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.
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Budget Task Force
The City Manager has convened a Budget Task Force, comprised of eight community members and seven members from the city workforce, to advise the City Manager on options and priorities for addressing the City's projected budget shortfalls over the coming six years. Learn more at finance.smgov.net/budget-task-force.
FY 2019-21 Budget
On June 25, 2019, The City Council adopted a balanced budget for FY 2019-20, a Proposed Budget Plan for FY 2020-21, and a strategy for the next six years that focuses on fiscal sustainability and shifts emphasis to delivering outcomes by measuring and managing performance. The Adopted Budget is $712.9 million for FY 2019-20 and $756.4 million for FY 2020-21. For more information, please view the June 25 budget staff report to City Council.
Compensation
Learn about what makes up Santa Monica pay and benefits, the City's compensation philosophy, and see a two-page snapshot and high level view of Santa Monica's pensions.
Sales Tax Rate
Santa Monica’s sales tax rate is 10.25%. The Sales Tax page shows more detail.
Commercial Cannabis Business Licensing Update
The City currently allows for Medicinal Cannabis Retail and Light Manufacturing operations. Other forms of medicinal cannabis commercial activities are currently not allowed. 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.