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6.A. - Page 16 of 114 <br />emergency contingency reserve is projected to increase to $2.11 million at the end of FY <br />2018-1959 and to $2.19 million at the end of FY 2019-20.60 <br />Atherton has also established a policy to have a "budget stabilization reserve" equal to 20 <br />percent of general fund expenditures. This too is in addition to the unassigned general fund <br />budget. Per this 20 percent policy, the budget stabilization reserve is projected to hold <br />$2.82 million at the end of FY 2018-1961 and $2.92 million at the end of FY 2019-20.62 <br />Term Financial Forecast — Atherton <br />Atherton has a long-term general fund financial forecast covering the five years from FY <br />2019-20 through FY 2023-24.63 The forecast is not included in the Town's FY 2017-18 <br />CAFR or its FY 2018-19 budget64 In order to find Atherton's long-term financial forecast <br />online, it is necessary to manually search online City Council agendas at <br />www.ci.atherton.ca.us/Archive.aspx?AMID=41 (last accessed on May 29, 2019). That <br />search will eventually lead to the agenda for the City Council's meeting on March 6, <br />201965 which includes a link entitled "2. FY 2019/20 Budget Kick -Off and Overview." <br />That link leads to a staff report for the March 6, 2019 meeting that includes the Town's <br />five-year long-term financial forecast.66 <br />Belmont <br />Pension Contribution Costs — Belmont <br />Belmont's pension contribution costs in FY 2017-18 were $3.93 million, up $0.345 million <br />(9.6 percent) from $3.58 million in FY 2016-17.67 The City's FY 2017-18 pension <br />contribution costs represented 24.9 percent of that year's covered payroll (up from 23.6 <br />percent the preceding year) and 20.2 percent of its total general fund spending (up from <br />19.5 percent the preceding year).68 <br />The City's actuarial consultant — GovInvest - projects that Belmont's pension contribution <br />costs will increase above FY 2017-18 costs by $1.43 million (36.4 percent) to $5.36 <br />59 Atherton, Staff Report for City Council Meeting on March 6, 2019 re: FY 2019/20 Budget Kick -Off and Overview, <br />p. 2. <br />61 Atherton, Staff Report for City Council Meeting on June 5, 2019 re: Review of the FY 2019/20 Town Budget, p. 20. <br />61 Atherton, Staff Report for City Council Meeting on March 6, 2019 re: FY 2019/20 Budget Kick -Off and Overview, <br />p. 2. <br />62 Atherton, Staff Report for City Council Meeting on June 5, 2019 re: Review of the FY 2019/20 Town Budget, p. 20. <br />63 Atherton, Staff Report for City Council Meeting on March 6, 2019 re: FY 2019/20 Budget Kick -Off and Overview, <br />pp. 4-6. <br />64 Atherton, Basic Financial Statements for the Year Ended June 30, 2018. Atherton, Fiscal Year 2018/19 Operating & <br />Capital Improvement Budget. <br />65 The March 6, 2019 City Council meeting agenda may be found at www.ci.atherton.ca.us/Archive.aspx?ADID=3112 <br />(Last accessed May 29, 2019.) <br />66 Atherton, Staff Report for City Council Meeting on March 6, 2019 re: FY 2019/20 Budget Kick -Off and Overview, <br />pp. 4-6. <br />67 Appendix A. <br />68 Ibid. <br />2018-2019 San Mateo County Civil Grand Jury 9 <br />