However, there is a little catch—Louisiana needs to find an additional $83 million dollars to solve this year’s shortfall and the state is still on the shy side of 2 billion for the fiscal year starting July 1, 2016.
By passing the amendment, the State Senate finance committee is basically telling the Senate floor which needs to approve the legislation (and the House) it cannot find any other ways to cut, but if you don’t raise revenues, we are going to suffer significant damage to our higher education and healthcare systems.
The Amendment would protect the private Hospital arrangement that is at risk, assuming more revenues are raised or cuts found.
In trying to fill the gap, the committee approved an arrangement that would allow the state to refinance debt bringing into the treasury an additional $88 million, however, that money would not be able to used for the larger shortfall of $2 billion.
(Above is an edited video of much of the presentation of the Amendment that sent the bill forward. The video was edited only due to technical problems from the Senate video)