LA WATCHDOG--“I always say that budgets are a statement of our values. But this year, it is also a document of our pain.” Mayor Eric Garcetti, April 19, 2020
LA WATCHDOG--In a memo to All General Managers, Councilman Paul Krekorian, the Chair of the Budget and Finance Committee, indicated there will not be 40 hours of budget hearings as there have been in the past.
LA WATCHDOG--The Mayor’s Proposed Budget anticipates General Fund revenues of almost $6.7 billion, an increase of $118 million (1.8%) from this year’s Adopted Budget, and a balanced budget.
LA WATCHDOG--The City’s Annual Required Contributions to its two pension funds have increased 56% ($475 million) since Eric Garcetti was elected mayor, from $848 million to $1.32 billion for the upcoming fiscal year beginning July 1, 2020.
LA WATCHDOG--Governor Gavin Newsom and Mayor Eric Garcetti have prioritized the lives of Californians and Angelenos over the premature opening of our economy unless there is adequate testing, tracking, and monitoring; proper social distancing; the protection of vulnerable communities; surge capacity at hospitals; continued research and development; and the development of adequate guidelines in the case there is a resurgence of the virus.
LA WATCHDOG--“Only when the tide goes out do you discover who's been swimming naked.” Warren Buffett, Chairman and CEO of Berkshire Hathaway