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6.A. - Page 17 of 114 million by FY 2023-24 and by an additional $0.643 million (12 percent) to $6 million by FY 2027-28.69 Belmont's projected, annual pension contribution costs are not included in its published FY 2018-19 budget, or its FY 2019-20 budget.70 In order to find these projected costs online, it is necessary to manually search through City Council meeting agenda packages, which can be accessed at the following website: https://www.belmont.gov/our-cite government/meetin sg_-aagendas-minutes. (Last accessed on May 11, 2019.) That search would eventually lead to the June 12, 2018 agenda for a meeting of the Belmont City Council71 which refers to a discussion of "Ca1PERS Unfunded Accrued Liability (UAL) Funding Options" and provides a link to a June 12, 2018 GovInvest presentation, which includes a graph showing contribution projections through FY 2048-49 on page 5.72 Financial Overview — Belmont Belmont reports that it was in a financial "survival mode" following the 2008 recession, but that its finances have now "steadied ... at least in the near-term."73 In addition to "massive exposure from deferring infrastructure improvements,"74 the City states that its financial health is currently subject to two additional pressures. The first is rising Ca1PERS pension costs and the second is "the high likelihood of experiencing a mild recession in the mid-term."75 The City's primary budget focus at present is funding the repair of its infrastructure.76 Additional Pavments to Ca1PERS — Belmont Over the six-year period from FY 2017-18 through FY 2022-23, Belmont plans to make additional payments to Ca1PERS beyond the Annual Required Contribution for a total of $3.65 million (approximately $0.609 million per year). The City estimates that these additional payments will result in long-term net savings of $4.67 million. 77 69 Belmont, GovInvest, City of Belmont Pension Funding Analysis dated June 12, 2018, p. 5. GovInvest's contribution projections run through 2049. 70 Belmont FY 2019 Budget. Belmont FY 2020 Budget. Note, however, that at page 15 of the Budget Brief section of the FY 2020 Budget, the City does (1) show projected increases in the Ca1PERS contribution "rates" (i.e., the percentages of covered payroll represented by Ca1PERS pension contribution costs) and (2) state that Safety Plan and Miscellaneous Plan contribution cost increases from FY 2020 to FY 2024 were projected to be $0.034 million and $0.148 million, respectively. 71 Belmont's June 12, 2018 City Council meeting agenda may be found at- https://ca.granicus.com/GeneratedAgendaViewer.php?view_id=2&event id=563 (Last accessed on May 11, 2019.) 7' Belmont, GovInvest, City of Belmont Pension Funding Analysis dated June 12, 2018. 73 Belmont, FY 2019 Budget, p. 1 of FY 2019 Budget Brief. 74 Ibid, p. 1 of FY 2019 Budget Brief. 71 Ibid, p. 1 of FY 2019 Budget Brief. 76 Ibid, pp. 2 & 4-5 of FY 2019 Budget Brief. 77 Grand Jury interview. Belmont, GovInvest, City of Belmont Pension Funding Analysis dated November 27, 2018, p. 8. Net savings are the result of subtracting total additional payments of $3.65 million from total (not net) savings of $8.32 million. 2018-2019 San Mateo County Civil Grand Jury 10 21