Biloxi v. New Orleans: What Makes a Good Mayor
This just in.
In an interview this morning on C-span, Mayor A.J. Holloway was asked how he was going to deal with the loss of revenues from the Casinos, which are projected to take from 9-18 months to rebuild.
His answer, "Well, we're very fortunate, we just took out income insurance in July." The annual income for the city of Biloxi from casinos is about $20 million/year.
The insurance provides 6 months income minus a fifteen day deductable, meaning an influx of approximately $10 million.
This move by the mayor's office will provide the city with much needed funds while they recover from the ravages of Katrina. Cost of premiums, $125,000/month. As I do the math, thats an annual of $1.5 million/year.
Sounds like a good investment to me.
I wonder if Mayor Nagin thought that far ahead?
In an interview this morning on C-span, Mayor A.J. Holloway was asked how he was going to deal with the loss of revenues from the Casinos, which are projected to take from 9-18 months to rebuild.
His answer, "Well, we're very fortunate, we just took out income insurance in July." The annual income for the city of Biloxi from casinos is about $20 million/year.
The insurance provides 6 months income minus a fifteen day deductable, meaning an influx of approximately $10 million.
This move by the mayor's office will provide the city with much needed funds while they recover from the ravages of Katrina. Cost of premiums, $125,000/month. As I do the math, thats an annual of $1.5 million/year.
Sounds like a good investment to me.
I wonder if Mayor Nagin thought that far ahead?
What do you think?
To leave your opinion click on the word "COMMENT(S)" below
posted by Will Malven at 8:14 AM
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