Louisiana Senate Bill SB590

Louisiana 2012 Regular Session

• Introduced: 3/12/12
• Refer: 3/12/12
• Report Pass: 5/16/12
• Engrossed: 5/22/12
• Refer: 5/23/12
• Report Pass: 5/29/12
• Enrolled: 6/4/12
• Chaptered: 6/14/12
• Passed: 6/14/12

Caption

Provides relative to the elimination of certain special funds in the state treasury. (7/1/12) (EN +$66,950 GF RV See Note)

Impact

The implications of SB 590 are significant for Louisiana's fiscal management. By eliminating special treasury funds, the bill intends to streamline state finances, potentially making it easier for legislators to determine the allocation of resources. However, this could also raise concerns amongst stakeholders who may rely on these funds for specific projects or initiatives. The decision to redirect balances to the state general fund means that specific funding for projects previously supported by these funds may need re-evaluation in future budget discussions.

Summary

Senate Bill 590 aimed to amend and repeal various sections of the Louisiana Revised Statutes, focusing primarily on the elimination of several special funds within the state treasury. It seeks to centralize and consolidate multiple funds, redirecting their balances to the state general fund. This initiative is part of a broader financial management strategy by the state to enhance budgetary efficiency and simplify funding structures by reducing the number of separate accounts that require administration. The bill is critical in maintaining transparency in state finances as it adjusts the oversight and purpose of these funds.

Sentiment

The sentiment surrounding SB 590 reflected a mixture of cautious optimism and skepticism. Supporters argued that consolidating funds would lead to more effective use of taxpayer dollars, allowing for enhanced transparency and less complexity in fund management. On the other hand, critics cautioned that removing specialized funds could hinder targeted investment for specific community needs and programs, risking adequate support for essential services dependent on those now-abolished funds.

Contention

Notable points of contention in the discussions around SB 590 included the potential impact on local programs that were funded through the special funds that the legislation sought to eliminate. Opposition voices raised concerns about the loss of control over these funds and the possible negative effects on community services or initiatives that could suffer as a result of funding reallocation. There was a debate on whether the consolidation would ultimately serve the broader interests of residents or restrict funding opportunities for local projects.