Budget and Finance Advisory Committee — Los Angeles, CA
Date: 2026-02-27
Time: 13:00

BUDGET AND FINANCE ADVISORY COMMITTEE (BFAC)

 Friday, February 27, 2026 - 1:00 PM
 ROOM 401, CITY HALL
 200 NORTH SPRING STREET, LOS ANGELES, CA 90012

 MEMBERS: RON S. GALPERIN, CHAIR
 GILDA HAAS
 DERRIC J. JOHNSON
 JOSEPH M. LUMARDA
 TOM DE SIMONE


 Armando Bencomo - Legislative Assistant - (213) 978-1080
 (or Clerk.BudgetandFinanceCommittee@lacity.org)

 Submit written comment at LACouncilComment.com

The audio for Committee meetings is broadcast live on the internet at https://clerk.lacity.gov/calendar. Additional
information regarding Committee procedures provided at the end of this agenda.

The Committee will take public comment from members of the public in-person only; there will be no public comment by
teleconference. Additional information regarding Committee procedures provided at the end of this agenda.

For interpretation services and Sign Language Interpreters, at no cost, please contact clerk.interpretation@lacity.org or
call (213) 978-1133 and provide the language desired, specific meeting, meeting date, and the number of people in the
group.

All requests should be submitted with as much advance notice as possible, preferably two business days prior to the
meeting you wish to attend for additional language interpretation and five business days for Sign Language
Interpretation. We will do our best to accommodate requests with shorter notice, but securing last-minute interpreters or
captioners may not always be feasible.



 MULTIPLE AGENDA ITEM COMMENT



 GENERAL PUBLIC COMMENT



ITEM(S)
(1) Call to Order and Roll Call

(2) Public Comment

 • Multiple Agenda Item Comment
 • General Public Comment



(3) Approval of Minutes

 • The Committee will review and approve the Minutes of the
 February 6, 2026, Budget and Finance Advisory Committee
 meeting.



(4) Vice Chair Nomination

 • The Committee will nominate and vote to elect a Vice-Chair for
 the BFAC.



(5) Chair’s Office Update

 • Rebecca Rasmussen, Budget and Legislative Director, Council
 District 5, will introduce the final Committee appointee, establish
 the core responsibilities and expectations for all members on
 behalf of Councilwoman Katy Yaroslavsky, and deliver an update
 on the City’s budget calendar and primary financial objectives for
 the coming budget cycle.



(6) Report Backs on Focus Area Progress

 • Committee members will report back on the status and progress
 of the potential focus areas discussed during the previous
 meeting.
 • Discussion will include updates on initial research and goals
 regarding economic development, financial management, and
 revenue sources.
 (7) Discussion

 • Committee members will refine the BFAC work plan, goals, and
 focus areas for the year, as needed.



 (8) Next Steps and Future Agenda Items

 (9) Calendar Review

 • Committee members will discuss and set the calendar for the
 next few months.



 (10) Adjournment



SUPPORTING MATERIALS

Materials relating to items on the agenda are available on the Budget and Finance Advisory Committee webpage found at
https://councilcommittee.lacity.gov/budget/BudgetandFinanceAdvisory/. To subscribe to the Budget and Finance Advisory Committee
agendas, please subscribe using this link: https://lacity.gov/government/subscribe-agendas/city-council

PUBLIC INPUT AT CITY COUNCIL COMMITTEE MEETINGS

Members of the public who wish to speak on one or multiple items shall have an opportunity to speak up to one minute per item up
to a total of two minutes for two or more agenda items. At regular meetings, members of the public shall also have an opportunity to
speak up to one minute for general public comment on any matter within the subject-matter jurisdiction of the Committee. The
Committee is not required to take general public comment at special meetings. The Committee may limit the total amount of time for
public comment on any specific agenda item, on all agenda-items collectively, and/or on general public comment, based on the
anticipated time required to hear from public speakers on any given or all agenda items, on the availability of Committee members
and the need to maintain quorum, and on any other relevant factor. The Committee shall not discuss or take action relative to any
general public comment except as explicitly permitted under the Brown Act.

