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The BFAC approved prior meeting minutes, elected Derric J. Johnson as Vice Chair, and confirmed ad hoc subcommittees to study financial management, economic development and asset management, and revenue efficiency. Members directed research into reserve fund benchmarks, special fund consolidation (including housing/homelessness funds), liability and investment strategies, and invited subject matter experts and UCLA Luskin Fellows to present. The March 6 meeting was cancelled; the next meeting is scheduled for April 3, 2026.
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Committee members set priorities to review how the City manages money, finds new revenue, and uses its property and special funds. They appointed a Vice Chair and asked university researchers and city financial offices to provide more information so the committee can draft recommendations for the Council’s Budget and Finance Committee. For residents, this means the committee is investigating options that could affect how city services are funded, how reserve and special funds are used (including housing-related funds), and potential changes aimed at reducing long-term costs.
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