INGLEWOOD (2UG) – Inglewood Mayor James T. Butts Jr. appeared on a local news program to discuss the City’s economy ahead of Beyoncé’s Renaissance Tour kicking off at SoFi Stadium September 1.
Mayor Butts was asked about the impact of the entertainment venues on the City’s finances which he didn’t answer. He instead pivoted to naming the many business entities that have moved into the City after the announcement of the City’s 2015 approval of the stadium initiative (petition) to return the NFL to Southern California.
The Inglewood Sports and Entertainment District costs taxpayers an additional $15 million per year in outside law enforcement contracts. According to the stadium initiative, Admissions Tax from the Hollywood Park property, which includes SoFi Stadium and YouTube Theater, is capped at $15 million annually.
Related: Inglewood budget shows only $400,000 in revenue from ticket sales at sports, entertainment venues
In September 2022, the city adopted the FY 2022-2023 budget with expenditures totaling approx. $196 million with anticipated revenue of $191 million. The mid-year budget presentation provided in May of this year shows an operating deficit of close to $20 million due to adjustments.
The carryover “revenue” cited is due to federal funds received from the American Rescue Plan Act (ARPA).
The City announced the creation of the Champions Grant, which is funded with $4 million in ARPA funds, which was open to small businesses and nonprofits to apply for up to $20,000 at the end of July. For unknown reasons, the City extended the application deadline to Sept. 22.
The City most likely extended the application deadline, to avoid paying out the grants, which would have a negative impact on the city’s budget.
The current fiscal year closes September 30.
