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Audit report given for City of Louisiana

Posted on Tuesday, November 27, 2018 at 3:00 pm

By Taylor Lockard

lpjed@lcs.net

During a special meeting on Wednesday, Nov. 14, Rebecca Friedrich, from KPM – CPAs and Advisors, gave the  audit report for the City of Louisiana.

The audit was done on the financial statements of the governmental activities, the business-type activities, and each of the major funds, as well as the related notes. Friedrich went over the highlights of the general fund, which are listed below. The audit was done for the fiscal year beginning on June 1, 2017 and ending on May 31, 2018.

Friedrich started off the report by saying that Louisiana received the best possible opinion they could get from KPM, meaning Louisiana presented their financial statements fairly and accurately.

• The total receipts from the city’s general fund was about $2.4 million, which is an increase of about $107,000 from the previous year. Total disbursements of the general fund were about $2 million, which is a decrease of about $320,000 from the previous year.

• The general fund issued a lease (2018 Certificates of Participation) of about $2.8 million last year. Primarily due to the lease proceeds that hadn’t yet been spent by the city, the general fund increased almost $3.2 million last year. However, even without those proceeds, the general fund still had an increase of almost $183,000, with about $440,000 in unrestricted cash.

• The total operating receipts for the water and sewer fund remained almost unchanged at about $2 million, with a increase of only $906 from the previous year. The total operating disbursements was about $1.3 million, which is a decrease of about $6,000 from the previous year. The water and sewer fund had a net income from last year of about $1.7 million, ending with a net position of about $3 million. However, $2.8 million of that is restricted, with about $165,000 in unrestricted cash.

Friedrich also mentioned two recommendations KPM made to the city.

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