After Bobby Jindal and the leges used fiscal gimmicks to declare the state budget balance for the last 5 years the chickens have come home to roost.
After millions of dollars in mid-year budget cuts in December, 2012, up to $278 Million more may have to cut before June 30. The shortfall results from budgeting revenues that were highly unlikely to materialize. (See the details here.)
It’s interesting that Jindal is even using some of the same revenues that didn’t materialize in the current fiscal year to balance the budget for FY14.
One of those is the sale of the old insurance building property next to the State Capitol. Not only has the property not sold, but the revenues projected are higher than the appraisals. It’s the same for other properties around the state.
Even in Louisiana, the state cannot spend the same money twice. Either there will be a shortfall in the current year’s budget or in the FY14 budget.
Jindal makes a mockery of the intent of state constitution which requires a balanced budget. A majority of the leges are equally at fault because they voted for this fraud.
Such accounting gimmicky makes as much sense as us mullets balancing our personal budgets based on the proceeds from winning the Powerball.
It’s time to stop these fiscal games that only serve to harm the citizens of our state by denying them needed services.
Jindal will not stop deceiving us; it’s up the leges to bring some sanity to our state budget. Ironically (or hypocritically) it’s the same sanity that Jindal claims is needed at the Federal level.
C.B.
by C.B. Forgotston, read his daily blog at Forgotston.com
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Bayoubuzz Interviews December 2012
La. Commissioner of Ag. Strain says financial crises on Mississippi River Crises--Bayoubuzz.com
 La. Commissioner of Ag. Strain says financial crises on Mississippi River Crises--Bayoubuzz.com |
 Louisiana Treas. Kennedy talks Medicaid, Obamacare, Charity Health System |
 Louisiana Treas. John Kennedy talks budget, uncertainty of new Charity Hospitals--Bayobuzz.com |
 Interview with Michael Hecht, President, CEO of Greater New Orleans Inc.--Bayoubuzz.com |
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