COMMITTEE INFORMATION, ASSIGNMENTS, AND STRUCTURE

https://clerk.lacity.gov/clerk-services/cps/council-committee-meetings/info-assignments-structure

SPECIAL ACCOMMODATION

Requests for reasonable modification or accommodation from individuals with disabilities, consistent with the Americans with
Disabilities Act, can be made by contacting the City Clerk's Office at (213) 978-1133. For Telecommunications Relay Service for the
hearing impaired, please see the information below.

NOTICE TO PAID REPRESENTATIVES
If a member of the public is compensated to monitor, attend, or speak at this meeting, City law may require them to register as a
lobbyist and report this activity. More information can be found at Los Angeles Municipal Code 48.01 et seq. or at
ethics.lacity.org/lobbying. Further assistance can be found by contacting the Ethics Commission at (213) 978-1960 or
ethics.commission@lacity.org.

EXHAUSTION OF ADMINISTRATIVE REMEDIES

A member of the public seeking to challenge a City action in court may be limited to raising only those issues raised at the public
hearing described in this notice, or in written correspondence delivered to the City Clerk prior to the public hearing in time reasonably
to be considered by the Committee members. Any written correspondence delivered to the City Clerk before the City Council's final
action on a matter will become a part of the administrative record.

TELECOMMUNICATIONS RELAY SERVICE (TRS) COMMUNICATIONS

Telephone communication is one of the most important forms of communication in society today. Due to advancements in
technology, telephone devices have evolved with new services and capabilities. Individuals who are deaf and hard of hearing, and
individuals with a speech disability, may be able to avail themselves of both for peer-to-peer and third-party telecommunications
relay service (TRS) communications. Telecommunications Relay Service is a telephone service that allows persons with hearing or
speech disabilities to place and receive telephone calls. TRS is available in all 50 states, the District of Columbia, Puerto Rico and
the U.S. territories for local and/or long distance calls. TRS providers - generally telephone companies - are compensated for the
costs of providing TRS from either a state or a federal fund. There is no cost to the TRS user.

What forms of TRS are available? There are several forms of TRS, depending on the particular needs of the user and the equipment
available: TRS includes: Text to Voice TIY-Based TRS; Speech-to-Speech Relay Service; Shared Non-English Language Relay
Service; Captioned Telephone Relay Service; Internet Protocol Relay Service; and Video Relay Service. Please visit this site for
detail descriptions, https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.

Don't hang up! Some people hang up on TRS calls because they think the caller is a telemarketer. If you hear, "Hello, this is the
relay service…" when you pick up the phone, please don't hang up! You are about to talk, through a TRS provider, to a person who
is deaf, hard-of-hearing, or has a speech disability.

For more information about FCC programs to promote access to telecommunications services for people with disabilities, visit the
FCC's Disability Rights Office website.

MINUTES – BUDGET AND FINANCE ADVISORY COMMITTEE

 Friday, February 27, 2026

 ROOM 401, CITY HALL - 1:00 PM
 200 NORTH SPRING STREET, LOS ANGELES, CA 90012

 MEMBERS: RON S. GALPERIN, CHAIR
 GILDA HAAS
 DERRIC J. JOHNSON
 JOSEPH M. LUMARDA
 TOM DE SIMONE


 Armando Bencomo - Legislative Assistant - (213) 978-1080
 (or Clerk.BudgetandFinanceCommittee@lacity.org)

 Submit written comment at LACouncilComment.com

The audio for this meeting is broadcast live on the internet at https://clerk.lacity.gov/calendar. Additional information
regarding Committee procedures provided at the end of this agenda.



ITEM(S)

 (1) Call to Order and Roll Call


 Members Present: Ron S. Galperin, Gilda Haas, Derric J. Johnson, Joseph M.
 Lumarda, Tom De Simone (5); Absent: (0)

 Chairperson Ron S. Galperin called the meeting to order at 1:04 p.m.

