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Splash pad project now estimated at $1.5 million; finance director says general fund can cover transfer
Summary
Finance director reported the city's splash pad project now forecasts $1.5 million in total costs due to added restroom construction, demolition and inflation; staff will request additional funding and discussed related park projects, audit timing, investments and ambulance-billing follow-up.
The Tiffin Finance Committee heard an update on the proposed splash pad and related park projects and was told the full project is now forecast at about $1,500,000.
The finance director said the splash pad itself may have originally been estimated at roughly $500,000 but the addition of new restrooms (partly grant-funded), demolition, design work and construction inflation pushed the total to about $1.5 million. The director said the city issued purchase orders beginning in 2022 for design work and demolition; those encumbrances were carried forward, so while the mayor and administration plan to ask the committee for roughly $550,000 more, the net increase needed in this year's budget is $453,000 because some costs were encumbered in prior years.
The finance director said that under the city's five-year conservative forecast the general fund is projected to end the year with about $10.4 million and remain above $9.6 million through 2029 under flat revenue assumptions, leaving the general fund with over 250 days of cash on hand even after the proposed transfer to the park fund. The director cautioned that the ongoing fiscal emergency is driven by the water fund and not the general fund.
Committee members discussed scope reductions made during re-bidding (removal of some nonessential "accoutrements") and alternates such as lighting and landscaping that staff still recommend. The inclusive playground was noted as a separate budgeted item with a $100,000 local share already in the park fund. No committee vote was taken to approve the additional splash pad transfer at this meeting.
Other updates: the finance director said auditors from Charles Harris will begin on-site fieldwork the week of April 7 following a statutorily required rebid of auditing services. The director also reviewed the city's investment portfolio held by Red Tree Investments, noting roughly $5 million in certificates of deposit with a weighted average maturity of 1.3 years and an overall portfolio weighted average maturity of 1.8 years; staff discussed laddering and the potential to lengthen maturities for part of the portfolio. The committee asked staff to invite Ryan from Red Tree to present in April.
On ambulance billing for recouping fees, the finance director said he had no report yet and planned to meet with the fire chief; committee members recalled a lag and that revenue might not appear until August. The committee approved the minutes from the Feb. 11 meeting by roll call earlier in the session (Mr. Podak: yes; Mr. Cassidy: yes; Chair: yes).
