END OF YEAR THOUGHTS - Despite budget challenges and other hurdles the state is currently facing, Gov. John Bel Edwards said he remains "extremely optimistic" about Louisiana's future half-way through his first term in office. At his End-of-Year news conference yesterday… he reflected on the past year’s ups and downs…but remained upbeat on things like job growth. He noted the state is at its lowest unemployment rate since the Great Recession began in 2008: 4.8 percent, as of October. And he expects the November jobless rate, due out the end of this week, to be even lower. Edwards said,"We have plenty of reason to be optimistic that these job numbers are going to continue for some period of time, based on the number of projects that have been announced." Edwards cited one project in particular, DXC Technology--one of the world's biggest tech companies announced last month that it's locating a digital transformation center in New Orleans, creating some 2,000 high-tech / high-paying jobs. Edwards stated "It's the largest economic development project in our state's history, relative to permanent direct jobs at one site — 2000 permanent direct jobs." Edwards acknowledged some good financial news with recent revelations that the past fiscal year wound up with a budget surplus and that no mid-year deficit is expected for the current year. However with the One-Billion - Dollar- Plus fiscal cliff fast approaching when the 1-cent sales tax expires June 30th, Edwards said: "You are going to see a balanced budget proposal that represents what it would look like if we take a billion dollars," Edwards said. "And it is so nasty, that budget will not be one that I want to implement. But it's the one I’m constitutionally obligated to deliver."
Despite the looming state budget concerns… Edwards said he would not call a special session in February. The Regular Legislative Session convenes in March. The Republican Tax Bill that cleared both houses this past week and is awaiting President Trump’s signature is being examined and debated as
to how it will affect taxpayers and the economy. One aspect of the bill could bring millions of dollars of relief for Louisiana’s 2016 flood victims and also help the Gulf Coast Region with coastal restoration. Republican U.S. Senator Bill Cassidy of Louisiana shared his thoughts on his Facebook Page about what this Bill means to Louisiana. "Good things for Louisiana," explained Cassidy "$100 million-dollars for coastal restoration, $500 million-dollars for victims of floods in 2016 for north and south Louisiana. And preserve our historic tax credit which has helped us restore and rebuild our downtowns and put a lot of folks to work doing so." Sen. Bill Cassidy, a member of the Senate Finance Committee, said He and Rep. Ralph Abraham, R-Alto, pushed to include a retroactive tax break for flood victims which was included in the GOP’s Tax Bill. In a related story -- Louisiana residents who had damage from the August 2016 flooding have until the end of December to submit the proof of loss form required for a flood insurance claim. Insurance Commissioner Jim Donelon is reminding people of the Dec. 31 deadline, which Donelon's office says was extended six times. For more information: https://www.ldi.la.gov/floodrecovery
