Our Method of Accounting
The Director of Finance, William “Bill” Sheehan, 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.
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 in accordance with Governmental Accounting Standards Board Statement No. 34 are available online at the Auditor of State’s Website. The following reports are available on our website:
- Year Ending December 31, 2013 Audit Report
- Year Ending December 31, 2014 Audit Report
- Year Ending December 31, 2015 Audit Report
- Year Ending December 31, 2016 Audit Report
On the right side of the page, under Downloads, the current year’s budget appropriation document is available for download.
Below are summary graphs showing the General Fund and all city funds combined and the revenues, expenditures, and surpluses. The General Fund covers the day-to-day personnel and office costs related to each department. All the city funds combined reflect the General Fund and all other funds, like the Capital Improvements Fund, which covers road repaving costs, and the Park Fund, which covers costs for the new community park off Fenwick Road.