Mayor Antonio Villaraigosa

Mayor Antonio Villaraigosa formally released his 2012-13 budget today at a City Hall news conference.

Joined by police Chief Charlie Beck, fire Chief Brian Cummings and City Administrative Officer Miguel Santana, here is what Villaraigosa had to say about the $7.2 billion spending plan:

Let me be clear: this city has demonstrated again and again and again that we will make the tough calls, that we will do what we need to do to set us on a path that is more sustainable going into the future, that protects vital services and, as much as possible, protects our General Fund.

This is the largest reserve fund set aside in 10 years, since 2002.

I don’t do this to protect a legacy. I do this because I understand what it means to have a safe city. We all understand what it means to have a safe city. This is a different city today because it’s so safe.

To keep our fiscal house in order, we’re going to have to reduce the long term budget cost drivers — labor, health care and pensions costs.

There will be layoffs.

Here is a PDF version of the budget proposal.