Rockville Honored for Excellence in Financial Reporting

From the City of Rockville: The City of Rockville was honored by the Government Finance Officers Association of the United States and Canada (GFOA) with a Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR) and an Award for Outstanding Achievement for its Popular Annual Financial Report (PAFR) for Fiscal Year 2016.

This is the 27th consecutive year that Rockville has received this honor for the CAFR and the 10th consecutive year that Rockville has received this honor for the PAFR.

The CAFR is prepared by Rockville's Finance Department in accordance with generally accepted accounting principles. It is audited each year by a firm of certified public accountants.

The city created the first PAFR in 2007 as a way to explain, in layman's terms, the information contained in the CAFR. 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 Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. Impartial panels judged the CAFR as demonstrating a constructive "spirit of full disclosure" to clearly communicate the city's financial story and motivate potential users to read the CAFR and PAFR.

The GFOA is a nonprofit professional association serving nearly 19,000 appointed and elected local, state and provincial-level government officials and finance professionals.

The CAFR and PAFR are available at www.rockvillemd.gov/financialreports. For more information, call the Finance Department at 240-314-8400.

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