L.A. analysts project $1-billion budget gap by 2013
Los Angeles could face a $1-billion deficit by the time Mayor Antonio Villaraigosa wraps up his second term in 2013, a dire forecast driven primarily by escalating employee pension costs and stagnant tax revenues, the city's top budget analyst said Wednesday. The grim financial outlook came a day after the city's credit rating was downgraded by Wall Street-based Fitch Ratings. That could worsen L.A.'s already precarious financial situation by making it more expensive for the city to borrow money. City Administrative Officer Miguel Santana told City Council members that if they hope to end L.A.'s incessant practice of spending more...
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Tags: 1 Billion, Administrative Officer, Antonio Villaraigosa, Budget Analyst, Budget Gap, City Council Members, Credit Rating, Employee Pension, Financial Outlook, Fitch Ratings, Gap, Mayor Antonio Villaraigosa, Miguel Santana, Money City, Pension Costs, Precarious Financial Situation, Project 1, Second Term, Tax Revenues, Time Mayor