M-11 - CMReport - 2-28-25

______________________________________________________________________________ CITY OF TIFFIN CITY ADMINISTRATOR REPORT TO THE CITY COUNCIL February 28, 2025 • Boomerang moved in some equipment this week for the North Park Road Improvements Project and still intends to start next week. As a result of the preconstruction meeting, there are a few action items that are being addressed with the project but nothing that will holdup progress or the start of the project. • Thursday afternoon Abigail and I had our Rating Call with S&P Global. Heidi Kuhl from Northland Securities was also on the call. We think everything went well as we went through three pages of general financial and economic questions, practices, policies and future projects of the City. All of the information provided will be compiled by S&P which will lead to a follow-up review/call with them on Wednesday, March 5th. • As a follow-up to the above bullet item, resolution I-1 on the regular agenda ties into this for the General Obligation Bond barrowing for the North Park Road Improvements Project. The Preliminary Official Statement is a lengthy document that basically paints the financial picture of the City for when our bond goes to the market. Also included in the packet is a Finance Plan that Heidi put together that gives and general overview, summaries and lays out the timetable of the GO process. • Item I-4 – We are resetting this public hearing as the date of March 18th precedes the March 20th date the State requires for the earliest possible public hearing date. This information came in a clarifying e-mail from the Department of Management on February 24th which was after we had already set the hearing date at the last council meeting. • I continue to put the final touches on the FY 2025-2026. I should have it completed for final review at Tuesday’s meeting.