Lawmakers spend $3.2M from savings account on horse racing

(The Center Square) – Louisiana lawmakers approved spending $3.2 million on horse-racing purses, breeder awards and racing operations using money that originated in one of the state’s primary savings accounts.

The Joint Legislative Committee on the Budget approved the allocation without objection on Thursday.

The money will come from the Strategic Investments Across Louisiana Fund, a one-time spending account created with an $82.8 million transfer from the Revenue Stabilization Trust Fund.

The Revenue Stabilization Trust Fund serves as a state savings account, accumulating certain excess and mineral-related revenues for future use. Once transferred into the Strategic Investments fund, however, the money became available for one-time, nonrecurring spending.

State budget officials requested $3.2 million from that fund for the Louisiana State Racing Commission because dedicated video-poker revenue intended to support horse racing will not be available before the racing season begins in August.

The Legis...