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City of Tiffin releases audit report

DES MOINES– Auditor of State Mary Mosiman released an audit report on the City of Tiffin.
The city’s receipts totaled $9,147,878 for the year ended June 30, 2013. The receipts included $789,586 in property tax, $744,133 from tax increment financing, $188,470 from local option sales tax, $938,713 from charges for service, $194,851 from operating grants, contributions and restricted interest, $52,900 from capital grants, contributions and restricted interest, $46,232 from unrestricted interest on investments, $6,019,792 of bond proceeds and $173,201 from other general receipts.
Disbursements for the year ended June 30, 2013 totaled $6,057,647, and included $2,398,908 for capital projects, $1,859,290 for debt service and $488,848 for general government. Also, disbursements for business type activities totaled $634,211.
The significant increase in receipts and disbursements is due primarily to issuing general obligation bonds to refund existing debt to take advantage of lower interest rates and to finance capital improvements.
A copy of the audit report is available for review in the City Administrator/Clerk’s Office, in the Office of Auditor of State and on the Auditor of State’s web site at http://auditor.iowa.gov/reports/1321-0490-B00F.pdf.