Page 460 - FY 2022-23 Proposed Budget

This Revenue Forecast Report for the City of Los Angeles provides revenue
estimates for fiscal years 2021-22 and 2022-23 in advance of the City’s
upcoming budget process. Also included are the estimated requirements for
debt service and General Fund cash flow borrowing. The Forecast is issued
pursuant to the Controller’s City Charter mandate to monitor and report on all
matters relating to the City’s fiscal health, to keep the City’s official financial
records, and to supervise City expenditures.

This Office based these estimates on information received from City
departments, consultation with local economic experts and academics, and
historical as well as recent trends.

EXHIBIT 1
TOTAL GENERAL FUND REVENUE
(dollar amounts expressed in thousands)

Controller's March 1, 2022
Estimated Receipts % Change
2021-22 2022-23
2021-22 2021-22 2022-23 Estimate/ Projected/
Approved Estimate Estimate 2021-22 2021-22
Budget Budget Estimate
(a) (b) (c) (b) / (a) (c) / (b)

General Fund Receipts $ 6,778,683 $ 6,821,105 $ 7,085,596 0.63% 3.88%
ARPA Transfer 639,450 639,450 - 100.00% -100.00%
Reserve Fund Transfer 85,090 85,090 - 100.00% -100.00%
Total General Fund
Revenue 7,503,223 7,545,645 7,085,596 0.57% -6.10%

The City is estimated to realize General Fund revenues in the current fiscal
year of approximately $7.55 billion (including the $639.5 million transfer from
American Rescue Plan Act Fund, and $85.1 million from Reserve Fund). This
is $42.4 million (0.57 percent) above the $7.50 billion 2021-22 Adopted
Budget.

Total 2022-23 General Fund revenues are projected to be $7.09 billion, an
increase of $264.5 million (3.88 percent) over 2021-22 estimates after
adjusting for the ARPA and Reserve Fund transfers. Unfortunately, due to the
ARPA and Reserve Fund transfers in 2021-22, this will be felt in the budget as
a drop of $460.0 million, just over six percent of General Fund revenue.

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