LOS ANGELES (KTLA) — Los Angeles Mayor Antonio Villaraigosa released his 8th and final proposed budget plan for 2013-14, and according to his research, the city of L.A. could see a budget surplus in just 4-years.
“If my budget is adopted and proposed, the CAO projects that the city will have a $15-million surplus by fiscal year 2017-18,” Villaraigosa said Monday.
The out-going Los Angeles mayor appears to be more optimistic about the city’s finances than he was a year ago.
Villaraigosa’s budget talks last year consisted of layoffs, furloughs, and a cut in services for police, fire and more.
Now, after 4-years of financial hardships & tightening city bootstraps, along with an improving economy, Villaraigosa says L.A. will continue to grow if officials spend according to his 7.7 billion dollar plan.
“Last year the chief administrative officer projected a deficit of $216-million for fiscal year 2013-14,” Villaraigosa said.
“This deficit has been completely eliminated with a combination of new revenue, pension savings and spending cuts,” he added.
The mayor claims his plan will allow police, fire & emergency personnel to maintain their force, while adding to city infrastructure.
But restoring and reinvesting in critical services will mean sacrifices for some. “The only way forward for this city is to reduce the costs of salaries, healthcare and pensions,” according to Villaraigosa.
He is also calling for no raises for the next 3-years.
The proposal now goes to the city council for discussion.