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6.A. - Page 25 of 114 employees pay a portion of the City's pension costs equal to 1.5 percent of their covered payroll, and (b) safety plan "classic" employees pay a portion of the City's pension costs equal to 4 percent of their covered payroll. 144 Revenue Enhancement - Burlingame In November 2017, residents of Burlingame approved Measure I, a one-quarter cent sales tax increase. 145 The measure was projected by the City to yield additional annual revenues of approximately $2 million. 146 The City is not currently planning on bringing another revenue enhancement ballot measure before its voters. 147 Pension Obligation Bonds - Burlingame Burlingame issued $33 million in pension obligation bonds in 2006. As of the end of FY 2017-18, the remaining outstanding principal on the bonds was $9 million. The bonds mature on June 1, 2036. From FY 2018-19 through FY 2035-36 when the bonds are fully paid off, the City will make average annual payments on the bonds of approximately $0.8 million. 148 General Fund Reserves - Burlingame As of the end of FY 2018-19, Burlingame projects that it will have a general fund balance of $39.92 million149 (up from $36.37 million at the end of FY 2017-18150), of which — as a result of the City's General Fund Balance Reserve Policy adopted in FY 2014-15 establishing appropriate levels of reserves using a risk-based analysis of City's long-term financial condition 151 - $18.84 million are assigned to the Economic Stability Reserve, $2 million to the Catastrophic Reserve, $0.5 million to the Contingency Reserve, $7 million to a Section 115 Trust 152 and $11.6 million are unassigned. 153 Burlingame's FY 2018-19 general fund balance represents a healthy 68 percent of its $58.67 million of general fund operating expenditures for the year. 154 By FY 2023-24, Burlingame projects that the general fund balance will increase to $48.93 million (a 22.6 percent increase from FY 2018-19's $39.92 million) of which $21.01 144 Burlingame, Staff Report for City Council Meeting on October 15, 2018 re: Update on Long -Term Unfunded Post - Employment Liabilities and Options, p. 2. 145 Ballotpedia, Local Ballot Measures, Burlingame, California, Sales Tax Measure I (November 2017). 146 Burlingame, Staff Report for City Council Meeting on June 19, 2017 re: Public Hearing and Introduction of an Ordinance to Place a Revenue Measure to Enact a Quarter Cent Local Sales Tax on the November 2017 Ballot to Maintain Quality of Life Programs, p. 4. 147 Email from Burlingame, dated June 5, 2019. 148 Burlingame, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 69. 149 Five-year forecast received from Burlingame via email dated May 29, 2019. 151 Burlingame, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 32. 151 Email from Burlingame, dated June 5, 2019. 152 Note: As noted in the section above, entitled "Pension Reserve Fund — Burlingame," the Section 115 Trust will have a total of $8.15 million in contributed funds as of the end of FY 2018-19; the $7 million is just the portion attributable to the general fund. 153 Five-year forecast received from Burlingame via email dated May 29, 2019. 154 Ibid. Email from Burlingame, dated June 5, 2019. 2018-2019 San Mateo County Civil Grand Jury 18