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. To do this, the City has been delivering structurally balanced budgets since 2008. This enables the city to continue to focus on economic development, a safe and secure city, sound governance and vibrant neighborhoods.
The Finance Department is responsible for administering the fiscal affairs of the City of Lakewood 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
- Vital Statistics
- Utility Billing
Monthly Financial Report as of May 31, 2019+-
Year-End Monthly Financial Reports+-
- 2019 Estimate of Expenses / Comprehensive Budget Document
- 2018 Estimate of Expenses / Comprehensive Budget Document
- 2017 Estimate of Expenses / Comprehensive Budget Document
- 2016 Estimate of Expense / Comprehensive Budget Document
- 2015 Estimate of Expense / Comprehensive Budget Document
- 2014 Estimate of Expense / Comprehensive Budget Document
- 2013 Estimate of Expense / Comprehensive Budget Document
- 2012 Estimate of Expense / Comprehensive Budget Document
- 2011 Estimate of Expense / Comprehensive Budget Document
- 2010 Estimate of Expenditures
- 2009 Estimate of Expenditures
- 2007 Comprehensive Budget
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.
- 2018 Audit and Comprehensive Annual Financial Report
- 2017 Audit and Comprehensive Annual Financial Report
- 2016 Audit and Comprehensive Annual Financial Report
- 2015 Audit and Comprehensive Annual Financial Report
- 2014 Audit and Comprehenive Annual Financial Report
- 2013 Audit and Comprehensive Annual Financial Report
- 2012 Audit and Comprehensive Annual Financial Report
- 2011 Audit and Comprehensive Annual Financial Report
- 2010 Audit and Comprehensive Annual Financial Report
- 2009 Audit and Comprehensive Annual Financial Report
- 2008 Audit and Comprehensive Annual Financial Report
- 2007 Audit and Comprehensive Annual Financial Report
- 2006 Audit and Comprehensive Annual Financial Report
- 2005 Audit and Comprehensive Annual Financial Report
Annual Financial Overviews+-
- City of Lakewood Financial Overview History 2009-2018
- 2018 City of Lakewood Financial Overview
- 2017 City of Lakewood Financial Overview
- 2016 City of Lakewood Financial Overview
- 2015 City of Lakewood Financial Overview
- 2014 City of Lakewood Financial Overview
- 2013 City of Lakewood Financial Overview
- 2012 City of Lakewood Financial Overview
- 2011 City of Lakewood Financial Overview
- 2010 City of Lakewood Financial Overview
- 2009 City of Lakewood Financial Overview
- 2008 City of Lakewood Financial Overview
Click here to see a database of city contracts.
Financial Policies & Strategies+-
Lakewood became the second city in the county to participate in OhioCheckbook — a state initiative to place all city spending online.
“We’re proud of the fact that Lakewood is a leader in implementing this important initiative,” said Lakewood Mayor Michael Summers. “OhioCheckbook provides an accessible and an easy-to-use tool to find all the expenditures of our local government. We welcome the accountability this provides.”
Have a look at the city’s finances here, on Lakewood.OhioCheckbook.com.
Ohio Municipal League+-
The city of Lakewood utilizes the Ohio Municipal League as part of our advocacy effort to preserve our financial strength.
Ohio’s diverse municipal sector is working hard to address ongoing fiscal and operational issues as it partners with private and nonprofit organizations to improve job creation and retention. The sector’s strengths relate to its historic dynamism and to its entrepreneurial efforts to revitalize its many city-states and the regions they include. Its challenges are connected to structural economic pressures, many associated with a globalizing economy, and state policy issues, including funding cuts to municipalities.
The negative outcomes associated with the state’s municipal disinvestment are not limited to municipal finances and operations. Instead, they connect directly and profoundly to economic growth opportunities related to municipalities and their regional economies – economies that produce nearly 90% of Ohio’s gross state product. This means that stable, effective municipalities – and a revitalized state, municipal partnership – are essential ingredients in Ohio economic competitiveness. It’s no surprise that companies and investors increasingly take municipal vibrancy into serious consideration as they make business decisions. These realities mean that Ohio’s municipal sector, much of which has yet to recover from the Great Recession (2007-2009), needs a new strategy and a revitalized state partnership to capitalize on its economic potential. The strategy outlined below is a path forward on this important front – a path that will lead to more jobs and a stronger state economy.
Finance Department FAQs+-
Q: What hours are the Finance Department open?
A: The office is open during regular City Hall hours: Monday through Friday, 8:00am to 5:00pm.
Q: Does the Finance Department handle property tax?
A: No, property tax is collected through the Cuyahoga County Treasurer’s office. The office is located in the Administration building at 2079 East 9th Street, Cleveland, OH 44115. The phone number is (216) 443-7010.
Q: How am I able to pay an invoice I have received from the Finance Department?
A: Payments may be paid in person at the Finance Department during regular office hours using cash, check, money order or debit/credit card. You may also make a payment with a debit/credit card over the phone by calling (216) 529-6095.
Q: What is the contact information for the Finance Department?
A: You may call (216) 529-6095 during regular office hours with any questions or concerns, or email firstname.lastname@example.org.
Q: How do I become a Vendor for the City of Lakewood?
A: To become a Vendor fill out the City Vendor Registration form found at: http://www.onelakewood.com/apply-register/vendors/ Once the form is completed you may drop it off to the Finance Department at City Hall or scan and email it to email@example.com
Q: If I register with the Building Department as a Contractor, am I considered a Vendor for the City?
A: No. It is a separate process to become a Vendor or a Contractor.
Q: Where do I find what projects the City currently has out for Bid?
A: Construction Projects: for a list of the current construction RFP’s go to: http://www.onelakewood.com/community-vision/mobility/
All other Bid, RFP or RFQ Opportunities: go to: http://www.onelakewood.com/apply-register/vendors/
Q: How do I obtain bid results for a project?
A: Contact Purchasing Manager via email at firstname.lastname@example.org
Q: Does the City auction vehicles or bicycles?
A: The city does not hold annual in-house auctions for vehicles, bicycles or equipment. The city utilizes www.GovDeals.com for obsolete equipment, vehicles, and bicycle.
Q: Does the city sell old street signs?
A: The city does periodically sell its old street signs. Residents are notified through social media when signs are available and how to purchase them.