Page 4 - 2020-21 Budget Summary

LETTER

FROM

THE

MAYOR

Dear Angelenos,

The past few months have been difficult for everyone. We have lost loved ones to
COVID-19. We’ve stayed home and created physical distance from one another.

Businesses have shuttered their doors and workers have lost their sources of

income. Every Angeleno, and every American, has felt the impacts of this crisis.

Our City’s financial future, like that of so many Angelenos, has changed and

become unpredictable. But one thing is clear: The road back to where we were
will be long and difficult. In light of the economic stresses we will face for the

foreseeable future, we need to tighten spending today to prevent more drastic
measures tomorrow.

That’s why I am declaring a state of fiscal emergency as part of the 2020-2021
budget.

Our revenue growth rates have all but stopped. Our transient occupancy tax is

again expected to come in below prior-year levels. As Angelenos continue to stay

Safer at Home, there will be long-term reductions in our economically sensitive
revenues.

FY 2020-21 PROPOSED BUDGET 2