City controller says South Bend in good economic standing
SOUTH BEND, Ind. -- The city of South Bend is still in good economic standings, according to the city's controller, Mark Neal.
Neal went before the South Bend Common Council to give the annual investment report for 2011. He told the council South Bend currently has a AA- rating. Neal also mentioned the city has money to invest.
"We have excess funds of approximately $150 million that we invest in very conservative investment interests that are all U.S. government issued or U.S. government backed investments,” said Neal.
The report showed the city is still seeing declines in investment revenue. South Bend only brought in a 10th of what it made in 2007.