Lafayette Predicts Budget Shortfall Due to Virus
LAFAYETTE, La. (AP) — Two Louisiana cities are predicting significant financial losses this year, mostly due to the coronavirus.
The Lafayette Economic Development Authority said Monday the city could see a 35% reduction in tax revenue this year. That's about a $10 million hit. The city and parish are expected to discuss cash flow at council meetings Tuesday.
Meanwhile, the city of Monroe is grappling with the virus outbreak and a tornado during the Easter weekend. Mayor Jamie Mayo told a Monday news conference that the city is looking at closing the fiscal year on April 30 about $1 million in the red.