Comprehensive Annual Financial Reports (CAFR) / Audits « The City of Lakewood, Ohio -

Comprehensive Annual Financial Reports (CAFR) / Audits


Comprehensive Annual Financial Reports (CAFR) / Audits

The Comprehensive Annual Financial Report (CAFR) is a prepared annually by the Finance Department. The report is a summary of the City’s financial transactions.

An annual audit of the City’s finances is performed either by the State of Ohio Auditor’s Office, or by an approved certified public accountant, to verify that public funds are spent appropriately and lawfully.  The final report is delivered by June 30th following the close of the year.

The City has been the recipient of multiple awards for the accuracy of its financial reporting. The prestigious, Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting, award has been presented to the City for over 35 consecutive years.

Also, the City has consistently been the recipient of the Ohio Auditor of State Award with Distinction. This award is presented for excellence in financial reporting for the Comprehensive Annual Financial Report (CAFR) and a “clean” audit report.