Los Angeles officials are socking away money for the next recession.
The nation’s second-largest city has set aside close to $500 million across several funds to help weather emergencies and financial shocks, said Matt Szabo, Mayor Eric Garcetti’s top budget adviser. It had about $192 million in reserves before the last recession, which officially lasted from December 2007 to June 2009. It wasn’t enough: police overtime, fire service and street repairs took a hit, among other city services, Mr. Szabo said.
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