Louisiana is not totally strapped for cash – yet. But the state’s capital outlay escrow account is dwindling rapidly.
“We are spending approximately $40-45 million dollars a month. That’s what we call our burn rate,” State Treasurer John Kennedy told the Joint Budget committee Thursday. “We could continue to go for a few more months, but we don’t want to hit the bottom of the bucket.”
Kennedy assured lawmakers this is a fairly regular occurrence, and said normally the state would issue general obligation bonds to refill the account, but…
“These are not normal times.”