Madam Clerk, we can start whenever you're ready.

I received a letter November 14th.

Dear Madam Clerk, pursuant to my authority in section 3-1075 of the home rule charter of the City of New Orleans, there will be a special council meeting on January 14, 2026 for 9 a.m.

This meeting will be limited to the discussion and consideration of matters relative to the current financial condition of the city, including without limitation, the status of the general fund and any other changes to expect revenue or funding.

Ordinance number 30,522, and any other matters that may properly come before the council.

Please make necessary arrangements to have these meetings cable cast live on the government access television channel and tape for recasting in the future.

Sincerely, JP Morrell, President New Orleans City Council.

Roll call.

Council President Morrell.

Council Member County Vice President Willard.

Here.

We have six members.

We have a quorum.

All right.

Councilmember Harris.

Oh.

You want to go ahead?

Yeah.

All right.

We have a leg.

I mean, we have a communication from the legislative auditor.

We need to vote to receive.

I'll move to receive.

I'll second.

Not working.

All in favor?

Aye.

We need to vote to add it to the agenda.

I'll move.

Second.

Second by council member mural.

All in favor?

Aye.

You can discuss it.

No.

Good morning.

Good morning, Council.

Mike Wagensback losing the legislative auditor.

It's good to see a tip a couple of my new faces and old bosses at the table today.

And I think y'all realize that uh New Orleans meetings start on time as opposed to those battery meetings.

Good to see y'all.

Look forward to working with you.

Um so we're here today, January 14, 2026, in accordance with the state bond commission terms and conditions for the approval of the City of New Orleans, 125 million dollar revenue note.

Uh, we're here to discuss the drawdown for today.

And so as of today, our preliminary review indicates that the city's request totaling 10 million nine hundred and seventy-three thousand seven hundred and sixty-one dollars, uh, of which is six million six seventy-eight two hundred seven to which will be deposited to the Chase payroll card account, and then the four million two ninety-five five hundred and fifty-four dollars to reimburse the city's general fund as outlined below.

And we'll go to the first bullet.

We have six million six hundred and seventy thousand two hundred seven payable to the payroll account for the purposes of funding employee compensation related employee and employer payroll taxes for the period ending 110 2026 as outlined in exhibit a.

Under the second bullet, we have 4,295,554 dollars payable to the city's general fund and to reimburse the general fund for the fringe benefit payments, including but not limited to health insurance pension contributions and garnishments as outlined in exhibit B.

So we'll flip to exhibit A, and you'll see the police fire and the weekly payroll amounts and a total transfer that'll be made to ADP.

We see the payroll fringes for the 17 check run and the check run two, same date.

Uh 4 million 295, 554 dollars.

On exhibit C, we're we're tracking the overtime.

I'm pleased to announce that we're way under the estimated amount.

I think the estimated amount was about 3.7 million.

Uh we spent 1,528,000 approximately.

So that was a 2.1 million dollar savings in over time this particular pay period.

So that's huge.

Uh and I you had big events, the Sugar Bowl, uh, New Year's Eve, so maybe the supplement with National Guard and NOPD was the biggest savings here as far as the uh the police force.

So evidently uh that that supplement of security helped.

Um year to date, you'll see all the earnings based on different departments, total gross earnings of 15.4 million, roughly, and uh of that 2.1 is overtime today, and that's basically two pay periods in this year thus far.

Exhibit E.

We're tracking the amount of money that uh the balance that is in the um RAN fund.

And uh as you'll see after we make these two draws, which upon your approval, the balance will be 24 million six hundred and thirty-six thousand nine hundred forty-six dollars.

So we'll monitor that and um here to answer addressing questions you may have.

Council members, any questions?

Your machine should be working now.

All right, I I have a couple questions.

Uh do you anticipate that the city will be financially prepared to meet payroll obligations through our own revenue once this ran is depleted?

Uh yes, I think we'll have some excess cash, but we're also gonna have to it'll be a management process because part of the terms and conditions that we we will keep 25 million in working capital and then the rest of the access will be transferred to reserve, so we have to build up a reserve by I think March 2nd of about 55 million dollars, which will be used for the payback.

And of course, the terms and conditions of the loan require the payback of 125 million uh round uh the first of May.

So uh we we had a good discussion with the uh uh a couple team members yesterday.

We need to plug you into that call.

We're gonna have another one next uh Tuesday to discuss it, discuss it.

That's the bond council and uh uh uh Mr.

Ricardo, who's uh we're tracking it together.

So we sent him our projected spend on payroll for the next couple of pay periods along with the fringes, and uh we're working on the strategy of uh we'll probably spend some general fund money and leave some RAM money here for purposes of using it later.

Uh but we'll kind of we can kind of update you on that uh in person offline.

Yeah, we need to we need to talk about that.

Um how many more meetings do you think we're gonna need to have like this?

I know my colleagues are wondering through February 4th.

Okay.

So that's what three more meetings.

Three meetings.

All right.

Any other questions?

All right.

At the top of page two, we have ordinance calendar 35,305 is being withdrawn.

So ordered.

Ordnance calendar 35,306 is being withdrawn.

The ordered.

We have resolution R26-28 is being withdrawn, and we have a substitute resolution or 2628 by councilmember Harris by request, approving and ratifying the release of six million six hundred seventy-eight thousand two hundred seven dollars and fourteen from the City of New Orleans employee emergency payroll fund to cover the cost of payroll related expenses for employees of the police and fire departments, as well as certain employees paid weekly for the pay period beginning December 28, 2025, and ending January 10, 2026.

The foregoing authorization shall be shall be subject to concurrence by the Louisiana Legislative Auditor in accordance with City Code 7-415.347D.

We need to spend the rules.

Yes.

Move to uh received by McCarron, seconded by council member Hughes.

All in favor.

Six oh seven years.

Hey, Councilmember Green.

All right, okay.

All right, and then we need to vote to add, I'll move.

Second by council member McCarron.

All in favor?

Seven years.

And we can vote on the motion.

And we will resolution.

We will um I'll move to adopt second by council member mural.

All in favor?

Seven yes.

We have resolution R26-29 by Councilmember Harris by request.

We need to I'll be withdrawing this resolution, and we have a substitute resolution approving and ratifying the release of $4,295,553 and 71 cents from the City of New Orleans employee emergency payroll fund to cover the payment of the fringe benefits and other payroll related expenses for the pay period beginning December 21st, 2025, and ending January 3rd, 2026.

The foregoing authorization shall be subject to concurrence by the Louisiana Legislative Auditor in occurrence.347.

We need the vote to receive this resolution.

Uh Councilmember Hughes moved seconded by Councilmember McCarron.

All in favor.

Seven years.

We need to vote to a I'll move to add council member King will second.

All in favor?

Seven years.

And we can vote on the resolution.

I'll move.

Councilmember Morale seconds.

All in favor?

All right.

Uh Councilmember Green votes to adjourn.

Second by Council Member Hughes.

All in favor?

Seven years.

Thank you all.

Thank you.