Los Angeles Budget Deficit May Widen 7.2% on Pension Payments, Memo Says

Los Angeles’s budget deficit may grow by 7.2 percent to $343 million for the fiscal year that begins July 1, according to a memo from City Administrative Officer Miguel Santana.

The gap would widen from $320 million projected earlier if the board of the Los Angeles Fire and Police Pensions Plan votes tomorrow to increase city contribution rates, based on the latest actuarial valuation, according to the administrator’s memo released today.

To contact the reporters on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net.

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net

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