L.A. Controller Warns That City Council Could Exhaust General Fund Next Month

The L.A. Times reports:

Los Angeles Controller Wendy Greuel on Monday said she expects the city’s general fund “will be out of money" by May 5 and that L.A. will likely deplete its reserve funds and be in the red by June 30.

Greuel alerted Mayor Antonio Villaraigosa and the City Council of the city’s dire financial situation after the head of the Department of Water and Power stated he would oppose sending $73.5 million in utility revenue to the city treasury. Interim General Manager S. David Freeman said the council’s vote to block a proposed electricity rate hike last week threatens to put the utility in a deficit.

Progressive , L.A. Democrats view themselves are so "enlightened" and forward thinking: look where its' got them. A tax hell on the verge of bankruptcy thanks to the Democratic party in L.A.