Cuyahoga County is home to the 6 places that have the highest tax rates in the state. Honestly, we really can’t afford to pass much more levies and taxes. They are just getting to the point where people won’t live in the county due to the taxes. I know some of them already exist but go much further past 4K per 100k in property taxes and many more people will either be priced out or refuse to pay that much in taxes.  
 

https://www.cleveland.com/datacentral/2021/01/these-cuyahoga-county-places-have-ohios-highest-property-tax-rates-thats-rich-recap.html

 

Then we also have to include the fact that we have the highest sales tax in the state as well.

 

https://tax.ohio.gov/static/tax_analysis/tax_data_series/sales_and_use/salestaxmap.pdf

 

What are potential solutions other than higher taxes when there is a need (such as transit, schools, etc.)?

The Cleveland metro doesn't even have "reciprocity" between towns for earnings taxes does it? I work in Lancaster but live in Groveport. Groveport's earnings tax rate is 2% while Lancaster's is 1.75%. Therefore I send 1.75% of my earnings to Lancaster and 0.25% to Groveport (2%-1.75%=0.25%). The city where you work has first dibs on the money leaving the one where you live with the rest. If the place where you work has a higher earnings tax than where you live, the place where you live gets nothing. If you live in Lancaster (1.75%) but work in Columbus (2.5%) Lancaster can pound sand. Same in the Cincinnati metro. But around Cleveland you have to pay both in full, correct?

Edited January 26, 20214 yr by GCrites80s

6 minutes ago, GCrites80s said:

The Cleveland metro doesn't even have "reciprocity" between towns for earnings taxes does it? I work in Lancaster but live in Groveport. Groveport's earnings tax rate is 2% while Lancaster's is 1.75%. Therefore I send 1.75% of my earnings to Lancaster and .25% to Groveport (2%-1.75%). The city where you work has first dibs on the money leaving the one where you live with the rest. If the place where you work has a higher earnings tax than where you live, the place where you live gets nothing. If you live in Lancaster (1.75%) but work in Columbus (2.5%) Lancaster can pound sand. Same in the Cincinnati metro. But around Cleveland you have to pay both in full, correct?

Not both in full but close to it. Like for Shaker Heights there is a 1% credit.

Yes, Cleveland has deals with its suburbs if you work in the city and live the burbs. If however, you work in the burbs and live in the city, you pay income tax (as its income) to where its earned, the suburb, and then you pay residence tax or something to Cleveland. After all, you are using city of cleveland street lights, streets/pot hole repair, potentially emergency services, etc. so you should pay SOMETHING to the place where you live (city of cleveland in this case). I don't know the actual details on this, but am interested to know if anyone has that info.

Ohio has a very complex municipal tax structure that really harms its business competitiveness. Back when Kaisich was governor, his tax plan was designed to starve off some of the smaller municipalities and encourage them to merge with larger areas thus simplifying some of the taxing jurisdictions in the state.

As for property taxes, the rates have been creeping up for years. And assessed values are starting to catch up to actual sales prices causing, in some cases, large jumps in tax amount.

 

18 minutes ago, Brutus_buckeye said:

Ohio has a very complex municipal tax structure that really harms its business competitiveness. Back when Kaisich was governor, his tax plan was designed to starve off some of the smaller municipalities and encourage them to merge with larger areas thus simplifying some of the taxing jurisdictions in the state.

I don't think that Kasich's motivation for doing that. Kasich was just balancing the state budget at the expense of cities.

On the topic of property taxes, this is an interesting map. It shows median tax paid in 2018---its not a map of tax RATES--but actual amounts paid, 2018, 5-yr estimate. That blue spot near columbus is Delaware County at $5348. Cuyahoga is $3126.

