A recent audit of Sugar Land’s financial records for fiscal year 2012 (Oct.1, 2011, through Sept. 30, 2012) received the highest level of assurance for the third year in a row. Whitley Penn, LLP, served as the City’s external audit firm.
According to the audit, the City of Sugar Land’s economy continued to experience steady growth, as indicated by an increase in all sources of revenue. The City ended the year better than anticipated, and the government’s total net assets increased by $57.8 million.
The audit credited the City’s Financial Management Policy Statements for establishing a framework for fiscal decision-making to ensure financial resources are available to meet the present and future needs of citizens. According to the report, the policy statements combined with long-range financial planning ensure prudent budgeting and fiscal health. One benefit of this is reflected in the City’s strong AAA bond rating.
“We are proud of the fact that Sugar Land received an unqualified opinion with no ‘comments’ again this year, said City Manager Allen Bogard. “The completion of this audit without any comments is a reflection of sound financial management and provides the highest level of integrity for our citizens. I am proud of all of our staff members who contribute to this accomplishment.”
Receiving a clean audit signifies that the City has proven management control over financial policies and procedures and has a solid understanding of its financial transactions and is able to provide financial summaries that are accurate and reliable.
A city audit provides management with independent, timely and relevant information concerning the City’s programs, activities and functions.
Audit results typically result in recommendations – known as comments – for improvements to policies and procedures that will enhance the internal control structure of the City. There were no recommendations this year.
“However, we continue to strive to improve each and every year,” added Bogard.
The audit is an important tool to ensure transparency and maintain the general public’s trust and confidence that City resources are being used effectively and efficiently.