Lakewood Receives ‘Auditor Of State Award With Distinction’ For Third Year StraightSeptember 13, 2016
For the third year in a row, the city of Lakewood has received the Auditor of State Award With Distinction for the its 2015 Comprehensive Annual Financial Report.
“This significant and important award from the state of Ohio affirms our obligation to be excellent stewards of our taxpayers’ dollars,” said Lakewood Mayor Michael Summers. “It also confirms the continued hard work of our entire finance department.”
The award is presented to the top 5 percent of governments that meet specific criteria during their financial audit.
“This award would not be possible without the hard work of the Lakewood Finance Department employees, and the much-valued assistance and input of the City’s Audit Committee,” said Jenn Pae, the city’s finance director. “This culminates years of improving the city’s financial position, tightening internal controls, and implementing fiscal best practices.”
The Auditor of State Award with Distinction is given to entities that file an annual CAFR and timely financial reports, as well as receive a “clean” audit report. The audit also includes a review of the Lakewood Hospital Master Agreement, unanimously approved by Lakewood City Council in December.
The clean audit report means that Lakewood’s financial audit did not contain findings for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings or any questioned costs.