 

 

Map source:  https://taxfoundation.org/where-do-people-pay-the-most-in-property-taxes-2020/

Edited January 26, 20214 yr by Pugu

23 minutes ago, Pugu said:

Yes, Cleveland has deals with its suburbs if you work in the city and live the burbs. If however, you work in the burbs and live in the city, you pay income tax (as its income) to where its earned, the suburb, and then you pay residence tax or something to Cleveland. After all, you are using city of cleveland street lights, streets/pot hole repair, potentially emergency services, etc. so you should pay SOMETHING to the place where you live (city of cleveland in this case). I don't know the actual details on this, but am interested to know if anyone has that info.

This isn't exactly correct. Each municipality individually decides whether to offer credit to residents who work in other municipalities. The credits can range in amount. I believe Independence has a 100% credit because they have a big enough employment base.

Just now, freefourur said:

This isn't exactly correct. Each municipality individually decides whether to offer credit to residents who work in other municipalities. The credits can range in amount. I believe Independence has a 100% credit because they have a big enough employment base.

sorry--i meant CLE has deals with some suburbs, and maybe not with others---i didn't mean to suggest that there is one consistent deal or rate between CoC and all the burbs.  Plus there are also suburb-to-suburb issues as well.

6 minutes ago, Pugu said:

On the topic of property taxes, this is an interesting map. It shows median tax paid in 2018---its not a map of tax RATES--but actual amounts paid, 2018, 5-yr estimate. That blue spot near columbus is Delaware County at $5348. Cuyahoga is $3126.

 

 

Map source:  https://taxfoundation.org/where-do-people-pay-the-most-in-property-taxes-2020/

this is a bit misleading though. Housing values in Delaware County are going to be much higher than the average house in Cuyahoga county. Given the amount of properties that are run down and pay little taxes, the tax rate is ultimately the important thing to consider here.

Just looking at the chart, the rate in Delaware county is higher than most in Ohio (it is blue after all), given its affluence, vs Cuyahoga, the question is what exactly is the rate. I would be curious what the rate in Delaware County and some areas there is compared to say Shaker Heights or Beachwood or some of the more affluent areas of Cuyahoga? 

^Thats why i stressed its not a map of RATES but just what is paid. The tax foundation COULD have crunched the data and produced a more meaningful map. They already have how much tax was paid -- just divide it by average market value of a home and produce that map. ("Assessed value would cause headaches as assessed value means different things in different state, so market rate would be better.)

Only the southern 1/3rd of Delaware County and some of Delaware City are affluent. Much of the rest is pretty standard semi-rural Ohio that still isn't worth much due to no jobs outside of farm/carryout/middle school/hospital/bar in the immediate area. So it does reflect elevated Central Ohio tax rates seen in Fairfield and Union Counties.

Edited January 26, 20214 yr by GCrites80s

And look at L.A. Everybody insists that California taxes are insane but Delaware County has them beat due to lack of money density. Hey newcomers move to Lewis Center (which isn't even a municipality but a Census Designated Place in an Ohio township that can't collect earnings taxes) since it's the Easy Button.

Edited January 26, 20214 yr by GCrites80s

10 hours ago, GCrites80s said:

Only the southern 1/3rd of Delaware County and some of Delaware City are affluent. Much of the rest is pretty standard semi-rural Ohio that still isn't worth much due to no jobs outside of farm/carryout/middle school/hospital/bar in the immediate area. So it does reflect elevated Central Ohio tax rates seen in Fairfield and Union Counties.

I did not mean to discount that rates in Delaware are higher than many on average, I think the amount people pay reflect that, however, I think that given the median starting point for home value in Delaware county compared to say Cuyahoga County, you get that discrepancy. However, if you drill into things on a neighborhood level, I would almost wager that areas like Beachwood, Orange, Shaker, etc. which tend to be fairly well heeled inner ring Cleveland Suburbs with good schools and amenities are probably paying more in property taxes than the average person in Delaware county and likely have higher assessed milage on the property tax side. (I am just guessing at this)

 

It is interesting down here in Southern, Ohio getting to compare the property valuations and assessments of 3 different states. On average, in Ohio it seems as if you can expect to pay between 2.2-2.8% of the value of the property in property taxes. In Kentucky and Indiana, it seems as if property tax assessments are between 1.5-1.9% depending on the location. As you get into larger property values, these rates make a huge difference.

