Lakewood City Council Approves Balanced 2017 Budget

The city of Lakewood Council recently approved its 2017 budget for all funds totaling nearly $111 million.

The comprehensive budget document, or estimate of expenses as required by the City Charter, is the city’s organizational master plan for the fiscal year. It is a policy document, a financial plan, an operations guide and a communications tool.

The city’s administration puts together the estimate of expenses document, which Lakewood City Council used as a guide to pass the 2017 appropriation ordinance on December 19, 2016. This year’s appropriation ordinance supports Council’s budget priority process.

“This budget reflects the city of Lakewood’s dedication to be excellent stewards of our taxpayers’ dollars,” Lakewood Mayor Michael Summers said.

“It also confirms the continued hard work of our entire finance department.”

By performing this process annually, the city is able to recognize trends with revenues and expenditures while creating a financial plan for the city’s future. It also provides a framework consistent with Lakewood’s vision and values and resources to support the city’s goal of continuing to be a higher performing organization.

The city is anticipating more than $12 million in capital projects in 2017. Furthermore, the city’s full-time headcount is maintained at 411 budgeted positions.

“For nearly a decade, City Council and the administration have worked hard to secure and enhance the financial strength of the City without increasing income or property taxes,” said Lakewood Finance Director Jennifer Pae. “This year’s budget continues to build the financial strength of this City government while providing exceptional services.”

A full copy of the 2017 Budget can be viewed here.