Page 457 - 2020-21 Budget Summary

Difficult days ahead

The revenue outlook for Los Angeles is much darker than it was even a month ago, but it is not
unique to our municipality. Cities and towns throughout California and the world are facing similar
financial struggles — some much worse than ours as Los Angeles has diverse revenue streams and
a healthy Reserve Fund balance.

For our great City, reductions in projected General Fund receipts will strain the ability to provide high
quality services and necessitate difficult budgeting decisions next fiscal year and, potentially, for the
foreseeable future. While protecting the welfare of Angelenos must always be our primary concern, it
is also essential to ensure the City is fiscally responsible and secure.

Read the Revised Revenue Forecast online with interactive visualizations at
lacontroller.org/revisedrevenue​.

Sincerely,

RON GALPERIN
L.A. Controller

cc: Sharon M. Tso, Chief Legislative Analyst
Richard H. Llewellyn, City Administrative Officer

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