Form 13551 for South Bend Indiana 2023-2025

Form 13551 for South Bend Indiana: What You Should Know

SUMMARY OF FINANCIAL INFORMATION for the Calendar Year Ended December 31, 2025 : Financial Reporting and Comprehensive Income Statements — Combined Statements Consolidating Statement of Operations Operating Activities Operating income 3,541,482 4,049,946 Net income 5,049,946 2,564,912 Interest expense 2,619,095 4,849,634 Other income (expense), net 3,541,482 1,816,867 Total operating income 12,711,955 6,941,817 Financial Position as of December 31, 2017, Cash 4,029,906 3,822,907 Restricted cash 1,891,037 633,853 Accumulated other comprehensive income (loss) 0 (2,619,095) Net of cash (2,619,095) 2,619,095 (1) Includes net investment income in the consolidated statements of comprehensive income. (2) Beginning December 31, 2017, the consolidated financial statements have been adjusted to present the adjustments required to reflect the impact of the change in fair value of marketable securities on the balance sheets. The fair value of marketable securities was 564,874 for the year ended December 31, 2017. Changes in value of marketable securities are not reflected in the consolidated financial statements and are not included in accumulated other comprehensive income. (3) Includes accrued vacation benefits for City employees. (4) As of December 31, 2017, the City had accrued for an additional 3,541,482 (net of taxes of 2,564,906) for interest and other financial expenses related to the adoption of Section 708 of the Tax Reform Act of 1986. Interest payments on these financial obligations will not be made until the applicable interest accrual period expires. Additionally, a portion of the 1,850,001 liability for the 2025 comprehensive income statement payable to the State of Indiana for its share of the 2025 Indiana Comprehensive Income Tax Fund assessment and associated fees was also included in the accrued liabilities.

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