Program 22-922: State Debt Service

Program Authorization: Article 7, Section 9(B) of the 1974 State Constitution

PROGRAM DESCRIPTION

This program provides the necessary funding to pay all general obligations bonds that are secured by the full faith and credit of the state becoming due and payable during Fiscal Year 1999.

STATE DEBT SERVICE (in thousands)
 

$

TOTAL AUTHORIZED STATE DEBT (estimated)

 

$2,656,229

Outstanding State Debt - as of December 31, 1997:

 

 

Interest

833,138

 

Principal

$1,823,091

 

TOTAL OUTSTANDING STATE DEBT - as of December 31, 1997

 

$2,656,229

Estimated State Debt Service Cost for FY 1999:

 

 

Interest

$116,814

 

Principal

$134,666

 

less Reserve Use

($2,196)

 

TOTAL ESTIMATED STATE DEBT SERVICE COST FOR FY 1999

 

$249,284

RESOURCE ALLOCATION FOR THE PROGRAM

This agency's recommended appropriation does not include any funds for short-term debt.

See below for long-term debt.

SOURCE OF FUNDING

The source of funding for this program is state general fund.

ANALYSIS OF RECOMMENDATION

GENERAL FUND

TOTAL

T.O.

 

DESCRIPTION

 

 

 

 

 

$228,281,598

$228,281,598

0

 

INITIAL - FISCAL YEAR 1997-1998

 

 

 

 

 

 

 

 

 

BA-7 TRANSACTIONS:

$0

$0

0

 

None

 

 

 

 

 

$228,281,598

$228,281,598

0

 

EXISTING OPERATING BUDGET - December 10, 1997

 

 

 

 

 

($39,680,281)

($39,680,281)

0

 

Adjustment to reflect change in debt service for outstanding state debt per the bond amortization schedule - adjusted by the ability to utilize reserve funding for debt payments.

$148,300,000

$148,300,000

0

 

Adjustment to reflect one-time savings in Fiscal Year 1998 associated with the four (4) year debt defeasement plan initiated in Fiscal Year 1997

($100,000,000)

($100,000,000)

0

 

Adjustment to reflect one-time savings in Fiscal Year 1999 associated with the four (4) year debt defeasement plan initiated in Fiscal Year 1997

($7,879,890)

($7,879,890)

0

 

Costs associated with a Fall 1997 general obligation bond sale of $175 million. As funding was included in the Fiscal Year 1998 budget and no such sale occurred, these costs are adjusted out of Fiscal Year 1999 recommended.

$20,262,573

$20,262,573

0

 

Costs associated with a Spring 1998 general obligation bond sale of $225 million assuming a 6.5% average interest rate and two equal annual payments

 

 

 

 

 

$249,284,000

$249,284,000

0

 

TOTAL RECOMMENDED

 

 

 

 

 

$21,002,402

$21,002,402

0

 

DIFFERENCE (TOTAL RECOMMENDED AND EXISTING OPERATING BUDGET)

 

 

 

 

 

The total means of financing for this program is recommended at 109.2% of the existing operating budget. It represents 99.1% of the total request ($251,484,014) for this program. The increase over existing operating budget is due in part to variances in the savings for the two fiscal years associated with the early payment of debt service and costs associated with a bond sale in the Spring of 1998. The net of these adjustments as itemized in the analysis above accounts for the difference in total recommended to existing operating budget.

PROFESSIONAL SERVICES

This program does not have funding for Professional Services for Fiscal Year 1998-1999

OTHER CHARGES

The allocation of Debt Service by agency is as follows:

