With expected $500 million shortfall, Jindal administration promises plan to balance budget [View all]
Louisiana again will have to correct the state’s operating budget midyear to account for fewer revenues than anticipated.
This time the collections of taxes — particularly corporate and severance — and royalties are coming in $370 million less than the forecast on which the spending plan for Fiscal Year 2016 was drafted. The Revenue Estimating Conference on Monday officially lowered the amount of money state government has to spend in its $25 billion annual operating budget that began July 1.
That’s on top of another $117 million deficit for the last fiscal year.
Commissioner of Administration Stafford Palmieri said the Jindal administration will address both shortfalls and balance the budget, as required by law, with a plan she hopes to release in the next couple days.
Read more: http://theadvocate.com/news/14000585-133/state-will-have-to-find
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