People in Kentucky pay property taxes on their cars, RVs and motorcycles though so that may make their rates approach Ohio's.

My mom had to move to Nashville a few years ago for work and one thing she was excited about was that she wouldn't have to pay a state income tax. Tennessee advertises itself endlessly about being low tax after all, and all the the "moving calculators" she looked at told her she would be saving money from moving. Not at all the case in reality. They might not have a state income tax, but so many other things are taxed down there. The sales tax is even higher than Cuyahoga's (9.25%) and covers things like food and services. They even tax utility bills. Restaurants/bars have two taxes that appear on the receipt for dining in, one being the sales tax. Yeah, income and property taxes may be high in parts of Greater Cleveland, but we have lower taxes in other areas. Sales taxes are notoriously regressive, and I'd much rather we not shift more of the burden there to make up for lowering other taxes. 

6 hours ago, GCrites80s said:

People in Kentucky pay property taxes on their cars, RVs and motorcycles though so that may make their rates approach Ohio's.

Indiana too. There are many ways to skin the cat and for the most part the lower tax states are making up the revenue in other ways. 

 

Florida is advantageous in that it does not have to charge an income tax because they can take advantage of the big tourism business and socking the out of state travelers with high hotel and lodging and resort taxes and such.

There is an article on the PD's front page today by Robert Higgs that I can't find in cleveland.com (they have eliminated their search function?) about city taxation of WFH jobs.  It notes that 85% of Cleveland's income tax revenue comes from residents of the suburbs.  If Cleveland loses this income it will force one of two courses: either 1) the city devolves to East Cleveland's level, or 2) the city aggressively gentrifies to survive.

 

Washington DC, which is forbidden by Congress to tax suburban incomes earned in the District (lots of political and diplomatic jobs are tax-exempt also), was forced into the "gentrify or die" course of action.  The early years were ruthless and caused a lot of pain, not to mention loss of property equity, for the displaced poor.  Eventually buffering protection mechanisms were enacted, but the path of gentrification was relentless. There was no choice.

 

Assuming Cleveland loses the WFH tax revenue, if Cleveland is to avoid the most painful parts of dislocation, the city needs to act now.  I don't see it happening; I'm not sure the council has any idea of the scope of a potential disaster. 

 

Am I being overly pessimistic? Is lots going on behind the scenes?

5 hours ago, Dougal said:

There is an article on the PD's front page today by Robert Higgs that I can't find in cleveland.com (they have eliminated their search function?) about city taxation of WFH jobs.  It notes that 85% of Cleveland's income tax revenue comes from residents of the suburbs.  If Cleveland loses this income it will force one of two courses: either 1) the city devolves to East Cleveland's level, or 2) the city aggressively gentrifies to survive.

 

Washington DC, which is forbidden by Congress to tax suburban incomes earned in the District (lots of political and diplomatic jobs are tax-exempt also), was forced into the "gentrify or die" course of action.  The early years were ruthless and caused a lot of pain, not to mention loss of property equity, for the displaced poor.  Eventually buffering protection mechanisms were enacted, but the path of gentrification was relentless. There was no choice.

 

Assuming Cleveland loses the WFH tax revenue, if Cleveland is to avoid the most painful parts of dislocation, the city needs to act now.  I don't see it happening; I'm not sure the council has any idea of the scope of a potential disaster. 

 

Am I being overly pessimistic? Is lots going on behind the scenes?

 

Long term I see office jobs returning - even if its just part time in the office. Even working half office, half at home, taxes will still be paid to where to office is located. The real pain is going to be in the next year when the budget crunch from lost revenue this last year starts hitting budgets full force. That's why its so important that Congress finally passes aid to state/local govs. 

