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Finance committee directs law director to draft resolution to allocate investment interest to water, sewer funds
Summary
The Tiffin Finance Committee voted to ask the law director to draft a resolution that would pro rata allocate investment interest earnings to the city's water and sewer enterprise funds instead of posting all earnings to the general fund.
The Tiffin Finance Committee on an 3-0 roll-call vote asked the law director to draft a resolution to allocate investment interest earnings pro rata to the city's water and sewer enterprise funds.
Finance director (unnamed) told the committee that several Ohio cities post investment interest directly to enterprise funds and provided a model and calculations showing how doing the same would have affected the city's recent finances. The director said that, for 2024, interest posted pro rata would have credited the water fund $36,517 and the…
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