STATE AGENCIES

01-100

Office of the Governor

$86,849

01-107

Division of Administration-State Buildings

$6,606,831

01-112

Department of the Military

$842,089

01-124

Louisiana Superdome

$501,602

01-129

Louisiana Commission on Law Enforcement

$4,487,028

01-130

Department of Veterans Affairs

$207,993

04-139

Secretary of State

$1,001,229

04-144

Commissioner of Elections

$771,031

04-160

Department of Agriculture and Forestry

$137,922

05-252

Office of Commerce and Industry

$1,358,988

05-262

Office of State Library

$341,474

05-263

Office of State Museum

$417,960

05-264

Office of State Parks

$3,640,063

05-267

Office of Tourism

$81,174

07-272

DOTD-Office of the Secretary

$39,477

07-276

Office of Engineering

$80,933,893

08-400

Corrections - Administration

$1,727

08-401

Louisiana Correctional and Industrial School

$350,110

08-402

Louisiana State Penitentiary

$6,091,179

08-403

Office of Youth Development

$810,014

08-406

Louisiana Correctional Institute for Women

$477,669

08-409

Dixon Correctional Facility

$538,118

08-410

Work Training Facility-South

$440,166

08-412

Work Training Facility-North

$164,322

08-413

Hunt Correctional Center

$2,247,215

08-414

Wade Correctional Center

$980,998

08-416

Washington Correctional Institute

$1,713,785

08-418

Public Safety Management and Finance

$829,999

08-419

Office of State Police

$1,401,672

09-305

DHH Office of the Secretary

$56,501

09-311

New Orleans Home and Rehabilitation Center

$223,044

09-312

E.A. Conway Medical Center

$1,764,365

09-313

Earl K. Long Medical Center

$30,101

09-314

Huey P. Long Medical Center

$47,866

09-315

University Medical Center

$1,046,134

09-316

Moss Regional Medical Center

$125,832

09-317

Lallie Kemp Regional Medical Center

$28,867

09-318

Washington-St. Tammany Regional Medical Ctr.

