L.A. County bosses unveil $21.9 billion budget; no layoffs expected

L.A. Daily News reports:

Acknowledging Los Angeles County is facing a challenging financial year, Chief Executive Officer William T Fujioka today unveiled a $21.9 billion proposed 2008-09 county budget that calls for a slight decrease in spending and positions, but no layoffs or major program cuts.

The County's current fiscal condition is the result of the Board of Supervisors' strong fiscal policies and conservative approach to the budget in past years. Due to the uncertainty surrounding the extent and duration of the current economic downturn, Fujioka said, the County should continue to exercise this same conservative approach in the management of the budget.

The spending plan, 2.61 percent lower than the present $22.5 billion budget, reflects the current state of the economy and lower tax revenues. Fujioka cautioned that it does not reflect potential impacts of threatened state and federal cuts, so those issues must still be addressed once the respective budgets are finalized.