Published: Jan. 12, 2022
By: Piper Hutchinson, LSU Manship School News Service
BATON ROUGE — Louisiana will have an additional $1.6 billion to spend over the next year and a half after a state panel approved new revenue projections Tuesday.
The state expects to collect $1.2 billion more in general fund revenue than projected in the current budget cycle, which ends June 30, and $770 million more in the next cycle, which starts July 1.
This revenue is mostly due to personal income taxes and sales taxes, which have been higher than anticipated.
Not all of the extra money will be available to be spent at the Legislature’s discretion. About $275 million will be set aside for dedicated funds, and $400 million will be used to pay down the federal loan the state received to rebuild the levee system after Hurricane Katrina.
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