LA Council debates economic development strategy and UCLA study findings

The Los Angeles City Council meeting on March 28, 2000, focused on several key issues, including economic development strategies and improvements to the city's asset management systems.

One of the most significant discussions centered around a report presented by David Runston, an economist from UCLA. Runston highlighted findings from a study on the city's business assistance programs, revealing that less than 40% of the aid provided targeted the intended industries. He noted that wealthier areas received more assistance compared to poorer neighborhoods, which exacerbates existing economic disparities. Runston emphasized the need for a dedicated economic development department to better allocate resources and create jobs, particularly in low-income areas where the poverty rate is nearing 25%.

Council member Goldberg supported Runston's findings, urging her colleagues to consider the implications of the study as they discuss consolidating economic development functions. She stressed the importance of a strategic plan to ensure that assistance reaches the areas that need it most.

In addition to economic development, the council addressed the city's real estate asset management system. Council member Chick pointed out that the General Services Department reported significant issues with tracking fixed assets, including a lack of organization and accountability. She noted that changes in federal law would require more detailed information about these assets, highlighting the need for improvements in the city's fiscal management.

The council unanimously approved the recommendations related to both economic development and asset management, signaling a commitment to addressing these critical issues. The discussions underscored the city's ongoing challenges in fostering equitable economic growth and managing its resources effectively.