Nagin: NO to be larger; only enough cash til March

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New Orleans Mayor Ray Nagin believes that the city will be larger and much safer in as little as five years.
Nagin made the proclamation in front of the City Council Thursday as he projected his budget for the upcoming year.
While anticipating a much smaller city initially, Nagin believes the opportunity to rebuild New Orleans will result in eventual growth...
However, Nagin realizes hard times will precede good times and he said next year's budget will be approximately $155 million less than this year's. He attributes the shortfalls to anticipated trouble collecting property taxes and a large decline in tourism, probably to 20 percent of its pre-Katrina level for next year.
And he anticipates that the cash they currently have can last them only through March, though he is optimistic that loans and federal grants will bridge the gap...
... Council members suggested that the city also become more diversified since tourism is expected to be only a fraction of what it once was for some time to come.