The $38.5-billion spending proposal is more than $2 billion larger than the 2021-22 proposal submitted a year after the pandemic began.
Los Angeles County officials on Monday proposed a $38.5-billion budget for the next fiscal year, a modest increase over last year’s proposal, reflecting a rosier economic outlook tempered by inflation fears and global conflict.proposal submitted a year after the pandemic began. That budget was ultimately adopted at $39.4 billion.
The optimism is driven by projected increases of $381 million in property tax revenue and $70 million in sales tax revenue.When the 2021-22 budget was proposed last April, the county had seen a $735-million drop in sales tax revenue.Some state lawmakers are asking why there is enough space for golf but not more housing in Southern California.
The budget adds $20.2 million to the county’s contingency fund, bringing that total to $45.3 million. The budget sets aside an additional $26.6 million, for a total of $100 million, for “the development and preservation of affordable housing.” The funds will support housing for low-income residents as well as “eviction defense, mortgage relief, rapid re-housing, homeownership, and acquisition.”
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