LAWTON – 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’s Performeter for fiscal year 2021 at the Aug. 9 Lawton City Council meeting, city officials said in a news release. 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 is very healthy, according to Crawford. He said not many city governments score above an eight.
“The financial health of the city is very good and has been at its highest level in the last several years,” he 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’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 was the same as in FY 2020, and slightly higher than it was in FY 2019.
Included in the financial performance category is interperiod equity, which is achieved when the costs of current services are paid by current-year tax- and ratepayers. For FY 2021, the city’s total costs were fully funded by current-year tax- and ratepayers, with current-year revenues, excluding fund balance carryovers, generating a level of 134% of current-year costs.
Crawford said the city’s ratio was considered to be excellent.
To view the entirety of the Performeter results from Crawford & Associates, go to https://lawtonok.legistar1.com/lawtonok/meetings/2022/8/1065_A_City_Council_22-08-09_Agenda.pdf and see Business Item 18 on the agenda.