# LA WATCHDOG ## [ Who’s Watching Our Money?](https://www.citywatchla.com/la-watchdog/16840-who-s-watching-our-money "Who’s Watching Our Money?") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) January 03 2019 [ ![](https://www.citywatchla.com/images/stories/Jan-2019/002b.png) ](https://www.citywatchla.com/la-watchdog/16840-who-s-watching-our-money) LA WATCHDOG--Despite a booming economy and record revenues, our City’s finances are a mess. [ Read more … ](https://www.citywatchla.com/la-watchdog/16840-who-s-watching-our-money) ## [ Drop the DROP (Deferred Retirement Option Plan)](https://www.citywatchla.com/la-watchdog/16822-drop-the-drop-deferred-retirement-option-plan "Drop the DROP (Deferred Retirement Option Plan)") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) December 27 2018 [ ![](https://www.citywatchla.com/images/stories/Dec-2018/104w.png) ](https://www.citywatchla.com/la-watchdog/16822-drop-the-drop-deferred-retirement-option-plan) LA WATCHDOG--In 2001, the voters of Los Angeles overwhelmingly approved Charter Amendment 2, the Modification to Fire and Police Plans. [ Read more … ](https://www.citywatchla.com/la-watchdog/16822-drop-the-drop-deferred-retirement-option-plan) ## [ LA Forecast: Pensions and Budget Will Be Clobbered by Poor Investment Returns](https://www.citywatchla.com/la-watchdog/16803-la-forecast-pensions-and-budget-will-be-clobbered-by-poor-investment-returns "LA Forecast: Pensions and Budget Will Be Clobbered by Poor Investment Returns") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) December 24 2018 [ ![](https://www.citywatchla.com/images/stories/Dec-2018/103g.png) ](https://www.citywatchla.com/la-watchdog/16803-la-forecast-pensions-and-budget-will-be-clobbered-by-poor-investment-returns) LA WATCHDOG-The California Public Employees’ Retirement System (CalPERS) reported that its investment portfolio lost 1.9% for the first five months of its fiscal year (July to November). [ Read more … ](https://www.citywatchla.com/la-watchdog/16803-la-forecast-pensions-and-budget-will-be-clobbered-by-poor-investment-returns) ## [ LA has an $84 Million Hole in Its Budget: Does Anyone Care?](https://www.citywatchla.com/la-watchdog/16785-la-has-an-84-million-hole-in-its-budget-does-anyone-care "LA has an $84 Million Hole in Its Budget: Does Anyone Care?") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) December 20 2018 [ ![](https://www.citywatchla.com/images/stories/Dec-2018/102l.png) ](https://www.citywatchla.com/la-watchdog/16785-la-has-an-84-million-hole-in-its-budget-does-anyone-care) LA WATCHDOG--You would think that the Budget and Finance Committee of the Los Angeles City Council would be doing everything possible to eliminate the projected $84 million budget deficit that was discussed in the [Second Financial Status Report](http://clkrep.lacity.org/onlinedocs/2018/18-0600-S161_rpt_CAO_12-06-2018.pdf) issued on December 6 by the City Administrative Officer. [ Read more … ](https://www.citywatchla.com/la-watchdog/16785-la-has-an-84-million-hole-in-its-budget-does-anyone-care) ## [ Drop the BS … Is Another Tax Increase In the Works?](https://www.citywatchla.com/la-watchdog/16758-drop-the-bs-is-another-tax-increase-in-the-works "Drop the BS … Is Another Tax Increase In the Works?") