Revenue estimating conference meets, expects state budget shortfall

Coronavirus

BATON ROUGE – The extent of the impact coronavirus outbreak on the state government’s finances will soon start to come into focus.

The state income forecasting panel meets later today to try to put the first official number on the budget problem.

Estimates set by the revenue estimating conference will be used to craft next year’s budget and determine if any cuts are needed before the current budget ends on June 30.

Lawmakers expect a decline in state financing anywhere from $500 million to as much as $1.5 billion.

Louisiana has two separate problems depressing state tax collections – widespread unemployment and closed down businesses from the virus outbreak, and a steep decline in oil prices.

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