$10M in additional debt payments expected from new office
BATON ROUGE - Revenue Secretary Tim Barfield says Louisiana's new debt collection office is on track to boost state debt repayment by $10 million this year.
But lawmakers hoping the office will solve the state's budget woes need to scale back their expectations. The budget already assumes the extra $10 million will be collected.
Barfield gave an oversight board an update Tuesday on the work of the Office of Debt Recovery, created by lawmakers in 2013 to bolster collection efforts.
The office has the authority to revoke licenses, seize bank accounts and take tax refunds.
Barfield expects to have the comprehensive system for attacking delinquent accounts fully in place by mid-2016. At that point, he estimates it will bring in $20 million or more each year that otherwise wouldn't have been collected.