I-1 - Preliminary Official Statement - UR Loan Agreement

MANAGEMENT’S DISCUSSION AND ANALYSIS The City of Tiffin provides this Management’s Discussion and Analysis of its financial statements. This narrative overview and analysis of the financial activities is for the fiscal year ended June 30, 2019. We encourage readers to consider this information in conjunction with the City’s financial statements, which follow. 2019 FINANCIAL HIGHLIGHTS • Receipts of the City’s governmental activities decreased 60.0%, or approximately $6,757,000, from fiscal year 2018 to fiscal year 2019. Property tax increased approximately $295,346, tax increment financing receipts increased approximately $200,000, bond proceeds decreased approximately $6,062,000 and capital grants decreased approximately $1,459,000. • Disbursements of the City’s governmental activities increased 35.2%, or approximately $2,026,000. Capital projects, debt service and public safety disbursements increased approximately $1,395,000, $445,000, and $80,000 respectively. • The City’s total cash basis net position decreased 40.4%, or approximately $3,825,000, from June 30, 2018 to June 30, 2019. Of this amount, the cash basis net position of the governmental activities decreased approximately $3,579,000 and the cash basis net position of the business type activities decreased approximately $246,000. USING THIS ANNUAL REPORT The annual report consists of a series of financial statements and other information, as follows: Management’s Discussion and Analysis introduces the basic financial statements and provides an analytical overview of the City’s financial activities. The Government-wide Financial Statement consists of a Cash Basis Statement of Activities and Net Position. This statement provides information about the activities of the City as a whole and presents an overall view of the City’s finances. The Fund Financial Statements tell how governmental services were financed as well as what remains for future spending. Fund financial statements report the City’s operations in more detail than the government-wide financial statement by providing information about the most significant funds. Notes to Financial Statements provide additional information essential to a full understanding of the data provided in the basic financial statements. Other Information further explains and supports the financial statements with a comparison of the City’s budget for the year and the City’s proportionate share of the net pension liability and related contributions. Supplementary Information provides detailed information about the nonmajor governmental funds and the City’s indebtedness. 8