BATON ROUGE- The state budget deficit is looming over lawmakers' heads. A key economist with the state has already told residents to expect cuts before the end of the year. Treasurer John Kennedy stopped by 2une In Wednesday morning to explain the state's financial predicament.

"We're spending more money than we're taking in, that's the bottom line," Kennedy told News 2's Kylie Dixon.  

The state budget year begins and ends on July 1st. Lawmakers ended the last budget year $100 million dollars in debt. Due to the current price of oil, the state is on track to finish with another deficit this year.  

"We will never solve this problem on the revenue side," said Kennedy.

Kennedy believes the next governor needs to focus on lowering the state's costs, while still being able to deliver a decent product to the taxpayers.

While there are solutions to the state's financial problem, they aren't quick fixes. Kennedy says it will take at least a year for the state to recover.

Even though lawmakers haven't presented a formal plan to balance the budget, most experts believe it will involve cuts to healthcare and higher education.

You can find Treasurer Kennedy's contact information here.