LAFAYETTE, Louisiana — The Lafayette City-Parish Council has adopted a $621 million budget for 2015-16, but City-Parish President Joey Durel threatens to veto all or part of it.
The Advertiser reports (http://bit.ly/1PPCkXc) the warning came as the council considered amendments Thursday that use part of the fund balance that Durel and Chief Financial Officer Lorrie Toups want to reserve. Toups says that balance, which can be used for emergencies like hurricane expenses, also is considered in calculating the city's bond rating which generates money for building roads.
Durel and Toups want to keep a 15-20 percent reserve. Toups says the amendments proposed totaled between $531,000 and $637,000, cutting into the reserve by more than 4.6 percent.
Information from: The Advertiser, http://www.theadvertiser.com