Finance Department
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Fiscal Officer
Finance Director, Dennis Kennedy, is the fiscal officer and treasurer of the city. He is responsible for keeping all financial records and accounts of the city, and an accurate account of all taxes and assessments, all assets and liabilities, all appropriations made by the Council, and all receipts and disbursements by the city. He is responsible for payroll and issues checks for expenditures for which appropriations have been made.
Summary of the Financial Audit for 2021 – City of University Heights
The City of University Heights has been notified that its independent auditors, Zupka and Associates, has issued their opinion on the financial statements of the City for the year ended December 31, 2021. The report was reviewed and approved by the Office of the Auditor of State. We are pleased to report that there are no material instances of non-compliance and no citations or findings for recovery for the year ended 2021.
Here is a quote from the audit report as issue by our independent auditors:
“In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City of University Heights as of December 31, 2021”
Each year the City strives to have a successful audit with no qualifications. A “clean” audit report, indicating the auditor’s opinion that a client’s financial statements are fairly presented in accordance with agreed upon criteria (e.g. GAAP). This is the desired opinion of the City administration each year. After preparation of books of accounts, the independent auditor examines and verifies those to know whether the statements represent a true and fair view of the City’s financial affairs. A standard report is the most common report issued. It contains an unqualified opinion stating that the financial statements present fairly in all material respects, the financial position, results of operations and cash flows of the entity in conformity with generally accepted accounting principles.
The report of an independent auditor stating the accuracy of financial statements of a public entity or company is known as auditor’s report. An auditor’s report provides an opinion on the validity and reliability of a company’s financial statements. It is an essential part of a company’s annual report. A clean audit report is an unmodified report which states financial statements of the entity are all free from material misstatements and error.
We are pleased that our audit opinion for 2021 confirmed that the City’s financial and accounting policies are in order and that information contained in reports and statements issued by the City’s Finance Department may be relied upon for presenting a fair representation of the City’s financial position.
Dennis G. Kennedy, Finance Director
Annual Financial Reporting
The City of University Heights maintains its books on cash basis throughout the year. At year-end, the City converts its accounts from cash to accrual. The City’s Basic Financial Statements prepared in accordance with Generally Accepted Accounting Principles (GAAP) standards for governments are available online at the Ohio Auditor of State’s website. The following are links to recent financial reports:
- Year Ending December 31, 2021 Audit Report
- Year Ending December 31, 2020 Audit Report
- Year Ending December 31, 2019 Audit Report
- Year Ending December 31, 2018 Audit Report
- Year Ending December 31, 2017 Audit Report
- Year Ending December 31, 2016 Audit Report
- Year Ending December 31, 2015 Audit Report
- Year Ending December 31, 2014 Audit Report
- Year Ending December 31, 2013 Audit Report
Annual Budget
- 2023 Initial Budget
- 2022 Final Budget
- 2021 Council Approved Budget
- 2020 Council Approved Budget
- 2019 Initial Budget
- 2018 Initial Budget
- FY 2017 Budget Allocations
Contact Us
Finance Department
2300 Warrensville Center Road
University Heights, Ohio 44118
Phone: (216) 932-7800
Staff Directory
Hours
Monday – Friday
8:30 am – 4:30 pm