The Council recently voted to adopt the Citys $11.8 billion budget for the 2022-2023 fiscal year. Im happy to report that the City and our budget have bounced back with a very strong recovery since the COVID pandemic devastated our finances.
As Chair of the Budget and Finance Committee since 2012, this is the eleventh city budget Ive overseen. Our committee thoroughly examines the citys finances and always has to make difficult choices, but never more so than in the last two years. Fortunately, because we had exercised fiscal prudence for the last decade, we had built a healthy reserve that allowed us to get through the pandemic without resorting to the catastrophic cuts that otherwise would have been necessary.
This budget is a spending plan that restores stability to our Citys finances while addressing the publics top priorities. It increases public safety, effectively responds to homelessness, spurs economic growth and jobs, and restores basic city services that the people of this city rely on.
This budget also maintains our commitment to fiscal responsibility. Healthy reserves and spending discipline will continue to be essential to protect against devastating cuts and layoffs in the event of future downturns.
See Video: LA This Week on 2022-23 City Budget