Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Adoption topic
No spam. Unsubscribe anytime.
Santa Monica Rent Control Board adopts FY 2026–27 budget, keeps registration fee unchanged
Summary
The board approved a $6.54M revenue / $7.36M expenditure budget for FY 2026–27 with no registration fee increase; staff cited one‑time costs (notably $450,000 for office renovations) as the main driver of a projected operating deficit.
The Santa Monica Rent Control Board on June 11 adopted its fiscal year 2026–27 operating budget, approving projected revenues of about $6.54 million against $7.36 million in expenditures and maintaining the annual registration fee at $240 per unit.
Staff summarized the budget at the public hearing, highlighting a projected operating deficit of approximately $816,000 driven largely by non‑recurring costs, including a $450,000 allocation for workspace renovation (furniture, electrical/data work, flooring and related project costs), an estimated $145,000 for the 2026 election cycle and potential ballot‑measure costs, and a final principal payment on the agency’s CalPERS loan. The proposed budget assumes 26,660 billable units for registration‑fee projections and retains 24 authorized positions (a net increase of one position for an administrative services officer).
Commissioners asked questions about the timing of renovation spending and legal‑fee allocations. Commissioner Ganska noted that some renovation funds were budgeted but unspent in the current fiscal year, which changed current‑year projections; staff confirmed the carry‑forward effect contributes to next year’s deficit. Commissioner Dudick praised staff analysis and emphasized that the agency is funded by registration fees and does not draw on the city’s general fund.
Commissioner Dudick moved to adopt the annual operating budget for FY 2026–27; Vice Chair Ambry seconded. The motion passed on a roll‑call vote (5–0). Staff said reserves remain sufficient under city reserve guidelines and will continue monitoring long‑term revenue sufficiency. The board also directed staff to continue outreach about agency services and to monitor fee sufficiency over time.
What happens next: The adopted budget will be implemented for FY 2026–27; staff will report on reserve levels and monitor post‑adoption revenue performance.
