[{"_1":2,"_124":-5,"_125":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100,112],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6232840,"mediaKeyId","3425723-3bb711e4e22e1f76d303717f59dbff7d","parentId",3425723,"title","Treasurer reports $917 million cash balance; interfund borrowing monitored","audioSeconds",2,"startMs",3768000,"endMs",3770000,"viewUrl","/Search/View?dp=1&key=3425723-3bb711e4e22e1f76d303717f59dbff7d&start=3768&end=3770","thumbnailUrl","https://assets.pipeline.soar.com/3425723-3bb711e4e22e1f76d303717f59dbff7d/thumbnail_3768000.jpg","articleUrl","/articles/6232840/Louisiana/Treasurer-reports-917-million-cash-balance-interfund-borrowing-monitored","mediaUrl","https://secure.pipeline.soar.com/6232840-7ce3f4d96467cf61d0e997da78769a30/orig.mp4?Expires=1771066328&Signature=ERI6VLCByT8uH9hAvvjLDxqz8KQ2kW0sQ1kCZmC641Cd25B9cGwUOM1a2UNL0SbzKfP01yAU8kF3N4QQHw88eC6~4ZBaOF-oDebE2f5NUowyRjjXmFALzFUOG~Bx3RU7BW4cdgsWGGxJR1DOzVDysWq~UhiBgWK9ry7qKVeAtS09bDDBfMzpVxEkvOMi9qwTqqnc31eqOuj4JXveTNkkdPSIBHpIE5BeaSMXUvXYwq3TTo1Q988lO4lRFZ8T4wiFpCOdP79bahaL8ZTEza-84SBtnNHiyJHFDjQjVaCtdPp4-w-grHzH2CsjPEjxKFYdLkSwvhd-Wlfw91qRZeSrZg__&Key-Pair-Id=KUT5TJCACFTXG","author","Louisiana Legislature","date","2025-05-21T00:00:00Z","article","Lindsay Schexnatter of the state treasurer's office reported that the state's cash balance was $917,000,000 and that the interfund borrowing base stood at $8,900,000,000.

\"Our cash balance as of yesterday was $917,000,000 and our interfund borrowing base was 8,900,000,000.0,\" Schexnatter said, and presented graphs showing average balances and normal interfund borrowing activity across the fiscal year.

She told the REC that interfund borrowing has been used during the fiscal year as collections and expenditures fluctuate, but that the cash position is now positive. The treasurer's office said it will continue to monitor balances and alert the panel to any issues. No motion or vote was necessary on the status report.","mediaType","Video","parentTitle","House Revenue Estimating May 21, 2025","oneSentenceSummary","The state treasurer's office reported a $917 million cash balance and an $8.9 billion interfund borrowing base, noting typical intra-year borrowing activity and that cash is currently positive; no motions were required.","taxTitle","2025 Legislature LA, Louisiana","taxId",78558,"location","Louisiana","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6232844,"State revises incentive expenditure forecast, removes inactive credits and notes enterprise-zone sunset",98,3646000,3744000,"/Search/View?dp=1&key=3425723-3bb711e4e22e1f76d303717f59dbff7d&start=3646&end=3744","https://assets.pipeline.soar.com/3425723-3bb711e4e22e1f76d303717f59dbff7d/thumbnail_3646000.jpg","/articles/6232844/Louisiana/State-revises-incentive-expenditure-forecast-removes-inactive-credits-and-notes-enterprise-zone-sunset","https://secure.pipeline.soar.com/6232844-8e025a4ba454d1e5cf089db9c1da0cf7/orig.mp4?Expires=1771066328&Signature=dvnxhFa7daFXKjg-lBDvlMcyWfghwuStDD~TUHM1YP54Ib1olqPvrQg5uFwbLuXS7XhGVZsjdRMzoJbuSP9UCnxwc3OKFRD~CNtqhHtD2VWOIxJVcUcR~eTcop246ajfag7X13Z33VkjokB8fqOGdeFeIzZh-KgkACS1WaKi~1E59-k5dV1QFFiQmsyKGBR7HtOjVzjulm1T8UrwCjNK4lmEA0nX2YLHLIoAe6iCN5B1LtmReNNP3A64H7TZzmLgZdAoCpg50fKq0ZAkVww228l9OhC69UcH5mPCnWzu3c462ra3NW9GgUWg~-iTLLtoHnlz7K1M~~fcs0geT-GXzQ__&Key-Pair-Id=KUT5TJCACFTXG","Richard Nelson, secretary of revenue, presented a revised incentive expenditure forecast and said staff removed inactive credits and split credits that were sunsetting this year in response to recent changes enacted during the special session.

