Budget issues and city finances have dominated the news from Bay Village for the past few years, and will likely continue into the future.
For a better understanding of Bay Village Finances, Ward 4 City Council Candidate Thomas Henderson has compiled a Bay Village Financial Overview.
His overview gives readers an idea of how a community with a very small business base makes ends meet.
Henderson, 34, prepared the document last summer for a July ward meeting. It reveals some interesting facts about the community. For instance:
– Just 16% ($456 per $100K of home value) funds the City; the rest funds the Schools, the County, Tri-C, the library, MetroParks and the Port Authority;
– Bay Village’s residential property tax is at the 72nd percentile in the County, below Lakewood, Fairview Park and North Olmsted, but higher than Westlake and Rocky River.
-In Jan., 2010, Bay Village’s General Reserve Fund balance was $1.4 million, but this reserve has been utilized. From Jan. 1, 2010 to Jan. 1 2013, the city’s General Fund balance has grown from approximately $300,000 to $1.2 million.
In pie charts, Henderson demonstrates how Bay Village distributes its funds, from fire and police department needs to street maintenance.
Henderson is employed as a Senior Project Manager, Corporate Financial Planning, for Cleveland Clinic. He holds a MBA in Finance (Weatherhead Alumni Scholar) from Case Western Reserve University.
His Bay Village Financial Overview may be seen here:
It is also posted on his website, www.Henderson4citycouncil.com
Henderson notes that the city’s financials are constantly evolving and recommends keeping abreast of the current situation by regularly reviewing publicly-available financial reports.