| | About the Budget | | The City of Rockville Charter requires the City Manager to submit an annual budget to the Mayor and Council at least one month before the beginning of each fiscal year. In addition to the operating budget, a five-year Capital Improvements Program (CIP) budget is presented for the Mayor and Council's consideration. The budget is approved in the form of an appropriations ordinance. The City of Rockville's fiscal year begins on July 1. | | |
(July 1, 2010-June 30, 2011)
The Mayor and Council unanimously adopted the Fiscal Year 2011 (FY11) operating and capital budgets on May 24, 2010. The FY11 budget includes a $100 tax credit for owner-occupied residential properties for the fourth consecutive year and the Homeowners Tax Credit Program, which provides tax relief for low- to moderate-income homeowners. There will also be no city property tax increase.
In addition to adopting the FY11 budget and the property tax credits, the Mayor and Council also approved several ordinances and resolutions that set the utility rates. Those include: - A stormwater utility rate of $49.20 per equivalent residential unit (ERU) that will appear on the property tax bill. Each residential property will pay $49.20 or one ERU per year, and each commercial property will pay $49.20 multiplied by the number of ERUs measured on their property.
- Water usage rates of $3.48 per 1,000 gallons for the first 12,000 gallons used in the quarter, $5.01 per 1,000 gallons for the next 12,000 gallons used in the quarter, and $5.37 per 1,000 gallons for usage beyond 24,000 gallons.
- Sewer rate of $4.66 per 1,000 gallons.
- Refuse rate of $392.40 per residential property per year.
View the FY 2011 Adopted Operating and CIP Budgets Prior to the proposed budget being presented to the Mayor and Council on March 22, 2010, staff presented three budget previews that contained summary information for each of the City's operating funds, including proposed rates, revenue and expenditure estimates, and changes to programs or services, as well as revenue and expenditure budget principles for the General Fund.
The budget preview presentations can be found below.
FY 2011 Budget Preview - PART I
This is the first look at the FY 2011 operating budget. This preview contains summary information for each of the City's operating funds, including proposed rates, revenue and expenditure estimates, and changes to programs or services. The General Fund, enterprise funds and special revenue funds are all included in this report. FY 2011 Budget Preview - PART II
This preview summarizes revenue and expenditure principles for the City's General Fund. These principles embody the assumptions that will guide the FY 2011 Operating and CIP budget preparation. These principles are the foundation on which the recommended budget is built. FY 2011 Budget Preview - FINAL
This preview contains updates to budget principles, as well as revenue and expenditure estimates for each fund. Based on these principles, the General Fund is estimated to have a $2.2 million budget gap for FY 2011. This presentation includes a recommendation from staff to close the budget gap, along with a list of options available for the Mayor and Council with corresponding budget estimates.
 Popular Annual Financial Report (PAFR)
In order to make the financial information that is presented in the Comprehensive Annual Financial Report (CAFR) easier to read and understand, staff created the Popular Annual Financial Report (PAFR). The PAFR provides summary information based on the numbers presented in the annual CAFR and the annual operating budget. The PAFR is aimed at helping the public more easily review the City government's financial operations.
 Comprehensive Annual Financial Report (CAFR)
The CAFR is an annual financial report that is prepared by Finance in accordance with generally accepted accounting principles. A CAFR has three major sections: introductory, financial and statistical, and is audited by a firm of certified public accountants. This technical report is management's representation of the City's actual finances, and is often referred to as the City's financial statements.
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