Healthy financial position means strong credit for Lakewood | The City of Lakewood, Ohio

Healthy financial position means strong credit for Lakewood

January 03, 2018

The city is continuing its sturdy financial situation, according to Moody’s Investors Service.

In a report from December 2017, the company, which provides credit rankings, research and analysis for cities like Lakewood, said Lakewood’s credit position is “very strong and its Aa2 rating is slightly above the median rating of Aa3 for cities nationwide.”

The report said key factors in determining the city’s good score include a “robust financial position, a sizable tax base with healthy income levels and inflated debt and pension burdens.”

The report noted that the city’s cash balance as a percent of operating revenues, 51.7 percent, is notably higher than the U.S. media and “saw an impressive increase” from 2012 to 2016 but its inflated debt and pension liabilities are “a weakness.”

Finance Director Jennifer Pae said the annual report from Moody indicated a longstanding dedication from City Hall to keep Lakewood’s finances in the best position possible.

“This annual review affirms all of the hard work over the past decade by city councils and the mayoral administrations to strengthen the city’s finances in a responsible and sustainable manner,” she said.

For more information, view the report here.