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New Iberia audit shows improved finances, two repeat findings corrected
Summary
An independent auditor told the New Iberia City Council the city’s fiscal 2024 financial statements show stronger revenues, a small surplus and fewer audit findings than the prior year; the council accepted the audit report.
An independent auditor presented the City of New Iberia’s fiscal year 2024 financial report and told the City Council the municipality’s finances improved compared with the prior year.
Calder with Calder Slave and Company presented the audit for the year ending Oct. 31, 2024, saying the city’s total audited revenues rose to $49.3 million and the city closed the year with a $115,000 surplus. “You budgeted a shade over $48,000,000. You brought in $49,300,000 — 1 million and 3 more than you thought,” the auditor said. He also told the council the number of formal audit findings fell from 11 the prior year to two repeated findings that had been corrected as of the audit date: “you guys have 2 findings, both of which are repeats, from last year and have been resolved as I stand here today.”
The audit showed a mix of one-time and recurring items. The sewer fund recorded a narrower operating loss in fiscal 2024, falling to about $163,000 from a larger loss the prior year; the auditor said when depreciation is added back the sewer fund generated roughly $16 of cash per customer per month. The report lists $2 million-plus in capital contributions in the prior year and $329,000 of state capital outlay in 2024. The auditor noted the city issued about $16 million in debt during the year, which increased long-term bonded debt to roughly $49 million.
Council members asked for clarification on American Rescue Plan Act (ARPA) funds and amounts still to be spent; the auditor said about $6 million of ARPA remained unspent as of Oct. 31 but that amount was already obligated. The auditor also presented a liquidity metric showing the city holds the equivalent of about 252 days of operations after standard adjustments — well above a common 60‑day benchmark.
After the presentation, the council approved a resolution accepting the financial report. The council also discussed budget variances highlighted by the audit — higher sales-tax receipts, a one-time Cleco (franchise) payment that raised franchise revenue, a one-time crime-camera purchase in public safety and increased capital outlays — and asked staff to continue regular budget monitoring.
The audit presentation and the council’s acceptance establish the city’s basic financial results for fiscal 2024; the council asked staff to continue outreach and to share details publicly to help residents understand how revenues and one-time grants affected the year’s numbers.
