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FINANCIAL TRANSPARENCY PLATFORM

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The City of Brooklyn

Would you like to know what the City of Brooklyn does with your tax dollars? 

 This platform was designed to give you a better understanding.

FINANCIAL TRANSPARENCY

We will need your honest feedback to improve this information.      

So please take the 1 minute survey at the end and let us know your thoughts!

MAYOR'S MESSAGE

"

"

On a daily basis, the question I receive most often is - what does the City of Brooklyn do with my tax dollars? This presentation will provide an answer to that question.

Katie Gallagher

Mayor of Brooklyn

"Hello, this is Katie Gallagher - mayor of Brooklyn. On a daily basis, the question I receive most often is - what does this city of Brooklyn do with my tax dollars? This presentation is created to provide an answer to that question. Your feedback in the survey at the end of the presentation will help drive improvements to update this report to respond to your input. We thank you for your time reviewing and responding to this presentation. And as always, it's a pleasure to serve as your Mayor." - Katie Gallagher

THE ROAD TO TRANSPARENCY

Financial Overview | A breakdown of Brooklyn's revenues and expenses

Capital Projects | A look into capital projects improving our City

City Profile | A closer look at our community

Leadership | A word from Brooklyn's elected officials

Transparency | Transparency report survey. Please give us your thoughts!

FINANCIAL OVERVIEW

THE CITY OF BROOKLYN - FINANCE TEAM

Brought to you by

Finance Director

Tom Raguz

Accounts Receivable

JoAnn Haig

Accounts Payable

Payroll

Celeste Westfall

Cindy Simko

"Hi, this is Tom Raguz and this my Finance Team at the City of Brooklyn: JoAnn Haig, Cindy Simko and Celeste Westfall." - Tom Raguz

WHERE THE MONEY COMES FROM

2017 Revenue by Type

(in Millions)

Total Revenues

(All Governmental Funds)

$21.81 Million*

Source: 2017 Comprehensive Annual Financial Report,  Modified Accrual Basis

*Does not include Other Financing Sources and Uses. See slide 14 "Learn More" for detail.

LARGEST SOURCE OF REVENUE

Income Tax Collections

Net income tax receipts for fiscal year 2017 were $15.15 million.

These receipts decreased 19.6% from 2016 to 2017.

The City of Brooklyn assigns a 2.5% income tax on earned income within the city.

The year-over-year decrease is primarily due to the loss of American Greetings.

The City of Brooklyn gives residents full credit (up to 2.5%) for taxes paid to other cities.

B

B

B

B

B

Over 92% of income taxes collected are from businesses within Brooklyn.

"Income tax is the largest source of revenue for the City. This revenue helps to fund Police, Fire and Parks & Recreation operations. In addition to, General Fund Expenses and Capital Projects." - Tom Raguz

B

LARGEST SOURCE OF REVENUE

Annual Income Tax Revenues

Residents of Brooklyn

Businesses in

Brooklyn

$14.00 million

$1.16 million

Source: 2017 Comprehensive Annual Financial Report, Accrual Basis

Income Tax Revenue (in millions)

2017 Source of Income Tax Collections

"The City's income tax base has over 250 businesses contributing. The top 25 businesses in Brooklyn make up approximately 60% of the City's annual income tax." - Tom Raguz

Brooklyn Property Taxes

A fundamental difference between the City of  Brooklyn and the  Brooklyn School District is the  

main funding source used by each entity for operating purposes.

Recipients of Brooklyn Property Taxes

Brooklyn Schools:

61.2%

County/Polaris:

28.8%

Brooklyn City: 7.0%

Library:

3.0%

See next slide for

an explanation of

Brooklyn Property Tax 

"I'm very proud to point out that the City of Brooklyn has not raised Property Taxes since 2005 and also levies under 50% of allowable tax levies, per  our charter." - Tom Raguz,

$171     City of Brooklyn (7.0%)

PROPERTY TAX DISTRIBUTION

Using $100,000 Home Market Value as an Example

$2,440

For a

$100,000

house in Brooklyn

 2.44%

Property Tax

Total annual property taxes

$1,493  Brooklyn Schools (61.2%)

$73       Library (3%)

$703     Cuyahoga County/                            Metroparks/CCC/Polaris/

              Port Authority (28.8%)

Distribution

To view your property tax bill, please visit the  Cuyahoga County Fiscal Officer's website:

https://fiscalofficer.cuyahogacounty.us

"A resident of Broolyn pays about $2,440 annually in property taxes for each $100,000 market value of their home.  Approximately 61% of these payments funds the Brooklyn Schools. Another 29% to The County and JVS. The City of Brookyln receives 7% of these property tax payments, which equates to 1.6 million dollars annually. These funds are then used to fund various services throughout the City." - Tom Raguz

Brooklyn property taxes are lower than neighboring cities.

