Finance

The City of Lakewood Finance Division provides accurate financial information for City leaders to make educated judgments about the City’s financial health and operations.

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About

Washington State Auditor Case Study – City of Lakewood (PDF)

Responsibilities:

• Accounts Payable/Receivable: manages the money the city owes to others (accounts payable) and the money it is owed by others (accounts receivable)
• Payroll: Handle paying city employees
• Cash and Investment Management: takes care of the city’s money and investments, making sure they are handled wisely
• Financial Forecasting: predict how much money the city will have in the future
• Budget Preparation: create plans for how the city will spend its money
• Internal Control Monitoring: make sure that money is used properly and efficiently within the city
• Audit: examine the city’s financial records to check for accuracy
• Financial Reporting: create reports that show how the city’s money was used, including a yearly report called the Comprehensive Annual Financial Report
• Non-Departmental/Centralized Services: services that benefit the whole city, not just one specific department
• Fleet and Equipment Administration: take care of the city’s vehicles and equipment
• General Accounting: handle various financial tasks, such as money for specific projects, keeping track of valuable assets and handling grants

Goals and Objectives:

• Provide timely, accurate, user-friendly and transparent financial information and services
• Ensure compliance with purchasing laws and regulations
• Ensure proper internal control in City operations to safeguard City resources
• Maintain reliability and integrity of the City’s financial data and processes
• Stay on top of new developments in accounting and finance