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Rockville News

Posted on: December 13, 2016

‘Recent Successes’ Featured in FY 2016 Annual Financial Report

Summaries Give Public a Look at the City’s Fiscal Health

Rockville, Md., Dec. 13 – Two annual reports that city staff delivered to the Mayor and Council on Monday give the public a closer look at Rockville’s financial health during the most recently completed fiscal year.

For Fiscal Year 2016, which closed June 30, the city ended “with an impressive $335.8 million overall net position, unemployment rates significantly below the state and national average, and an increase in our general fund unassigned fund balance to over $21 million,” Acting City Manager Craig L. Simoneau wrote in the city’s Popular Annual Financial Report (PAFR), a summary document highlighting the city’s finances.

In July, two rating agencies reaffirmed the city’s triple-A bond rating and expressed confidence in the city’s financial outlook. Triple-A is the highest possible rating and saves Rockville taxpayers money by allowing the city to borrow at the lowest possible interest rates.

“With the funds programmed in FY 2016 and continuing into FY 2017, city staff are actively working to address the needs of all Rockville stakeholders,” Simoneau wrote. “City staff are also diligently working to implement the Mayor and Council’s priority initiatives for the current term. Those priority initiatives will move the city toward the Mayor and Council’s long-term vision for the community. Moving forward, we will continue to work in collaboration with the Mayor and Council, city staff, and the Rockville community to build on our recent successes and to address the areas that make Rockville a great place to live, work, and play.”
 
The city created the first PAFR in 2007 as a way to explain, in layman’s terms, the information contained in Rockville’s Comprehensive Annual Financial Report (CAFR). The CAFR is prepared by the Finance Department in accordance with generally accepted accounting principles and audited by certified public accountants. The PAFR is not a replacement for the CAFR, but rather a supplemental document to further assist the public in reviewing the city government’s financial operations.

The FY16 PAFR describes:
  • The city government and services.
  • The city’s financial structure, including governmental funds, such as the general fund and the capital projects fund, and enterprise funds.
  • The overall financial health of the city.
  • The city’s capital investments and debt.
  • Property taxes and utility rates, including how to read tax and utility bills.
The PAFR and CAFR available at www.rockvillemd.gov/financialreports. To view the presentation to the Mayor and Council, visit www.rockvillemd.gov/agendacenter and select the television icon next to the Dec. 12 meeting listing.

To learn more, or to request a hard copy of either report, call the Finance Department at 240-314-8400.

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MEDIA CONTACT:
Marylou Berg
Director of Communication
240-314-8105
mberg@rockvillemd.gov
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