Council approves $7.7B city budget; mayor to approve or veto next


The spending plan seeks to close a $216-million deficit and includes a $260 million reserve fund.

The mayor has five days to either veto or approve the budget.

New firefighters, funding for tree trimming, street paving, graffiti abatement, 300 new police cars and library funding were all provided for in the new budget.

A $260-million reserve fund was approved as part of the budget in order to preserve L.A.'s city bonds rating. The reserve fund may be used to help close a budget deficit n the 2014-2015 fiscal year. The reserve represents 5.25 percent of the entire budget, the largest it's been in 10 years, according to Councilman Paul Krekorian, the chairman of the City Council's Budget and Finance Committee.

City News Service contributed to this report.

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