Lafayette Council questions LPTFA's operations - KLFY News 10

Lafayette Council questions LPTFA's operations

Posted: Updated:

A recent advisory report done by the State Legislative Auditor on the Lafayette Public Trust and Financing Authority, raised some eyebrows, due to the amount of concerns on how it operates.

The authority sits on millions of dollars and most in Lafayette Consolidated Government aren't really sure what they do. Tuesday night's LCG council meeting played out more like an informational session, with council members, and even City-Parish President Joey Durel trying to find out exactly what the LPTFA does, and how they make money.

"When it's complicated, it tends to make people think the worst," says Durel, "I still don't understand it real well, but I'm very comfortable with the people running the LPTFA."

Chairman John Arceneaux fielded questions to why, year after year, they get concerns about their accounting practices, ethics oversight, and why they do not have regular meetings.

"They come in look at an organization and say we think you can do this better or different. So we're taking the report under advisement and following the practices we can implement," says Arceneaux.

Councilman William Theriot felt it was important to go through the report to find why these issues came up, and if they were being fixed.

"We have no oversight. There's still an involvement side that we have, to make sure that there's no liability that comes before the council or the people of Lafayette," says Theriot.

The authority has been around since the late 70's, but has only become more active as of late doing multimillion dollar projects like the Uptown Lofts. A low income housing in downtown Lafayette. However it's not through public funds.

"All of our money is through investments over the years. There's no tax money, or public money put into our organization," affirms Arceneaux.

Arceneaux says the five member, volunteer board appointed by the council, uses different types of investments like tax credits and mortgage revenue bonds to invest in any sort of project that benefits the Lafayette area.

The LPTFA started in 1979 with $100, their budget now stands at $31 million. Arceneaux says they have fixed some of the issues identified in the report. But, they are still looking into if some of them even apply to them.

Powered by WorldNow

1808 Eraste Landry Rd, PO Box 90665,
Lafayette LA 70509

Telephone: 337.981.4823
Fax: 337.984.8323

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Louisiana, Inc. A Media General Company.