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Council passes second reading on Office of Finance ordinance; risk management remains with CAO for now
Summary
On second reading the council passed an ordinance defining functions for the city administrative office (including revenue projection, debt management and risk management); a council motion to move risk management to the new Office of Finance was sent to committee, so risk management stays with the CAO while the committee considers a transfer.
The Los Angeles City Council passed second reading of an ordinance specifying organizational duties for a city administrative office created under the new charter, including revenue projection, debt management and risk management functions.
During the special meeting, clerks recorded a 9‑to‑1 vote on second reading. Council discussion clarified that a separate motion seeking to transfer…
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