New law making revenue estimation difficult
BATON ROUGE- A new law is causing problems for the group that forecasts Louisiana's income.
The law requires the Revenue Estimating Conference to determine which dollars from fees and other dedicated funds are expected to appear annually, in hopes that could lessen future state budget shortfalls.
Those estimates determine how much lawmakers are allowed to spend.
Previously, the panel only projected the state's expected income from a specific series of taxes, licenses and fees - but not from all the pools of money available to state agencies.
Today, the Revenue Estimating Conference was still trying to figure out what it's supposed to estimate.
Patrick Goldsmith, director of the House Fiscal Division, says legislative staff hopes to have recommendations by December on how to comply with the law.
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