Jindal’s commissioner of administration, Angèle Davis, said state government revenue growth is slowing down.
Davis said there also are “significant outstanding liabilities” to address, including the state retirement systems’ $11 billion debt.
Jindal could use some of the $1 billion surplus to reduce the retirement debt.
However, Davis said priorities still are being developed for the surplus, which has spending constraints. The Legislature must approve any plans to spend the extra money.
Tuesday, December 11, 2007
Some of Larger Projected State Budget could be used to pay down state retirement debt
Boosted by strong income-tax collections and high energy prices, Louisiana's rosy revenue picture continued to improve Monday, when a forecasting panel added $1.1 billion to the state's budget projections for the next 18 months.