Executive Director Gus García reports favorable independent audit for Edinburg Economic Development Corporation
By DAVID A. DÍAZ
The financial statements and practices of the Edinburg Economic Development Corporation meet the highest standards that help ensure citizens and the public that the EEDC is properly managing its programs and services, according to an independent audit released on Tuesday, March 22, 2016.
The audit, which is required by state law, was conducted by Noel Garza, CPA, who has been under contract with the EEDC for the previous five years to perform the financial review. His detailed work, which is available by requesting a copy from the EEDC, covers the fiscal year 2014-2015 activities of the EEDC.
FY 2014-2015 represents October 1, 2014 through September 30, 2015 – the most recent period for which an audit can be performed.
Garza issued an unmodified opinion, which is the best possible rating, s
In general, an unmodified opinion is the opinion where auditor expresses an opinion that financial statements are presented, in all material respects, in accordance with applicable financial reporting framework (http://pakaccountants.com).
“The EEDC is very open with their documentation,” said Garza, who has more than 30 years experience in his profession, including 14 years in public accounting. “The best opinion we can give is an ‘unmodified’ opinion. That means that we found nothing that required us to modify the report, which typically would be if we found an area that we didn’t agree with or feel uncomfortable. But we did issue an unmodified to the EEDC because we do feel comfortable with these financial statements. As a result of our testing, we feel this is a fair representation.”
EEDC Executive Director Agustín “Gus” García, Jr. praised his staff for their excellence in maintaining a financial report system that meets and surpasses the requirements of independent analyses, and he thanked the EEDC and city leadership for their unwavering support of open government.
“Everyone at the EEDC is dedicated to transparency, honesty, effectiveness, and achievements on behalf of the citizens of Edinburg,” said the executive director. “These ideals represent the highest ethical standards of our team here at the EEDC, which are shared by the EEDC Board of Directors, the Mayor, and Edinburg City Council.”
As of September 30, 2015, the EEDC had an available fund balance of $3 million, according to the audit.
“Overall, the EEDC is in a good financial position,” the auditor told reporters following his presentation to the EEDC Board of Directors during the EEDC’s March 22, 2016 public meeting, which was held at noon in the Council Chamber at Edinburg City Hall. “That’s a positive number ($3 million) and that gives the EEDC Board of Directors leeway and discretion on projects they want to undertake because they do have that fund balance that is available to them.”
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