Photo courtesy of Wes Muller, Louisiana Illuminator
The Louisiana Department of Revenue (LDR) has confirmed an audit showing that it misreported the state’s 2022 tax revenue in its annual financial report, according to a recent audit. The errors amounted to a small percentage of the state’s total budget.
The Louisiana Legislative Auditor’s Office issued a report On Monday, LDR said it understated sales, corporate and income tax receipts by $39.5 million. The agency also understated the modified claims by $32.2 million by omitting $7.3 million of hotel sales tax revenue and $32.2 million of outstanding sales, corporate and individual tax claims.
LDR’s annual financial report is used by the Office of Statewide Reporting and Accounting Policy (OSRAP) to prepare Louisiana’s annual comprehensive financial report.
The Legislative Auditor’s Office recommended that LDR conduct a thorough review of its annual financial reports to identify and correct preparatory errors and omissions before submitting the reports to OSRAP.
In a written response, LDR Secretary Kevin Richard agreed with the audit’s findings and recommendations, but said the undervalued $32.2 million represented only 0.27% of the total allocated to the state’s various funds .
“In short, the small percentage that these amounts represent reflects minor financial miscalculations rather than a pervasive problem of fraud or intentional falsification or misrepresentation of LDRs [annual fiscal report]’ Richard wrote.
D
Source