- City of Lawton's FY 2021 Financial Analysis "well above satisfactory"
City of Lawton's FY 2021 Financial Analysis "well above satisfactory"
Frank Crawford with Crawford & Associates presents Performeter results to City Council on Tuesday, August 9.
Published: August 9, 2022
The City of Lawton is “well above satisfactory” when it comes to financial performance, according to Frank Crawford with the Oklahoma City accounting firm Crawford & Associates.
Crawford presented the results of the City of Lawton’s FY 2021 Performeter to Lawton City Council Members at Tuesday’s council meeting. The Performeter is a financial statement analysis tool using indicators of financial health and success.
The City earned a score of 7.5 out of 10, which according to Crawford is very healthy, with not many city governments scoring above 8.
“The financial health of the City is very good and has been at its highest level in the last several years,” Crawford said. “The City is at its best as far as financial health is concerned.”
The overall rating came from the average of three categories: Financial Position, Financial Performance, and Financial Capability.
The City of Lawton’s Financial Performance was the strongest component in the Performeter. This set of ratings serves to illustrate “look-back” measures as to whether the entity’s financial position has been improving, deteriorating, or remaining steady.
According to Crawford, FY 2021’s Performeter score is the same as FY 2020, and slightly higher than it was in FY 2019.
Included in Financial Performance is Interperiod Equity, which is achieved when the cost of current services are paid by current year tax and rate payers. For FY 2021, the City’s total costs were fully funded by current year tax and rate payers, with current year revenues, excluding fund balance carryovers, generating a level of 134% of current year costs. Crawford said the City’s ratio is considered to be excellent.
To view the entirety of the Performeter results from Crawford & Associates, click here and see Business Item 18 on the City Council Agenda.