Wednesday, July 6, 2011

Keep in mind

As I continue to harp on the lack of full UMC financing - and the prospect of over a hundred million dollars annually in required state taxpayer subsidy - I hope readers will keep this in mind:

"Truth in Accounting: Louisiana’s state financial burden even worse than California’s

NEW ORLEANS, La. – The Institute for Truth in Accounting’s state ranking for assets relative to liabilities, released this week, finds Louisiana to be the second most indebted state in the South.

Despite a balanced budget requirement, Louisiana has still managed to acquire $21 billion more in liabilities than it has assets to offset them. That equates to $16,800 per taxpayer, even worse than California’s $15,100. In the South, only Kentucky surpasses Louisiana with $23,800 per taxpayer."

Concerns about the ability to finance initial construction of the UMC - and sustain its operations over time - are not mere chimerical roadblocks raised solely to slow the project.  They're genuine concerns based on systemic fiscal issues that the state faces moving forward.  And the state's inability to fund the $15 million necessary to fund the completion of the Cancer Center across Tulane Avenue should be giving reasonable folks pause.

The LSU Footprint forecast at this point still looks very much like a vacant 37-acre site with a slight chance of building.

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