Lafourche financial records earn high marks

An independent audit of Lafourche Parish’s financial statement turned up no problems, earning the parish government high marks for the second consecutive year.

David Stagni of Stagni & Company said an “unqualified opinion,” which was awarded to the parish, means that there are no adjustments that need to be made to the parish’s financial structure.

“This is the best opinion you can get,” Stagni said. “It’s pretty remarkable considering the amount of information that goes through the government financial system.”

Stagni presented the 2008 Comprehensive Annual Financial Report (CAFR) at last week’s council meeting. This is the fourth year that Lafourche has compiled and submitted a CAFR for review.

The parish’s 2007 report received the Government Finance Officers Association National Award for Excellence. Stagni said the parish’s Finance Department is on track to receive it again this year.

He acknowledged the finance team for a job well done.

“We do a lot of government audits and only two clients have risen to the occasion of receiving this type of award,” he said, “and we congratulate you. This is a very big achievement.”

Stagni said reporting standards were changed several years ago to require consulting firms to put together a comprehensive financial picture of the parish in place of the former method of auditing based only on funds.

Lafourche’s financial picture goes into grave details, he said at the meeting.

“Prior to this format, we used to stand in front of councils, boards and committees and review the numbers,” he said. “Now, we don’t review the numbers anymore because they are right there in front of you with a very good explanation of the changes, the increases, decreases and associated changes in fund balances. We wanted to primarily talk about our reports.”

Stagni discussed the portion of the audit that deals with internal control and compliance issues for government entities and the portion concerned with control structure and compliance for federal programs.

“In conducting the audit, they review certain activities as required under the single audit act, which the second report acknowledges,” he said. “There were no instances of finding for question cost in either the yellow book audit, the generally accepted standing audit, or the single audit, which is for the federal programs.”

At the meeting, Parish President Charlotte Randolph told each of the councilmen to personally thank the entire Finance Department, made up of the director, the account manager and eight fund accountants, for their commitment to following procedures when filing the parish’s finances.

“This audit represents the positive direction and level of financial transparency and accountability within Lafourche Parish Government,” Randolph said

Finance Director Joel Doty said, “I am proud of my team and all the hard work they put into compiling the information for the CAFR. It was a long process, but the results make it all worthwhile.”

Doty joined the parish government at the end of the 2007 audit. He was able to assist veteran finance employee Chastity Himel in preparing for the audit. This year, he was able to monitor the parish finances for the entire year.