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City of South Bend Indiana CITY OF SOUTH BEND COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDING ON DECEMBER 31, 2017 CITY OF SOUTH BEND, INDIANA Pete Buttigieg, Mayor Jennifer Hockenhull, City Controller REPORT PREPARED BY THE CITY OF SOUTH BEND DEPARTMENT OF ADMINISTRATION AND FINANCE City of South Bend, Indiana Contents Introductory Section Letter of Transmittal i-ix GFOA Certificate of Achievement x Organization Chart xi List of City Officials xii Financial Section Independent Auditor's Report 1-3 Management's Discussion and Analysis 4-22 Basic Financial Statements Government-wide Financial Statements: Statement of Net Position 23-24 Statement of Activities 25-26 Fund Financial Statements: Governmental Funds: Balance Sheet 27-28 Reconciliation of the Balance Sheet to the Statement of Net Position 29 Statement of Revenue, Expenditures, and Changes in Fund Balances 30-31 Reconciliation of the Statement of Revenue, Expenditures, and Changes in Fund Balances to the Statement of Activities 32 Proprietary Funds: Statement of Net Position 33-34 Statement of Revenue, Expenses, and Changes in Net Position 35 Statement of Cash Flows 36-37 Fiduciary Funds: Statement of Fiduciary Net Position 38 Statement of Changes in Fiduciary Net Position 39 Notes to Financial Statements 40-80 Required Supplemental Information 81 1925 Police Officers' Pension Plan Schedule of Investment Returns 82 1925 Police Officers' Pension Plan Schedule of City Contributions 83 Schedule of Changes in the Net Pension Liability and Related Ratios 84 Schedule of Pension Investment Returns 85 1937 Firefighters' Pension Plan Schedule of City Contributions 86 Schedule of Changes in the Net Pension Liability and Related Ratios 87 Schedule of OPEB Funding Progress 88 Schedule of City Contributions 89 Schedule of the City's Proportionate Share of the Net Pension Liability 90 Schedule of City Contributions 91 Schedule of the City's Proportionate Share of the Net Pension Liability 92 Schedule of City Contributions 93 Schedule of the City's Proportionate Share of the Net Pension Liability 94 Budgetary Comparison Schedules - General Fund and Major Special Revenue Funds 95-102 Budget/GAAP Reconciliation 103 Notes to Required Supplemental Information 104-105 City of South Bend, Indiana Contents (Continued) Other Supplemental Information 106 Nonmajor Governmental Funds: Fund Descriptions 107-113 Combining Balance Sheet 114-121 Combining Statement of Revenue, Expenditures, and Changes in Fund Balances 122-129 Schedules of Revenue, Expenditures, and Changes in Fund Balances - Budget and Actual 130-199 Nonmajor Enterprise Funds: Fund Descriptions 200 Combining Statement of Net Position 201 Combining Statement of Revenue, Expenses, and Changes in Net Position 202 Combining Statement of Cash Flows 203-204 Internal Service Funds: Fund Descriptions 205 Combining Statement of Net Position 206 Combining Statement of Revenue, Expenses, and Changes in Net Position 207 Combining Statement of Cash Flows 208-209 Fiduciary Funds: Fund Descriptions 210 Statement of Fiduciary Net Position 211 Statement of Changes in Fiduciary Net Position 212 Schedule of Changes in Assets and Liabilities 213 Statistical Section Financial Trend Information Net Position by Component 214 Changes in Net Position 215-217 Fund Balances - Governmental Funds 218 Changes in Fund Balances - Governmental Funds 219 Revenue Capacity Information Property Tax Levies and Collections 220 Direct and Overlapping Property Tax Rates 221 Detail of Net Assessed Value 222 Assessed Value and Actual Value of Taxable Property 223 Net Assessed Value of Taxable Property 224 Assessed Value of Taxable Property 225 Property Tax Collections - Cash Basis 226 2017 Circuit Breaker Property Tax Cap Credits 227 Principal Property Taxpayers 228 Local Income Tax Revenue (CEDIT) 229 Local Income Tax Revenue (COIT) 230 Local Income Tax Revenue (PS LOIT) 231 Total County Income Tax Distributions by Taxing Unit 232 Ten Largest Water Customers 233 Ten Largest Sewage Works Customers 234 Gasoline Tax Collections - Cash Basis 235 Wheel and Excise Surtax Collections - Cash Basis 236 Hotel/Motel Tax Revenue - Cash Basis - City Distributions 237 Professional Sports Development Area (PSDA) Tax - Cash Basis 238 Cable Television Franchise Fee Collections - Cash Basis 239 City of South Bend, Indiana Contents (Continued) Debt Capacity Information Computation of Legal Debt Margin 240 Legal Debt Margin Information 241 Ratios of Outstanding Debt by Type 242 Computation of Direct and Overlapping Debt 243 Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total General Government Expenditures 244 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net Bonded Debt Per Capita 245 St. Joseph County Hotel/Motel Tax Board Statement of Estimated Cash Flow and Debt Service Coverage 246 Schedule of Revenue Bond Coverage - Water Utility Bonds 247 Schedule of Revenue Bond Coverage - Wastewater Utility Bonds 248 Municipal Sewage Works Annual Wastewater Flow Data and Number of Customers 249 Statement of City-Owned Utility Debt 250 Estimated Debt Service Coverage Calculation of Sewage Works 251 Estimated Debt Service Coverage Calculation of Water Utility 252 Projected City of South Bend COIT Revenue 253 Projected City of South Bend CEDIT Revenue 254 Projected City of South Bend PS LOIT Revenue 255 Statement of Estimated Cash Flow and Debt Service Coverage (COIT) 256 Statement of Estimated Cash Flow and Debt Service Coverage (CEDIT) 257 Estimated Tax Increment Revenue - Erskine Village Project 258 Demographic and Economic Information Demographic Statistics 259-260 Employment by Type and Industry 261 Comparison of Growth Rates in Personal Income for St. Joseph County, the State of Indiana, and U.S. Personal Income 262 Principal Employers 263 Operating Information Operating Indicators by Function/Program 264 Capital Asset and Infrastructure Statistics by Function/Program 265 New Construction - Number of Permits and Property Values 266 Full-time City Government Employees by Department 267-268 Salary Rate Comparison 269 Insurance Coverage 270 Financial Institutions 271 Miscellaneous Statistics 272-273 1200N COUNTY-CITY BUILDING PHONE 574/ 235-7678 227 W. JEFFERSON BLVD. FAX 574/ 235-9928 SOUTH BEND, INDIANA 46601-1830 CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR DEPARTMENT OF ADMINISTRATION AND FINANCE June 30, 2018 The Honorable Pete Buttigieg, Mayor of the City of South Bend Members of the City of South Bend Common Council Residents of the City of South Bend: The comprehensive annual financial report of the City of South Bend, Indiana (the "City") for the year ended December 31, 2017 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. Generally Accepted Accounting Principles (GAAP) requires 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 Comprehensive Annual 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, a list of principal City officials and the Certificate of Achievement for Excellence in Financial Reporting awarded to the City of South Bend for the year ending December 31, 2016. 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 U.S. Office of Management and Budget Uniform Guidance, Audits of States, Local Governments and Non-Profit Organizations, 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. 2i The following pages of this transmittal letter begin with a general overview of South Bend and the surrounding area.
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