New Orleans Mayor Helena Moreno announced midyear budget cuts and delays to millions of dollars worth of projects to address financial gaps left over from last year.
Moreno said the decision comes after she withdrew a request earlier this month to borrow millions of dollars from the state bond commission. Despite that move, she noted that budget gaps still need to be filled to ensure the city can make it through the end of the year.
“We will have to go through some midyear budget cuts that will start happening soon. We will have to delay about $35 million worth of projects, which is unfortunate. We are looking at potentially tapping into our rainy day fund. These are all the tough choices and decisions that unfortunately we have to move forward with to make it to the end of the year,” Moreno said.
The mayor expressed hope that these measures will help the city become debt-free by 2027.
READ MORE:New Orleans mayor outlines budget cuts to address financial crisis
