The state Department of the Treasury's “September 2010 Net Receipts Report” shows that to-date state revenues for 2010-2011 (July - September) are $1.707 billion, for a decrease of $140 million or 8 percent compared to fiscal year 2009-2010. Total revenues this time last year were $1.847 billion, which was $320 million less than the prior year, a decline of 15 percent.
Already the Jindal administration is facing the new reality that an additional $108 million will have to be cut from the current-year state budget after Louisiana finished the recently ended fiscal year (June 30) in the red. Lawmakers recently learned that deep cuts made last year were not enough to balance the budget. Last week Commissioner of Administration Paul Rainwater placed most of the deficit blame on corporate income tax during the 2009-10 fiscal year falling far below what was anticipated — a decline that has accelerated this year.
This means the state spent more money than it collected in taxes during the 2009-10 fiscal year, and the governor has until the end of this fiscal year to cut spending in order to make up for the deficit. Rainwater hopes to have a deficit-reduction plan ready by the end of the month.
Below is the breakdown of current fiscal year to-date receipts that are contributing to the 8 percent overall decline in state revenues so far this year: •General sales tax cash receipts are $647 million, an increase of $14 million or 2 percent compared to last year. General sales tax cash receipts this time last year were $633 million, which was $122 million less than the prior year, a decrease of 16 percent. •Individual income tax cash receipts are $621 million, a decrease of $51 million or 8 percent compared to last year. Individual income tax cash receipts this time last year were $672 million, which was $6 million less than the prior year, a decrease of 1 percent. •General severance tax cash receipts are $185 million, a decrease of $10 million or 5 percent compared to last year. General severance tax cash receipts this time last year were $195 million, which was $150 million less than the prior year, a decrease of 43 percent. •Corporation and franchise tax cash receipts are $45 million, a decrease of $91 million or 67 percent compared to last year. Corporation and franchise tax cash receipts this time last year were $136 million, which was $8 million less than the prior year, a decrease of 6 percent. •Gasoline and special fuels tax cash receipts are $157 million, an increase of $5 million or 3 percent compared to last year. Gasoline and special fuels cash receipts this time last year were $152 million, which was $17 million less than the prior year, a decrease of 10 percent. •Miscellaneous taxes cash receipts are $52 million, for a decrease of $7 million or 12 percent compared to last year. Miscellaneous taxes cash receipts this time last year were $59 million, which was $17 million less than the prior year, a decrease of 22 percent.
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NOV 21 Bobby Jindal is headed to Iowa again, the Des Moines Register reports here. The paper outlines what's going on with Bobby's non-campaign for president, and there's a lot of stuff here -- too bad none of it sounds like somebody running Louisiana. Hey, wasn't that the job he wanted?
NOV 21 The end of the term has come for the grand jury investigating a lucrative Medicaid contract and a former state health official's ties to the company that won it, the Advocate reports here, but that doesn't mean the investigation into this stinkiness is over. There are still some things to look into, the lead prosecutor says.
NOV 21 With the passage of two amendments to Louisiana's much-amended constitution (it has been amended almost 200 times now) higher education has an even bigger target on its collective back, columnist Jim Beam opines in this post. Higher ed used to share the spotlight with health care, but that has changed, he says.
NOV 21 Here's a weird one: The Louisiana Cannabis Industry Association has endorsed Bill Cassidy for the U.S. Senate. Apparently, Mary Landrieu said she wouldn't consider support of medical marijuana but Cassidy said he would, WWL reports here.
NOV 21 Solange Knowles, possibly best-known for assaulting her brother-in-law in an elevator while wearing an ugly dress after the Met Ball, got married in the Marigny Opera House this past weekend, the New York Times reports here. Knowles, who has a house in the Faubourg Marigny district and owns a boutique in the Quarter, married Alan Ferguson.
NOV 21 This post on the Fuel Fix blog outlines a $1.4 billion move announced this week by the Apache Corp. that includes the sale of assets in south Louisiana. The company's interests in more than 90,000 acres in south Louisiana are some of the assets being sold, the post reports.
NOV 21 One (possible) positive from Hurricane Katrina is a comprehensive zoning ordinance for New Orleans. Nine years later, we're getting closer to that being finalized, but the current version has some problems. Here's the latest in a series of posts on The Lens in which residents give their views of the draft; this one is more amusing than most.
NOV 21 The new NOLA smoking ordinance is going to harsh your (nicotine) buzz, man. This post on Gambit outlines the high (or low, as the case may be) points: it includes electronic cigarettes and hookahs in its bans; eliminates smoking within 25 feet of any building's public entrance and in any public space - or near any public space - operated by the city.
NOV 20 Politico reports here that Bobby Jindal won't be kept out of the presidential race by anyone else's candidacy. (If he's running, which he's not, 'cause he's not done prayin' on it) So he's not interested in who is running, or what the polls say, or how much money he's got? K.
NOV 20 NOLA Defender's Tiny Daiquiri has a little fun with Bobby Jindal's Meet the Press appearance in this post. Bobby is still prayin' on whether or not he'll run for the job he's been running for over the past three years, Tiny says.
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