Covering Louisiana

Apr 4, 2013 5:36 PM by AP

Insurance settlement money arrives for La. budget

BATON ROUGE, La. (AP) - Louisiana has received $95 million in legal settlements with insurance companies, ending questions about whether the money would roll in for this year's budget or leave lawmakers scrambling to fill a shortfall.

Commissioner of Administration Kristy Nichols announced the settlement agreement Thursday.

A month earlier, lawmakers had worried the dollars wouldn't arrive before the fiscal year ends June 30 - with $56 million of it allocated for spending in the budget. Gov. Bobby Jindal's administration assured lawmakers the money was expected this year.

The $56 million will be spent in this year's budget as planned.

Nichols says in a statement she'll ask lawmakers to put the remaining $39 million into the state's "rainy day" fund.

The settlements involve payments for state property losses from hurricane damage several years ago.


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