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

Browse Search

6.A. - Page 26 of 114 million will be assigned to the Economic Stability Reserve, $2 million to the Catastrophic Reserve, $0.5 million to the Contingency Reserve, $13.5 million to the Section 115 pension trust and $11.92 million will be unassigned. The City's FY 2023-24 general fund balance will represent 67.8 percent of its projected $72.16 million of general fund expenditures for the year. 155 Long -Term Financial Forecast — Burlingame Burlingame publishes a long-term general fund operating budget forecast with a period of 5 years. 156 The City did not present this forecast in its FY 2018-19 Adopted Budget. 157 In order to find the forecast online, the Grand Jury used the "Search Archives" feature on the City Council Meeting Documents and Minutes page 158 and searched for "five-year forecast." This yielded a reference to the March 13, 2019 council meeting agenda package, 159 which includes the forecast in a staff report for the meeting. 160 Colma Pension Contribution Costs - Colma Colma's pension contribution costs in FY 2017-18 were $1.26 million, up $0.216 million (20.6 percent) from $1.05 million in FY 2016-17.161 The Town's FY 2017-18 pension contribution costs represented 29.1 percent of that year's covered payroll (up from 26 percent the preceding year) and 8.6 percent of its total general fund spending (up from 7.9 percent the preceding year). 162 The Town projects its pension contribution costs will increase from FY 2017-18 by $0.46 million (36.1 percent) to $1.72 million by FY 2023-24 and by an additional $0.106 million (6.2 percent) to $1.83 million by FY 2027-28.163 The Town notes that "rising pension cost continues to be the Town's largest challenge." 164 The Town's projected pension contribution costs were not included in its FY 2017-18 CAFR, or in its FY 2018-19 budget. 16' However, in a change from prior budgets, Colma's "I Five-year general fund forecast received from Burlingame via email dated May 3, 2019. 156 Burlingame, Staff Report for City Council Meeting on March 13, 2019 re: Adoption of Resolution Amending the FY 2018-10 Operating and Capital Budgets to Reflect the Recommended Mid -Year Adjustments, p. 52. 157 Burlingame, Fiscal Year 2018-19 Adopted Budget. 151 htt2s://www.burlingame.org/government/ciky council/ci1y council_ meeting documents_ and_minutes.phn (Last accessed May 9, 2019.) 159 burlingameca.legistarl.com/burlingameca/meetings/2019/3/1452_A City Council _19-03-13_Meeting Agenda.pdf (Last accessed May 9, 2019.) "I Burlingame, Staff Report for City Council Meeting on March 13, 2019 re: Adoption of Resolution Amending the FY 2018-10 Operating and Capital Budgets to Reflect the Recommended Mid -Year Adjustments, p. 52. 161 Appendix A. 162 mid. 163 Colma, Staff Report for City Council Meeting on September 26, 2018 re: Unfunded Liabilities Study, Attachment B. This report contains pension cost projections through FY 2043-44. 161 Colma, Fiscal Year 2019-20 Operating and Capital Budget, p. 11. 165 Colma, FY 2018-19 Adopted Budget. 2018-2019 San Mateo County Civil Grand Jury 19