Auditor of State recognizes Laketran’s financial stewardship

Lake County, OH – Lake County taxpayers can take pride in Laketran’s continuous commitment to fiscal responsibility.  Laketran’s was presented the “Ohio Auditor of State Award with Distinction” on Monday, July 23, 2018 by Dave Yost, Auditor of State staff representative Michelle Stys.

It is the 23rd consecutive year Laketran has received an unqualified opinion with no material citations, material weaknesses, significant deficiencies, Single Audit findings, or any questioned costs.

“This is the best opinion available for this type of audit,” explained Laketran’s CEO Ben Capelle in his first year in the role. “Laketran has a long history of sound financial management and for me this audit shows that we will continue to be transparent in how we use the money the public entrusts to us.”

To earn a “clean” audit report and receive an award, agencies must file timely financial reports in the form of a Comprehensive Annual Financial Report (CAFR) that meets strict requirements.  The award was for the audit that covered the 2017 fiscal year, ending December 2017.  The operating cost for the agency in 2017 was $14 million.

“Taxpayers expect accurate financial records from their local governments,” Auditor Yost said in a press release. “Laketran’s dedication to accountability is evident.”

“Our staff and leadership team work very closely to be prudent and thorough in our financial practices,” commented Laketran’s director of finance Lisa Colling. “These audit findings confirm that we operate with high ethical standards and have necessary internal controls to ensure an accurate and accountable use of public funds that comes from the local sales tax levy, the State of Ohio, federal grants and our riders.”

“A clean audit is key to assuring tax payers that we take our fiduciary duties seriously, and we are using the taxpayers’ funds to provide the services the community expects of us,” said Laketran Board President, Brian Falkowski.

Falkowski, a CFO himself, praised Colling for her leadership sharing, “Over twenty years of consistently clean audits is no small accomplishment. Laketran is proud of our talented staff that is dedicated to the responsible management of public funds. The Laketran Board of Trustees appreciates the management team’s commitment to excellence.”