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Disagreement bogs down budget process
A disagreement over how the state will shore up a budget deficit in the current fiscal year while walking a tight rope in crafting a balanced budget for the new fiscal year has brought the legislative process to a crawl, and there's only three weeks remaining in the 2010 Regular Session of the Legislature.
At issue is some $200 million that currently sits in the state's Rainy Day trust fund. The fund was established years ago to aid the state when money is tight, like it is today.
Senate President Joel Chaisson and House Speaker Jim Tucker agree that the $200 million should be used to help offset a $319 million budget deficit in the 2009-2010 fiscal year, which concludes June 30. The deficit arose in light of lackluster income and sales tax collections.
Tucker maintains that the state Constitution requires the Legislature to immediately repay monies it takes from the Rainy Day fund. Accordingly, Tucker says the Legislature should direct monies the state collected from its tax amnesty program to the Rainy Fund. The tax amnesty monies would replace the $200 million lawmakers propose to use to plug a hole in the current fiscal year budget.
Chaisson disagrees. He says an act the Legislature approved last year would allow lawmakers to repay over time any monies it took from the Rainy Day fund. In other words, monies the state collected from its tax amnesty program could be used to help offset a projected budget deficit in the 2010-2011 fiscal year, which begins July 1. The projected budget deficit for the new fiscal year stands at roughly $250 million.
We do not know whether Tucker is correct in his interpretation of the Constitution. We also do not know whether Chaisson is correct with his argument that an act approved by the Legislature last year would give lawmakers more time to repay the Rainy Day fund, assuming lawmakers tap it to shore up deficit spending in the current fiscal year.
We do know, however, that the Regular Session is scheduled to adjourn in about three weeks. A balanced budget for the new fiscal year must be approved before the conclusion of the Regular Session. Otherwise, Gov. Bobby Jindal will be forced to call a special session of the Legislature for lawmakers to continue debate over the new fiscal year budget. The current fiscal year budget must be balanced as well before the fiscal year comes to an end at the end of the month.
Since Chaisson and Tucker are at odds on when Rainy Day monies must be repaid, we suggest the two legislative leaders reach out to the state Attorney General for an opinion. If Attorney General Buddy Caldwell cannot or does not or will not provide an opinion on the matter, let the judicial system handle it.
The budgetary clock is ticking. |
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