Miguel Santana News
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Los Angeles voters’ rejection of a half-cent increase in the local sales tax suggests that Californians may be weary after levies on sales and income went up this year, Moody’s Investors Service said.
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Los Angeles bonds are beating the $3.7 trillion municipal market even as leading mayoral candidates oppose a measure to raise the sales tax while also vowing to eliminate a $450 million-a-year business levy.
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The job of making Los Angeles run more like a business to cope with budget deficits that may exceed $500 million in four years belongs to the son of illegal Mexican immigrants who grew up poor in the city’s suburbs.
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Los Angeles taxpayers spent almost $15 million last year to subsidize the city zoo, enough to pay 300 rookie cops. Expenses included $2,000 to clear up the bladder infection of a guinea pig named Sophia.
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Proposals to close Los Angeles’s $54 million deficit this year and $1.86 billion of budget gaps through 2015 will be made public today at City Hall.
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Los Angeles faces tens of millions of dollars in additional borrowing costs after the City Council told anti-Wall Street protesters it intends to cut ties with banks involved in financial wrongdoing, Administrative Officer Miguel Santana said.
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Los Angeles should raise the retirement age for new city employees to 65 from 55 to help save as much as $4.3 billion over 30 years, the city administrator said.
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Los Angeles should take steps such as forcing workers to take more unpaid days off to close a budget gap that may grow more than sixfold if it fails to lease nine parking garages, two city officials said in a memo.
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The Los Angeles City Council voted to raise the retirement age for new municipal employees to 65 from 55 and to reduce their pension benefits, a move the city’s budget analyst said would save as much as $4.3 billion over 30 years.
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Los Angeles should consider raising taxes on real-estate sales to deal with continuing budget deficits, the city administrative officer said.
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