February 28, 2018 -- The City of Santa Monica is being urged to retire a $461 million debt for unfunded employee pensions in the next dozen years, imposing across-the-board freezes on salaries and/or hiring to pay for the move.

The “2030 Challenge” -- outlined in a letter that also calls for cutting capital expenditures -- goes before the City’s Audit Subcommittee during its meeting tonight at 6 p.m. at the Santa Monica Institute Training Room, 330 Olympic Drive, 2nd Floor Plaza Level.

It would require the City to set aside $40 million a year for the debt, tripling the paydown.

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