Budget Committee Preview: Making Sure L.A. Doesn't Break the Bank
Since everyone's eyes are on Los Angeles' budget these days, here's a preview of Monday's 1 p.m. Budget Committee meeting (.pdf).
- Committee members will discuss the Financial Status Report from Friday. It brings the news that the city has a bigger deficit than before, now at $222.4 million (see LAist's breakdown of this report here).
- In reaction to the report, a motion has been submitted to transfer millions from the city's reserve fund to the general fund to keep the city afloat. The reserve should be around $350 million, but projections have it at $39 million by the end of June.
- Another motion seeks the same, but specifies that $90 million should be transfered from the reserve fund.
- And completely unrelated to the budget crisis, but city business nonetheless, Councilmember Tom LaBonge wants to sell one surplus Seagrave fire engine at below market rate ($1!!!) to the nonprofit Los Bomberos, which "mentors firefighter candidates; participates in efforts to recruit and train qualified candidates for the Los Angeles Fire Department (LAFD); and fosters upward mobility among its members." A city analysis recommends the motion is approved.
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