Both the House and Senate have agreed to adjust the rules of Louisiana’s “rainy day” fund, so it wouldn’t have to be repaid as soon as it’s used.
Certain pots of money immediately flow into the Budget Stabilization Fund, including budget surpluses and any state income tied to oil and gas above $850 million, unless the fund has reached its cap.
Senate Bill 147, a proposed constitutional change, would change the repayment triggers for the fund, so money wouldn’t have to be reimbursed in the year it is used or the following year. The repayment would be made in the third year.
The House voted unanimously Monday for the proposal by Senate President Joel Chaisson II, D-Destrehan, which heads back to the Senate for approval of House changes.
If approved there, the constitutional change would require approval from voters in the fall election before it can take effect.
“I think it fixes the problem we all know is there with the existing constitutional language dealing with the budget stabilization fund,” said House Speaker Jim Tucker, R-Terrytown.