Finance

Mission Statement

To provide municipal, financial services of the highest quality to the Residents and Businesses of the City of Lockport, the City Council, and the City Staff, in an efficient and progressive manner, while safeguarding City assets and upholding Public Trust.

Responsibilities

The Finance Department is responsible for:

• City’s Annual Budget
• Comprehensive Annual Financial Report
• TIF Report
• Tax Levy
• The collection, disbursement, and investment of all City funds
• Financial administration, accounts payable & receivable, payroll, utility billing and accounting
• The department also provides financial reports and analyses to assist the City Council, the City Administrator, and operating departments in their decision making

Awards and Ratings

The City of Lockport has received the Excellence in Financial Reporting Award from the Government Finance Officers Association for Fiscal Years 2010-2020. This is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

In addition, the City of Lockport has received the Distinguished Budget Presentation Award from the Government Finance Officers Association for Fiscal Years 2015 – 2021.  This award recognizes state& local governments that prepare budget documents of the very highest quality that reflect both the guidelines established by the National Advisory Council on State & Local Budgeting and the Government Finance Officers Association’s best practices on budgeting.

Standard & Poor’s Rating Services confirmed in 2019 its’ long-term rating on debt issued by the City of Lockport, Illinois of ’AA+. The outlook is stable. The report from S&P praised the City’s management as "strong with good financial practices".