The New Orleans City Council announced on May 8 that it has advanced new legislation aimed at strengthening financial oversight and accountability regarding proceeds from the sale of future lease payments related to the Caesars New Orleans Casino. The legislative package, led by Budget, Audit, and Board of Review Committee Chair Lesli Harris and co-authored by all councilmembers, includes an ordinance establishing the 2026 Caesars Lease Rent Strip Sale Proceeds Fund.
The move is significant as it comes during what officials describe as a critical period for the city’s finances. The dedicated fund will house more than $100 million in anticipated proceeds from the casino lease transaction. Under the ordinance, no funds can be spent or transferred without approval by City Council ordinance, ensuring public scrutiny before any expenditures are made.
Councilmember Harris said, “New Orleans is in the middle of a real fiscal crisis, and the decisions we make with these Caesars proceeds will shape this city’s financial health for years to come. This fund ensures that every dollar is protected, accounted for, and subject to public oversight, no exceptions. The people of New Orleans deserve nothing less.”
An amendment was also adopted to codify commitments made by Mayor Moreno’s administration directly into law. This amendment clarifies that all sale proceeds must be used to rebuild the city’s Fund Balance rather than cover recurring operating expenses. Council President J.P. Morrell said, “The City of New Orleans remains in a serious budget crisis, and we cannot enter hurricane season with a depleted rainy day fund. This measure, combined with strong public oversight, will strengthen the City’s fiscal responsibility and puts us on the path forward to financial recovery.”
Other councilmembers voiced support for increased transparency and accountability in managing city resources during this period of financial recovery. Vice President Matthew Willard stated that placing casino proceeds into a separate account subject to council oversight would help ensure proper management from the outset.
District A Councilmember Aimee McCarron added: “Now more than ever, the City of New Orleans needs responsible oversight of all funding sources. This ordinance codifies the Moreno Administration’s commitment that these one-time funds will be used to rebuild the city’s fund balance and strengthen our financial future… It’s an important step forward.” District C Councilmember Freddie King emphasized continued collaboration around budget reporting measures while District D Councilmember Eugene Green stressed: “It is critical that the public’s interest be protected in a transaction involving…the sale of lease proceeds of this magnitude.”