Wall Street Alert: Read L.A. City Council's "Budget & Finance Report" of Mayor Villaraigosa's Proposed '11-'12 Budget And Watch Council Debate LIVE!

Los Angeles City Council will discuss Mayor Villaraigosa's proposed $6.9 billion budget for fiscal year 2011-12, which starts on July 1. Here is the 53 page report from the "Budget & Finance Committee."

Here is the Council File from the agenda for Wednesday, May 18, 2011 City Council discussion.

Click here to watch LIVE, starting at 9am. Will appear either here: Budget Hearings - Budget & Finance Committee: or here: City Council.