- Associated Press - Tuesday, January 13, 2015

GRAND ISLE, La. (AP) - An audit finds Grand Isle’s gas utility fund ran a $310,000 deficit and failed to move fee revenue for garbage service to the town’s general fund.

In an audit released Monday, the gas fund owes $370,338 to the general fund, which pays for the government’s day-to-day operations.

NOLA.com/The Times-Picayune reports (http://bit.ly/1DDkd3Z ) the audit also found Grand Isle failed to retain $630,900 in surplus money in its waterworks account to pay off debt it took out through bonds to build its waterline. Town officials said Jefferson Parish has taken over the utility and the town has made its bond payments.

Town officials said the fluctuating price of gas is partly to blame for the utility shortfall.

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Information from: The Times-Picayune, http://www.nola.com

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