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.

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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.