Los Angeles County approved a $35.5 billion budget for the coming fiscal year, one that is shaping up to be its most challenging yet.
The fiscal year 2020-2021 budget included $50 million in one-time funding and $100 million overall set aside for various housing efforts including supporting affordable and extremely low-income housing, rental assistance, re-housing, and home-ownership services, according to the L.A. Times.
The budget process revealed the dire shortfall that county officials see on the horizon — $1 billion in lost tax revenue by the end of the fiscal year in June and another $1 billion through the end of the fiscal year 2020-2021. Overall, the budget reflects a $600 million cut in requirements from last year.
“We are in a profoundly challenging economic environment that may get worse before it gets better,” L.A. County’s chief executive officer Sachi Hamai said in a statement.
Hamai pointed to the uncertainty over the amount of financial assistance the county would receive from the state and federal governments.
The budget sets aside $430 million for homeless services and the county noted the pandemic’s impact on tax revenue would likely reduce the amount of tax-funded Measure H dollars available for addressing homelessness.
The county has taken up several measures designed to keep people in their homes, including what is effectively a temporary ban on evictions in unincorporated L.A. County.