The Revenue Estimating Committee meets in Baton Rouge today to determine how far the state is from making budget in the current fiscal year. Many are anxious to see exactly where the forecast falls and what mid-year actions would have to be made in light of tumbling oil prices affecting current revenues.
Council For A Better Louisiana President Barry Irwin says, "the bottom line to lower oil prices means there's less money." It's hard to know how much will be cut for the remainder of this year. The additional hit comes atop an already projected $1.4 billion shortfall for next fiscal year.
"More than likely there'll be more hits to health care, and even more to higher education," Erwin said. He feels the structure of the budget hasn't been repaired for several years, going back to 2008-09. He says the state created a cycle to borrow money against itself and now those sources are tapped out.
