Fiscal Responsibility
Beachwood exemplifies outstanding municipal fiscal responsibility, serving as the cornerstone of our stable and thriving community. By managing funds with prudence, transparency, and efficiency, the city ensures financial stability while addressing the needs of residents and fostering long-term growth. Guided by a commitment to effective resource allocation and clear communication, Beachwood’s financial leaders work diligently to uphold the community’s trust and maintain the city’s strong fiscal health. Financial Stewardship for Community Prosperity Fostering Opportunity
The city achieved these strategic investments without impacting city services, a testament to Beachwood’s judicious financial management and commitment to advancing the quality of life for its residents.
The City of Beachwood exemplifies economic success through innovative financial strategies that benefit residents, businesses, and the community as a whole. A prime example is its groundbreaking agreement with the Beachwood School District. Under this three-year program (ending in 2027), the city paused collections on 1.4 mills from its charter millage for the schools, providing over $2 million in additional funding annually. This collaboration eliminated the need for a property tax increase, preserving affordability for homeowners and businesses while enhancing the district’s infrastructure.
Additionally, Beachwood leveraged its substantial financial reserves to seize a once-in-a-lifetime opportunity: the $8 million investment to purchase the Fairmount Temple property. This 17-acre site will be transformed into a residential community allowing residents to age in place. This investment addresses the city’s evolving housing needs while strengthening its economic foundation.
Financial Transparency
Beachwood maintained its Aaa rating from Moody’s which is the highest possible rating . This rating indicates city finances are well-managed and empower Beachwood to borrow funds at lower interest rates.
In 2024, the City of Beachwood was recognized for its commitment to fiscal responsibility and government transparency. The Independent Auditor’s Report for 2023, prepared by Charles E. Harris & Associates, issued the city an unqualified opinion—the best audit opinion a city can receive, indicating no compliance issues or material findings. Additionally, Beachwood received the Highest Achievement in Open and Transparent Government Award from the Ohio Auditor of State, honoring its exceptional practices that exceed legal requirements. These accolades highlight Beachwood’s dedication to the highest fiscal and operational transparency standards.
Investing in Retention Beachwood secured Eaton Corporation’s presence in Northeast Ohio with a 25% Job Creation Tax Credit, capped at $10 million over 15 years. In 2025, the city fulfilled this commitment, helping retain Eaton’s headquarters and supporting economic growth. Now valued at over $124 billion, Eaton remains vital to the local economy. With the tax credit ending, Beachwood will begin receiving direct tax revenue from Eaton in 2026, reinforcing its strategic investment in business retention and long-term prosperity.
State of the City - Beachwood, Ohio
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