LABI reacts to the 2023-24 budget proposed by Governor John Bel Edwards released last week. The total cost of the budget is around $45.7 billion. The Louisiana Association of Business and Industry President and CEO, Stephen Waguespack says it’s imperative to have a fiscal balance.
“The name of the game this year is you have to budget responsibly today to make sure you don’t create a crash just down the road in two years,” said Waguespack.
Edwards is asking lawmakers to approve a $3,000 raise for certified teachers and $1,000 raise for staff. The governor also proposed- firefighters, police, and deputy sheriffs receive an additional $100 a month in supplemental pay. Waguespack says…
“There are a lot of raises proposed in the budget. I think it is really imperative to find efficiencies in the budget to ensure you can pay for them over time,” said Waguespack.
A one-cent sales tax was implemented in 2016 to help fund the $2 billion deficit the state was facing. Waguespack says the budget should be balanced without creating a fiscal cliff.
“It’s imperative to find ways to reduce tax rates but also find ways to invest in key priorities but do it with recurring dollars and not one-time dollars.
The regular legislative session begins on April 10.
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