Council approves FY 23-25 midyear budget review

February 28, 2024 1:49 PM
by Oscar Santiago

The Santa Monica City Council at its meeting Tuesday night reviewed and approved the Fiscal Year 2023-25 midyear budget adjustments and heard a presentation on the five year budget forecast.

The annual mid-year budget review process provides an opportunity to assess the adopted budget projections and review recommended adjustments based on eight months of actual spending data. Approved updates include staffing adjustments to better realign resources, acceptance of federal funding for various programs and an additional allocation to the City Council’s discretionary fund to support community needs.

Overall, the five year outlook for the city’s budget is stable and focuses on restoring services and replenishing reserves. At the same time, the city continues to navigate financial challenges, ranging from economic uncertainty to increased costs, high interest rates, a challenging labor market and changes in consumer behavior.

View the full presentation and council discussion click here. To view the staff report, click here.

Authored By

Oscar Santiago
Finance Department Director


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