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.

About

Responsibilities:

• Accounts Payable/Receivable: Ensure timely payments to vendors and ensure prompt collection of payments.
• Payroll: Pay employees accurately and timely.
• Cash & Debt: Monitor cash flow and debt to ensure sufficient funds and financial stability.
• Financial Forecasting: Estimate future revenues and expenses to help the City plan ahead and make smart financial decisions.
• Budget Preparation: Develop and manage the City’s budget to ensure effective allocation of resources in alignment with City Council goals and objectives.
• Internal Control Monitoring: Implement and monitor internal controls to ensure financial accuracy and compliance.
• Annual State Audit: Work with independent state auditors annually to review the City’s financial records and ensure compliance with state laws.
• Financial Reporting: Prepare and share interim reports that show how the City’s money is collected, spent, and managed and the Annual Comprehensive Financial Report (ACFR).
• Non-departmental/centralized services
• Fleet & Equipment Administration: Manage the City’s vehicles and equipment to ensure they are properly accounted for.
• General Accounting: Maintain accurate financial records, including capital projects, assets and grant funding.

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