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DocuSign Envelope ID: 74D2BFAE-7199-4E4B-9EEC-0693C3078F10
<br />Major Revenue Sources
<br />Executive Summary
<br />COIl ecti on Year
<br />Lakewood Property Tax information (in Millions)
<br />2023
<br />2022
<br />2021 2020
<br />2019
<br />2018
<br />2017 r 2016
<br />2015
<br />2014
<br />Assessed Valuation
<br />$1,362.10
<br />$1,363.41
<br />$1,09169
<br />$1,087.44
<br />$1,093.06
<br />$913.09
<br />5901.37
<br />$895.48
<br />Update
<br />$853.74
<br />$852.57
<br />Comments" Update
<br />Year over Year Change -0.1%
<br />Property Tax Revenue^
<br />General Fund
<br />$11.92
<br />$11.57
<br />$9.42
<br />$9.34
<br />0941
<br />$7.94
<br />$7.79
<br />$7.76
<br />0742
<br />$7.24
<br />Debt Se rvl ce Fund
<br />$4.78
<br />$4.66
<br />03.78
<br />$3.74
<br />$3.77
<br />$3.18
<br />$3.21
<br />$3.11
<br />$3.08
<br />$2.92
<br />Police & Are Pension Funds
<br />$4.52
<br />$4.28
<br />$3.57
<br />$3.54
<br />$3.57
<br />$301
<br />$2.95
<br />$294
<br />$2.83
<br />$2.76
<br />WWTP Improvement Fund
<br />$2.76
<br />$2.63
<br />02.18
<br />$2.16
<br />02.18
<br />$1.84
<br />$1.80
<br />01.79
<br />$1.73
<br />$1.68
<br />Total Property Tax Revenue
<br />$23.98
<br />$23.14
<br />$18.95
<br />$18.78
<br />$18.93
<br />$15.97
<br />$15.75
<br />$15.60
<br />$15.06
<br />$14.60
<br />Revel
<br />Year over Year Change 3.5%
<br />*Revel = Reflects Impacts of Revaluation from a County Property Revaluation
<br />*Update = Reflects Impacts from the Triennlel Update/Mass Property Appraisal
<br />Includes Homestead and Rollback Funds from the State 09 000 that are associated with the Property
<br />Tax that are recorded as intergovernmental Renenue in the Cty's Budget
<br />51,60000
<br />$1300.00
<br />51,200.00
<br />$1,060.00
<br />530000
<br />$60000
<br />$40000
<br />$10100
<br />$0.00
<br />Assessed Property Tax Valuation
<br />2014 2016 2016 20.17 2018 2019 2020 2021 2022 2023
<br />Ana lY0 5 Although then sal assessed valuation is slightly lower for collection year 2023 overall property tax revenue
<br />rose by 35% This generally reflects a stronger economy where some addtonal valuation was added dull ng the 2023
<br />Collector year, coupled wth a much stronger ability to payas measured by an increase incurrentll8 assesed property
<br />tax pad
<br />30
<br />Prepared & presented by:
<br />Illtillilli011111L Ipso
<br />Peter M. Rancatore, Jr., Director of Finance
<br />Keith D. Schuster, CPA, Assistant Director of Finance
<br />Jessica Eddy, Assistant Director of Finance 1
<br />General Fund
<br />Revenues
<br />General Fund
<br />Year-end
<br />Unencumbered
<br />Fund Balance
<br />Days of
<br />Reserve
<br />Economic
<br />Development
<br />Account
<br />(Year-end Funds
<br />Encumbered)
<br />Separation
<br />Payment
<br />Account
<br />(Year-end Funds
<br />Encumbered)
<br />Pie% 270 Pay
<br />Period is 2026
<br />(Year-end
<br />Funds
<br />Encumbered)
<br />Budget
<br />Stabil,2260,
<br />Account
<br />(Year-end
<br />Funds
<br />Encumbered)
<br />Minimum Goal %
<br />60 Days
<br />$1,000,000
<br />1500,000
<br />51.5M
<br />accumulation
<br />0 5% of
<br />for Year
<br />Revenues
<br />2013
<br />$ 35,809,407
<br />$ 5,670,409
<br />57.8
<br />5 929,873
<br />$ 852,487
<br />$ 500,000
<br />$ -
<br />2014-A
<br />$43,574,649
<br />$ 6,965',231
<br />58.3
<br />$ 953,068
<br />$ 697,116
<br />$ -
<br />$ 1,790,470
<br />2015
<br />$ 37322,487
<br />5 5,885,034
<br />574
<br />$ 1,111,189
<br />5 470,356
<br />$ 100,000
<br />$ 1,790,470
<br />2016
<br />$ 40,010,121
<br />$ 6359,466
<br />58.0
<br />$ 1,600,862
<br />$ 680,440
<br />$ 300,000
<br />5 1,871,124
<br />2017
<br />5 39,873,294
<br />$ 6,437,697
<br />58.9
<br />$ 1,000,550
<br />5 451,277
<br />$ 300,000
<br />$ 1,946,124
<br />2018
<br />$ 41,383,793
<br />$ 6,761,406
<br />59.6
<br />$ 1,103,934
<br />$ 444,805
<br />$ 400,000
<br />$ 1,996,124
<br />2019
<br />$ 44,573,318
<br />$ 7,931,125
<br />649
<br />$ 1,000,200
<br />$ 447,835
<br />$ 500,000
<br />$ 0,046,124
<br />2020
<br />$44,398281
<br />$ 91167566
<br />__ ................. -_
<br />5 $ 9,225,465
<br />75.3
<br />$ 1075339
<br />5 762,000
<br />$ 7001000
<br />$ 800,000
<br />21125000
<br />__ _._
<br />$ 2,239,914
<br />2021
<br />_9.3.6.8... . ......_
<br />$ 52,991,680
<br />635
<br />$ 1,084,018
<br />$ 1,050,539
<br />2022
<br />5 53,765,982
<br />$ 5993655
<br />r 678
<br />$ 1,461,645
<br />0 5 1,504,800
<br />$ 1,100,000
<br />$ 2.,649,884
<br />2023 Projected
<br />$ 58,404,000
<br />$ 10,127,929
<br />63.3
<br />$ 1,150,000 B
<br />$ 1,184,126
<br />5 1,200,000
<br />5 2,688,299
<br />A - City of Lakewood Received $ 7,765,222.18 0 E tate Tax Revenues in 2014.
<br />B- Includes $150,000 SBA Grantf om Cuyahoga County.
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