The General Accounting and Financial Reporting Department is responsible for the centralized accounting and financial reporting functions for Cuyahoga County. The Department is responsible for certifying, accounting for, and payment of funds. The Department manages and maintains the County’s general ledger system and County financial records ensuring the accuracy and fiscal integrity of the data, prepares and issues financial reports in compliance with generally accepted accounting principles, reconciles the County’s cash and investment accounts, ensures the timely payment of the County’s liabilities, oversees payroll processing, and issues accounting policies and procedures for all County departments and divisions.

The General Accounting and Financial Reporting Department is responsible for:

• processing all invoices and ensuring the timely payment to the County’s vendor,
• maintaining the County’s general ledger, accounting records, and ensuring the accurate recording and reporting of all financial transactions,
• preparing financial statements in compliance with generally accepted accounting principles; prepares and issues the County’s Annual Comprehensive Financial Report (ACFR),
• issuing best practice accounting policies and procedures for all County departments and divisions,
• providing technical advice and support regarding the accounting treatment for transactions to ensure GAAP compliance,
• issuing all payroll checks and direct deposits on a biweekly basis, issuing federal form W-2 to all employees and the W-2 files to Social Security and state and cities,
• administering the Public Employee Retirement System (PERS) employee and employer contributions, federal and state withholding deposits, local tax withholding reconciliations, and federal and state employment tax reporting and reconciliations,
• issuing IRS form 1099 to applicable vendors and transmitting the 1099 file to the IRS, issuing "B" notices to applicable 1099 reportable vendors,
• auditing and collecting the County’s 6.5% bed tax to be disbursed to Medical Mart, Destination Cleveland, and Municipalities within Cuyahoga County.

The General Accounting and Financial Reporting Department is committed to promoting accuracy, transparency and accountability.

Annual Certified Interest Rates

By October 15 of each year, the Ohio Tax Commissioner certifies the interest rates that will apply to overdue taxes during the next calendar year. For most taxes, the interest rate is calculated by adding three percentage points to the federal short-term rate (rounded to the nearest percentage point) that was in effect during July of the current year.

Based on this formula, the Tax Commissioner has certified that the annual interest rate that will apply to most delinquent real estate taxes is 12%.

View the Ohio Revised Code guidelines for charging interest on section (B), paragraph (2), lines (a) and (b).

A table of interest rates that apply to previous years may be found on the Ohio Department of Taxation website.