Santa Monica's General Fund non-restricted reserves -- which were used to provide essential services during the pandemic and to settle a costly sexual abuse lawsuit -- lost 30 percent of their funds between June 30, 2019 and June 30, 2022, according to he report.

"Strong reserves are necessary to cushion the delivery of services from the impact of emergency expenditures, contingent liabilities, and economic uncertainty," the report states.

Read More: https://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2023/March-2023/03_07_2022_City_Revenues_to_Take_5_Years_to_Recover.html