Santa Monica's municipal workforce will shrink by nearly 30 full-time employees and voters could be asked to approve new taxes in an effort to rein in a rising pension debt, City officials said Wednesday.
That is part of a strategy for the proposed 2019-21 Biennial Budget that will help pay down the City's estimated $448 million in unfunded pension liability, top City officials said at a morning media briefing.
Officials, however, did not reveal the bottom line that will be presented to the City Council May 23, which they said finance officials are still reviewing and tweaking.
Read More: http://surfsantamonica.com/ssm_site/the_lookout/news/News-2019/April-2019/04_24_2019_New_Budget_Strategy_to_Result_in_Better_Government_at_Lower_Cost.html
AND: https://www.smdp.com/city-hall-will-cut-about-29-jobs-and-save-17-million-in-spending-by-mid-2021-to-prepare-for-its-coming-financial-shortfalls-as-it-pays-down-its-448-million-unfunded-pension-liability-over-the-next-1/174865
