This is my first Proposed Budget as Mayor, and it is my goal to work with you to bring long-term sustainability to the City’s finances.
Five years ago, the worst economic crisis since the Great Depression caused General Fund revenues to plunge and our pension investments to lose 30% of their value. The Great Recession created a billion dollar hole in the General Fund Budget. That massive gap required drastic steps to keep the City solvent. Year after year, departments were asked to make deep reductions; some endured cumulative cuts of as much as half their budgets. Overall, the City’s workforce was reduced to levels last seen at the end of the Bradley Administration.
In the midst of an unfolding crisis there was not the opportunity to implement comprehensive structural reforms. Now with a recovering economy and replenished reserves, we not only have that opportunity, we have that responsibility. Click here for full story at LAmayor.org.