Taming a $485 million deficit

The mayor is proposing a five-step program:

--One-time revenues of $53 million from leasing the city's parking structures.

--Unpaid days off totaling $63 million. Among those exempt: traffic safety officers and employees at the Convention Center, zoo, and library.

--Freeze on capital spending from the General Fund saves another $39 million. Special-funded capital projects that don't rely on General Fund contributions will proceed as planned.

--General Fund revenues from taxes and fees are expected to be higher than previously expected.

--Operational cost savings of $176 million through layoffs, reduced payments to vendors and operational efficiencies.

There will be a lot to sort through. Here's the budget summary.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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