Over the last five years, Mayor Butts, the City Council and local residents have worked together to move Inglewood forward and usher in a new era of economic growth and prosperity.
While the city recovered from near economic collapse in 2011, the path to recovery wasn’t easy. Inglewood’s leaders were forced to make several tough decisions to cut costs and raise revenue in order to regain fiscal stability. Due to their smart and financially responsible policies, today, Inglewood has cut the amount of unfunded liabilities in half, bolstered the city’s financial reserves, and consistently attracted outside investments.
Sales Tax Revenue
Due to the increased sale of goods in Inglewood, tax revenue growth in the city continues to outstrip the average growth rate in Los Angeles County and is projected to climb even higher in coming years. Moreover, upon the insistence of the city, developers of the new NFL stadium have agreed to buy all necessary construction materials from businesses in Inglewood. Under this agreement, Inglewood’s sales tax revenue is slated to double from $15 million to $30 million in 2017, creating additional revenue to fund public programs and city services.
As of February 1, 2011, the city accrued $316 million in unfunded liabilities – $117 million of which were specifically designated for retirees – over 30 years for a lifetime healthcare program that had fallen by the wayside. Under the leadership of Mayor Butts, Inglewood was able to set aside money to pay for the medical costs of existing and retired employees and reduce Inglewood’s unfunded liabilities to $152 million, nearly half of what it was in 2011.
Currently, commercial property rents remain enticing for businesses in Inglewood and are competitive with rental costs in nearby cities, enabling new and existing businesses to thrive and remain in Inglewood. Comparatively, home values have doubled since 2012, increasing the wealth and financial security of homeowners in Inglewood.