Los Angeles Controller Wendy Greuel Tuesday recommended that the city consolidate its treasurer’s office with other financial operations.

“With the city facing a $350 million budget deficit next fiscal year, we must pursue every opportunity to create efficiencies and save money,” Greuel said in a statement. “I am recommending that the treasurer’s office be consolidated with the city’s revenue functions in the office of finance immediately, bringing Los Angeles in line with the majority of major cities in the country.”

The treasurer’s office, which has an $8.5 million annual budget, is responsible for handling cash transactions, including receipts, disbursements, banking, and investment activities that exceed $50 billion annually. The treasurer also serves as the chief investment officer of the city’s $7 billion portfolio.

Los Angeles has not yet named a permanent treasurer, after the previous treasurer, Joya De Foor, left in the summer to become Atlanta’s chief financial officer

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