 29,407,934 46,553,570 27,056,295 17,035,543 23,240,519 43,200,250 31,186,219 19,643,464 32,047,181 54,608,990 Debt service:Principal 12,882,830 13,319,392 13,055,327 16,634,195 13,134,725 14,124,590 14,569,010 16,121,723 16,158,332 16,558,582 Interest on long-term debt 5,360,219 5,392,298 4,943,021 4,514,526 5,682,429 6,002,448 6,018,810 5,873,228 5,646,097 5,831,806 Bond issuance costs - 372,432 - - 165,885 293,022 301,761 258,996 677,462 490,359
Total expenditures 154,300,097 172,658,733 170,976,084 174,542,237 186,199,998 216,480,126 191,440,960 181,832,209 210,947,917 269,454,177
Excess of revenues (under) over expenditures (9,810,306) (29,938,907) (18,306,666) (18,955,481) (17,044,578) (38,106,749) (9,068,473) 11,610,904 25,162,859 (27,003,124)
Other financing sources (uses)
Issuance of debt 8,436,905 69,426,593 4,999,053 40,727,816 26,101,096 8,788,457 10,093,069 10,543,000 18,592,507 35,274,116 Premium on debt 171,851 1,919,787 - 6,478 479,608 1,462,841 120,059 1,250,022 283,690 3,943,353 Proceeds from refunding - - - - - - - - - - Payments to refunded bond escrow agent (3,482,205) (35,698,815) - - - - - - - - Transfers in 18,478,925 31,498,681 19,541,050 29,141,285 28,197,288 27,479,435 34,125,738 42,663,275 30,610,209 48,874,955
Transfers out (16,522,289) (28,652,266) (15,860,034) (25,018,102) (22,528,488) (24,110,584) (26,024,654) (39,826,029) (26,673,992) (43,642,457) Other 28,476 1,235,744 541,081 (412,028) 942,616 67,236 167,423 131,330 135,516 104,544
Total other financing sources (uses)7,111,663 39,729,724 9,221,150 44,445,449 33,192,120 13,687,385 18,481,635 14,761,598 22,947,930 44,554,511
Net change in fund balances (2,698,643)$ 9,790,817$ (9,085,516)$ 25,489,968$ 16,147,542$ (24,419,364)$ 9,413,162$ 26,372,502$ 48,110,789$ 17,551,387$
Excludes prior period adjustments
Debt service as a percentage of noncapital expenditures (1)12.77%12.21%11.27%14.60%11.00%10.89%13.72%13.14%11.89%9.55%
(1) Formula = Debt service payments (principal and interest) / (Total Governmental Fund expenditures – Governmental Fund capital outlay per reconciliation)
Source: City of South Bend Annual Comprehensive Financial Reports (excludes prior period adjustments)
For the Year Ended December 31
219
City of South Bend, Indiana
Financial Institutions
Last Ten Years
(Amounts in 000's)
Percent
Year Branches Deposits Branches Deposits Branches Deposits Total Deposits
Increase/
(Decrease)
2014 39 2,548,101 - - n/a 2,911,596 6,584,545
2015 40 2,454,129 1 25,077 n/a 3,089,732 5,459,697 -17.08%
2016 39 2,607,360 1 25,077 n/a 3,262,413 5,568,938 2.00%
2017 35 2,853,276 - - n/a 3,451,457 5,894,850 5.85%
2018 36 3,179,336 - - n/a 3,719,934 6,304,733 6.95%
2019 45 4,789,990 - - n/a 4,137,490 8,927,480 41.60%
2020 34 3,336,459 - - n/a 5,047,305 8,383,764 -6.09%
2021 34 3,133,766 - - n/a 5,628,842 8,762,608 4.52%
2022 33 3,415,861 - - n/a 5,361,837$ 8,777,698 0.17%
2023 32 3,452,859 - - n/a 5,688,786$ 9,141,645 4.15%
Banks Credit Unions
1st Source Bank 2,445,350$ 70.84%Everwise 4,089,989$ 71.90%
Lake City Bank 128,062 3.71%Notre Dame Federal Credit Union 877,744 15.43%
Jpmorgan Chase Bank, National Assoc.211,283 6.12%Community Wide Credit Union 544,793 9.58%
Fifth Third Bank, National Association 112,949 3.27%AAA Federal Credit Union 65,431 1.15%
Keybank National Association 126,282 3.66%Policemen's Federal Credit Union 68,043 1.20%
PNC Bank, National Association 106,372 3.08%South Bend Firefighters' Credit Union 40,147 0.71%
Others 322,561 9.32%Others 2,639 0.05%
Total 3,452,859$ 100.00%Total 5,688,786$ 100.02%
n/a - information is not available
Bank of America closed operations in South Bend prior to June 30, 2014 reducing total bank deposits.
Sources:
In the se
Federal Deposit Insurance Corporation Website (www.fdic.gov). Research and Analysis: Summary of Deposits, Deposits Market Share Report, Indiana,
St. Joseph County, South Bend, Run Report. (Industry Analysis, Bank Data & Statistics, Reporting Tools, Deposits Market Shares Report)
National Credit Union Association Website (www.ncua.gov). Custom Query, Search Fields, State = Indiana, Total Shares Greater than 1, City = South
Bend or Notre Dame. Check data for CU name and total amount of shares and deposits.
Banks Savings and Loans Credit Unions
220
Revenue Capacity
These schedules contain information to help the reader assess the City's most significant local
revenue source, the property tax, and other major revenue sources.
221
City of South Bend, Indiana
Property Taxes Levies and Collections
Last Ten Fiscal Years
Outstanding
Post-Circuit Collected as Collected as Outstanding Delinquent Taxes
Tax Year/Certified Circuit Breaker Breaker Taxes a Percent of a Percent of Delinquent as a Percent of
Collection Year Tax Levy (1)Tax Credit (2)Tax Levy Collected (3)Gross Levy Net Levy Taxes (4)Net Levy
2013/2014 73,981,565 27,051,751 44,833,341 44,540,371 60.20%99.35%8,745,941 19.51%
2014/2015 76,533,090 31,636,141 44,896,949 45,265,669 59.15%100.82%8,200,000 18.26%
2015/2016 78,503,658 30,864,405 47,639,253 47,766,833 60.85%100.27%7,468,597 15.68%
2016/2017 81,487,640 32,421,068 49,066,572 49,080,526 60.23%100.03%12,106,873 24.67%
2017/2018 85,426,389 33,910,221 51,516,168 51,498,854 60.28%99.97%11,343,797 22.02%
2018/2019 88,747,340 35,874,959 52,872,381 55,470,558 62.50%104.91%10,648,543 20.14%
2019/2020 91,764,231 39,908,278 51,855,953 51,748,694 56.39%99.79%9,286,878 17.91%
2020/2021 94,929,278 41,202,439 53,726,839 55,516,953 58.48%103.33%8,765,528 16.31%
2021/2022 99,710,814 44,460,442 55,250,372 56,378,190 56.54%102.04%8,017,401 14.51%
2022/2023 104,710,208 42,628,766 62,081,442 61,739,306 58.96%99.45%7,422,218 11.96%
Total collections may exceed 100% of adjusted tax levy as prior year collections are not broken out separately by the St. Joseph County Auditor.
Sources:
(1) Department of Local Government Finance Certified Budget Orders (https://www.in.gov/dlgf/county-specific-information/st-joseph/)
(2) St. Joseph County Circuit Breaker Report (https://www.in.gov/dlgf/county-specific-information/st-joseph/)
(3) Baker Tilly Municipal Advisors - Annual Information for Continuing Disclosure Compliance
(4) Indiana Gateway Abstract Reports: Total Taxes Summary Report (https://gateway.ifionline.org/report_builder/)
Data provided for General Fund, Parks & Recreation, Cumulative Capital Development, and Park Bond; excludes College Football Hall of Fame and Tax
Increment Financing Funds.
Delinquent taxes are not broken out by individual taxing unit. A calculation of South Bend's share of delinquent taxes has been made based on
proportionate tax rates by dividing South Bend's total direct tax rate by the total tax rate for Portage Township and then by multiplying it by the amount of
delinquent taxes reported for Portage Township.
222
City of South Bend, Indiana
Last Ten Fiscal Years
(Rate per $100 of Net Assessed Value)
Cumulative Total
Tax Year/General Parks/Park Capital Total St. Joseph Schools Total Portage
Collection Year Fund Recreation Bond Development Direct County Districts Township Library Other (2)Overlapping Township
2012/2013 2.5678 0.5102 - 0.0328 3.0239 0.6731 1.3493 0.0453 0.3227 0.1971 2.5875 5.6114
2013/2014 2.7977 0.5608 - 0.0328 3.1108 0.7058 1.3577 0.0505 0.3309 0.1849 2.6298 5.7406
2014/2015 2.8313 0.5676 - 0.0325 3.4314 0.6866 1.2940 0.0500 0.3207 0.2125 2.5638 5.9952
2015/2016 2.8703 0.5754 - 0.0321 3.4778 0.6974 1.2682 0.0512 0.3549 0.2224 2.5941 6.0719
2016/2017 2.8382 0.6473 - 0.0313 3.5168 0.6950 1.2049 0.5300 0.3372 0.1822 2.9493 6.4661
2017/2018 2.8267 0.6651 0.0293 0.0303 3.5514 0.6908 1.1685 0.5389 0.3309 0.1907 2.9198 6.4712
2018/2019 2.8140 0.6621 0.0461 0.0300 3.5522 0.6640 1.1312 0.0522 0.3278 0.1518 2.3270 5.8792
2019/2020 2.6687 0.6279 0.0405 0.0285 3.3656 0.6783 1.0414 0.0502 0.3196 0.1548 2.2443 5.6099
2020/2021 2.6562 0.6249 0.0387 0.0285 3.3483 0.6741 1.4505 0.0149 0.3177 0.1558 2.6130 5.9613
2021/2022 2.6125 0.6146 0.0372 0.0282 3.2925 0.6574 1.4195 - 0.3013 0.1530 2.5312 5.8237
2022/2023 2.33592 0.5550 0.0312 0.0282 2.9503 0.5989 1.2708 - 0.2626 0.1392 2.2715 5.2218
Source: Department of Local Government Finance Certified Budget Orders (https://www.in.gov/dlgf/county-specific-information/st-joseph/)
Overlapping Rates (1)City Direct Rates
(1) Information provided for Portage Township in the City of South Bend. Property tax rates applied to net assessed valuation. Property tax billings are also subject to
"circuit breaker" property tax caps on grossed assessed valuation of 1% (homestead residential property), 2% (other residential/rental property), and 3% (nonresidential
real and personal property). Therefore, an increase in stated property tax rates will not result in higher property taxes paid for many taxpayers who have reached their
cap.
(2) Includes South Bend Transportation and South Bend Regional Airport. Previously included South Bend Redevelopment Commission Debt Exempt from Circuit
Breaker, final year 2017/2018.
