Annual Financial Report - 2010

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, for the fiscal year ending June 30, 2010.  Its purpose 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 ending June 30, 2010 reflect our commitment to this objective:

• The City continues to provide quality facilities and services to its citizens while preserving a pay-as-you-go philosophy.
  
  
• Through conservative and prudent financial practices we have developed a five year plan that allows the City to maintain reserves adequate to support unexpected emergencies, ensuring that we can continue to provide the highest quality of services to our constituency even in these most challenging of economic times.

During Fiscal Year 2010, the City made progress in the ten goal areas that make up our Strategic Plan.  Highlights include:

• Through a public-private partnership, Gaithersburg launched an accelerator facility which is attracting life sciences companies seeking lab and office space in a shared environment. 
  
  
• In FY 2009 Gaithersburg's Olde Towne area received designation as an Enterprise Zone.  In FY 2010 we initiated procedures to expand the Zone, providing Gaithersburg with another element in our economic toolbox to help spur much-needed development activity in our City.

• The Gaithersburg Police Department received reaccreditation for the fifth time from the Commission on Accreditation for Law Enforcement Agencies (CALEA).  The City also earned "Flagship" status from CALEA, demonstrating excellence in commitment to the reaccreditation process.

• Severe snow storms in December and February demanded maintenance efforts of historic proportions.  City staff was unilaterally praised for their response.  Application for FEMA reimbursement has been approved for the December storm.  We are awaiting word of reimbursement for the February event.

• Gaithersburg's new Olde Towne Youth Center opened in October of 2009.  The facility, our second municipal green building, earned LEED Platinum certification from the U.S. Green Building Council.  It is the first youth center in the country and only the fourth building in Maryland to achieve the highest level of certification possible.
  
  
• New technologies are leading to increased efficiencies in operations.  A computerized fuel monitoring and management system at Public Works is assisting with fleet maintenance and cost management, while implementation of new payroll and time and attendance programs will ensure accuracy and reduce staff time in payroll processing.  Gaithersburg also conducted its first payroll audit in FY 2010, determining that there are no "shadow" employees in the system.
  
  
• An inaugural Book Festival attracted nearly 7,000 visitors in May of 2010.  It is designed to become the region’s premier literary event, and is poised to expand in FY 2011.  Significant efforts to recruit sponsors and partners have helped keep the City’s financial investment in the program to a minimum.

We are proud to receive regional and national recognition for our efforts. 

• The City was awarded its 32nd 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, 2009.

• An 8th 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, 2009.

• CNN/Money magazine ranked Gaithersburg at #25 on its list of “Best Places to Live” in the country.

• The Environmental Protection Agency presented Gaithersburg with its “Building Healthy Communities for Active Aging” Commitment Award, recognizing both environmental stewardship and programming for seniors.

• commitment to MML programs and activities through the involvement of their elected and appointed officials. 

• The City’s Cable TV staff received two awards from the National Association of Telecommunications Officers and Advisors for programming in FY 2010, one for a presentation made at the State of the City Dinner on youth programming and one celebrating the 20th anniversary of the Kentlands Community Foundation.

• The National Arbor Day Foundation has named Gaithersburg, Maryland a Tree City USA for the 21st consecutive year, recognizing our commitment to the environment and our aggressive approach to preserving and enhancing the City’s urban forest.

Because of conservative, prudent fiscal policies, the City of Gaithersburg is in a position to weather the current economic crisis with a minimum of sacrifice.  By ensuring that we focus our efforts on those items identified in our strategic plan, by building consensus within the community through the engagement of all stakeholders, and by making smart, tough decisions now and in the months to come, we are laying the groundwork for sound, municipal governance that continues to meet the needs of its citizenry.

Sincerely,
Angel L. Jones
City Manager

• Download the 2010 Comprehensive Annual Financial Report (pdf file)
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