LA WATCHDOG--The Economic Development and Jobs Committee of the Los Angeles City Council authorized the Chief Legislative Analyst to release a Request for Proposal (“RFP”) seeking consulting services needed to conduct policy, fiscal, and economic analyses related to the formation of a public bank serving the City of Los Angeles.
LA WATCHDOG--The Mayor’s Proposed Budget calls for an “investment” of $24 million in a Universal Basic Income (“UBI”) pilot program that will provide 2,000 low income Angelenos with $1,000 a month in unrestricted funds for one year, a total of $12,000 for each participant.
LA WATCHDOG--Despite the infusion of $1.35 billion from the Federal government, the City of Los Angeles still has a Structural Deficit that it is unwilling to attack.
LA WATCHDOG--The infusion of $1.35 billion from Washington into the City’s coffers has set off a feeding frenzy among the members of the City Council which threatens the long term financial integrity of the City.
LA WATCHDOG-While the City is anticipating the cash infusion of $1.35 billion from the Federal government, the timing is uncertain, creating significant cash flow issues that must be addressed, especially in the upcoming fiscal year.
LA WATCHDOG--The infusion of $1.35 billion of cash to the City’s coffers pursuant to Washington’s American Rescue Plan will allow the City to stabilize its finances, eliminate budget deficits, fund numerous one time projects, and establish a sizeable Reserve Fund.