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Audit: Krotz Springs reports unmodified opinion and 'very healthy' fund balance; council adopts report
Summary
An independent audit presented Dec. 10 found the Town of Krotz Springs in strong financial condition with an unmodified opinion, $10.9 million in total assets and $7.27 million in unrestricted cash and investments; the board adopted the audit unanimously.
An independent audit presented to the Mayor and Board of Aldermen on Dec. 10 found the Town of Krotz Springs in strong financial condition and recommended corrections to a small number of agreed-upon procedures.
Penny Scruggins of Champagne & Company, LLC told the council the auditors issued an unmodified opinion on the town's financial statements — "the best" outcome — and that the audit revealed no material weaknesses in internal control or instances of noncompliance. She reported total assets of $10,871,843 and a net position of $10,158,880, noting that $7,265,511 (about 67 percent) is held in unrestricted cash and investments. Scruggins added the utility fund is "doing fine overall" but that the sewer fund showed a loss.
The audit package includes a separate letter addressing several nonmaterial items and a report on the Louisiana Legislative Auditor (LLA) Al Greed-Upon Procedures, which the auditor said had some exceptions staff will work to correct. The auditor said the town will receive finalized copies of the LLA procedures report when complete.
The council voted unanimously to adopt the Audit Report as presented.
The audit provides an accounting snapshot for residents and officials as the town plans personnel and maintenance work for 2025; the board did not vote on any budget changes during the meeting. The next procedural step is for staff to address the exceptions noted in the LLA procedures and distribute finalized reports to the aldermen.
