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6.A. - Page 15 of 114 In FY 2018-19, Atherton entered into an agreement with employees under which employees agreed to pay a portion of the Town's pension contribution costs (one percent of salary for employees under Miscellaneous plans and three percent of salary for employees under Safety plans).46 Revenue Enhancement - Atherton Since 2016 Atherton has not put any ballot initiatives before its voters for the purpose of revenue enhancement and it does not currently have plans to do so in the future.47 Pension Obligation Bonds - Atherton Atherton does not have any outstanding pension obligation bonds. 48 General Fund Reserves - Atherton Atherton's unassigned general fund balance at the end of FY 2017-18 was $14.86 million, representing 123.1 percent of general fund expenditures of $12.07 million that year ,49 far in excess of its policy minimum of 20 percent of such expenditures. 50 The Town projects that its unassigned general fund balance will grow to $15.58 million in FY 2018-1951 (representing 110.6 percent of general fund expenditures of $14.09 million)52 and to $18.49 million in FY 2019-20 (representing 126.7 percent of general fund expenditures).53 The Town expects to spend its unallocated general fund balance on a capital improvement project for a new Civic Center, 54 which it describes as its "biggest capital project in recent memory. ,55 In addition to its unassigned general fund balance, Atherton's policy is to set aside another 15 percent of total general fund operating expenses for emergency contingencies. 56 At the end of FY 2017-18, the Town had committed $1.81 million to this reserve57 (representing 15 percent of its $12.07 million in expenditures58). Per the 15 percent policy, this 46 Ibid. 47 Ibid. 48 Ibid. 49 Atherton, Basic Financial Statements for the Year Ended June 30, 2018, pp. 22 & 26. 50 Ibid., p. 58. 51 Atherton, Staff Report for City Council Meeting on March 6, 2019 re: FY 2019/20 Budget Kick -Off and Overview, p. 2. 52 Atherton, Fiscal Year 2018/19 Operating & Capital Improvement Budget, General Fund 101 Revenue & Expenditures Summary, p. 35. 53 Atherton, Staff Report for City Council Meeting on June 5, 2019 re: Review of the FY 2019/20 Town Budget, General Fund 101 Revenue & Expenditures Summary, p. 20. 54 Atherton, Staff Report for City Council Meeting on March 6, 2019 re: FY 2019/20 Budget Kick -Off and Overview, p. 7. 55 Atherton, Basic Financial Statements for the Year Ended June 30, 2018, p. 15. " Ibid., p. 58. 57 Ibid., p. 58. 51 Ibid., p. 26. 2018-2019 San Mateo County Civil Grand Jury 8 19