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6.1.C. - Page 48 (9) Seek New Revenue. Although raising additional revenues for the purpose of paying down pension obligations may be difficult, it may still be possible for the Cities to supplement their funding of services through new revenue sources to protect them from cuts that might otherwise have to be made to pay rising pension costs. Redwood City's finance group notes that the City has increased revenues by approximately $2 million per year through higher development fees and that it is in the process of developing a phased approach to cannabis regulation as a result of which it expects to generate at least $0.3 million a year in additional taxes. 180 Redwood City is also exploring the possibility of implementing new solid waste fees to support street sweeping and parking enforcement services. The city's finance group concludes that: "Without new revenues, staff projects deficits beginning in FY 2019-20."181 These deficits are projected to reach $6.6 million per year in the general fund budget by FY 2022-2023.182 In November 2016, Daly City residents voted on Measure V, a five-year supplemental parcel tax of $162 per parcel for the purpose of restoring police and fire personnel and related operational costs. Measure V was defeated by a vote of 53 to 47 percent. 183 Measures That Appear Unavailable at this Time. Several more obvious strategies appear to be off the table at this time: (a) Renegotiating emDlovee pension formulas. As described in BACKGROUND (pages 12-13), the California Rule, a California Supreme Court interpretation of the state constitution, appears to prohibit even prospective reductions in pension Benefits for existing employees. As noted, cases challenging that interpretation are currently before the California Supreme Court. In the event that the Supreme Court loosens the California Rule, local jurisdictions may be able to renegotiate pension Benefits with their employees. Under PEPRA, Benefits for "New Members" hired after January 1, 2013, are much lower than for the "Classic Members" hired prior to that date. The California League of Cities "supports a change in state law or judicial precedent to allow employers to negotiate plan changes with classic Ca1PERS members" and suggests "converting all currently deemed "Classic" employees to the same provisions (Benefits and employee contributions) currently in place for "PEPRA" employees for all future years of service." iso Redwood City, Report - FY 2017-18 Mid -Year Budget Study Session, p. 12. 181 mid. 182 City of Redwood City, Fiscal Year 2018-2019 Recommended Budget, p. 174. ...Ballotpedia, Daly City, California, Parcel Tax for Police and Fire Departments, Measure V (November 2016), <httos://ballotaedia.ore/Daly City, California, Parcel Tax for Police and Fire Departments, Measure V (Hove mber 2016>. 2017-2018 San Mateo County Civil Grand Jury 34