Rockville Releases Annual Financial
Reports
Summaries Give Public Look at City's
Fiscal Health
Rockville,
Md., Dec. 20 - 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.
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
The
PAFR, CAFR and the City's adopted budget are available at www.rockvillemd.gov/budget.
For more information, call the Finance Department at 240-314-8400.
