On Tuesday, the Revenue Estimating Conference (REC) updated their estimate of the City’s revenue for the 2019 fiscal year to show that New Orleans is on track to reduce their reliance on one-time revenue. They are also closer to eliminating the use of the balance fund to fill any budget holes.
“If things continue on this trajectory, 2019 could be the first year the City does not have to use the fund balance to cover annual expenses,” said Gilbert Montaño, Chief Administrative Officer for Mayor LaToya Cantrell’s Administration. “This allows the City to move forward with greater stability and demonstrates that the City is responsibly spending and allocating taxpayer dollars.”
The Revenue Estimating Conference is a city organization that prepares and publishes estimates of money the City recognizes for both the current and next fiscal year in the City general fund and other City operating funds. It has five members:
- The Mayor – Mayor LaToya Cantrell
- The Chief Administrative Officer – Gilbert Montaño
- The Director of Finance – Norman White
- A member of the City Council – Helena Moren0
- A faculty member from a college or university in New Orleans who has expertise in forecasting revenues and is appointed by the Mayor with the approval of the City Council – Mara Baumgarten Force
Jenn Bentley is a freelance journalist and editor currently serving as Editor-in-Chief of Big Easy Magazine. Her work has also been featured in publications such as Wander N.O. More, The High Tech Society, FansShare, Yahoo News, Examiner.com, and others. Follow her on Twitter: @JennBentley_
