OVERVIEW:

​The City of Willoughby's Finances are managed by our Finance Department and overseen by the State of Ohio Auditor. We are required by law to conduct an annual audit, and the City of Willoughby has received the Auditor of State Award with Distinction for its financial reporting practices for 38 consecutive years. This award recognizes the city's commitment to maintaining accurate and timely financial records. Additionally, the City is participating in the State of Ohio Treasurer’s Open Checkbook, which includes accounts payable information, starting with vendor payments from 2014.

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Willoughby has maintained an AA2 rating by Moody's for the last decade and is financially healthy. This rating is equivalent to a personal credit rating between 721 and 750. The City of Willoughby's latest Comprehensive Annual Financial Report (CAFR) can be found on the city's website at: 

https://willoughbyohio.com/department/finance/

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IN BRIEF:

​The City of Willoughby's financial reporting consists of three components: revenue, expenses, and our budget. The city budget is developed in November and December for the following year and approved in the first quarter of the following year. Our budget comprises our Operating Budget, which covers the day-to-day expenses associated with running our city, as well as various funds, including the Police and Fire Pension Fund, Enterprise Funds, and others. In total, the City of Willoughby represents a $97M enterprise.

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FINANCIAL WELLBEING:

We are proud to have consistently grown our revenue and increased our fund balance over the past eight years. Over this time, we have seen an 82% increase in our fund balance and a 78% increase in revenue. Finally, we have successfully managed expenses at or below the inflation rate over the same period.  Expenses were below total inflation over this period by 5%

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