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) December 17 2018 [ ![](https://www.citywatchla.com/images/stories/Dec-2018/101a.png) ](https://www.citywatchla.com/la-watchdog/16758-drop-the-bs-is-another-tax-increase-in-the-works) LA WATCHDOG--The Second Financial Status [Report](http://clkrep.lacity.org/onlinedocs/2018/18-0600-S161_rpt_CAO_12-06-2018.pdf) issued on December 6 by the City Administrative Officer (“CAO”) said that the “currently projected expenditure imbalance of $83.9 million is still at a significant level.” [ Read more … ](https://www.citywatchla.com/la-watchdog/16758-drop-the-bs-is-another-tax-increase-in-the-works) ## [ Dodger Fans: Boycott AT&T and Spectrum](https://www.citywatchla.com/la-watchdog/16749-dodger-fans-boycott-at-t-and-spectrum "Dodger Fans: Boycott AT&T and Spectrum") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) December 13 2018 [ ![](https://www.citywatchla.com/images/stories/Dec-2018/100t.png) ](https://www.citywatchla.com/la-watchdog/16749-dodger-fans-boycott-at-t-and-spectrum) LA WATCHDOG--For true blue Dodger fans, the off season is one of great anticipation. The team is building its roster for the upcoming season to make another run at the elusive goal of winning the World Series. [ Read more … ](https://www.citywatchla.com/la-watchdog/16749-dodger-fans-boycott-at-t-and-spectrum) ## [ Ratepayer Rip Off: DWP Financing City’s $8.1 Million Silver Lake Stormwater Capture Project](https://www.citywatchla.com/la-watchdog/16728-ratepayer-rip-off-dwp-financing-city-s-8-1-million-silver-lake-stormwater-capture-project "Ratepayer Rip Off: DWP Financing City’s $8.1 Million Silver Lake Stormwater Capture Project") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) December 10 2018 [ ![](https://www.citywatchla.com/images/stories/Dec-2018/099v.png) ](https://www.citywatchla.com/la-watchdog/16728-ratepayer-rip-off-dwp-financing-city-s-8-1-million-silver-lake-stormwater-capture-project) LA WATCHDOG--The $8.1 million Silver Lake Reservoir Stormwater Capture Project is designed to capture 159 acre feet of stormwater (52 million gallons) from 171 acres surrounding the lake and to divert the cleaned up (but not drinkable) water into the out of service Silver Lake and Ivanhoe Reservoirs. [ Read more … ](https://www.citywatchla.com/la-watchdog/16728-ratepayer-rip-off-dwp-financing-city-s-8-1-million-silver-lake-stormwater-capture-project) ## [ Herb Wesson’s Has His Eye on a County Supervisor Seat but His Spotty Record at City Council May be His Undoing](https://www.citywatchla.com/la-watchdog/16685-herb-wesson-s-has-his-eye-on-a-county-supervisor-seat-but-his-spotty-record-at-city-council-may-be-his-undoing "Herb Wesson’s Has His Eye on a County Supervisor Seat but His Spotty Record at City Council May be His Undoing") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) December 06 2018 [ ![](https://www.citywatchla.com/images/stories/Dec-2018/098q.png) ](https://www.citywatchla.com/la-watchdog/16685-herb-wesson-s-has-his-eye-on-a-county-supervisor-seat-but-his-spotty-record-at-city-council-may-be-his-undoing) LA WATCHDOG--On Monday, about to be termed out City Council President Herb Wesson announced that he is entering the race to succeed [Mark Ridley-Thomas](http://file.lacounty.gov/SDSInter/lac/1031538_2ndDistrictMap.pdf), a long time County Supervisor who is also termed out in 2020. [ Read more … ](https://www.citywatchla.com/la-watchdog/16685-herb-wesson-s-has-his-eye-on-a-county-supervisor-seat-but-his-spotty-record-at-city-council-may-be-his-undoing) ## [ Jose Huizar: Resign or Flip ](https://www.citywatchla.com/la-watchdog/16676-jose-huizar-resign-or-flip "Jose Huizar: Resign or Flip ") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) December 03 2018 [ ![](https://www.citywatchla.com/images/stories/Dec-2018/097s.png) ](https://www.citywatchla.com/la-watchdog/16676-jose-huizar-resign-or-flip) LA WATCHDOG--On Saturday, the Los Angeles Neighborhood Council Coalition (“LANCC”) passed the following motion demanding that embattled Councilman Jose Huizar resign from the City Council. [ Read more … ](https://www.citywatchla.com/la-watchdog/16676-jose-huizar-resign-or-flip) ## [ DWP Ratepayers Under Assault](https://www.citywatchla.com/la-watchdog/16661-dwp-ratepayers-under-assault "DWP Ratepayers Under