LOS ANGELES (CBSLA.com) — Former U.S. Secretary of Commerce Mickey Kantor met with leaders at City Hall Thursday to announce the formation of an independent 12-member commission charged with developing budget-balancing ideas for the city.

KNX 1070’s Pete Demetriou reports the “Los Angeles 2020 Commission” will be tasked with offering solutions for a projected $165 million deficit for the next fiscal year beginning in July.

City officials are considering a number of proposals following the defeat of Proposition A, a measure on the March 5 ballot that would have increased the city sales tax by a half-cent.

Kantor will chair the 12-member panel – which will serve on a volunteer basis and operated entirely on private funding – to put together an independent assessment of the city’s overall financial picture.

City Council President Herb Wesson said Kantor will put together an independent assessment of the city’s overall financial picture and hold private hearings on how to “make structural changes that we need to make in order to make sure, from a financial perspective, the city is moving in the right direction.”

Mayor Antonio Villaraigosa’s proposed budget for next year is due in April. The panel is expected to be ready with its report and conclusions for the new Mayor and Council members in July.

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