2016 City News Releases

Posted on: February 22, 2016

Sugar Land Receives Clean Audit

Sugar Land, TX - A recent external audit of Sugar Land’s financial records for fiscal year 2015 (Oct.1, 2014, through Sept. 30, 2015) received the highest level of assurance. Whitley Penn, LLP, served as the City’s external audit firm.

According to the audit report contained in the Comprehensive Annual Financial Report (CAFR), the City of Sugar Land’s financial position is healthy. For the first time, the City’s total assets exceeded $1billion. At the end of the fiscal year, the City is able to report positive balances in all categories of net position -- for the government as a whole, as well as for its separate governmental and business-type activities.

The City also implemented changes to the report mandated by Governmental Accounting Standards Board Statement 68 that requires reporting of net pension liability. This information was previously presented as a note to the financial statements rather than as part of the balance sheet.

Some financial highlights cited in the report follow:

  • Net property values grew 6.2 percent to $10.76 billion, an increase of $628 million over 2013 values. New development accounted for $134 million of the increase, while existing property grew by $494 million.
  • New commercial construction permitted values totaled $234 million, of these $148.8 was for taxable projects.
  • The City ended the year even better than anticipated, with sales tax revenues totaling $51.4 million compared to $49.15 million in the prior year.

Audit results typically include recommendations – known as management comments – for improvements to policies and procedures that will enhance the internal control structure of the City. There were no recommendations this year, demonstrating confidence in the City’s internal controls.

“We are proud of the fact that Sugar Land received an unmodified or ‘clean’ opinion with no management 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 demonstrated management control of the City’s finances. 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 complete CAFR is available on the City’s website at www. Sugarlandtx.gov/Finance/Accounting

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