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Governor's office announces state financial outlook has improved

Louisiana's Democratic Gov. John Bel Edwards will narrowly win reelection, CNN projects
Posted at 6:22 PM, Feb 12, 2021
and last updated 2021-02-12 19:22:39-05

BATON ROUGE, La.  — Gov. John Bel Edwards has announced that Moody’s Investors Service revised Louisiana’s outlook Friday from stable to positive, noting that the state has made “significant” progress in restoring financial reserves and generating budgetary surpluses.

According to a release from the governor's office, improving the state's financial outlook has been a priority of his administration.

"Through better fiscal management, including increasing revenues and making necessary budget cuts, we have turned deficits into surpluses and we are positioned to continue our economic recovery from this COVID pandemic," Edwards said in the release. "We are better placed to bounce back from our current challenges because of our fiscally responsible approach to budgeting.”

According to Moody’s analysis:

Louisiana’s positive outlook reflects the significant progress the state has made restoring its financial reserves and liquidity in recent years by aligning revenue and spending in a postenergy boom era, rebuilding borrowable funds and generating budgetary surpluses in consecutive years. We expect that the state, through careful fiscal management and with the help of federal stimulus aid, will be able to sustain its progress despite the impacts of the coronavirus.

You can read Moody’s full analysis here.

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