Resolutions-2015-100

RESOLUTION NO. 2015- 100 ACCEPTING THE CITY STREET FINANCIAL REPORT TO THE IOWA DEPARTMENT OF TRANSPORTATION FOR THE CITY OF TIFFIN, IOWA FOR FISCAL YEAR 2015 ACKNOWLEDGING RECEIPT AND EXPENDITURE OF $202, 453. 91 OF ROAD USE TAX FUNDS DURING THE YEAR ENDING JUNE 30, 2015 WHEREAS, the City of Tiffin, Iowa ( the " City") is the recipient of ongoing payments from the State of Iowa of a pro -rata share of Road Use Tax payments which are utilized for various defined purposes relating to the maintenance, improvement and construction of the City' s streets; and, WHEREAS, as part of the City Council' s fiscal reporting improvements effort, they did determine a need to correct fund balances for all funds including the Road Use Tax fund, and following expenditures analysis for the fiscal years ending June 30, 2014 and June 30, 2015 and review with state of Iowa officials, did accept a recommendation to adjust the Road Use Tax fund from a fiscal year 2014 audit estimate of -$361, 135 and the 2014 City Street Financial Report (" SFR") of $ 168, 415 to $ 0, prior to a transfer of $210, 937 from certified and available Tax Increment Finance funds for reimbursement to the Road Use Tax fund for fiscal year 2014 expenditures for the Jasper Avenue/ Park Road Project, thus netting a beginning and ending balance for the 2015 SFR for the Road Use Tax fund of $210, 937; and, WHEREAS, during the fiscal year ended June 30, 2015, the City received $ 202,453. 19 in Road Use Tax payments for the aforesaid purposes and during that year undertook projects, maintenance and engineering to be paid from Road Use Taxes ( Budget Department 210) totaling 245, 044, with $ 202, 454 paid from Road Use Tax funds and $ 42, 590 paid from other street monies; and, WHEREAS, in a separate action, the City Council did determine it to be in the best interest of the City to utilize Tax Increment Finance ( TIF) funds certified and available for use for the 2015 debt service of the City' s 2012A G. O. bond in lieu of Road Use Tax funds which may also be used for payment of up to 44% of the aforesaid bond' s annual payment, and so forewent utilization of said Road Use Tax funds for that purpose in FY 2015; and, WHEREAS, the stated ending balance for " Other Street Monies" for the 2014 City SFR in the amount of $746,486 is not substantiated by any stated Road Use Tax related project which would set such funds aside for future use and therefore we are adjusting that value to $ 0 for the 2015 SFR. NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TIFFIN, IOWA: SECTION I: That the City Street Financial Report ( SFR) for the City of Tiffin, Iowa for June 30, 2015, prepared by Tim Long be attached hereto and be a part of this resolution.