The city of Santa Monica may be on the verge of a financial crisis and city leaders may have to declare a fiscal emergency in order to deal with a long running budget crisis that seems to be getting worse.

The city's leaders are being urged to declare a fiscal emergency according to a city agenda, the Santa Monica Daily Press reported.

Stream Los Angeles News for free, 24/7, wherever you are. WATCH HERE

The council scheduled a vote on the proposed declaration of a financial emergency for Tuesday Sept. 10.

A staff report regarding the dire financial state of the city blamed declining revenues from key areas like tourism and taxes and millions of dollars in massive payouts to victims of sexual abuse by a city employee that scandalized the beach enclave.

See Full Page