This report covers information that was in previous reports and also new information on Louisiana financial statements. The State of Louisiana is located on the Gulf of Mexico and is bounded by Arkansas, Texas and Mississippi. Louisiana serves a population of 4,496,000, and occupies a land area of approximately 43,562 square miles. (www.state.la.us)
The government is made up of three branches that were established by the state constitution of 1974. The branches of government are the Executive, Judicial and Legislative. There are many major industries in Louisiana; they include, but not limited too fishing, petrochemical and agriculture. The state leads the nation in salt production and is the second largest refiner of petroleum. It is also a major producer of sulfur, lime, cotton, sugar cane, yams, rice, and pecan nuts. Louisiana conducts trade with 191 countries around the world through four of the busiest ports in the United States. These ports are located along the lower Mississippi River in New Orleans, South Louisiana, Baton Rouge and Plaquemine.
The state financial reporting entity includes 55 active component units, which includes colleges and universities, boards and commissions, ports, levee districts, and other special purpose authorities. The State Treasurer is responsible for managing all cash and investments, with the exception of certain component units that have independent powers to manage and invest their funds. Investments transactions and cash management handled by the State Treasurer during the Fiscal Year 2004, included checking accounts, certificate of deposit, U.S. government and agency obligations, commercial paper, repurchase agreements and security lending agreements. For Fiscal Year 2004, the Treasury earned $85,308,039 on its fixed-income investments for the General Fund. (www.state.la.us)
In accordance with Louisiana Revised Statue 39:75 A (2), the Division of Administration must submit a budget status report to the Joint Legislative Committee on the budget...