New Orleans races to revive $125M payroll loan
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New Orleans City Council members head to Baton Rouge on Wednesday to make an in-person request for a $125 million loan for payroll.
Why it matters: The last request fell through after Attorney General Liz Murrill said she'd require state oversight of the city's finances in exchange for the funds.
The big picture: Mayor-elect Helena Moreno and City Council budget chair Joe Giarrusso tell Axios they'll attend the 2pm meeting with City Council president JP Morrell.
- They are hoping to figure out a way forward with the loan request, which city leaders say is needed to pay employees. There's enough money for payroll through Nov. 12, Giarrusso says.
- The council is not willing to submit to a fiscal administrator in exchange for the loan, he and Councilmember Lesli Harris say.
- They passed a resolution with the guardrails they are willing to implement instead.
Zoom in: Murrill is traveling and won't be at the meeting, but she said in a statement Tuesday that she encourages the talks and supports the "direction they appear to be moving in."
- The council members will meet with treasurer John Fleming, state legislative auditor Mike Waguespack and House speaker Phillip DeVillier, writes Blake Paterson of The Times-Picayune.
- Mayor LaToya Cantrell's office did not respond to Axios' inquiry about if she will attend.
What he's saying: "What was recommended to us was that we should all get in a room to hash this out and that's what we're going to do," Giarrusso says.
- "I'm sure the state has reservations and we have reservations," he says, so they'll be looking for things they can "hopefully agree on to move forward."
What's next: City leaders also say they are tracking down other funding sources that might temporarily help with cash flow issues.