Rockville Financial Reports Available (Video)
The public can get a close look at the city of Rockville’s budget and financial health from the most recently completed fiscal year in two annual reports that city staff delivered to the Mayor and Council this month. The documents are available on the the Rockville City website.
Rockville ended the 2012 fiscal year on June 30, 2012 in a positive position. “The city of Rockville has experienced economic pressures similar to the rest of the country, although to a lesser degree,” City Manager Barbara B. Matthews said in the city’s Popular Annual Financial Report (PAFR). “The city’s General Fund, our main operating fund, ended FY 2012 in a positive position with a fund balance of $9.9 million, which represents a 15 percent reserve.”
The PAFR (pronounced paff-er), likely to be of most interest to the public, is a summary document that outlines how the city spent funds and where the funding came from. The PAFR helps people to easily understand the city’s financial structure and the city’s finances after the fiscal year concludes.
The city created the first PAFR document several years ago as a way to explain in layman’s terms the information contained in the city’s audited financial report, known as the Comprehensive Annual Financial Report (CAFR).
The CAFR, which city staff presented to the Mayor and Council on Dec. 17, is prepared by Rockville’s Finance Department in accordance with generally accepted accounting principles and audited by a firm of certified public accountants each year.
The PAFR is not a replacement for the CAFR, but a supplemental document to further assist the public in their review of the City government’s financial operations.
The Fiscal Year 2012 PAFR describes:
- The overall financial health of the City
- The City’s General Fund and the General Fund balance
- The City’s Enterprise Funds
- The City’s total debt load
For more information, call the Finance Department at 240-314-8400.