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6.A. - Page 24 of 114 annual general fund revenue growth of 2.3 percent and an annual increase in its general fund balance (excluding amounts set aside for its Section 115 pension trust (described below)) of 1.5 percent. 134 Additional Payments to CalPERS - Burlingame Burlingame is not currently planning on making additional payments to CalPERS beyond its Annual Required Contribution."' Pension Reserve Fund - Burlingame In FY 2017-18, Burlingame established a Section 115 Trust which could be drawn upon when required pension contribution rates exceed the City's threshold rates. 136 The trust was funded with approximately $4.8 million in FY 2017-18.137 The City intends to transfer another $3.4 million to the trust in FY 2018-19,138 bringing total contributions to the trust to $8.15 million.139 This amount represents approximately 15 months of the City's $6.69 million in pension costs in FY 2018-19.140 The City plans to continue making annual contributions to the Section 115 trust until its required contribution rates for each plan exceed the threshold rate, at which point the City will begin drawing down on the trust. The City currently projects that will happen in approximately FY 2025-26. As of the end of FY 2023-24 the City projects that it will have transferred an aggregate total of $16.78 million to the trust (including the $8.15 million deposited in the trust through FY 2018-19).141 This amount (less an $0.80 million contribution budgeted to be made in FY 2019-20 with respect to the City's payment obligations to the Central County Fire Department) would represent approximately 148.8 percent of its $10.74 million in projected pension costs in FY 2023-24.142 Employee Contribution to City's Normal Cost - Burlingame Burlingame employees have entered into cost-sharing agreements with the City under which they pay for a portion of the pension costs that would otherwise have to be paid by the City. Under these cost-sharing agreements (a) miscellaneous plan "classic"143 134 Five-year general fund forecast received from Burlingame via email dated May 3, 2019. Email from Burlingame, dated June 5, 2019. 131 Grand Jury interview. 136 Burlingame, Fiscal Year 2018-19 Adopted Budget, pp. v & xviii of June 18, 2018 City Manager's Transmittal Letter. Email from Burlingame, dated June 5, 2019. 131 Burlingame, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 23. 131 Burlingame, Fiscal Year 2018-19 Adopted Budget, p. v of June 18, 2018 City Manager's Transmittal Letter. 139 Email from Burlingame, dated June 5, 2019. 140 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. 14' Five-year forecast received from Burlingame via email dated May 29, 2019. Email from Burlingame, dated June 5, 2019. 142 Email from Burlingame, dated June 5, 2019. 143 "Classic" plan employees are those who joined the CalPERS pension system before January 1, 2013 and who have not had a break in service of more than six months. (CalPERS, Public Employees' Pension Reform Act. (https://www.calpers.ca.goy/paize/about/laws-legislation-regulations/public-employees-pension-reform-act ) (Last accessed on May 31, 2019.) 2018-2019 San Mateo County Civil Grand Jury 17