L.A.'s shortfall growing

Budget officials said Monday that Los Angeles' financial prospects are gloomier than expected, with the projected shortfall growing to $200 million next year. Daily News.

Assistant City Administrative Officer Ray Ciranna said rising costs and less-than-expected revenue forced officials to revise the projected deficit for 2012-2013, which was estimated at $196 million just a few months ago.

"Our first financial status report will reflect that expenditures have increased and we expect we will have a more-than-$200 million shortfall for 2012," Ciranna told the City Council's Budget and Finance Committee said. "We will stress the need to start taking actions to deal with that and will have a detailed proposal for our second (financial status report)."