LA FREEDOM CAUCUS ANNOUNCES UNANIMOUS SUPPORT FOR “THE RECIPE” BUDGET PLAN
FOR IMMEDIATE RELEASE: May 1, 2023
CONTACT: press@lafreedomcaucus.org, (225) 267-7858
LA FREEDOM CAUCUS ANNOUNCES UNANIMOUS SUPPORT FOR “THE RECIPE” BUDGET PLAN
BATON ROUGE—The Louisiana Freedom Caucus (LAFC) is announcing its support for The Recipe for Fiscal Responsibility, a budget plan written by some conservative members of the House, working with the LAFC, that would pay off major debt to free up hundreds of millions of dollars in education funding, provide hundreds of millions of dollars for spending projects and save hundreds of millions in interest payments, all while leaving the budget spending caps in place. The Recipe received a unanimous vote of support from the LAFC membership.
What is the impact of The Recipe for Fiscal Responsibility?
1. Paying $681.4 million to LASERS Initial Unfunded Accrued Liability (IUAL)
It would pay off 100% of this existing debt
It would free up approximately $153 million per year in state recurring funds for the next 5 years
It would help reduce the projected future deficits
2. Paying $589.4 million to TRSL Initial Unfunded Accrued Liability (IUAL)
It would pay off 100% of this existing debt
It would free up approximately $144.8 million per year in state recurring funds for the next 5 years which is split 73% for K through 12 and 27% for higher education
It would help reduce the projected future deficits
It would eliminate the local school board payment and free up local school board funds to use for teacher pay raises (on average of about $2,000 per teacher)
We could reduce HB1 budget by approximately $200 million
3. Paying an additional $200 million to the Rainy Day Fund
It would increase the amount we could use from the Rainy Day Fund to offset future deficits
It would activate a trigger to lower corporate and personal income rates
4. It would leave $285 million to spend on infrastructure projects such as roads and bridges.
“It is irresponsible to bust the spending cap. We have a unique opportunity right now to pay off some of the crippling debt that is holding Louisiana back from attracting businesses and industries. We are losing population but we are spending more money. If we don’t act responsibly now, taxes collected from the hard-working people of Louisiana in the future will be overwhelmingly dedicated to paying off debt which will put us further behind other southern states,” said Alan Seabaugh, Chairman of the Louisiana Freedom Caucus.
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