I-1 - Preliminary Official Statement - UR Loan Agreement

City of Tiffin Schedule of Findings Year ended June 30, 2019 (6) City Council Meeting Minutes – No transactions were found that we believe should have been approved in the City Council minutes but were not. However, the City did not publish a summary of receipts as required by Chapter 372.13(6) of the Code of Iowa. In addition, the minutes for one City Council meeting, of four tested, were not signed as required by Chapter 380.7 of the Code of Iowa. Recommendation – The City should comply with the Code of Iowa an publish a summary of receipts, as required. Also, the City should ensure City Council meeting minutes are signed as required. Response – The City will comply with the Code of Iowa requirements to publish a summary of receipts and sign all City Council meeting minutes. Conclusion – Response accepted. (7) Deposits and Investments – No instances of non-compliance with the deposit and investment provisions of Chapters 12B and 12C of the Code of Iowa and the City’s investment policy were noted. (8) Revenue Bonds and Notes – The City sewer and water bond resolutions require all users to the system, including the City, to be charged for use. All City departments are not charged for sewer and water usage, as required. Recommendation – The City should establish procedures to ensure all City departments are charged for water and sewer usage. Response – As opportunities become available to add meters to our current municipal buildings, we will work towards compliance. Conclusion – Response accepted. (9) Annual Urban Renewal Report – The Annual Urban Renewal Report was properly approved and certified to the Iowa Department of Management on or before December 1. However, the following exceptions were noted: • The City’s ending balance and disbursements reported on the Levy Authority Summary do not agree with the City’s general ledger. • The amount reported by the City as TIF debt outstanding was overstated by $951,293. Recommendation – The City should ensure the cash balances, receipts, disbursements and debt amounts reported on the Levy Authority Summary agree with the City’s records. Response – After consultation with the Iowa Department of Management, the City’s reported cash balances, receipts, disbursements and debt amounts have been reconciled with the Annual Urban Report. The Levy Authority Summary now agrees with the City’s records. Conclusion – Response accepted. 59