Calcasieu Parish Police Jury. (Special to the American Press)
Last Modified: Sunday, July 06, 2014 2:16 PM
Calcasieu Parish’s financial outlook at the end of the 2013 fiscal year indicated net assets totaling $766.8 million — $7.3 million more than the $759.5 million in assets at the end of the 2012 fiscal year, according to a recent report.
Police jurors on Thursday reviewed the parish’s Comprehensive Annual Financial Report for the fiscal year that ended Dec. 31. Jason Guillory, an accountant with McElroy, Quirk and Birch, discussed the report with the panel.
The report said nearly 68 percent of the parish’s net assets were invested in capital assets, including “land, building, infrastructure and equipment.” Nearly 22 percent is restricted to services because of voter-approved sales or property taxes. The percentages were similar to the ones reported at the end of the 2012 fiscal year.
Guillory said the parish’s combined fund balance, including cash and investments, was $256 million — up from the $245 million reported at the end of the 2012 fiscal year.
The report said all but $28 million of the $256 million is set aside because it is “restricted by funding source or assigned by ordinance” to a particular purpose. Guillory said the $28 million in the unassigned fund balance represents 102 percent of the total general fund budgeted expenditures.
“That’s quite remarkable, because most entities probably strive for 40, 50 or 60 percent of total budgeted expenditures for their fund balance,” he said.
For the 22nd straight year, Calcasieu Parish received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada.