Municipal Finances 101
The purpose of this report is to provide citizens with the fundamentals of municipal finance in a Q&A format. This is the first time the City has prepared such a document. Contents of this document will be updated and incorporated as part of the upcoming 2019/2020 biennial budget document.
Quarterly Financial Reports
The quarterly financial report provides a comprehensive review of the City's primary operating funds, the General and Street Operations & Maintenance Funds, with graphical presentations of the City's major revenue sources with comparisons to prior year actual results and current year budget projections. The report also provides information on the ending fund balance & cash position, debt, grant activity, capital projects, and financial statements for all City funds. The City will strive to continue to make improvements in its financial reporting scheme so that information is available to the City Council, City Manager, departments and public is the best available for sound financial decisions.
Comprehensive Annual Financial Report
The City of Lakewood's Comprehensive Annual Financial Report (CAFR) is presented in three sections: introductory, financial and statistical. The introductory section includes the transmittal letter, the City's organizational chart and a list of City officials. The financial section includes the independent auditor's report, management discussion and analysis, the basic financial statements, the combining and individual fund statement, and debt service requirement schedules. The statistical section includes selected financial and demographic information presented on a multi-year basis.
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 of Lakewood for its 2013 CAFR (City's first CAFR award since 2005), 2014 CAFR, 2015 CAFR and 2016 CAFR. This award is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read it. The Certificate of Achievement is valid for a period of one year only. The City will continue to produce this report and submit annually to GFOA to determine its eligibility for another certificate.
Popular Annual Financial Report
The report provides and overview of the City's financial position, including sources of revenues and expenditures, as well as economic information about the community. The Popular Annual Financial Report (PAFR) of the City of Lakewood is published to increase public awareness regarding the City's financial condition. It is our goal that this report is easy to read and understandable. Fiscal year 2016 is the City's first year of publication of this report.
The Government Finance Officers Association of the United States and Canada (GFOA) has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Lakewood for its Popular Annual Financial Report for the fiscal year ended December 31, 2016. The Award for Outstanding Achievement in Popular Annual Financial Report is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive this award, a government must publish a Popular annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability , and reader appeal. This award is valid for a period of one year only. The City will continue to produce this report and submit annually to GFOA to determine its eligibility for another award.