$18,258

09-319

Villa Feliciana Chronic Disease Hospital

$214,408

09-321

Leonard J. Chabert Medical Center

$327,657

09-322

Medical Center of Louisiana in New Orleans

$4,190,547

09-326

Office of Public Health

$104,367

09-330

Office of Mental Health

$219,589

09-331

Central Louisiana State Hospital

$611,396

09-332

East Louisiana State Hospital

$254,625

09-333

Southeast La. State Hospital

$402,416

09-335

Greenwell Springs Hospital

$35,529

09-337

Feliciana Forensic Facility

$65,383

09-338

New Orleans Adolescent Hospital

$34,542

09-340

Office of Mental Retardation

$26,647

09-341

Peltier-Lawless Developmental Center

$39,477

09-342

Metropolitian Developmental Center

$356,031

09-344

Hammond Developmental Center

$42,438

09-346

Northwest Developmental Center

$23,686

09-347

Pinecrest Developmental Center

$179,126

09-348

Ruston Developmental Center

$247

09-349

Southwest Developmental Center

$5,596

09-350

Health Education Authority of Louisiana

$6,168

09-351

Office of Substance Abuse

$27,387

10-370

Office of Community Services

$10,116

10-374

Division of Rehabilitation Services

$8,142

12-440

Department of Revenue and Taxation

$18,751

13-850

DEQ-Office of the Secretary

$165,309

13-851

DEQ-Office of Legal Affairs and Enforcement

$6,168

16-512

Wildlife and Fisheries-Secretary

$109,055

16-513

Office of Wildlife

$776,705

16-514

Office of Fisheries

$160,868

19-600

LSU Board of Supervisors

$784,601

19-601

LSU Baton Rouge

$7,725,306

19-602

LSU Alexandria

$143,013

19-603

University of New Orleans

$5,448,287

19-604

LSU Medical Center

$6,109,522

19-605

LSU Eunice

$211,447

19-606

LSU Shreveport

$1,123,114

19-607

LSU Agricultural Center

$184,307

19-608

Paul M. Hebert Law Center

$81,174

19-615

Southern University Board of Supervisors

$129,286

19-616

Southern University Baton Rouge

$4,021,695

19-617

Southern University New Orleans

$814,060

19-618

Southern University Shreveport

$136,442

19-620

Board of Trustees for State Colleges

$579,321

19-621

Nicholls State University

$843,013

19-623

Grambling State University

$2,859,401

19-625

Louisiana Tech University

$3,521,993

19-627

McNeese State University

$2,187,506

19-629

Northeast Louisiana University

$2,389,825

19-631

Northwestern State University

$1,749,511

19-634

Southeastern Louisiana University

$1,864,043

19-640

University of Southwestern Louisiana

$4,026,437

19-641

Delgado Community College

$1,053,437

19-643

Elaine P. Nunez Community College

$241,548

19-651

Louisiana School for the Visually Impaired

$29,854

19-653

Louisiana School for the Deaf

$1,917,830

19-655

Louisiana Special Education Center

$74,512

19-657

Louisiana School for Math, Science, & the Arts

$59,709

19-662

Louisiana Educational Television Authority

$585,439

19-666

Louisiana School for the Gifted and Talented

$329,138

19-674

Louisiana Universities Marine Consortium

$498,394

19-700

New Orleans Vo-Tech Region I

$823,714

19-710

Baton Rouge Vo-Tech region II

$460,742

19-715

Jumonville Technical Institute

$8,389

19-730

Houma Vo-Tech Region III

$276,032

19-740

Lafayette Vo-Tech Region IV

$412,485

19-742

T.H. Harris Technical Institute

$19,985

19-750

Lake Charles Vo-Tech Region V

$250,106

19-751

Sowela Regional Technical Institute

$5,428

19-760

Alexandria Vo-Tech Region VI

$172,731

19-763

Avoyelles Technical Institute

$15,544

19-765

Lamar Salter Technical Institute

$14,310

19-770

Shreveport Vo-Tech Region VII

$276,315

19-772

Northwest Louisiana Technical Institute

$5,675

19-780

Monroe Vo-Tech Region VIII

$459,082

21-99L

Legislature

$1,346,651

21-99J

Judicial

$1,195,899

 

Total State Agencies

$186,732,266

NON-STATE AGENCIES

 

Abbeville Harbor and Terminal

$80,681

 

Acadia Parish

$20,232

 

Alexandria

$641,497

 

Allen Parish Police Jury

$29,608

 

Almonaster-Michoud Industrial District

$170,984

 

Atchafalaya Basin Division

$151,221

 

Audubon Park Commission

$377,497

 

Avoyelles Parish

$14,804

 

Beauregard Parish School Board

$19,738

 

Benton Junior High School

$11,103

 

Berwick

$6,168

 

Biomedical Research Institute of NW La

$431,777

 

Bossier City

$19,738

 

Bossier Parish

$78,954

 

Bunkie

$12,336

 

Caddo Parish

$27,634

 

Caddo/Bossier Port Commission

$468,787

 

Calcasieu Parish

$39,477

 

Calcasieu Parish Sewer District

$15,297

 

Caldwell Parish

$12,336

 

Caldwell Parish Law Enforcement

$49,346

 

Chennault Air Base

$2,023,184

 

City of Alexandria

$158,154

 

City of New Orleans

$1,325,679

 

City of Plaquemine

$24,673

 

Concordia Parish Law Enforcement

$70,811

 

Cottonport

$9,869

 

Delhi

$4,194

 

DeQuincy

$6,662

 

East Feliciana Parish

$12,336

 

England Authority

$57,981

 

Evangeline Parish

$69,084

 

Golden Meadow

$2,467

 

Greater Baton Rouge Port Commission

$168,763

 

Greater Baton Rouge Zoo

$37,009

 

Greater LaFourche Port Commission

$338,513

 

Gretna

$2,961

 

Houma Civic Center

$74,019

 

New Orleans Housing Authority

$24,673

 

Iberia Parish Airport Authority

$8,389

 

Iberville Water District No. 3

$3,701

 

Industrial Development Board of Caddo, Inc.