 (2) Public Comment

 • Multiple Agenda Item Comment
 • General Public Comment



 The Committee provided an opportunity for Multiple Agenda Item and General Public
 Comments.
(3) Approval of Minutes

 • The Committee will review and approve the Minutes of the
 February 6, 2026, Budget and Finance Advisory Committee
 meeting.



 Member Derric J. Johnson moved to approve the Minutes of the February 6, 2026
 Committee Meeting, which was seconded by Member Gilda Haas – Ayes: Galperin,
 Haas, Johnson, Lumarda, De Simone (5); Nays: (0); Absent: (0)

(4) Vice Chair Nomination

 • The Committee will nominate and vote to elect a Vice-Chair for
 the BFAC.



 Chairperson Ron S. Galperin nominated Member Derric J. Johnson to serve as the Vice
 Chair of the Committee, which was seconded by Member Joseph M. Lumarda.

 Member Derric J. Johnson was elected as the Vice Chair of the Committee by the
 following vote:

 Ayes: Galperin, Haas, Johnson, Lumarda, De Simone (5); Nays: (0)



(5) Chair’s Office Update

 • Rebecca Rasmussen, Budget and Legislative Director, Council
 District 5, will introduce the final Committee appointee, establish
 the core responsibilities and expectations for all members on
 behalf of Councilwoman Katy Yaroslavsky, and deliver an update
 on the City’s budget calendar and primary financial objectives for
 the coming budget cycle.



 Rebecca Rasmussen, Budget and Legislative Director of Councilmember Katy
 Yaroslavsky’s Office, Council District 5, provided an overview of the roles and
 responsibilities of the Budget and Finance Advisory Committee (BFAC), roles and
responsibilities of the Committee Chair and Vice Chair, key dates of the City’s annual
budget calendar, primary financial objectives of the Budget and Finance Committee
(BFC), and matters that fall within the purview of the BFC’s jurisdiction established by
the City Council Standing Committees Resolution dated December 13, 2024, in Council
file No. 24-2000.

The BFAC’s roles over the next two budget cycles are to examine the City’s current
budget models, identify steps that strengthen the City’s financial future, and provide
recommendations that are data-driven and consider both fiscal responsibility and social
equity. Each ad hoc subcommittee will cover the separate focus areas of financial
management, economic development and asset management, and revenue efficiency
and evaluation. The BFAC will develop recommendations to inform the BFC in
considering improvements to City policies and processes, and in the review and
deliberation of the Mayor’s Proposed Budget. These recommendations will be
transitioned into a Motion that will be referred to the BFC for consideration, which may
include directions and requests to City departments. The BFAC’s recommendations that
pertain to social equity will be considered in the context of budgetary impacts or financial
issues that fall within the purview of the BFC. Any complete and concise
recommendations on performance-based budgeting, debt management, or liability
reductions can be shared by the BFAC for consideration during the upcoming Fiscal Year
206-27 Budget deliberations. Other recommendations that may require changes by
ordinance can be taken up throughout the year.

The key dates of the annual budget cycle include July 1st as the start of each Fiscal
Year. Every November, City departments are instructed to submit budget requests to the
Mayor and City Administrative Officer (CAO) for the following Fiscal Year. From
December through February, the CAO reviews all budget proposals to develop funding
recommendations. The revenue projections for the next Fiscal Year are provided by City
Controller and CAO in March, and the Mayor’s Office refines the budget proposals
throughout March based on those revenue projections. The Mayor must release the
Proposed Budget by April 20th of each year by City Charter mandate. After the Mayor
releases the Proposed Budget, Budget Hearings are scheduled in late April and early
May for the BFC’s consideration of the Mayor’s Proposed Budget, with input from the
City departments regarding their respective budget proposals. The BFC’s
recommendations are finalized and presented in a BFC report to the City Council around
mid-May. In late May, the City Council will consider the BFC report and adopt the Annual
Budget. A final Budget Resolution is subsequently adopted for the new Fiscal Year.

