Credit rating

Cleveland Heights has filed its delinquent 2024 financial audit with the Ohio state auditor's office, leaving just the 2025 audit outstanding as the city works to resolve fiscal reporting failures from the prior administration. Late filings for 2023 and 2024 led Moody's Investors Service to pull the city's "A1" credit rating about 18 months ago, placing it in a "no rating" category that limits its ability to borrow or issue bonds.

Under Mayor Jim Petras and new Finance Director Joe Brodzinski, city controller Tiffinae Ware told council the 2025 financials should be closed out within weeks. Council President Tony Cuda has asked for further discussion of the 2025 audit and the city's bond rating at an upcoming finance committee meeting ahead of 2027 budget hearings. Auditors also flagged a lapsed capital assets inventory as a "material weakness" that could lead to a state non-compliance finding. Separately, the city's Cedar-Fairmount parking garage will close for about a month starting Labor Day week for resurfacing work.