By Dakota Smith and David Zahniser | LA Times
The city of L.A. is overspending and burning through its reserve funds.
City departments have gone at least $215 million over budget for the fiscal year that began July 1, according to a new analysis. Expensive legal settlements and court judgments resulting from lawsuits against the city are a big part of that.
Now, the city is proposing to borrow money to cover the cost of legal payouts — a move that will give some short-term relief but ultimately add to the city’s debt.
Read more at: LA Times
3 Comments
Not to worry the bonds and the high interest will only be the burden paid by property owners…..
City councilmembers somehow keep spending and spending and raising salaries and hiring more employees and spending even more above and beyond the projected annual income ….and then all are shocked that surprise all the cookie jar money is all gone.
Apparently someone forgot to tell our city, school and state elected that spending more than comes in does not get resolved by fairy godmothers waving their wands!
WHO ARE THEY PLANNING ON BORROWING THE MONEY FROM??? IMPORTANT DETAIL TO LEAVE OUT…
a bond.