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6.A. - Page 21 of 114 Revenue Enhancement - Brisbane Brisbane voters approved two business license tax revenue enhancement measures in November 2017 (Measures D and E). As of FY 2017-18, Measure D was projected to yield annual revenues of $0.2 million and Measure E $4 million. 107 Brisbane is not currently planning on proposing any revenue enhancement ballot measures to its voters. 108 Pension Obligation Bonds and Loan - Brisbane Brisbane issued $4.75 million in pension obligation bonds in 2006 and took a $1.61 million Pension Side Fund Bank Loan in 2013.109 As of the end of FY 2017-18, the remaining outstanding principal on the bonds and loan, combined, was $1.73 million."" The bonds mature in FY 2020-21 and the loan is due to be fully paid off in FY 2022-23. 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 them of approximately $0.389 million. 111 General Fund Reserves - Brisbane At the end of FY 2017-18, Brisbane's general fund balance was $11.45 million, of which $8.63 million (49.2 percent of general fund expenditures for that year) represented unassigned reserves."2 The City projects that the FY 2018-19 ending general fund balance will be $10.8 million 113 from which $3.5 million will be set aside in an "Emergency Reserve" for any sudden unanticipated expense, $3.2 million will be put in a "Recession Reserve" so that City services do not need to be "immediately reduced in case of recession," and $2 million will be in an "Annual Reserve" for use in the event of any budget discrepancies. 114 Term Financial Forecast — Brisbane Brisbane's long-term general fund financial forecast is based on a five-year period. It reports that it has "taken great strides in long-term financial planning" and that "[s]taff continuously works on a five-year forecast" which "provides Council and the community greater information on projects and issues that will be affecting the community in the near future."' 15 However, the Grand Jury's review of the City's Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, its budget for FY 2018-19 and FY 2019-20, as well as all agenda packages that the City posted on its website from 101 Brisbane, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. vii of letter of transmittal. '01 Email from Brisbane, dated June 13, 2019. '09 Brisbane, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, pp. 55-56. 110 Ibid., p. 54. "' Brisbane, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2017, pp. 53-54. 112 Brisbane, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, pp. 20 & 22. 'ls Brisbane, City Council Agenda Report for City Council Meeting on April 18, 2019 re: Mid -Year Budget Report, p. 2. 114 lbid., pp. 2 & 4. 115 Brisbane, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, December 7, 2018 letter of transmittal, p. viii. 2018-2019 San Mateo County Civil Grand Jury 14 25