Here is the summary:
The Public Affairs Research Council of Louisiana today released a commentary on the state budget crisis. Louisiana's Legislature is performing a high-wire act without a net as it attempts to balance the government budget. Anticipated state expenses for the next fiscal year are towering about a nearly flat state revenue forecast. As the financially vulnerable higher-education leaders figure, it's a long way down.
The best long-term fixes will require multiple steps and patience, which is in rare supply when facing a $1.6 billion shortfall of immediate concern. In the meantime, some short-term measures could help ease the imminent imbalance if modest sacrifices are shared by many stakeholders.
The Legislature should look at mandatory or recurring spending programs that can be reduced or eliminated. These cuts in state government could be matched with reductions or eliminations of some tax credits or exemptions.
The commentary identifies more than $300 million worth of unfilled budget holes and more than $700 million in state resources that should be on the negotiating table to achieve a balanced budget for fiscal year 2016.
To access the full commentary, simply click here.