Council accepts annual financial audit

March 29, 2021

Adhering to its long-standing commitment to financial transparency and accountability, the Prosper Town Council officially accepted the annual financial audit prepared by the accounting firm of Pattillo, Brown and Hill LLP for the fiscal year ending Sept. 30, 2020.

“Conducted and completed at the end of last year, four auditors spent four weeks reviewing material balances and transactions, our compliance with the appropriate laws and regulations, and draft financial statements,” said Betty Pamplin, Prosper Financial Services Director. “It’s an excellent process that reveals the health of our financial condition.”

Following the comprehensive review, the auditing firm reported to the Council during the March 23 meeting that they found no internal control deficiencies, as well as total compliance with all of the appropriate rules, laws, regulations, and procedures.

During the PBH presentation, Audit Partner John Manning offered congratulations to the Town for the unblemished review.  “Our firm rendered an unmodified opinion which is the highest of the opinions we can offer,” he said.

Among the highlights of the report were the increase in net position or reserve; an increase in unassigned fund balance in the General Fund (GF); an increase in property and sales tax revenue; and an increase in the GF fund balance due to revenues exceeding budget estimates and a decrease in budgeted expenditures.

“As a direct reflection of the Town’s financial discipline, the latest bond ratings are Aa1 from Moody’s Investor Service, and AA+ from Standard and Poors, among the highest ratings for both services,” added Pamplin.

At the same time, the Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Town for its comprehensive annual financial report for the 2018-2019 fiscal year. This marks ten consecutive years of attaining that recognition.

To be awarded the certificate a government unit must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

Prosper has also submitted an application for the accompanying Popular Annual Financial Report award from GFOA. If awarded, it would represent Prosper’s third year in a row. This award recognizes financial reports that are user friendly and easily understood by the public and other interested parties that lack a background in public finance.

Read the news release here