5 hours ago, Dougal said:

There is an article on the PD's front page today by Robert Higgs that I can't find in cleveland.com (they have eliminated their search function?) about city taxation of WFH jobs.  It notes that 85% of Cleveland's income tax revenue comes from residents of the suburbs.  If Cleveland loses this income it will force one of two courses: either 1) the city devolves to East Cleveland's level, or 2) the city aggressively gentrifies to survive.

 

Washington DC, which is forbidden by Congress to tax suburban incomes earned in the District (lots of political and diplomatic jobs are tax-exempt also), was forced into the "gentrify or die" course of action.  The early years were ruthless and caused a lot of pain, not to mention loss of property equity, for the displaced poor.  Eventually buffering protection mechanisms were enacted, but the path of gentrification was relentless. There was no choice.

 

Assuming Cleveland loses the WFH tax revenue, if Cleveland is to avoid the most painful parts of dislocation, the city needs to act now.  I don't see it happening; I'm not sure the council has any idea of the scope of a potential disaster. 

 

Am I being overly pessimistic? Is lots going on behind the scenes?

There will be a lot of pain, but most big cities will feel it. Cities like Columbus may be better positioned since they have such a large city limit and much of their suburbs are city limits too. However, much of the suburban job centers like Dublin lie outside the city, there are quite a few more people to tax as city residents in Columbus. 

 

It will hit Cincinnati hard too, probably harder than Cleveland because you have a good portion of workers who live out of state too. 

i worked downtown and they announced a couple months ago that all of the employees at my company are full-time remote from now on

New Cuyahoga County property tax valuations are out, causing lots of fuming on neighborhood Facebook groups.  My home valuation went up 29%.   Not sure if I'm going to fight it--it appears that letters can be submitted after January 1.  I think the County is going to be overwhelmed with requests... 

3 hours ago, Cleburger said:

New Cuyahoga County property tax valuations are out, causing lots of fuming on neighborhood Facebook groups.  My home valuation went up 29%.   Not sure if I'm going to fight it--it appears that letters can be submitted after January 1.  I think the County is going to be overwhelmed with requests... 

 

I have previously noted my opinion that Cleveland area property taxes are only low because property values are relatively low.  The rates are HIGH. As valuations go up, the governments need a leveling mechanism to bring the rates down so that owners are not priced out of their homes. It's not hard to do; but it's a whole new problem for Cleveland, although a better one than some of the others.

Edited September 28, 20213 yr by Dougal

^There is already such a mechanism in OH, dating back to the 1970s, though it applies only to the "outside" milleage that, under state law, is subject to public vote.  See: https://fiscalofficer.cuyahogacounty.us/en-US/house-bill-920.aspx

 

6 hours ago, StapHanger said:

^There is already such a mechanism in OH, dating back to the 1970s, though it applies only to the "outside" milleage that, under state law, is subject to public vote.  See: https://fiscalofficer.cuyahogacounty.us/en-US/house-bill-920.aspx

 

 

Yes, House Bill 920. And no matter how many times it was explained to the anti-tax crowd during school levy campaigns, they never understood. As a Sun reporter, I grew tired of having to explain it again and again in my articles and hearing "There never was a levy Sun Newspapers didn't like."

36 minutes ago, KJP said:

 

Yes, House Bill 920. And no matter how many times it was explained to the anti-tax crowd during school levy campaigns, they never understood. As a Sun reporter, I grew tired of having to explain it again and again in my articles and hearing "There never was a levy Sun Newspapers didn't like."

 

People--when it comes to paying taxes--and not necessarily idiots.  Its the tax people here who are trying to dupe them using 920.  MOST of the money people have to pay in their tax bill is NOT millage but the actual tax WHICH DOES GO UP.  So, Suburb X's property values went up 25% (on average). True, that the homeowner is not paying 25% More than before. But he/she is paying about 20% more.  That is a very hefty jump to pay in taxes---especially as it is not a one-time payment but a forever-payment.

People buy homes for the appreciation and then complain about values appreciating. It seems funny to me. They can complain all they want but the change in values is based on actual sales comparisons.  

