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State Bond Commission adopts 2026 debt report after presentation on Louisiana debt position
Summary
State debt officer Jessica Munoz told the State Bond Commission the NSDSD debt-service cap was at 4.29% for fiscal 2026; the commission unanimously adopted the 2026 tax-supported debt report at its Jan. 15 meeting.
Jessica Munoz, the state debt officer at the State Bond Commission, told members at the Jan. 15 meeting that Louisiana remained within the constitutional NSDSD debt-service limit and that the commission’s 2026 debt report summarizes the state’s current position and near-term projections.
Munoz said the NSDSD limit — a constitutional cap that requires debt service not exceed 6% of the Revenue Estimating Conference (RSC) forecast revenue — stood at 4.29% for fiscal year 2026. “For fiscal year ’twenty 6, our NSDSD percentage was 4.29%,” she told commissioners during a slide presentation highlighting outstanding balances and projections.
The presentation reported total debt classified as NSDSD as $8,500,000,000 as of Dec. 31, 2025, split into about $6.2 billion of principal and $2.3 billion of interest obligations. Munoz also reported total outstanding debt (NSDSD and non‑NSDSD) of approximately $9,700,000,000 as of that date, a decrease of about $190,000,000 from the prior year. She said recent refinancing produced roughly $117,000,000 in debt-service savings in fiscal 2025 and an additional $13,000,000 in savings so far in fiscal 2026.
Munoz reviewed projected general obligation issuance layered into the state’s current debt service, noting an illustrative annual issuance assumption of $350,000,000 that would increase additional debt service beginning in fiscal 2027 and rise toward $461,000,000 by fiscal 2029. She also summarized the state’s per-capita debt comparison using Moody’s data and noted Fitch’s revision of the state outlook from stable to positive in November.
After the presentation, Representative Reiser moved to adopt the report and Senator Mizell seconded. There were no objections and the commission adopted the debt report by voice vote.
The commission did not record any substantive follow-up questions during the meeting; the adoption finalizes the report for the period covering fiscal year 2025 and part of fiscal year 2026 and provides the projections the commission discussed for upcoming fiscal years.