$86,355

 

Jeanerette

$7,402

 

Jean Lafitte

$19,738

 

Jefferson Davis Parish

$82,408

 

Jefferson Parish

$386,132

 

Jefferson Parish Port Commission

$5,428

 

Kenner

$51,073

 

Kentwood

$7,895

 

Lafayette

$17,271

 

Lafayette Convention and Visitors Commission

$4,935

 

Lafourche Parish

$35,776

 

La. Cotton Museum

$10,116

 

Lake Borgne Basin Levee District

$412,039

 

Lake Charles Port Commission

$843,322

 

Lake Providence Port Commission

$62,916

 

Leesville

$131,014

 

Lockport

$7,402

 

La Children's Museum

$37,009

 

Louisiana Exposition Authority

$296,076

 

Lower 9th Ward Housing Development

$49,346

 

Madison Parish Port

$3,701

 

Madisonville

$6,168

 

Mississippi River Bridge Authority

$11,448,261

 

Monroe

$41,944

 

Morgan City Harbor and Terminal District

$49,346

 

Mossville

$7,155

 

Natchitoches Parish

$12,336

 

Natchitoches

$220,330

 

National D-Day Musuem

$9,869

 

New Iberia

$40,710

 

New Orleans

$542,559

 

New Orleans Center For Creative Arts

$211,201

 

New Orleans City Park

$183,814

 

New Orleans Exhibition Hall

$5,284,458

 

New Orleans Jazz and Heritage Foundation

$12,336

 

New Orleans Multi-Service Ctr Homeless

$8,882

 

New Orleans Museum of Art

$49,346

 

New Orleans Port Commission

$7,679,661

 

New Orleans Regional Medical Center

$59,215

 

North Lafourche Conservation Levee

$12,336

 

North Terrebonne Drainage and Con. District

$4,935

 

North Webster Industrial Park

$17,271

 

Northeast Economic Development District

$32,075

 

NW La. Juvenile Detention Center Authority

$114,236

 

Oak Grove

$10,609

 

Orleans Levee Board

$138,169

 

Orleans Parish Criminal Sheriff Law Enforce.

$148,038

 

Plaquemines Parish

$9,869

 

Plaquemines Parish Law Enforcement

$24,673

 

Pointee Coupee Parish

$20,972

 

Pollock

$230,446

 

Pontchartrain Levee District

$49,346

 

Port of New Iberia

$1,000,736

 

Rapides Parish Airport Authority

$1,234

 

Rapides Primary Health Care Center

$50,580

 

Red River Parish

$14,804

 

Richland Parish

$47,619

 

Sabine Parish

$4,441

 

Sabine River Authority

$49,346

 

Seventh Ward St. Bernard

$4,935

 

Shreveport

$616,824

 

Society for Environmental Education

$9,869

 

South Lafourche Levee District

$562,544

 

South Louisiana Port Commission

$394,768

 

South Terrebonne Tidal and Conservation

$1,459,160

 

St. Bernard Parish

$144,584

 

St. Bernard Port and Harbor

$921,782

 

St. Helena Parish

$19,738

 

St. John the Baptist Parish Law Enforcement

$70,811

 

St. Landry Parish

$11,843

 

St. Martin Parish

$33,555

 

St. Martin Parish School Board

$13,817

 

St. Mary Parish

$2,961

 

St. Mary Parish Sewerage District #1

$13,570

 

Tensas Parish

$2,961

 

Terrebonne Parish

$12,336

 

Terrebonne Port Commission

$37,009

 

Treme Cultural Enrichment Program

$1,234

 

Union Parish

$155,440

 

Town of Lake Arthur

$2,467

 

Vermilion Parish

$64,150

 

Vernon Parish School Board

$9,869

 

Washington Parish

$12,583

 

Webster Parish

$16,531

 

West Calcasieu Airport Authority

$11,103

 

West Carroll Parish School Board

$7,402

 

West Feliciana Parish School Board

$29,608

 

West St. Mary Port

$95,731

 

Westwego

$6,415

 

Winn Parish

$34,542

 

Total Non-State Agencies:

$42,289,161

 

 

 

 

Undesignated Debt Service for FY 1998-1999 -

 

 

$225 million bond sale in March 1998

$20,262,573

 

TOTALS

$249,284,000

ACQUISTIONS AND MAJOR REPAIRS

This program does not have funding for Acquisitions and Major Repairs for Fiscal Year 1998-1999.

 


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