Lawmakers on the Joint Legislative Committee on the Budget received updates this week from several state departments regarding a variety of issues, including the state’s general fund.
Officials with the Office of Planning and Budget told lawmakers on Tuesday that the state’s projected general fund balances for coming fiscal years are expected to be $808 million in the red for 2024, negative $373 million in 2025, and negative $805 million in 2026.
The shortfalls in the general fund are due to one-time expenses in 2024 totaling $553 million, including $358 million for a final payment for the Hurricane and Storm Damage Risk Reduction System and $194 million in closeout payments to FEMA from Hurricane Katrina.
Another $286 million in funding for enhanced federal Medicaid money available in 2023 also will not be available in 2024, while the expiration of a 0.45-cent sales tax is scheduled to phase out in 2026.
Read the full story about Louisiana’s budget from The Center Square.
