Lakewood Receives ‘Auditor Of State Award With Distinction’

For the second year in a row, the city of Lakewood has received the Auditor of State Award With Distinction for the its 2014 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 culminates years of improving the city’s financial position, tightening internal controls, and implementing fiscal best practices,” said Jenn Pae, the city’s finance Director. “This 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.”

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 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.

“Good finance is important to everything government does,” said Dave Yost, the state auditor. “Sound budgetary decisions depend on clean and accurate books.”