Summary

Budget and Finance Committee meeting summary

Los AngelesNov 24, 20252 min read

At a glance

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The BFAC elected Ron S. Galperin as Chair and Jessica Lall as Vice‑Chair, heard the CAO's overview of the Fiscal Year 2025–26 budget, set paired focus areas on economic development, financial management, and revenue sources, and agreed to meet monthly.

Committees mentioned

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Budget and Finance Committee

Topics discussed

LaborBudget & TaxCommerce

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What this means

The committee chose its leadership and received a presentation on the city's 2025–26 budget. Members organized into small teams to examine topics such as economic development and asset management; financial operations including the City Treasury, short‑term borrowing (TRAN), and the Cost Allocation Plan (CAP); and revenue, fees, and cost recovery. The BFAC will meet monthly and each team will report progress back to the committee, with future meetings covering those focus areas.

Key decisions

Follow the major takeaways from this briefing.

Elected Ron S. Galperin as BFAC Chair (5-0)
Elected Jessica Lall as BFAC Vice-Chair (5-0)
Accepted CAO presentation on Fiscal Year 2025-26 budget
Organized members into pairs to lead focus areas on: (a) economic development and asset management; (b) financial management (Treasury, TRAN, General Fund reimbursements, CAP, special funds, debt); and (c) revenue sources, cost recovery, franchising, fees, liabilities, workers' compensation, and overtime
Agreed each pair will report back to the BFAC on status and progress
Confirmed BFAC will meet once per month on Fridays at 1:00 p.m.
Introduced UCLA Fellows (Golden Bachelder and Prokriti Monolina) to provide support to the Committee

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Meeting information

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Budget and Finance Advisory Committee

Nov 24, 2025, 9:00 PMBudget and Finance Advisory Committee (BFAC), Monday, November 24, 2025 - 1:00 PM, BOARD OF PUBLIC WORKS EDWARD R. ROYBAL HEARING ROOM, SUITE 350, CITY HALLcompleted

Agenda

Welcome and Introductions Councilmember Katy Yaroslavsky, Chair of the Budget and Finance Committee, will welcome members and lead introductions.
(1)
Decision: ITEM(S)
VOTE: BFAC Chair and Vice-Chair The Committee will nominate and vote to elect a Chair and Vice-Chair for the BFAC.
(2)
Decision: ITEM(S)
Budget Overview Staff will provide an overview of the City budget and key financial priorities.
(3)
Decision: ITEM(S)
Discussion: Committee Focus Areas The Committee will discuss a work plan, set goals and focus areas for the year, and consider focus area leadership, as needed.
(4)
Decision: ITEM(S)
Next Steps Identify next steps, meeting frequency, and confirm upcoming BFAC meeting dates.
(5)
Decision: ITEM(S)