BGR: New Orleans expected to generate $1.25 billion in tax revenue in 2019
NEW ORLEANS (WVUE) - The Bureau of Governmental Research has released a report with updated estimates of how much money the City of New Orleans will generate from tax revenue this year.
BGR released the report Thursday morning detailing how the money will be generated and how the money is expected to be used.
According to researchers, the city is expected to generate an estimated $1.25 billion dollars from tax revenue in 2019. This is an increase of $154 million from 2015.
In addition to the increase in tax revenue, the amount of money the city is charged with paying back in outstanding bonds will drop by over $20 million in 2022 and then continue to drop after that. BGR stated that this would be a “once in a lifetime opportunity” to rethink how the city uses its money.
Public safety and public education will continue to remain the top priorities in funding with each receiving a quarter of the revenue followed by tourism promotion, conventions and professional sports that will be funded with about 14 percent of the total tax revenue. Drainage projects are expected to be funded with five percent and street projects will be funded with four percent of the revenue.
The report mentions a push by Mayor Latoya Cantrell to re-direct tourism money towards the Sewerage and Water Board to help with drainage and infrastructure concerns which was recently argued during the state legislative session.
To read BGR’s complete report, click here.
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