AgdaPkt 2018-09-10 Joint SA PFA - Laserfiche WebLink

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6.1.C. - Page 6 F4. Each City's CAM for the fiscal years ending June 30, 2015, June 30, 2016 and June 30, 2017 reported Funded Percentages (as defined in this report) for the City's pension plans in the amount set forth beside its name for that year in Appendix A. Response: The City agrees with this finding as pertaining to the City of Redwood City data. F5. Each City's CAM for the fiscal years ending June 30, 2015, June 30, 2016 and June 30, 2017 reported what the Unfunded Liabilities (as defined in this report) for the City's pension plans would have been if the applicable Discount Rate applied to calculate them had been 1 percentage point lower in the amount set forth beside its name for that year in Appendix A. Response: The City agrees with this finding as pertaining to the City of Redwood City data. F6. Each City's CAM for the fiscal years ending June 30, 2015, June 30, 2016 and June 30, 2017 reported General Fund total expenditures for that year in the amount set forth beside its name for that year in Appendix A. Response: The City agrees with this finding as pertaining to the City of Redwood City data. F7. In each of the fiscal years ending June 30, 2015, June 30, 2016 and June 30, 2017, each City's contribution payments to CalPERS on the City's pension plans represented the percentage of that City's General Fund total expenditures for that year set forth beside its name for that year in Appendix A in the column entitled "Contribution Payments as % of General Fund Total Expenditures." Response: The City agrees with this finding as pertaining to the City of Redwood City data. F8. In each of the fiscal years ending June 30, 2015, June 30, 2016 and June 30, 2017, each City's contribution payments to CalPERS on the City's pension plans represented the percentage of that City's covered payroll for the City's pension plans in the amount set forth beside its name for that year in Appendix A in the column entitled "Contribution Rate (i.e., Contribution Payments as % of Covered Payroll)." Response: The City agrees with this finding as pertaining to the City of Redwood City data. F9. In FY 2017-2018, each City (excluding Atherton, Colma, Foster City, Hillsborough, Portola Valley and Woodside) has paid CAPERS for its Normal Costs (as defined in this report) and Amortization Costs (as defined in this report) in the amounts set forth beside its name on Table No. 4. (The Cities of Atherton, Colma, Foster City, Hillsborough, Portola Valley and Woodside are not included in Table No. 4 because the source for that table did not included data for them.) Response: The City partially agrees with this finding. The City has reviewed the City of Redwood City data reported in Table 4 and agrees with the $8.767 million reported as Normal Cost, but disagrees with the $12.479 million reported as Amortization Cost. All cities are given an option by CalPERS to prepay the annual Amortization Cost at the beginning of each fiscal year, which will result in a discount and a lower amount due. For FY 2017-18, the City prepaid $12.036 million of Amortization Cost, for a savings of $443,000. This savings was used to fund a supplemental 3