May 23, 2017 -- Like the public sector elsewhere, Santa Monica is facing a daunting bill for unfunded pension-related liabilities -- $387 million in the City’s case, according to the record 2017-2019 biennial budget proposed last week.
The rise in pension costs begins in the 2018-2019 fiscal year with an extra $2 million, City officials said. By 2021-2022, pensions alone will be responsible for $13 million of the $19 million deficit the City is projecting.
City Manager Rick Cole cautioned that if the City can’t reduce those rising costs, it will need to start looking at its workforce.
Read More: https://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2017/May-2017/05_23_2017_Employee_Costs_Pose_Major_Fiscal_Challenge_for_Santa_Monica_Officials.html
