How Much Was Earned, Where Did It Go & What Do We Owe?
The City ended 2009 in the black with its General Fund revenues exceeding Expenditures. The General Fund is the City's primary operating fund that pays for Police, Fire, Refuse and all the other services that make the City tick. Revenue for the General Fund comes primarily from Income Tax, which was up almost 2% due to a one-time Tax Amnesty that took place this year.
The City's Property Tax goes to various functions such as the General Fund, to pay for debt related to capital projects, and to pay for police and fire pension costs.
The largest capital investments during 2009 was Street projects. More streets were resurfaced this year than there have been in any of the last 20 years. The City resurfaced over 7.5 miles of street, which is more than triple the average done in recent years. This was accomplished through Federal Stimulus monies, debt financing, and good timing when the City when out to bid the projects early in the year.
The City has six Enterprise or Revenue Funds. These funds are supported solely by the revenues received from those specific operations via the water and sewer rates and parking meters. The over $18.5 million in revenues from these sources can only be spent on these functions. So revenue from the water rates can only be spent on water operations and capital, sewer revenue only on sewer operations and capital, and so on.
For more information on City of Lakewood Finances including budgets and audit reports, visit the Finance Department web page.
The City ended 2009 in the black with its General Fund revenues exceeding Expenditures. The General Fund is the City's primary operating fund that pays for Police, Fire, Refuse and all the other services that make the City tick. Revenue for the General Fund comes primarily from Income Tax, which was up almost 2% due to a one-time Tax Amnesty that took place this year.
The City's Property Tax goes to various functions such as the General Fund, to pay for debt related to capital projects, and to pay for police and fire pension costs.
The largest capital investments during 2009 was Street projects. More streets were resurfaced this year than there have been in any of the last 20 years. The City resurfaced over 7.5 miles of street, which is more than triple the average done in recent years. This was accomplished through Federal Stimulus monies, debt financing, and good timing when the City when out to bid the projects early in the year.
The City has six Enterprise or Revenue Funds. These funds are supported solely by the revenues received from those specific operations via the water and sewer rates and parking meters. The over $18.5 million in revenues from these sources can only be spent on these functions. So revenue from the water rates can only be spent on water operations and capital, sewer revenue only on sewer operations and capital, and so on.
For more information on City of Lakewood Finances including budgets and audit reports, visit the Finance Department web page.
Labels: Finance
posted by The City of Lakewood, Ohio at
12:10 PM
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