Revenue Panel Forecasts Extra Money For State

BATON ROUGE, La. (AP) — The panel that determines how much money the state has to spend each year has revised its estimates, saying an increase in tax collections means an extra $178 million for the state over the next 16 months.

The Times Picayune reported Monday that although higher-than-expected sales and personal income tax collections has generated more revenue, the extra money — $112 million in the current fiscal year, and $66 million in the year that starts July 1 — will barely make a dent in the state's $1.6 billion budget shortfall for the 2011-12 budget cycle.

Still House Speaker Jim Tucker, R-Algiers, who sits on the Revenue Estimating Conference, says every penny helps.