AgdaPkt 2019-10-14 Joint SA PFA - Laserfiche WebLink

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6.A. - Page 113 of 114 and South San Francisco have, since November 2016, sought and obtained voter approval for ballot measures intended to increase revenues. Response: The City agrees with this finding as pertaining to the City of Redwood City. On November 6, 2018, Redwood City voters approved Measure RR (One-half of one percent sales tax) with support of 67.7 percent of voters, and Measure DD (Cannabis business tax) with support of 78.7 percent of voters. These two revenue measures are expected to generate over $8.0 million annually for the City. F26. Each of Half Moon Bay, Pacifica, Redwood City, and San Bruno are currently considering seeking approval of their voters for revenue enhancement measures in the near term. Response: The City agrees with this finding as pertaining to the City of Redwood City. The City Council's Finance and Audit Sub -Committee is currently exploring potential revenue enhancement measures for City Council consideration in the future. F27. Neither Atherton, Belmont, Brisbane, Burlingame, Colma, Daly City, East Palo Alto, Foster City, Hillsborough, Menlo Park, Millbrae, Portola Valley, San Carlos, San Mateo, South San Francisco, nor Woodside is currently considering seeking approval of its voters for revenue enhancement measures in the near term. Response: This finding does not apply to the City of Redwood City. RECOMMENDATIONS R1. Each City include in its published annual or bi-annual budgets a general fund operating budget forecast for the next ten fiscal years. Response: This recommendation has been implemented. Every year, the City develops a robust and comprehensive forecast for the City's General Fund. Commencing with FY 2019-20, the City expanded the forecast timeframe from five years to ten years. The ten-year forecast is included as part of the FY 2019-20 Adopted Budget and maybe found on the City's website here: FY 19-20 Adopted Budget R2. Each City include a report in its published annual or bi-annual budgets specifically setting forth the dollar amounts of its annual pension costs paid to CAPERS. The report should include the following: a. The City's total pension contribution costs under all plans, for each of the three preceding fiscal years as well as estimates for such costs in each of the following ten fiscal years (whether developed by City staff internally, or by outside consultants to the City), assuming CalPERS' actuarial assumptions are met. b. The City's total Unfunded Liabilities under all plans, for each of the three preceding fiscal years as well as estimates for such Unfunded Liabilities in each of the next ten fiscal years (whether developed by City staff internally, or by outside consultants to the City), assuming CalPERS' actuarial assumptions are met. c. The City's Funded Percentage across all plans, for each of the three preceding fiscal years as well as estimates for such Funded Percentages in each of the next ten fiscal years, assuming CalPERS' actuarial assumptions are met. 6 117