Direct and Overlapping Property Tax Rates
223
City of South Bend, Indiana
Detail of Net Assessed Valuation
Assessment For the Year 2022 Payable in 2023
South Bend South Bend South Bend South Bend South Bend South Bend
Centre Twp Clay Twp German Twp Penn Twp Warren Twp Portage Twp Totals Percent
Gross value of land 205,537,200$ 46,765,100$ 115,581,800$ 34,964,300$ 988,300$ 493,541,500$ 897,378,200$ Value of improvements 664,672,800 153,723,000 572,570,600 131,139,000 23,489,600 4,191,810,300 5,737,405,300
Total value of real estate 870,210,000 200,488,100 688,152,400 166,103,300 24,477,900 4,685,351,800 6,634,783,500
Less: Mortgage, veterans, blind, age 65 & other exemptions (325,842,057) (47,354,195) (125,438,332) (46,205,624) - (1,404,631,958) (1,949,472,166)
Investment deductions - - - - - (409,200) (409,200) Tax-exempt property (47,761,500) (11,619,940) (26,185,238) (20,109,900) - (394,131,011) (499,807,589)
Tax increment financing (1)(77,436,414) (9,255,180) (287,521,629) - (24,477,900) (811,318,671) (1,210,009,794) Tax abatements (1,615,316) - (71,182,396) (524,160) - (54,871,054) (128,192,926)
Net value of real estate 417,554,713 132,258,785 177,824,805 99,263,616 - 2,019,989,906 2,846,891,825 79.92%
Gross personal property assessments 36,700,420 11,937,790 248,993,740 4,054,730 9,787,100 392,169,480 703,643,260
Less: Investment deductions (15,390) - (4,410,530) - - (19,176,786) (23,602,706) Tax-exempt property (1,857,424) (152,741) (1,746,910) (2,692,880) - (85,479,894) (91,929,849)
Net value of personal property 34,827,606 11,785,049 242,836,300 1,361,850 9,787,100 287,512,800 588,110,705 16.51%
Net value of utilities 20,896,810 7,781,880 26,112,580 1,211,410 109,300 71,017,170 127,129,150 3.57%
Total net assessed valuation 473,279,129$ 151,825,714$ 446,773,685$ 101,836,876$ 9,896,400$ 2,378,519,876$ 3,562,131,680$ 100.00%
Percentage of Total 13.29%4.26%12.54%2.86%0.28%66.77%100.00%
Summary:Real Property
Personal
Property/Utilities Total Percent
Total value 6,634,783,500$ 830,772,410$ 7,465,555,910$ 100.00%
Exemptions & deductions (1,949,881,366) (23,602,706) (1,973,484,072) –26.43%
Tax exempt property (499,807,589) (91,929,849) (591,737,438) –7.93%
Tax increment financing (1)(1,210,009,794) - (1,210,009,794) –16.21%
Tax abatements (128,192,926) - (128,192,926) –1.72%
Total net assessed valuation 2,846,891,825$ 715,239,855$ 3,562,131,680$ 47.71%
Percentage of Total 79.92%20.08%100.00%
(1) Tax Increment Financing data from Indiana Department of Local Government Finance Gateway County Abstract Reports
Source: St. Joseph County Auditor's Office
224
City of South Bend, Indiana
Assessed Value and Actual Value of Taxable Property
Last Ten Fiscal Years
Less:Total Net (2)
Tax Year/Real Personal Utilities Total Non-Taxed Taxable City Tax %
Collection Year Property Property Property Value Property (1)Value Rate Taxable
2013/2014 4,199,757,500 552,872,520 90,252,180 4,842,882,200 (2,633,155,528) 2,209,726,672 3.1108 45.63%
2014/2015 4,192,804,920 557,759,982 86,924,710 4,837,489,612 (2,577,220,294) 2,260,269,318 3.4314 46.72%
2015/2016 4,199,285,400 603,870,040 83,786,930 4,886,942,370 (2,609,772,627) 2,277,169,743 3.4778 46.60%
2016/2017 4,317,332,400 638,702,010 105,036,200 5,061,070,610 (2,733,570,369) 2,327,500,241 3.5168 45.99%
2017/2018 4,450,601,385 651,845,663 93,615,540 5,196,062,588 (2,779,605,371) 2,416,457,217 3.5514 46.51%
2018/2019 4,899,699,000 634,665,170 105,339,300 5,639,703,470 (3,068,693,472) 2,571,009,998 3.5522 45.59%
2019/2020 5,114,244,500 646,921,594 121,834,780 5,883,000,874 (3,112,064,193) 2,770,936,681 3.3656 47.10%
2020/2021 5,393,811,140 645,296,200 133,481,040 6,172,588,380 (3,285,738,559) 2,886,849,821 3.3483 46.77%
2021/2022 5,748,531,680 645,137,280 139,131,250 6,532,800,210 (3,469,797,299) 3,063,002,911 3.2925 46.89%
2022/2023 6,634,783,500 703,643,260 127,129,150 7,465,555,910 (3,903,424,230) 3,562,131,680 2.9503 47.71%
(1) Non-taxed property includes tax exempt property, tax increment financing property, tax abatements, and adjustments for deductions and exemptions.
(2) City tax rate excludes Redevelopment Commission (Hall of Fame) tax rate.
Source: St. Joseph County Auditor's Office
Gross Assessed Values
225
City of South Bend, Indiana
Net Assessed Value of Taxable Property
Last Ten Fiscal Years
Real Estate Personal Utilities Total
Tax Year/Net Assessed Net Assessed Net Assessed Net Assessed PercentCollection Year Value Value Value Value Change
2013/2014 1,687,672,152 431,802,340 90,252,180 2,209,726,672
2014/2015 1,753,122,893 420,221,715 86,924,710 2,260,269,318 2.29%
2015/2016 1,737,036,616 456,346,197 83,786,930 2,277,169,743 0.75%
2016/2017 1,758,787,301 463,676,740 105,036,200 2,327,500,241 2.21%
2017/2018 1,831,929,345 490,912,332 93,615,540 2,416,457,217 3.82%
2018/2019 1,969,190,797 496,479,901 105,339,300 2,571,009,998 6.40%
2019/2020 2,134,421,914 514,679,987 121,834,780 2,770,936,681 7.78%
2020/2021 2,235,284,708 518,084,073 133,481,040 2,886,849,821 4.18%
2021/2022 2,402,312,000 521,559,661 139,131,250 3,063,002,911 6.10%2022/2023 2,846,891,825 588,110,705 127,129,150 3,562,131,680 16.30%
Source: St. Joseph County Auditor's Office
226
City of South Bend, Indiana
Assessed Value of Taxable Property
Last Ten Fiscal Years
Net
Tax Year/Total Tax Exempt Tax Increment Tax Assessed
Collection Year Gross Valuation Deductions (1)Property Financing Abatements Valuation
2012/2013 5,091,220,910 (1,397,134,910) (488,961,977) (761,349,489) (72,686,837) 2,371,087,697
2013/2014 4,842,882,200 (1,344,702,776) (512,692,590) (713,448,152) (62,312,010) 2,209,726,672
2014/2015 4,837,489,612 (1,292,923,103) (510,555,188) (707,010,507) (66,731,496) 2,260,269,318
2015/2016 4,886,942,370 (1,305,921,190) (521,555,123) (718,066,149) (64,230,165) 2,277,169,743
2016/2017 5,061,070,610 (1,334,844,637) (559,770,989) (743,657,399) (95,297,344) 2,327,500,241 2017/2018 5,196,062,588 (1,427,692,210) (553,655,834) (747,216,585) (51,040,742) 2,416,457,217
2018/2019 5,639,703,470 (1,455,171,383) (740,085,791) (806,734,955) (66,701,343) 2,571,009,998
2019/2020 5,883,000,874 (1,580,254,616) (564,471,187) (876,115,204) (91,223,186) 2,770,936,681
2020/2021 6,172,588,380 (1,649,281,358) (567,817,363) (975,281,036) (93,358,802) 2,886,849,821
2021/2022 6,532,800,210 (1,768,647,659) (561,215,590) (1,025,524,319) (114,409,731) 3,063,002,911
2022/2023 7,465,555,910 (1,973,484,072) (591,737,438) (1,210,009,794) (128,192,926) 3,562,131,680
(1) Includes homestead standard deduction, supplemental standard deduction, mortgage deduction, blind/disabled deduction,
investment deduction, veteran's deduction, over 65 years old deduction, and geothermal deduction. In 2009, a new
35% supplemental standard deduction was provided as a part of "circuit breaker" property tax reform legislation.
2018/2019 2019/2020 2020/2021 2021/2022 2022/2023
Homestead Standard Deduction 852,193,020$ 904,481,400$ 932,918,401$ 964,256,713$ 1,003,829,055.00
Supplemental Standard Deduction 480,027,204 560,654,768 603,002,529 694,705,463 861,947,660
Mortgage Deduction 39,031,742 38,098,290 37,448,388 38,690,362 38,883,403.00
Age 65 and Over Deduction 22,474,117 22,391,995 23,772,326 24,376,360 24,012,244.00
Veteran's Deduction 13,046,591 13,847,494 14,026,257 14,674,994 14,237,573.00
Blind & Disabled 5,353,196 5,982,136 5,939,885 5,802,048 5,824,908.00
Energy Systems Deduction 472,100 474,200 468,400 482,000 569,500.00
Heritage Barn Deduction 24,500 24,500 24,500 24,500 29,300.00
Fertilizer/Pesticide Deduction - - - - -
Investment Deduction 42,548,913 34,299,833 31,680,672 25,635,219 24,150,429
Total 1,455,171,383$ 1,580,254,616$ 1,649,281,358$ 1,768,647,659$ 1,973,484,072$
Source: St. Joseph County Auditor's Office
Deductions
227
City of South Bend, Indiana
Circuit Breaker Property Tax Cap Credits
Fiscal Year 2023
Selected Benchmark Local Governments:
Total 2020 Per Capita
Local Unit Credits (1) Population (2)Credits
South Bend Civil City 48,906,390$ 103,453 473$
Anderson Civil City 15,563,000 54,788 284 East Chicago Civil City 18,735,050 26,370 710
Elkhart Civil City 12,419,450 53,923 230
Evansville Civil City 27,143,500 117,298 231
Fort Wayne Civil City 20,684,060 263,886 78 Gary Civil City 54,843,430 69,093 794
Goshen Civil City 5,300,970 34,517 154
Hammond Civil City 18,125,870 77,879 233
Jeffersonville Civil City 6,250,180 49,447 126
Kokomo Civil City 21,237,500 59,604 356
Lafayette Civil City 4,311,500 70,783 61
LaPorte Civil City 5,583,080 22,471 248
Mishawka Civil City 10,257,330 51,063 201
Muncie Civil City 23,211,820 65,194 356
Noblesville Civil City 6,515,230 69,604 94
St. Joseph County 15,114,010 272,912 55
South Bend School Corporation 16,565,410 103,453 160
Terre Haute Civil City 16,983,240 58,389 291
Sources:
(1) Department of Local Governmental Finance 2021 Estimated Property Tax Cap Impact Report
(https://www.in.gov/dlgf/county-specific-information/)
(2) U.S. Census Bureau, 2020 Census information (http://factfinder.census.gov/).
Notes: Circuit breaker tax cap credits are tax savings for taxpayers and revenue losses for local
governmental units. Circuit breaker credits are highest in tax districts with the highest tax rates. These
are usually districts that include cities or towns because the municipal tax rate is included in the district
tax rate. This means that most circuit breaker credits are in cities and towns and in units that overlap
cities and towns.
228
City of South Bend, Indiana
2023/pay 2024 2013/pay 2014
Net Assessed Percent Net Assessed Percent
Taxpayer Type of Business Value (1)Rank of Total Value (2)Rank of Total
AEP / Indiana Michigan Power Company Electric utility 111,736,250$ 1 3.04%41,768,792$ 1.79%
University of Notre Dame Higher Education 111,102,059 2 3.02%- 4 0.00%
Honeywell International, Inc/ Bendix Corp.Mfg. auto and aircraft parts 53,469,360 3 1.45%48,305,825 2 2.07%
Steel Warehouse Co., Inc./Bendix Corp.Steel processing 41,805,500 4 1.14%- 0.00%
Edward Rose of Indiana Apartment Complexes 33,797,640 5 0.92%44,136,800 3 1.89%
Commerce Center Development LLC Office Building 20,473,548 6 0.56%- 0.00%
JVE Investments LLC/ The Tire Rack, Inc.Tire sales 20,462,700 7 0.56%31,986,100 1.37%
Erskine Village Associates Shopping Center 18,668,500 8 0.51%8,084,800 0.35%
Walmart Real Estate Business Trust Shopping Center 18,321,180 9 0.50%9,189,400 0.39%
Northern Indiana Public Service Co. / NIPSCO Utility 18,041,400 10 0.49%19,816,040 10 0.85%
Memorial Health Systems, Inc. (Beacon)Healthcare - 0.00%54,796,356 1 2.34%
KSK Scottsdale Mall Retail stores - 0.00%21,545,600 9 0.92%
Park Jefferson Realty, LLC Real estate - 0.00%- 0.00%
Walmart Retail stores - 0.00%- 0.00%
Total Net Assessed Value - Ten Largest Taxpayers 447,878,137$ 12.17%279,629,713$ 11.97%
Total Net Assessed Value (3)3,681,270,341$ 100.00%2,336,906,810$ 100.00%
Sources:
(1) Baker Tilly Municipal Advisors - Annual Information for Continuing Disclosure Compliance
(2) 2013 Comprehensive Annual Financial Report
(3) St. Joseph County Auditor
Principal Property Taxpayers - Current and Nine Years Ago
For fiscal year ended 12/31/2023
229
City of South Bend, Indiana
Fund 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Fund Name Number Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual
General Fund 101 36,708,989$ 37,349,387$ 39,362,139$ 39,568,076$ 40,719,333$ 42,705,987$ 40,660,123$ 43,659,873$ 45,635,698$ 48,636,181$ Excess Levy 103 3,648 - - - - - - - - - Parks & Recreation 201 7,365,388 7,487,554 7,902,995 9,033,731 9,591,899 10,048,047 9,566,845 10,271,000 10,742,492 11,441,107
Park Bond (2017 Parks Bond Debt Service)312 - - - - 703,118 1,166,972 1,087,915 1,116,956 1,149,510 1,080,710 College Football Hall of Fame Debt Service 313 497,768 906,263 1,361,512 820,071 426,604 - - - - - River West TIF District (1)324 14,284,734 16,293,240 18,159,311 17,259,902 18,662,835 18,555,308 16,814,400 18,120,969 16,811,078 19,559,921
Cumulative Capital Development 406 430,786 428,727 440,887 436,823 436,677 455,002 433,812 469,124 492,015 581,307 South Bend Central Development Area TIF (1) 420 4,309,727 - - - - - - - - -
West Washington Street TIF District 422 580,987 402,911 453,503 378,994 332,220 261,830 237,261 348,856 308,363 490,344
Central Medical Service Area TIF District (1)426 851,211 - - - - - - - - - River East (Northeast) TIF District 429 1,568,240 2,421,308 2,348,608 2,630,887 3,062,820 2,722,642 2,997,091 4,328,968 4,209,328 6,216,898
Southside Development Area TIF District 430 2,379,212 2,205,822 2,401,252 2,365,692 2,166,637 1,755,231 3,081,721 2,981,728 2,745,678 2,986,918 Erskine Village TIF District 432 9,175 19,183 - - - - - - - - Douglas Road TIF District 435 321,895 270,758 345,262 379,255 - - - 269,923 308,581 233,288
River East (Northeast) Residential TIF 436 2,725,909 3,129,681 3,932,947 4,262,917 4,686,651 4,933,558 5,308,975 6,299,000 6,268,217 7,228,216 Airport Urban Enterprise 454 - - - - - - - - - -
Total 72,037,669$ 70,914,834$ 76,708,415$ 77,136,348$ 80,788,794$ 82,604,579$ 80,188,143$ 87,866,397$ 88,670,960$ 98,454,890$
(2) Name changed in 2015 from TIF Airport to River West TIF due to consolidation of Central Development Area and Central Medical TIFs.
