BREAKING: @MayorOfLA's proposed budget has just been released.
In FY 2021-2022, Mayor Garcetti has proposed an increase to LAPD over this year's current budget with a total of $3,078,227,589.
Other agencies have also seen slight increases.
Today, we will be breaking down the budget for you all. Transparency is key & part of our platform for City Controller is to make financial information accessible & easy to understand. If you support our work, please join us & donate to help us win! ✊🏼
ALSO, it is deceiving for the @MayorOfLA to show on his Budget Summary that the LAPD had a 5% decrease. Last year, @BLMLA & allies successfully divested close to $150M from LAPD's 2020-21 budget. The Mayor is not including that in his budget, hence calling this year a "decrease."
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.@MayorOfLA said he is presenting the city budget to City Council tonight. He said it is the biggest budget yet. Also that "you are its co-authors and co-owners."
On small businesses, @MayorOfLA proposes:
-an ordinance to cut 90% of time to secure alcohol approval
-$8,000 of expiring fees for 3 years
-"let’s make al fresco dining permanent!"
-$25 mil in "come back" checks for $5,000 to 5,000 businesses
He is announcing a program in collaboration with @nithyavraman (whose name he mispronounces) to set aside $1.3 mil to help street vendors and to help them clear bureaucratic support.
Guess how much WE paid in LAPD legal settlements in FY2020? 🚔
$30,412,523! 💰
- Largest payout was $6.7M related to sexual harassment by an LAPD Sergeant. What happened to the Sgt? He was transferred to another group (Internal Affairs) which investigates police misconduct. 🤦🏾♂️
- 2nd largest payout was $6M related to an LAPD officer who locked up someone for 17 YEARS & withheld crucial evidence which proved that person was the wrong person all along. 🤦🏾♂️
- 3rd largest payout was $3.75M related to LAPD repeatedly tasing a Marine veteran to death. 🤦🏾♂️
HERE'S THE THING: this financial info is not EASILY known or made accessible. This is precisely WHY we're running for LA City Controller.
The more people know, the better they'll be when talking to their elected officials about change!
After speaking w/ street & transportation activists like @jessica_meaney, @bikinginla, @bikethevote, @streetsforall I was curious on how much the City of LA paid in FY2020 in legal settlements under account names "Public Works, Transportation, & Street Services".🚶🏾
$38,152,421💰
The largest payout in FY2020 was $4M when a resident & her vehicle plunged into a sinkhole on Laurel Canyon Blvd.
Other notable payouts include:
-$3.2M for a trip-and-fall accident when someone accidentally stepped into a pothole during the rain causing his ankle to dislocate
- $3.5M related to "dangerous conditions of public property arising out of a vehicle pedestrian accident" on Vista Del Mar/Imperial Hwy
- $3.2M for landslide damage
- $2M when branches of a tree fell on a vehicle w/ 3 people inside
It's Robinhood AND billionaire hedge funds vs the MILLIONS of ordinary folx like you who invested in GameStop, AMC, Blackberry. Over 13M+ use the trading app Robinhood. Today Robinhood restricted trading for GME, AMC, BB, +. 😡
This caused the stock price of many of these already shorted stocks to drop in price SIGNIFICANTLY. Why? Because the millions of people taking on Wall Street CANNOT buy into these stocks. GME went from $400 to $120. Guess what happened? 🤔
Hedge funds/investment firms covered their short positions on the price dip (they closed their shorts) and made BILLIONS on the dip. Ordinary folx like you have been buying 1 or 2 or 3 stocks of $GME, $AMC, $BB to support these businesses that Wall Street is trying to take down.
For those who don't know what's happening with Game Stop and AMC stocks which many may not even know or care about... but hedge funds & investment firms "shorted" these stocks. (Bet big money that the stock price would go down because "they thought they were dying businesses").
The opposite of shorting a stock is going "long" which most people do, which means buying a stock and holding it till its price goes up in value. Small investors like yourself or what not banded together and said "screw those hedge funds trying to bet on the demise of Game Stop
and AMC, YOLO, we're going to save those businesses" and bought those stocks and now the price of these stocks are skyrocketing because the demand is high. When you a short a stock, the investor (these billion dollar hedge funds / investment forms) who shorted the stock can lose