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Port of Lake Charles adopts audited financials; staff flags lower cash balance, possible bond
Summary
Auditors issued an unmodified opinion for the year ending Dec. 31, 2023, and the board voted to receive and accept the audit. Finance staff reported May revenues of $3.7M but a decline in unrestricted cash from about $33M to $27M and said the port may pursue a bond later in the year.
The Port of Lake Charles commission voted June 24 to receive and accept the audited financial statements for the year ended Dec. 31, 2023, after a presentation from auditor Jason Guillory of McElroy, Quirk & Birch.
"We have issued an unmodified opinion on those financial statements, which means we feel like they present fairly...the financial position of the district," Guillory told the board, and he said the firm issued no findings in the internal control/compliance report or in the uniform guidance (single audit) report.
A commissioner requested a clarification to motion language so the record would show the board "receives and accepts" the external audit rather than implying the board "approves" third‑party work; that clarification was made before the motion passed on a voice vote.
Separately, a finance presenter reported May 2024 generated revenues of about $3,700,000 (approximately $500,000 favorable to budget), but said expenses and timing of a roughly $2,500,000 payment to the Calcasieu River Fund produced a nonoperating expense reflected as $1,900,000 in the month and negative cash flow of about $1,600,000. The presenter said unrestricted cash on hand had fallen from roughly $33,000,000 in the materials packet to approximately $27,000,000 in current balances. Construction in progress, the presenter added, had increased to about $42,600,000 as major projects continue.
"We're...working to submit reimbursement requests to set up for priority capital outlay, DOTD, whoever we can to get that balance healthy, maybe avoid having to issue the bonds," the finance presenter said, adding that port staff were meeting with bond representatives to be prepared if a bond becomes necessary later in the year.
The board recorded the audit acceptance and discussed follow‑up steps on reimbursements and capital budget planning; no roll‑call votes were recorded in the transcript.