50 minutes ago, Pugu said:

 

People--when it comes to paying taxes--and not necessarily idiots.  Its the tax people here who are trying to dupe them using 920.  MOST of the money people have to pay in their tax bill is NOT millage but the actual tax WHICH DOES GO UP.  So, Suburb X's property values went up 25% (on average). True, that the homeowner is not paying 25% More than before. But he/she is paying about 20% more.  That is a very hefty jump to pay in taxes---especially as it is not a one-time payment but a forever-payment.

 

We pay more tax on the charter millage only when our property values go up. For school levies, that's only the first 10 mills. Any tax added above the charter millage doesn't change when property values change. Wow, I'm explaining it again....

8 hours ago, StapHanger said:

^There is already such a mechanism in OH, dating back to the 1970s, though it applies only to the "outside" milleage that, under state law, is subject to public vote.  See: https://fiscalofficer.cuyahogacounty.us/en-US/house-bill-920.aspx

 

Does it work the other way: taxes go down if values go down?

7 minutes ago, Dougal said:

Does it work the other way: taxes go down if values go down?

The inside millage goes down when values go down. The outside millage amount remains the same regardless of value. 

2 hours ago, Dougal said:

Does it work the other way: taxes go down if values go down?

When home values dropped like a rock 10-12 years ago, my property tax only went down by a few dollars.

 

Edited September 28, 20213 yr by LibertyBlvd

2 hours ago, Pugu said:

 

People--when it comes to paying taxes--and not necessarily idiots.  Its the tax people here who are trying to dupe them using 920.  MOST of the money people have to pay in their tax bill is NOT millage but the actual tax WHICH DOES GO UP.  So, Suburb X's property values went up 25% (on average). True, that the homeowner is not paying 25% More than before. But he/she is paying about 20% more.  That is a very hefty jump to pay in taxes---especially as it is not a one-time payment but a forever-payment.

 

1 hour ago, KJP said:

 

We pay more tax on the charter millage only when our property values go up. For school levies, that's only the first 10 mills. Any tax added above the charter millage doesn't change when property values change. Wow, I'm explaining it again....

 

@KJP  I'm talking about the TAX itself not millage; millage is temporary and can be voted out upon renewal attempts. Property tax is not temporary. Say property tax is 3% of market value (or approx 9% of assessed). If your property value increases 25%---from $200,000 to $250,000 that is an extra $50,000 of value. Are you saying that you do NOT pay 3% on that $50,000 (on top of 3% of $200,000)? I believe you do. The 920 bit is just a distraction and no mill is 30 (which is 3%)--the bulk of the "property tax bill" is the base property tax, not millage.

I'm one with the universe and nothing else matters. I'm one with the universe....

19 minutes ago, KJP said:

I'm one with the universe and nothing else matters. I'm one with the universe....

 

Huh?  Its not theoretical. I live in an old house in Detroit Shoreway. My house is going from 145,000 to 190,000---that's 31%!  My taxes are going up from $4,341 to $4,943 per year---that's $602!--its not 31%, but it is almost a 14% increase.  And who knows, three years later it could be increased again. That's my point. I need another $600 now per year net--meaning  another $731 (less 18% in taxes) per year for the same house. $731 more per year in earnings is a 17% increase. Will I get a 17% pay increase? Of course not, most companies give 2-3-4% per year calling it a 'cost of living' increase. And for those not working, just collecting SS or pensions or 401k income, the situation may eventually push them out of their homes.

 

Yes, 14% (or 17%) is less than 31% but 14% is still a large number, so the "920" certainly helps but it doesn't make it that current, existing owners do not experience a big increase in taxes, it only prevents us from having to pay an even bigger increase. Sugar coat it or deny it all you want, but 14% is 14%.

