The Louisiana Legislature is expected to withdraw about $1.2 billion dollars from the Revenue Stabilization Trust Fund to pay for various projects. House Appropriations Chairman Jack McFarland says that includes about $709 million for shovel-ready road projects that will be completed within one year.
“We did the same thing last year. To date, once revenue goes out, we have completed about 65% of those roads. The rest of them, the other 35%, are falling in line,” McFarland said.
McFarland says it also includes money for water sector improvements for local water systems.
“It’s been a great program for these water systems that have needed tremendous updates. We hear about water quality every day. There’s $75 million going to that,” Mcfarland said.
McFarland says the legislature will be putting forth a significant portion of the $110 million it will take to update the severely outdated OMV computer system.
“This is a computer system from the 1960s, a cobalt system that we’re still operating under. It is time to stop that,” Mcfarland said.
That $1.2 billion represents less than a third of the Revenue Stabilization Trust Fund. Even after the withdrawal, it will still have $2.7 billion left in it.
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