Santa Monica City Council Establishes Economic Development Ad Hoc Subcommittee to Address Budget Deficit

The Santa Monica City Council convened on March 10, 2025, to establish an Economic Development Ad Hoc Subcommittee, appointing Mayor Lana Negrete and Councilmembers Jesse Zwick and Barry Snell to lead efforts in addressing the city's budget deficit. This strategic initiative is part of the preparation for the Fiscal Year 2025-27 Biennial Operating Budget, which will span from July 1, 2025, to June 30, 2027. The council's focus is on curbing discretionary spending and exploring new revenue-generating opportunities to strengthen the local economy. During the workshop, council members emphasized the importance of three strategic priorities: fostering economic opportunity, ensuring clean and safe neighborhoods, and providing affordable housing for residents. The city has faced ongoing financial challenges since the COVID-19 pandemic, leading to reliance on reserves to balance the budget.

Furthermore, the council is committed to integrating racial justice and sustainability into all city programs and policies. The proposed budget will be reviewed in a study session scheduled for May 27, with final adoption planned for June 24. This proactive approach aims to secure long-term financial stability for Santa Monica.