Louisiana Borrowing $320M for Construction Spending
By MELINDA DESLATTE, Bloomberg.com, 05.05.2010
Louisiana will borrow $320 million next year for state construction projects, far less than needed to fulfill the billions of dollars in requests from lawmakers and state agencies, the governor's top budget adviser said Monday.
The construction budget bill submitted by Gov. Bobby Jindal's administration already includes $10 million more in projects vying for those available dollars than there is money to spend -- and that's before lawmakers add new projects into the bill.
Commissioner of Administration Angele Davis said that allows wiggle room in case some projects can't move as quickly as expected or projects get other sources of funding and don't need as much state cash upfront. For example, the planned New Orleans public hospital could soon get expected federal funding and need less money from the state in the upcoming year, she said.
Davis outlined the details of the construction budget bill -- known as the "capital outlay" bill -- to lawmakers on the House Ways and Means Committee, which works on the bill each year..........read more
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