I-1 - Preliminary Official Statement - UR Loan Agreement

ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES The City of Tiffin’s elected and appointed officials and citizens considered many factors when setting the fiscal year 2020 budget, tax rates and fees charged for various City activities. The budget for the capital projects function is $9,120,000 for fiscal year 2020 to complete multiple projects. The budget for the business type activities function is $3,468,221 for fiscal year 2020 versus a final amended amount of $6,066,866 in fiscal year 2019 due to projects to expand the infrastructure winding down. The budget for other financing sources is expected to be $7,421,700 due to the expectation of receiving debt proceeds during the year. If these estimates are realized, the City’s cash balance is expected to decrease approximately $1,024,072 by the close of fiscal year 2020. CONTACTING THE CITY’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, customers and creditors with a general overview of the City’s finances and to show the City’s accountability for the money it receives. If you have questions about this report or need additional financial information, contact Doug Boldt, City Administrator, 300 Railroad Street, Tiffin, Iowa 52340. 14