Source: City of South Bend Accounting Records
Property Tax Collections - Cash Basis
Last Ten Fiscal Years
230
City of South Bend, Indiana
Local Income Tax Revenue
Economic Development Component
Last Ten Years
Economic South Bend Actual City
Distribution Development Total County Rate of South Bend Rate of as a Percent CollectionsYearTax Rate (1)Distributions Growth Distribution Growth of Total During Year
2013 0.40%20,611,415 8,177,352 39.67%8,177,352
2014 0.40%22,063,091 7.04%8,796,821 7.58%39.87%8,796,821
2015 0.40%23,081,049 4.61%9,031,709 2.67%39.13%9,031,709
2016 0.40%23,733,626 2.83%9,594,602 6.23%40.43%9,594,602
2017 0.40%26,149,949 10.18%10,433,361 8.74%39.90%10,433,361
2018 (3)0.40%26,745,547 2.28%10,720,959 2.76%40.09%11,885,489
2019 (4)0.40%28,586,914 6.88%11,597,226 8.17%40.57%12,474,651
2020 (5)0.40%28,744,062 0.55%12,123,599 4.54%42.18%13,405,714
2021 (6)0.40%30,245,517 5.22%12,597,307 3.91%41.65%13,006,489
2022 (7)0.40%29,091,734 –3.81%12,065,405 –4.22%41.47%12,704,389 2023 (8)100.40%32,835,878 12.87%13,736,992 13.85%41.84%17,660,862
Total 259,052,904$ 105,138,341$ 40.59%127,171,439$
(3) The City's 2018 Economic Development distribution included $1,164,530 of supplemental, one-time distributions.
(4) The City's 2019 Economic Development distribution included $877,425 of supplemental, one-time distributions.
(5) The City's 2020 Economic Development distribution included $1,282,115 of supplemental, one-time distributions.
(6) The City's 2021 Economic Development distribution included $409,182 of supplemental, one-time distributions.
(7) The City's 2022 Economic Development distribution included $638,984 of supplemental, one-time distributions.
(8) The City's 2023 Economic Development distribution included $3,923,870 of supplemental, one-time distributions.
Sources:
State of Indiana Department of Local Government Finance Local Income Tax Distribution Reports
City of South Bend Accounting Records (Local Income Tax-Economic Development Fund #408)
(1) This tax was first enacted as of July 1, 1995 at the rate of 0.1% of City residents' adjusted gross income. The rate was increased to 0.2% effective July 1, 1997. The Economic Development tax rate for 2010 and subsequent years was increased by City of South Bend Common
Council and the Saint Joseph County Common Council.
231
City of South Bend, Indiana
Local Income Tax Revenue
Certified Shares Component
Last Ten Years
South Bend Actual City
Distribution Certified Shares Total County Rate of South Bend Rate of as a Percent CollectionsYearTax Rate (1)Distributions Growth Distribution Growth of Total During Year
2014 0.60%25,275,541 8,645,811 34.21%8,483,839
2015 0.60%26,435,155 4.59%8,859,912 2.48%33.52%8,754,940
2016 0.60%27,898,910 5.54%9,454,023 6.71%33.89%9,275,956
2017 0.60%31,321,416 12.27%10,459,265 10.63%33.39%10,267,404
2018 (2)0.60%31,947,819 2.00%12,188,922 16.54%38.15%12,213,073
2019 (3)0.60%35,539,674 11.24%12,148,294 –0.33%34.18%12,879,847
2020 (4)0.60%35,901,334 1.02%12,440,774 2.41%34.65%13,764,809
2021 (5)0.60%37,776,651 5.22%12,912,855 3.79%34.18%13,334,937
2022 (6)0.60%26,153,469 –30.77%8,933,585 –30.82%34.16%9,591,298 2023 (7)0.60%29,519,454 12.87%10,164,012 13.77%34.43%14,189,571
Total 307,769,423$ 106,207,453$ 34.51%112,755,674$
(2) The City's 2018 Certified Shares distribution included $1,407,558 of supplemental, one-time distributions.
(3) The City's 2019 Certified Shares distribution included $731,553 of supplemental, one-time distributions.
(4) The City's 2020 Certified Shares distribution included $1,324,035 of supplemental, one-time distributions.
(5) The City's 2021 Certified Shares distribution included $422,082 of supplemental, one-time distributions.
(6) The City's 2022 Certified Shares distribution included $657,713 of supplemental, one-time distributions.
(7) The City's 2023 Certified Shares distribution had $4,025,559 of supplemental, one-time distributions.
Sources:
State of Indiana Department of Local Government Finance Local Income Tax Distribution Reports
City of South Bend Accounting Records (Local Income Tax-Certified Shares Fund #101)
(1) This tax was first enacted as of July 1, 1997 at the rate of 0.2% of City residents' adjusted gross income. The Certified Shares rate
increased 0.1% each year until it reached 0.6% as of July 1, 2001. The above collections/distribution amounts are net of the additional homestead credits that accompanied the passage of this income tax.
232
City of South Bend, Indiana
Local Income Tax Revenue
Public Safety Component
Last Ten Years
South Bend Actual City
Distribution Public Safety Total County Rate of South Bend Rate of as a Percent CollectionsYearTax Rate (1) Distributions Growth Distribution Growth of Total During Year
2014 0.25%13,476,753 6,380,029 47.34%6,380,029
2015 0.25%13,734,382 1.91%6,466,190 1.35%47.08%6,466,190
2016 0.25%14,237,777 3.67%6,791,160 5.03%47.70%6,791,160
2017 0.25%15,673,247 10.08%7,467,618 9.96%47.65%7,467,618
2018 (3)0.25%15,986,699 2.00%8,487,336 13.66%53.09%8,487,336
2019 (4)0.25%17,784,064 11.24%8,560,555 0.86%48.14%9,205,130
2020 (5)0.25%17,965,039 1.02%8,766,330 2.40%48.80%9,703,297
2021 (6)0.25%18,903,448 5.22%9,094,317 3.74%48.11%9,391,746
2022 (7)0.25%18,182,334 –3.81%8,705,124 –4.28%47.88%9,168,579
2023 (8)100.25%20,522,424 12.87%9,855,778 13.22%48.02%12,690,915
Total 166,466,167$ 80,574,437$ 48.40%73,061,085$
(2) The City's 2012 Public Safety distribution included $549,267, the amount the State of Indiana underpaid the City in 2011.
(3) The City's 2018 Public Safety distribution included $105,782 of supplemental, one-time distributions.
(4) The City's 2019 Public Safety distribution included $644,575 of supplemental, one-time distributions.
(5) The City's 2020 Public Safety distribution included $936,967 of supplemental, one-time distributions.
(6) The City's 2021 Public Safety distribution included $297,429 of supplemental, one-time distributions.
(7) The City's 2022 Public Safety distribution included $463,455 of supplemental, one-time distributions.
(8) The City's 2023 Public Safety distribution had $2,835,137 of supplemental, one-time distributions.
Sources:
State of Indiana Department of Local Government Finance Local Income Tax Distribution Reports
City of South Bend Accounting Records (Local Income Tax-Public Safety Fund #249)
(1) This tax was effective in October 2009 at the rate of 0.25% of City residents' adjusted gross income. The measure is being used to support
the Public Safety operations consisting of the Police Department and the Fire Department, to keep the staffing levels at their full complement.
233
City of South Bend, Indiana
Last Ten Years
Unit of Government 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total County Certified Distribution 32,344,207$ 32,962,518$ 34,170,664$ 37,640,869$ 38,393,656$ 42,710,208$ 43,144,837$ 45,398,521$ 43,666,693$ 49,286,652$ Less: Homestead Credit (1)(7,068,666) (6,527,363) (6,271,754) (6,319,453) (6,445,837) (7,170,534) (7,243,503) (7,621,870) (17,513,224) (19,767,198)
Total Distributive Shares 22,923,956$ 26,435,155$ 27,898,910$ 31,321,416$ 31,947,819$ 35,539,674$ 35,901,334$ 37,776,651$ 26,153,469$ 29,519,454$
Distributive Shares / Total County Distribution 76.67%80.20%81.65%83.21%83.21%83.21%83.21%83.21%59.89%59.89%
Amount
St. Joseph County 9,314,201$ 9,611,416$ 9,983,016$ 10,908,099$ 11,290,728$ 12,351,986$ 12,279,480$ 12,941,856$ 8,922,886$ 9,976,782$
Townships 1,069,408 1,541,211 1,695,662 2,396,851 1,978,069 3,506,429 2,175,833 2,443,619 1,614,656 1,819,814
City of South Bend - Civil City 8,483,839 8,754,940 9,275,956 10,267,284 10,781,364 12,148,294 12,440,774 12,912,855 8,933,585 10,164,012
City of South Bend - Redevelopment 161,972 104,972 178,067 191,981 124,929 70,356 8,775 1,099 92 9
Other Cities & Towns 3,378,481 3,508,422 3,683,131 4,118,009 4,317,405 4,868,878 4,982,004 5,229,085 3,730,865 4,402,111
Libraries 2,126,185 2,144,046 2,279,241 2,541,672 2,569,360 2,889,567 2,927,273 3,006,149 2,071,253 2,339,032 Special Districts 741,455 770,148 803,837 897,520 885,964 1,054,424 1,087,195 1,241,988 880,132 997,694
Total 22,923,956$ 26,435,155$ 27,898,910$ 31,321,416$ 31,947,819$ 36,889,934$ 35,901,334$ 37,776,651$ 26,153,469$ 29,699,454$ 180,000$
Percentage of Distribution
St. Joseph County 40.63%36.36%35.78%34.83%35.34%33.48%34.20%34.26%34.12%33.59%
Townships 4.67%5.83%6.08%7.65%6.19%9.51%6.06%6.47%6.17%6.13%
City of South Bend - Civil City 37.01%33.12%33.25%32.78%33.75%32.93%34.65%34.18%34.16%34.22%
City of South Bend - Redevelopment 0.71%0.40%0.64%0.61%0.39%0.19%0.02%0.00%0.00%0.00%
Other Cities & Towns 14.74%13.27%13.20%13.15%13.51%13.20%13.88%13.84%14.27%14.82%
Libraries 9.27%8.11%8.17%8.11%8.04%7.83%8.15%7.96%7.92%7.88%
Special Districts 3.23%2.91%2.88%2.87%2.77%2.86%3.03%3.29%3.37%3.36%
Total 110.26%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%
(1) A portion of the certified shares income tax is used for property tax relief through homestead credits for residential property owners.
