While it would be nice to imagine that L.A. is the only U.S. city where the real estate bubble has utterly distorted municipal budgets, that is assuredly not the case:
This year, the county is expecting $392 million more in property tax revenue than last, roughly half of which is directly attributable to the continuing upsurge in home sales and valuations. In the budget proposed Tuesday, the Board of Supervisors’ discretionary portion was 14%, up from just 3.2% in 1997-1998. The entire difference is funded by property taxes.
[via L.A. Times]