Post by pavel on Jan 21, 2016 18:58:02 GMT -6
IOUs: Gov. John Bel Edwards to owes $155M-plus to cover Bobby Jindal’s business deals
When Bobby Jindal exited the governor’s office, he left behind a string of IOUs for his economic development deals, at least $155 million of which could come due during the next four years of Gov. John Bel Edwards’ term.
Jindal made commitments for incentive payments and construction projects tied to various business deals, without providing money to cover those long-term costs.
Instead, Edwards inherited a budget awash in gaps and depleted savings accounts — on top of the obligations to which his predecessor committed the state.
Governors regularly make commitments to companies beyond their terms, leaving their successors to pick up the remaining tab. But Jindal’s obligations come as Edwards, a Democrat who took office last week, grapples with the state’s deepest financial crisis in nearly 30 years.
Read more: theadvocate.com/news/14642333-100/edwards-owes-up-to-155m-to-cover-jindals-business-deals
When Bobby Jindal exited the governor’s office, he left behind a string of IOUs for his economic development deals, at least $155 million of which could come due during the next four years of Gov. John Bel Edwards’ term.
Jindal made commitments for incentive payments and construction projects tied to various business deals, without providing money to cover those long-term costs.
Instead, Edwards inherited a budget awash in gaps and depleted savings accounts — on top of the obligations to which his predecessor committed the state.
Governors regularly make commitments to companies beyond their terms, leaving their successors to pick up the remaining tab. But Jindal’s obligations come as Edwards, a Democrat who took office last week, grapples with the state’s deepest financial crisis in nearly 30 years.
Read more: theadvocate.com/news/14642333-100/edwards-owes-up-to-155m-to-cover-jindals-business-deals