Mayor and Council



   For the meeting on:

  December 17, 2012
   Department:   Finance
   Division:  Budget
   Responsible staff:  Gavin Cohen, Chief Financial Officer
  phone: (240) 314 - 8402
  GCohen@rockvillemd.gov


Subject
Fiscal Year 2012 Popular Annual Financial Report.

Recommendation
Staff recommends that the Mayor and Council receive and file the Popular Annual Financial Report for the City of Rockville's fiscal year ending June 30, 2012.

Discussion
For the sixth year, the City has produced an award winning report called the Popular Annual Financial Report (PAFR). The PAFR is designed to make the financial information presented in the City’s audited financial report (also called the City’s Comprehensive Annual Financial Report or CAFR) easier to read and understand. The CAFR is a highly regulated technical document that has to follow Generally Accepted Accounting Principles commonly known as GAAP. Many people have a difficult time understanding the contents of the CAFR because the content and format of the CAFR is strictly prescribed. Therefore, staff created a more flexible report that does not need to comport with GAAP.

The PAFR reports on financial matters (i.e. ,budget and financial results) in a more readable and easy to understand format, without the technical jargon required in the CAFR. The PAFR is not a replacement for the CAFR, but a supplementary document that can further assist the members of the public in their review of the City government's financial operations. The PAFR will be posted on the City’s website; hard copies will be available to members of the community upon request.

Mayor and Council History
This is the sixth consecutive year the City has produced the PAFR.

Attachments
ATTACH A_FY12 PAFR_December 2012.pdfATTACH A_FY12 PAFR_December 2012.pdf
Attachment A - Fiscal Year 2012 Popular Annual Financial Report

Department Head:



Gavin Cohen, Chief Financial Officer
Approved on: 12/05/2012

City Manager:

Barbara B. Matthews, City Manager
Approved on: 12/10/2012