Coronavirus, oil glut could cost local governments $1B
May 8, 2020
NEW ORLEANS (AP) — The coronavirus battle and the world oil glut could cost cities, parishes and school boards in Louisiana anywhere from $404 million to $1.1 billion over two fiscal years, the state's Legislative Auditor's Office said Thursday.
Business shutdowns and unemployment resulting from the effort to stop the spread of COVID-19, lower demand for energy as a result of the virus fight and past increases in oil production by other countries that caused lower oil prices are factors in the report's projections.
The losses are estimated for the current state fiscal year, which ends Jun...