Department of Finance

Mission Statement

The mission of the Department of Finance is to maintain and strengthen the fiscal integrity of the City of Lakewood.

The Finance Department's main objective is to maintain and strengthen the City's financial integrity by performing the following administrative functions:

  • Financial Reporting
  • Financial and Legal Compliance
  • General Accounting
  • Accounts Payable
  • Revenue and Accounts Receivable
  • Payroll
  • Purchasing
  • Request for Proposals, Bids and Contracting
  • Cash Management
  • Investments
  • Debt Management
  • Inventories and Fixed Asset Management
  • Risk Management
  • Grant Writing
  • Municipal Income Tax Collections
  • Information Systems Services
  • Communications
  • Vital Statistics
  • Water Administration
Moody's Investors Service Rating

On May 8, 2007, Moody's Investors Service has assigned an Aa3 rating to the City of Lakewood's General Obligation Long Term (GOLT) debt. The Aa3 rating applies to the City’s $59.828 million of general obligation limited tax debt, which includes the 2007 issuance of $10.84 million. The City has retained its Aa3 rating, and the negative outlook designation given with the 2005 issuance has been removed. The Aa3 is considered a very good rating, and as of September 2006 only 35 Ohio municipalities out of 177 rank higher than the City of Lakewood.

The Aa3 rating reflects the City's modest, but improving financial position; moderately sized and mature tax base with above average socioeconomic indicators; and manageable debt profile. According to Moody’s, “after three successive years (2002 to 2004) of sizable operating shortfalls due to softening of the city’s primary revenues (namely, income taxes), the city reduced its workforce through attrition and achieved other operating efficiencies so as to restore structural balance, leading to modest surpluses in fiscal 2005 and fiscal 2006 (unaudited).” The 2007 Comprehensive Budget Document released on April 24th details the City’s efforts and initiatives to strengthen the structural financial balance over the past few years.

Annual City Audit

The Ohio Revised Code requires an annual audit by the State Auditor's Office or by a designated independent certified public accounting firm sanctioned by the State Auditor's Office. The City received an unqualified opinion from the Auditor of the State of Ohio for the most recent year audited. An unqualified opinion represents that the City's financial statements are presented fairly in all material aspects in conformity with generally accepted accounting principles. The unqualified opinion can be found in the City's Comprehensive Annual financial Report.

Financial Statement Presentation

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended December 31, 2006. The City has received this award for 25 consecutive years.

Distinguished Budget Presentation Award

The Finance Department was awarded the "Distinguished Budget Presentation Award" from the Government Finance Officers Association (GFOA) for its FY 2007 budget document. The award represents a significant achievement by the City. It reflects the commitment of the governing body and staff aspiring to the highest principles of governmental budgeting.

The City began submitting its comprehensive budget for the GFOA Distinguished Budget Presentation Award in 2003, but it was developed after the appropriations ordinance was approved. The 2007 comprehensive budget document was presented to City Council on February 9, 2007 at the start of the budget hearing process, which provided in depth department information such as operations, accomplishments and goals, performance measures, and the 2007 departmental budget.

The Budget Document is meant to serve several purposes, which includes:

  • Policy Document
  • Financial Plan
  • Operations Guide
  • Communications Device

Lakewood is one of only 16 municipalities in the State of Ohio that has received both the Government Finance Officer Association’s (GFOA) Distinguished Budget Presentation Award and the Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR). Therefore, the City adheres to extensive, best practice criteria for its financial reporting of both its annual budget and its CAFR.