If you own a $20,000 car and I steal it, is your loss not $20k? (excluding depreciation etc)
Moreover, the quote was about budget - it only hits the budget if they replace them. Likewise, if someone steals your car, it only hits your budget if you replace it or otherwise incur other expenses (taxi, etc). If you shrug because you have 4 other cars, or just walk and bike most of the time, its not really hitting your budget.
The city is basically leasing the cameras, and responsible for their cost.