Louisiana's current budget woes mirror 1988 financial gaps
BATON ROUGE- As Gov. John Bel Edwards struggles to stabilize Louisiana's finances, the troubles mirror the deep budget difficulties the state faced 28 years ago.
Long-timers at the Louisiana Capitol equate today's financial woes with similar problems Gov. Buddy Roemer inherited when he took office in March 1988. He had a deficit in the range of $800 million to $1 billion - in a budget that totaled only about $7.5 billion.
To steady the finances nearly three decades ago, millions in new user fees were charged for services. Some taxes were boosted. Cuts were levied across agencies.
To get money flowing to vendors and workers, Louisiana took out a $1 billion loan, repaid over eight years with existing state sales tax revenue, through a special taxing authority called the Louisiana Recovery District.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Area restaurants participating in #25onthe25th to donate to families of fallen officers
BR Police Chief Carl Dabadie steps down
Broome proposes plan to improve transportation
EBR Metro Council caught off-guard by police chief's sudden exit
Homeowner says contractor forged her signature to get money