WHERE THE MONEY COMES FROM

The following financial information presents an overview of monies received for the years ended December 31, 2016 and 2015. The financial information presented has been taken from the 2016 City of Middleburg Heights Comprehensive Annual Financial Report (CAFR). The CAFR is comprised of more than 130 pages of detailed financial statements, notes, schedules and statistical information. The CAFR was prepared in conformance with Generally Accepted Accounting Principles (GAAP) and audited by Rea & Associates, Inc., receiving an unmodified opinion. An unmodified opinion is given when an auditor can state that the financial statements are accurately and fairly presented.

Revenues 2016 2015
  Income Taxes $20,443,377 $18,560,522
  Charges for Services 3,039,869 3,170,717
  Property Taxes & Other Local Taxes 2,526,397 2,879,693
  Operating Grants and Contributions 841,685 861,227
  Miscellaneous 547,757 791,018
  Grants and Entitlements 771,867 712,325
  Capital Grants and Contributions 3,196,889 3,772,688
Total Revenues $31,367,841 $30,748,190

Readers desiring the more detailed financial statements and the full disclosure GAAP basis of accounting information reported in the CAFR are asked to please visit the Financial Reports section of this website.

 

The pie chart above provides a visual of how significant each source of income is to the financial health of the City. Income tax is the largest contributor and is driven by the strong economic development program of the City. The financial stability of its diverse business base enables the City to generate a steady stream of income tax collections that meet its needs.

Revenue Source Definitions

Income Taxes – The City levies a 2% income tax on substantially all income earned within the City. Residents are granted a 100% tax credit for taxes paid to other municipalities.

Property Taxes & Other Local Taxes – The City’s portion of the taxes due on real property, as well as the 3% tax levied on Transient Guests and Admissions (hotel bed tax, movie theater admissions, etc.).

Charges for Services – Significant sources include Recreation Programs, Building Department permits and licenses, Medical Transport fees, and Court fines and forfeitures.

Grants & Entitlements – Significant sources include revenue received from local government funds distributed by the State and inheritance taxes.

Capital Grants & Contributions – Includes monies and asset contributions received for capital projects.

Operating Grants & Contributions – Includes revenue received from State levied shared taxes and operating grants secured by Police and Fire.

Miscellaneous – Includes refunds & reimbursements, sale of recycled materials, and gains on sale of capital assets.

Investment Income – Revenue earned by investing all available City funds throughout the year.