Looking at the 10-year financial forecast for Santa Monica.

At this Tuesday’s Santa Monica City Council meeting, staff presented their Ten-Year Financial Forecast for the City of Santa Monica.

“We look at a decade that will bring changes to our traditional expectations about revenue and expenditure growth,” Gigi Decavalles-Hughes, Santa Monica’s Director of Finance, said.  “There’s going to be, pretty quickly, a shortfall between revenues and expenditures.”

Among the causes for the projected revenue decrease are things such as online shopping surpassing sales from brick-and-mortar establishments, fewer people using city parking structures, and a projected decrease in tourism revenue over the next decade.

Read More: https://smmirror.com/2019/01/revenue-decreasing-costs-increasing/