Assault") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) November 29 2018 [ ![](https://www.citywatchla.com/images/stories/Nov-2018/096u.png) ](https://www.citywatchla.com/la-watchdog/16661-dwp-ratepayers-under-assault) LA WATCHDOG--Over the past two years, our DWP bills have soared beyond anyone’s expectations, significantly higher than was projected in the 2016 rate case. [ Read more … ](https://www.citywatchla.com/la-watchdog/16661-dwp-ratepayers-under-assault) ## [ Huizar Investigations by FBI and IRS Demand Real Time Transparency](https://www.citywatchla.com/la-watchdog/16639-huizar-investigations-by-fbi-and-irs-demand-real-time-transparency "Huizar Investigations by FBI and IRS Demand Real Time Transparency") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) November 26 2018 [ ![](https://www.citywatchla.com/images/stories/Nov-2018/095x.png) ](https://www.citywatchla.com/la-watchdog/16639-huizar-investigations-by-fbi-and-irs-demand-real-time-transparency) LA WATCHDOG--Where there is smoke, there is fire, especially when it involves City Councilman Jose Huizar. [ Read more … ](https://www.citywatchla.com/la-watchdog/16639-huizar-investigations-by-fbi-and-irs-demand-real-time-transparency) ## [ The 2020 Presidential Election: Sooner Than You Think!](https://www.citywatchla.com/la-watchdog/16611-the-2020-presidential-election-sooner-than-you-think "The 2020 Presidential Election: Sooner Than You Think!") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) November 21 2018 [ ![](https://www.citywatchla.com/images/stories/Nov-2018/094d.png) ](https://www.citywatchla.com/la-watchdog/16611-the-2020-presidential-election-sooner-than-you-think) LA WATCHDOG--On March 3, 2020, a little more than 15 months away, in 67 weeks from now, and in 469 days from Tuesday, we will once again go to the polls as California will hold its Presidential Primary. [ Read more … ](https://www.citywatchla.com/la-watchdog/16611-the-2020-presidential-election-sooner-than-you-think) ## [ Who’s Going to Pay for LA’s Unsustainable Pension Plans?](https://www.citywatchla.com/la-watchdog/16600-who-s-going-to-pay-for-la-s-unsustainable-pension-plans "Who’s Going to Pay for LA’s Unsustainable Pension Plans?") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) November 19 2018 [ ![](https://www.citywatchla.com/images/stories/Nov-2018/093v.png) ](https://www.citywatchla.com/la-watchdog/16600-who-s-going-to-pay-for-la-s-unsustainable-pension-plans) LA WATCHDOG--The City’s two pension plans had a 9.75% return on its investment portfolio of $36 billion for the fiscal year ending June 30, 2018 according to the recently released actuarial reports. This is 2.5% higher than the targeted rate of return of 7.25%. [ Read more … ](https://www.citywatchla.com/la-watchdog/16600-who-s-going-to-pay-for-la-s-unsustainable-pension-plans) ## [ Underserved and Unbanked LA: The Follow Up to the Vetoed Bank of Los Angeles](https://www.citywatchla.com/la-watchdog/16562-underserved-and-unbanked-la-the-follow-up-to-the-vetoed-bank-of-los-angeles "Underserved and Unbanked LA: The Follow Up to the Vetoed Bank of Los Angeles") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) November 12 2018 [ ![](https://www.citywatchla.com/images/stories/Nov-2018/091z.png) ](https://www.citywatchla.com/la-watchdog/16562-underserved-and-unbanked-la-the-follow-up-to-the-vetoed-bank-of-los-angeles) LA WATCHDOG--*Charter Amendment B: Shall the City Charter be amended to allow the City to establish a municipal financial institution or bank?* [ Read more … ](https://www.citywatchla.com/la-watchdog/16562-underserved-and-unbanked-la-the-follow-up-to-the-vetoed-bank-of-los-angeles) ## [ Who’s Minding the Store?](https://www.citywatchla.com/la-watchdog/16540-who-s-minding-the-store "Who’s Minding the Store?") