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Terrebonne planning commission accepts 2024 audit showing $12,000 operating loss and $54,000 cash reserve
Summary
The Terrebonne Regional Planning Commission accepted its 2024 annual audit, which reported roughly $17,000 in revenues, an operating loss of about $12,000 and $54,000 in cash on hand; auditors issued an unmodified opinion and found no compliance findings.
The Terrebonne Regional Planning Commission accepted its 2024 annual audit after a presentation by Martin and Pellegrino CPA firm partner Peter Pellegrino.
Pellegrino told commissioners the firm issued an unmodified opinion on the commission's financial statements and found no instances of noncompliance with applicable laws, regulations, contracts or grants. "We gave you an unmodified opinion," Pellegrino said. He said the commission recorded about $17,000 in revenues for the year and that the books reflect roughly a $12,000 operating loss; expenses rose about $3,000 from the previous year. At the end of the year the commission held about $54,000 in cash, which Pellegrino said would cover approximately four and a half years at that rate of operating loss.
The audit is a required annual submission for component units of the parish government and will be transmitted to the parish and the Louisiana Legislative Auditor's office for desk review, Pellegrino said.
Commissioners moved to accept the audit after the presentation. The motion to accept was offered by Missus Smith and seconded by Mr. Billiard; the motion carried on a voice vote.
The audit presentation included the three standard opinions auditors issue for government entities: (1) whether the financial statements are materially correct, (2) whether accounting processes produce accurate statements and (3) whether the entity complied with laws and grant terms. Pellegrino told the commission the 2024 audit contained no new findings; he noted a prior-year finding related to a greater-than-5% budget variance had been resolved.
Commissioners did not direct additional follow-up during the meeting. The commission's acceptance completes the local review step; the audit will appear on the legislative auditor's website after desk review.
