Deltek Principal Analyst Brian Coyle reports.
In April, Los Angeles City Administrative Officer Miguel A. Santana submitted a report detailing the City’s budget outlook over the next several years. The report, titled “Four-Year Budget Outlook and Update to the Three-Year Plan to Fiscal Sustainability,” raises the possibility of bankruptcy for the City of Los Angeles in the near future if changes aren’t made, and calls for things such as new taxes, the privatization of certain city services, and potential layoffs to help curb increasing costs.
Overall, the report presents various issues and recommendations on how the City of Los Angeles can achieve fiscal sustainability over the next few years. The report’s intent is to “restore the City’s long-term financial health and sustainability, while continuing to address the most critical needs of residents.”
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