Finance

A photo of a Mojave-Sage plant blooming.

The Finance Department performs all financial functions for the City of Lakewood: accounting, budgeting, financial reporting, cash and debt management, investments, sales and use tax revenue collection, utility billing, purchasing, shipping, receiving and mailroom services and real property management. The Finance Department also collects public improvement fees on behalf of the Lakewood Reinvestment Authority, Elk Valley Public Improvement Corporation and the Plaza Metropolitan District.

The Finance Administration Division coordinates and compiles the citywide budget document. The budget process, guidelines, assumptions and training are coordinated and provided by this division. The division ensures that the budget complies with the Governmental Accounting Standards Board (GASB).

The City‘s budget is approved by City Council as an ordinance before Nov. 1 of each year, for the ensuing year. The current budget document is the latest year shown, as approved or proposed (not yet approved), while all other documents contain dated information for historical references only. 

A hard copy of the budget document is available for viewing at the City Clerk’s Office.

 
 2020 Proposed Budget(PDF, 37MB)

 budgets by year:

The Lakewood Public Building Authority (LPBA) is an entity that is legally separate from the City.  For financial reporting purposes, the LPBA consists of a single fund and is blended into the City’s financial statements because it was formed to construct, finance and lease municipal and recreation facilities exclusively to the City.  A separate budget for the LPBA is prepared and approved by that entity’s board of directors.

The Accounting Division compiles the City’s Comprehensive Annual Financial Report (CAFR), working closely with Finance Administration. The CAFR includes the City of Lakewood financial statements and complies with City Charter, generally accepted accounting principles and the Governmental Accounting Standards Board (GASB). The financial statements are externally audited by Anton Collins Mitchell LLC. The data contained in the reports are for historical reference only. The information contained is not updated for development subsequent to the date of the independent auditor’s report.

The CAFRs are also available in hard copy for viewing at the City Clerk's Office and at the two Jefferson County Libraries located in Lakewood, Colo.

 2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR)(PDF, 3MB)

 

COMPREHENSIVE ANNUAL FINANCIAL REPORTS (CAFR) BY YEAR:

Lakewood Ledger is the City's online tool for residents to better understand how Lakewood spends taxpayer funds. The tool allows viewers to search the City's spending accounts by expense type, department, fund and by vendor name. It includes payments made through procurement cards that function like credit cards, accounts payable vouchers and other payment methods.

The City of Lakewood is funded by tax dollars. As such, the City's purchasing procedures have been established to ensure that open, fair and competitive means are used to purchase goods and services in the most economical way. The City strives to maintain public confidence through ethical and transparent procurement practices.

The City of Lakewood, through the Purchasing Division, operates a partially decentralized purchasing system. Professional procurement personnel handle transactions greater than $25,000. Transactions less than $5,000 are generally assigned to trained staff in each city department. The city's preferred payment method is by city procurement card.

Formal solicitations (Invitation to Bid, Request for Proposal, Formal Request for Quote) are posted on the Rocky Mountain E-Purchasing System (RMEPS). This system services various agencies and provides a centralized site with instant access to bid opportunities throughout the Rocky Mountain region. Vendors interested in doing business with the city are encouraged to register on this site. Registration is free unless the vendor wishes to receive automatic notification from RMEPS of new bidding opportunities.

The city also posts formal solicitation notices on the its website under Legal Notices.

The city may use cooperative agreements, state price agreements and "piggyback" purchasing methods for supplies and services when applicable and available. 

The Property Management Division performs a variety of duties related to real property matters. Responsibilities include acquisitions of land and real property interests necessary to meet the needs of the city, such as land for parks and open space, city facilities, rights-of-way, easements, license agreements, leases and lease purchases. Additionally, technical assistance is provided in the review of subdivisions, annexations, site plans and other land use applications as they relate to legal descriptions, drawing requirements, signature authorizations and ownership verification.

The Property Management Division creates, maintains and updates data files for real property matters, including development-related cases and city land acquisitions. These data files, maps and GIS are used to respond to internal and external requests for information regarding city land matters.

Official property ownership records are maintained by the Jefferson County Assessor. Records are available through the Jefferson County Assessor Property Records Search.

The Revenue Division is responsible for the administration, collection and enforcement of the city's sales, use, accommodations and business and occupations tax ordinances and regulations.

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The City of Lakewood provides water service and sanitary sewer service to a small area within the city. In addition, the City of Lakewood maintains the public stormwater drainage system consisting of many storm drains or inlets, underground storm lines, culverts, gulches and open channels throughout Lakewood.

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