The Budget and Finance Committee approved a fiscal report Monday that paints a rosier picture for the City of LA.
The 2012-13 fiscal year for the City of Los Angeles was a "tale of two halves," according to a report approved Monday by the Budget and Finance Committee.
“The first sentence of the report is positively Dickensian,” Councilman Paul Krekorian said in regards to the City Administrative Officer's report.
A year ago, L.A. officials were talking about layoffs and the threatened fiscal cliff. As the city's fiscal year draws to a close at the end of June, the city has seen a boost in property and real estate taxes to the tune of $98 million. Because of a drop in revenue from fees and licenses, the city budget overall saw an $89 million increase in revenues.
"Due to a combination of continued fiscal discipline and a steady rebound in its General Fund revenues, 2012-13 has proven to be the turning point for the city on its road to recovery. As a result, after four years of fiscal crisis, austerity and sacrifice, the budget for the city of Los Angeles is within reach of structural balance," CAO Miguel Santana wrote in his financial status report.
The fire department saw some of its unspent funds moved into next year's budget. In 2013-14, the Los Angeles Fire Department will have an additional $500,000 for a third-party view of the department, $34,000 for a remote weather station in Porter Ranch, and $25,000 for fire equipment in the Seventh District.
The new fiscal year begins on July 1.