BATON ROUGE – Thanks to substantial rises in oil prices, Louisiana’s revenues were forecasted by another $824 million as the state’s Revenue Estimating Conference met on Friday.
Meantime, oil prices have continued to increase as oil has risen to $126 per barrel.
With the whopping increase, legislators have decisions regarding what to do with the additional funds such as whether to put the money into the state’s operational budget, phase out the state’s income tax, or put the money into surplus.Governor Jindal would like to put new revenues into surplus.
The budget is approximately 30 billion dollars.In the fall-winter of 2005 after Hurricane Katrina, the budget was decreased by one billion dollars.
