A state panel that determines how much revenue the Louisiana government has at its disposal delivered the bad news on Monday that everyone knew was coming: the budget hole is even bigger than estimated.
NOLA.com reports that dropping oil prices continue to make an already bad budget situation in Louisiana even worse.
Greg Albrecht is the chief economist for the Louisiana Legislature. He said today, “The news is bad.”
New midyear budget cuts will total about $103 million, and the shortfall in the state budget for the next financial cycle has grown by $204 million. That brings next year's projected financial shortfall to about $1.6 billion overall.
State higher education and health care agencies will likely have to absorb more cuts while also preparing for drastic funding reductions next year.