The sky is falling, the sky is falling. At least the Louisiana fiscal sky is in a tailspin, or so says Governor John Bel Edwards and a number of legislative leaders. The hue and cry is for one billion dollars in new taxes along with significant fee increases. Even the local papers are chiming in with headlines like “The fiscal threat is real to colleges” and about to “get real.” What a poor taxpayer to think?
The war of words over how to deal with a budget deficit or otherwise in Louisiana annual parlance, the fiscal cliff, is mounting as the temporary sales tax comes to an end this week. The sales tax brings roughly one billion dollars into the state coffers.
Today, Louisiana Governor John Bel Edwards has taken to the press pulpit to argue that Republican moderates want a plan presented by their members but the fiscal conservatives refuse to present one, thus, a budgetary showdown that will result in major reductions in government spending.
While he didn’t exactly treat Democrat Gov. John Bel Edwards as if Louisiana’s chief executive didn’t exist, Republican House Speaker Taylor Barras did make clear who called the shots over the state’s fiscal year 2019 picture and beyond.
On Monday, Louisiana Governor John Bel Edwards spoke in general terms about his plans for the upcoming fiscal cliff which is anticipated to be around $1 billion for the year beginning July 1, 2018. At a luncheon today Edwards delivered remarks at an event hosted by Committee of 100, Council for a Better Louisiana (CABL), Public Affairs Research Council (PAR) and the Louisiana Budget Project.
Is Louisiana looking at another special session in 2018 to deal with—what seems to be the never-ending budget shortfall? What is Governor John Bel Edwards doing to fix what appears to be an annual rite of spring—budgetary emergency management? And, just how bad is the budget bleeding going to be given that the state could fall off that proverbial fiscal cliff which near-fall was softened two years ago with a penny sales tax increase and other measures?
In part three of the November 2 interview with Stephen Waguespack, the President, and CEO of the Louisiana Association of Business and Industry, the leader of the largest business organization in the state discussed these and other issues confronting the state, once again.
Have Louisiana’s storms of budget slashes and revenue bloats come to an end? Months ago, the Governor John Bel Edwards administration announced that the state’s revenues have increased, thus, the fiscal year ended with a, get this, a surplus of over one hundred million dollars.
The Louisiana legislative session is approaching, the economy is improving, the state is suffering a budget deficit yet conditions are better than expected.
The Louisiana business community has certain needs. what are they? What is it doing to improve conditions for small and large businesses in the state?
How do you fill a budget gap of more than #1 billion dollars after consecutive years of combination of tax increases and budget cuts amounting to roughly $3 billion?