LOS ANGELES, CA — Today, after three weeks of day-long budget meetings and exhaustive input from city departments and the public, the Los Angeles City Council approved an $8.6 billion balanced city budget for Fiscal Year 2015-2016.
“Without a doubt, our city’s budget situation has taken a turn for the better,” said Councilmember Krekorian, LA’s Budget Chief. “We experienced significant growth, maintained and even added neighborhood services, and established the largest rainy day fund in the city’s history. This is the best budget we’ve had in years and it is because of responsible budgeting that will protect our city for years to come.”
Krekorian concluded: “Our work isn’t done yet. There is still an ongoing structural deficit that we need to eliminate as soon as we can. I’m confident we will get there through continued collaboration. As the economy continues to grow, I look forward to doing even more to restore services across the city.”
“City residents asked for more tree trimming and sidewalk repair services for their neighborhoods and this year’s budget delivers just that,” said City Council President Herb Wesson. “The City Council was successful in creating the city’s largest rainy day fund in history setting aside more than $300 million in reserve funding for the unexpected.”