FY 2021 Financial Reports Highlight Rockville’s Finances

Two annual reports released last month give the public a closer look at Rockville’s financial health during the most recently completed fiscal year.

For Fiscal Year 2021, which closed June 30, the city ended with an overall net position of $307.1 million, an increase of 4.7% over last year, City Manager Rob DiSpirito wrote in the city’s Popular Annual Financial Report, 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 change in net position is based on increases in property tax revenue, coupled with conservative spending across City departments and programs,” DiSpirito wrote.

That left the city with a general fund reserve of $22.9 million, equal to 27% of the total general fund, which is the main source of funding the city’s day-to-day operations.

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 created the first PAFR in 2007 to explain, in layman’s terms, the information contained in Rockville’s recently renamed Annual Comprehensive Financial Report, which DiSpirito presented to the Mayor and Council on Dec. 20. The ACFR is prepared by the Finance Department in accordance with generally accepted accounting principles, and is audited by certified public accountants.

The FY21 PAFR describes:

  • City government and services.
  • The city’s financial structure, including governmental funds, such as the general fund, 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 ACFR are available at www.rockvillemd.gov/budget. To view the ACFR presentation to the Mayor and Council, visit www.rockvillemd.gov/AgendaCenter and select the television icon next to the Dec. 20 meeting listing.

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

Most Recent Articles

City of Rockville: Winter Weather Reminders

With winter weather on the way, Rockville is reminding the community about what to expect during snow events. This snow season, the city is again urging patience on the part of residents as operations and normal service times may be

Read More »

City Legend to Retire After 67 Years

After close to seven decades of service to the Rockville community, an iconic city employee and City Hall fixture is finally calling it quits. Elaine Crutchfield Hebron, affectionally known among staff and the local community as “Ms. Elaine,” retired in

Read More »

Sign Up for Our Newsletter

Get the best of Rockville Reports delivered right to your email and stay up to date on what’s happening in our city.

Contact Us

Have a story idea? Email or call the City of Rockville’s Public Information Office.

pio@rockvillemd.gov

240-314-8105

About Rockville Reports

Rockville Reports is the official publication of the City of Rockville, published at City Hall, 111 Maryland Ave., Rockville, MD 20850-2364.