Deja vu all over again Monday, Dec 17 2012
1 10:15 am
Lege version of working hard
Half-way through the fiscal year, the state is facing its 5th annual (Since Jindal has been the governor.) mid-year budget reduction.
Due to revenue shortfalls (over-estimated) and increases in on-going costs (under-estimated) the budget is $166 Million short.
One of the reasons for these chronic mid-year cuts is the use by the leges of one-time revenues to fund recurring expenses. Common sense says this is fiscally-irresponsible. Unfortunately, common sense is not common in the Capitol.
In order to plug the $166 Million shortfall Team Jindal has recommended several cuts, most of which serve to punish individual citizens rather than actually cutting the fat from the budget. Please don’t tell me there’s no fat.
Team Jindal is also plugging the shortfall with one-time revenues in the amount of $58.5 Million. Source: Times Picayune, December 15, 2012.
As a result, the revenue shortfall for FY14 (begins July 1, 2013) which is already at $1.2 Billion will be increased by $58.5 Million.
After betting on the come (Wishful thinking that the state’s economy will dramatically improve.) for 5 straight years and losing, it seems that the leges would wake-up, but they haven’t.
As Yogi Berra said “it’s deja vu all over again.”