WS - D - Tiffin FS - FY 2023

City of Tiffin Notes to Basic Financial Statements NOTE 8 – TAX ABATEMENTS (CONTINUED) A. City Tax Abatements The City provides tax abatements for urban renewal and economic development projects with tax increment financing as provided for in Chapters 15A and 403 of the Code of Iowa. For these types of projects, the City enters into agreements to rebate a portion of the property tax collected. No other commitments were made by the City as part of these agreements. For the year ended June 30, 2023, the City abated $123,048 of property tax collected under the urban renewal and economic development agreements. NOTE 9 – INTERFUND TRANSFERS The detail of interfund transfers for the year ended June 30, 2023, are as follows: Transfers In Debt Transfers Out Service Water Total General $ 98,611 $ - $ 98,611 Tax increment financing 1,471,534 88,000 1,559,534 Total $ 1,570,145 $ 88,000 $ 1,658,145 Transfers above move resources from the fund statutorily required to collect the resources to the fund statutorily required to disburse the resources. NOTE 10 – COMMITMENTS The City entered into construction contracts that were unfinished at June 30, 2023. At June 30, 2023, the City had remaining construction commitments of $1,067,837. 26