The Louisiana Office of Student Financial Aid announced that 80 percent of TOPS would be funded this semester.
This announcement comes after Thursday’s initial proposal to suspend TOPS indefinitely.
Governor John Bel Edwards addressed the issues facing TOPS as well as other issues in his public address Thursday evening.
“We now have amore than $940 million budget deficit for this current fiscal year, ending June 30. In the year that starts July 1, we are facing a $2 billion budget deficit.”
At the press conference following his address, Edwards answered questions about financing higher education, health care, as well as budget cuts and revenue enhancements.
“If legislature fails to act and we are forced to proceed with… cuts the LSU Ag Center and parish extension offices in every parish, and Pennington Biomedical Research Center will close by April 1^st and the LSU main campus in Baton Rouge will run out of money after April 30^th, as will the Health Sciences Center in Shreveport and Eunice,” Edwards said.
The Governor proposed a plan that would cut $160 million from government spending. In addition, the governor proposed to use $128 million from the rainy day fund as well as $200 million in non-coastal BP payments to reduce the current year deficit.
Edwards also addressed next years $2 billion deficit, proposing a further reduction in tax credits, a suspension of corporate tax reductions, and restructuring the state’s tax code.
“I am fully aware that I did not campaign on a platform of raising taxes,” Edwards said, “but the state’s deficit is now more than twice as big as anyone ever anticipates… When the facts surrounding the problem change so dramatically so do the solutions.”
Edwards encouraged an open and honest discussion about the current financial state and urged Louisianans to participate in the discussion and contact their legislators.
“So as we begin this very hard work week, I need you to call your representatives and your senators,” said Governor Edwards. “Tell your legislators we need a responsible fix to this budget.”
“We’re going to be able to cope with it.”