Balanced Budget Update

It has been a few months since the last City of Lakewood Balanced Budget Update, but I wanted to wait until the 1st Quarter of 2009 was under our belt before reporting out.

Have a look at the Monthly Financial Report here.

It reflects the revised budget numbers passed by Council on April 6th, and expenditures to date with the year-to-date expenditure versus budget benchmark of 25%.

The most notable item in the revised budget is a $600,000 increase in the reserve balance account, bringing the City's budgeted General Fund reserves to $850,000. The target balance goal is $4.4 million, so there still is a ways to go.

As shown on page 5 of the document, overall General Fund expenditures are 2% below budget as of today's date, but it is still early in the year, and the automated refuse collections change over has not yet begun, but will, beginning in May. This will be the true test of keeping the City's budgeted expenditures on track for the year.

The City's greatest challenge (as well as everyone else's these days) and the biggest unknown because of economic conditions, are revenues. Finance Director Jenn Pae sends a pretty good email to folks interested in that stuff. To get on the distribution list, or to get a copy of the last one, email her at Jennifer.Pae AT lakewoodoh.net