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

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6.A. - Page 13 of 114 Finally, the Grand Jury commends the following Cities for the actions to increase transparency and/or reduce long-term pension contribution costs described below: o Colma, Daly City, Foster City, Hillsborough for their decisions to incorporate pension contribution cost projections in their most recent annual budgets. They had not included such projections in their prior budgets. 26 o Redwood City and Woodside for their decisions to extend their general fund forecast periods from five years to ten years.27 o Redwood City for recently adding a "Fiscal Update" page to its public website (www.redwoodcity.or /fig scalupdate) that the Grand Jury finds to quite helpful to access key information about Redwood City's most recent budget.28 o Foster City for the unusual depth of information and analysis provided in the five-year general fund operating forecast contained in its most recent FY 2019-20 budget.29 o Belmont, Colma, Foster City, Menlo Park, Portola Valley, Redwood City, San Carlos, and San Mateo, for having made, or currently having specific plans to make, additional pension contribution payments to Ca1PERS beyond their Annual Required Contribution, thus actually reducing their long-term pension contribution costs. 30 Atherton Pension Contribution Costs - Atherton Atherton's pension contribution costs in FY 2017-18 were $1.29 million (up from $1.16 million in FY 2016-17).31 The Town's FY 2017-18 pension contribution costs represented 27.7 percent of that year's covered payrol132 (up from 26.7 percent the preceding year) and 10.7 percent of its total general fund spending (up from 10.1 percent the preceding year)." The Town projects its pension contribution costs will increase above FY 2017-18 by $1.86 million (144.1 percent) to $3.15 million by FY 2023-24.34 The Town does not have any projections beyond FY 2023-24.35 26 See, sections on these Cities' "Pension Contribution Costs" and Appendix B below. 27 See, sections on these Cities' "Long -Term Financial Forecast" and Appendix B below. 28 See, sections on Redwood City's "Long -Term Financial Forecast" and Appendix B below. 29 Foster City, Preliminary Budget for Fiscal Year 2019-2020, pp. 55-94. 30 See, sections on these Cities' "Additional Payments to Ca1PERS" and Appendix B below. 31 Appendix A. 32 "Covered payroll" refers to pay received by those employees who participate in a City's CalPERS pension plan. 33 Appendix A. 34 Email from Atherton, dated June 20, 2019. 35 Grand Jury interview. 2018-2019 San Mateo County Civil Grand Jury 6 17