Sugar Land, Texas – A recent external audit of Sugar Land’s financial statements for fiscal year 2019 (Oct.1, 2018, through Sept. 30, 2019) highlighted the city’s strong financial performance and efforts to ensure a healthy economy.
Sugar Land received the highest level of assurance that can be given on a set of financial statements. The audit was performed by Whitley Penn, LLP, the city’s independent external audit firm and presented to City Council on Feb. 18.
“We are proud of the fact that Sugar Land received an unmodified or ‘clean’ opinion with no management comments once again this year,” said City Manager Michael W. Goodrum. “The completion of the audit without any management comments is a reflection of strong internal controls and processes. This is an important part of our objective to provide the quality services our citizens expect at one of the lowest tax rates in the state. I am proud of all of our staff members who contributed to this accomplishment.”
According to the statements contained in the Comprehensive Annual Financial Report (CAFR), the city of Sugar Land’s financial position is healthy. Operating funds ended the fiscal year in a positive position compared to budget. For governmental activities, the ending net position is stable from the prior year, and the unassigned General Fund balance is strong and above policy requirements.
The city has implemented all reporting requirements mandated by the Governmental Accounting Standards Board.
Receiving a clean audit signifies that the City has demonstrated management control of the city’s finances with no material misstatements or deficiencies in the city’s financial position. This was achieved through policies, accounting practices and procedures and having a solid understanding of the city’s financial transactions.
The external audit is required by the city’s charter and state law. It is an important tool to ensure transparency and maintain the public’s trust that city resources are being used effectively and efficiently. The fiscal year 2019 and prior years’ audited financial reports are available at www.sugarlandtx.gov/1473/Financial-Transparency.