Louisiana Economic Development announced today several midyear budget reductions. Despite these reductions, LED expects to sustain and improve upon its recent success.


Louisiana Economic Development announced today several midyear budget reductions. Despite these reductions, LED expects to sustain and improve upon its recent success.

"Over the last two years, LED has reduced its general fund budget nearly 50 percent while significantly improving its overall performance and increasing funding for small business development programs," said LED Secretary Stephen Moret. "For example, by focusing resources on high-impact initiatives like customized workforce training and business retention, LED recently was ranked by Site Selection magazine as one of the top 10 best performing state economic development agencies for the first time in its history, ranking second best in the U.S. behind only Virginia. Additionally, for the last two years in a row, Southern Business & Development reported that Louisiana has attracted more significant business development projects per capita than any other Southern state."

In July 2010, LED's customized workforce training program, Louisiana FastStartTM, was ranked the No.1 workforce program in the nation by Business Facilities magazine. And for the last two years, Southern Business & Development magazine named Louisiana "Co-state of the Year" in recognition of its business development successes.

LED is implementing the following midyear budget reductions, totaling $1,195,191:

A reduction of $86,011 will be achieved by leaving unfilled, recent openings among LED's regional representatives.

A reduction of $84,180 will be implemented by terminating the remaining balances on four Tier 2 matching grant program contracts.

A reduction of $1,025,000 will be implemented by realigning previously committed incentive payments to better reflect revised project timelines.

LED will be able to preserve high-priority initiatives related to retaining and expanding existing Louisiana businesses, increasing Louisiana's economic competitiveness, supporting small business development and growth, cultivating regional economic assets, providing customized workforce solutions, marketing Louisiana's strengths to business executives around the world, improving the competitiveness of Louisiana's local communities, offering competitive incentives to encourage business growth, implementing policies to enhance innovation-based economic development initiatives and cultivating new high-growth industries.