New Orleans Beats Budget by $55 Million After Pulling $110 Million Bond Request
Updated
Updated · NOLA.com · Jul 15
New Orleans Beats Budget by $55 Million After Pulling $110 Million Bond Request
3 articles · Updated · NOLA.com · Jul 15
Summary
$22 million in extra revenue and $33 million in lower-than-budgeted spending by May 31 gave New Orleans a roughly $55 million budget beat, according to Mayor Helena Moreno's latest report.
$392.5 million in revenue over the first five months—up from less than $342 million a year earlier—was driven by recouped money, property taxes, fund liquidations and other one-time measures, while overtime spending fell to $14 million, or 36% of the annual budget.
The improved report comes after Moreno withdrew a request to sell $110 million in bonds, saying the State Bond Commission would not approve it amid a dispute tied to Attorney General Liz Murrill's indictment.
Moreno took office facing a projected $222 million deficit and has since identified more than $100 million in new or one-time funding, including an $89 million consolidated fund and $103 million from selling Caesars lease-payment rights.
The city still has not detailed how it will replace the lost bond proceeds; Moreno has warned that without them, New Orleans may need another $20 million in cuts, delayed infrastructure work and longer staff furloughs.