HomeMy Public PortalAboutResolutions-2015-100RESOLUTION 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.
Resolution 2015-100 September 9, 2015 Page 2
SECTION II: That the beginning balance for the Road Use Tax fund for 2015 be adjusted on
the SFR to a value of $210,937, and the beginning balance for Other Street Monies be adjusted
to $0.
SECTION III: That the $201,454 in Road Use Tax revenue for fiscal year 2015 shall be
expended in its entirety for Roadway Maintenance and Engineering during the aforesaid fiscal
year.
SECTION IV: That Road Use Tax funds shall not be used in fiscal year 2015 for the 44%
portion of the 2012 G.O. Bond debt service as optionally prescribed, but shall remain in
consideration for future years' debt service and that Tax Increment Finance funds shall be used,
along with an appropriate amount of Utility Revenue funds for 2015.
SECTION V: That with the approval of this resolution by the City Council and its execution by
the Mayor, City staff shall electronically file the resolution with the State of Iowa Department of
Transportation.
PASSED AND APPROVED this September 9, 2015.
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Ste e Berner, Mayor
Attest:
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Doug Bol t, C' Administrator
Prepared by Tim D. Long, Interim Assistant to the City Administrator
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