The Los Angeles City Council today will consider the 2021-22 fiscal year budget that was proposed by Mayor Eric Garcetti and revised by the Budget and Finance Committee, which includes historic spending to combat the homelessness crisis.
The city expects to receive that funding within the next month, with the second half expected 12 months from now.
Chief Legislative Analyst Sharon Tso told the Budget and Finance Committee that parts of the budget depend on federal guidelines for how the American Rescue Plan funding can be used. It is going to remain to be seen how those guidelines are interpreted and whether the budget is going to be consistent with those guidelines, Tso said. We believe they are. We believe that adjustments will be necessary though to make certain of that.
The city is scheduled to receive half of the funding in the next month and the second half a year later.
Charter Amendment B: Shall the City Charter be amended to allow the City to establish a municipal financial institution or bank?
In November of 2018, 56% of the voters rejected Charter Amendment B despite the endorsement of Mayor Eric Garcetti and twelve members of the City Council. But the voters made the right choice because according to the Los Angeles Times,
“Charter Amendment B is one of the most ill-conceived, half-baked ballot measures to come out of City Hall in years, and that’s saying something.”
Nevertheless, the proponents of the Bank of Los Angeles (including Councilmembers Bonin, Raman, Rodriguez, and de Leon) are once again proposing to establish a municipally owned bank. And this time they are claiming that voter approval is not necessary according to a memorandum prepared by the Kaufman Legal Group, the consigliere for many of our local politicians. Of course, this runs contrary to a promise by former City Council President Herb Wesson and
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