Revenues Exceed Expenses: Auditor's Office on Lakewood Finances

The following information was pulled from the Ohio State Auditor's Report of Lakewood. 

The 237-page report was released in July 2013 for an audit of 2012 city finances. For a detailed accounting of the Lakewood's finances, click here. 

Financial highlights for 2012 are as follows:

 • Overall, governmental activities revenues of $52,475,691 exceeded the expenses which came in at $46,929,438 resulting in an increase in net position by $6,728,803 for the year 2012. The total governmental activities’ net position was $58,604,857 compared to $51,876,054 in the previous year. 

• Overall, business-type activities revenues of $21,944,834 exceeded the expenses which came in at $16,876,881 resulting in an increase in net position by $3,885,403 for the year 2012. The total businesstype activities’ net position was $59,707,227 compared to $55,821,824 in the previous year. 

• The City issued bond anticipation notes and bonds during 2012 to refund the various improvement 2003 bonds (governmental and business-type activities), rollover of bond anticipation notes, and additional resources for roadway improvements to ten streets, traffic signalization upgrades on Detroit Avenue, City Hall roof replacement and refuse facility repairs.

• The City is committed to providing the Citizens of Lakewood with the highest quality of services while maintaining efficiency and cost effectiveness. The City actively pursues grants to offset costs of providing services and to offer new programs.