From Torrance Daily Breeze:
Los Angeles city officials shouldn’t rely on “quick fixes” to balance next year’s anticipated $200 million budget deficit, City Controller Wendy Greuel warned in an economic report released Thursday.
The report to City Council members and Mayor Antonio Villaraigosa said the city’s slight uptick in anticipated revenue next fiscal year – 1.1 percent – is still small compared to prerecession years, which saw revenue gains of 3 to 5 percent.
“The recovery is going to take a long time,” Greuel said. “This recession is unlike any economic situation the city has faced because the recovery is much slower. We have to be fiscally responsible.”