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

CHAPTER 7 FISCAL MANAGEMENT 7.07 ACCOUNTING. The accounting records of the City shall consist of not less than the following: 1. Books of Original Entry. There shall be established and maintained books of original entry to provide a chronological record of cash received and disbursed. 2. General Ledger. There shall be established and maintained a general ledger controlling all cash transactions, budgetary accounts and for recording unappropriated surpluses. 3. Checks. Two signatures are required on all City checks. Checks shall be signed by any two of the following: Clerk/Administrator and Mayor or Mayor Pro Tem, following Council approval, except as provided by Subsection 5 of this section. 4. Budget Accounts. There shall be established such individual accounts to record receipts by source and expenditures by program and activity as will provide adequate information and control for budgeting purposes as planned and approved by the Council. Each individual account shall be maintained within its proper fund and so kept that receipts can be immediately and directly compared with revenue estimates and expenditures can be related to the authorizing appropriation. No expenditure shall be posted except to the appropriation for the function and purpose for which the expense was incurred. 5. Immediate Payment Authorized. The Council may by resolution authorize the Clerk to issue checks for immediate payment of amounts due, which if not paid promptly would result in loss of discount, penalty for late payment or additional interest cost. Any such payments made shall be reported to the Council for review and approval with and in the same manner as other claims at the next meeting following such payment. The resolution authorizing immediate payment shall specify the type of payment so authorized and may include (but is not limited to) payment of utility bills, contractual obligations, payroll, and bond principal and interest. 6. Utilities. The finance officer shall perform and be responsible for accounting functions of the municipally owned utilities. 7.08 FINANCIAL REPORTS. The finance officer shall prepare and file the following financial reports: 1. Monthly Reports. There shall be submitted to the Council each month a report showing the activity and status of each fund, program, sub-program, and activity for the preceding month. 2. Annual Report. Not later than December 1 of each year there shall be published an annual report containing a summary for the preceding fiscal year of all collections and receipts, all accounts due the City, and all expenditures, the current public debt of the City, and the legal debt limit of the City for the current fiscal year. The Annual Financial Report shall be prepared on forms and pursuant to instructions prescribed by the Auditor of State. Beginning with the Annual Financial Report published by December 1, 2025, each report shall include a list of bonds, notes, or other obligations issued by the City during the most recently completed fiscal year, and the applicable lists for other fiscal years beginning on or after July 1, 2024, for which obligations remain unpaid, payable from any source, including the amount of the issuance, the project or purpose of the issuance, whether the issuance was approved at election, eligible to be subject to a petition for an election, or was exempt from approval at election as the result of statutory exclusions based on population of CODE OF ORDINANCES, TIFFIN, IOWA - 53 -