CityWatch columnist, Greater Wilshire Neighborhood Council member, and NC Budget Representative Jack Humphreville has set forth an outline for a fiscal reform charter amendment in Los Angeles that he calls the "Live Within Its Means" charter amendment. Mr. Humphreville has called on the four leading Mayoral candidates to review the proposal, and he has consistently called on each of us to publicly support the "Live Within Its Means" charter amendment.
In addition, the Neighborhood Council Budget Advocates publicly called on the City Council and Mayor to adopt many of the elements of the proposed "Live Within Its Means" charter amendment during their budget presentation to the City Council in April.
The "Live Within Its Means" Term Sheet was published in CityWatch on May 7 and can be found here.
I have reviewed the proposed outline of the "Live Within Its Means" charter amendment. I have gone through it step by step with Mr. Humphreville, and I have researched questions I had related to the plan.
I support the "Live Within Its Means" charter amendment as proposed in the Term Sheet published in CityWatch on May 7, 2012.
I agree that the City should be required to develop and adhere to a Five Year Financial Plan, to approve two year balanced budgets based on Generally Accepted Accounting Principles ("GAAP") as determined by the Government Accounting Standards Board, to properly fund our infrastructure and pension plans, and to have actual funding for any new spending initiatives.
My City Hall opponents have brought the City to the brink of bankruptcy, and have already proven that they are unable to operate the City within its means. Implementing the elements of the "Live Within Its Means" charter amendment will put the City on the road to fiscal recovery.
In addition to my support of the "Live Within Its Means" charter amendment, I am drafting a fiscal solvency plan that contains additional important items of fiscal reform for Los Angeles. I will also be rolling out position papers on numerous other City issues over the coming weeks and months.
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