The City’s budget remains in active recovery with reserves helping fill the gap for a balanced budget. Fewer reserves will need to be leveraged due to revenues coming in six percent higher than anticipated as a result of the active housing market; higher sales, hotel tax and parking receipts; and the positive impact of the recently passed Measure SM Real Property Transfer Tax increase.

Read More: https://santamonica.gov/press/2021/10/27/city-council-receives-year-end-financial-update