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Louisiana at the Crossroads: Responsible Responses to Louisiana’s Financial Crisis

Louisiana at the Crossroads: Responsible Responses to Louisiana’s Financial Crisis. WWW.LABUDGET.ORG. 46 States Face FY11 Budget Shortfalls. 4-Year Base Line Projection. REC Forecast Change for FY10. REC Forecast Change December to June. Percent of Total Budget.

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Louisiana at the Crossroads: Responsible Responses to Louisiana’s Financial Crisis

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  1. Louisiana at the Crossroads: Responsible Responses to Louisiana’s Financial Crisis WWW.LABUDGET.ORG

  2. 46 States Face FY11 Budget Shortfalls

  3. 4-Year Base Line Projection

  4. REC Forecast Change for FY10

  5. REC Forecast Change December to June

  6. Percent of Total Budget $2.4 billion ÷ $29 billion = 8% 3-year Cumulative Shortfall Total FY10 Budget Percent of total FY10 budget to be cut over 3 years

  7. FY10 Total Means of Financing

  8. Percent of State General Fund Spending $2.4 billion ÷ $9 billion = 27% 3-year Cumulative Shortfall FY10 State General Fund Percent of FY10 state general fund to be cut over 3 years

  9. Discretionary vs. Non-Discretionary

  10. Percent of Recurring Discretionary Spending $2.4 billion ÷ $3.3 billion = 73% 3-year Cumulative Shortfall FY10 Discretionary Funds (minus one-time funds for Capital Outlay) Percent of FY10 recurring discretionary fund to be cut over 3 years

  11. FY10 Discretionary Expenditures

  12. FMAP Rate Change

  13. Spending Reverts to Pre-Katrina Levels (in 2009 dollars)

  14. Increases Since Pre-KatrinaFY05-FY10

  15. Fiscal Effect of Stelly Repeals

  16. 5-Year Tax Exemption Budget $7.1 BILLION

  17. FY 2011 Budget Projections • State general fund revenues: $7.8 billion • Cost of tax exemptions: $7.1 billion • Tax code spending equals 91.6%of SGF revenues

  18. Growth of Tax Exemptions2006-2011

  19. Tax Exemption Budget Needs More Transparency • Example: Of 179 sales tax exemptions, 90 are lumped under “Other Exemptions” at a cost of $3.8 billion of $4.7 billion or 80% • Example: Lack of assessment of each tax expenditure

  20. Improved Tax Collections $234 million – Delinquent taxes recovered in the 2009 tax amnesty program

  21. State & Local Taxes in 2007

  22. WWW.LABUDGET.ORG

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