Today, Wendy Greuel outlined her initial ideas for bolstering Los Angeles' near-and long-term fiscal health, offering specific areas where the City can save $175 million and bring in an additional $60 million in new revenues.
Wendy discussed her budget proposal at a roundtable discussion with top L.A. business leaders at the downtown Central Library:
I'm excited to work with the CCA and all of the business leaders here today and across the City to jump-start L.A.'s economy. We know we can make LA a great place to do business, a city with a thriving economy that attracts great jobs. Now we need to make the responsible decisions to close our budget gap.
At the event, Wendy also received the endorsement of the CCA, one of the City's most influential business organizations and the Los Angeles Daily News reported on some of her proposals:
Wendy said she would seek to award city contracts to L.A.-based firms, a move that she believes could bring in $10 million. She also said her audits showed $12.4 million in savings from changing the city's cell phone policies.
She also said she would seek to move the City Council's discretionary funds to the general fund, which pays for basic services like police and fire. In the first year, that move would mean $30 million a year, and in subsequent years, could translate to $3 million annually.
She also called for changing the city's pension investment practices and spending less money on investment consultants, saying the city could save $40 million annually. She was unable to provide specifics on that proposal, stating she first needs to audit the city's investment practices.
Read more about Wendy's plan to balance Los Angeles' budget and lead our city forward.
