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City controller warns of flat revenues, shrinking reserves in revised forecast
Summary
City Controller Kenneth Mejia told the Budget and Finance Committee that General Fund revenues are forecast to end the year below budget and to remain essentially flat into next fiscal year, citing reduced grant receipts, lower consumer spending and wildfire impacts; the committee approved the report.
The Los Angeles City Controller told the Budget and Finance Committee on March 11 that revised revenue forecasts show a modest decline in general fund revenues and continued pressure on the city's reserve, prompting calls for structural changes in budgeting.
"We are estimated to end general fund revenues at $7.9 billion," Kenneth Mejia told the committee, saying that figure is roughly $140 million below the current adopted budget. He and his team projected general fund revenues of about $7.8 billion for the next fiscal year, driven in part by waning federal COVID-related grants and weaker sales and business tax receipts.
Nut graf: The controller's office highlighted…
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