After several consecutive years of budget deficits and fiscal challenges, the Los Angeles County Board of Supervisors adopted a final budget for Fiscal Year 2013-14 that totaled $26.099 billion, which included no reductions in service, layoffs, or furloughs. Additionally, for the first time in four years, the County did not have to rely on reserves or other one-time funding solutions to balance the budget.
This accomplishment was made possible through cost-saving measures put in place by the County such as the Efficiency Initiative Program and a County-wide hiring freeze. These actions, along with others undertaken to manage the County’s fiscal health during the recession, led to the County receiving the highest short-term ratings from each of the three major credit rating agencies. The County also received an upgrade in its long term credit rating to AA+, the highest credit rating ever assigned to Los Angeles County.