L.A. Controller Ron Galperin just released the 2020 Preliminary Financial Report, a snapshot of the City’s balance sheet for fiscal year 2019-20, which ended on June 30. He found that City revenues were slightly above those in fiscal year 2018-19, but still came in $200 million under the adopted budget. In recent months, revenues have continued to decline.
“What started out as a good financial year, quickly went bad once the coronavirus pandemic hit Los Angeles and the rest of the nation,” said Controller Galperin. “Record years of economic growth were wiped out as Angelenos lost jobs and businesses were forced to shut down. Although we’re in for a tough period ahead, the City has an opportunity to invest in infrastructure improvement projects and create jobs for people in disadvantaged communities. We have to find ways to increase equity as the City moves through this unparalleled crisis.”
Accompanying the report is an online interactive tool that allows users to explore the City’s revenues, spending, assets and liabilities. Controller Galperin will release his Comprehensive Annual Financial Report for the last fiscal year in early 2021.