June 29, 2017 -- The Santa Monica City Council on Tuesday approved a record $1.57 billion biennial budget that represents a 27 percent jump from its predecessor even as the City braces for an economic slow-down.

Approved was a $774.9 million budget for the 2017-2018 fiscal year, with spending increases driven by construction of a downtown fire station, a $77 million bond for an annex to City Hall and steep costs tied to employee pensions and health care.

The second half of the biennial budget is $802.8 million.

In a statement, City Manager Rick Cole said the biennial budget “marks a transition” as the City faces $387 million in unfunded employee pension costs and other rising spending at a time when bounties from sales taxes, property taxes and other tradition revenues slow.

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