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. There is additional information that could have been includes; however, that information is currently not available for the adjusted budget. This document will continue to be updated to incorporate items that are currently underway and/or slated to be developed as part of the upcoming 2017/2018 biennial budget process.
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 and 2015 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.
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.