Despite deep cuts, Santa Monica's crippled economy has pushed the City's current budget into the red, and it's not expected to fully recover for at least another four years, City officials said.

After using $117 million in one-time funds to balance an already pared-down budget last June, the City will have to use $14.6 million of the $20 million it had squirreled away for a winter COVID-19 surge.

Read More: https://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2021/January-2021/01_21_2021_City_to_Dip_Into_Emergency_Reserves.html

AND: https://www.smdp.com/city-projects-economic-woes-to-last-several-years/201160