FOR IMMEDIATE RELEASE
January 31, 2019
Contact: Ian Thompson, 310-490-8595 (cell) | 213-978-7200 (office)
Controller Issues Annual Financial Report & City Performance Data
LOS ANGELES- L.A. Controller Ron Galperin today released the City’s Comprehensive Annual Financial Report (CAFR) for fiscal year 2018, which details the City’s bottom line and cautions about challenges on the horizon. The Controller also released an interactive, easy-to-read Popular Annual Financial Report illustrating in graphs and charts how taxpayer dollars are spent by the City. Explore both at lacontroller.org/cafr2018.
The City of Los Angeles has experienced relatively strong economic growth over the past six years, including a 4.6 percent uptick in overall revenues last year, a significant increase over the 1.9 percent growth in the year prior. Overall expenses in FY18 increased by less than one percent. However, Galperin noted that these positive economic indicators are tempered by ongoing challenges:
“Our City’s finances are stable at this time, but we need to make sure we are adequately prepared for any possible economic downturn that may come,” Controller Galperin said. “The City must remain disciplined in its budgeting, maintain and grow its reserves, and be more transparent and effective in managing its special funds. It’s crucial that we be prudent.”
A complement to the CAFR, the Popular Annual Financial Report charts the City’s General Fund, assets and liabilities and graphs departmental activity, with data about things like the number of small asphalt repairs completed, the tonnage of recyclables collected, per capita water usage, the number of library cards issued and much more.
To review the CAFR and the City’s interactive performance data, visit: lacontroller.org/cafr2018.