Thursday, June 30, 2016

$150 million!!!

Attorney General Jim Hood issued the following press release: 

The state of Mississippi is expected to receive $150 million from BP on Friday, representing the oil company’s first payment for economic damages resulting from the 2010 Deepwater Horizon disaster, Attorney General Jim Hood announced today.

The payment comes three months after five Gulf Coast states, the federal government and BP finalized a nearly $20 billion settlement in federal court. The agreement is the largest environmental settlement in history. In all, Mississippi will receive approximately $2.2 billion in compensation from BP.
Attorney General Hood commended his staff and state agency employees for their years-long efforts to ensure Mississippi held BP accountable for its actions and that the state received appropriate compensation for economic recovery and coastal restoration.
Attorney General Hood said he remained committed to making sure that coastal counties and cities receive fair treatment from the settlement. As part of that commitment, Attorney General Hood reminded the Legislature that, despite a significant budget deficit, the $150 million in recoveries from BP should be directed for projects on the Coast. This initial payment – expected Friday and required to be delivered by BP no later than Sunday – is part of a total of $750 million for economic damages that Mississippi will receive over the next 17 years.
“After years of litigation and work to identify the economic damage caused by this catastrophe, we reached an agreement that would help to make our coastal communities whole again,” Attorney General Hood said. “However, I am deeply concerned that the state’s legislative leaders may use this payment to try to cover up their self-created budget hole.”
Attorney General Hood noted that the Legislature has already earmarked approximately $46 million from the $150 million disbursement. Legislative leaders would do a disservice to their coastal constituents if they use that money to fund anything other than areas impacted by the spill, he said.
“Those who created this budget emergency by providing self-serving tax cuts to big business should not use this money to cover up their mess at the expense of our neighbors on the Coast,” Attorney General Hood said


Anonymous said...

My name is Jim Hood and I approve this message.


How do you determine the economic damage that the state suffered as a result of lower sales taxes and income tax that would have been in the general fund for use across the state? Explain that Jim Hood , Chris McDaniel and any other political blow hard that is trying to pander to the coast.

Anonymous said...

The hogs are lining up at the trough....

Anonymous said...

I doubt the state had much in damages. This money should go to the Coast. I am not a fan of Hoods, but he is right on this one. Our Governor and Legislature will try to cover up their blunders over this last session.

Spread The Cheer.. said...

Tupelo suffered greatly from this mishap and we need to develop a shopping venue up there similar to Ridgeland's Renaissance. Haley will consult.

Anonymous said...

A million for the state, a million for me, right on down the line as long as it will last.

Anonymous said...

That is almost enough to cover next month's state budget shortfall.

Anonymous said...

Tater is so pissed General Hood actually knows how to crunch numbers.

Anonymous said...

6/7ths of sales tax goes to state. 1/7 goes to local municipality. So yeah, the state coffers lost money.

Anonymous said...

Um....ask any restaurant or hotel owner on the coast if they saw a revenue decline. And 7:07 is right, that revenue decline directly affected the state sales tax collections.

The anti everythings just need to sit this one out.

Anonymous said...

The coastal counties and cities already got a settlement. Let's don't forget that. The state settlement is for the state, not a double up for the coast.

Anonymous said...

I hope Lynn Fitch, Delbert Hosemann or someone who knows how to use a calculator runs in the GOP primary in 2019. If they don't I hope Jim Hood pulls it off. The state will end up like Puerto Rico if the financial mismanagement continues

PappyOdaniel said...

This whole thing has so many layers of consultants, lawyers and advisors the coast will just have to be happy with their empty baseball stadium.

Tainted Oyster said...

The blamers, like 7:51, can continue to pretend the oil-blob effected the state sales tax, the budget screw up, the highway problems and the cost of eggs at Waffle House. Bull Shit.

If every conference, retreat and symposium held in Destin by a Mississippi corporation, government body or other MS entity were held in Mississippi, we'd be just fine.

