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6.A. - Page 23 of 114 million by FY 2023-24 and by an additional $2.06 million (17.4 percent) to $13.87 million by FY 2027-28.126 Burlingame's projected pension contribution costs are not included in its FY 2017-18 CAFR, or in its FY 2018-19 budget. 127 In order to find the City's projected costs online, the Grand Jury ran a search for the word "pension" on the "Search Archives" feature of the City Council Meeting Documents & Minutes website page. 128 That search would eventually lead to the agenda for a City Council Study Session on January 22, 2019129 which refers to a review of pension liabilities by the actuarial consulting firm Bartel Associates, LLC and includes a link to Bartel's presentation materials. However, as of the Grand Jury's last search on June 9, 2019, the Bartel presentation slides could not be accessed through that link. Instead, the Grand Jury obtained a copy of the Bartel presentation slides through a direct document request to the City. Since then, the City has made the Bartel presentation materials available through its finance page on its website at https://www.burlin ag me.org/Pension%20Funding%2OPresentation%20-%2001-22-19.pdf (last accessed on June 9, 2019). The presentation can most easily be found using the City's "Search" feature on the home page of its website (hLtps://www.burlingame.org/ ) (last accessed on June 9, 2019) by typing in the word "Bartel." Going further back, the search results would also point to a City Council meeting on July 3, 2017, which links to a Staff Report for that meeting which includes contribution cost projections through FY 2027- 28 130 Financial Overview — Burlinfzame Burlingame's financial condition appears to be strong. According to the City "In the bond markets, the Burlingame name is recognized as a high -credit municipal entity given both the City's financial strength and solid financial management." 13 1 Burlingame had a general fund surplus of approximately $3.5 million in FY 2018-19 (after transferring approximately $3 million to its Capital Investment Reserve). 132 Looking forward to FY 2019-20, the City projects the general fund surplus will drop to approximately $0.361 million, primarily as a result of the City Council's May 8, 2019 decision to transfer approximately $6.5 million to its Capital Investment Reserve. 133 From FY 2018-19 through FY 2023-24 the City projects 126 lbid. Burlingame, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 69. Email from Burlingame, dated June 5, 2019. 121 Burlingame, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018. Burlingame, Fiscal Year 2018-19 Adopted Budget. 128 This search feature may be found at https://www.burlingame.or,g/government/city council/city council _meeting _ documents_ and_minutes.php. (Last accessed on May 31, 2019.) 129 Burlingame, Agenda for City Council Meeting held on January 22, 2019. 131 Burlingame, Staff Report for City Council Meeting on July 3, 2017 re: Review of Options Available for Pre - Funding Pension Obligations, pp. 4 - 5. 131 Burlingame, Fiscal Year 2018-19 Adopted Budget, p. v of June 18, 2018 City Manager's Transmittal Letter. 132 Burlingame, Staff Report for City Council Meeting on May 8, 2019 re: Study Session: Fiscal Year 2019-20 Budget, p. 22. 133 Emails from Burlingame, dated June 5 and June 7, 2019. 2018-2019 San Mateo County Civil Grand Jury 16 27