Discussion and Review of FY 2026-2027 Budget

City of Tiffin Schedule of Findings and Responses Part II - Other Findings Related to Statutory Reporting (Continued) 25-II-J – Tax Increment Financing The Special Revenue, Tax Increment Financing (TIF) Fund properly disbursed payments for TIF loans and rebates. Also, the City of Tiffin properly completed the Tax Increment Debt Certificate Forms to request TIF property taxes. 25-II-K –Annual Urban Renewal Report The Annual Urban Renewal Report was properly approved and certified to the Iowa Department of Management on or before December 1 as required by Chapter 384.22(2)(a) of the Code of Iowa but it was noted that the expenditures, receipts and ending cash balances on the Levy Authority Summary did not agree with the City's records. Recommendation: The City should ensure the amounts reported on the Levy Authority Summary agree with the City's records. Views of Responsible Officials: The City will ensure the Levy Authority Summary agrees with City records in the future. Conclusion: Response accepted. 25-II-L –Unclaimed Property Chapter 556.11 of the Code of Iowa requires each City to report and remit obligations, including checks outstanding for more than two years to the Office of Treasurer of State annually. The City's list of outstanding checks includes checks outstanding over two years. Auditor's Recommendation: Outstanding checks should be reviewed annually and items over two years old should be remitted to the Office of Treasurer of State, as required. Views of Responsible Officials: We will implement the procedures necessary to comply with the Code requirements. Conclusion: Response accepted. 51