Shreveport might have less than 200,000 residents, but the Louisiana Legislative Auditor says it also has more than $1 billion in debt, The Center Square reports.
Among the heftiest expenses noted in the report: General obligation bonds, pension and other benefit obligations to former employees, and the renovation of Independence Stadium.
In total, the auditor issued 27 findings critical of city finances—some of which were repeated from the previous year—saying, among other charges, local administrators didn’t have adequate controls over payroll processing and payroll data and didn’t do enough to ensure the accuracy of its inventory records. City officials, meanwhile, say the deficiencies have either been addressed or are being addressed.Â
The $1 billion deficit doesn’t mean Shreveport—the third-largest city in the state by population—won’t be able to pay its bills next year. However, its current resources can’t fund its obligations in the long-term, the auditor’s office says.