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) November 08 2018 [ ![](https://www.citywatchla.com/images/stories/Nov-2018/090y.png) ](https://www.citywatchla.com/la-watchdog/16540-who-s-minding-the-store) LA WATCHDOG--While Eric Garcetti has been prancing around the country promoting his presidential pedigree, the City of Los Angeles is experiencing “over expenditures” of almost $100 million for the first two months of its fiscal year, blowing a hole in the City’s supposedly balanced budget. [ Read more … ](https://www.citywatchla.com/la-watchdog/16540-who-s-minding-the-store) ## [ Repeal the Gas Tax, Flush the Rain Tax, and Veto the Bank of Los Angeles](https://www.citywatchla.com/la-watchdog/16511-repeal-the-gas-tax-flush-the-rain-tax-and-veto-the-bank-of-los-angeles "Repeal the Gas Tax, Flush the Rain Tax, and Veto the Bank of Los Angeles") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) November 05 2018 [ ![](https://www.citywatchla.com/images/stories/Nov-2018/089h.png) ](https://www.citywatchla.com/la-watchdog/16511-repeal-the-gas-tax-flush-the-rain-tax-and-veto-the-bank-of-los-angeles) LA WATCHDOG--When you oppose a new tax such as the State’s Gas Tax or the County’s Rain Tax, the all-knowing political establishment, the leaders of the campaign funding public sector unions, and many other bottom feeders go ballistic, claiming that you are clueless, ill informed, and mean spirited, and do not understand the big picture and the nuances of the budget and government finance. [ Read more … ](https://www.citywatchla.com/la-watchdog/16511-repeal-the-gas-tax-flush-the-rain-tax-and-veto-the-bank-of-los-angeles) ## [ LA Watchdog Voter’s Guide: Separating Fact from Fiction](https://www.citywatchla.com/la-watchdog/16498-la-watchdog-voter-s-guide-separating-fact-from-fiction "LA Watchdog Voter’s Guide: Separating Fact from Fiction") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) November 01 2018 [ ![](https://www.citywatchla.com/images/stories/Nov-2018/088z1.png) ](https://www.citywatchla.com/la-watchdog/16498-la-watchdog-voter-s-guide-separating-fact-from-fiction) LA WATCHDOG--We are being bombarded by so many political ads that we are having a difficult time sifting through all the clutter, trying to separate fact from fiction, so that we can make a rational decision on how to vote on eleven State propositions, one County measure, and three City charter amendments. [ Read more … ](https://www.citywatchla.com/la-watchdog/16498-la-watchdog-voter-s-guide-separating-fact-from-fiction) ## [ Bank of Los Angeles: Just Another Cash Drain](https://www.citywatchla.com/la-watchdog/16409-bank-of-los-angeles-just-another-cash-drain "Bank of Los Angeles: Just Another Cash Drain") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) October 18 2018 [ ![](https://www.citywatchla.com/images/stories/Oct-2018/084w.png) ](https://www.citywatchla.com/la-watchdog/16409-bank-of-los-angeles-just-another-cash-drain) LA WATCHDOG--*Charter Amendment B: Shall the City Charter be amended to allow the City to establish a municipal financial institution or bank?* [ Read more … ](https://www.citywatchla.com/la-watchdog/16409-bank-of-los-angeles-just-another-cash-drain) ## [ California Taxes: The Sky Is the Limit](https://www.citywatchla.com/la-watchdog/16356-california-taxes-the-sky-is-the-limit "California Taxes: The Sky Is the Limit") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) October 08 2018 [ ![](https://www.citywatchla.com/images/stories/Oct-2018/081w.png) ](https://www.citywatchla.com/la-watchdog/16356-california-taxes-the-sky-is-the-limit) LA WATCHDOG--Despite record revenues, the State of California is asking us to approve $14 billion in bonds (Propositions 1, 3, and 4) while the County of Los Angeles wants the voters to bless the $300 million Rain Tax (Measure W). [ Read more … ](https://www.citywatchla.com/la-watchdog/16356-california-taxes-the-sky-is-the-limit) ## [ Taxes! Enough Already!](https://www.citywatchla.com/la-watchdog/16335-taxes-enough-already "Taxes! Enough Already!") