Published: May 18, 2023
By: Allison Allsop, LSU Manship School News Service
BATON ROUGE, La. — A $483 million increase in revenue for the state’s general spending fund is now being estimated for 2024, adding to a giant pile of money that the state Legislature has at its disposal.
Under the new projections, the state’s general fund also will take in $323.4 million more than previously expected in the current fiscal year, bringing the total surplus from the last two years to over $2.1 billion.
The new projection was made Thursday by the state’s Revenue Estimating Conference. It updated revenue forecasts for both the current fiscal year, which ends June 30, and for next year.
The increased projections come as the House and the Senate are split over what to do with all the extra money.
Under a formula that places a cap on spending, the Legislature could only spend $500 million of the surplus funds in fiscal year 2024 on recurring budget items, and the additional revenue forecasted Thursday will not increase the cap.
Read more at WWL-TV
LSU Manship School Statehouse Bureau 