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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Tonight, expect heavy rain and storms, with flood watches in effect. Storms, including potential tornadoes, will affect the area, especially after 3:00 PM and into the early hours of tomorrow. Rainfall could reach 2-4 inches, with some areas seeing 5-8 inches, posing a significant flood risk. Strong winds and isolated tornadoes are also possible. A second cold front will bring cooler weather on Wednesday, with temperatures in the low 70s, dropping to the 60s by Thursday and Friday. No major freeze is expected, but mornings will be chilly, with the potential for frost on Saturday.

Flooding is possible late Monday night. Wednesday and beyond bring cooler weather.

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