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) October 04 2018 [ ![](https://www.citywatchla.com/images/stories/Oct-2018/080s.png) ](https://www.citywatchla.com/la-watchdog/16335-taxes-enough-already) LA WATCHDOG--The City, the County, and the State are hauling in record revenues totaling almost $250 billion, including over $40 billion from the four million residents of the City of Los Angeles. But it is never enough as the State has placed on the ballot measures to authorize $14 billion in bonds while the County is asking us to approve the $300 million Rain Tax to fund stormwater projects (measure W). [ Read more … ](https://www.citywatchla.com/la-watchdog/16335-taxes-enough-already) ## [ Repeal CA’s Regressive Gas Tax … It’s a ‘Reward’ for Bad Behavior](https://www.citywatchla.com/la-watchdog/16306-repeal-ca-s-regressive-gas-tax-it-s-a-reward-for-bad-behavior "Repeal CA’s Regressive Gas Tax … It’s a ‘Reward’ for Bad Behavior") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) October 01 2018 [ ![](https://www.citywatchla.com/images/stories/Oct-2018/079u.png) ](https://www.citywatchla.com/la-watchdog/16306-repeal-ca-s-regressive-gas-tax-it-s-a-reward-for-bad-behavior) LA WATCHDOG--We are being asked to repeal the regressive $5.2 billion gas tax that was approved in April 2017 by two thirds of the Legislature and the Governor, but only after much arm twisting and unsavory side deals to buy votes. [ Read more … ](https://www.citywatchla.com/la-watchdog/16306-repeal-ca-s-regressive-gas-tax-it-s-a-reward-for-bad-behavior) ## [ Garcetti’s Financial Follies](https://www.citywatchla.com/la-watchdog/16262-garcetti-s-financial-follies "Garcetti’s Financial Follies") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) September 24 2018 [ ![](https://www.citywatchla.com/images/stories/Sept-2018/077o.png) ](https://www.citywatchla.com/la-watchdog/16262-garcetti-s-financial-follies) LA WATCHDOG--Mayor Eric Garcetti’s Budget and Policy Goals memo for Fiscal Year 2019-20 that was sent to the General Managers of the City Departments is using the homeless crisis to divert attention away from his fiscal mismanagement of the City’s finances despite record revenues from a robust economy. *(See letter below.)* [ Read more … ](https://www.citywatchla.com/la-watchdog/16262-garcetti-s-financial-follies) ## [ Transparency: What Is the Real Cost of 100% Renewables?](https://www.citywatchla.com/la-watchdog/16219-transparency-what-is-the-real-cost-of-100-renewables "Transparency: What Is the Real Cost of 100% Renewables?") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) September 17 2018 [ ![](https://www.citywatchla.com/images/stories/Sept-2018/075y.png) ](https://www.citywatchla.com/la-watchdog/16219-transparency-what-is-the-real-cost-of-100-renewables) LA WATCHDOG--Everybody wants clean air, especially here in Los Angeles. [ Read more … ](https://www.citywatchla.com/la-watchdog/16219-transparency-what-is-the-real-cost-of-100-renewables) ## [ Bank of Los Angeles: No Plan Just Promises](https://www.citywatchla.com/la-watchdog/16181-bank-of-los-angeles-no-plan-just-promises "Bank of Los Angeles:  No Plan Just Promises") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) September 10 2018 [ ![](https://www.citywatchla.com/images/stories/Sept-2018/073z.png) ](https://www.citywatchla.com/la-watchdog/16181-bank-of-los-angeles-no-plan-just-promises) LA WATCHDOG--*Charter Amendment B: Shall the City Charter be amended to allow the City to establish a municipal financial institution or bank?