New state revenue source discovered Tuesday, Apr 1 2014
It was there all the time
A few months ago, the Revenue Estimating Conference determined that roughly $300 Million had been collected by the latest quadrennial Tax Amnesty Plan.
Of the $300 Million, $200 Million was declared to be “recurring revenue” and used to balance the current fiscal year’s budget.
Later, it was discovered that despite that infusion of cash, the current budget was still short about $40 Million.
In response to that shortfall, Commish of Administration Kristy Nichols said it was not a problem because she would use some of the excess Tax Amnesty funds to fill the shortfall before June 30.
Next, the lege added $6 Million to its budget for FY15. I asked from where the money came. Hearing not a peep from the leges, I assumed that Nichols was going to use the excess Amnesty revenues.
Then, yesterday House Appropriations Committee approved a $40 Million fund for Higher Education. Again, I asked from where the money came. Again, hearing nothing, I naturally figured it was coming from the Amnesty revenues.
Today, LaPolitics breaks the news that the Amnesty Fund is short by $47 Million. Again, Nichols said she had it covered.
Now, I’m really scratching my head. From where did this latest $47 Million come? After all, not only had all the money in the Amnesty fund been spent, but the fund itself had a shortfall.
The “Crack Mullet Research Team” jumped into action and found the answer in short order.
The revenues came from a fund unbeknownst to me. Apparently, some time back, the Jindal Administration established a fund officially called the “Natural Extraction Fund.” Additionally, it is “recurring revenue” because the source has existed for several years.
Suddenly, it dawned on me the source of this secret revenue. The fund name gave it away.
The source of these new funds is the Tooth Fairy. You do believe in the Tooth Fairy, don’t you?
“King of Subversive Bloggers” – James Gill
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