Source: State of Indiana Department of Local Government Finance Local Income Tax Distribution Reports
Total Local Income Tax Certified Shares Distributions by Taxing Unit
234
City of South Bend, Indiana
Ten Largest Water Customers
Percentage ofTotal Water
2023 Operating UsageCustomer Name Revenue Revenue CCF*
MEMORIAL HOSPITAL 215,080$ 0.95%108,351 South Bend Community School CorporationSOUTH BEND COMMUNITY SCHOOLS 251,440 1.11%98,690 Memorial Hospital of South Bend
INDIANA UNIVERSITY SOUTH BEND 133,313 0.59%40,567 Irish Hills Apartments
H & A PROSPER LLC 62,122 0.28%43,014 Indiana University South Bend
ARAMARK UNIFORM SERVICES INC 58,546 0.26%39,804 Housing Authority of South Bend
POKAGON GAMING AUTHORITY 66,921 0.30%40,355 Honeywell Aerospace CompanyCASTLE POINT APTS PROPERTY LLC 64,378 0.29%34,256 Indian Springs Apartments and Townhomes
DEV 1881 EAST IRELAND RD., LLC 65,079 0.29%29,567 Holy Cross Care Services
ALLIED SIGNAL AEROSPACE COMPANY 132,495 0.59%42,306 McCormick & Company
BOC GASES 43,164 0.19%30,283 Aramark Uniform Services
Total of Ten Largest Water Customers 1,092,538$ 4.84%
Total for Operating Revenue for Water Works 22,562,284$ 100.00%
* Hundreds of Cubic Feet
Source: City of South Bend Water Utility
For fiscal year ended 12/31/2023
235
City of South Bend, Indiana
Ten Largest Sewage Works Customers
Percentage of
Heavy Total
Metered Demand 2023 Wastewater UsageCustomer Name Revenue Surcharge Revenue Revenue CCF*
Cleveland-Cliffs Tek Inc 2,505,542$ -$ 2,505,542$ 5.76%724,145
Town of New Carlisle 204,422 - 204,422 0.47%67,244
South Bend Ethanol 711,159 - 711,159 1.64%233,934
South Bend Community Schools 193,455 - 193,455 0.45%62,347
Pokagon Gaming Authority 112,216 - 112,216 0.26%36,913
Notre Dame - Faclities Building 1,027,039 - 1,027,039 2.36%397,341
Memorial Hospital of South Bend 272,566 - 272,566 0.63%89,660
H & A Prosper, LLC 116,587 - 116,587 0.27%38,351
Aramark Uniform Services 120,974 - 120,974 0.28%39,794
Allied Signal Aerospace Company 125,364 - 125,364 0.29%41,238
Total of Ten Largest Sewer Customers 5,389,323$ -$ 5,389,323$ 12.40%
Total Operating Revenue for Wastewater 43,471,462$
*Hundreds of Cubic Feet
Source: City of South Bend Sewage Works Utility
For fiscal year ended 12/31/2023
236
City of South Bend, Indiana
Gasoline Tax Collections - Cash Basis
Last Ten Fiscal Years
Local Road Motor Vehicle& Street Highway Total %
Year Fund Fund Gasoline Tax Change
2014 1,017,383 3,682,329 4,699,712
2015 1,045,516 3,679,371 4,724,887 0.54%
2016 1,046,446 3,640,561 4,687,007 –0.80%
2017 1,334,565 3,829,167 5,163,732 10.17%
2018 1,827,580 4,717,972 6,545,552 26.76%
2019 1,858,579 4,352,316 6,210,894 –5.11%
2020 1,781,618 3,838,489 5,620,107 –9.51%
2021 1,939,498 4,242,239 6,181,737 9.99%
2022 2,003,475 4,339,494 6,342,969 2.61%2023 2,040,961 4,455,394 6,496,355 2.42%
Source: City of South Bend Accounting Records
Distributions of gas tax revenue are made monthly by the Indiana Department of Revenue to the Local Road and Street (LR&S) and Motor Vehicle Highway (MVH) funds for use in construction and maintenance of streets and highways. Distributions are based on a
complex formula developed by the State of Indiana. The formula takes into account population, road and street mileage and other factors.
Due to an improvement in the economy and temporary increase in state funding for two years, total gas tax increased in 2014. Gas
tax remained fairly consistent until 2017, the Indiana General Assembly passed legislation to increase the gas tax. However, after
raising the tax, the State revised its distribution formula to keep more funds at the state-level, resulting in a decrease in distributions to local governments starting in 2019. Gas tax revenue continued to decline in 2020 because travel and transportation decreased due to
the COVID-19 pandemic.
0
$1 M
$2 M
$3 M
$4 M
$5 M
$6 M
$7 M
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Motor VehicleHighway
Local Road &Street
237
City of South Bend, Indiana
Wheel and Excise Surtax Collections - Cash Basis
Last Ten Fiscal Years
Motor VehicleHighway %Year Fund Change
2014 1,637,707
2015 (1)2,135,441 30.39%
2016 2,006,547 –6.04%
2017 2,211,731 10.23%
2018 2,152,758 –2.67%
2019 2,065,786 –4.04%
2020 2,131,825 3.20%
2021 2,166,019 1.60%
2022 1,929,591 –10.92%
2023 2,093,052 8.47%
Source: City of South Bend Accounting Records
Effective January 1, 2004, St. Joseph County enacted a wheel tax and annual license excise surtax as allowed by Indiana State law to
provide additional funding for road maintenance and repair. Indiana State law allows an annual wheel tax of $5-40 per vehicle and an
annual license excise surtax of 2-10%. St. Joseph County has enacted a $25 County Excise surtax. The tax applies to all passenger cars,
trucks less than 11,000 pounds, buses, tractors and motorcycles registered in the County. (Other rates apply to recreational vehicles, semitrailers and trucks exceeding 11,000 pounds.)
During 2004-2007, the City of South Bend deposited the wheel tax and excise surtax in the Local Roads & Streets Fund. Starting in 2008,
the Indiana State Board of Accounts (SBOA) required that the taxes be deposited into the Motor Vehicle Highway Fund. Starting in 2019,
the SBOA required that the tax revenue be split 50/50 between the Motor Vehicle Highway Fund and a new MVH Restricted Fund.
The tax is collected by the Indiana Bureau of Motor Vehicles, remitted to the County and distributed monthly to the local units based on
population and road miles.
(1) Increase in the 2015 wheel tax due to 13 months of taxes being collected during the year (September 2014 - September 2015). Prior year tax collections were several months behind.
0
$0.5 M
$1.0 M
$1.5 M
$2.0 M
$2.5 M
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
MotorVehicleHighway
238
City of South Bend, Indiana
Hotel/Motel Tax Revenue - Cash Basis
Last Ten Fiscal Years
------------------------------------Paid to City of South Bend--------------------------------------Direct Payments---
Century Professional Cumulative 2008 Century Center Subtotal:Other
Center Sports Develop.Capital Impr.Century Center Energy Consv.Paid to City Century Center Total Hotel/PercentYearFundFundFundBondsDebt Service of South Bend Projects Motel Tax Change
2014 1,313,450 - 150,000 400,000 - 1,863,450 457,739 2,321,189
2015 1,313,450 - 150,000 492,000 - 1,955,450 976,855 2,932,305 26.33%
2016 1,313,450 - 150,000 396,000 - 1,859,450 713,601 2,573,051 –12.25%
2017 1,275,000 - 150,000 394,000 - 1,819,000 546,965 2,365,965 –8.05%
2018 1,275,000 - - 395,000 221,437 1,891,437 687,192 2,578,629 8.99%
2019 1,275,000 - - 395,000 235,000 1,905,000 1,292,506 3,197,506 24.00%
2020 956,250 - - 381,500 221,437 1,559,187 1,220,953 2,780,140 –13.05%
2021 1,037,500 - - 383,000 221,437 1,641,937 538,692 2,180,629 –21.56%
2022 1,275,000 - - 200,000 221,437 1,696,437 219,962 1,916,399 –12.12%
2023 1,275,000 385,000 221,437 1,881,437 494,855 2,376,292 24.00%
Source: City of South Bend Accounting Records and St. Joseph County Auditor's Office
The hotel/motel tax was enacted in 1973. A tax rate of 6% had been in effect since 1994. In July 2021, the rate was increased to 8%, with 1% going towards
developing a youth sports complex in Mishawaka, 0.5% going towards the repayment of bonds issued in 2022 to fund capital improvement projects at
Potawatomi Zoo, and 0.5% going towards the repayment of bonds issued in 2022 to fund capital improvements to the Morris Performing Arts Center. The tax is accounted for in a fund of the St. Joseph County government and is administered by the 11 member St. Joseph County Board of Managers for Hotel-Motel Tax. Appointments to the Board of Managers are made by the Mayors of South Bend and Mishawaka and the St. Joseph County Commissioners.
Proceeds from the hotel/motel tax fund are budgeted and distributed anually to important economic development and tourism projects in the County. South Bend receives distributions for the operations, maintenance, and debt service of Century Center (convention center). Distributions to the Cumulative Capital
Improvement fund were used for the repayment of the 1994 Century Center Bonds. Distributions to the River West Tax Increment Financing fund (starting in
2015, SCBDA General fund prior) are used for the repayment of the 2008 Century Center Bonds. Distributions to the Century Center Debt Service fund are used
for repayment of the 2015 Energy Conservation Bonds which were issued by the City for the energy improvements made at the Century Center in 2015.
The hotel/motel tax fund also supports other activities not included in the City of South Bend's financial statements such as the South Bend/Mishawaka Convention and Visitors Bureau. The total distribution of hotel/motel tax to all organizations was $3,975,190 during 2022. The cash balance in the County Hotel/Motel Tax Fund was $6,242,205 at December 31, 2022.
Century Center Fund63%
2008 Century Center Bonds23%
Century Center Energy Conservation Bonds Debt Service Fund14%
239
City of South Bend, Indiana
Professional Sports Convention Development Area (PSCDA) Tax - Cash Basis
Last Ten Fiscal Years
Total %Year PSCDA Tax Change
2014 551,252
2015 628,261 13.97%
2016 760,390 21.03%
2017 409,659 –46.13%
2018 - –100.00%
2019 - 0.00%
2020 - 0.00%
2021 775,414 100.00%
2022 2,082,741 168.60%
2023 2,055,414 –1.31%
Source: City of South Bend Accounting Records
The Professional Sports Convention Development Area (PSCDA) tax is a combination of Indiana state income tax withholding, local
income tax withholding, and sales tax withholding from businesses and employees in the designated area. The PSCDA tax revenue
shall be used for capital improvements or financing of capital improvements for any facility that is owned by the City and is used as
one of the following: a professional sports franchise for practice or competitive sporting events, a facility used principally for
convention or tourism related events, a museum, a facility used for public attractions of national significance, a performing arts venue (IC 36-7-31.38-8 (a)(2)). There are currently four professional sports development areas in the State--South Bend,
Indianapolis/Marion County, Evansville, and Ft. Wayne.
The PSCDA taxes are collected by the Indiana Department of Revenue and are remitted on a monthly basis to St. Joseph County which remits the taxes to the City of South Bend.
The PSCDA was originally established in 1997 to fund debt service and improvements at the College Football Hall of Fame. The City
received PSCDA tax revenue for the original area from January 1998 through December 2017. The original PSCDA included the
College Football Hall of Fame, Century Center, Four Winds Field at Stanley Coveleski Stadium, Morris Performing Arts Center, Palais Royale Ballroom, and the Studebaker National Museum.
In 2021, the PSCDA was reinstated in downtown South Bend. The revised PSCDA expanded the tax area, adding the Aloft Hotel, the
Courtyard by Marriott South Bend, Downtown, the Doubletree Hotel, Howard Park including its Community Center and the Howard
Park Public House, and the campus of Indiana University South Bend. The maximum amount of covered taxes that may be captured
in the PSCDA is $2 million per year per IC 36-7-31.8-10(e). The allocation provisions shall expire July 1, 2041.
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
240
City of South Bend, Indiana
Cable Television Franchise Fee Collections - Cash Basis
Last Ten Years
Total %
Year Comcast AT&T Franchise Fees Change
2014 717,156 238,309 927,600
2015 723,676 281,873 955,465 3.00%
2016 749,565 256,611 1,005,549 5.24%
2017 771,128 156,394 1,006,176 0.06%
2018 714,471 226,562 941,033 –6.47%
2019 707,836 132,332 840,169 –10.72%
2020 678,238 255,861 934,099 11.18%
2021 670,761 105,016 775,777 –16.95%
2022 707,080 63,341 770,421 –0.69%
2023 605,333 88,450 693,783 –9.95%
Source: City of South Bend Accounting Records
Pursuant to Indiana State law,the City of South Bend receives video franchise fees in the
amount of 5% of gross revenue for cable operations in the City.The payments are made to the
City on a quarterly basis. The franchise agreement with Comcast was effective October 19,
1998 and the franchise agreement with AT&T was effective January 1, 2009.
The video franchise fee revenue is deposited in the General Fund and is used for general
operating costs.A portion of the proceeds ($43,000) are spent on support of the local public
access channel.
Under Indiana State law,the City is required to submit an Annual Franchise Fee Report (State
Form 55122) summarizing franchise fee revenue received during the year and the purpose for
which the revenue was expended. The report must be file with the Indiana Utility Regulatory
Commission by March 1st of the following year.
