Discussion and Review of Tiffin Municipal Code Revisions – Preparation for Setting the Public Hearing — Tiffin City Code - DRAFT

CHAPTER 7 FISCAL MANAGEMENT payments of principal and interest. Such transfers must be authorized by the original budget or a budget amendment. (545 IAC 2.5(3)) 5. Capital Improvements Reserve Fund. Except where specifically prohibited by State law, monies may be transferred from any City fund to the Capital Improvements Reserve Fund. Such transfers must be authorized by the original budget or a budget amendment. (545 IAC 2.5(4)) 6. Utility and Enterprise Funds. A surplus in a Utility or Enterprise Fund may be transferred to any other City fund, except the Emergency Fund, by resolution of the Council. A surplus may exist only after all required transfers have been made to any restricted accounts in accordance with the terms and provisions of any revenue bonds or loan agreements relating to the Utility or Enterprise Fund. A surplus is defined as the cash balance in the operating account or the unrestricted net position calculated in accordance with generally accepted accounting principles, after adding back the net pension and other postemployment benefits, liabilities, and the related deferred inflows of resources and deducting the related deferred outflows of resources, in excess of: A. The amount of the expenses of disbursements for operating and maintaining the utility or enterprise for the preceding three months; and B. The amount necessary to make all required transfers to restricted accounts for the succeeding three months. (545 IAC 2.5(5)) 7. Balancing of Funds. Fund accounts shall be reconciled at the close of each month and a report thereof submitted to the Council. 7.05 OPERATING BUDGET PREPARATION. The annual operating budget of the City shall be prepared in accordance with the following: 1. Proposal Prepared. The finance officer is responsible for preparation of the annual budget detail, for review by the Mayor and Council and adoption by the Council in accordance with directives of the Mayor and Council. 2. Boards and Commissions. All boards, commissions, and other administrative agencies of the City that are authorized to prepare and administer budgets must submit their budget proposals to the finance officer for inclusion in the proposed City budget at such time and in such form as required by the Council. 3. Submission to Council. The finance officer shall submit the completed budget proposal to the Council each year at such time as directed by the Council. 4. Annual Statement. (Code of Iowa, Sec. 24.2A(2)) A. On or before 4:00 p.m. on March 5 of each year, the City shall file, with the Department of Management, a report containing all necessary information for the Department of Management to compile and calculate amounts required to be included in the statement mailed under Paragraph B. B. Not later than March 15, the County Auditor, using information compiled and calculated by the Department of Management shall send to each property owner or taxpayer within the County, by regular mail, an individual CODE OF ORDINANCES, TIFFIN, IOWA - 50 -