Lakewood Third Quarter Financial Report Shows Highest Closing Fund Balance Since 2007 – The Suburban Times

Town of Lakewood announcement.

The city’s finances are doing well. The City recently produced its financial report for the third quarter of 2021 and reviewed it with city council at the December 13 meeting.

The City has its highest closing fund balance since 2007 due to prudent financial management. The City reduced its spending by approximately 9.1% in 2020 and only observed a 4.5% drop in revenue. Spending cuts have been achieved through hiring freezes, breaks for training and travel, reductions in fleet and equipment spending, and other measures.

Sales tax collection data shows interesting economic prospects. Construction tax revenue increased 32% year over year, and revenue from motor vehicle sales increased 83% from the same period last year. The service sector, including food and beverage related businesses, has rebounded well.

The three main sources of operating revenue for the City’s General Fund include sales tax (26%), property tax (18%) and tax on utilities (14%).

The City’s healthy financial situation has allowed capital investment projects such as road and park improvements to proceed on schedule. Federal American Rescue Plan Act funds are applied to community programs rather than budget repairs. A healthy cash balance allows for investment in one-time expenses like the Economic Development Opportunities Fund being developed to fuel business resilience.

The Haunting of Hill House at Lakewood Playhouse

The City of Lakewood budget and policies are public:

Page 4 of the report summarizes the year-over-year changes in key revenue areas.

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