Louisiana

A panel of 14 Louisiana state legislators is reviewing more than 400 tax exemptions that cost the state between $4 billion and $7 billion a year.

Louisiana's chain of 10 state hospitals that serve 1.2 million low income and disabled Louisianians are imperiled by a sudden and severe cut in federal funds for the program.

The Louisiana State Bond Commission gave approval Thursday to New Orleans' request for taxable refunding issue of up to $200 million in late August.

Louisiana Health Secretary Bruce Greenstein will outline the reasons behind his order cutting $550 million from the state's Medicaid program Thursday at a special joint legislative committee hearing.

Louisiana could avoid repeated revenue shortfalls and be able to adequately fund higher education if state spending were more rational, Treasurer John Kennedy said.

Louisiana State Bond Commission will consider a request Thursday from the Tiger Athletic Foundation for $75 million of revenue bonds to finance an expansion project at Louisiana State University's football stadium in Baton Rouge.

Former state Rep. Vic Stelly, who engineered a now-repealed plan that raised income tax rates while reducing sales taxes, said last week that tax credits and exemptions are destroying Louisiana's finances.

Ascension Parish, La. officials are considering a 25-year, $135 million road improvement program to be funded in part with $80 million of bonds supported by a proposed 0.5% increase in the parish's sales tax.

Two refundings over the next two months will reduce New Orleans' annual debt service and remove an unsecured credit from the city's balance sheet.

State Bond Commission wants $325 million of road revenue bonds to hit the market quickly while interest rates are low.

New Orleans will seek approval of plan to refund up to $170 million of general obligation bonds at Thursday's meeting of the Louisiana State Bond Commission.

DALLAS — Louisiana will continue its 2013 refunding campaign next week with a planned $580.7 million negotiated deal as the state seeks to lower debt service costs in fiscal 2013 and beyond.

The Louisiana Department of Highways and Economic Development will produce a report by the end of 2012 on whether tolls can help finance construction of the final 136 miles of Interstate Highway 49 from Lafayette to New Orleans.

DALLAS — The New Orleans City Council gave preliminary approval Thursday to two debt refunding proposals that could total $370 million if the market cooperates.

The Louisiana House on Monday approved $3.4 billion of aid to local education in fiscal 2013 by a narrow, disputed vote in the final hours of the 2012 session.

DALLAS — The Louisiana House met in an unusual Sunday session to adopt a $25.6 billion budget for fiscal 2013 that includes $272 million of one-time revenue to balance the spending plan.

DALLAS — The Louisiana Senate unanimously adopted a fiscal 2013 budget Thursday that relies on non-recurring revenues and proceeds from state property sales to restore more than $300 million of spending taken out earlier by the House.

The New Orleans City Council’s budget committee last week approved a plan to refinance an estimated $310 million of outstanding debt.

DALLAS — The Louisiana Senate Finance Committee on Monday restored $340 million of budgets cuts made by the House in the $25.5 billion budget for fiscal 2013.

Louisiana Secretary of Corrections James LeBlanc said Monday that proposed spending cuts required by the House-approved budget for fiscal 2013 could force the closure of three prisons and the cancellation of a monitoring program for sex offenders.