SUMMARY: A Louisiana Legislative Auditor’s Office report suggests strategies for the state to improve its financial management by investing reserves and addressing liabilities. The state’s reserves consist of the $1.1 billion Budget Stabilization Fund and the $2.8 billion Revenue Stabilization Trust Fund. The report recommends more aggressive equity investments, which could yield an additional $144 million in returns from 2020 to 2024. It also advocates for reducing the budgetary reserve from $3.8 billion to a recommended $2.2 billion, allowing funds to be used for paying off the state’s unfunded retirement liabilities, thus achieving significant interest savings.

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SUMMARY: An audit of Abita Springs revealed significant financial mismanagement, including unauthorized personal purchases by the public works supervisor and finance clerk, involving an estimated $245,000 misappropriated from 2021 to 2023. The investigation is ongoing, with federal authorities involved. The town has filed civil lawsuits and received $150,000 in insurance reimbursements. The audit also noted numerous accounting errors, leading to roughly 20 adjustments, which increased net position by approximately $300,000. The town failed to meet budget amendment requirements and submitted financial reports late. Implementing better controls and adopting fund accounting software were recommended for improved oversight.

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SUMMARY: Severe weather and possible flooding are anticipated from Monday evening through Tuesday, with impact days declared. Today’s temperatures are around 80 degrees with increasing humidity. Current conditions include lower temperatures in regions like Bogalusa and Franklin, while New Orleans is at 71 degrees. The focus is on Tropical Depression Sara near the Yucatan Peninsula, which is expected to dissipate but has already caused significant rainfall in parts of Mexico, Honduras, Belize, and Guatemala. A humidity plume is expected to affect the area, increasing the potential for severe weather.

Sara is just a tropical depression and will dissipate late Sunday night

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