Louisiana Senate Bill SB146

Louisiana 2023 Regular Session

• Introduced: 3/31/23
• Refer: 3/31/23
• Refer: 4/10/23
• Report Pass: 4/26/23
• Refer: 5/3/23
• Report Pass: 5/15/23
• Enrolled: 6/8/23
• Chaptered: 6/12/23
• Passed: 6/12/23

Caption

Provides for Megaprojects Leverage Fund investments. (gov sig) (EN INCREASE SD RV See Note)

Impact

The changes proposed in SB 146 are designed to streamline financial operations related to the Megaprojects Leverage Fund. This is expected to create a more effective use of public resources by ensuring that all unexpended funds at the end of each fiscal year are retained in the fund for future projects rather than being returned to the state treasury. By improving investment strategies, the bill aims to foster better management and allocation of resources directed toward significant projects aimed at driving economic growth across the state.

Summary

Senate Bill 146 focuses on the Megaprojects Leverage Fund, establishing new guidelines for how the fund's finances are managed. The bill amends R.S. 48:77.1(B), allowing the state treasurer to invest fund monies in a separate portfolio, similar to the investments allowed for the state general fund. This creates an opportunity for the state to potentially earn interest on these investments, which would be reinvested into the fund, contributing to its growth and sustainability. This change is posited to enhance the fund's financial efficacy.

Sentiment

Overall, the sentiment toward SB 146 appears to be positive among stakeholders who support enhanced investment opportunities for state funds. Legislators have expressed a belief that the revisions will provide greater fiscal responsibility and public accountability concerning how state money is utilized. There seems to be broad consensus on the necessity of optimizing the state's financial toolkit to support large-scale economic initiatives.

Contention

While the bill aims to improve investment practices, potential points of contention may arise regarding the management of the fund and oversight of investment decisions. Critics might argue that centralized control could lead to less transparency or accountability in how those investments are made. Therefore, ensuring that there are sufficient checks and balances within the investment processes will be crucial to address any concerns around the potential misuse of state funds.