\"You have the incentive, expenditure forecast that we we made a few changes to it based on, some of the changes we did in the special session to kind of break it up on those credits that were sunsetting this year,\" Nelson told the conference, and he invited questions.

Commissioner Barra asked about enterprise-zone projections and a large difference between the actuals and the forecast for a recent year. Nelson said the enterprise zone projections come from Louisiana Economic Development (LED) and that program applications must be in by June 30 for this year's sunset; he explained that payout patterns will trail as credits are paid out in later fiscal years.

Nelson also told the panel that parts of the technical enterprise and tax-expenditure reporting (TEBs) were delayed by staff workload tied to the special session, and the office expected to complete the TEBs in June.

The REC adopted the revised incentive expenditure forecast by motion (President Henry moved; Dr. Barnes seconded) without objection.","The Legislative Fiscal Office and Revenue Secretary reported updates to the state's incentive expenditure forecast, removing inactive credits and accounting for sunsetting programs such as the enterprise zone; the REC adopted the revised forecast.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6232849,"REC adopts 3.22% inflation factor for Millennium Trust earnings and 2.95% CPI for parish severance allocations",27,3497000,3524000,"/Search/View?dp=1&key=3425723-3bb711e4e22e1f76d303717f59dbff7d&start=3497&end=3524","https://assets.pipeline.soar.com/3425723-3bb711e4e22e1f76d303717f59dbff7d/thumbnail_3497000.jpg","/articles/6232849/Louisiana/REC-adopts-322-inflation-factor-for-Millennium-Trust-earnings-and-295-CPI-for-parish-severance-allocations","https://secure.pipeline.soar.com/6232849-26afb0cdebca3f116a80a13f237aa93a/orig.mp4?Expires=1771066328&Signature=AYKquHj2ulbf53BkoqLB2M9UejOrVdMR4v6Oh66LdwwhY4t12HPnVjEWdTr5WZbZiky8vyol-IWrvxpiTNVplt-3SEs7mGeMKumInt~lt24mDwR4NNVPNW5yZ3pZVh7CCGYd3w3wlaC-4NpF0W~pZfrmP2ahFnkOnlwTWZSy-sewLn2LeFahNqHnOlirt~asuPJktLyECsgbMVEtJTfq1NamW4d6KpoWDlfWAAuK5Uh9Cp4OZMUx8uwBjG5t5yuv48C~A76m0FQopefZMUf0shDFmIZK6wjuhSZLepUrpeF9lQRg136M0bPJanososDJr7ExaLn2wdxAShISWBE1SQ__&Key-Pair-Id=KUT5TJCACFTXG","Meeting materials presented an inflation factor of 3.22% for calculating Millennium Trust Fund earnings available for appropriation in FY26, and staff asked the REC to adopt that figure.

\"The, inflation rate would be 3.22%. It's in a handout that looks like this, and if you have any questions. And it's based on Moody's Analytics projections,\" a staff member (Hanford) told the panel.

The REC adopted the 3.22% inflation factor by motion (moved by Doctor Barnes and seconded by President Henry) without objection. The panel also adopted a 2.95% change in the consumer price index for 2024 to calculate minimum parish severance tax allocations for FY26; staff said the CPI figure is based on historical data and Moody's projections.

Both adoptions were procedural votes that set formulas staff and the treasurer will use in calculating FY26 available earnings and parish allocations.

