Lawmakers have more money to close budget shortfalls - WAFB 9 News Baton Rouge, Louisiana News, Weather, Sports

Lawmakers have more money to close budget shortfalls

Louisiana State Capitol (Source: WAFB) Louisiana State Capitol (Source: WAFB)
BATON ROUGE, LA (WAFB) -

Lawmakers suddenly have nearly another $100 million to help fix this year's budget issues.

The $99 million will likely go to public schools. However, there's a catch. In order to get three-quarters of that money, legislation will have to be filed, approved and signed off on by the governor.

That $75 million in question comes from insurance reserves. Senate President John Alario says if the money wasn't found Thursday, lawmakers would have had to dig deep, in his words.

The process to get most of that money, will begin with a vote on Tuesday.

There is also a little more good news from economists on oil prices.

"I've revised oil price forecast," said Greg Albrecht, the legislature's chief economist. "It's all about the current collections and that price effect is actually in the next year, but for next year's average, I'm actually up a $1.35 to just about 61 dollars a barrel."

Copyright 2015 WAFB. All rights reserved.

Powered by Frankly