July's new Los Angeles city budget seemed like it was based on a little magical thinking. Viola — and a few hundred million was somehow, some way erased from the books.
So call us humbled: City Controller Wendy Greuel today said that L.A. has 23.5 million more in its reserve fund than was expected in July when that optimistic budget was drawn up.
Sorry to give you such a hard time, Mayor Villaraigosa.
Ever the Debbie Downer, however, Greuel warns that we're not out of the woods yet.
She notes that the current fiscal year's budget was constructed with an economic “recovery” in mind (lolz, right?). As you can see, that recovery is working out wonderfully. That's not city leadership's fault. It just is.
In a letter today to the mayor and City Council, the controller notes the “recent turmoil in international, Federal and State economies.” (Ya think?).
Greuel also wrote this:
The positive news of a higher than anticipated July 1 Fund Cash Balance is dampened by the bleak fiscal outlook that has been reported to you on multiple occasions …
So, yeah, keep her steady, City Council. And maybe use some of that extra cash to fill a few potholes while you're at it. President Obama is coming to town next month. Wouldn't make for good press if his motorcade got swallowed up.