Edited September 28, 20213 yr by Pugu

49 minutes ago, Pugu said:

 

Huh?  Its not theoretical. I live in an old house in Detroit Shoreway. My house is going from 145,000 to 190,000---that's 31%!  My taxes are going up from $4,341 to $4,943 per year---that's $602!--its not 31%, but it is almost a 14% increase.  And who knows, three years later it could be increased again. That's my point. I need another $600 now per year net--meaning  another $731 (less 18% in taxes) per year for the same house. $731 more per year in earnings is a 17% increase. Will I get a 17% pay increase? Of course not, most companies give 2-3-4% per year calling it a 'cost of living' increase. And for those not working, just collecting SS or pensions or 401k income, the situation may eventually push them out of their homes.

 

Yes, 14% (or 17%) is less than 31% but 14% is still a large number, so the "920" certainly helps but it doesn't make it that current, existing owners do not experience a big increase in taxes, it only prevents us from having to pay an even bigger increase. Sugar coat it or deny it all you want, but 14% is 14%.

The real pain of property value increases sets in with the new, renewal and replacement levies.  Also, with hindsight there is "associated" pain when somebody looks at their tax bill and sees those 29-year bond issues that they are being assessed.  They have ended up with all the school district's buildings replaced, the ranking/performance of the schools doesn't change and the students who move into those buildings already start to trash/deface them.

Renewed levies that are added to the charter millage (10 mills is pretty common) are renewed at the dollar values they generate in the year in which they were passed. They don't account for inflation/rising property values. Some of the oldest levies added to the 10-mill charter millage produce very little revenue. I've seen some school districts seek to replace those at the current property values. Voters see how much more they would have to pay and they defeat them. So the school district ends up killing the old levy and losing those revenues. I've seen other school districts take that into consideration and decide they'd rather live with the small amount of revenue from those old levies than risk losing that revenue by replacing those old levies. So they'll go after a new levy instead.

On 9/28/2021 at 12:35 PM, Pugu said:

 

Huh?  Its not theoretical. I live in an old house in Detroit Shoreway. My house is going from 145,000 to 190,000---that's 31%!  My taxes are going up from $4,341 to $4,943 per year---that's $602!--its not 31%, but it is almost a 14% increase.  And who knows, three years later it could be increased again. That's my point. I need another $600 now per year net--meaning  another $731 (less 18% in taxes) per year for the same house. $731 more per year in earnings is a 17% increase. Will I get a 17% pay increase? Of course not, most companies give 2-3-4% per year calling it a 'cost of living' increase. And for those not working, just collecting SS or pensions or 401k income, the situation may eventually push them out of their homes.

 

Yes, 14% (or 17%) is less than 31% but 14% is still a large number, so the "920" certainly helps but it doesn't make it that current, existing owners do not experience a big increase in taxes, it only prevents us from having to pay an even bigger increase. Sugar coat it or deny it all you want, but 14% is 14%.

In Maryland the re-assessment comes every 5 years and any increase is phased in over a 5-year term. So taxes are constantly going up, but the increase is neither sudden or fast.  It's good for the government and for the taxpayers. I'm guessing Ohio jurisdictions don't do that.

 

Edit:  Phased in over 3 years, not 5.

 

Edited September 30, 20213 yr by Dougal

On 9/28/2021 at 12:35 PM, Pugu said:

 

Huh?  Its not theoretical. I live in an old house in Detroit Shoreway. My house is going from 145,000 to 190,000---that's 31%!  My taxes are going up from $4,341 to $4,943 per year---that's $602!--its not 31%, but it is almost a 14% increase.  And who knows, three years later it could be increased again. That's my point. I need another $600 now per year net--meaning  another $731 (less 18% in taxes) per year for the same house. $731 more per year in earnings is a 17% increase. Will I get a 17% pay increase? Of course not, most companies give 2-3-4% per year calling it a 'cost of living' increase. And for those not working, just collecting SS or pensions or 401k income, the situation may eventually push them out of their homes.

