Financial Services

Overview

The Financial Services Division is responsible for the development and implementation of a comprehensive financial management system for the City to include:

• Budget services
• Centralized accounting
• Financial reporting
• Procurement services

Responsibilities

The Division oversees:

• Activity-based costing
• Assessment development and management
• Budget management and administration
• Capital asset reporting
• Coordination of the annual audit by independent certified auditors
• Debt management
• Payroll administration
• Procurement
• Treasury

Financial Reporting

State law requires that a complete set of financial statements be prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and audited in accordance with auditing standards generally accepted in the United States of America by licensed independent certified public accountants. Pursuant to this requirement, the Financial Services Division prepares and issues a Comprehensive Annual Financial Report (CAFR) each fiscal year.

To view the City of Berea's Comprehensive Annual Financial Reports (CAFRs), please visit the auditor of state's website.

Budget Reporting

Budget services include the coordination of all budget activities for the City of Berea. Specific responsibilities include the preparation of a proposed annual budget, analyzing the fiscal impact of proposed City ordinances, and providing operational review and assistance to City Departments.

Tax Budget Reporting

The Tax Budget begins the process of establishing the City's estimated revenues for the following year, allows the City to participate in Local Government Funds (funds received from the State of Ohio), and most importantly establishes the City's property tax rates for the following year.

The City of Berea's Tax Budget must be adopted by Council on or before July 20. The tax budget establishes the property tax rates for the City for the following year.