LAKE CHARLES, LA (KPLC) - The City finances have undergone an annual audit. The findings from that audit were presented to the Lake Charles City Council Tuesday night.
Council members carefully looked over the comprehensive Annual Financial Report for 2010. The man in charge of the checks and balances - Marty Chehotsky - with the McElroy, Quirk and Burch firm. He's been looking over the books and statements for more than 4 months.
"I report a clean and qualified opinion on financial statements, which is pretty much the best opinion you can get. There were not any modifications required," said Chehotsky.
According to the audit report, the City of Lake Charles has $379,703,029 in assets. This does not include an additional $3,100,000. Net assets were up $12,450,000. A separate audit found all requirements were met for the $9,750,000 in federal grants received.
Despite tough economic times, the city's reserves are more than sufficient should they need to be tapped into.
"Because of the excellence stewardship by the mayor, city council and staff - the financial condition of the city is sound," said Chehotsky.
Having heard the financial outlook the council is pleased. "This is an outstanding report - very detailed and every penny accounted for," said Rodney Geyen, Lake Charles City Council President.
Keeping track of all those pennies is City Finance Director Karen Harrell. Her staff's work got the city it's 25th consecutive Certificate for Excellence in Financial Reporting. The S&P also rated the city's bond issues an A+.
"This is something that will continue to help with future financing. It's great if we can go through a bond rating process like we have, whenever we've issued our bonds. The fact that our reports are up to standards is a big benefit to us and the bond rating agencies really look at that," said Harrell.