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Auditors present 2024 audited financial statements: parish assets, FEMA revenue highlighted
Summary
Auditor Bourgeois Bennett presented the 2024 audited comprehensive annual financial report to the finance committee. Key points: total assets rose from $313 million to $330 million; FEMA revenues increased and drove a revenue rise from $178 million to $190 million; outstanding debt about $172 million with principal payments on hurricane bonds.
Auditors from Bourgeois Bennett LLC presented the Terrebonne Parish 2024 audited comprehensive annual financial report to the finance committee and council.
Paul Peishon, CPA of Bourgeois Bennett, summarized the audit findings and key financial trends: total parish assets increased from $313 million to $330 million, largely because of receivables related to FEMA obligations; total fund balance rose from $133 million to $134 million; general fund composition showed approximately 63% restricted, 34% assigned and 3% unassigned (presentation figures). Peishon said the audit opinion was unmodified: the financial statements were fairly stated.
Federal grants and FEMA: The auditors reported roughly $67.7 million of federal funds in the year reviewed, with approximately $52.8 million attributed to FEMA. Revenue rose from approximately $178 million to $190 million, driven principally by FEMA revenue increases (reported as $78 million to roughly $90 million in the auditor's summary). Total expenditures decreased from about $210 million to $188 million, reflecting completion of some capital projects.
Debt and capital: The parish reported about $172 million in outstanding debt at year-end and paid down roughly $9 million during the year. The audit noted hurricane-recovery bonds as a major component of outstanding debt (about $72 million total in the cited category, with approximately $50 million tied to hurricane recovery bonds); principal payments on those bonds increased year-to-year.
Other highlights and awards: The auditor noted major completed capital projects (Centennial Plaza, a police substation, and road work including Hollywood Road South reported at about $24.4 million) and projects in progress (pump stations, corrections facility work, bridge work). Council members praised Candace Malden and her staff for financial reporting awards and the distinguished budget presentation.
Why it matters: The audit provides a formal, audited snapshot of the parish's fiscal condition at Dec. 31, 2024, showing FEMA reimbursements and capital projects materially affected revenues and assets. The unmodified audit opinion indicates auditors found the financial statements fairly stated in all material respects.
Next steps: Council members may submit follow-up questions to the auditor or CFO for clarification; the auditors and CFO invited follow-up meetings and written questions.