241
Debt Capacity
These schedules contain information to help the reader assess the affordability of the City's current
levels of outstanding debt and the City's ability to issue additional debt in the future.
242
City of South Bend, Indiana
Computation of Legal Debt Margin
For fiscal year ended December 31, 2023
Civil City
Net Assessed Valuation (2022 pay 2023) of Taxable Property in South Bend 3,562,131,680$
Debt limit: 2% of one third thereof 23,747,545
Less Bonds subject to limitation:
Economic Development Income Tax Bonds of 2015 (Parks Bond)(3,980,000)
Economic Development Income Tax Bonds, Series 2018 (Zoo Bond)(2,610,000)
General Obligation Bonds, Series 2018 (Fire Station #9)(3,975,000)
Issuance Margin 13,182,545$
Percentage of Debt to Debt Limit 44.49%
Park District
Net Assessed Valuation (2022 pay 2023) of Taxable Property in South Bend 3,562,131,680$
Debt limit: 2% of one third thereof 23,747,545
Less Bonds subject to limitation:
Park District Bonds, Series 2017 (A-K)(9,650,000)
Issuance Margin 14,097,545$
Percentage of Debt to Debt Limit 40.64%
Redevelopment District
Net Assessed Valuation (2022 pay 2023) of Taxable Property in South Bend 3,562,131,680$
Debt limit: 2% of one third thereof 23,747,545
Less Bonds subject to limitation:
Redevelopment District Bonds, Series 2018 (TIF Parks Bond) (8,140,000)
Issuance Margin 15,607,545$
Percentage of Debt to Debt Limit 34.28%
A 2% debt limit is established by the Constitution of the State of Indiana. This limit is established for general
obligation bonds, Economic Development Income Tax revenue bonds, tax revenue notes and other types of
indebtedness. This limitation does not include revenue bonds payable from governmental funds (excluding
Economic Development Income Tax bonds) shown in the general long term debt account group. Indiana law
allows the creation of separate municipal corporations to provide vital governmental functions. Each of these
municipal corporations (including the Redevelopment Authority and Redevelopment Commission) has its own
2% debt limit, even if they have the same or similar boundaries.
243
City of South Bend, Indiana
Legal Debt Margin Information
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Civil City
Debt Limit (1)15,579,379$ 14,731,511$ 15,068,462$ 15,181,132$ 16,109,715$ 16,036,190$ 16,655,845$ 18,176,894$ 19,245,665$ 20,420,019$
Total Net Debt Applicable To Limit 6,335,000 4,970,000 7,270,000 5,835,000 5,190,000 13,390,000 12,900,000 12,315,000 11,710,000 11,080,000
Debt Margin 9,244,379 9,761,511 7,798,462 9,346,132 10,919,715 2,646,190 3,755,845 5,861,894 7,535,665 9,340,019
Percentage of Debt Limit 40.66%33.74%48.25%38.44%32.22%83.50%77.45%67.75%60.84%54.26%
Park District
Debt Limit (1)15,579,379$ 14,731,511$ 15,068,462$ 15,181,132$ 16,109,715$ 16,036,190$ 16,655,845$ 18,176,894$ 19,245,665$ 20,420,019$
Total Net Debt Applicable To Limit - - - - 14,075,000 13,725,000 12,955,000 12,170,000 9,650,000 10,515,000
Debt Margin 15,579,379 14,731,511 15,068,462 15,181,132 2,034,715 2,311,190 3,700,845 6,006,894 9,595,665 9,905,019
Percentage of Debt Limit 0.00%0.00%0.00%0.00%87.37%85.59%77.78%66.95%50.14%51.49%
Redevelopment District
Debt Limit (1)15,579,379$ 14,731,511$ 15,068,462$ 15,181,132$ 16,109,715$ 16,036,190$ 16,655,845$ 18,176,894$ 19,245,665$ 20,420,019$
Total Net Debt Applicable To Limit 3,405,000 3,010,000 2,615,000 2,210,000 1,795,000 12,955,000 11,855,000 10,725,000 8,140,000 8,865,000
Debt Margin 12,174,379 11,721,511 12,453,462 12,971,132 14,314,715 3,081,190 4,800,845 7,451,894 11,105,665 11,555,019
Percentage of Debt Limit 21.86%20.43%17.35%14.56%11.14%80.79%71.18%59.00%42.30%43.41%
(1) A 2% of net assessed value debt limit has been established by the Constitution of the State of Indiana for certain type of debt including general obligation bonds,
Economic Development Income Tax bonds and tax revenue notes. This limitation does not apply to revenue bonds payable from governmental or proprietary funds.
Last Ten Fiscal Years
244
City of South Bend, Indiana
Ratios of Outstanding Debt by Type
South Bend South Bend
General Financed Financed Total Debt Estimated Debt
Fiscal Obligation Revenue Mortgage Notes/Loans Purchased Revenue Mortgage Notes/Loans Purchase Primary Estimated Per Personal Percent ofYearBondsBondsBondsPayableAgreementsBondsBondsPayableAgreementsGovernmentPopulation (1)Capita Income (2)Income
2014 - 84,862,512 21,331,548 1,617,491 8,481,375 111,209,874 480,604 3,794,664 3,307,802 235,085,870 101,168 2,324 3,371,120,096 6.97%
2015 - 107,815,890 13,904,973 4,831,752 8,491,407 102,871,921 5,851,565 3,458,899 4,411,042 251,637,449 101,168 2,487 3,371,120,096 7.46%
2016 - 99,040,132 12,091,550 4,647,381 10,929,075 95,477,047 5,556,865 2,582,205 6,585,123 236,909,378 101,168 2,342 3,371,120,096 7.03%
2017 14,081,478 111,887,531 10,224,972 4,437,115 9,795,612 87,219,814 5,255,484 2,398,821 7,456,169 252,756,996 101,168 2,498 3,492,622,864 7.24%
2018 18,737,645 120,483,913 8,300,854 4,108,822 12,832,195 80,178,104 4,951,979 2,231,783 7,994,705 259,820,000 101,168 2,568 3,492,622,864 7.44%
2019 18,010,537 122,084,649 10,659,268 3,761,150 11,959,268 71,235,075 120,368 2,016,089 4,763,272 244,609,677 101,168 2,418 3,492,622,864 7.00%
2020 17,005,155 118,820,313 8,389,572 3,405,904 13,712,755 64,329,826 40,771 1,816,433 3,113,163 230,633,892 103,453 2,229 3,571,507,919 6.46%
2021 15,950,563 118,765,880 6,345,096 3,079,026 12,889,298 58,574,841 - 220,712 2,394,205 218,219,621 103,453 2,109 3,571,507,919 6.11%
2022 14,886,850 121,492,119 4,568,552 2,781,851 14,679,571 50,638,747 - 196,030 2,590,360 211,834,080 103,453 2,048 3,571,507,919 5.93%
2023 13,625,000 137,750,067 3,450,000 2,478,630 16,257,166 40,725,000 - 170,517 2,957,005 217,413,385 103,453 2,102 3,571,507,919 6.09%
Percent of
total debt 6.27%63.36%1.59%1.14%7.48%18.73%0.00%0.08%1.36%100.00%
Sources: City of South Bend Comprehensive Annual Financial Reports
(1) U.S. Census Bureau, 2010 & 2020 Census information
(2) City of South Bend estimated personal income is computed as estimated City population x City of South Bend Median Household Income from U.S. Census Bureau,
2012 - 2016 American Community Survey 5-Year Estimates (http://factfinder.census.gov/)
Last Ten Fiscal Years
Governmental Activities Business-Type Activities
0
$20 M
$40 M
$60 M
$80 M
$100 M
$120 M
$140 M
$160 M
$180 M
2014 2015 2016 2017 2018 2019 2020 2021
Governmental Activities Debt
FinancedPurchasedAgreements
Notes/LoansPayable
MortgageBonds
RevenueBonds
GeneralObligationBonds $20 M
$40 M
$60 M
$80 M
$100 M
$120 M
$140 M
2014 2015 2016 2017 2018 2019 2020 202
Business-Type Activities Debt
245
City of South Bend, Indiana
Computation of Direct and Overlapping Debt
For fiscal year ended December 31, 2023
Percentage Amount Ratio of Debt/Ratio of Debt/
Gross Applicable to Applicable to Debt Per Net Assessed PersonalDebtSouth Bend South Bend Capita Value Income
Direct Debt:
City of South Bend (1)
General Obligation Bonds 13,625,000$ 100.00%13,625,000$
Revenue Bonds - Governmental Activities 137,750,067 100.00%137,750,067
Mortgage Bonds - Governmental Activities 3,450,000 100.00%3,450,000
Notes Payable - Governmental Activities 2,478,630 100.00%2,478,630
Finance Purchase Agreements - Governmental Activities 16,257,166 100.00%16,257,166
Total Direct Debt and Financed Purchase Agreement Debt 173,560,863$ 1,678$ 4.87%3.93%
Overlapping Debt (2)
Tax Supported Debt:
St. Joseph County 140,176,041$ 29.25%41,001,492$
South Bend Community School Corporation 82,551,022 53.09%43,826,338
Penn-Harris-Madison School Corporation 64,609,116 2.40%1,550,619
Mishawaka-Penn-Harris Public Library 3,560,000 1.98%70,488
St. Joseph County Public Library 14,640,000 49.59%7,259,976
St. Joseph County Airport Authority 11,085,000 29.25%3,242,363
Total Tax Supported Debt 96,951,275
Total Overlapping Debt 96,951,275$ 937$ 2.72%2.20%
Total Direct Debt and Financed Purchase Agreements and Overlapping and 270,512,138$ 2,615$ 7.59%6.13%
Underlying Direct Debt and Lease Obligations
Ratio Factors
Net Assessed Valuation (2020 payable 2021)3,562,131,680$
Population - 2020 Census (3)103,453
South Bend Median Household Income 2020 (4)42,657$
Estimated South Bend Total Personal Income (3 x 4)4,412,994,621$
Sources:
(1) City of South Bend Comprehensive Annual Financial Report
(2) Overlapping debt percentages are based on the net assessed value of South Bend properties in proportion to the total net assessed value.
Provided by Baker Tilly Municipal Advisors - Annual Information for Continuing Disclosure Compliance
(3) U.S. Census Bureau, 2020 Census information
(4) U.S. Census Bureau, 2016-2020 American Community Survey 5-Year Estimates (http://factfinder.census.gov/)
246
City of South Bend, Indiana
Last Ten Fiscal Years
Total Ratio of Debt Service
Fiscal Total Debt Governmental Fund To Governmental Fund
Year Principal Interest Service Expenditures Expenditures
2014 - - - 154,300,097 0.00%
2015 - - - 172,658,733 0.00%
2016 - - - 170,976,084 0.00%
2017 - - - 174,542,237 0.00%
2018 425,000 288,967 713,967 186,199,998 0.38%
2019 940,000 562,846 1,502,846 216,480,126 0.69%
2020 980,000 534,196 1,514,196 191,440,960 0.79%
2021 1,030,000 504,496 1,534,496 181,832,209 0.84%
2022 1,040,000 473,521 1,513,521 210,947,917 0.72%
2023 1,080,000 442,021 1,522,021 267,783,413 0.57%
Source: City of South Bend Comprehensive Annual Financial Reports
Ratio of Annual Debt Service Expenditures for
General Obligation Bonded Debt
to Total Governmental Fund Expenditures
247
City of South Bend, Indiana
Last Ten Fiscal Years
Percent of Net
Gross Debt Service Net G.O. Bonded Debt Net G.O.
