City Council Gives Preliminary Approval For Coronavirus Budget Loan

The New Orleans City Council is giving Mayor LaToya Cantrell's administration permission to seek a $100 million line of credit to help fill the gaps the coronavirus crisis is leaving in the city's budget.

On Thursday, the council unanimously voted to support the measure, making the first of several steps that will be needed before the city actually takes out a loan.

Chief Administrative Officer Gilbert Montano said city needs to bolster its general fund and focus on how they will have a "leaner" government moving forward in the pandemic.

The city is still hoping to get some relief from a federal stimulus package, though the rules of that program currently prohibits New Orleans from accessing money to replace lost revenue.

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