LA City Controller Releases Preliminary Financial Report

Los Angeles City Controller Ron Galperin released his 2020 Preliminary Financial Report, which covered fiscal year 2019-2020, which ended in June 2020. City revenues were higher than 2018-2019, but still came in under budget due to the pandemic. Specifically, revenues increased by 2.3% in the General Fund and shrank by -2% in on-budget special funds, and revenues were 3.7% less than projections. Expenditures grew by 10% because of salary and benefit increases and capital improvement projects. To address financial issues, Galperin suggests that the city focus on revenue and limit spending; rebuild the reserve fund; leverage city properties and special funds; and expand infrastructure programs to help negatively affected communities. Galperin will release his Comprehensive Annual Financial Report for the 2019-2020 fiscal year in early 2021.

Details: https://lacontroller.org/financial-reports/pfr2020/