Lawmakers Finalize Next Fiscal Year’s Budget: Problems Remain

The Revenue Estimating Conference learned today that lawmakers raised $371 million dollars in revenue that can be used in the budget year that begins Friday. But Ron Henson with the State Treasurer’s Office says there are still concerns that Louisiana won’t be able to pay its bills until taxes are collected and it’s possible state government will have to borrow money.

"Line of credit, we could enter into an agreement with a financial institution then we'd only draw down as much as we had to have and that would save interest expense."

Cuts will still need to be made on government services when the new fiscal year starts tomorrow, but the concern is that there will be a deficit in the current year that would carry over. Henson says even with the work that the legislature did in the two special sessions, there are still major money problems ahead.

"We feel comfortable that we can deal with it but I haven't been quite this concerned since I've been in the treasurer's office for sure."

Categories: State News