Treasurer: Louisiana has $300M-plus surplus from last year
BATON ROUGE, La. (AP) - Louisiana's treasurer expects the state to have a surplus topping $300 million from the last budget year.
Treasurer John Schroder said Friday the state recently closed the books on the budget year that ended June 30. Schroder said a cash balance around $400 million remained, although the figure has to be audited and double-checked against outstanding obligations. When that accounting check is complete, Schroder says he anticipates the official figure will exceed $300 million.
Gov. John Bel Edwards' spokesman Richard Carbo confirmed Louisiana has a surplus, but he said the exact amount won't be determined until mid-October. Carbo called it premature for Schroder to discuss a figure. Under Louisiana's constitution, surplus dollars can only be spent on certain one-time expenses, like debt payments, construction work, and rainy day fund deposits.