SAN FRANCISCO - Los Angeles Mayor Antonio Villaraigosa proposed a $4.5 billion fiscal 2009 general fund budget Monday that closes a projected $406 million gap in the current-services budget with short-term layoffs, job cuts, fee hikes, and one-time transfers from the city's parking fund.
The city's capital improvement budget would grow 4.9% to $292.3 million. The city plans to issue $290 million of long-term debt, including $111 million of general obligation bonds. Los Angeles would cut its short-term borrowing to $423 million from $699 million. Debt service costs would increase to 8.7% of revenues from 8.5%.