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6.A. - Page 30 of 114 (d) a $0.1 million insurance loss reserve, and (e) a $0.75 million disaster response / recovery reserve. All other general fund reserves are classified as "unassigned. 99191 Colma projects that its general fund reserves will drop from $23.78 million in FY 2017- 18192 to $12.67 million in FY 2023-24, and to zero during FY 2027-28.193,194 In addition, "as a result of increasing expenditure [sic] budget"195 unassigned reserves will be completely drawn down during this period (dropping from $7.96 million in FY 2017-18196 to zero in FY 2023-24.197 Long -Term Financial Forecast - Colma Colma published a long-term general fund operating budget forecast with a period of 5 years, which was incorporated into its readily -accessible FY 2018-19 budget.198 In its FY 2019-20 budget, the Town has extended the forecast period to ten years. 199 Daly City Pension Contribution Costs - Daly City Daly City's pension contribution costs in FY 2017-18 were $13.13 million, up $1.5 million (12.9 percent) from $11.63 million in FY 2016-17.200 The City's FY 2017-18 pension contribution costs represented 30.4 percent of that year's covered payroll (up from 26.8 percent the preceding year) and 16.9 percent of its total general fund spending (up from 15.1 percent the preceding year).201 In addition to its contribution payments made to Ca1PERS, the City also makes annual, installment payments of over $3.5M on its pension obligation bonds. 202 Taking these bond payments into account, the City's total payments on account of its pensions (Ca1PERS and bond payments combined) were $16.8 million in FY 2017-18 (representing 38.9 percent of that year's covered payroll and 22.6 percent of total general fund spending), up $1.63 million (10.8 percent) from $15.17 million in FY 2017.203 191 Colma, FY 2018-19 Adopted Budget, pp. 151 & 155. 192 Ibid., p. 155. 193 Colma, FY 2019-20 Operating and Capital Budget, pp. 180 & 181. 19' Colma notes that its general fund reserves were dramatically reduced in FY 2015-16 and FY 2016-17 by the transfer of approximately $12.9 million from the reserves to fund the renovation of its Town Hall. (Colma, FY 2019- 20 Operating and Capital Budget, p. 178.) "I Colma, FY 2018-19 Adopted Budget, p. 151. 196 Colma, Basic Financial Statements as of June 30, 2018, p. 13. 197 Colma, FY 2018-19 Adopted Budget, p. 151. 19a Ibid., pp. 149-155. 199 Colma, Fiscal Year 2019-20 Operating and Capital Budget, pp. 179-181. zoo Appendix A. 201 Appendix A. 202 Daly City's payments on the pension obligation bonds were $3.54 million, $3.67 million and $3.81 million in fiscal years 2016-17, 2017-18 and 2018-19, respectively. The City's bond repayment obligations continue through FY 2023- 24. Daly City, City Council Meeting presentation slides re: FYs 2019/2020 Comprehensive Biennial Operating and Capital Budget, April 12, 2018, p. 11. 203 Bartel Associates, LLC report to City of Daly City, March 27, 2017, pp. 24 & 44. Daly City POB payments in FY 2016-17 were $3.54 million and in FY 2017-18 were $3.67 million. (Daly City, City Council Meeting presentation slides re: FYs 2019/2020 Comprehensive Biennial Operating and Capital Budget, April 12, 2018, p. 11) 2018-2019 San Mateo County Civil Grand Jury 23 34