There were no findings or exceptions reported in audit of the City of Sulphur, for the fiscal year ending June 30, 2018.
CPA Steven DeRouen presented an audit report to the Sulphur City Council at their monthly meeting Monday.
DeRouen gave an overview of the finances, reporting that the city closed out the 2018 fiscal year with $141 million in assets — $52 million in cash and investments, $84 million in capital assets like land, infrastructure, and equipment; and $3.9 million in expenditures for street and sewer repairs and the completion of the law enforcement center.
The city ended the fiscal year with $81 million in liabilities, $27 million of which was for four unfunded pension plans, $30 million in accrued retiree health benefits, and $18 million in bonds payable.
The net surplus was $68 million.
DeRouen reported that after user fees and operating grants, the cost to run Sulphur was $24 million. The majority of that as covered by the $19.3 million in sales taxes collected. He said $17.9 million was collected in sales taxes the prior year.
There was $25.6 million in general revenues and transfers, leaving a net surplus of $1.74 million.
Some changes in the state’s reporting requirements caused a $13 million reduction in equity. New standards require that a public entity’s full liability for retired employee’s health benefits be recorded.
The next meeting of the Sulphur City Council will be 5:30 p.m. Monday, February 11, at 500 N. Huntington St.