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Floods boost Louisiana's likely need for a loan

3 months 2 weeks 2 days ago August 18, 2016 Aug 18, 2016 Thursday, August 18 2016 August 18, 2016 2:05 PM in News
Source: Associated Press
By: APNewsNow

DENHAM SPRINGS - Louisiana Gov. John Bel Edwards' chief financial adviser says catastrophic flooding has made it more likely the state will need a short-term bank loan to keep paying for government operations.

Commissioner of Administration Jay Dardenne told a panel of state officials Thursday the need for the loan was "more probable than not."

The Edwards administration was worried about cash flow problems even before the storms, because his predecessor and lawmakers heavily drained state treasury reserves to patch together prior year budgets.

With Louisiana's flood response costs mounting - and the timeline for receiving federal disaster aid not certain - that heightens cash flow concerns. Dardenne said the state has documented about $13 million in disaster spending so far, and he expects that figure is low.

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