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, 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
  • 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
  • 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, 2008. The City has received this award for 27 consecutive years.