It's the Louisiana seventeen cents penny opera.
When one really considers the current debate in the Louisiana legislature starting next week in another special session to complete the budget for next year which fiscal year starts July 1, the differences between the revenues that have been approved so far compared to those that the Governor and others want to pay for government services already appropriated, is miniscule.
As has been reported, the difference between the 33% and the 4.5% of a single penny comes down to a mere seventeen cents sales tax on a one hundred dollars of a purchase.
The budget is done. Tax cuts have been made. So, is there anything else to discuss when the Louisiana legislature and the Governor meet once again, beginning June 18, to put the finishing touches on the amount of spending Louisiana commits to, starting July 1 of this year?
It has been a very tough year for state government. We've experienced two special sessions debating the budget and how to pay for what might be appropriated. During the regular session, also this year, the legislature passed an appropriation bill that was vetoed by the Governor.
Only four full days, excluding today, left in the second extraordinary fiscal session of the Louisiana legislature called to fix the fiscal cliff, 2018.
Will the Louisiana legislature be able to come to an agreement prior to Monday midnight? Will a legislative agreement include more cuts to higher education, the hospitals, TOPS, the prison system and government infrastructure? If so, will the governor John Bel Edwards sign the budget into law?
Louisiana has good news, kinda.
The state’s Revenue Estimating Conference met today and recognized $346 million in revenues, most primarily due to the Republican-Trump tax cut leaving a difference in the budget shortfall of $647M which is obviously much better than the $997 million hole we were looking at prior to the regular session. That’s the good news.