City of New Orleans Press Releases

FOR IMMEDIATE RELEASE
October 28, 2009

REVENUE ESTIMATING CONFERENCE MEETS WEDNESDAY

*COMMITTEE WILL ESTABLISH REVENUES FOR 2010 BUDGET* (NEW ORLEANS) - October 27, 2009 -- The City of New Orleans Revenue Estimating Conference will meet Wednesday to establish the amount of revenue available to be budgeted for fiscal year 2010. The meeting will begin at 10:30 a.m. in City Council Chamber at New Orleans City Hall, 1300 Perdido St. Cary Grant, Assistant Chief Administrative Officer, will present an update on fiscal year 2009 revenues. Derrick Muse, Deputy Director of Finance, will discuss various collection efforts initiated in 2009. Chief Economist Jerome Lomba will discuss the 2010 revenue projections and five-year plan. Revenues and expenditures for 2010 are projected to be $462,076,191, which is approximately $34.2 million less than estimated expenditures for 2009. With additional expenses, the City has projected a shortfall of nearly $68 million for 2010. In 2010, the City expects to raise approximately $18 million through more aggressive collection of revenues, fee increases and re-institution of fees which have not been collected since Hurricane Katrina. The Undesignated Fund Balance, the funds available to sustain city operations in the event of a natural disaster or unanticipated economic fluctuations, is estimated to be $5.2 million or 1.12 percent of the 2010 budget. This amount is inadequate for the fund's intended purpose and far below the 10 percent standard established by the city's financial policy. The five-year plan projects four years of very lean budgets before relief in 2014. Established by Charter amendment in 1995, the Revenue Estimating Conference includes five members: Mayor C. Ray Nagin, who serves as chairman; Chief Administrative Officer Dr. Brenda Hatfield, who is vice-chairwoman; City Council Budget Committee Chairwoman Cynthia Hedge-Morrell; Director of Finance Reginald E. Zeno; and Peter Ricchuiti, Assistant Dean in the Tulane University Freeman School of Business.
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CITY OF NEW ORLEANS Mayor’s Press Office 1300 Perdido Street, Suite 2E04 New Orleans, Louisiana 70112