20-03-2025
Tesla announces another broad Cybertruck recall, this time over glue
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CONVENTION CENTERS
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State consultant suggests waiting on BCEC expansion
Hold off on that big expansion for now. That's the bottom line for the Boston Convention & Exhibition Center in an extensive report prepared
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HOSPITALS
Lawrence General named former Tufts Medical exec as new CEO
After a challenging year for Lawrence General Hospital and Holy Family Hospital, former Tufts Medical executive Diana L. Richardson will take over as interim president and CEO next month, the hospital system announced Thursday. She will join the organization on April 14, following
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MUNICIPAL FINANCE
Los Angeles faces $1b budget hole amid broad federal cuts, wildfire recovery
Los Angeles is facing a projected deficit of nearly $1 billion in the next fiscal year as the city grapples with the aftermath of historic wildfires and a deep decline in revenue. A key budget official painted a grim picture of the city's finances at a council meeting on Wednesday. Warnings included the possibility of thousands of layoffs and 'extremely difficult cost-cutting decisions' that will be required to close the gap, said Matthew Szabo, the city administrative officer. The shortfall is about 13 percent of the adopted budget, a threshold he called 'extraordinary.' 'This is an enormous hole to fill,' he told city council members. 'The severity of the revenue decline paired with rising costs has created a budget gap that makes layoffs nearly inevitable. We are not looking at dozens or even hundreds of layoffs, but thousands.' The stark statements offer a first glimpse into what is expected to be a challenging budget cycle for Mayor Karen Bass, a Democrat who is set to unveil her spending proposal next month. Most US cities can't operate at a deficit, so her plan is poised to include cost-cutting efforts. On Wednesday, she directed Szabo's office to game-plan ways to save between $500 million and $900 million in structural budgetary expenses. Cities across the United States are facing tough budget decisions this year as inflation raises costs and pandemic-era stimulus aid sunsets. Chicago's city council passed a 2025 budget that closed a nearly $1 billion deficit and in San Francisco, the city is projecting a budget shortfall of about $876 million for the 2026 fiscal year. The municipalities, already facing a squeeze, could see further pressures from federal government cuts. President Trump has threatened cities that don't comply with his immigration agenda while educational institutions are already cutting staff and freezing some spending.
— BLOOMBERG NEWS
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