The recent announcement that New Orleans will be facing a 68 million dollar budget deficit in 2010 strongly indicates a need to return to sound financial planning that I advise my clients to practice everyday, such as budgeting, cutting expenses and making wise investments to avoid monetary shortfalls.
Adherence to these basic principles is just the beginning, though. No matter how many cost-saving and fee-enhancing initiatives are implemented in the upcoming year, City Hall must demonstrate a high level of financial competency and management in order to restore public confidence. Despite the fiscal challenges that lie ahead, an accessible budget approved by both branches of city government that provides a clear picture of how much money the city plans to spend, what it will be spent on, and how this spending will affect the deficit for 2010 is essential.
