LOS ANGELES — Mayor Eric Garcetti today signed a $9.9 billion budget for the 2018-19 fiscal year — cementing dramatic new investments in the fight against homelessness, making street, sidewalk and traffic safety improvements, and boosting reserves to help protect the City against future economic uncertainties.
The budget, which was approved by the City Council on May 21, will invest more than $442 million in permanent housing, temporary shelter, services, and facilities to help homeless Angelenos find their way off the streets and under a roof. That represents a 147% increase over last year, and includes Mayor Garcetti’s plan to stand up emergency shelters across the city.
“We must confront our city’s biggest challenges with every available resource,” said Mayor Garcetti. “This budget includes record investments in the kind of change that Angelenos can see and feel in their neighborhoods — and I’m grateful to my colleagues on the City Council for their hard work to get it over the finish line.”
The budget substantially increases spending to fix L.A.’s streets and sidewalks, and make them safer for everyone. It includes $91 million for Vision Zero and traffic and pedestrian safety projects, $41 million for new sidewalks, $73.4 million for street reconstruction, and $147.8 million for street maintenance. Those numbers represent increases of $13 million, $10 million, $43.4 million, and $16.4 million over last year, respectively.
The next fiscal year will be the first full year of funding from Prop. HHH and Measure M — two ballot initiatives that L.A. voters passed in 2016 to invest billions in homeless housing and transportation in the coming years. It will also be the first full year of funding from SB1, a landmark state infrastructure bill passed last year. Mayor Garcetti’s budget takes full advantage of this new revenue, and puts it directly into the improvements that Angelenos have been promised.
The spending plan also takes new steps to protect the City’s fiscal health, and strengthen its financial resilience. This year’s budget increases the Reserve Fund to $351 million, or 5.67% of the overall budget; and includes a Budget Stabilization Fund that surpasses $100 million for the first time ever, at a total of $108.5 million.
“This budget strengthens our city’s economic foundation and will improve the quality of life for all Angelenos,” said Councilmember Paul Krekorian, chair of the Budget and Finance Committee. “Thanks to the vision and leadership of Mayor Eric Garcetti and the work of the City Council, we’ve achieved a fiscally prudent and responsible spending plan that will bring immediate relief to our homeless neighbors and the neighborhoods they live in, fix more sidewalks and streets, trim more trees, and boost the number of police and firefighters in our communities.”
A photo of Mayor Garcetti signing the 2018-2019 budget is available here.