Investment return helps city budget deficit

The windfall—the result of better-than-expected property-tax revenue and cost-saving moves—couldn’t come at a better time. Earlier this week, Los Angeles Mayor Antonio Villaraigosa had warned that he might try to shutter some city offices two days a week in order to help bridge an estimated $222 million deficit in the current fiscal year, which ends June 30. The city’s controller, Wendy Greuel this week also warned that the city had been set to run out of cash as early as next month.