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L.A. to be $100 Million in the Black by End of June?
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Councilman Eric Garcetti thinks that's an actual possibility. In a comment he left on LA Weekly's website, he said "Our work in February and March has resulted in further real savings that will total about $50-$65 million more by the end of June (end of our fiscal year). Combined with slightly better property tax receipts, we will be able to meet our obligations for this year. Nevertheless, I hope the DWP gives the transfer to the residents of the city that they promised to just two months ago. Combined with the actions we have taken and the slight revenue uptick, we could land at the end of the year about $80-$100 million in the black." Not bad! But as the Weekly notes, on July 1st when the new fiscal year begins, we start off with a projected $485 million deficit.
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