Jindal Thinking Of Selling The Lottery?
If you ask the Governor's office about this they will deny it. If you talk to Louisiana's Treasurer John Kennedy he will show you proof that the idea is being considered. Why would the Governor even think about selling the Lottery? It's to plug significant holes in the state's budget. Kennedy told the Jim Engster radio show that the idea of selling the Louisiana Lottery is being floated and he, Kennedy, thinks that's a bad idea.
A statement from the Commissioner of Administration Kristy Nichol seems to deny Kennedy's claims.
"We are not considering selling the lottery. Periodically, firms pitch revenue-generating ideas to the state and a lottery bond sale has been pitched several times over the past few years. However, we have never entertained this option and are not considering it this year. “
Meanwhile Treasurer Kennedy says getting rid of the state's lottery would be a bad idea because the state loses the recurring revenue. Selling the lottery only fixes the problem for this year.
In regards to the administration's denial of considering the sale of the lottery Kennedy offered this as proof.
"It's titled 'Financial Tools for Managing Budgetary Stress' and if you go to page 40, at number 7 there is 'Lottery Gaming and Revenue Bonds. That's the sale of your lottery."
Kennedy says he has reports from Citigroup and Goldman Sachs which essentially say that the selling of the lottery would provide significant general fund relief. No doubt we the people of Louisiana will be hearing more about this idea over the next few weeks as legislator prepare to convene in Baton Rouge next month.