Posted on 04/15/2010 6:12:08 AM PDT by Ebenezer
BATON ROUGE -- Slumping tax collections have punched a $319 million hole in the state budget, a forecasting panel determined Wednesday, giving Gov. Bobby Jindal and the state Legislature less than 10 weeks to decide what mix of spending cuts and one-time revenue sources should be used to fill the gap.
In addition to lowering the current-year forecast, the Revenue Estimating Conference, a four-member panel that decides how much the state can spend each year, also lowered the forecast for the 2010-11 fiscal year that begins July 1 by $245 million.
State officials have been anticipating another round of midyear budget cuts since February tax collections came in far below original projections. But until the forecast became official, they could not begin the actual work of cutting the budget and tapping various funds.
Senate President Joel Chaisson II, D-Destrehan, said the upcoming cuts could have a "devastating effect" on health care and higher education programs, which are almost certain to be targeted because they are the largest unprotected parts of the state budget.
Although midyear shortfalls are nothing new in state government, the current situation is unusual both because of the size of the hole and the timing. It's the second time this year that the state budget will have to be adjusted downward, coming on the heels of $248 million in cuts in December.
(Excerpt) Read more at nola.com ...
Pelican State ping
Does anybody keep a "states in trouble" list?
A pox on the first smart aleck that replies "All".
Put a $319 million tax on Leftwing Organizations!!
Simple. Expel New Orleans from the state.
LA got billions of taxpayer dollars to take care of the ‘Katrina’ problem.
Eventually, but not quite yet, those dollars will cease and the result will be catastrophic.
For now they are still on the dole for taxpayer dollars.
Somebody is lying: either the politicians and stock market pump-monkeys who keep telling us there is a recovery, or the actual numbers, which say otherwise. Who do you choose to believe?
Certainly not my own d*** lying eyes!!
Why don’t they get Mary Landrieu to whore herself out one more time?
Oh, you mean get the same deal as her first “Louisiana Purchase”, with some extra $19 million thrown in for good measure?
Johny show 'em what he's won....... "Well RO, it's, A BRAND NEW RAISE IN TAXES!!!!!!!" ;)
Will entitlements like the pay for the politicians in office or the welfare recipient be reduced to balance the budget? Never. The state will go into bankrupty before that ever happens.
Why don’t they get Mary Landrieu to whore herself out one more time?
Ten cents won’t help our economy on pit.
Anyway, Governor Jindal will do all he can to fix things. If not, we’re all in it together.
An excise tax on ACORN and the 250 other tax funded organizations at the same address in NO should clear this up lickety split.
I’m sur ethe Dems in LA are trying to figure out how they can blame this on Katrina, FEMA, and George Bush.
In a little more than four months, we will celebrate the fifth anniversary of Hurrican Katrina—the hurricane that refuses to die.
Probably a sign of things to come in other states.
Texas is looking for ways to come up with an expected shortfall in the next two year budget which maybe upwards or $10 billion or so. The legislaute meets next Jan and already the governor is asking agencies to look for ways to make 5% cuts but that amount isn’t going to cover the shortfall.
At the very least, Texas understands its problem coming in the next budget, not the current budget. Kudos to Texas for being proactive.
I thought the lottery and casinos were supposed to repair all the roads, build new schools, and make everything wonderful in LA. At least that is what they promised. ;0)
Hey, Bobby!!! Cut Taxes Across the Board and watch State Revenue SOAR!!!!!
Obama not cutting out foreign oil, and our wells stay capped.
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