Mayor Eric Garcetti on June 2 signed the 2022-2023 fiscal year budget, which includes investments in homelessness while achieving the largest cumulative reserves in city history at 9.3%, according to his office.

“This spending plan is about more than doubling down on the improvements and solutions that Angelenos can see and feel in their daily lives,” Garcetti said. “It’s about placing our city on a fixed course to stability, prosperity and equity for generations to come. This budget is both prudent and progressive – bold, but balanced. As mayor, I’ve always tried to make decisions that keep an eye toward the future, and this budget is proof that we can make historic investments today while creating our most fiscally responsible budget yet.”

The $1.16 billion budget includes the largest proposed investment to alleviate homelessness by nearly $200 million and $415 million for Prop. HHH, enabling the continuation of construction and development for 98 projects with 6,194 new units in the pipeline. Other investments in homelessness include more than $255 million for a new round of Project HomeKey, which will add 928 units, of which 909 will be permanent supportive housing units.

Other key components of the city’s 2022-2023 fiscal year budget include $15 million for waste diversion and water resiliency improvements; $12.4 million for electric vehicle purchases and leases, electric vehicle infrastructure and charging infrastructure across the city; $10.5 million for the establishment of the two-part Climate Equity Fund to provide mitigation actions for low-income communities that disproportionately suffer from climate impacts; $9.7 million for street safety improvements; $4 million in cool pavement, doubling the city’s current investment; $5.7 million for Summer Play LA, which will provide low-cost summer camp programs at recreation centers; $5 million for solar and decarbonization efforts on municipal buildings; funding for more than 800 sanitation workers, including more than 200 youth positions for the CleanLA program; and $2 million for tree planting in low-canopy neighborhoods.

“For Los Angeles to elevate all Angelenos, we need a budget that reflects these goals,” Council President Nury Martinez, 6th District, said. “The council is ready to both implement the new programs in this budget that we have worked tirelessly to create, but also to bring back a sense of urgency to the delivery of basic city services.”

“After two years of catastrophic fiscal impacts from the COVID pandemic, the 2022-23 budget will restore stability, improve public safety, invest in critical infrastructure, protect the environment, clean up our public spaces, promote economic opportunity and increase the services and housing necessary to get people experiencing homelessness off the streets,” Councilman Paul Krekorian, 2nd District, said.

“This budget reflects our collective priorities as a city, including investments in cleaner streets, public safety, housing affordability, environmental safeguards and mobility improvements,” Councilman Kevin de León, 14th District, said. “As chair of the Homelessness and Poverty Committee, I’m very proud that this budget includes significant investments on homelessness which will keep us on a path to getting Angelenos permanently housed.”