COMPARATIVE PROPERTY TAX RATES

Shown as Percentage of Home Market Value

($2,440 per $100,000 of Home Market Value)

"As you can see by this chart, Brooklyn property taxes are lower than many of our neighboring cities. - Tom Raguz

Personnel expenses have recently made up approximately 70% of general fund expenses and over 50% of overall city expenses. Personnel expenses consist of wages, pension and benefits.

Personnel Expenses

2017 Expenditures

(in Millions)

WHERE THE MONEY IS USED

Total Expenditures

(All Governmental Funds)

$18.78 Million

Source: 2017 Comprehensive Annual Financial Report,  Modified Accrual Basis

"Security of Persons & Property includes Police, Fire, and Ambulance Service. These services are by far the largest operating expense of the City. " - Tom Raguz

Revenues and Expenditures

(in Millions)

ALL GOVERNMENTAL FUNDS - HISTORICAL PERFORMANCE

Source: 2017 Comprehensive Annual Financial Report,  Modified Accrual Basis

2017

2016

2015

2014

Revenues

Expenditures

2013

Long-Term Debt Principal Paydown

DEBT PROFILE

Source: 2017 Comprehensive Annual Financial Report

"

Principal Remaining (in Millions)

See next slide to 

learn about Brooklyn's

Credit Rating.

Additionally, the City has $1,420,000 in short-term debt.

• "The credit position for the City of Brooklyn is excellent. " 
  

• " Brooklyn's Aa2 rating is slightly higher than the median rating of Aa3 for cities nationwide."    
  

• " Key credit factors include a robust financial position, a manageable debt burden with an inflated pension liability, and a modestly sized tax base with a moderate wealth and income profile "
  

What Moody's says about

Brooklyn...

LUNCH TIME

Come back in an hour!

INVESTORS SERVICE

Moody's is a Credit Rating Agency which analyzes the finances of commercial and government organizations and evaluates their creditworthiness.

STATEMENT OF NET POSITION

• The Statement of Net Position displays the financial condition of all activities of the City at year-end.
  

Statement of Net Position (in Millions)

This increase in Net Position signals that Brooklyn's

financial condition is improving.

• Over time, increases in Net Position serve as a useful indicator of whether a City's financial position is improving. 

• It is prepared using the economic resources measurement focus and incorporates all assets and deferred outflows of resources and all liabilities and deferred inflows of resources associated with the operation of the City.      
  

CAPITAL PROJECTS

CAPITAL PROJECTS

Highlighted below are some exciting projects recently completed in Brooklyn.

Torrance Ave.

Southwood Dr.

South Amber Dr.

CITY LEADERSHIP

BROOKLYN ELECTED OFFICIALS

ELECTED OFFICIALS

Katie Gallagher

Mayor

Ron Van Kirk

Council President

Andy Celcherts

Council Pro-Tem

Mary Balbier

Council Member

216-635-4221

216-965-5737

216-548-7644

216-351-3776

ELECTED OFFICIALS

Barb Paulitzky

Council Member

Kathleen Pucci

Council Member

Meg Ryan Shockey

Council Member

Kevin Tanski

Council Member

216-671-6777

216-459-1195

440-391-4832

216-661-1830

CITY PROFILE

Brooklyn Demographics

CITY PROFILE

Brooklyn Population

10,936

2010 census

2011 - 2015 Amercian Community Survey 5-Year Estimates

5,226

5,710

Population by Age Group

CITY PROFILE

2010 census

2011 - 2015 Amercian Community Survey 5-Year Estimates

Median Age: 43.5

Educational Attainment

CITY PROFILE

American Community Survey

Housing

CITY PROFILE

Empty tex

Median Home Value

Total Housing Units: 5,279

$103,400

58%

Owner Occupied

Empty tex

Empty tex

42%

Renter Occupied/Other

American Community Survey

CITY OF BROOKLYN RESIDENTS ENJOY THE BENEFITS OF:

Convenient location in Northeast Ohio

Popular Retail & Shopping Options

Plentiful Opportunities for Employment

Indoor & Outdoor Recreation Facilities

Quality and Affordable Housing

Outstanding Healthcare Options

These amenities give 

Brooklyn Residents 

the foundation for a

superior quality of life.

"On behalf of the City Council and our Administration, we hope you're able to take advantage of all Brooklyn  has to offer.  Please take one additional minute to complete the survey on the following slide.  And, again, it's an honor to serve as your Mayor" - Katie Gallagher 

THANK YOU!

Please fill out the short survey on the next slide.

For a detailed accounting of the City's finances, click on this link to

Brooklyn's Comprehensive Annual Financial Report (CAFR)

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