Moody's Analytics was cited by presenters as the data and projection source for both figures.","The panel approved a 3.22% inflation factor for the Millennium Trust Fund earnings available for appropriation and a 2.95% consumer price index change to calculate minimum parish severance tax allocations for FY26, both based on Moody's Analytics and staff calculations.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6232854,"REC recognizes $595 million FY24 year-end surplus for appropriation availability",55,3421000,3476000,"/Search/View?dp=1&key=3425723-3bb711e4e22e1f76d303717f59dbff7d&start=3421&end=3476","https://assets.pipeline.soar.com/3425723-3bb711e4e22e1f76d303717f59dbff7d/thumbnail_3421000.jpg","/articles/6232854/Louisiana/REC-recognizes-595-million-FY24-year-end-surplus-for-appropriation-availability","https://secure.pipeline.soar.com/6232854-cecd0eac235236bd33c8a0d3f4223d23/orig.mp4?Expires=1771066328&Signature=ojJTPnHsmAni9IwAoIy2UTBfKxeig3CbhxPDqu0ux0mGvCPJEq80bImYVYn2g9rBKasm8v~oxCZ4-EaD1~jD1jX0N6xB1eii5224e8UM2F0Qy3UzPduJhKbKIsQWDG4CCwFQ2cN79TEDfTYncnS18E7Dod6mlm0n8W0cMt8IACh76EdvcZWh676dpaRuEr5NzwPROKxNjFuoyf1hzxLU4weBAA4s6L5btOu4wwDuTFkBBQFqIh-iKBmZuqu019F3U~uCswN22m7LEQfJBT2YXS1NRIu3mU40lIMiFF7MSyerIEEN4kUl4EjY4fu7HOPyXR0fbSROhRpJnFhMLccKEA__&Key-Pair-Id=KUT5TJCACFTXG","Tanisha Hutchinson of the Office of Planning and Budget told the panel that the Joint Legislative Committee on the Budget certified a FY24 year-end surplus of $595,087,982.

\"At the January JLCB, the commissioner certified the 20 three-twenty 4 year end balance of $595,087,982 for the surplus,\" Hutchinson said, and asked the REC to recognize the surplus so it would be available for expenditure.

The REC moved to recognize the FY24 surplus as nonrecurring; President Henry moved and Commissioner Barra seconded, and the motion carried without objection. Staff noted that recognizing the surplus makes the funds available for appropriation by the legislature but does not itself appropriate the funds.

No additional questions were raised at the meeting.","The Revenue Estimating Conference recognized a JLCB-certified FY24 surplus of $595,087,982 as nonrecurring and available for appropriation after staff presented the certification for the record.",{"_33":113,"_35":36,"_37":38,"_39":114,"_41":115,"_43":116,"_45":117,"_47":118,"_49":119,"_51":120,"_53":121,"_55":56,"_57":58,"_59":122,"_61":62,"_63":64,"_65":123,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6232859,"REC raises near-term revenue outlook amid early effects of November tax overhaul",2338,111000,2449000,"/Search/View?dp=1&key=3425723-3bb711e4e22e1f76d303717f59dbff7d&start=111&end=2449","https://assets.pipeline.soar.com/3425723-3bb711e4e22e1f76d303717f59dbff7d/thumbnail_111000.jpg","/articles/6232859/Louisiana/REC-raises-near-term-revenue-outlook-amid-early-effects-of-November-tax-overhaul","https://secure.pipeline.soar.com/6232859-379efe0ce27dd2bede5a672b681db207/orig.mp4?Expires=1771066328&Signature=bgkyFt7W6G-4xmhYrjhIkOVnpKO9y7FqPPvRdvYVmEj~YAJXfCZEkVb3sFgGjtIiFbsxWUfHaJcxFCZnBoYOH9R0OLpe-Ifqb1Im2rsXD3z6ddpDNgbyW8wtXNUiO4VFUCE87epb6EJd3aoSAJwV~FOYzG5vfjjguUx-9P9ouAJKP8F~mgSALSncwxjJX8BXi2ebdPeVurP4TxfvoJMUBmSyEo5sjFdOdDsKerI6~Veu7kP5F3cXB-l4JArtvlZMgr2SL-Z1vCAs7EHz3QRZVcQN980fm8cOYfFEu8ZYjD5EC~4jPtl1iZT1DeebHRTgR7bW-rlA~2HZAmRKQdEYig__&Key-Pair-Id=KUT5TJCACFTXG","The Revenue Estimating Conference on May 21, 2025, adopted updated Legislative Fiscal Office revenue forecasts for fiscal 2025 and fiscal 2026 after staff presented early collection data showing mixed effects from the November special session tax changes.

