June 11, 2018 -- The City of Santa Monica's upcoming fiscal budget is in large part driven by looming pension costs that will force difficult spending choices the community will help make, according to the staff report for Tuesday's budget hearing.
The City has made voluntary advance pension payments totaling $76 million over the past seven years -- including $45 million last year -- but still faces a projected $461 million in unfunded long-term pension obligations, according to staff.
The proposed $734.1 million budget for fiscal year 2018-19 attempts to match resources with programs, services and projects that" help achieve community-focused outcomes, staff said.
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