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South Bend's Mayor Says The City's Finances Are In Good Shape

Mayor Pete Buttigieg says South Bend made $20 million in 2018, but warns the city will be loosing a tax cap waiver soon which could cost the city money.

SOUTH BEND, Ind. -- South Bend Mayor Pete Buttigieg took some time off from looking into a presidential run and got back to dealing with some issues regarding the city he is still running. 

Buttigieg went before the city's common council last night to discuss the city's financial future. He said the city is doing well achieving a AA bond rating under his administration, which means the city gets better interest rates.

That rating is comparable to the bond ratings of Indianapolis suburbs like Fishers, Carmel, and Noblesville.

He added that strategic cuts in spending and moving some spending around resulted in around $20 million in profit for the city in 2018. That's a significant improvement over five years; in 2014, the city had a net loss of $7 million.

One other thing Buttigieg brought to the council's attention is that the city's tax cap waiver issued by the state in 2010, expires in 2020. It's a waiver they likely won't be able to renew. 

Buttigieg says the council needs to plan for when the waiver expires, because once it does the city will take in 2-million-dollars less a year is they don't plan accordingly.

(PHOTO: Derek Henkle/Getty Images)

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