Montgomery News

City of Rockville issued the following announcement on 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 2018, which closed June 30, the city ended “with an overall net position of $359.6 million, an increase of 3 percent over last year,” City Manager Rob DiSpirito wrote in the city’s Popular Annual Financial Report (PAFR), a summary document highlighting the city’s finances.

The city maintains a triple-A bond rating. Triple-A is the highest possible rating and saves Rockville taxpayers money by allowing the city to borrow at the lowest possible interest rates.

“Our FY 2018 revenues remained strong, mainly due to increases of $1 million in property tax revenues and $312,000 in use of money and property. The city's general fund reserve exceeded the FY 2018 target of $15.9 million by over $3.1 million, and our bond rating was reaffirmed at AAA/Aaa,” DiSpirito wrote. “Moving into FY 2019, city staff will continue to address the needs of the Rockville community, and will work to implement the Mayor and Council’s top priority initiatives.”

The city created the first PAFR in 2007 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 FY18 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/budget. To view the presentation to the Mayor and Council, visit www.rockvillemd.gov/AgendaCenter and select the television icon next to the Dec. 10 meeting listing.

To learn more, call the Finance Department at 240-314-8400.

Original source can be found here.