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State's per capita debt grows higher in 2010

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Posted: Mar 17, 2011 5:11 PM
Source: Associated Press

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Topics: baton rouge, louisiana, debt, economy, state, bond commission, wbrz, louisiana

BATON ROUGE - Louisiana's debt load has grown over the last year, reaching $1,307 for every man, woman and child in the state, nearing the record set for the last 20 years.

Despite the increase, the State Bond Commission was told the state remains below its debt ceiling, though it could edge ever closer to the constitutional limit with expected future borrowing for state-backed construction projects.

From 2009 to 2010, the amount the state owes for every resident grew by $30 per person, according to a new report released Thursday.

The annual report on the "net state tax supported debt" for Louisiana showed outstanding state debts of $5.9 billion as the books were closed on last year. The highest per capita debt reached by the state was $1,369 per person in 2007.

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