AgdaPkt 2019-10-14 Joint SA PFA - Laserfiche WebLink

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6.A. - Page 22 of 114 January 1, 2018 through the Grand Jury's final check on June 14, 2019116 yielded no long- term financial forecast for the City. Burlingame Pension Contribution Costs - Burlingame Burlingame's pension contribution costs in FY 2017-18 were $5.72 million, up $0.424 million (8.0 percent) from $5.29 million in FY 2016-17.117 The City's FY 2017-18 pension contribution costs represented 27.8 percent of that year's covered payroll (up from 26.8 percent the preceding year) and 10.7 percent of its total general fund spending (flat from the 10.7 percent the preceding year).' 18 In addition to its contribution payments made to Ca1PERS, the City also makes annual installment payments on its 2006 pension obligation bonds (originally issued in the amount of $33 million).' 19 It paid $3.85 million on the bonds in FY 2017-18120 and will pay $0.957 million in FY 2018-19.121 From FY 2019-20 through FY 2035-36 when the bonds are fully paid off, the City will have made total payments on the bonds of $12.6 million, with an annual average of approximately $0.741 million. 122 Taking bond payments into account, the City's total payments on account of its pensions (Ca1PERS and bond payments combined) were $9.56 million in FY 2017-18 (representing 46.4 percent of that year's covered payroll of $20.6 million and 17.8 percent of total general fund spending of $53.6 million), up $0.535 million (5.9 percent) from $9.03 million in FY 2016-17.123 It should be noted, however, that the City's annual bond payment amount dropped by almost $3 million in FY 2018-19.124 Burlingame projects that its pension contribution costs will increase from FY 2017-18 by $5.03 million (87.9 percent) to $10.74 million by FY 2023-24 and by an additional $2.57 million (23.9 percent) to $13.32 million by FY 2027-28.125 Taking bond payments into account, the City's total payments on account of its pensions (Ca1PERS and bond payments combined) will increase from FY 2017-18 by $2.25 million (23.5 percent) to $11.81 16 Brisbane City Council meeting agenda packages can be accessed at https://brisbaneca.org/city- government/meetin sg ?feld_meetingtitype value=cc (Last accessed on June 14, 2019.) 117 Appendix A. 118 mid. 119 Burlingame, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 69. 121 Burlingame, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2015, p. 81. 121 Burlingame, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 69. 122 mid. 123 mid. Burlingame's pension obligation bond repayment amount in FY 2016-17 was $3.73 million. (Burlingame, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2015, p. 81.) 12' Burlingame, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 69. 125 Appendix A. Burlingame, Staff Report for City Council Meeting on March 13, 2019 re: Adoption of Resolution Amending the FY 2018-19 Operating and Capital Budgets to Reflect the Recommended Mid -Year Adjustments, p. 32. This report provides pension cost projections from FY 2018-19 through FY 2023-24. Bartel Associates, LLC report to City of Burlingame, January 22, 2019, pp. 28 & 46. This report provides pension cost projections from FY 2018-19 through FY 2029-30. 2018-2019 San Mateo County Civil Grand Jury 15 al