Notes for the Work Session - 9-29-23

______________________________________________________________________________ CITY OF TIFFIN CITY ADMINISTRATOR REPORT TO THE CITY COUNCIL – NOTES FOR WORK SESSION ITEMS September 29, 2023 • Attached is a updated draft of the City’s General Obligation Debt Book prepared by Heidi Kuhl with Northland Securities. This document shows current and proposed debt capacities and payments based on current and proposed capital projects. It gives the City another tool to forecast and plan for future projects. We will review the whole document on Tuesday night but Page 3, ‘Debt Capacity Analysis’ is the page that shows current outstanding debt, projected debt and the City’s legal debt limit. The four projects in the projected debt column represents the Original Town Urbanization – Phase 3 project, reconstruction of North Park Road, a recreation center and a public safety facility. The pages that follow show the breakdowns of payments and the revenue sources. The revenue sources assume an annual 8% growth to the taxable value, a $300,000 LOST annual revenue, a steady use of RUT and no major adjustments to the TIF revenues and its use for debt repayment. I will go over this in more detail on Tuesday night. Please keep in mind this is just a draft and is certainly subject to change with the priorities of the council. However, as you can see back on page 3 under the ‘Legal Debt Limit’ column, this could all work within the financial capacity of the City.