Governor John Bel Edwards says Louisiana finished the fiscal year that ended June 30th with a budget surplus of approximately $300 million. Edwards says the state's economy is performing better than what the Revenue Estimating Conference predicted.
"Corporate and personal income taxes appear to be higher than forecasted and we hope this is an indication of a continuing trend where we are going to see the economy improve," said Edwards.
Critics of the Edwards administration say the surplus shows the legislature didn't need to renew millions of dollars in temporary sales taxes earlier this year.
"Having a surplus is a good thing, it is not a bad thing. The only alternative to a surplus is a deficit," said Edwards.
The state constitution limits how state surplus dollars can be spent, but construction is one of those areas. Edwards says they may use some of this money to fund long-awaited highway projects.