I-1 - Preliminary Official Statement - UR Loan Agreement

OFFICE OF AUDITOR OF STATE STATE O F I OWA Rob Sand Auditor of State State Capitol Building Des Moines, Iowa 50319-0006 Telephone (515) 281-5834 Facsimile (515) 281-6518 NEWS RELEASE Contact: Marlys Gaston FOR RELEASE June 30, 2020 515/281-5834 Auditor of State Rob Sand today released an audit report on the City of Tiffin, Iowa. FINANCIAL HIGHLIGHTS: The City’s receipts totaled $10,055,351 for the year ended June 30, 2019, a 34.3% decrease from the prior year. Disbursements for the year ended June 30, 2019 totaled $13,879,811, a 48.6% increase over the prior year. The significant decrease in receipts is due primarily to a decrease in in bonds proceeds. The increase in disbursements is due to increase in disbursements for capital projects. AUDIT FINDINGS: Sand reported twelve findings related to the receipt and disbursement of taxpayer funds. They are found on pages 54 through 62 of this report. The findings address issues such as a lack of complete bank and utility reconciliations, disbursements exceeding budgeted amounts and City funds paid to a private non-profit organization for fire protection services and equipment. Sand provided the City with recommendations to address each of the findings. Six of the findings discussed above are repeated from the prior year. The City Council has a fiduciary responsibility to provide oversight of the City’s operations and financial transactions. Oversight is typically defined as the “watchful and responsible care” a governing body exercises in its fiduciary capacity. A copy of the audit report is available for review on the Auditor of State’s web site at https://auditor.iowa.gov/reports/audit-reports/. ###