City of Santa Barbara Facing $1.1M Budget Deficit in 2024
Revenues Aren’t Growing as Fast as Expenses; City Expects Deficit to Grow to $4.8 Million By 2025
It’s budget season, and the city of Santa Barbara is looking for ways to tighten up its $667 million operating budget as the city prepares for a possible recession and for a general fund deficit that is expected to grow from just over $1 million next year to $4.8 million in 2025.
As with the county’s recently released Fiscal Year 2023-2024 Budget, the city of Santa Barbara’s operating budget continues to grow along with its revenues, but while the county was able to balance its budget without falling into the red, the city is having a tougher time making ends meet as incoming revenues aren’t growing as quickly as the rising costs across the board.
Finance Director Keith DeMartini outlined the most recent budget before the city council — the third in what will be a rapid-fire succession of 17 city-scheduled presentations, hearings, and public workshops over the next month and a half.
