Budget and Finance Committee · Held
Los Angeles City Council Budget and Finance Committee meeting, August 18, 2026
From official records: On Aug. 18, 2026 the Los Angeles City Council's Budget and Finance Committee approved all 14 items, including up to $2.01 billion in lease revenue bonds for the Convention Center expansion, 5-0, and reauthorizing $13.04 million in MICLA financing for LAPD non-patrol vehicles while asking for a cost report on 300 more vehicles for the 2028 Games, 4-1 with Eunisses Hernandez voting no. It also redirected $11 million in deferred maintenance money toward El Niño storm preparation.
As of October 2, 2026, outcomes for the August 18, 2026 meeting of the Budget and Finance Committee of the Los Angeles City Council come from official records posted so far, such as council files, recorded votes and filed statements. Some results may be missing until the full minutes are posted and read.
| Agenda | Official agenda (posted August 14, 2026) |
|---|---|
| Council Journal | Official Journal |
| Video | Recording |
| City Council districts | Council District 9 |
Committee members, per the agenda and the committee reports: Katy Yaroslavsky (chair), Bob Blumenfield, Heather Hutt, Tim McOsker and Eunisses Hernandez. All five voted on every item.
1. Up to $2.01 billion in MICLA lease revenue bonds for the Convention Center expansion
- What it does: Authorizes the Municipal Improvement Corporation of Los Angeles to sell up to $2.01 billion in Series 2026-C and 2026-D lease revenue bonds on a negotiated basis, adopts a lease-leaseback ordinance for City property, and lets the Controller set up to $1.7 billion in construction appropriations. The bonds cover about 65% of project costs (committee report).
- Who brought it: City Administrative Officer and City Attorney reports of July 22 and 23, 2026 (CF 15-1207-S10).
- Money: Total debt service for the 2025 and 2026 bonds is estimated at $5.43 billion, of which $5.02 billion is paid from General Fund lease payments starting April 15, 2030 and running to 2056. The CAO projects the non-voter-approved debt ratio peaks at 4.00% of general revenues in 2030-31, under the 6% policy limit (committee report).
- Who it affects: Council District 9, where the Convention Center sits (CF 15-1207-S10). Yaroslavsky raised the timing of debt issuance and how idle bond proceeds are invested (committee report).
- Coverage: The Bond Buyer reported on Sept. 29 that a planned $1.08 billion tax-exempt and $43.5 million taxable sale was moved to a day-to-day calendar as interest rates rose (The Bond Buyer).
- What happened: Approved, 5-0 (committee report). The Economic Development and Jobs Committee waived consideration the same day (CF 15-1207-S10).
- What’s next: On Aug. 21 the Council split the vote: the lease-leaseback ordinance passed 12-0 and the other recommendations 9-3, with Nithya Raman, Monica Rodriguez and Yaroslavsky voting no. The fund ordinance passed on second reading Sept. 1, 8-3, with the same three voting no (CF 15-1207-S10).
2. Ordinance on fire and police retiree health subsidy settlement and LACERS peace officer transfer costs
- What it does: Amends the Administrative Code to carry out a settlement among the United Firefighters of Los Angeles City, the Police Protective League, the City and the pension board on how the annual retiree health premium subsidy is set for Fire and Police Pensions members under 65. It also lets LACERS amortize costs of its Peace Officer Transfer Program under Measure FF (committee report).
- Money: No fiscal impact statement was submitted (committee report).
- What happened: Approved, 5-0 (committee report).
- What’s next: The Council adopted the ordinance Aug. 26, 15-0; it takes effect Oct. 21, 2026 (CF 26-0600-S109).
3. LAPD vehicles for the 2028 Games: reauthorize $13.04 million and report on 300 more
- What it does: Tells the CAO to reauthorize $13,042,000 in MICLA financing for LAPD’s non-patrol vehicle package from the 2026-27 budget, and to report on the cost of 300 more vehicles for the Games, including maintenance, the Police Commission’s three options and alternatives such as leasing, mutual aid and federal money (committee report).
- Who brought it: Board of Police Commissioners report of July 28, 2026; Yaroslavsky moved the amended instructions, seconded by Blumenfield (committee report).
- Money: Option 1 would spend $23,250,000 in MICLA financing on 300 dual-purpose SUVs; Option 2 would lease 300 patrol cars for 48 months with a $1 buyout; Option 3 combines the two (committee report).
- Coverage: LAist reported Sept. 30 that the CAO’s follow-up report recommends against buying any additional vehicles, finding more than 1,100 funded vehicles not yet in use (LAist).
- What happened: Approved as amended, 4-1; Hernandez voted no (committee report).
- What’s next: The Council adopted the report Sept. 9, 8-3, with Hernandez, Ysabel Jurado and Raman voting no and four members absent. The CAO filed its report Sept. 28 (CF 26-0600-S111).
4. Litigation Disclosure Ordinance exempting bond, pension, bank deposit, government and emergency contracts
- What it does: Adds Article 29 to Chapter 1, Division 10 of the Administrative Code. The ordinance exempts from its disclosure rules contracts for investing bond proceeds, pension fund contracts, deposits of surplus funds, contracts with government agencies and contracts made during a declared war or emergency (committee report).
- Who brought it: Motion by Marqueece Harris-Dawson, seconded by John Lee, Imelda Padilla and Katy Yaroslavsky (CF 26-0215).
