Audit: Louisiana town’s finances have run red for 4 years
NEWELLTON, La. (AP) — An audit of a Louisiana town’s finances found that it has drastically outspent its revenues for the past four years, with an average excess spending of $187,000.
The Monroe News-Star reports the independent audit found the town of Newellton spent more than $205,000 beyond what it had in its general fund during the most recent fiscal year.
The audit by Huffman & Soignier says the deficit has been offset each year by transfers from the town’s utility fund. However, the utility fund’s spending also exceeded revenues last year, bringing the total net deficit to more than $200,000.
The audit says the current revenue and spending pace means the town would have a deficit of $182,000 this year. The town plans to increase water, sewer and garbage rates this year.
Information from: The News-Star, http://www.thenewsstar.com