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6.A. - Page 12 of 114
<br />measures intended to increase revenues, 17 and four Cities are concurrently considering seeking
<br />approval of their voters for revenue enhancement measures in the near term. 18
<br />Two Cities have not yet put in place either (a) a plan to make additional payments to Ca1PERS
<br />beyond their Annual Required Contribution in the near term in order to reduce their long-term
<br />pension costs, (b) a plan to set aside money in a separate fund/reserve to help pay future pension
<br />costs, or (c) long-term general fund financial forecasts to help in budget planning. 19 One additional
<br />City also does not currently make long-term general fund financial forecasts.20
<br />Of the seventeen 21 Cities that prepare long-term general fund financial forecasts of at least five
<br />years, six 22 do not publish those forecasts in their readily -accessible annual budgets or annual
<br />financial statements, requiring members of the public who are looking for long-term forecasts to
<br />manually search through City Council meeting agendas online looking for reports that contain
<br />such data, and eight23 only prepare five-year forecasts rather than the ten-year forecasts
<br />recommended by the Grand Jury.
<br />While all but three 24 of the Cities have either generated, or retained consultants to generate for
<br />them, long-term projections of their future pension costs, only five of them 25 publish those
<br />forecasted pension costs in their readily -accessible annual budget or financial reports, requiring
<br />members of the public who are looking for such projections to manually search through City
<br />Council meeting agendas online looking for reports that contain such data.
<br />11 The Cities are Belmont, Brisbane, Burlingame, Colma, Daly City, East Palo Alto, Foster City, Redwood City, and
<br />South San Francisco. (See, discussions of those specific Cities in sections for each of them below entitled "Revenue
<br />Enhancement" and also Appendix B.)
<br />18 The Cities are Half Moon Bay, Pacifica, Redwood City and San Bruno. (See, discussions of those specific Cities in
<br />sections for each of them below entitled "Revenue Enhancement" and also Appendix B.)
<br />19 The Cities are East Palo Alto and Millbrae. (See, discussions of those specific Cities in sections for each of them
<br />below entitled "Additional Payments to Ca1PERS," "Pension Reserve Fund," "Long -Term Financial Forecast" and
<br />also Appendix B.) However, East Palo Alto's City Council has instructed staff to prepare a long-term, general fund
<br />operating plan going out to the end of FY 2025-26 and staff is in the process of preparing such a plan. Staff's objective
<br />is to complete such a plan by October 2019. (See, section on East Palo Alto's "Long -Term Financial Forecast" below.)
<br />Millbrae also reports that it is in the process of developing a ten-year general fund financial forecast and expects to
<br />have one sometime in FY 2019-20. (See, section on Millbrae's "Long -Term Financial Forecast" below.)
<br />21 This City is Portola Valley. (See, section on Portola Valley's "Long -Term Financial Forecast" below.)
<br />21 The Cities are Atherton, Belmont, Brisbane, Burlingame, Colma, Daly City, Foster City, Half Moon Bay,
<br />Hillsborough, Menlo Park, Pacifica, Redwood City, San Bruno, San Carlos, San Mateo, South San Francisco and
<br />Woodside. (See, sections on these Cities' "Long -Term Financial Forecast" below.)
<br />22 The Cities are Atherton, Brisbane, Burlingame, Daly City, Pacifica, and South San Francisco. (See, sections on
<br />these Cities' "Long -Term Financial Forecast" below.)
<br />23 These Cities are Atherton, Belmont, Brisbane, Burlingame, Foster City, Half Moon Bay, San Bruno and San Carlos.
<br />(See, sections on these Cities' "Long -Term Financial Forecast" below.)
<br />2' These Cities are Atherton, Brisbane, and Portola Valley. (See, sections on these Cities' "Pension Contribution
<br />Costs" below.)
<br />2s These Cities are Colma, Daly City, Foster City, Hillsborough, and Redwood City. (See, sections on these Cities'
<br />"Pension Contribution Costs" below.)
<br />2018-2019 San Mateo County Civil Grand Jury 5
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