The following financial information presents an overview of monies received for the years ended December 31, 2021 and 2020. The financial information presented has been taken from the 2021 City of Middleburg Heights Annual Comprehensive Financial Report (ACFR). The opens in a new windowACFR is comprised of more than 140 pages of detailed financial statements, notes, schedules and statistical information. The ACFR 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 ||2021 ||2020 |
|Income Taxes ||$23,800,195 ||$21,188,280 |
|Property Taxes & Other Local Taxes ||3,037,466 ||2,789,844 |
|Miscellaneous ||2,352,073 ||2,726,598 |
|Charges for Services ||2,205,856 ||2,247,926 |
|Operating Grants and Contributions ||1,278,162 ||2,199,309 |
|Capital Grants and Contributions ||624,566 ||1,670,966 |
|Grants and Entitlements ||567,544 ||577,995 |
|Total Revenues ||$33,400,918 ||$33,400,918 |
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.