The city's budget chief outlined projected deficits of $200 million to $400 million in the coming years if the city does nothing to cut costs and find new revenue.
Los Angeles City Hall, facing a potential triple-digit deficit largely tied to recent labor agreements with the city’s police, fire and other unions, could soon implement a sweeping savings plan.
Llewellyn’s report asks city departments to come up with immediate plans to reduce costs or find new revenue sources equal to 3% of what they were given in this year’s budget. The Los Angeles Police Department, for instance, which has a budget that tops $1 billion, would be forced to find $50 million in savings this fiscal year.
Maria Gutierrez, a finance specialist with the city’s budget office, told council members that economists are projecting a recession in 2020 or 2021. If growth dips in the 2% to 3% range in the coming years, as expected, “the city’s revenue will be inadequate,” she said. The city has roughly $419 million available in a special savings fund and some of that can be used for emergencies. Gutierrez told the committee that her office recommends not dipping into the fund to cover the projected deficits.
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