Rockville’s Financial Reports Released to Public
Two annual reports gives the public a closer look at Rockville’s budget and financial health during the most recently completed fiscal year. The reports were delivered to the Mayor and Council Dec. 9 at the Mayor and Council Meeting. The reports are available to the public on the city’s website.
Fiscal year 2013, which closed June 30, saw “continued positive changes in Rockville’s economy, indicating that the worst of the economic recession is behind us,” City Manager Barbara B. Matthews wrote in the City’s Popular Annual Financial Report (PAFR).
The city is in a good net position, Matthews wrote.
“Across all funds, the city’s net position increased by $8.7 million, or 2.8 percent over FY 2012,” the report said. “This increase means that the city’s various revenues across all funds were more than sufficient to cover expenses, and the city’s net worth increased.”
The PAFR (pronounced paff-er) is a summary document outlining how the city spent funds and from where funding came. The PAFR helps people to easily understand the city’s financial structure and finances after the fiscal year concludes.
The city created the first PAFR document in 2007 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 is prepared by Rockville’s Finance Department in accordance with generally accepted accounting principles. It is audited each year by a firm of certified public accountants.
The PAFR is not a replacement for the CAFR, but rather a supplemental document to further assist the public in their review of the city government’s financial operations.
The FY 2013 PAFR describes:
- The overall financial health of the city.
- Property taxes and utility rates, including how to read tax and utility bills.
- The city’s General Fund and the General Fund balance.
- The city’s Enterprise Funds.
- The city’s total debt load.
The PAFR, CAFR and the city’s adopted budget are available at www.rockvillemd.gov/financialreports. For more information, call the Finance Department at 240.314.8400.