Welcome to the City of Santa Monica Finance Department
The mission of the Finance Department is to provide sound business, financial and risk management support to internal and external customers, ensuring continuation of public services to the residents, visitors and businesses of Santa Monica through the protection of financial resources.
Santa Monica's geographic location and its diversified tax revenue base allows the local economy to weather fluctuations with minimal impact, protecting the City from downturns that impact one or a limited number of sectors of the economy. The City continues its long history of adopting balanced budgets and maintains healthy reserves to protect itself from shock losses. Prudent financial management has earned the City a AAA bond rating since 1995, and clean audits for over 30 years.
Headlines
Hack the Beach
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Council approves $45M payment towards unfunded liability
Learn about Santa Monica retirement costs in the Pension Overview and read the Report to Council.
Sales Tax Changes
Santa Monica’s sales tax rate is 10.25% as of July 1. The Sales Tax page contains a 2017 sales tax rate schedule and explanation of rate changes.
Minimum Wage Changes
Santa Monica's minimum wage increased for all businesses July 1. Rates and more information are at smgov.net/minimumwage.
Council Adopted FY 2017-19 Budget
Click here for the City's FY 2017-19 Adopted Biennial Budget, which Council adopted at the budget hearing on June 27, 2017. Read the associated staff report to Council.
Commercial Cannabis Business Licensing Update
The City will not be accepting applications for any cannabis-related businesses until further notice. Click here for more information.
Transparency
Santa Monica is committed to transparent financial management. View the City's credit ratings, recent financial status updates, and additional financial data.