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Wednesday, 13 January 2016 12:31
As oil prices drop sharply, Louisiana Treasury says revenues drop gets bigger
 
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oil pricesAs Jay Dardenne, the now-Commissioner of Administration for Governor Jon Bel Edwards pointed out last month, the state of the Louisianaa budget is worsening.

Even worse, Louisiana, which is currently in a projected $2.6B budget hole as Edwards administration has taken office, also must deal with sharply-dropping oil prices.  Oil is hovering over $30 per barrel.  At the time of the recent Louisiana governor's election, oil was trading in the mid-forties.

According to the report from Treasurer John Kennedy,  the drop in revenues is getting bigger.

This from the Department of Treasury:

The December 2015 Net Receipts Report shows that total state revenue thus far for 2015-2016 was $3.469 billion, a 15% decrease compared to that time last year. Sales tax, severance tax and corporation/franchise tax receipts continue to lag. Individual income tax revenue is relatively flat. 

A month ago, in the November 2015 Net Receipts Report, total state revenue was down 12%. The December report shows the drop is getting bigger even though growth was anticipated in the five year base line projection. 

The report includes receipts for sales tax, individual income tax, general severance tax, corporation and franchise tax, gasoline and special fuels tax and miscellaneous taxes cash receipts. The report does not include gambling revenues, fees, self-generated revenue and statutory dedications. 

General sales tax cash receipts for FY 2015-2016 to-date are $1.358 billion, for a decrease of $20 million or 1% compared to last year. General sales tax cash receipts this time last year were $1.378 billion, which was $73 million more than the prior year.

Individual income tax cash receipts for FY 2015-2016 to-date are $1.538 billion, for an increase of $6 million or 0% compared to last year. Individual income tax cash receipts this time last year were $1.532 billion, which was $3 million more than the prior year.

General severance tax cash receipts for FY 2015-2016 to-date are $260 million, for a decrease of $193 million or 43% compared to last year. General severance tax cash receipts this time last year were $453 million, which was $27 million more than the prior year.


Corporation and franchise tax cash receipts for FY 2015-2016 to-date are a negative $154 million, for a decrease of $469 million or 149% compared to last year. Corporation and franchise tax cash receipts this time last year were $315 million, which was $3 million more than the prior year.

Gasoline and special fuels tax cash receipts for FY 2015-2016 to-date are $312 million, for an increase of $5 million or 2% compared to last year. Gasoline and special fuels tax cash receipts this time last year were $307 million, which was $10 million more than the prior year.

Miscellaneous taxes cash receipts for FY 2015-2016 to-date are $99 million, for a decrease of $10 million or 9% compared to last year. Miscellaneous taxes cash receipts this time last year were $109 million, which was $12 million more than the prior year.


To view the report in its entirety, visit www.latreasury.com and click "Net Receipts Statement for the Month of December 2015."

 

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