WS - D - Tiffin FS - FY 2023

City of Tiffin Schedule of Findings and Responses Other Findings Related to Statutory Reporting (Continued) 23-IV-M –Interfund Transfers Section 545-2 of the Iowa Administrative Code states "A fund transfer resolution must be completed for all transfers between funds and must include a clear statement of reason or purpose for the transfer, the name of the fund from which the transfer is originating, the name of the fund into which the transfer is to be received, and the dollar amount to be transferred." During the year ended June 30, 2023, there was an instance of transfers not being approved by resolution. Recommendation: The City Council should comply with the Iowa Administrative Code and ensure all transfers are approved by resolution, as required. Response: We will implement the procedures necessary to comply with the Code requirements. Conclusion: Response accepted. 23-IV-N – Financial Condition The Capital project fund had a deficit fund balance of $2,314,662. Recommendation: The City should investigate alternatives to eliminate these deficits in order to return the funds to a sound financial position. Response: The deficits will be eliminated as financing for projects, and state and federal grants is received in fiscal year 2024 and future years. Conclusion: Response accepted. 46