Commentary
With all eyes on the city of Los Angeles, thanks to a most unusual mayoral primary that captured the attention of the nation, besides the optics, how is it doing under the hood?
What do this city’s audited annual comprehensive financial reports (ACFRs) tell us?
Well, Los Angeles is not in the best fiscal shape. It is deeply underwater, with liabilities exceeding assets by a significant amount. And the recent trend line shows that things are getting worse, not better.
In the most recent rankings of Los Angeles County’s 88 cities for the fiscal year ending June 30, 2024, the city of L.A. ranked 70th. And it’s been hovering around this placement in the annual rankings for quite some time….