City Controller Wendy Greuel has released her appraisal of LA’s budget crisis
Photo by flickr LAFD
City Controller Wendy Greuel has released her appraisal of LA’s budget crisis and provided Mayor Villaraigosa, City Council President Garcetti, Budget & Finance Committee Chair Parks and the LA City Council with her “independent review” of the City’s General Fund cash flow.
“…the situation we are facing is so dire, I am compelled to update you now so that urgent action can be taken immediately. Failure to act now may cause catastrophic cuts to have to be made later this year. Based upon expenditures from the firt 14 pay periods, additional revenue shortfalls, and despite the beginning of the ERIP and other cost saving measures, I now anticipate that the City will face a $199 Million General Fund shortfall by June 30th – the end of the current fiscal year.”
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