Jindal’s secret plan to balance the budget Friday, Feb 15 2013
1 7:00 am
Jindal prepares BP spill funds
Some have wondered how the Jindal Administration will balance the budget for FY14 which begins July 1.
– According to the state’s own fiscal advisers, in order to continue spending at the current level will require an additional $1.2 Billion in revenue for the FY14 Operating Budget.
– On-going state construction projects will run out of money in a few months. The state cannot borrow additional funds because it is up against the constitutionally-imposed borrowing limit.
– The bonds for the rural roads that were approved during the 2012 R.S. can’t be sold or at least not all of them.
– Depending on whom one asks the new LSU teaching hospital in New Orleans, another $100 to $300 Million is needed to complete its construction.
– Buying the lege votes needed for Jindal’s proposed tax increases during the 2013 Regular Session will require cash.
Jindal’s tax swap is allegedly “revenue-neutral” meaning that the new taxes will only offset the $3 Billion lost by the tax repeals.
The answer to the above problem is that Jindal plans to divert the cash from the BP oil spill settlements. That will only take a majority vote of the leges.
A few people in Louisiana are awakening to Jindal’s plans to divert the BP funds. ( See story here.) Of interest is the fact that none of those concerned mentioned in the story are leges. Garrett Graves chair of the Coastal Protection and Restoration Authority of Louisiana works for Jindal and will not stand in his boss’s way.
If you are concerned about the coast of Louisiana, you should contact your leges. Jindal already has and we know the leges love the “bacon” that he slices for them.