Discussion and Review of FY 2026-2027 Budget

City of Tiffin Notes to Basic Financial Statements NOTE 3 – LONG-TERM DEBT (CONTINUED) Annual debt service requirements to maturity for general obligation notes, general obligation bonds, and revenue notes of the City are as follows: Year Ending G.O. Bonds and Notes Revenue Notes Total June 30, Principal Interest Principal Interest Principal Interest 2026 $ 2,635,000 $ 798,710 $ 440,588 $ 58,829 $ 3,075,588 $ 857,539 2027 2,820,000 700,335 447,588 54,606 3,267,588 754,941 2028 2,640,000 617,568 454,588 50,310 3,094,588 667,878 2029 2,340,000 534,030 462,588 45,940 2,802,588 579,970 2030 2,375,000 455,060 470,588 41,487 2,845,588 496,547 2031-2035 7,560,000 1,194,981 2,468,941 137,869 10,028,941 1,332,850 2036-2040 2,890,000 326,800 1,452,767 24,107 4,342,767 350,907 Total $ 23,260,000 $ 4,627,484 $ 6,197,648 $ 413,148 $ 29,457,648 $ 5,040,632 A. General Obligation Bonds On December 20, 2017, the City issued $5,140,000 of general obligation corporate purpose bonds to provide funds for various improvement projects and land acquisition. The bonds bear interest rates ranging from 3.00% to 3.15% per annum and mature on June 1, 2033. During the year ended June 30, 2025, the City paid principal of $330,000 and interest of $101,280 on the bonds. The outstanding principal balance at June 30, 2025, was $3,025,000. On April 4, 2018, the City issued $1,100,000 of general obligation corporate purpose bonds to provide funds for acquisition of a fire truck for use by the municipal fire department. The bonds bear interest rates of 4.00% per annum and mature on June 1, 2038. During the year ended June 30, 2025, the City paid principal of $45,000 and interest of $34,400 on the bonds. The outstanding principal balance at June 30, 2025, was $815,000. On September 4, 2019, the City issued $4,500,000 of general obligation corporate purpose bonds to provide funds for various improvement projects and land acquisition. The bonds bear interest rates ranging from 2.00% to 2.35% per annum and mature on June 1, 2031. During the year ended June 30, 2025, the City paid principal of $400,000 and interest of $70,030 on the bonds. The outstanding principal balance at June 30, 2025, was $2,580,000. On August 25, 2020, the City issued $7,670,000 of general obligation urban renewal and refunding bonds to provide funds for various improvement projects and refunding previous bond issues. The bonds bear interest rates at 2.00% per annum and mature on June 1, 2035. During the year ended June 30, 2025, the City paid principal of $770,000 and interest of $109,800 on the bonds. The outstanding principal balance at June 30, 2025, was $4,720,000. On March 9, 2021, the City issued $2,510,000 of general obligation annual appropriation refunding bonds to refund previous bond issues. The bonds bear interest rates at 2.00% per annum and mature on June 1, 2028. During the year ended June 30, 2025, the City paid principal of $355,000 and interest of $29,700 on the bonds. The outstanding principal balance at June 30, 2025, was $1,130,000. 21