Photo from LO Files, taken by Ivor Karabatkovic. The 100year celebration of Lakewood Hospital.
Many of the people that laid the groundwork for what is happening now in this photo.
Fred DeGrandis and Jack Gustin, listen to Ex-Mayor Anthony Sinagra speak as now
State Senator Michael Skindell looks on. On a separate note Tony is headed back home
this month.
Hello Jared,
I’ve attached a document that contains the pages where Lakewood Hospital is referenced in the City’s Comprehensive Annual Financial Report (CAFR) from the first year the City began creating this report in 1981 until 1993 when the Hospital was no longer referenced.
These are important to understand the financial reporting requirements for what is the fiscal responsibility of the City as a municipal entity and what is not, and confirm what you have stated below.
In summary:
· Until 1986, Lakewood Hospital was part of the City of Lakewood as a Financial Reporting Entity. That means that the City included and reported the hospital’s assets, liabilities, revenues, expenditures, debt and risk on its “books.”
· The Lakewood Hospital Foundation is mentioned up until 1987 as an entity that is excluded from the financial statements because the City “exercises neither significant influence nor oversight responsibilities over their operations, and does not approve budgets, maintain accounting records, or provide funding. Further the City is not responsible for, nor involved, in the selection of the respective governing authorities or the designation of their management.”
· On November 5, 1985, the citizens of the Lakewood approved a Charter Amendment, authorizing Lakewood City Council and the Lakewood Hospital Board of Trustees to enter into a lease agreement. The parties of the lease agreement would include the City of Lakewood and the Lakewood Hospital Association, a non-profit corporation organized for the charitable purpose of operation the Hospital and its related health care services. The 1985 CAFR was the first mention of the Lakewood Hospital Association.
· On January 5, 1987, the City Council approved an agreement which resulted in the transfer of all real and personal property of the Hospital to the Lakewood Hospital Association.
· The agreement became effective June 26, 1987 and resulted in the City of Lakewood transferring to the Lakewood Hospital Association, all liabilities, debts, monies, accounts, and inventories of the Hospital, so that operations would continue as in the past. As part of the agreement, the Lakewood Hospital Association agreed to pay in each year the amount necessary to satisfy debt service on the Hospital’s outstanding debt.
· In the 1987, Lakewood Hospital came off the City of Lakewood’s “books.” Subsequent to June 26, 1987, the Hospital was no longer considered a component unit of the reporting entity (City of Lakewood). While the City retains title to all assets and the Association debt is pledged by the full faith, credit and general revenues of the City, the City no longer exercises neither significant influence nor oversight responsibility over its operations, and does not adopt budgets, maintain accounting records, designate management, or provide further funding unless the Association violates provisions of the agreement with the City. Further, the City was only given responsibility for selecting seven of the original 21 member governing authority of which all subsequent vacancies will be appointed by the governing authority itself (LHA).
· From 1987 until 1992, the City of Lakewood referenced the Hospital debt in the notes to the combined financial statements in the CAFR because they were issued using the City’s full faith, credit and general revenues of the City (GO Debt).
· Since 1993 until 2013, Lakewood Hospital’s financials were not mentioned in the City of Lakewood’s CAFR.
· To find out about Lakewood Hospital related debt, you can go to http://emma.msrb.org/ and enter Lakewood Hospital Ohio in the Quick Search box in the upper right corner. There is plenty of Hospital and LHA financial information included in the continuing disclosure tab for the issuances for anything in 2009 and after when MSRB began collecting that information. The last time debt was issued was 2003, and all Lakewood Hospital related debt was paid off on Feb. 1, 2015.
Hope that helps with your questions and please let me know if you need anything else.
~ Jenn
Jennifer Pae
Director of Finance
City of Lakewood
(216) 529-6092
http://www.onelakewood.com