* [ Read more … ](https://www.citywatchla.com/la-watchdog/16181-bank-of-los-angeles-no-plan-just-promises) ## [ LA’s Pension Shenanigans: Stealing from Our Kids](https://www.citywatchla.com/la-watchdog/16154-la-s-pension-shenanigans-stealing-from-our-kids "LA’s Pension Shenanigans: Stealing from Our Kids") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) September 06 2018 [ ![](https://www.citywatchla.com/images/stories/Sept-2018/072f.png) ](https://www.citywatchla.com/la-watchdog/16154-la-s-pension-shenanigans-stealing-from-our-kids) LA WATCHDOG--On August 24, Mayor Eric Garcetti issued a press release where he touted that the City and union leaders for the police and firefighters “reached an agreement to make the Deferred Option Retirement Plan (“DROP”) more effective and less susceptible to abuse.” [ Read more … ](https://www.citywatchla.com/la-watchdog/16154-la-s-pension-shenanigans-stealing-from-our-kids) ## [ LA’s Liability Claims Are Out of Control](https://www.citywatchla.com/la-watchdog/16122-la-s-liability-claims-are-out-of-control "LA’s Liability Claims Are Out of Control") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) August 30 2018 [ ![](https://www.citywatchla.com/images/stories/Aug-2018/070x.png) ](https://www.citywatchla.com/la-watchdog/16122-la-s-liability-claims-are-out-of-control) LA WATCHDOG--Liability claims against the City of Los Angeles have caused continuing nightmares for the City’s budget mavens. [ Read more … ](https://www.citywatchla.com/la-watchdog/16122-la-s-liability-claims-are-out-of-control) ## [ Bull Market Spirals City’s Assessed Value to More Than $600 Billion](https://www.citywatchla.com/la-watchdog/16102-bull-market-spirals-city-s-assessed-value-to-more-than-600-billion "Bull Market Spirals City’s Assessed Value to More Than $600 Billion") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) August 27 2018 [ ![](https://www.citywatchla.com/images/stories/Aug-2018/069a.png) ](https://www.citywatchla.com/la-watchdog/16102-bull-market-spirals-city-s-assessed-value-to-more-than-600-billion) LA WATCHDOG--We have the bad news, the good news, and the even better news. [ Read more … ](https://www.citywatchla.com/la-watchdog/16102-bull-market-spirals-city-s-assessed-value-to-more-than-600-billion) ## [ What About LA Giveaways to Amazon?](https://www.citywatchla.com/la-watchdog/16084-what-about-la-giveaways-to-amazon "What About LA Giveaways to Amazon?") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) August 23 2018 [ ![](https://www.citywatchla.com/images/stories/Aug-2018/068b.png) ](https://www.citywatchla.com/la-watchdog/16084-what-about-la-giveaways-to-amazon) LA WATCHDOG--*Investment Incentives*, Controller Ron Galperin’s [excellent report](http://clkrep.lacity.org/onlinedocs/2015/15-0850-S2_rpt_CTRL_08-10-2018.pdf) on Tax Abatements and Subvention Agreements, outlines the $1.3 billion in subsidies and giveaways for 11 DTLA hotels with 5,732 rooms that have been approved by Mayor Eric Garcetti and the Herb Wesson-led City Council or are in the pipeline waiting the pro forma blessing of City Hall. However, only about $500 million (38%) for two convention hotels with 1,850 rooms are legitimate subsidies. They have been developed or are being developed by the Anschutz Entertainment Group in connection with its pioneering $3 to $4 billion investment that revitalized the area north of the Convention Center and its proposed $1.25 billion investment to finance the long overdue expansion of the Convention Center and an adjacent four-star convention hotel with 850 rooms. The other nine hotels with almost 3,900 rooms were granted or are asking for giveaways of almost $800 million from the round heeled occupants of City Hall. However, preliminary due diligence confirms that the developers of these three-star hotels have above average