Where Money Comes From
The following General Fund financial information summarizes and compares the City’s 2010 and 2009 revenues. The General Fund is the City's primary operating fund and accounts for the majority of City services. The 2010 and 2009 financial statements were audited by an Independent Public Accounting firm and approved by the Auditor of the State of Ohio. These financial statements are compiled in accordance with Generally Accepted Accounting Principles (GAAP).
To view the City of Berea's Comprehensive Annual Financial Reports (CAFR's), please visit the auditor of state's website at: http://www.auditor.state.oh.us/auditsearch/search.aspx
By a significant margin, the primary source of revenue for the City of Berea is municipal income tax receipts. The City experienced a 5% increase in overall revenue between 2010 and 2009. The City saw a 7% increase in municipal income taxes over 2009, with Fees, Fines and Permits decreasing 3% and property taxes decreasing over 8%. The trend is expected to continue with reductions in local government funds and property tax revenues. Municipal income tax revenues are expected to show a small increase next year.
| Revenue (GAAP Basis) |
2010 |
2009 |
| Income Taxes |
$ 10,922,715 |
$ 10,181,318 |
| Property Taxes |
1,573,174 |
1,713,283 |
| Other Local Taxes |
283,047 |
199,128 |
| Intergovernmental |
1,464,417 |
1,672,591 |
| Charges for Services |
573,563 |
228,671 |
| Fees, Fines, Permits |
1,870,709 |
1,922,101 |
| Other |
269,194 |
219,293 |
| Total Revenue |
$ 16,956,819 |
$ 16,136,385 |