The chickens continue to come home to roost, more egg piles up on Bossier City elected officials’ faces, or choose a non-fowl-related metaphor if you please, but the fact remains the errors of their strategy to trust government, not people, as the engine of economic growth continue to compound.
After spending wildly – nearly $120 million for a decade on things the city didn’t need and should have been done by the private sector but tellingly were not since they are money-losers – the economic incompetents that have managed to stay in office in the city were forced to make public the bad budgetary situation they created during the 2010 budget deliberations. Propped by years of not being Shreveport and benefiting from out-migration from it, national economic difficulties exposed a huge deficit in city operations. Had the city not gone into so much debt, the crisis largely would have been averted. Making matters worse, 2009 was the exact year that, because of the timing of the city’s past profligate ways, that debt service leaped dramatically.
Now the public has gained more insight into the making of the crisis with the revelation that the Louisiana Boardwalk in its several years of operations has performed so poorly that its owner managed to pay off only $4 million of its $128 million debt, forcing it into foreclosure.