Where does the money for the rainy day fund come from?

State law, R.S. 39:94, directs officials to each year deposit into the fund oil and gas tax revenue that exceeds $950 million.

The law also requires the state to deposit 25 percent of budget surpluses, along with the larger of $25 million or one-fourth of nonrecurring revenue.

Additionally, lawmakers can add money to the rainy day fund whenever they wish.

The fund, formally known as the Budget Stabilization Fund, was established in 1998.

It was preceded first by the Enhanced Mineral Trust Fund, which was set up by lawmakers in 1979 to receive excess oil revenue.

The trust fund was renamed the Louisiana Investment Fund for Enhancement, or LIFE, a few years later and was included in the state constitution.

That fund was followed by the Revenue Stabilization/Mineral Trust Fund, which was added to the state charter in 1990. It’s the precursor of today’s fund.

The rainy day fund contained $359.6 million before the recent special legislative session, where lawmakers voted to use $99 million of it to shore up the state’s finances for the rest of the 2017 fiscal year, which ends June 30.

Gov. John Bel Edwards had asked for $119 million from the fund.

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Online: www.legis.la.gov.

Mardi Gras example of French heritage

Why do we have Mardi Gras? Where did it originate? What does it have to do with Easter?

The celebration of Mardi Gras comes from medieval Europe and likely originated with ancient seasonal celebrations, including the Romans’ Lupercalia spring fertility festival.

“When Christianity arrived in Rome, religious leaders decided to incorporate these popular local traditions into the new faith, an easier task than abolishing them altogether,” reads an article at History.com.

“As a result, the excess and debauchery of the Mardi Gras season became a prelude to Lent, the 40 days of penance between Ash Wednesday and Easter Sunday. Along with Christianity, Mardi Gras spread from Rome to other European countries, including France, Germany, Spain and England.”

Some Mardi Gras facts, from CNN.com:

“The Mobile Area Chamber of Commerce says the city’s first Mardi Gras celebration was in 1703, just a year after the city was founded.”

“The first recorded Mardi Gras parade in New Orleans was in 1837. The city’s first parade with floats was in 1857, apparently after assistance from Mobile.”

“Legend has it that French explorer Pierre Le Moyne d’Iberville first introduced Mardi Gras to the area in 1699, after he sailed into the Gulf of Mexico on March 6 (Fat Tuesday), and set up camp on the west bank of the Mississippi river about 60 miles south of New Orleans. He named the site Point du Mardi Gras, in honor of the holiday which had been celebrated in Paris since the Middle Ages.”

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The Informer answers questions from readers each Sunday, Monday and Wednesday. It is researched and written by Andrew Perzo, an American Press staff writer. To ask a question, call 494-4098 and leave voice mail, or email informer@americanpress.com.