Tax Year/Net Assessed General Obligation Monies General Obligation To Net Assessed Bonded Debt
Collection Year Population (1)Value Bonded Debt Available Bonded Debt Value Per Capita
2013/2014 101,168 2,209,726,672 - - - 0.00%-
2014/2015 101,168 2,260,269,318 - - - 0.00%-
2015/2016 101,168 2,277,169,743 - - - 0.00%-
2016/2017 101,168 2,327,500,241 14,081,478 - 14,081,478 0.61%139
2017/2018 101,168 2,416,457,221 18,737,645 - 18,737,645 0.78%185
2018/2019 101,168 2,770,936,681 18,010,537 - 18,010,537 0.65%178
2019/2020 103,453 2,726,534,082 17,005,155 - 17,005,155 0.62%164
2020/2021 103,453 3,562,131,680 15,950,563 - 15,950,563 0.45%154
2021/2022 103,453 3,063,002,911 14,886,850 14,886,850 0.49%144
2022/2023 103,453 3,562,131,680 13,625,000 13,625,000 0.38%132
(1) U.S. Census Bureau, 2010 & 2020 Census information
Source: City of South Bend Comprehensive Annual Financial Reports
Ratio of Net General Obligation Bonded Debt to
Net Assessed Valuation and Net Bonded Debt Per Capita
248
City of South Bend, Indiana
St. Joseph County Hotel/Motel Tax Board
Pledged Revenue Coverage
Last Ten Fiscal Years
Annual Debt Service Payments (1)
2013 2015 2022 2022 Unrestricted Century Center Century Center Morris Peforming Potawatomi Zoo
Hotel/Motel Tax Refunding Energy Conservation Arts Center Economic Develop.Total Annual Debt
Year Revenues Bonds Bonds Revenue Bonds Revenue Bonds Debt Service Excess Funds Coverage
2014 4,179,467 344,308 - 344,308 3,835,159 1213.87%
2015 4,749,836 392,688 - 392,688 4,357,149 1209.57%
2016 4,930,183 387,613 236,132 623,744 4,306,439 790.42%
2017 5,239,133 385,813 191,297 577,109 4,662,024 907.82%
2018 5,679,728 386,713 305,736 692,449 4,987,279 820.24%
2019 5,766,555 390,413 415,423 805,836 4,960,719 715.60%
2020 3,454,156 388,556 411,096 799,653 2,654,503 431.96%
2021 5,818,371 390,713 406,711 797,423 5,020,948 729.65%
2022 8,816,030 386,425 402,367 185,046 189,476 1,163,314 7,652,716 757.84%
2023 10,181,885 386,075 397,599 378,825 375,963 1,538,462 8,643,423 661.82%
(1) Debt service includes principal and interest payments
Sources:
St. Joseph County Hotel/Motel Tax Board financial reports
City of South Bend Accounting Records
249
City of South Bend, Indiana
Last Ten Years
Gross Net Revenue
Operating Operating Available for Debt
Year Revenues (1)Expenses (2)Debt Service Principal (3)Interest Total Coverage
2014 14,373,176 10,105,709 4,267,467 1,251,588 769,025 2,020,613 211.20%
2015 14,204,285 10,651,321 3,552,964 1,319,285 732,394 2,051,679 173.17%
2016 15,091,372 12,081,699 3,009,673 977,113 623,226 1,600,339 188.06%
2017 15,283,325 11,421,026 3,862,299 1,606,652 623,909 2,230,561 173.15%
2018 16,767,283 11,766,084 5,001,199 394,873 319,700 714,573 699.89%
2019 20,787,828 13,420,538 7,367,290 2,800,735 925,031 3,725,767 197.74%
2020 21,536,290 13,194,357 8,341,933 1,058,099 442,037 1,500,136 556.08%
2021 21,475,588 14,060,542 7,415,046 1,390,548 424,213 1,814,761 408.60%
2022 20,849,578 15,466,529 5,383,049 1,449,987 392,422 1,842,409 292.17%
2023 21,922,958 19,067,255 2,855,703 1,045,513 354,962 1,400,475 203.91%
(1) Operating revenues used to make debt service payments is obtained primarily through monthly user charges to water customers.
(2) Operating expenses exclude depreciation.
(3) Bonds were refunded in 2019. The principal repayment is not included in the principal total for 2019.
Sources:
City of South Bend Comprehensive Annual Financial Reports
City of South Bend Accounting Records
Debt Service Requirements
Schedule of Revenue Bond Coverage
Water Utility Bonds
250
City of South Bend, Indiana
Last Ten Years
Gross Net Revenue
Operating Operating Available for Debt
Year Revenues (1)Expenses (2)Debt Service Principal (3)Interest Total Coverage
2014 34,009,117 14,313,967 19,695,150 6,320,626 3,376,045 9,696,671 203.11%
2015 36,635,501 13,557,598 23,077,903 4,691,336 3,419,351 8,110,687 284.54%
2016 39,061,562 16,920,370 22,141,192 7,522,453 2,342,132 9,864,586 224.45%
2017 38,794,212 22,942,677 15,851,535 7,666,400 2,197,813 9,864,213 160.70%
2018 39,931,429 16,218,116 23,713,313 7,892,085 2,052,348 9,944,433 238.46%
2019 42,455,078 22,828,605 19,626,473 6,652,079 1,873,664 8,525,743 230.20%
2020 39,653,436 20,625,437 19,027,999 5,791,557 1,501,575 7,293,132 260.90%
2021 41,492,806 27,594,387 13,898,419 5,440,004 1,625,439 7,065,443 196.71%
2022 42,680,236 22,353,082 20,327,154 6,463,482 1,210,699 7,674,181 264.88%
2023 44,725,771 28,983,363 15,742,408 6,420,000 1,074,541 7,494,541 210.05%
(1) Operating revenues used to make debt service payments is obtained primarily through monthly user charges to sewer customers.
(2) Operating expenses exclude depreciation.
(3) Bonds were refunded in 2015 and 2021. The principal repayments are not included in the principal total for these years.
Sources:
City of South Bend Comprehensive Annual Financial Reports
City of South Bend Accounting Records
Debt Service Requirements
Schedule of Revenue Bond Coverage
Wastewater Utility Bonds
251
City of South Bend, Indiana
Municipal Sewage Works
Last Ten Years
Annual Wastewater Flow Data 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Capacity (MGD) *48 48 48 48 48 48 48 48 48 48
Average Daily Flow (MGD)32.00 30.20 43.87 35.80 38.47 37.73 31.87 29.20 27.18 30.57
Peak Flow (MGD)68.50 57.70 67.80 62.40 71.00 71.20 71.70 55.70 55.00 60.90
Annual Flow (MG)11,677 11,023 16,014 13,067 14,042 13,077 11,630 10,657 10,491 10,904
Number of Customers - South Bend Municipal Sewage Works
Year
Total Number
of Customers
2014 39,461
2015 39,763
2016 40,073
2017 40,543
2018 40,679
2019 40,547
2020 41,154
2021 41,645
2022 42,328
2023 42,264
Source: City of South Bend Utilities
* Short-term peak design capacity is 77 mllions of gallons per day (MGD), actual long-term sustainable capacity is 48 MGD.
252
City of South Bend, Indiana
Statement of City-Owned Utility Debt
For fiscal year ended December 31, 2023
South Bend Municipal Water Utility
Water Works State Revolving Fund (SRF) Loan of 2009 170,517$
Water Works Revenue Bonds of 2012 4,280,000
Water Works Refunding Revenue Bonds of 2016 930,000
Amended Water Works Revenue Bonds of 2009, Series B 2,365,000
Total Water Utility Debt 7,745,517$
South Bend Municipal Wastewater Utility
Sewage Works Revenue Bonds of 2012 12,985,000$
Sewage Works Refunding Revenue Bonds of 2013A 715,000
Sewage Works Refunding Revenue Bonds of 2015 5,990,000
Sewage Works Refunding Revenue Bonds of 2020 3,465,000
Sewage Works Refunding Revenue Bonds of 2021 9,995,000
Sewage Work State Revolving Fund Loan of 2023 151,606
Total Sewage Utility Debt 33,301,606
Total Utility Debt 41,047,123$
Source: City of South Bend Accounting Records
253
City of South Bend, Indiana
Operating Revenues 21,922,958$
Less: Operation and Maintenance Expenses (Net of Depreciation)(19,067,255)
Net Revenues Available for Debt Service 2,855,703
Estimated Combined Maximum Annual Debt Service 1,400,475
Coverage - $1,455,228$
Coverage - %203.91%
For fiscal year ended December 31, 2023
Estimated Debt Service Coverage Calculation
Water Utility
254
City of South Bend, Indiana
Operating Revenues 44,725,771$
Less: Operation and Maintenance Expenses (Net of Depreciation)(28,983,363)
Net Revenues Available for Debt Service 15,742,408
Estimated Combined Annual Debt Service 7,494,541
Coverage - $8,247,867$
Coverage - %210.05%
For fiscal year ended December 31, 2023
Estimated Debt Service Coverage Calculation
Wastewater Utility
255
City of South Bend, Indiana
Projected Local Income Tax Revenues
Certified Shares Component
0.6% Certified Shares Tax Rate
Levy is used to Distribute
City of South Bend's Projected Amount
Year of St. Joseph County Estimated Portion Available ForCollectionProjected Distribution of Projected Distribution Debt Service
2024 36,501,371$ 34.39%12,554,287$
2025 37,231,398 34.16%12,718,246
2026 37,976,026 34.16%12,972,611
2027 38,735,547 34.16%13,232,063
2028 39,510,258 34.16%13,496,704
2029 40,300,463 34.16%13,766,638
2030 41,106,472 34.16%14,041,971
2031 41,928,602 34.16%14,322,810
2032 42,767,174 34.16%14,609,267
2033 43,622,517 34.16%14,901,452
Total 136,616,048$
Estimated 2% increase to distributions due to improving economic conditions.
Source: Department of Local Government Finance (DLGF)
256
City of South Bend, Indiana
Projected Local Income Tax Revenues
Economic Development Component
0.4% Economic Development Tax Rate
Levy is used to Distribute
City of South Bend's Projected Amount
Year of St. Joseph County Estimated Portion Available ForCollectionProjected Distribution of Projected Distribution Debt Service
2024 40,602,192$ 41.61%16,896,469$
2025 41,414,236 41.47%17,174,484
2026 42,242,521 41.47%17,517,973
2027 43,087,371 41.47%17,868,333
2028 43,949,118 41.47%18,225,699
2029 44,828,101 41.47%18,590,213
2030 45,724,663 41.47%18,962,018
2031 46,639,156 41.47%19,341,258
2032 47,571,939 41.47%19,728,083
2033 48,523,378 41.47%20,122,645
Total 184,427,175$
Estimated 2% increase to distributions due to improving economic conditions.
Source: Department of Local Government Finance (DLGF)
257
City of South Bend, Indiana
Projected Local Income Tax Revenues
Public Safety Component
0.25% Public Safety Tax Rate
City of South Bend's Projected Amount
Year of St. Joseph County Estimated Portion Available ForCollectionProjected Distribution of Projected Distribution Debt Service
2024 25,376,370$ 47.24%11,988,584$
2025 25,883,897 47.88%11,988,584
2026 26,401,575 47.88%12,641,074
2027 26,929,607 47.88%12,893,896
2028 27,468,199 47.88%13,151,774
2029 28,017,563 47.88%13,414,809
2030 28,577,914 47.88%13,683,105
2031 29,149,473 47.88%13,956,767
2032 29,732,462 47.88%14,235,903
2033 30,327,111 47.88%14,520,621
Total 132,475,117$
Estimated 2% increase to distributions due to improving economic conditions.
Source: Department of Local Government Finance (DLGF)
258
City of South Bend, Indiana
Local Income Tax - Certified Shares Component
City of South Bend
Projected
Certified Shares Estimated
Local Income Tax Total Debt Excess EstimatedYearRevenuesPaymentsFundsCoverage
2024 12,554,287$ -$ 12,554,287$ n/a
2025 12,805,373 - 12,805,373 n/a
2026 13,061,480 - 13,061,480 n/a
2027 13,322,710 - 13,322,710 n/a
2028 13,589,164 - 13,589,164 n/a
2029 13,860,947 - 13,860,947 n/a
2030 14,138,166 - 14,138,166 n/a
2031 14,420,930 - 14,420,930 n/a
2032 14,709,348 - 14,709,348 n/a
2033 15,003,535 - 15,003,535 n/a
2034 15,303,606 - 15,303,606 n/a
2035 15,609,678 - 15,609,678 n/a
2036 15,921,871 - 15,921,871 n/a
2037 16,240,309 - 16,240,309 n/a
2038 16,565,115 - 16,565,115 n/a
2039 16,896,417 - 16,896,417 n/a
2040 17,234,346 - 17,234,346 n/a
Total 251,237,282$ -$ 251,237,282$
Source: City of South Bend Accounting Records
Statement of Estimated Cash Flow and Debt Service Coverage
259
City of South Bend, Indiana
Statement of Estimated Cash Flow and Debt Service Coverage
Local Income Tax - Economic Development Component
City of South Bend South Bend
Projected Building Corporation
Economic Develop.2015 EDIT 2018 EDIT 2021 Lease Rental EstimatedLocal Income Tax Revenue Bonds Revenue Bonds Revenue Bonds Total Debt Excess Estimated
Year Revenues (Park Projects)(Potawatomi Zoo Project)(Infrastructure Projects)Payments (1)Funds Coverage
2024 16,896,469 368,381 326,500 640,300 1,335,181 15,561,288 1265.48%
2025 17,174,484 381,031 318,000 643,900 1,342,931 15,831,552 1278.88%
2026 17,517,973 373,231 327,750 646,700 1,347,681 16,170,292 1299.86%
2027 17,868,333 375,356 321,750 643,700 1,340,806 16,527,526 1332.66%
2028 18,225,699 377,181 325,375 640,200 1,342,756 16,882,943 1357.33%
2029 18,590,213 383,616 318,250 641,000 1,342,866 17,247,348 1384.37%
2030 18,962,018 384,038 320,750 641,000 1,345,788 17,616,230 1408.99%
2031 19,341,258 388,463 322,625 640,200 1,351,288 17,989,971 1431.32%
2032 19,728,083 387,175 318,750 639,975 1,345,900 18,382,183 1465.79%
2033 20,122,645 389,813 324,250 643,175 1,357,238 18,765,407 1482.62%
2034 20,525,098 391,781 158,875 645,775 1,196,431 19,328,666 1715.53%
2035 20,935,600 593,094 - 647,775 1,240,869 19,694,731 1687.17%
2036 21,354,312 - - 644,175 644,175 20,710,137 3314.99%
2037 21,781,398 - - - - 21,781,398 n/a
2038 22,217,026 - - - - 22,217,026 n/a
2039 22,661,366 - - - - 22,661,366 n/a
2040 23,114,594 - - - - 23,114,594 n/a
Total 337,016,568$ 4,793,159$ 3,382,875$ 8,357,875$ 16,533,909$ 320,482,659$
(1) Debt payments include principal and interest.
