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Plan to fund local Louisiana projects exposes state’s practice of spending unclaimed property funds
Source:
watchdog.org
- May 4, 2018
Each year as part of the state budget process, state government agencies, local communities, parishes, nonprofits and other organizations from around Louisiana vie to get their various projects included in House Bill 2, known as the comprehensive “Capital Outlay” budget.
The problem is, even being included in HB2 is not enough to guarantee that a project’s funding will come through, no matter how worthy it may be. With the precarious state of the budget in recent years, it’s understood that a great portion of what’s in HB2 in a given year will not actually be awarded any money.
Louisiana Treasurer John Schroder and House Ways and Means Committee Chairman Neil Abramson have come up with a plan to try to put more money into the capital outlay process. House Bill 884 seeks to create a “Louisiana Capital Outlay Revolving Loan Bank” specifically to help out local governments and other political subdivisions that might not otherwise get needed funds through the capital outlay process.
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Category: General Business
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