The City of Lakewood received yet another accolade for its financial management.
This week, the Government Finance Officers Association of the United States and Canada ( GFOA) announced that the City has received its Distinguished Budget Presentation Award for the City’s 2015/2016 Biennial Budget.
This year marked the first time the City of Lakewood has won the GFOA Distinguished Budget Presentation Award since 2007.
The award represents a significant achievement by the City, reflecting the commitment and leadership of the Lakewood City Council and its employees to meeting the highest principles of governmental budgeting. In order to receive the budget award, the City had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well the City’s budget serves as a:
- Policy document
- Financial plan
- Operations guide
- Communications device
There were 35 award winners in Washington (25 cities, four counties, a school district and five special districts) for fiscal years beginning in 2014. Award recipients pioneered efforts to improve the quality of budgeting and provided excellent exampled for other governments throughout North America.
The GFOA’s Distinguished Budget Presentation Awards Program is the only national awards program in governmental budget.
Judges cited specific strengths of Lakewood’s budget presentation, including these specific comments:
- The budget message clearly articulated long-term goals and subsequent objectives and actions for each. Great job explaining the major issues and including graphics that tell a story.
- Major revenue sources are clearly explained and supported by relevant trend data. This section is very well done. The presentation is excellent and includes detailed narrative on sources and excellent graphics that forecast the revenue in future years.
- Great use of graphs and matrices to complement narrative and financial detail.
- Consistent formatting throughout made this a very easy budget to navigate and comprehend.
- Very detailed and informative fund balance information.
- One of the best long-range financial sections I have reviewed. This is often a difficult criterion to meet, but you provide a great model for presenting long term information.
- Good use of various graphs, charts and maps. This really helped make the document easy to use and understand.
- The document is a wealth of information yet it is presented in a way that is easy to understand.
Assistant City Manager and Finance Director Tho Kraus called the recognition a “huge accomplishment.”
“At every level, the City remains dedicated to being efficient and transparent stewards of taxpayer money,” she said. “I’m very excited about the enhancements we’ve already made to the 6-year financial forecast and revenue & expenditure manual that will be incorporated into the 2017-18 biennial budget document.”
Visit the City of Lakewood’s Finance Division page to learn about the City’s budget, view documents and reports, learn about Lakewood’s commitment to financial transparency and more.