"Council members smelling a rosier financial situation in budget crisis"
It seems that City Council President Eric Garcetti is getting all wet, "by proclaiming that the City of Los Angeles, could come out of the budget crisis $100 million ahead".
First, lets use Garcetti's own words, as posted at the LA Weekly.
Dennis: Our work in February and March has resulted in further real savings that will total about $50-$65 million more by the end of June (end of our fiscal year). Combined with slightly better property tax receipts, we will be able to meet our obligations for this year. Nevertheless, I hope the DWP gives the transfer to the residents of the city that they promised to just two months ago. Combined with the actions we have taken and the slight revenue uptick, we could land at the end of the year about $80-$100 million in the black. I just wanted to give you the numbers in a little greater detail. And our cash flow problems will be fine, since we have enough money and we instructed our City Administrative Officer to figure out the proper amount of money from our reserve fund that we needed to meet payroll next month. We will make that transfer later next week.
All the best,
In the words of Parque Esqueleto
, "gosh durn it"
I didn't know that the financial affairs at 200 Spring Street, were rebounding so swiftly.
This news was met by some with "scribegasmic musings" as posted
by the "Westside Economist White Guy" Mark Lacter. wonder if Lacter was in need of some medical attention after so much written exertion?
But please indulge with me as I attempt to regain my grasp on reality?
With no apologies to Council President Garcetti, "short-term hosannas" cannot not gloss over the fact that no one within the elective domain on 200 Spring Street, has yet to articulate a long term strategic vision, to right the "capsizing and sinking vessel" that is the financial health of the City of Los Angeles.
In addition, the political cynic in me, sees all the week's theatrics, as being choreograph to present an distorted image of the true lack of political courage, that is counter to what is truly needed to tackle the budgetary issues at City Hall.
But as someone who believes that "we should live in the moment", I'll take a momentary break, to bask in the bit of good news, originating from 200 Spring Street.
Scott Johnson in CD 14
Labels: 2010/2011 city budget crisis, Dennis Romero, eric garcetti, la weekly