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New Iberia council accepts clean audit showing $49.3 million in revenues and improved sewer fund performance
Summary
An independent auditor presented a clean audit for the fiscal year ending Oct. 31, 2024, showing record revenues, reduced operating losses in the sewer fund, $16 million in new debt issuance and $6 million in unspent ARPA funds as of Oct. 31, 2024; the council moved to accept the report.
Brad Coler, auditor with Coler, Slaven and Company, presented the city of New Iberia’s audited financial statements for the fiscal year ending Oct. 31, 2024, and said the accounting received a clean opinion. The City Council moved to accept the audit as presented.
Coler told the council the city reported $49.3 million in total revenues for fiscal 2024, the highest in the city’s history, and described “substantial improvement” in the sewer fund, where operating losses fell from about $671,000 to $163,000 year over year. “It is a substantial improvement year over year,” Coler said.
The audit shows several one-time and notable items that affected 2024 results. The city recorded about $1.75 million in nonrecurring franchise revenue tied to a payment from Cleco that was reinvested in crime cameras, Coler said. The audit also reflects $2.6 million of American Rescue Plan Act (ARP) money spent in fiscal 2024; Coler reported roughly $6 million of ARPA funds remained unspent but “all been obligated” as of Oct. 31, 2024. The city issued about $16 million of debt during the year; long-term bonded debt increased from roughly $35 million to about $49 million year over year.
Coler summarized several operating measures he said the council should note: ad valorem taxes of about $4.7 million, sales taxes of approximately $22.5 million (a 3.5% increase from fiscal 2023), and net positive cash generation in the sewer fund once depreciation was added back—about $16 cash per customer per month. On liquidity, Coler calculated an “available net position” that yields about 252 days of operating coverage, well above a 60-day benchmark.
Council members asked clarifying questions about ARPA timing and obligations. Coler said $2.6 million of ARPA had been spent and indicated the remainder would be accounted for as it is spent. Coler also reported two repeated audit findings remaining from last year that had been corrected by the time of presentation; the city had 11 findings the prior year.
The council introduced and then voted on Resolution No. 25-59 to accept the auditor’s report. The motion was moved and seconded; following the vote the clerk recorded the result.
The audit presentation and council acceptance do not commit the council to any specific new spending beyond items already in the report. Coler and city staff told council members they would continue tracking ARPA obligations, debt service, and capital spending in upcoming budget and oversight sessions.
