Before coronavirus hit, the city of Santa Monica was already facing a projected $2 million budget shortfall this year and an annual deficit of up to $74 million by the end of the decade, mostly due to rising pension costs and flattening revenues.

With most businesses shut down through at least the end of April and economists predicting a months-long recession, the city’s General Fund could suffer deeper losses.

Read More: https://www.smdp.com/economic-impacts-of-coronavirus-shrink-city-of-santa-monica-revenues/188921