The Jindal administration has repaid a $70 million state treasury loan that was needed to keep public colleges and universities operating.
However, state Treasurer John Kennedy raised concerns Tuesday about where the administration found the money to repay the borrowing. He said the administration grabbed dollars from another fiscal year. Kennedy also said the 2013-2014 fiscal year ended this week with a nearly $63 million deficit.
“They’re using 2015 money to pay expenses for 2014. That leaves a hole in 2015 which causes me to have to loan them more money to fill the hole.
If a consumer did it this way, it would be called check kiting,” Kennedy said.
Commssioner of Administration Kristy Nichols, the governor’s chief budget adviser, said Kennedy isn’t privy to all of state government’s financial books.
“The treasurer is looking at this from an accounting standpoint based on what’s been deposited at a certain point in time.