Malibu City Council Unanimously Approves Fiscal Year 2025-26 Budget, Prioritizing Fire Recovery and Rebuild While Maintaining Strong Fiscal Health
The Malibu City Council unanimously approved the City’s Fiscal Year 2025-26 Budget on June 23, reinforcing Malibu’s strong financial position while addressing major rebuild and recovery efforts from the devastating Palisades and Franklin Fires.
“This Budget is a testament to years of excellent, award-winning, conservative financial management by our City leadership and staff,” said Mayor Marianne Riggins. “Because of our careful long-term planning and our policy of maintaining high emergency reserves, Malibu holds one of the highest municipal credit ratings. That allows us to do more for our residents, even during times of hardship.”
The $110.32 million Budget includes nearly $5 million to complete the much-anticipated Permanent Skate Park and $425,000 to complete the Malibu Bluffs Park Snack Shack.
To address disaster recovery, the Budget includes $10.1 million for disaster rebuild services and expenses, and an additional $8.4 million in capital projects to replace infrastructure damaged by the recent fires. In addition, the Budget includes $1.1 million to support technology updates, administrative policy updates, and strategic resiliency plans.
Overall, the Fiscal Year 2025-2026 Budget initiatives will enable digital transformation, infrastructure financing, economic development and process optimization, ensuring that the City’s modernization efforts are evidence-based, efficient, and aligned with best practices.
“While we have a healthy reserve, our financial health is only as good as our next disaster,” Riggins said. “That is why we are fighting for every possible dollar in state and federal funding and grants to ensure that we rebuild a stronger, safer, more resilient Malibu for current and future generations.”
For more information, click here for the staff report.
Click here to watch video of the June 23 City Council discussion and approval.