Posted: Jun 24, 2011 5:13 AM by Lauren Wilson & AP
BATON ROUGE, La. (AP) - A multiyear construction budget got the backing of state lawmakers who are giving the governor's office decision-making power over which new projects actually advance in the next fiscal year.
Louisiana has a cap on annual borrowing that limits spending on construction projects to $340 million in the fiscal year that
begins July 1. About $236 million will cover ongoing projects and items given lines of credit in previous years, including legislators' projects added in the past.
That leaves $104 million remaining for new projects.
Lawmakers included $10 million more than there is spending capacity, so the Jindal administration will decide which projects to forward to the State Bond Commission for lines of credit.