The Committee and Ms. Rasmussen also discussed the oversight of departmental
processes, revenue-generating ballot initiatives that were adopted by the City Council for
placement on the June 2026 Primary Election ballot as well as for future ballots, recent
efforts to refine and revise commercial signage policies, short-term rentals, consolidation
of various City departments, refinement of development services, alternatives to traffic
enforcement, potential franchise fees, intellectual property licensing, and parking
enforcement reform.
(6) Report Backs on Focus Area Progress

 • Committee members will report back on the status and progress
 of the potential focus areas discussed during the previous
 meeting.
 • Discussion will include updates on initial research and goals
 regarding economic development, financial management, and
 revenue sources.



 The Committee discussed the status and progress for the identified focus areas explored
 by the ad hoc subcommittees. One subcommittee is exploring opportunities in the focus
 area of new revenues, expenditures, efficiencies, and innovations. Potential
 opportunities to address escalating liability costs and settlement expenses include the
 privatization of liabilities, new insurance models, performance-based mechanisms that
 link funding allocations to performance reviews of all City departments, and establishing
 a baseline for setting standards of practice for revenue distribution in City departments.
 Technological tools and predictive analytics can also be explored to identify early-stage
 high litigation risk for the City before such liability risks become prevalent issues, as well
 as the potential implementation of central methods of collection such as a singular
 unified accounts receivable system for all liabilities and accounts to consistently monitor
 the movement of funds. This subcommittee will also evaluate external tools in other
 jurisdictions on a national scale, and determine whether there are any evidence-based
 approaches that can be implemented by the City of Los Angeles.

 Another ad hoc subcommittee is exploring issues in four major categories and policy
 areas, which include special fund reform, opportunities for optimization of the City’s
 treasury through higher risk investment management strategies, evaluating the
 adequacy and financial stability of the Reserve Fund and Budget Stabilization Fund, and
 maximizing the use of underutilized parcels of City-owned land due to fragmented
 authority, limited real estate finance expertise, and deferred maintenance. Regarding
 special fund reform, this subcommittee will explore the potential public benefits of special
 funds managed by the proprietary departments, the methods in which special funds
 reimburse the City’s General Fund for general overhead costs, potential consolidation of
 housing and homelessness special funds, and self-imposed requirements on utilization.
 This subcommittee will also evaluate the success and best practices of other cities for
 the implementation of efficiency measures and guardrails pertinent to the management
 and replenishment of reserve funds.
(7) Discussion

 • Committee members will refine the BFAC work plan, goals, and
 focus areas for the year, as needed.



 The Committee discussed other potential focus areas that can be explored, such as how
 the City determines adequate staffing levels, evaluating the current business climate and
 impediments that impact revenue generation from a regulatory perspective, and
 evaluating short-term costs that can potentially achieve long-term efficiencies. Past
 proposals that have not been acted on over the years can be evaluated to determine
 how to overcome progress impediments. The Committee can also evaluate the
 limitations imposed by the Surplus Land Act that prioritizes real estate assets for specific
 uses as opposed to general uses, underutilized City-owned parcels, the designation of
 surplus property by City departments within their respective jurisdiction, and potential
 establishment of a municipal development authority as a professionalized asset
 management approach. The Committee may also evaluate the City’s cost of borrowing
 with regard to the rates for Tax and Revenue Anticipation Notes (TRAN) and the timing
 for repayment of certain debt obligations.

(8) Next Steps and Future Agenda Items


 The Committee discussed several next steps, which include inviting subject matter
 experts to present on their respective areas of expertise, finalizing subcommittee reports
 and research material pertinent to the identified focus areas with the assistance of the
 Fellows of the University of California Los Angeles (UCLA) Luskin School of Public
 Affairs (UCLA Fellows), and exploring opportunities for immediate savings and/or
 revenues.