Source: City of South Bend Accounting Records
260
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the City's financial activities take place.
261
City of South Bend, Indiana
South Bend South Bend
Metropolitan Metro Area South Bend City of
City of Percent Area Percent Total Personal Percent Metro Area Percent City of South Bend Percent
South Bend Increase/Median Family Increase/Income (3)Increase/Per Capita Increase/South Bend Public School Increase/
Year Population (1)(Decrease)Income (2)(Decrease)(Millions)(Decrease)Income (3)(Decrease)Median Age (4)Enrollment (5)(Decrease)
2014 101,168 34,656 12,887 40,342 33.9 19,308
2015 101,168 0.00%34,656 0.00%13,560 5.22%42,362 5.01%34.0 18,680 –3.25%
2016 101,168 0.00%34,523 –0.38%14,074 3.79%43,880 3.58%34.9 18,110 –3.05%
2017 101,168 0.00%35,758 3.58%14,074 0.00%43,880 0.00%34.9 17,697 –2.28%
2018 101,168 0.00%35,758 0.00%14,700 4.45%45,681 4.10%33.4 17,225 –2.67%
2019 101,168 0.00%32,511 –9.08%15,232 3.62%47,244 3.42%32.8 16,725 –2.90%
2020 103,453 2.26%41,599 27.95%23,392 53.57%41,599 –11.95%34.7 15,906 –4.90%
2021 103,453 0.00%42,657 2.54%24,969 6.74%42,657 2.54%33.7 16,297 2.46%
2022 104,523 1.03%46,002 7.84%28,408 13.77%50,248 17.80%36.7 16,297 0.00%
2023 105,984 1.40%60,772 32.11%N/A - 33,632 –33.07%33.9 15,964 –2.04%
Sources:
(1) U.S. Census Bureau, 2010 & 2020 Census information (http://factfinder.census.gov/)
(2) U.S. Census Bureau, 2016-2020 American Community Survey 5-Year Estimates (http://factfinder.census.gov/)
(3) Bureau of Local Economic Analysis, South Bend-Mishawaka, IN_MI Metropolitan Area Profile (https://www.bea.gov/).
(4) U.S. Census Bureau, Profile of General Demographic Characteristics (http://factfinder.census.gov/)
(5) Indiana Department of Education, South Bend School Corporation Total Enrollment (http://compass.doe.in.gov/)
(6) Website Updated - now data.census.gov/
Demographic Statistics
Last Ten Years
Personal income includes net earnings by place of residence; dividends, interest, and rent; and personal current transfer receipts received by the residents of South Bend-
Mishawaka.
Metropolitan statistical area (MSA)- An area consisting of a core county or counties in which lies an urban area having a population of at least 50,000, plus adjacent counties
having a high degree of social and economic integration with the core counties as measured through commuting ties.
262
City of South Bend, Indiana
South Bend South Bend South Bend
Metropolitan Percent Metropolitan Percent Metropolitan
Area Labor Increase/Area Increase/Unemployment
Year Force (1)(Decrease)Unemployment (1)(Decrease)Rate (1)
2014 153,112 9,044 5.91%
2015 156,971 2.52%7,291 –19.38%4.64%
2016 159,085 1.35%6,694 –8.19%4.21%
2017 159,240 0.10%5,689 –15.01%3.57%
2018 161,816 1.62%5,937 4.36%3.67%
2019 162,013 0.12%5,609 –5.52%3.46%
2020 158,137 –2.39%8,829 57.41%5.58%
2021 157,854 –0.18%5,110 –42.12%3.24%
2022 155,679 –1.38%5,555 8.71%3.57%
2023 156,574 0.57%6,181 11.27%3.95%
Source:
Demographic Statistics (Continued)
Last Ten Years
(1) Bureau of Labor Statistics, Local Area Unemployment Statistics: South Bend-Mishawaka IN-MI Metropolitan
Statistical Area (https://www.bls.gov/lau/metrossa.htm) - December of each year
Metropolitan statistical area (MSA)- An area consisting of a core county or counties in which lies an urban area
having a population of at least 50,000, plus adjacent counties having a high degree of social and economic
integration with the core counties as measured through commuting ties.
263
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the
information in the City's financial report relates to the services the City provides and the activities it
performs.
264
City of South Bend, Indiana
Last Ten Fiscal Years
Function/ Program 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Police:
Physical arrests 2,608 2,483 2,342 2,229 2,664 2,028 1,785 1,875 1,792 2,563
Parking violations 299 691 480 919 548 293 662 649 410 154
Traffic violations 1,487 4,327 6,437 4,701 2,580 2,038 1,802 923 1,044 2,146
Fire:
Emergency responses 15,902 15,340 15,886 16,829 22,659 22,166 21,958 18,003 24,096 23,914
Fires extinguished 227 213 236 339 278 393 360 290 380 382
Inspections 3,133 3,778 2,148 2,522 3,525 24 634 1,450 1,726 2,126
Refuse collection:
Refuse collected (tons per day) (1)128 149 139 142 142 148 170 162 147 152
Other public works:
Street resurfacing (miles)22 17 20 19 21 21 21 19 19 19
Potholes repaired (tonnage)826 526 462 363 476 878 365 317 440 450
Parks and recreation:
Athletic field permits issued 120 113 427 142 103 428 428 347 502 616
Fitness Center Admissions 67,428 64,547 67,294 73,405 68,306 71,262 65,432 84,748 98,315 104,002
Water:
New billable housing starts 141 108 189 214 119 149 107 159 129 167
Water mains breaks 134 99 53 45 67 86 48 89 85 44
Average daily consumption 11,000 14,500 14,640 14,358 14,640 14,400 14,866 11,294 10,868 11,193
(thousands of gallons)
Wastewater:
Average daily sewage treatment 31,991 30,200 43,874 35,800 37,110 37,730 31,870 34,559 34,869 30,570
(thousands of gallons)
Source: City of South Bend Departments
Operating Indicators by Function/Program
As of December 31,
265
City of South Bend, Indiana
Capital Asset and Infrastructure Statistics by Function/Program
Last Ten Fiscal Years
Function/program 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Police
Stations 1 1 1 1 1 1 1 1 1 1
Patrol units 19 19 19 19 19 19 19 19 19 19
Fire
Stations 11 11 11 11 11 11 11 11 11 11
Training Center - 1 1 1 1 1 1 1 1 1
Rescue units 33 33 33 33 33 33 33 33 33 33
Refuse collection
Collection trucks 19 19 19 19 19 19 19 18 19 21
Other public works
Streets (miles)525 525 525 525 525 525 525 525 525 525
Streetlights 2,700 3,000 3,015 3,015 3,015 3,015 3,056 3,056 3,713 3,713
Traffic signals 167 162 158 164 163 163 160 160 160 160
Parks and recreation
Acreage 1,292 1,292 1,292 1,292 1,300 1,300 1,300 1,300 1,300 1,300
Playgrounds 23 23 23 23 23 23 37 37 37 37
Baseball/softball diamonds 27 27 27 27 27 27 23 23 23 23
Soccer/football fields 19 19 19 19 19 19 19 19 19 19
Swimming pools 2 2 2 2 2 2 2 2 2 2
Splash Pads 6 6 6 7 8 8 9 9 9 9
Community center 5 3 3 3 4 4 6 6 6 6
Water
Water mains (miles)584 583 583 583 586 587 587 587 587 623
Fire hydrants 5,436 5,448 5,439 5,459 5,539 5,550 5,647 5,647 4,606 4,673
Storage capacity (thousands of gallons)17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300
Wastewater
Sanitary sewers (miles)526 527 527 527 535 537 251 246 246 541
Storm sewers (miles)133 133 133 155 155 155 156 193 193 204
Treatment capacity (thousands of gallons)48,000 48,000 48,000 48,000 48,000 48,000 48,000 48,000 48,000 48,000
Source: City of South Bend Departments
As of December 31,
266
City of South Bend, Indiana
New Construction - Number of Permits and Property Values
Last Ten Fiscal Years
(Dollar Amounts in 000's)
Residential Commercial Manufacturing
Number of Value Number of Value Number of Value Total Value Percent
Year Permits ($ in 000's)Permits ($ in 000's)Permits ($ in 000's)($ in 000's)Change
2014 51 13,101 12 10,392 -- 23,493 #VALUE!
2015 (1)77 18,615 70 415,219 6 28,460 462,294 1867.79%
2016 61 15,215 22 53,622 -- 68,837 –85.11%
2017 88 23,195 13 17,843 -466 41,504 –39.71%
2018 92 26,069 19 41,335 -- 67,404 62.40%
2019 85 23,322 17 72,746 1 60,000 156,068 131.54%
2020 45 13,846 16 19,037 -21,000 53,883 –65.47%
2021 89 30,996 13 28,022 1 6,705 65,723 21.97%
2022 93 33,457 33 138,526 -- 171,983 161.68%
2023 259 132,512 49 298,141 5 2,930 433,583 152.11%
(1) Increase in commercial construction due to major construction taking place at the University of Notre Dame.
