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Finance committee hears general‑fund forecast, staff lays out tiers of revenue and cost options and moves discussion to next week
Summary
City staff presented a multiyear general fund forecast showing widening deficits despite a newly passed sales tax (Measure I). The committee left public comment open and continued the item to next week to prioritize staff recommendations including a possible real‑property transfer tax, fee changes, and enterprise fund reviews.
City finance staff presented an updated general‑fund multiyear forecast to the Santa Barbara City Finance Committee on Oct. 14, outlining a projected depletion of reserves in coming years unless the city adopts new revenue measures or expenditure controls.
Finance Director Keith Demartini and Budget Manager Natalia Glusick told the committee that the November 2025 passage of Measure I, a half‑cent sales tax, will generate roughly $15 million annually for the general fund but will not fully close a structural gap. Staff said sales tax has been flat for the last seven to eight quarters and transient‑occupancy tax (TOT) growth has slowed. The committee was also told the recently approved collective bargaining agreements for public safety cost more than the assumptions in the adopted fiscal‑year 2026 and 2027 budgets and that…
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