 The CAO's Office may be invited to discuss fiscal matters, including the Reserve Fund
 and Budget Stabilization Fund, the elements of performance-based budgeting for certain
 functions or certain City departments, and how evaluation and funding align with
 particular point of view in determining allocations. The Controller's Office may be invited
 to discuss financial management matters, including potential consolidation of special
 funds, sunsetting of obsolete funds, and General Fund reimbursements. The Office of
 Finance and its investment advisors may be invited to discuss the City's treasury policies
 and current investment policies, how the core portfolio, reserve portfolio, extended
 reserve portfolio, and general pool with different weighted maturities are being invested;
 the investment rates of return with consideration to current interest rates and value of
 bonds, and the breakdown of liquidity needs for the portfolio. The investment managers
 of the City's pension funds, which include the Los Angeles City Employees' Retirement
 System, Los Angeles Fire and Police Pensions, and Water and Power Employees'
 Retirement System, may be invited to discuss their investment strategies as they pertain
 to risk and reward. The General Services Department may be invited to discuss real
 estate policies and asset management. The Committee also requested to invite
 representatives of the Neighborhood Council Budget Advocates to present highlights of
 their annual White Paper relative to the City’s budget.

 The UCLA Fellows will present their preliminary research on performance-based
 budgeting used in other cities at a future Committee Meeting. The Committee requested
 research from the UCLA Fellows on Reserve Fund benchmarks used by other large
 cities, to determine whether the City of Los Angeles should use an alternative calculation
 as a benchmark for the Reserve Fund.

 A Closed Session may be scheduled for a future Committee meeting so that the City
 Attorney can provide guidance on the parameters of Ralph M. Brown Act compliance
 relevant to communications among the Committee Members and ad hoc subcommittees.

 (9) Calendar Review

 • Committee members will discuss and set the calendar for the
 next few months.



 The Committee confirmed that the BFAC Meeting of March 6, 2026 will be cancelled.
 The next BFAC Meeting is scheduled on Friday, April 3, 2026 at 1:00 p.m. in City Hall.

 (10) Adjournment


 The Committee Meeting was adjourned at 2:59 p.m. with the following Members present:

 Ron S. Galperin, Derric J. Johnson, Joseph M. Lumarda, Tom De Simone (4);
 Absent: Gilda Haas (1)


If you challenge this Committee's action(s) in court, you may be limited to raising only those issues you or someone else raised at
the public hearing described in this notice, or in written correspondence delivered to the City Clerk at or prior to, the public hearing.
Any written correspondence delivered to the City Clerk before the City Council's final action on a matter will become a part of the
administrative record.

Materials relative to items on this agenda can be obtained from the Office of the City Clerk's Council File Management System, at
lacouncilfile.com by entering the Council File number listed immediately following the item number (e.g., 00-0000).

Telecommunication Relay Services
Telephone communication is one of the most important forms of communication in society today. Due to advancements in
technology, telephone devices have evolved with new services and capabilities. Individuals who are deaf and hard of hearing, and
individuals with a speech disability are following these trends and are rapidly migrating to more advanced telecommunications
methods, both for peer-to-peer and third-party telecommunications relay service (TRS) communications.

Telecommunications Relay Service is a telephone service that allows persons with hearing or speech disabilities to place and
receive telephone calls. TRS is available in all 50 states, the District of Columbia, Puerto Rico and the U.S. territories for local and/or
long distance calls. TRS providers - generally telephone companies - are compensated for the costs of providing TRS from either a
state or a federal fund. There is no cost to the TRS user.

What forms of TRS are available?There are several forms of TRS, depending on the particular needs of the user and the equipment
available: TRS includes: Text to Voice TIY-Based TRS; Speech-to-Speech Relay Service; Shared Non-English Language Relay
Service; Captioned Telephone Relay Service; Internet Protocol Relay Service; and Video Relay Service. Please visit this site for
detail descriptions, https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.

Don't hang up! Some people hang up on TRS calls because they think the CA is a telemarketer. If you hear, "Hello. This is the relay
service .. . " when you pick up the phone, please don't hang up! You are about to talk, through a TRS provider, to a person who is
deaf, hard-of-hearing, or has a speech disability.

For more information about FCC programs to promote access to telecommunications services for people with disabilities, visit
theFCC's Disability Rights Office website.