Annual Financial Report - 2007

Phone 301-258-6320 Fax 301-258-6326 Email finance@gaithersburgmd.gov

This Comprehensive Annual Financial Report is issued for the City of Gaithersburg, Maryland, with respect to the fiscal year that ended June 30, 2007.  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, 2007, 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 43 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 2007, 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:

• The City was awarded its 29th 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, 2006.

• A fifth 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, 2006.

• In 2007 the City of Gaithersburg received one of only eight Cultural Diversity Awards from the National League of Cities for its City World Market Program, which offers business development training to new arts and crafts entrepreneurs.  The program also received the Maryland Economic Development Association’s Economic Development Award in 2007.

• An employee in the City’s animal control division was named the Maryland Municipal Employee of the Year by the Maryland City/County Management Association of the Maryland Municipal League.
  

• Members of the Gaithersburg Police Department and the Youth Services Division of the Department of Parks, Recreation and Culture were recognized with awards from Drawing the Line on Underage Drinking for efforts and initiatives to reduce adolescent access to alcohol and improve the lives of youth.

• In Fiscal Year 2007, The City’s Cable TV staff received two national awards from the National Association of Telecommunications Officers and Advisors, one for a presentation made at the State of the City Dinner in February of 2006, and one for a promotional spot for the 2006 Memorial Day Observance.

• The City received three APEX Awards for Communication Excellence, one for a cable TV feature on Gaithersburg’s first municipal green building, one for design work for the “Summer in the City” camp guide, and one for speech writing for the annual State of the City address.

• Gaithersburg received a Tree City USA designation by the National Arbor Day Foundation for the 18th consecutive year.

The City continues to strive for excellence in the community:

• The City adopted an affordable housing ordinance to ensure that those who want to live in Gaithersburg can continue to do so.  The program includes a workforce housing initiative as well.

• Reinforcing its commitment to the environment, Gaithersburg switched its municipal fleet of vehicles to biodiesel fuel in FY 06, reducing diesel fuel consumption by 20%.  The Mayor and City Council also signed the U.S. Mayor’s Climate Protection Agreement, pledging to meet or exceed Kyoto Protocol targets for reducing global warming pollution.

• Fiscal Year 2007 saw the annexation of the 180 acre Crown Farm property, which anticipates a lively mix of residential and commercial developments that will incorporate a number of sustainable design features to help protect the environment. 

• In response to several near-tragic incidents, Gaithersburg stepped-up its efforts to address the issues of overcrowding and illegal occupancy in our community.  An informational video was produced, an anonymous tip line was established, fines were increased, additional code enforcement staff was hired, and outreach efforts continue to combat this public safety issue.

• Twenty nine active Committees, Boards and Commissions make recommendations to help the Mayor and City Council with many important City initiatives.  In 2007 the City officially joined the National League of Cities’ Inclusive Communities Partnership , helping to promote citizen participation and equal access and opportunity by all citizens.

• The City received $1.6 million in grants to support community and economic development activities, homeless programs, police salaries and equipment, nutrition programs for seniors, and other important human service initiatives. 

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.

Sincerely,
James D. Arnoult
Acting City Manager

• Download the 2007 Comprehensive Annual Financial Report (pdf file)
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