Annual Financial Report - 2005
This Comprehensive Annual Financial Report is issued for the City of Gaithersburg, Maryland, with respect to the fiscal year that ended June 30, 2005. Copies of this report may be downloaded below and are available at Gaithersburg City Hall.
The purpose of this report is to provide financial information of importance to the decision-making process of the Mayor and City Council, the citizens of Gaithersburg, oversight bodies, and creditors. This report is also a vehicle for City officials to gauge the extent to which sound financial management and reporting practices are being applied to protect the public interest.
A high priority of the City is to maintain a sound financial condition. We believe that our financial results for the year, which ended June 30, 2005, reflect our commitment to this objective:
- The City continues to provide facilities and services to its citizens while maintaining its pay-as-you-go philosophy and imposing no property tax rate increase for 41 years.
- The City’s reserves continue to be adequate to support unexpected emergencies in order to provide the highest quality of City services.
During Fiscal Year 2005, the City made progress in all of the goal areas of the Strategic Plan. The City’s tradition of award-winning programs was extended in a variety of ways:
- Gaithersburg was ranked number 17 on Money Magazine’s Top 100 list of Best Places to Live in America.
- The City was awarded its 27th Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for the Comprehensive Annual Financial Report for the fiscal year that ended June 30, 2004.
- A second Distinguished Budget Presentation Award from the Government Finance Officers Association of the United States and Canada (GFOA) was received for the fiscal year that ended June 30, 2005.
- Gaithersburg’s “Cops in Shops” collaborative initiative to curb over-service of alcohol and underage drinking received the Montgomery County Partnership Award.
- A Savvy Award was given to the City for the Gaithersburg - In Touch with Tomorrow video which debuted at the State of the City Dinner.
- Two APEX Awards of Excellence were given to the City for the Gaithersburg - In Touch with Tomorrow video and a promotional poster for the Gaithersburg Arts Barn.
- Gaithersburg received a Tree City USA designation by the National Arbor Day Foundation for the 16th consecutive year.
The City continues to strive for excellence in the community through accomplishments such as:
- Gaithersburg celebrated the grand opening of Lakelands Park, featuring lighted ball fields and a fully handicapped-accessible playground for young children.
- The Office of Environmental Affairs was budgeted as a separate item for the first time in Fiscal Year 2005, reflecting the City’s commitment to sound environmental policy and planning.
- Construction began on the Robertson Youth Center, the City’s first LEED-Certified Green Building.
- A new Art in Public Places sculpture was installed at the Arts Barn, bringing the City’s total inventory of culturally-enriching public art to eleven pieces.
- The Olde Town Master Plan was adopted, incorporating concepts generated by the second Olde Towne Charrette. Work continues on other aspects of the Master Plan.
- Twenty nine active Committees, Boards and Commissions make recommendations to help the Mayor and City Council with many important City initiatives.
- $400,000 in grant funding was secured from the State for relocation of the Olde Towne Youth Center.
- The City received $1,187,230 in grants to support community and economic development activities, the City's Wells/Robertson homeless program, police equipment and new officer salaries, funds to support low-income families and children within the City, and State grants to offset increased storm-water management costs.
The City of Gaithersburg continues to provide important services to its citizens, while maintaining a strong, fiscally conservative approach to financial management. It is my belief that the City’s Strategic Plan, effective budget process and sound management principles will ensure that the City remains in strong financial condition.
David B. Humpton