Manfred Dix, a division presenter, told the panel, \"it is the division's proposal to increase the State General Fund, compared to official forecast by about $136,000,000,\" while presenting preliminary results for fiscal 2025 and discussing program-by-program movements.

The update matters because lawmakers implemented major tax changes in the November special session that took effect Jan. 1, 2025 (with the corporate franchise tax elimination phased in Jan. 1, 2026). Those changes included a higher personal exemption and a lower, flatter individual income tax rate, an increase and base expansion for sales taxes, and a timetable to eliminate the franchise tax.

On individual taxes, Dix said the state has only a few months of collections under the new rules and that the data are not yet a long-term trend: \"we had about, what, 3 months of collections for such an important tax change is probably not that much to give us a picture\" of how the economy will digest the changes. He reported the division's preliminary individual income tax estimate as roughly 6% ahead of the December official forecast but about 3% below last year's collections year to date.

Presenting the same data, Greg Albrecht said sales taxes are responding fastest and corporate receipts will take longer to show structural effects. \"Sales tax will respond much more quickly,\" Albrecht said, and added that corporate collections are \"by far the most volatile tax source we have.\" Albrecht reported being roughly $129 million higher than the adopted FY25 forecast and about $139 million higher for FY26; Dix's division figures were about $136 million higher for FY25 and roughly $200 million higher for FY26.

Both presenters highlighted three large drivers: individual income tax, sales taxes (general and motor vehicle), and corporate taxes. Dix noted sales-tax collections were running ahead of last year (he said general sales tax was about 5% ahead year to date and motor vehicle sales tax about 14% ahead), while severance collections were significantly weaker: \"my forecast for current year for the severance tax is about 320,000,000 compared to the current official forecast of, 500 plus million,\" a roughly $180 million reduction he attributed to lower natural gas rates, refunds and exemptions.

On corporate receipts, Albrecht warned of continued volatility and uncertainty as the state phases out the franchise tax and adjusts credits. \"We capped it off at that 600,000,000 … but in terms of the gross numbers … the volatility is still there,\" he said. Both presenters said corporate effects are multi-year and that full patterns may take two to three years to appear, while sales-tax impacts should be visible within months.

After discussion, the REC voted to adopt the Legislative Fiscal Office forecasts as reflected in the meeting schedules for FY25 and FY26 and the long-range outlook; motions to adopt those schedules were made and carried without objection. The panel also authorized staff to make technical changes to the adopted schedules and gave staff additional time during the interim to review REC sheets.

Committee members and staff said they will continue to monitor month-to-month collections and revise forecasts as more data accumulate.","The Revenue Estimating Conference on May 21, 2025, adopted updated revenue forecasts for fiscal 2025 and 2026 after presenters said early collection data show sales-tax strength but sharp declines in severance and continued volatility in corporate collections following November's tax changes.","actionData","errors"]

Article not found

Treasurer reports $917 million cash balance; interfund borrowing monitored

State revises incentive expenditure forecast, removes inactive credits and notes enterprise-zone sunset

REC adopts 3.22% inflation factor for Millennium Trust earnings and 2.95% CPI for parish severance allocations

REC recognizes $595 million FY24 year-end surplus for appropriation availability

REC raises near-term revenue outlook amid early effects of November tax overhaul