Westlake’s finances are in good order.
A comprehensive annual financial report conducted by the state of Ohio Department of Finance four “no findings for recovery,” meaning the city had no improper spending of public funds for the year 2012.
The 199-page report issues by Auditor of State David Yosts office provided a detailed accounting of the city’s finances including incoming and outgoing finances for every city department.
The detailed report includes a brief history of the city and an in-depth look at city government’s structure.
It also includes information such as “Westlake is home to both world and national headquarters for several corporations including several Fortune 500 companies (such as) Nordson Corporation, Hyland Software, TravelCenters of America, Koyo Corporation of USA, Scott Fetzer, and Aspire Brands.
The report also mentions St. John Medical Center as the City’s largest employer with a staff of 1,383 and its new $100 million, 35,700 square foot expansion began in 2012.
Mayor Dennis Clough complimented the city’s finance department at last week’s council meeting.
“Many thanks go out to the finance department,” Clough said.
Key Financial highlights for 2012 noted in the report are:
- Overall, governmental activities revenues of $47.9 million exceeded the expenses which came in at $43.1 million consequently increasing the net position by $4.8 million for the year 2012. The increase is due to an increase in income tax collections, as well as reduced costs for road maintenance in 2012.
- During 2012 the City’s revenues and expenditures continued to trend positively and on a cash basis the general fund ended with a cash balance of $22.3 million which exceeded the City’s policy of maintaining a reserve equal to 3 or 4 months of expenditures. The City is committed to maintaining infrastructure as outlined in the City’s five-year capital plan.
- The City is committed to providing the citizens of Westlake with the highest quality of services while maintaining efficiency and cost effectiveness. The City actively pursues grants to offset costs of providing services and to offer new programs.