City of South Bend, Indiana Comprehensive Annual Financial Report Fiscal Year Ending on December 31, 2018 Pete Buttigieg, Mayor Daniel Parker, City Controller Benjamin Dougherty, Deputy City Controller Amy Shirk, Director of Accounting & Budget Report prepared by City of South Bend Department of Administration and Finance City of South Bend, Indiana Table of Contents Introductory Section Letter of Transmittal .............................................................................................................................. i-viii GFOA Certificate of Achievement ............................................................................................................ ix Organization Chart ....................................................................................................................................... i List of City Officials ................................................................................................................................... xi Financial Section Independent Auditor's Report ................................................................................................................ 1-3 Management's Discussion and Analysis ............................................................................................. 4-25 Basic Financial Statements Government-wide Financial Statements: Statement of Net Position ......................................................................................................... 26-27 Statement of Activities .................................................................................................................... 28 Fund Financial Statements: Governmental Funds: Balance Sheet .................................................................................................................... 29-30 Reconciliation of the Balance Sheet to the Statement of Net Position.................................... 31 Statement of Revenue, Expenditures, and Changes in Fund Balances ............................ 32-33 Reconciliation of the Statement of Revenue, Expenditures, and Changes in Fund Balances to the Statement of Activities............................................................................. 34 Proprietary Funds: Statement of Net Position ................................................................................................... 35-36 Statement of Revenue, Expenses, and Changes in Net Position ........................................... 37 Statement of Cash Flows ................................................................................................... 38-39 Fiduciary Funds: Statement of Fiduciary Net Position ........................................................................................ 40 Statement of Changes in Fiduciary Net Position ..................................................................... 41 Notes to Financial Statements ......................................................................................................... 42-97 Required Supplemental Information 1925 Police Officers' Pension Plan Schedule of Investment Returns .................................................. 98 1925 Police Officers' Pension Plan Schedule of City Contributions ..................................................... 99 Schedule of Changes in the Net Pension Liability and Related Ratios .............................................. 100 Schedule of Pension Investment Returns .......................................................................................... 101 1937 Firefighters' Pension Plan Schedule of City Contributions ........................................................ 102 Schedule of Changes in the Net Pension Liability and Related Ratios .............................................. 103 Schedule of City Contributions ........................................................................................................... 104 Schedule of the City's Proportionate Share of the Net Pension Liability ............................................ 105 Schedule of City Contributions ........................................................................................................... 106 Schedule of the City's Proportionate Share of the Net Pension Liability ............................................ 107 Schedule of City Contributions ........................................................................................................... 108 Schedule of the City's Proportionate Share of the Net Pension Liability ............................................ 109 Schedule of Changes in the City’s Total OPEB Liability and Related Ratios .................................... 110 Budgetary Comparison Schedules - General Fund and Major Special Revenue Funds ............ 111-118 Budget/GAAP Reconciliation .............................................................................................................. 119 Notes to Required Supplemental Information ............................................................................. 120-121 City of South Bend, Indiana Table of Contents (Continued) Other Supplemental Information ........................................................................................................... 122 Nonmajor Governmental Funds: Fund Descriptions ................................................................................................................. 123-130 Combining Balance Sheet .................................................................................................... 132-140 Combining Statement of Revenue, Expenditures, and Changes in Fund Balances ............ 141-150 Schedules of Revenue, Expenditures, and Changes in Fund Balances - Budget and Actual ....................................................................................................................... 151-219 Nonmajor Enterprise Funds: Fund Descriptions ........................................................................................................................ 220 Combining Statement of Net Position .......................................................................................... 221 Combining Statement of Revenue, Expenses, and Changes in Net Position ............................. 222 Combining Statement of Cash Flows .................................................................................... 223-224 Internal Service Funds: Fund Descriptions ........................................................................................................................ 225 Combining Statement of Net Position .......................................................................................... 226 Combining Statement of Revenue, Expenses, and Changes in Net Position ............................. 227 Combining Statement of Cash Flows .................................................................................... 228-229 Fiduciary Funds: Fund Descriptions ........................................................................................................................ 230 Statement of Fiduciary Net Position ............................................................................................. 231 Statement of Changes in Fiduciary Net Position ......................................................................... 232 Schedule of Changes in Assets and Liabilities ............................................................................ 233 Statistical Section ................................................................................................................................... 234 Financial Trend Information Net Position by Component ................................................................................................................ 235 Changes in Net Position .............................................................................................................. 236-238 Fund Balances - Governmental Funds ............................................................................................... 239 Changes in Fund Balances - Governmental Funds ........................................................................... 240 Financial Institutions ........................................................................................................................... 241 Revenue Capacity Information Property Tax Levies and Collections .................................................................................................. 243 Direct and Overlapping Property Tax Rates ....................................................................................... 244 Detail of Net Assessed Value ............................................................................................................. 245 Assessed Value and Actual Value of Taxable Property ..................................................................... 246 Net Assessed Value of Taxable Property ........................................................................................... 247 Assessed Value of Taxable Property ................................................................................................. 248 Property Tax Collections - Cash Basis ............................................................................................... 249 2017 Circuit Breaker Property Tax Cap Credits ................................................................................. 250 Principal Property Taxpayers ............................................................................................................