L.A. Controller Releases Revenue Forecast
LOS ANGELES – L.A. Controller Ron Galperin today released the revenue forecast for fiscal years 2017-18 and 2018-19, highlighting continued positive growth in key revenue sources — but even greater anticipated growth in expenditures.
The annual Revenue Forecast Report, which you can read at lacontroller.org/revenue, provides updated estimates of current year General Fund and special fund revenues while it also projects those revenues for the following year. This information is used as the basis for decision-making in the budget process.
The current revenue forcecast found:
- General Fund receipts for the current year are estimated to be $5.8 billion, a 2.9% increase from 2016-17 revenue. For 2018-19, General Fund receipts are projected to be $6 billion, $170 million more than the 2017-18 estimate;
- Projected revenue growth of 2.9% is less than than the 4.8% expenditure growth the City averaged over the last five years – and more than the 4% growth in expenses expected in the coming fiscal year;
- The City is projected to generate at least $20 million from Cannabis-related licensing fees and business taxes;
- Special fund receipts continue to grow faster than General Fund receipts.
“The good news is that our revenues continue to grow on the strength of our local economy, ” L.A. Controller Ron Galperin said. “However, I am concerned that overall economic conditions in key sectors, such as L.A.’s housing market, indicate potentially slower revenue growth. Even with anticipated growth in many areas, I continue to urge caution to ensure the economic vitality of Los Angeles.”
View the report and an online interactive tool for exploring the forecast, with 10 years of data including exhibits and schedules.. Open data for all City financials is available online at ControllerData.LACity.org.