Thread: Los Angeles going broke

While it may not be officially a sanctuary city, it is a de facto one......now what are they gonna do ?


Los Angeles Controller Wendy Greuel on Monday said she expects the city’s general fund “will be out of money" by May 5 and that L.A. will likely deplete its reserve funds and be in the red by June 30.

Greuel alerted Mayor Antonio Villaraigosa and the City Council of the city’s dire financial situation after the head of the Department of Water and Power stated he would oppose sending $73.5 million in utility revenue to the city treasury. Interim General Manager S. David Freeman said the council’s vote to block a proposed electricity rate hike last week threatens to put the utility in a deficit.

Greuel urged the council and mayor to immediately tap the city’s reserve funds so that city has enough cash to cover payroll.

“This is the most urgent fiscal crisis that the city has faced in recent history, and it is imperative that you act now. That is why I am asking you to immediately transfer $90 million from the city’s reserve fund to the general fund so I can continue to pay the city’s bills, and to ensure the fiscal solvency of the city,â€

Los Angeles Controller Wendy Greuel on Monday said she expects the city’s general fund “will be out of money" by May 5

Just in time to celebrate cinco de mayo and another Mexican victory.

Originally Posted by domack

Los Angeles Controller Wendy Greuel on Monday said she expects the city’s general fund “will be out of money" by May 5

Just in time to celebrate cinco de mayo and another Mexican victory.

I didnt think of that, wonder if they will use some reserve funds for it, or take a chance on upsetting the latino population