The budget is prepared by the state executive budget director and submitted annually by the governor to the legislature for amendment and approval. The fiscal year runs from 1 July through 30 June.
The governor of Louisiana declared that declining revenues in 2000 would result in a fiscal deficit for the following year unless budget cuts were implemented. These pessimistic forecasts, and corresponding adjustments in expenditures, left the Louisiana state budget in better shape than those of most states after the recession of 2001. Actual revenues in 2000/01 were $6.53 billion, and these declined to $6.48 billion in 2001/02, and were still down, at $6.5 billion, in 2002/03, but these were above official forecasts. Only in 2003, were extra steps taken—drawings on the state's rainy day fund, and $18 million in cuts after the budget was enacted, mainly through targeted executive orders—to close a budget gap. Expenditures from the general fund totaled $6.636 billion in 2002/03, of which 53.5% was targeted for education, 20.6% for human resources, 15.25% for general government, 6.9% for public safety, and 3.35% for other functions including economic development, the infrastructure, and the environment and natural resources.
The following table from the US Census Bureau contains information on revenues, expenditures, indebtedness, and cash/securities for 2001.
|Population (thousands, 2001)||4,470||(X)||(X)|
|Liquor store revenue||–||–||–|
|Insurance trust revenue||997,563||5.60||223.17|
|Exhibit: Salaries and wages||3,784,170||23.06||846.57|
|Parks and recreation||224,202||1.37||50.16|
|Interest on general debt||454,790||2.77||101.74|
|Other and unallocable||1,096,014||6.68||245.19|
|Liquor store expenditure||–||–||–|
|Insurance trust expenditure||1,936,120||11.80||433.14|
|Debt at end of fiscal year||7,977,398||100.00||1,784.65|
|Cash and security holdings||36,099,591||100.00||8,075.97|