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6.A. - Page 19 of 114 million and it targets maintaining a balance equal to 33 percent of general fund operating expenditures-" The City projects that the general fund unrestricted reserve will remain well above this 33 percent target throughout the FY 2019-20 through FY 2023-24 period.89 Long -Term Financial Forecast - Belmont Belmont's long-term financial forecast is based on a five-year forecast period.90 The City incorporated its long-term financial forecast into its FY 2019 and FY 2020 budgets,91 which are readily -accessible on the finance department home page of the City's website. 92 Brisbane Pension Contribution Costs - Brisbane Brisbane's pension contribution costs in FY 2017-18 were $1.91 million, up $0.193 million (11.3 percent) from $1.71 million in FY 2016-17.93 The City's FY 2017-18 pension contribution costs represented 23.5 percent of that year's covered payroll (up from 21.6 percent the preceding year) and 10.9 percent of its total general fund spending (down from 11.0 percent the preceding year).94 Brisbane projects its pension contribution costs will increase from FY 2017-18 by $1.63 million (85.5 percent) to $3.54 million by FY 2023-24.95 The City has not made any pension cost projections beyond FY 2023-24.96 In addition to its contribution payments made to Ca1PERS, Brisbane also makes annual, installment payments on its 2006 pension obligation bonds (originally issued in the amount of $4.75 million) and on a 2013 Pension Side Fund Bank Loan (in the original principal amount of $1.61 million).97 Brisbane paid a combined total of $0.794 million on the bonds and loan in FY 2017-18. These payments will decrease to $0.364 million in FY 2018-19. From FY 2018-19 through FY 2022-23 when the bonds and loan are fully paid off, the City will make average annual payments on the bonds and loan of approximately $0.389 million. 98 Taking bond and loan payments into account, the City's total payments on account of its pensions (CalPERS, bond and loan payments combined) were $2.7 million in 88 Belmont, FY 2019 Budget, p. 6 of FY 2019 Budget Brief and p. 3 of Appendix. 89 Email from Belmont, dated June 7, 2019. Belmont, FY 2020 Budget, p. 21 of Budget Brief, General Fund and Subsidized Funds Trends & Projections FY 2018 - FY 2024. 90 Ibid, pp. 19-21 of Budget Brief, General Fund and Subsidized Funds Trends & Projections FY 2017 - FY 2023. 91 Belmont FY 2019 Budget, pp. 19-21. Belmont, FY 2020 Budget, pp. 19-21 & 24. 92 The finance department's home page on the Belmont website may be found at https://www.belmont..og v/departments/administrative-services/finance/budget. (Last accessed on May 9, 2019.) 93 Appendix A. 94 Ibid. 91 Email from Brisbane dated May 21, 2019. Brisbane, Ca1PERS 2017 Public Agency Actuarial Valuation Reports for Miscellaneous First Tier, Miscellaneous Second Tier, PEPRA Miscellaneous, PEPRA Safety Fire, PEPRA Safety Police, Safety. 96 Email from Brisbane, dated June 13, 2019. 97 Brisbane, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2017, pp. 53-54. 9s Ibid, pp. 53-54. 2018-2019 San Mateo County Civil Grand Jury 12 23