Franklin County 2021

Annual Financial Report 

As Franklin County’s Auditor, I remain committed to providing you with ready access to reliable information. The Annual Financial Report is intended to demonstrate governmental accountability to the citizens of Franklin County in a format that is readable and easy to understand.

The Franklin County Popular Annual Financial Report (PAFR) for the fiscal year ended December 31, 2021, presents an overview of the County’s finances. The PAFR focuses on governmental activities, and is not as detailed as our Annual Comprehensive Financial Report (ACFR). The ACFR contains full financial statements and note disclosures for all activities, funds, and component units, prepared in accordance with Generally Accepted Accounting Principles (GAAP). The information presented in the PAFR has been derived from the 2021 ACFR, which was audited by the Ohio Auditor of State, receiving an unmodified “clean“opinion. The information shown in the PAFR is different from the GAAP financial statements because accounting data has been summarized and combined, and business-type activities, component units, proprietary and fiduciary funds have been excluded.

Economic Outlook

Franklin County is located in central Ohio, within 500 miles of half the nation’s population. Columbus, the largest city in the County, serves as the state capital and the county seat. The County’s largest employers represent government, education, retail trade, finance and health care.

The diversity of business sectors helps the region weather economic fluctuations. The County’s average unemployment rate for 2021 was 5 percent, a 2.4 percentage point decrease from 2020 as a result of the recovery from the global Coronavirus Disease (COVID-19) pandemic. The County’s unemployment rate is below the state average and above the national average.

A factor contributing to the unemployment rate is the County’s well-educated workforce. Based on educational attainment data published by the U. S. Census Bureau, 91.1 percent of County resident’s ages 25 and older have graduated from high school, and 40.4 percent have completed four or more years of college.

The total value of new construction was $1.5 billion in 2021. In comparison this is an increase from 2020 total new construction. The appraisal cycle is six years, with an update performed at the mid-point. The reappraisal performed in 2017 resulted in an increase in taxable real property values. The next reappraisal will be performed in 2023.

County Initiatives

The County has undertaken several initiatives, including: government facilities improvements; updating parking facilities; and a number of infrastructure improvements.

I encourage you to explore our website at www.franklincountyauditor.com, where you will find the complete PAFR and ACFR and a wide array of other county information. To obtain a copy of the PAFR or ACFR please visit the website. Contact me or my staff with your comments concerning this report, or any other aspect of the operations of the County Auditor’s Office.

Sincerely,

Michael Stinziano

Franklin County Auditor

auditorstinziano@franklincountyohio. gov