New LA City Controller promises audit of city finances

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Wendy Greuel took the oath of office as Los Angeles city controller today. In a speech outside City Hall, the former councilwoman promised to bring transparency to the city’s finances.

Wendy Greuel: "That's why my first order of business as city controller will be to undertake a comprehensive analysis of the financial health of the city &ndash complete with revenue projections and cost estimates, including our looming pension obligations. My analysis will pull no punches, it will be straight forward, unvarnished and truthful."

Carmen Trutanich also took over as city attorney today, and Mayor Antonio Villaraigosa began his second four-year term. The mayor laid out five goals. They include creating jobs and bringing more renewable energy to the city.