Los Angeles Mayor Antonio Villaraigosa met with debt- and bondholders in New York this week to give an update on his city’s finances.
The mayor said he told investors the city faces another difficult budget year and tough decisions.
“In making these choices, we must remain focused on protecting public safety, expanding our tax base by creating jobs and building mass transit, and improving our public schools,” the mayor said in a statement Wednesday.
During the meetings, Villaraigosa said he highlighted how Los Angeles is trying to address its budget deficit, including the use of one-time solutions to fill a $1 billion gap over two years.
He said the city has been aiming to reduce its workforce by 4,000 jobs through layoffs, early retirement, and transfers to non-general fund positions.
In addition, the mayor said the city plans a ballot measure to require a 2.75% emergency account within the reserve fund.
He said officials would also address growing pension and health care costs.