MORE ON SHREVEPORT’S SPIRALING-DOWN FINANCES


Posted: Friday, September 13, 2019 … 12:29 P.M. …

MORE ON SHREVEPORT’S SPIRALING-DOWN FINANCES

Why Mayor Adrian Perkins and four-of-seven City Council members are in such a destructive rush to pass their $186,000,000 bond issue is increasingly clear …

… our City’s financial condition is spiraling-down, and evidence of it continues to surface, no matter their anti-transparency religion.

As for evidence, Tuesday’s City Council meeting helped, and we now know the City’s 2018 “CAFR” – Comprehensive Annual Financial Report (pronounced cay-fer) – will soon and finally be released.

A CAFR is referred to for real and accurate such data. A city’s Annual Budget document, on the other hand, is political.

A CAFR complies with the accounting requirements promulgated by the Government Accounting Standards Board (GASB), the source of generally accepted accounting principles (GAAF) used by state and local governments.

In Louisiana, the entity which bird-dogs the filing of annual CAFRs is the Louisiana Legislative Auditor.

For example, it was the Legislative Auditor who issued a report in February 2015 which validated my work in shutting down “CPERS,” the illegal and unconstitutional retirement system by which Caddo Commissioners paid themselves extra from 2000 through 2015. (SEE Link #1, below.)

As I wrote in two articles posted on July 6th (SEE Link #2, below), a delayed CAFR from any government agency is not to be ignored.

The deadline for Shreveport’s 2018 report was June 30th .

By way of Tuesday’s City Council meeting, however, we learned more … specifically including from a report last night by Gerry May at KTBS News. Here is the opening of his online report:

“Shockwaves were rippling through Government Plaza Wednesday after a state audit showed serious deficiencies in the City of Shreveport’s Finance Department, according to some on the city council who’ve seen it.

District C Councilman John Nickelson brought the subject up at this week’s meeting, saying, ‘Some of the findings that the external auditor has made really are shocking for an organization the size of Shreveport. And it’s my view that we cannot effectively conduct the business of the public if we cannot remedy those deficiencies.’”

Gerry May also noted that the City’s CAFR “audit” for 2018 is set to be publicly available next week.

It doesn’t take a seer to figure out why the 2018 CAFR was / is being held up by City Hall. If Perkins could have gotten away with delaying it until after the bond issue vote, he would have.

No matter anything else, we continue to see how much damage was done when Republican Councilman James Flurry threw-in with three Democrat Councilmembers (Willie Bradford, Jerry Bowman, Jr., and James Green) to form the four-vote majority needed to put the bond issue on the November 16th ballot.

The time to put this bond issue on ice was that City Council vote. For Shreveport to now borrow another $186,000,000 – if the bond issue passes – is plain nuts.

A careful delay, on the other hand, would have been the precisely correct thing to do.

© 2019 Elliott Stonecipher … ALL RIGHTS RESERVED

1. Elliott Stonecipher, RealShreveport.com, February 13, 2015:
http://realshreveport.com/commissioners-sue-to-keep-illega…/

2. Elliott Stonecipher, RealShreveport.com, both articles posted on July 6th:
http://realshreveport.com/stunning-shreveport-finance-fail…/
http://realshreveport.com/perkins-now-set-to-grab-22000000…/

3. KTBS News, Gerry May:
https://www.ktbs.com/…/article_904ec964-d4f1-11e9-b192-8b50…

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