Resolution No. 2026-006 – A Resolution Authorizing the Transfer of Funds

AGENDA ITEM # WS-D AGENDA INFORMATION TIFFIN CITY COUNCIL COMMUNICATION DATE: January 30, 2026 AGENDA ITEM: Resolution No. 2026-006 – Authorizing the Transfer of Funds ACTION: Moton Purpose The purpose of this resolution is to authorize a budgeted internal transfer of funds between City accounts as part of standard financial management practices. The transfer is needed to ensure sufficient funding within the Debt Service Fund for scheduled bond payments and other eligible obligations. Background The City periodically transfers funds between accounts to align revenue sources with their intended uses. For this action, a transfer from the Local Option Sales Tax (LOST) Fund (121) to the Debt Service Fund (200) is required. The resolution formally authorizes the City Clerk to complete this transfer in accordance with Iowa Code and the City’s financial procedures. The uploaded resolution specifies the amount and accounts involved. Transfer Details From Fund # To Fund # Amount Local Option Sales Tax 121 Debt Service 200 $175,000 This transfer is consistent with prior budgeting direction and the intended use of LOST revenues for property tax relief and eligible debt service support. Fiscal Impact The transfer moves $175,000 from LOST to Debt Service but does not increase overall City spending. It ensures the Debt Service Fund has adequate cash flow for FY26 scheduled payments. Staff Recommendation Staff is requesting City Council approval of Resolution 2026-006, authorizing the City Clerk to transfer $175,000 from the Local Option Sales Tax Fund (121) to the Debt Service Fund (200). Staff recommends approval of Resolution 2026-006. This transfer is necessary, routine, and consistent with City financial practices and budget adoption. ATTACHMENTS: Resolution 1