Louisiana's budget shortfall continues to rise

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Posted: Sep 21, 2009 5:20 PM by Mike Steele
Updated: Sep 21, 2009 5:36 PM
Source: WBRZ

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Topics: Louisiana, budget, oil, barrel, price, shortfall

State money managers say Louisiana is expected to add $1.2 billion to this year's budget shortfall.

Louisiana's shortfall has already reached $850 million this year. The price for a barrel of oil is an important factor in forecasting state revenue. A barrel is currently selling for about $70. State projections are around $53. That would normally trigger a surplus.

State budget experts said sales and income taxes are lower than expected. That will offset any difference with the price of oil under current conditions.

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