Budget Red Flags Tell Us Somethings Fishy
LA CONFIDENTIAL
By Jack Humphreville
Red flags are flying as the Citys short term borrowings have increased from $150 million to $650 million over a four-year period according to the Controllers March 1 Report. And needless to say, this amount is going to increase next year as the City attempts to close a budget deficit of close to $500 million.
The question: Is the Citys budget really balanced as required by the City Charter? And are the Tax and Revenue and Anticipation Notes (the Notes) a worthwhile investment? Read more…