LAUDERDALE LAKES - At a recent Broward County Board Meeting , an update on the financial status of the City of Lauderdale Lakes (City) was requested. According to the Broward County Auditor, the City’s audited financial statements for fiscal year (FY) 2011- 2013 and unaudited financial reports for FY2014, and City management’s representations, the City’s overall financial position has improved significantly since 2011.
A report dated October 24, 2011 disclosed that the City faced significant financial challenges. The City’s poor financial condition was of concern to the County because the City contracted with BSO for law enforcement and fire rescue services and was approximately $9.1 million in arrears in its payments to BSO. In addition, the City appeared to have limited ability to pay BSO for services on going forward basis. The concerns brought about an adopted a five year financial action plan to restore its financial stability, entered into an agreement with BSO for repayment of the outstanding amounts due, and signed an Interlocal Agreement with the County designed to ensure advance payment of BSO services on a monthly basis.
Since the 2012 agreement, the City has made significant strides in improving its finances. “We have been diligent in our attempt to become a thriving City and I am extremely proud of my colleagues and our staff for making that possible”, said Mayor Barrington Russell.
It was determined that the City has paid all amounts due for Broward Sheriff’s Office (BSO) services since October 2011 timely and also $3.9 million of their indebtedness to BSO for prior services in accordance with their repayment agreement.
As requested by the Board, the City’s finances have been monitored since 2012. The initial monitoring efforts included periodic reviews of the City’s internal budget to actual reports, frequent discussions with City management and confirmation of all payments to BSO. Overtime, as the City’s finances improved, our monitoring efforts were reduced to confirmation of payments received by BSO.
For more information or to review the complete report, please contact the City of Lauderdale Lakes at info@lauderdalelakes.org, or 954-535-2700.
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