Franklin County's Annual Comprehensive Financial Report for the year 2022 has been released, confirming that the county's financial practices are in compliance with Generally Accepted Accounting Principles (GAAP). The State Auditor has issued an unmodified opinion on the report, which is the highest assurance of financial accuracy and compliance that can be given.

The report includes an independent audit, a crucial step in maintaining the integrity of the County's accounting and budgetary controls. These internal controls are specifically designed to safeguard assets and ensure the reliability and accuracy of the county's financial records. The financial statements presented in the report are comprehensive, encompassing all funds, agencies, boards, and commissions for which Franklin County is financially accountable.

As of December 31, 2022, Franklin County's population is estimated at 1,332,150. This figure represents a slight decrease over the previous year, yet there has been an overall increase over the past decade. The local economy is characterized by its diversity, with no single industry dominating. Major employers in the region include JP Morgan Chase, Nationwide, and Amazon, contributing to the economic stability of the county.

The unemployment rate in Franklin County decreased to 3.4% in 2022, which is lower than both the state and national averages. This decline in unemployment is indicative of a robust local economy.

Sales tax collected in the county for the year was 7.50%, with the revenue being allocated among the State of Ohio, Franklin County's General Fund, and the Central Ohio Transit Authority. Property taxes remain a significant source of revenue for the General Fund and various County agencies. The total value of new construction in the county for 2022 was reported at $1.68 billion, signaling an upward trend in real property values.

Franklin County offers tax abatement programs such as Community Reinvestment Areas, Enterprise Zones, and EPA programs. In 2022, these programs resulted in $26.8 million in property taxes being forgone. The Tax Incentive Review Council conducts annual reviews of tax abatement agreements, with some agreements exceeding their targets and others falling short.

The county is committed to maintaining a structurally balanced budget. One-time surpluses are not allocated for continuing expenditures but may be used for one-time capital projects. Franklin County has established reserve balance accounts, including a General Fund Contingency and an Economic Stabilization account, to ensure financial stability.

The Treasurer's office is responsible for the investment of funds, with the General Fund having $367.9 million in unrestricted cash and investments as of the end of 2022. The county issues long-term, fixed-rate debt to fund infrastructure and capital projects, with a strong focus on preserving its triple-A credit rating.

A detailed five-year capital plan is in place for long-term financial planning, which links operating and capital budgets. Major capital projects in 2022 included infrastructure improvements and the construction of the new James A. Karnes Corrections Center and the Forensic Science Center.

For thirty-nine consecutive years, Franklin County has been awarded the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting. Additionally, it has received the Award for Outstanding Achievement in Popular Annual Financial Reporting for twenty-seven consecutive years.

For further questions regarding the financial report, Auditor Michael Stinziano has been provided as a contact.

In a related note, a conversation with David Landreman, a resident of Columbus, Ohio, revealed that while he is more familiar with the finances of Columbus than those of Franklin County, he acknowledges that both maintain good credit ratings. Columbus has been investing in underserved neighborhoods, such as the Cleveland Avenue corridor, and in infrastructure improvements like replacing traffic signals in Weinland Park. Landreman expressed his approval of the investment in road infrastructure in Columbus but noted the need for improvements in local and state-level public transportation. He pointed out that Columbus lacks mass transit options beyond buses, with light rail and streetcar projects not coming to fruition. Unfortunately, the conversation ended before further discussion on the barriers to mass transit development and its impact on the local economy and residents' daily lives could be explored.