Budget and Finance Committee meeting summary
At a glance
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The Committee reviewed and filed the Controller’s revenue forecast and took action on a series of administrative, grant, and ordinance items. Key approvals included concurrence with CAO reports (including a move toward a two-year budget cycle), acceptance of homeland security and other grant actions, adoption of an ordinance allocating Transportation Communications Network Revenue Fund receipts, and multiple closed-session litigation actions.
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What this means
Committee members reviewed the city’s revenue forecast and approved several financial and administrative reports that guide how city money is tracked and spent. The panel approved a CAO report recommending a move to a two-year budget cycle (meaning the city would prepare and adopt budgets for two years at a time rather than annually), accepted grant funding for homeland security and training, and approved an ordinance directing how certain transportation-related revenues are programmed. The Committee also handled many legal settlement and litigation items in closed session, which can affect city finances.
Key decisions
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- Noted and filed the Controller report on the Revenue Forecast for FY 2025-26 and 2026-27.
- Concurred with the Government Operations Committee on the CAO Fiscal Year 2025-26 Fourth Construction Projects Report, as amended.
- Concurred with the Government Operations Committee on Department of Cannabis Regulation amendments to commercial cannabis refiling and renewal requirements.
- Concurred with Personnel and Hiring Committee to note and file the LACERS Postemployment Healthcare Plan (115 Trust) financial statements.
- Noted and filed the City Clerk report on Volunteer Trust Fund No. 892 for FY 2024-25.
- Concurred with Public Safety Committee to accept a FY 2024 State Homeland Security Program grant award.
- Concurred to continue expenditures of FY 2024 Port Security Grant Program funds for fire boat training using a navigation simulator.
- Concurred with the Public Safety Committee on FY 2022 and FY 2023 Urban Areas Security Initiative grant reappropriations for FY 2025-26.
- Approved the CAO report analyzing and recommending the City’s transition to a two-year budget cycle, as amended.
- Approved City Attorney report and ordinance establishing allocation/programming of Transportation Communications Network Revenue Fund receipts through the annual budget process.
- Concurred with PLUM to temporarily increase the One-Stop Permit Center surcharge to help fund development and implementation of BuildLA.
- Approved or noted a series of closed-session items: multiple litigation matters and settlements were approved in open session or discussed in closed session as listed on the agenda.
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