AGENCY BOARD SPURNS BUDGET.Byline: Rick Orlov Staff Writer The board of Los Angeles' Community Redevelopment Agency refused for a second time on Thursday to adopt a budget recommended by the agency's administrator, saying the spending plan relies too heavily on additional debt. As the commission continued to balk balk the action of a horse when it refuses to obey a command to which it usually responds. See also jibbing. , Mayor Richard Riordan Richard J. Riordan (born May 1, 1930) is a Republican politician from California, U.S. who served as the California Secretary of Education from 2003–2005 and as Mayor of Los Angeles from 1993–2001. Riordan ran for Governor of California unsuccessfully in 2002. on Thursday asked the City Council to give the CRA See Community Reinvestment Act. more time to work out its financial problems. The council had threatened earlier this week to take over the powers of the commission unless it passes the budget proposal - which includes a $22.7 million operating budget Noun 1. operating budget - a budget for current expenses as distinct from financial transactions or permanent improvements budget items, operating cost, operating expense, overhead - the expense of maintaining property (e.g. , with $159.5 million in projects and debt service, and with $11 million in new bonds. While it continued to oppose the fiscal plan, the commission approved on Thursday a 60-day continuing resolution A continuing resolution is a type of appropriations legislation used by the United States Congress to fund government agencies if a formal appropriations bill has not been signed into law by the end of the Congressional fiscal year. to make sure the agency's 200 workers will be paid beyond the July 1 start of the fiscal year. The commission also directed the staff to find a way to balance the budget without issuing the new bonds. Riordan said the commission and CRA staff have been at odds for at least two years over whether to leverage the agency's loan portfolio and other revenue to make up its budget deficit. Because of declining revenues, the CRA has said it could have up to an $8 million shortfall for each of the next five years. ``I strongly oppose issuing debt to pay administrative salaries (at this time),'' Riordan wrote in a letter to the council. Council members threatened on Tuesday to seize seize v. To exhibit symptoms of seizure activity, usually with convulsions. control over the agency unless there was a resolution of the issue, out of their concern over whether any projects or programs would be jeopardized. In his letter to the council, Riordan said there are sufficient funds to move redevelopment projects forward. ``I urge you to support the CRA Commission,'' Riordan said. ``This is the first step in developing a responsible budget that provides a fiscally sound organization, focused on project implementation and constituent CONSTITUENT. He who gives authority to another to act for him. 1 Bouv. Inst. n. 893. 2. The constituent is bound with whatever his attorney does by virtue of his authority. needs.'' |
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