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City administrative officer warns of widening budget gap and possible layoffs in midyear financial report
Summary
The City Administrative Officer briefed the council on a deteriorating fiscal picture: revenues lagging, expenditures rising, reserves shrinking and a projected multi-hundred-million-dollar to near‑billion-dollar gap for next fiscal year that will require immediate reductions and structural changes.
The City Administrative Officer briefed the Los Angeles City Council on March 19 about a sharply worsening fiscal outlook, telling members the city faces large revenue shortfalls and rising expenditures that could necessitate difficult cuts and possible layoffs.
The CAO reported revenue was about $13 million below plan in January but that more recent data had widened the projected shortfall to roughly $141 million year to date; he said continued softening in economy-sensitive revenue streams could deepen the gap. The report showed expenditures running about $300 million over…
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