The Louisiana Legislature’s chief economist sought to temper suggestions that an estimated $300 million-plus state surplus is the sign of a booming economy or an indication the state will be awash in extra cash this fiscal year.
Greg Albrecht told the Board of Regents, the top higher education board, today that Louisiana’s economy has seen “modest improvement.”
But he doesn’t expect economists to recommend this year’s income forecast be boosted by anywhere close to a similar $300 million amount.
The surplus is left over from the budget year that ended June 30, tied to better-than-expected personal income and corporate tax collections and a slight uptick from oil prices.
Higher education leaders hope some of the surplus will be spent to chip away at a $1.6 billion backlog in campus maintenance projects.