Source: Consolidated City/County Building Department
267
City of South Bend, Indiana
Activity 2014 2015 2016 2017 2018 2019 2020 2021 2022
General Government:
Mayor's Office 7 7 6 7 7 7 9 12 9
Community Police Review Board
City Clerk's Office 5 5 5 5 5 4 5 4 5
Common Council (elected officials, part-time)9 9 9 9 9 9 9 9 9
Administration and Finance (1), (2)21 22 22 21 23 23 20 17 18
Human Resources (1) - - - - - - 6 5 6
Diversity & Inclusion (1) - - - - - - 3 3 2
Human Rights 6 5 5 5 4 5 5 6 2
Legal Department 10 11 10 10 11 10 12 10 12
Engineering 14 16 18 18 23 21 24 23 25
Office of Sustainability - - - - 1 2 2 1 1
Safety and Risk 3 1 2 2 2 2 1 - -
311 Call Center 7 7 - - - - - - -
Public Safety:
Police Department 295 300 287 285 283 270 271 267 294
Communication Center 34 - - - - - - - -
Fire Department 257 259 268 272 262 265 257 256 254
Culture and Recreation:
Parks and Recreation (3)87 88 89 94 90 94 91 86 83
Convention and Events Management 14 14 12 9 10 11 9 9 9
Economic Development:
Department of Community Investment 25 25 23 22 24 28 29 27 33
Neighborhood Services (4) - - 4 4 4 4 34 32 27
Highways and Streets:
Streets Division / Traffic & Lighting 59 50 46 53 54 56 58 57 51
Enterprise Funds:
Water Works 68 67 66 66 63 63 63 62 65
Wastewater 42 43 44 44 42 43 42 40 42
Organic Resources 6 6 6 6 6 6 6 6 6
Sewer 33 36 37 41 39 41 41 40 35
Solid Waste 22 25 29 23 22 23 22 22 24
Building Department 13 13 14 14 15 13 15 16 14
Code Enforcement/Animal Resource Center (4)23 23 18 25 26 27 - - -
Century Center - - - - 8 6 5 5 5
Internal Service Fund:
311 Call Center - - 6 6 7 7 7 7 8
Innovation & Technology (2) - - - 17 20 21 22 22 21
Central Services Fund 38 38 40 41 39 37 35 31 31
Total Positions 1,098 1,070 1,066 1,099 1,099 1,098 1,103 1,075 1,091
Source: City of South Bend Personnel Records
(1) Human Resources and Diversity & Inclusion were formerly part of the Department of Administration & Finance(2) Innovation & Technology was formerly part of the Department of Administration & Finance(3) Potawatomi Zoo employees (33) became employees of the Potawatomi Zoological Society through a public-private partnership as of January 1, (4) Code Enforcement and Animal Resource Center moved from an Enterprise to a Governmental fund in 2020
Last Ten Fiscal Years
Full-Time City Government Employees by Depart
As of December 31,
268
City of South Bend, Indiana
Activity 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Government 82 83 77 77 85 83 96 90 89 95
Public Safety 586 559 555 557 545 535 528 523 548 547
Culture and Recreation 101 102 101 103 100 105 100 95 92 99
Economic Development 25 25 27 26 28 32 63 59 60 52
Highways and Streets 59 50 46 53 54 56 58 57 51 50
Enterprise Funds 207 213 214 219 221 222 194 191 191 216
Internal Service Funds 38 38 46 64 66 65 64 60 60 62
Total Positions 1,098 1,070 1,066 1,099 1,099 1,098 1,103 1,075 1,091 1,121
Source: City of South Bend Personnel Records
- Excludes seasonal, part-time, and temporary positions
Last Ten Fiscal Years
As of December 31,
Full-Time City Government Employees by Department (Con
95
547
99
52
50
216
62
Full-Time Employees as of December 31, 2023
1,000
1,020
1,040
1,060
1,080
1,100
1,120
1,140
Full-Time Employees at Year-End
269
City of South Bend, Indiana
Year Percent Base Salary Percent Base Salary Non-bargaining Teamsters
1993 0.44%21,300 5.00%21,912 4.24%0.00%
1994 2.35%21,800 0.00%21,912 1.5% + $300 bonus .15¢ per hour
1995 4.82%22,850 3.00%22,569 1.5% + $300 bonus .30¢ per hour
1996 4.38%23,850 5.00%23,697 3.00%.27¢ per hour
1997 4.19%24,850 4.87%24,850 3.00%.33¢ per hour
1998 4.63%26,000 0.60%25,000 3.00%.37¢ per hour
1999 3.85%27,000 2.60%25,650 3.25%3.50%
2000 5.56%28,500 9.34%28,045 3.50%3.50%
2001 9.74%31,275 11.52%31,275 3.50%4.00%
2002 4.50%32,682 4.03%32,534 4.00%4.00%
2003 5.57%34,504 4.04%33,850 4.00%4.00%
2004 6.01%36,578 5.17%35,600 4.00%4.00%
2005 9.36%40,000 12.36%40,000 4.00%4.00%
2006 2.50%41,000 2.00%40,800 2.00%4.25%
2007 2.50%42,025 2.50%41,820 $750/0%.38¢ per hour
2008 3.50%43,496 3.50%43,285 3.00%3.00%
2009 2.20%44,453 2.00%44,150 2.00%2.00%
2010 0.00%44,453 6.80%47,150 2.00%2.00%
2011 11.50%49,563 4.06%49,066 2.00%0.00%
2012 2.00%50,554 2.00%50,047 2.00%2.00%
2013 2.50%51,818 3.00%51,550 2.00%2.00%
2014 2.50%53,113 3.00%53,100 2.00%2.00%
2015 2.20%54,281 2.20%54,268 2.00%2.00%
2016 2.20%55,475 2.20%55,462 2.00%2.00%
2017 2.50%56,861 2.20%56,682 2.00%1% and 1.5% INPRS Contribution
2018 2.00%57,998 2.00%57,957 2.00%0.75% and 1.5% INPRS Contribution
2019 2.00%59,158 2.00%59,116 2.00%0.75% and 1.5% INPRS Contribution
2020 2.00%60,341 2.00%60,298 2.00%0.75% and 1.5% INPRS Contribution
2021 5.00%63,358 2.00%61,505 0.30%1% and 1.5% INPRS Contribution
2022 3.50%65,579 3.50%63,658 2.50%2.5% and 1.5% INPRS Contribution
Salary Rate Comparison
1993 through 2023
---1st Class Fire Fighter-------1st Class Patrol Officer---
270
City of South Bend, Indiana
Limits of
Type of Coverage Liability
Liability
Comprehensive General Liability Statutory
Police Professional Liability Statutory
Ambulance Malpractice Liability Statutory
Premises Liability Statutory
(Clay Utilities, Century Center,
Parking Garages)
CGL - Stadium Statutory
Liquor Liability 1/1/23-1/1/24 1,000,000$ 5,345$ Premium
Crime
Public Employee Dishonesty 12/31/22-12/31/23 2,000,000$ 13,591$ Premium
Property 7/1/23-7/1/24
All risk blanket building & contents 1,000,000$ 776,500$ Premium
Business Income Included in above
Machinery Breakdown Included in above
Fine Arts Included in above
Valuable Papers & Records Included in above
Contractors Equipment Included in above
Flood Insurance - Pump station & contents 1/15/23-1/15/24 870,000$ 7,704$ Premium
Eddy Street Commons Parking Garage 1/1/23-1/1/24
Building & Infrastructure 36,000,000$ 29,868$ Premium
Business Income & Rental Value 15,000,000$
Flood 25,000,000$
Other 1/1/23-1/1/24
Workers Compensation Statutory
Third Party Fee Statutory 58,000$ Fee
Excess Over Self-insured Statutory 154,876$ Premium/Fee
$500,000/$700,000 Retention Each Accident
Sources:
City of South Bend Administration & Finance Department
Gibson Insurance Company
Self-Insured
Self-Insured
Self-Insured
Self-Insured
Included in above
Included in above
Included in above
Included in above
Included in above
Included in above
Included in above
Self-Insured
Insurance Coverage
2023
Estimated
Annual Premium
Self-Insured
271
City of South Bend, Indiana
2020 2021 2022 2023 2020 2021 2022 2023
Authorized Officers 237 232 242 250 Traffic Signals 160 160 160 160
Vehicles 343 333 333 333 Street Lights (City maintained)3,056 3,056 3,056 3,713
Special Officer Groups:Miles of Streets 525 525 525 525
K-9 Patrols 7 7 7 7 Miles of Sidewalks 707 707 707 707
SWAT Team 18 18 18 18 Miles of Alleys 398 398 398 398
Stategic Focus Unit 12 12 12 12 Miles of Sanitary Sewers and Storm Drains 692 632 632 745
Motorcycle Patrol Officers 8 8 8 7 City Owned Vehicles & Related Units 1,133 1,132 1,133
Bomb Squad 3 3 6 6
Community Resource Offices 5 1 2 3
Crime Data:
Murders 28 19 25 23 2020 2021 2022 2023
Rapes 87 70 64 63 Work orders for sign maintenance,
Robbery 340 355 318 253 installation or removal 1,550 2,020 1,840 1,650
Aggravated Assault 1,426 1,997 1,360 1,221 Miles of yellow and white paint 203 - n/a n/a
Residential Burglary 461 475 466 489 Pre-formed plastic arrows used for
Non-residential Burglary 258 190 328 256 street markings 160 - 30 50
Larceny 2,783 2,587 2,415 2,255 Crosswalk painting at intersections 185 30 20 300
Auto Theft 538 631 547 470 Temporary No Parking postings n/a - n/a n/a
Arson 48 34 41 31 Railroad Crossings n/a 6 2 15
Calls for Service/Dispatches 96,237 92,818 92,136 101,582 Special Signs Built 225 200 500 290
Miles Driven 1,978,102 1,885,132 2,107,534 2,377,899
Arrests 1,785 1,875 1,792 2,563 Barricades set up for events (# of events):n/a 30 n/a n/a
Block Parties n/a 10 18 10
2020 2021 2022 2023 2020 2021 2022 2023
Sworn Firefighters Customers 41,154 40,794 40,832 42,264
(46 of which are Paramedics)256 256 256 256 Dry Tons of Sludge produced per year 2,616 2,581 2,587 2,664
Fire Apparatus 20 20 20 20 Miles of Sanitary Sewer Lines 251 246 246 541
Hazardous Materials Truck 1 1 1 1 Miles of Storm Sewer Lines 156 193 193 204
Reserve Pumper Trucks 3 3 3 3 Miles of Combined Lines (not separated)305 293 293 293
Reserve Ladder Trucks 3 3 3 3
River Rescue Boats 3 3 3 3
Ambulances 4 4 4 4
Neonatal (Newborn) Units 3 - - 2020 2021 2022 2023
Fire Runs 5,826 4,765 6,566 6,093 Customers/Meters 41,132 42,333 42,968 42,968
Ambulance Runs 16,132 13,238 17,513 17,821 Irrigation Customers 2,857 2,805 2,967 2,967
Wells/Pumps in service 29 30 29 29
Pumping Capacity 53.7 m.g.d.47.2 m.g.d.53.7 m.g.d.53.7 m.g.d.
Daily Consumption 14.8 m.g.d.14.6 m.g.d.14.7 m.g.d.14.7 m.g.d.
Peak Demand 26.28 m.g.d.24.96 m.g.d.27.05m.g.d.27.05m.g.d.
Miles of Distribution Systems 587 587 535 535
Fire Hydrants 5,647 5,647 4,606 4,606
Source: City of South Bend Departments
Miscellaneous Statistics
Sewer Utility
Water Utility
Police Department
Fire Department
Department of Public Works
Sign Shop
272
City of South Bend, Indiana
Passenger Volume:Century Center 100,000 square feet of event space
Airline South Shore Bus to O'Hare/2,270 max available seating
Year Enplanements Train Midway 694 seat theater
2017 305,491 260,794 33,696 Morris Performing Arts Center 2,041 available seating
2018 368,877 246,641 27,044 Hotels/Motels 25 Hotels/Motels
2019 417,929 236,274 25,803 3 Bed & Breakfasts
2020 *211,744 82,600 - Major hotels and meeting rooms:
2021 341,645 141,895 - DoubleTree by Hilton facilities to seat 600
2022 364,772 166,935 - Waterford Estates Lodge facilities to seat 500
2023 411,562 145,202 -
The Morris Inn facilities to seat 400
Aloft facilities to seat 150
The City of South Bend has excellent health care access at costs below
the national average and the lowest in the Midwest region. The City has
Commercial airlines with operations at South Bend one major hospital:
International Airport (market share):2021 2022 2023 Beacon Health Systems (Memorial Hospital)526 beds
Allegiant Air 27%30%28%
Delta Connection 28%24%22%
United Express 19%19%19%
American 24%25%29%Access to:
Charters/Nonscheduled 2%2%2% 3 Major Television Networks: NBC (WNDU), ABC (WBND),
Total 100%100%100%and CBS/FOX (WSBT)
1 Public Broadcasting Television Station (WNIT)
2 Local Television Stations (WHME, WJSV)
1 Major Newspaper (The South Bend Tribune)
25 Radio Stations
Transpo:2021 2022 2023
Motor Bus (Fixed Route)
Route Miles 290 290 290 South Bend has been the home to the many distinguished individuals
Ridership 937,678 1,096,886 1,191,741 including the following persons:
Miles of Service 1,395,160 1,348,238 1,385,969 Schuyler Colfax, 17th U.S. Vice President
Revenue Miles 1,351,436 1,278,850 1,303,204 John Fogerty, singer
Demand Response (ACCESS)Michael Warren, actor
Ridership 51,383 60,520 61,079 Chad Everett, actor
Total Miles 331,911 338,949 325,965 Sidney Pollack, actor/director
Revenue Miles 284,641 289,448 28,891 Knute Rockne, football coach
John Wooden, basketball coach
Joe Kernan, former South Bend Mayor and Indiana Governor
Ryan Newman, racecar driver
43 Trucking Lines, 33 Terminals Skylar Diggins, WNBA player
4 Interstate Bus Lines Jaden Ivey, NBA player
4 Major Rail Systems (freight and passenger)Blake Wesley, NBA player
- Incorporated in 1865
Enrollment - County Seat of St. Joseph County
Universities and Colleges 2020-2021 2021-2022 2022-2023 - South Bend officially began under the name South Hold, but the name
University of Notre Dame 12,809 13,139 13,105 was changed by the Post Office in 1830 to avoid confusion with other
Indiana University at South Bend 4,942 4,449 4,326 communities that used that name. The name South Bend was used
Bethel University 1,362 1,339 1,292 because the City is located at the southernmost point of the St. Joseph
Saint Mary's College 1,581 1,527 1,519 River.
Holy Cross College 455 468 434 - Average High Temperature:
January 39 degrees Fahrenheit
July 81 degrees Fahrenheit
Communications
Famous Residents
Other
Miscellaneous Statistics (Continued)
South Bend International Airport Convention Facilities
Health Care
On average, more than 2,000 airline passengers travel through South Bend International every day.
* COVID 2020 - stay at home order 3/24/20 - 5/3/20 - Airlines Suspension in flights - through 2020
South Bend Public Transportation Corporation
Other Transportation
273