WS - D - Tiffin FS - FY 2023

City of Tiffin Notes to Other Information – Budgetary Reporting The budgetary comparison is presented in accordance with Governmental Accounting Standards Board Statement No. 41 for governments with significant budgetary perspective differences resulting from not being able to present budgetary comparisons for the General Fund and each major Special Revenue Fund. In accordance with the Code of Iowa, the City Council annually adopts a budget on the cash basis following required public notice and hearing for all funds except the Internal Service Fund. The annual budget may be amended during the year utilizing similar statutorily prescribed procedures. Formal and legal budgetary control is based upon eight major classes of disbursements known as functions, not by fund. The eight functions are: public safety, public works, culture and recreation, community and economic development, general government, debt service, capital projects, and business type activities. Function disbursements required to be budgeted include disbursements for the General Fund, the Special Revenue Funds, the Debt Service Fund, the Capital Projects Fund, and the Enterprise Funds. Although the budget document presents function disbursements by fund, the legal level of control is at the aggregated function level, not by fund. During the year, budget amendments increased budgeted disbursements and other financing uses by $4,688,980 and no budget amendments where done for receipts. The budget amendments are reflected in the final budgeted amounts. During the year ended June 30, 2023, disbursements did not exceed the amounts budgeted except for the capital outlay function. 30