12/10/2019 | News release | Distributed by Public on 12/10/2019 16:32
Summaries Give Public a Look at the City's Fiscal Health
Rockville, Maryland, Dec. 10 - 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 2019, which closed June 30, the city ended 'with a healthy overall net position of $283.1 million,' City Manager Rob DiSpirito wrote in the city's Popular Annual Financial Report (PAFR), a summary document highlighting the city's finances. Net position is a useful indicator of a government's financial health and represents total assets minus total liabilities.
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.
'The city's general fund reserve exceeded the FY 2019 target by over 7%, and our bond rating was reaffirmed at AAA/Aaa,' DiSpirito wrote. 'Moving into FY 2020, 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 FY19 PAFR describes:
The PAFR and CAFR are 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. 9 meeting listing.
To learn more, call the Finance Department at 240-314-8400.
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Director of Communication