Department of Finance
The mission of the Department of Finance is to maintain and strengthen the fiscal integrity of the City of Lakewood, and to provide exceptional, yet efficient, customer service.
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
- Request for Proposals, Bids and Contracting
- Cash Management
- Debt Management
- Inventories and Fixed Asset Management
- Risk Management
- Grant Writing
- Municipal Income Tax Collections
- Information Systems Services
- Vital Statistics
- Utility Billing
Moody's Investor Service Bond Rating
The City of Lakewood is proud to announce that on April 23, 2010 its bond rating was raised by Moody’s Investor Service from Aa3 to Aa2. Moody’s recalibrated its municipal ratings to make those ratings compatible with corporate bond ratings. The City's bond rating is the third highest rating given by Moody's, and only a handful of Ohio governmental entities have ratings higher than the City's "Aa2".
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, 2012. The City has received this award for 31 consecutive years.
Lakewood Audit Committee
The City of Lakewood Audit Committee is scheduled to meet the last Monday of every month for the year 2013 (except for May & December) at 6:00 P.M. to approximately 7:30 PM in the Mayor’s Conference Room - 2nd floor (Room is subject to change, please check with guard at front desk) of Lakewood City Hall - 12650 Detroit Avenue, Lakewood, Ohio.
The Audit Committee was established by Ordinance 93-07, adopted December 3, 2007. “…. to provide independent review and oversight of the City's financial reporting processes, internal controls, and the independent auditor comments. The Committee shall review financial statements, independent auditor reports and follow up on corrective actions; review the City of Lakewood's comprehensive framework of internal controls; assess the performance of the independent auditor; provide an independent forum to report findings of management fraud, abuse or control override to the independent auditor…”.
PUBLIC NOTICE: The Audit Committee Membership is made up of Lakewood residents with a financial background appointed by Council and the Mayor. Members of Council’s Finance Committee also serve on the Audit Committee and public notice is hereby provided in compliance with Ohio’s Open Meetings Law.
Board of Control
Board of Control consists of the Mayor, the Director of Law, the Director of Finance and the Director of Public Works, who may be represented by designees approve contracts by the execution of a written authorization or ratification of a contract by three of its members or their respective designees, with or without a meeting. Contracts or purchases in excess of $7,500 or professional services in excess of $5,000 require the approval of the Board of Control.