Here is an excellent budget status report from a friend and colleague that I work with regularly. Thank you Rep. Bacala!
"If the tax measures (under consideration today) pass, the state budget will grow by $423,714,359 (of which $134,494,893 would be in State funds and $289,220,466 would be in Federal funds)!
"Deeper in the Legislative Fiscal Office report, it is indicated that the Senate proposals would result in a growth in spending by the Louisiana Department of Health of $445 million! This is on top of $745 million in surplus that LDH predicted in April of this year." ... See more
From the House Chamber on the last day of the Second Special Session:
For the last hour or so, we have been on recess in the House of Representatives as negotiations continue with the Senate and the Governor's Office on the fix for the "fiscal cliff".
Right now, we are considering three revenue measures received from the Senate worth about $577 million, and a budget bill that directs how all state funds will be spent.
The Senate revenue measures include House Bill 27 which they grew from a $366 million to a $515 million, House Bill 18 which is a $33 million dollar bill to which the Senate added a $21 million increase in expenditures on Earned Income Tax Credits, and the diversion of $50 million of BP Deepwater Horizon settlement money for general use.
In all, the Senate version of revenue proposals would raise about $577 million to offset the "fiscal cliff".
However, sometimes you have to dig deeper than what you see on the surface. In a budget analysis of the Senate version of the budget, the non-partisan Legislative Fiscal Office noted the following:
"HB1 Reengrossed with Senate amendments of the 2nd E.S. of 2018 (herein after referred to as HB1) inclusive of supplemental appropriations, increases $423,714,359 from the FY 18 EOB as of 12-1-17. The total increase is comprised of $65,001,192 SGF, $88,545,485 SGR, $13,153,813 Statutory Dedications, and $289,220,466 Federal Funds; while partially offset by a decrease of $32,606,597 IAT."
(In case you are wondering, 2nd E.S. means the second extraordinary session, EOB means Existing Operating Budget, SGF means State General Fund, SGR means Self Generated Funds, and IAT means Interagency Transfers.)
Let me interpret: If the tax measures listed above pass, the state budget will grow by $423,714,359 (of which $134,494,893 would be in State funds and $289,220,466 would be in Federal funds)!
Deeper in the Legislative Fiscal Office report, it is indicated that the Senate proposals would result in a growth in spending by the Louisiana Department of Health of $445 million! This is on top of $745 million in surplus that LDH predicted in April of this year.
We are about to go back into session, so I must end this post here and get back to doing the job that you sent me here to do, which is to represent you. ... See more