The Louisiana Fiscal Review Committee will meet this afternoon to decide of New Orleans's finances should be put under the control of an appointed fiscal administrator. What would that mean for the city?
According to legislative auditor Mike Waguespack, the fiscal administrator would be the end-all, be-all when it comes to the city's budget.
"If that goes through, then the fiscal administrator steps in, and he's the individual that's in charge of running the day-to-day of making decisions," Waguespack said. "Typically we'd like to see that they work in consultation with the mayor and the council, but ultimately, he is the decision-maker."
Under Louisiana law, the Fiscal Review Committee must unanimously agree on appointing a fiscal administrator. Then, an Orleans Parish judge must sign off on the committee's plan. Waguespack says if that happens the fiscal auditor would have to file quarterly status updates with his office and with the judge.
"(Those updates would) talk about status of reorganizing, downsizing, or finding available revenue resources and managing loan draw down if approved by the bond commission."