Even if the coronavirus wasn’t causing a global depression, Lafayette’s city and parish general funds would be in rough shape. But now shortfalls in revenue are going to force some painful cuts.
city general fund
It’s not just the parish. The city’s financials are in trouble too
The general assumption has been that the parish is broke but the city is doing fine. When you dig into the latest budget, a more troubling reality emerges.
The parish general fund has zero dollars; the city general fund has $46 million
The gist: LCG’s annual audit, presented this month to the City-Parish Council, revealed a worsening trend over the last fiscal year: The parish is out of money, while the city has a generous fund balance.
The parish is broke, and it’s a drag on the city’s finances
In the upcoming fiscal year the city general fund will bring in just over $100 million and end the year with a fund balance of almost $40 million. The parish general fund will bring in less than $12 million and end the year with a fund balance of about $100,000.
Analysis: Balancing Lafayette’s city budget is going to hurt
Lafayette’s city general fund is facing such large deficits that even zeroing out what critics call government waste won’t be enough to close the gap.