Budgeting Process
The annual budget serves as a guide for the Town of Lakewood Village to provide services, facilities and amenities to its residents. The budget document in intended to give a comprehensive view of funding for the day-to-day operations, capital improvements, and reserve funds for the Town of Lakewood Village. Exependitures are organized by department to give the public a clear understanding of how resources are allocated. Conservative fiscal management has allowed the Town to achieve a significant reserve fund and provide flexibility on budgetary issues. Lakewood Village continues to balance revenues and expenditures and enhance services.
The Annual Budget provides four main functions for the Town:
- Policy Document – The budget should serve as a policy document for the Town Council.
- Financial Plan – The budget should serve as a financial plan describing all sources and uses of funding, including summaries of revenues and expenditures for multiple years, and changes in fund balances.
- Operations Guide – The budget should serve as an operations guide to the departments by identifying the resources to be provided and the objectives to be met.
- Communications Device – The budget should serve as a communications device to convey essential information to the diverse groups who use the budget information – the public, elected and appointed officials, bond rating agencies, and investors.