City’s $711,000 deficit linked to FEMA
MORGAN CITY, La. -- The state legislative auditor’s office released Morgan City’s 2012 full audit report on its website Monday that showed a deficit of about $711,000 in the city’s emergency management fund.
The deficit will be changed to “a positive fund balance or at least zero it out” once about $793,000 in deferred revenue is received from the state and FEMA, Morgan City Finance Director Deborah Garber said in an email.
The city is owed expenses incurred from hurricanes Gustav, Ike, Isaac, and from the May 2011 flood, Garber said.
Another deficit of almost $300,000 in other governmental funds is mostly due to Louisiana Community Block Development Grant money and state capital outlay deferred revenue the city is also owed, Garber said.
The audit was performed for the state by CPA firm Kolder, Champagne, Slaven & Company.
The full audit report can be viewed on the legislative auditor’s website at lla.la.gov.