- What happened: Approved, 5-0 (committee report).
- What’s next: The Council adopted it Aug. 26, 15-0; effective Oct. 21, 2026 (CF 26-0215).
5. Carry over unspent 2025-26 capital and technology project balances into 2026-27
- What it does: Reappropriates capital and contingency balances as of June 30, 2026 in 12 funds, including the General Fund capital program, gas tax, Measure R, Measure M, Measure W and sewer funds; balances not carried over revert to support the adopted 2026-27 budget (committee report).
- Money: The CAO reports no added General Fund cost (committee report).
- What happened: Approved, 5-0 (committee report).
- What’s next: The Council adopted it Aug. 25, 14-0, with Traci Park absent (CF 26-0600-S110).
6. Raise Los Angeles Zoo admission fees by $2 in every category
- What it does: An ordinance amending Administrative Code Section 22.715 raises every Zoo admission fee by $2.00, as the 2026-27 budget requested (City Attorney report).
- What happened: The committee concurred 5-0 with the Arts, Parks, Libraries, and Community Enrichment Committee’s Aug. 11 approval (committees’ report).
- What’s next: The Council approved the report Sept. 9 and adopted the ordinance Sept. 16, 15-0; it takes effect Nov. 2, 2026 (CF 26-0600-S22).
10. Set 2026-27 property tax rates to pay City general obligation bond debt
- What it does: Levies the property tax that pays principal and interest on City general obligation bonds, as Charter Section 331 requires (Controller report).
- Money: The rate rises from 0.012232 to 0.012603 per $100 of assessed value, or about $12.60 per $100,000 of assessed value (our calculation). Citywide assessed value is $926.2 billion, up 4.37%, and outstanding general obligation bonds total $1,036,090,000 (Controller report).
- What happened: Controller report noted and filed; ordinance approved, 5-0 (committee report).
- What’s next: The Council adopted it Aug. 19, 13-0, with Lee and Hugo Soto-Martinez absent; effective Aug. 21, 2026 (CF 26-1089).
11. Study bringing City Plants urban forestry work in-house, contracting it or funding it another way
- What it does: Tells the CAO, with City Planning’s Office of Forest Management, the Bureau of Street Services and the City Attorney, to report on options for the tree work now done by City Plants, a nonprofit partner the report says has faced “persistent volatility and structural uncertainty” (committee report).
- Who brought it: Motion by Blumenfield, seconded by Yaroslavsky and Lee; Blumenfield’s amendment added Street Services (committee report).
- Neighborhood council positions: For if amended: Palms, filed Sept. 7, after the committee vote.
- What happened: Approved as amended, 5-0 (committee report).
- What’s next: The Council adopted it Aug. 26, 15-0 (CF 26-0757).
14. $11 million for deferred maintenance and repairs, refocused on El Niño storm preparation
- What it does: The CAO proposed moving $11 million from the Unappropriated Balance to deferred maintenance and capital repairs ranked by safety and liability. The committee added $861,000 for the Bedel Street erosion repair in Council District 3 and told the CAO to refocus the money on El Niño storm preparation and explain how projects were ranked (committee report).
- Who brought it: CAO report of Aug. 13, 2026; amendments by Blumenfield and Yaroslavsky (committee report).
- Money: $11 million in one-time money, which the CAO says has no added General Fund impact (committee report).
- What happened: Approved as amended, 5-0 (committee report).
- What’s next: No Council action was posted as of Oct. 1, 2026 (CF 26-0600-S113).
Every item
| # | Item | Outcome |
|---|---|---|
| 1 | Up to $2.01 billion in MICLA lease revenue bonds for the Convention Center expansion | Approved, 5-0 |
| 2 | Ordinance on fire and police retiree health subsidy settlement and LACERS peace officer transfer costs | Approved, 5-0 |
| 3 | LAPD vehicles for the 2028 Games: reauthorize $13.04 million and report on 300 more | Approved as amended, 4-1 |
| 4 | Litigation Disclosure Ordinance exempting bond, pension, bank deposit, government and emergency contracts | Approved, 5-0 |
| 5 | Carry over unspent 2025-26 capital and technology project balances into 2026-27 | Approved, 5-0 |
| 6 | Raise Los Angeles Zoo admission fees by $2 in every category | Concurred with Arts and Parks Committee, 5-0 |
| 10 | Set 2026-27 property tax rates to pay City general obligation bond debt | Controller report filed; ordinance approved, 5-0 |
| 11 | Study bringing City Plants urban forestry work in-house, contracting it or funding it another way | Approved as amended, 5-0 |
| 14 | $11 million for deferred maintenance and repairs, refocused on El Niño storm preparation | Approved as amended, 5-0 |
| 7 | Sell a surplus 1995 pickup truck to the LAFD Historical Society for $1 | Approved, 5-0 |
| 8 | Move Warner Center Cultural Amenities Trust Fund from City Planning to Cultural Affairs | Approved, 5-0 |
| 9 | City Clerk 2021-22 spending report on Council district community services and fee subsidy funds | Noted and filed, 5-0 |
| 12 | Accept $25,000 FEMA supplemental grant for LAFD urban search and rescue team | Concurred with Public Safety Committee, 5-0 |
| 13 | Accept up to $100,000 from Cal OES for LAFD hazardous materials training | Concurred with Public Safety Committee, 5-0 |