The memo outlines the number of grants the city has applied for, received, and how those monies are being spent. The letter also accounts for the number of jobs created and retained with ARRA grants.
The city has been awarded over $330 million in ARRA formula grants and has won $260 million in ARRA competitive grants for a total of approximately $600 million.
With that money the city has created or retained only 347 full-time jobs, 860 temporary summer jobs, and 67 jobs in the private sector.
The city has spent approximately $31.5 million on ARRA programs and has been reimbursed for $16.4 million.
The memo also provides a comparison of Los Angeles and New York City ARRA job creation and retention rates. The comparison was requestion by Ad Hoc Committee member Richard Alarcon during the committee's meeting last week.
When the numbers of jobs are adjusted for direct comparison, New York has created 1,615 jobs with about $1.2 billion for LA’s 347 with $600 million.
As the city considers numerous and varied options – including layoffs - for closing this fiscal year’s budget deficit of $208 million, the use of ARRA monies to retain jobs and create programs that will make money for the city is of growing importance.
With that money the city has created or retained only 347 full-time jobs, 860 temporary summer jobs, and 67 jobs in the private sector.
