The Budget vs. The Economy Understanding the Present, Protecting the Future Sources: Legislative Fiscal Office; Jim Richardson, LSU; LED; GNO, Inc. Analysis.

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Presentation transcript:

The Budget vs. The Economy Understanding the Present, Protecting the Future Sources: Legislative Fiscal Office; Jim Richardson, LSU; LED; GNO, Inc. Analysis

Key Take Aways 2 1.Louisiana has a structural budget deficit 2.Job growth is real – the economic revitalization of Louisiana is working 3.Economic development incentives are only 4% of total exemptions

Louisiana Has a Structural Budget Deficit 3 There are multiple reasons for the revenue loss Katrina Wind-Down $(1.0B) National Recession $(1.6B) Tax Cuts $(0.9B) Oil Price Drop $(0.7B) Total Loss $(4.1B) Revenue Loss

Louisiana Has a Structural Budget Deficit 4 This is compounded by the fact that less than 10% of the budget is discretionary <10% discretionary

Job Growth is Real 5 Greater New Orleans underperformed the USA for 4 decades

Job Growth is Real 6 Today, Greater New Orleans ranks with the best in job growth

Job Growth is Real 7 State announcements will add nearly 100,000 jobs over the next four years as they come on-line ,000 new jobs Source: GNO, Inc. analysis of LED announcements

Job Growth is Real 8 We are diversifying the economy.

Economic Development Incentives are Small 9 Economic development incentives are only 4% of the total $7B of Louisiana exemptions in 2013, and only 1% of budget

10 Conclusion We must address the structural budget deficit, while continuing to grow our economy for the future.