Anonymous said...

This money belongs to the State. The municipalities will get theirs in a separate funding provided they filed as a claimant.

Anonymous said...

Tate isn't as smart as he would like people to think. I am all in for Jim!

Anonymous said...

Yes, let's not "double" up on the coast. Sounds like a well thought out approach. Rational. Indeed. Why should those people down there receive all of the money? Didn't they get their's already??? We should now spread the love throughout the state....

Yes, the coastal areas have received some BP money already. But nothing like the state settlement. Why should any other part of Mississippi see one cent of this money? One cent?

Please note: the world does not revolve around Jackson, Mississippi and it's more "uppity" suburban neighbors. We might live and pray a little differently than the rest rest of the folks in the great State of Sippi, but we certainly send more than our fair share of tax dollars to the three-ring republican circus in Jackson to manage on our behalf.

I am not a democrat. I am not a republican. I am anti-pig at the trough matter the political affiliation. They all start to look the same after a while. One pig after another.

I'm no fan of Hood either, but he is spot on with his assessment of this situation. Sad day for the Mississippi Republican Party when Jim Hood has become the voice of reason. But the three-ring republican circus in Jackson knows what's best for all of us. I sleep better knowing we have elected the best politicians money can buy. They are all hard at work making sure they are serving those that elected them to the extent that the three-ring circus leaders will allow them. Phil, Tate, Gunn. What more could we ask for?

Anonymous said...

Hood might actually pull it off at this rate.

Pheel will be enjoying his "campaign war chest" retirement fund after he leaves the halls of public service at the end of his time as govenor. Who knows, he may try to land Thad's job before too long. He is exactly the kind of political trailblazer I would love to see represent Mississippi on the federal level too. Oh my, what a vision. U.S. Senator Pheel.

Anonymous said...

The money belongs to Hancock, Harrison, and Jackson counties. It sure as hell doesn't need to spent on a parking garage in Starkvegas like some of the Katrina money was.

Also, I'm not sure why some of you think Hood will run in 2019.

Anonymous said...

Jim Hoodbalaya.

Anonymous said...

Delbert runs a self-funding agency and treats people poorly. Don't be fooled by his PR.

Anonymous said...

How much are Mike Moore and Hood's other cronies getting paid on the BP claims?

Anonymous said...

Our Republican dominated state budget has become a disaster. I have always voted Republican, but next time, I am going with Hood. the House Speaker, the Governor and the Lt. Governor must go away.

Anonymous said...

If we can get through Gov. Bryant's miserable second term without the federal government having to take over the state and appoint a competent temporary administrator, I pray that Hosemann will run. We cannot continue on this path.

Anonymous said...

Hood will lose.

Anonymous said...

Changing to a democrat will not make any difference. Remember back. It isn't like there has never been a democrat elected. People just have a short memory span.
Republican or democrat, not a bit of difference. With the leadership the people of Ms. elect we will always be in last place.
Name one single politician who has ever made a difference in the state, democrat or republican.

Anonymous said...

If the gulf coast can have a new taxpayer financed dolphin prison why can't Greenwood or Meridian?

There must be plenty of dolphins so that everywhere wanting their own dolphin prison could have one.

Can't the money also be used to build some more baseball stadiums for economic development?

Anonymous said...

In 2019 I will not vote for another Tea Party Republican so that rules out Reeves and Gunn. I will vote for Lynn Fitch, Delbert Hoseman, or Jim Hood for Governor and a sane and moderate Republican or Brandon Presley for Lt. Gov. We have had enough of financial mismanagement, unconstitutional laws, and obsession about social issues. Time to move on to things that make sense and might actually accomplish something.

Anonymous said...

Funny, that's what the tea party stood for at its inception. That lasted about 3 months.

Anonymous said...

Funny, that's what the tea party claimed to stand for at its inception.

That apparently never was true.

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