 

Yes, 14% (or 17%) is less than 31% but 14% is still a large number, so the "920" certainly helps but it doesn't make it that current, existing owners do not experience a big increase in taxes, it only prevents us from having to pay an even bigger increase. Sugar coat it or deny it all you want, but 14% is 14%.

 

Yeah there is a decent increase due to the charter taxes.  Here is a helpful article by Cleveland.com that speaks to the increase per 100k per city.    Some are worse than others.  Lakewood for example had the average property go up 27%  and the average tax is going to go up 19.8%.  Where as place like Independence has properties go up 9% with the tax bill only going up 2.8%.  I do think think this increase in taxes especially in places like Lakewood could be hard on the citizens who are either lower to middle class or on fixed incomes.

 

https://www.cleveland.com/cuyahoga-county/2021/09/with-new-cuyahoga-county-appraisals-most-property-tax-bills-will-rise-see-partial-estimates-for-your-city.html

Interesting little revenue item from the 2023 city budget book:

 

Investment income - 2021  $284K;  2022  $8,389K;  2023(forecast)  $8,000K

 

In March, 2022 Ahmed Abonamah took over as finance director.  I'd say he is earning his pay.

 

See page 47:  https://clevelandohio.gov/sites/clevelandohio/files/finance-docs/2023BudgetBook.pdf 

How is that growth possible?

14 minutes ago, KJP said:

How is that growth possible?

The budget book says it is from the investment of pooled, comingled fund balances.  Presumably his predecessor wasn't doing it to the same extent.

2 hours ago, Dougal said:

The budget book says it is from the investment of pooled, comingled fund balances.  Presumably his predecessor wasn't doing it to the same extent.

 

More likely his inheritance of large ARPA cash balances, no?  Percent returns might offer a better look at performance.  Arbitrage regulations severely limit his investment options other than STAR Ohio type accounts.  As those ARPA funds are paid out, I would expect those amounts will revert to the mean (except those on the new - ARPA funded - $110 million payroll reserve). 

 

Edited January 2, 20241 yr by grayfields

2 hours ago, grayfields said:

 

More likely his inheritance of large ARPA cash balances, no?  Percent returns might offer a better look at performance.  Arbitrage regulations severely limit his investment options other than STAR Ohio type accounts.  As those ARPA funds are paid out, I would expect those amounts will revert to the mean (except those on the new - ARPA funded - $110 million payroll reserve). 

 

You could be right. I thought about that, ARPA and maybe IRA, too; but I assumed the USGovt wouldn't hand out billions of idle cash for the cities to collect interest on.  I wouldn't, if I were Janet.

 

Quoting from the budget book definition:  Investment Income: Receipts from Interest earned on Investments of comingled funds, including Treasury Notes, Treasury Bills, certificates of Deposit, and Repurchase Agreements

More evidence of complete fraud/waste/abuse by grandfather to murderers, Frank Jackson

On 1/2/2024 at 12:53 PM, grayfields said:

 

More likely his inheritance of large ARPA cash balances, no?  Percent returns might offer a better look at performance.  Arbitrage regulations severely limit his investment options other than STAR Ohio type accounts.  As those ARPA funds are paid out, I would expect those amounts will revert to the mean (except those on the new - ARPA funded - $110 million payroll reserve). 

 

 

I'm no accountant but they've mentioned how the ARPA funds created a HUGE buffer during the City Club forum they held a few weeks back. It was pretty interesting and worth a listen/watch: 

 

 

Convert the county property tax to a land value tax and use it to fund expansion of GCRTA's rail and BRT system in 2- to 4-mile chunks that cost $200 million to $500 million each.

On 1/2/2024 at 3:00 PM, Dougal said:

 I assumed the USGovt wouldn't hand out billions of idle cash for the cities to collect interest on.

😂

3 hours ago, LlamaLawyer said:

😂

I'm way too old to be so naive, I guess.  😒  I'm going to email AA and see what he has to say.

Article on the proposed dowtown TIF district.

 

How much would the rest of Cleveland get out of Mayor Bibb’s downtown revitalization money?