Comprehensive Annual Financial Report - City of Santa Monica

Master Plan; (2) an ongoing commitment to sustainability; (3) continuing support of the Santa Monica Malibu
Unified School District through a Master Facilities Use Agreement; (4) a continuing commitment to
responsive service from all department, (5) a plan to address capital investment and maintenance; and, (6)
continued support of the City’s Active Living program
The residents of Santa Monica recently affirmed the City’s Utility Users Tax ordinance and eliminated the
need for an $8.2 million set aside of the General Fund balance. The City Manager has strongly urged the
City Council to use this set-aside to fund an economic uncertainty reserve to allow the city to respond to the
impacts of the current economic turmoil.
The Annenberg Community Beach House is scheduled to open in April 2009 after a decade of community
input and planning. Possibly the first of its kind, the Beach House is a public beach club, offering everyone
the quintessential Southern California experience – a great day at the beach.
The facility features restoration of an historic pool and guest house that were part of the original estate
William Randolph Hearst built for Marion Davies at 415 Pacific Coast Highway. New construction includes a
playground, splash pad, event space and a pool house with a second floor view deck. Back on the Beach Café
has also been refurbished as part of the project. The Beach House will be open for community use during the
summer and available to rent for private events during the rest of the year.
The Annenberg Community Beach House is made possible by a generous gift from the Annenberg
Foundation, at the recommendation of Wallis Annenberg, and in partnership with the City of Santa Monica
and California State Parks. Additional funding comes from the U.S. Department of Housing & Urban
Development and the Federal Preserve America grant program.
For more information on the facility, please visit http://beachhouse.smgov.net.
Long Term Financial Planning. The City is dedicated to financial planning in all areas of the organization.
Financial planning takes the form of continuous review and refinement of fiscal policies, development of fiveyear
forecasts, and an understanding of the initiatives being undertaken by the entire organization. In June
2008, the City Council adopted the following fiscal policies to help provide critical analysis and sound review
for budget development decisions.
General Policies
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The City will maintain sound financial practices in accordance with state law and direct its financial
resources towards meeting the City’s long-term goals.
The City will maintain and further develop programs to assure its long-term ability to pay the costs
necessary to provide the level and quality of service required by its citizens.
Operating Budget Policies
● The City will adopt a balanced budget annually by June 30.
● Current revenues will be sufficient to support current operating expenditures.
● The City will estimate revenues using an objective and analytical process; in the case of assumption
uncertainty, conservative projections will be used.
● The City will forecast its General Fund and other major fund expenditures and revenues for a fiveyear
period and will update the forecast annually. The forecast will be taken into consideration when
preparing budget recommendations.
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