Really, City Hall?
Your best argument is that we are better off now than we were in 2007?
Lakewood Hospital also existed in 2007.
This year?
Next year?
Pathetic.
From: Tuttle, Michael [mailto:Michael.Tuttle@lakewoodoh.net]
Sent: Wednesday, February 11, 2015 1:11 PM
To: Tuttle, Michael
Subject: FW: Financial Impact of the Lakewood Hospital Transition on the City of Lakewood
Please read the attachments. They show that the city is in good shape financially and far better off than we were in 2007. The people that work for you in city hall are working hard!
Mike
Hello,
Attached is a document that outlines the projected financial impact of the Lakewood Hospital transition as currently outlined in the Letter of Intent on the finances of the City of Lakewood as an municipal entity. This is not an economic impact study of the community, but how this transition could potentially affect the City’s revenues and expenditures using the information that has been presented as of today’s date.
In summary, it is accurate to say that the 2016 financial impact of the Lakewood Hospital transition is approximately $1.5 to $1.7 million to the City’s General Fund. This is approximately 4% of the General Fund Revenues. Although this amount may sound daunting, it is not insurmountable or devastating to the City government.
The City has recently successfully addressed larger financial challenges of reduced revenues and increased expenditures, while maintaining/improving services, not raising any taxes, and improving the City’s financial position as shown in the second attached document (City of Lakewood Reserves 2007-2016).
Several have asked what about the debt associated with Lakewood Hospital. On February 1, 2015 the last principal and interest payment was made for the outstanding debt. Therefore, the City will not take on any bond payments from the hospital.
As more information is known, continued analyses will be done.
________________________________________
This email is intended only for the use of the party to which it is addressed and may contain information that is privileged, confidential, or protected by law. If you are not the intended recipient you are hereby notified that any dissemination, copying or distribution of this email or its contents is strictly prohibited. If you have received this message in error, please notify us immediately by replying to the message and deleting it from your computer.
Internet communications are not assured to be secure or clear of inaccuracies as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. Therefore, we do not accept responsibility for any errors or omissions that are present in this email, or any attachments, that have arisen as a result of e-mail transmission.
________________________________________
This email is intended only for the use of the party to which it is addressed and may contain information that is privileged, confidential, or protected by law. If you are not the intended recipient you are hereby notified that any dissemination, copying or distribution of this email or its contents is strictly prohibited. If you have received this message in error, please notify us immediately by replying to the message and deleting it from your computer.
Internet communications are not assured to be secure or clear of inaccuracies as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. Therefore, we do not accept responsibility for any errors or omissions that are present in this email, or any attachments, that have arisen as a result of e-mail transmission.