South Bend Budget Update

LEARN MORE ABOUT THE CITY BUDGETS AND THE DEFICITS:

The City spent $441,274,160 last year and ended up with a $62,590,868 DEFICIT in 2017 and is headed for $63,028,220+ DEFICIT for 2018! Yes, DEFICITS OVER $60 MILLION two years in a row.
Cash Reserves are DOWN by $87,242,991 That is $87 MILLION. They had to pay $43,010,498 just on Debt Service (Prin + Interest). Unlike the Federal govenment, the City cannot print money.
Source: Page 51 of the 2018 City of South Bend Adopted Budget Book  http://docs.southbendin.gov/WebLink/0/edoc/118091/0.%202018%20Budget%20Book.pdf  
They are currently deciding on the 2019 Budget.
If you are concerned, contact the Mayor and your Council Members.

What did they spend the $ on? See the third column.
http://www.michianaobserver.com/cash-and-investments-2017.html
Source: Indiana State Gateway

Curious about all the ways the City of South Bend brings in Revenue? 
http://www.michianaobserver.com/detailed-receipts-2017.html 
Source: Indiana State Gateway

What Debt did the City owe on Bonds/Leases in 2017?
http://www.michianaobserver.com/debt-report-2017.html
Source: Indiana State Gateway

Mayor's Office Budget: http://www.michianaobserver.com/mayor-budget.html

City Clerk's Office Budget: http://www.michianaobserver.com/clerk-budget.html

Common Council's Budget: http://www.michianaobserver.com/common-council-budget.html

Learn more about the CIRCUIT BREAKER coming up: https://www.in.gov/dlgf/9644.htm
NOTE: Look for "South Bend Civil City" and further down, the Circuit Breaker on the Libraries.

Find out the real cost of "Smart Streets": http://www.michianaobserver.com/debt-service-smart-streets.html
Taxpayers will be paying on it until 2037.

Summary for 7 years of Tax Abatements: http://www.michianaobserver.com/abatement-reports.html
The Mayor granted over $117 MILLION in Tax Abatements. He granted $36 MILLION just last year.
$36,093,201 to 88 companies in 2017. Although Abatements are supposed to create jobs, many created less than 10 and 140 created NO NEW JOBS at all. 64 companies got $0 / 10 Year Abatements which means they pay ZERO taxes for a decade.

Questions in the NOTES Section are from the 6 Citizen Budget Committee Members. We encourage you to come in person to the Budget Meetings to be part of the process.
As the committee reviews the Budget presentations, more will be put up on the website. http://www.michianaobserver.com/budget-links.html