The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Sugar Land for its Comprehensive Annual Financial Report for the year ending September 30, 2017. This was the 34th consecutive year that the City has achieved this prestigious award.
As a leader in financial stewardship across the state and nation, the City has focused on the development of transparency and accountability initiatives. Annual and monthly financial reports, the annual budget, comptroller's debt report, Financial Management Policy Statements and single audit reports are all available on the Financial Transparency page of the City's website: www.sugarlandtx.gov/1473/Financial-Transparency.
The City is required by state law to have an independent auditor review financial transactions and express an opinion on financial statements. Preparing a Comprehensive Annual Financial Report (CAFR) takes the audited financial statements to the next level by including an overview and explanation of the statements and required notes, along with supplemental information to help the reader better understand the City's financial position. In order to be awarded a Certificate of Achievement, the City must publish an easily readable and efficiently organized CAFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements.
The CAFR includes audited financial statements, management discussion and analysis, and a statistical section showing financial trends over the last 10 years. The CAFR is recognized as the official source of audited financial information by bond rating agencies and is the only audited financial report produced by the City.
A Certificate of Achievement is valid for a period of one year only. Achievement of this recognition is the result of significant efforts and dedication from the entire Accounting team as well as the staff of the Finance Department. Cooperation from staff at all levels of the organization is essential for their commitment to the City's financial policies and procedures to allow the continued achievement of this valuable recognition.
The fiscal year 2017 financial statements received an unmodified or "clean" opinion - the highest and strongest opinion able to be given - from the City's independent auditors and were presented to the City Council in February 2018 at the completion of the audit process. They represent the result of the period ending September 30, 2017.