Post by Logan on Jun 28, 2016 20:07:52 GMT -6
Despite raising $1.5 billion in new taxes over the past five months, Louisiana state government may still have to take out a short-term loan to cover some expenses in the fall.
Gov. John Bel Edwards and state Treasurer John Kennedy have said there is a possibility that a short-term loan would be needed. Louisiana is on the cusp of experiencing a "cash flow" problem, meaning that money might not come in quickly enough to cover immediate bills.
Edwards said at a press conference last week that there "is every possibility that we are going to have to take out a loan to pay regular, ordinary bills in the state of Louisiana to deal with our cash flow problem."
Jay Dardenne, Edwards budget chief, said in an interview Monday (June 27), that state officials had discussed the possibility of a short-term loan with Louisiana's outside financial adviser. If it is necessary, the short-term loan would be taken out and repaid within the same year, he said.
Read more: www.nola.com/politics/index.ssf/2016/06/louisiana_state_budget_short_t.html
Gov. John Bel Edwards and state Treasurer John Kennedy have said there is a possibility that a short-term loan would be needed. Louisiana is on the cusp of experiencing a "cash flow" problem, meaning that money might not come in quickly enough to cover immediate bills.
Edwards said at a press conference last week that there "is every possibility that we are going to have to take out a loan to pay regular, ordinary bills in the state of Louisiana to deal with our cash flow problem."
Jay Dardenne, Edwards budget chief, said in an interview Monday (June 27), that state officials had discussed the possibility of a short-term loan with Louisiana's outside financial adviser. If it is necessary, the short-term loan would be taken out and repaid within the same year, he said.
Read more: www.nola.com/politics/index.ssf/2016/06/louisiana_state_budget_short_t.html