Lauderdale Lakes receives Distinguished Budget Award and a positive audit
LAUDERDALE LAKES, FL — Earlier this week, Lauderdale Lakes City Manager Jonathan Allen was notified by the Government Finance Officers Association (GFOA) that the City of Lauderdale Lakes received the Distinguished Budget Presentation Award for the year beginning Oct. 1, 2012 (Fiscal Year 2013).
The FY 2013 Budget is a $27.7 million annual budget that will help restore financial stability to the city. In accordance with the agreement between BSO and the City of Lauderdale Lakes, the Fiscal Year 2013 Budget includes the city’s proportionate funding for the merged fire and police services with the Central Broward BSO District. The budget also includes the second annual debt service payment of $1,150,000 for the outstanding balance owed to BSO. “We are successfully meeting and, in most cases, exceeding our financial goals” said City Manager Allen. “Notification of the award is another achievement that demonstrates that we are definitely moving in the right direction.”
On March 26, 2013, the City Commission accepted the Fiscal Year 2012 Annual Financial Report that reflected positive fund balances for the General and Fire Rescue funds. To help reach positive fund balances, Lauderdale Lakes took significant steps internally to manage expenditures and monitor revenue. “We knew that business as usual was not going to take our community into the future,” explained Lauderdale Lakes Mayor Barrington A. Russell, Sr. “We had to reduce our operating budget significantly by making tough choices.”
“This Annual Financial Re-port marks the achievement of a critical first step in strengthening Lauderdale Lakes’ future,” said Allen. The City will continue to implement its Five Year Financial Recovery Plan which incorporates provisions to pay outstanding debt without jeopardizing pertinent municipal services to our residents and businesses,” said Allen. While it was believed that the City of Lauderdale Lakes faced an in-surmountable financial crisis, the fiscal condition of the City has significantly improved.