returns on their investments without the benefit of the City’s giveaways because of the positive impact of the AEG investment in the LA Live and the Convention Center. Galperin made several reasonable, easy to implement recommendations, including one that the City develop a comprehensive economic development plan that incorporates the use of incentives, including those for hotels that are within walking distance of the Convention Center. He also recommended that the City hire experienced professionals who have a thorough understanding of the hotel business; are able to do an in-depth business and financial analysis of the transaction and the need for, if any, incentives; develop reasonable alternatives; and negotiate favorable deals for the City. Finally, Galperin recommended that the City develop a process to review the individual transactions after their completion to see if the deals are meeting expectations. This post completion review would allow for “clawback” provisions if the developer fails to honor his commitments. \[I would add that if the deal exceeds expectations, the City should be entitled to the return of its subsidy, interest on that subsidy, and a small equity kicker, similar to what occurs in the private sector.\] The implicit message is that the City should not participate in any more giveaways for service hotels, especially those sponsored by Councilmen Herb Wesson and Curren Price that are not within two miles of the Convention Center. [ Read more … ](https://www.citywatchla.com/la-watchdog/16084-what-about-la-giveaways-to-amazon) ## [ The Not So Independent Bank of Los Angeles](https://www.citywatchla.com/la-watchdog/16053-the-not-so-independent-bank-of-los-angeles "The Not So Independent Bank of Los Angeles") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) August 20 2018 [ ![](https://www.citywatchla.com/images/stories/Aug-2018/067m.png) ](https://www.citywatchla.com/la-watchdog/16053-the-not-so-independent-bank-of-los-angeles) LA WATCHDOG--*Charter Amendment B: Shall the City Charter be amended to allow the City to establish a municipal financial institution or bank?* The proponents of the November ballot measure that would allow the City of Los Angeles to establish a bank tell us that it would be an independent entity, free of political interference, because it would be “managed by a civilian commission made up of Los Angeles residents from every council district.” But this claim is nothing but campaign rhetoric and empty promises as the Bank of Los Angeles will be controlled by Mayor Eric Garcetti and the Herb Wesson led City Council, the same fiscally irresponsible crew that is responsible for the City’s budget deficit, its $15 billion unfunded pension liability, our lunar cratered streets, and the Structural Deficit that is in the range of $1 billion a year. \[See - [LA’s Unbalanced Budget](https://www.citywatchla.com/index.php/la-watchdog/15578-la-s-unbalanced-budget-city-hall-stealing-from-our-kids): City Hall Stealing from Our Kids! The civilian commission will be appointed by the Mayor, subject to the approval of the City Council. [ Read more … ](https://www.citywatchla.com/la-watchdog/16053-the-not-so-independent-bank-of-los-angeles) ## [ Memo to City Council: Los Angeles Is Not North Dakota](https://www.citywatchla.com/la-watchdog/16014-memo-to-city-council-los-angeles-is-not-north-dakota "Memo to City Council: Los Angeles Is Not North Dakota") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) August 13 2018 [ ![](https://www.citywatchla.com/images/stories/Aug-2018/065a.png) ](https://www.citywatchla.com/la-watchdog/16014-memo-to-city-council-los-angeles-is-not-north-dakota) LA WATCHDOG--*Charter Amendment B: Shall the City Charter be amended to allow the City to establish a municipal financial institution or bank?