Annual Comprehensive Financial Reports

State law requires that all general-purpose local governments publish within six months of the close of the fiscal year a complete set of financial statements. Statements are required to follow generally accepted accounting principles (GAAP) and be audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants.

Pursuant to that requirement, Lakewood publishes comprehensive annual financial reports on the City of Lakewood. Reports consist of management's representations concerning the finances of the City of Lakewood. Consequently, management assumes full responsibility for the completeness and reliability of all information presented in the reports.

The City of Lakewood has established a comprehensive internal control framework that is designed both to protect the government's assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City of Lakewood's financial statements in conformity with OAAP.