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Metro Parks Financial Overview
Link to Monthly Financial Statements
Link to Audited Financial Statements
Link to Unaudited Financial Statements
Link to Current Budget
Link to 3-year summary
Basis of Accounting
Metro Parks currently reports its financial information on a cash basis of accounting. The cash basis of accounting recognizes income when received in cash rather than when earned, and disbursements are recognized when paid rather than when a liability is incurred.
In the near future Metro Parks will also be presenting its budget using the accrual basis of accounting. The accrual basis will report budgetary expenditures when a commitment is made (i.e., when a contract is approved).
Fund Accounting
Metro Parks uses fund accounting to segregate cash and investments that are restricted as to use. The funds are classified into the following types:
1. General Fund
The General Fund is the general operating fund of Metro Parks. It is used to account for all financial resources except those required to be accounted for in another fund. The revenue for this fund is derived primarily from Local Government Funds received from the state of Ohio and property tax revenues transferred from the Capital Improvement Projects Fund.
2. Capital Improvement Projects Fund
This fund is used to account for land acquisition and construction of major capital improvement projects (except those financed through enterprise or trust funds). The Capital Improvement Project Fund is funded through the Metro Parks property tax levy.
3. Enterprise Fund
This fund accounts for operations that are similar to private business enterprises where the intent is that the enterprise is financially independent of other park operations. This fund is used to account for income and charges occurring from the operation of the Blacklick Woods Golf Courses.
4. Fiduciary Funds (Trust Funds)
Trust funds are used to account for resources restricted by legally binding trust agreements. If the agreement requires Metro Parks to maintain the principal in the trust, the fund is classified as nonexpendable trust fund.
Revenue
Metro Parks receives 86 percent of its revenue from a 0.65 mill property tax levy and from Local Government Funds. A mill is one tenth of a cent. This translates to $1 for each $1,000 taxable value of the property. The taxable value is 35 percent of the fair market value, which is determined by the County Auditor's Office. For Metro Parks this means a property owner pays 0.65 for each $1,000 taxable value of their property (less than $20 per year for a $100,000 residential property).
Local Government Funds are the result of the state legislature adopting property tax credits. The state reimburses local governments for a portion of the losses due to tax credits through the Local Government Funds (ORC 323.151). The legislature is planning additional reductions in Local Government Funds.
Budget Documents
Click on the Financial Statements links below to view copies of the Metro Parks budget, audits, annual financial reports and monthly financial reports.
Last revised: Thursday, April 28, 2005
Links
MONTHLY FINANCIAL STATEMENTS
AUDITED FINANCIAL STATEMENTS
UNAUDITED FINANCIAL STATEMENTS
METRO PARKS' CURRENT BUDGET
3-YEAR SUMMARY
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