The New Orleans City Council meets today to approve taking out a $125 million loan to keep the city's cash flowing.
The $125 million the city is going to borrow is just part of how the New Orleans City Council plans to fix the problem. Council president J.P. Morrell says that money must get paid back.
"We have 125 million, prospectively, less next year in the budget," Morrell explained, which means cost cutting measures like furloughing employees may still happen in 2026.
Incoming mayor Helena Moreno has indicated she may take the axe to non-civil service jobs in the mayor's office.
"I believe it's about 660 unclassified employees. They will all be required to reapply in my administration," Moreno told the state bond commission.
Council budget committee chairman Joe Giarrusso says the bond sale could happen in a week or two.
Related
