Long Beach closes fiscal year with $40M deficit; larger structural shortfall looms
Long Beach city leaders are grappling with how to handle its worsening financial position as external economic forces, including federal and state funding cuts and declining tax revenue, put pressure on the city’s fiscal future.
The city ended fiscal year 2025 with a gaping $40 million deficit in its general fund, representing a major increase in Long Beach’s original projection of a $20.3 million structural shortfall when the budget was adopted in September 2024.
Since May, officials had been w...
The city ended fiscal year 2025 with a gaping $40 million deficit in its general fund, representing a major increase in Long Beach’s original projection of a $20.3 million structural shortfall when the budget was adopted in September 2024.
Since May, officials had been w...