Morro Bay to hire consulting firm to update plan for improving finances

The Morro Bay City Council approved a contract with the consulting firm Management Partners to update a financial options report.

The firm compiled a 112-page study in 2008 that resulted in about 40 recommendations on ways the city could reorganize, save money and increase its revenue stream.

On Tuesday, the council approved spending $79,600 to pay for an update to address ways the city can improve its finances in the wake of losses of local industry — including the recent Morro Bay Power Plant closure, fishing declines and retail vacancies.

“We’re exciting about reviewing and implementing new recommendations to make our city effective, efficient, and better place to live,” City Manager David Buckingham said.