* [ Read more … ](https://www.citywatchla.com/la-watchdog/16014-memo-to-city-council-los-angeles-is-not-north-dakota) ## [ Send the Pols a Message! Demand Pension Reform: Vote NO on State Bonds and County Rain Tax](https://www.citywatchla.com/la-watchdog/15988-send-the-pols-a-message-demand-pension-reform-vote-no-on-state-bonds-and-county-rain-tax "Send the Pols a Message! Demand Pension Reform: Vote NO on State Bonds and County Rain Tax") Details Jack Humphreville [LA WATCHDOG](https://www.citywatchla.com/la-watchdog) August 09 2018 [ ![](https://www.citywatchla.com/images/stories/Aug-2018/064x.png) ](https://www.citywatchla.com/la-watchdog/15988-send-the-pols-a-message-demand-pension-reform-vote-no-on-state-bonds-and-county-rain-tax) LA WATCHDOG--On November 6, the politicians who occupy the Sacramento Capitol and their special interest cronies are asking us to approve $14.4 billion in bonds to finance the State’s water infrastructure ($8.9 billion), its affordable housing program ($4 billion), and children’s hospitals ($1.5 billion). At the same time, the County’s Board of Supervisors are looking for us to bless a $300 million a year forever tax to fund its yet to-be-developed stormwater program (the “Rain Tax”). [ Read more … ](https://www.citywatchla.com/la-watchdog/15988-send-the-pols-a-message-demand-pension-reform-vote-no-on-state-bonds-and-county-rain-tax) 1. [ Eric Garcetti’s Pension Tsunami: What, Me Worry?](https://www.citywatchla.com/la-watchdog/15936-eric-garcetti-s-pension-tsunami-what-me-worry) 2. [ DWP Ratepayers: ‘Not Going to Take It Anymore’](https://www.citywatchla.com/la-watchdog/15880-dwp-ratepayers-not-going-to-take-it-anymore) 3. [ Beware: LA County’s $300 Million Rain Tax is a Blank Check!](https://www.citywatchla.com/la-watchdog/15861-beware-la-county-s-300-million-rain-tax-is-a-blank-check) 4. [ Power Outage: Blame City Hall](https://www.citywatchla.com/la-watchdog/15828-power-outage-blame-city-hall) 5. [ Is the Not-So-Golden State Actually Drowning in Debt](https://www.citywatchla.com/la-watchdog/15807-is-the-not-so-golden-state-actually-drowning-in-debt) 6. [ Transparency a Must for LA’s Underfunded Pension Plans](https://www.citywatchla.com/la-watchdog/15758-transparency-a-must-for-la-s-underfunded-pension-plans) 7. [ We$$on, Price Doling Out Another $100 Million of Your $$ to Hotel Developers](https://www.citywatchla.com/la-watchdog/15746-we-on-price-doling-out-another-100-million-of-your-to-hotel-developers) 8. [ The Bank of Los Angeles: A Weapon of Mass Financial Destruction?](https://www.citywatchla.com/la-watchdog/15723-the-bank-of-los-angeles-a-weapon-of-mass-financial-destruction) 9. [ The Escalating Price of LA’s Civic Center](https://www.citywatchla.com/la-watchdog/15657-the-escalating-price-of-la-s-civic-center) 10. [ Will $4 Billion Prop 68 Really Fund LA’s Parks?](https://www.citywatchla.com/la-watchdog/15631-will-4-billion-prop-68-really-fund-la-s-parks) Page 16 of 23 - [Start](https://www.citywatchla.com/la-watchdog "Start") - [Prev](https://www.citywatchla.com/la-watchdog?start=434 "Prev") - [11](https://www.citywatchla.com/la-watchdog?start=310 "11") - [12](https://www.citywatchla.com/la-watchdog?start=341 "12") - [13](https://www.citywatchla.com/la-watchdog?start=372 "13") - [14](https://www.citywatchla.com/la-watchdog?start=403 "14") - [15](https://www.citywatchla.com/la-watchdog?start=434 "15") - 16 - [17](https://www.citywatchla.com/la-watchdog?start=496 "17") - [18](https://www.citywatchla.com/la-watchdog?start=527 "18") - [19](https://www.citywatchla.com/la-watchdog?start=558 "19") - [20](https://www.citywatchla.com/la-watchdog?start=589 "20") - [Next](https://www.citywatchla.com/la-watchdog?start=496 "Next") - [End](https://www.citywatchla.com/la-watchdog?start=682 "End")