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6.A. - Page 20 of 114 <br />FY 2017-18 (representing 33.3 percent of that year's covered payroll of $8.11 million and <br />15.4 percent of that year's total general fund spending of $17.54 million. 99 <br />The City's projected pension contribution costs are not included in its FY 2017-18 CAFR, <br />or in its budget for FY 2018-19 & 2019-20. The Grand Jury's review of Brisbane's City <br />Council agenda packages from January 1, 2018 through June 1, 2019 yielded no documents <br />that set forth the City's future, annual pension contribution costs over its five-year <br />forecasting period. The Grand Jury obtained data on these annual costs through a direct <br />document request made to the City. <br />Financial Overview — Brisbane <br />Brisbane notes that it has robust and growing revenues from its business base and staff is <br />confident that projected revenues will be adequate to pay rising pension costs. too <br />Additional Payments to Ca1PERS - Brisbane <br />Brisbane does not currently have plans to make additional payments to CalPERS beyond <br />its Annual Required Contribution. The City's Unfunded Liability is currently projected to <br />be fully paid off within 20 years)01 The City Council has determined that it would like to <br />have this Unfunded Liability paid off sooner, if possible. Accordingly, staff suggested in <br />April 2019 that the City's Administrative and Financial Policy Committee develop a policy <br />related to the quicker funding of these liabilities over the next year. 102 <br />Pension Reserve Fund - Brisbane <br />Brisbane has established a Section 115 Trust to help pay for any unexpected increases in its <br />pension payment obligations. The City initially contributed $0.12 million to the trust. By <br />the end of FY 2018-19, the City plans to have contributed an additional $0.8 million to the <br />trust, bringing total contributions to $0.92 million. 103 The City's policy is to contribute 50 <br />percent of any unanticipated general fund surpluses to this trust. 104 Staff is bringing to the <br />City Council a proposal to fund the trust with sufficient funds to cover two years of <br />unfunded liability amortization costs (approximately $5 million) within the next four years <br />and to set aside up to $1 million per year for this purpose. 105 <br />Employee Contribution to City's Normal Cost - Brisbane <br />Brisbane's employees do not pay any portion of the City's pension costs. 106 <br />99 Appendix A. <br />'00 Grand Jury interview. <br />101 Email from Brisbane, dated June 13, 2019. <br />102 Brisbane, City Council Agenda Report for City Council Meeting on April 18, 2019 re: Mid -Year Budget Report, p. 2. <br />'03 Grand Jury interview. <br />'0a Email from Brisbane, dated June 13, 2019. Brisbane, City Council Agenda Report for City Council Meeting on <br />April 18, 2019 re: Mid -Year Budget Report, p. 2. <br />115 Email from Brisbane, dated June 13, 2019. <br />106 Grand Jury interview. <br />2018-2019 San Mateo County Civil Grand Jury 13 <br />24 <br />