Mayor Villaraigosa takes steps to avoid Los Angeles City running out of Money by May 5th

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[Best Syndication News] Los Angeles Mayor Villaroigosa is faced with a city that could be out of funds by May 5th, 2010 because the DWP said to the Controller that they cannot transfer $73.5 million to the City's General Fund.

Because of this financial crisis the city of Los Angeles faces, it has prompted Mayor Villaroigosa to act quickly for the City Administrative Officer to develop a plan to shut down the City for two days per week and determine the amount this would save. Villaroigosa is wanting the City Administrative Officer to shut down all General funded city services, except for public safety and revenue generating job positions for two days each week starting the week of April 12th.

Villaroigosa also is calling an emergency meeting of the Executive Employee Relations Committee for ways they can get money in the City's General Fund and fast.

Villaraigosa sent out notices to General Managers asking them to stick to the spending controls that were issued last month and to speed up the repayment of Reserve Fund loans so that the Reserve Fund is fiscally sound at the beginning of the next fiscal accounting year. He asked for the submission of repayment information from each department that has an outstanding loan to the City Administrative officer effective immediately.

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