The Sewerage and Water Board (SWBNO) extends deep appreciation to Mayor Cantrell and all those involved in the negotiations for their tireless efforts to find additional funding streams for our city’s infrastructure needs. These funds are critical for protecting and improving the quality of life of the citizens of New Orleans, and we are grateful for the persistence of all who worked to achieve this goal.
SWBNO will receive $50 million in immediate funds, which will alleviate the strain on our drainage operating budget by covering debt repayment and priority projects as we head into hurricane season. Recurring funds, in the amount of approximately $26 million annually, will close significant gaps in our capital needs and move us toward modernization of our drainage system. We aim to increase our level of service to our customers, and this revenue is a significant tool for keeping us on that course.
There remains much work to be done to improve and replace SWBNO’s aging infrastructure, and these funds are a momentous step in the right direction. We will continue maximizing all of our resources to become the benchmark utility our city deserves.