Lakewood Retains Strong Bond Rating

The city of Lakewood will be in the top tier of financially strong Ohio cities, retaining its Moody’s Aa2 strength bond rating, according a report on the city’s website.

The rating was, according to Moody’s, based on “strong financial operations supported by healthy reserves.” The new master agreement between the city, the Cleveland Clinic and the Lakewood Hospital Association was also cited. Lakewood also benefitted from financial management that included economic growth and a balanced budget from the city council.

“Moody’s evaluation of our financial picture reaffirms that the strategies of the past several years have strengthened our city’s finances and our outlook for the future,” said Lakewood Mayor Michael Summers.

The rating measures the credit risk of the city’s financial operations. It will allow Lakewood to borrow funds for improvements at lower interest costs. The healthy fund balance will allow the city to be financially prepared for economic recession, natural disasters and unforseen expenses without raising or adding taxes.

“We’ve been able to successfully manage an economic downturn, as well as the loss of revenues from the state,” Summers added. “Under all the financial pressures that cities across the nation are facing, this is an affirmation about the direction Lakewood is going.”