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

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6.A. - Page 32 of 114 FY 2027-28. When a hypothetical recession is modelled into the City's forecast beginning in FY 2019-20, the FY 2023-24 deficit rises from $12.9 million to $15.2 million and the cumulative deficit rises from $98 million to $117.6 million for the FY 2017-18 through FY 2027-28 period.214 Additional Payments to Ca1PERS — Daly City At present, Daly City does not plan to make any supplemental payments to Ca1PERS beyond its Annual Required Contribution.215 Pension Reserve Fund — Daly City In May, 2017 Daly City approved putting in place a Section 115 Trust to help it manage payment of future pension costs.216 Daly City transferred $1 million into the trust in FY 2016-17 and an additional $2 million in FY 2017-18. The City expects to transfer another $1 million to the trust in 2019 bringing the total to approximately $4 million. 217 Employee Contribution to City's Normal Cost Daly City does not have cost-sharing agreements in place with employees under which its employees pay for any part of the City's pension contribution costs. 218 Revenue Enhancement — Daly City In November 2018 the residents of Daly City approved two revenue enhancements. 219 They were a transient occupancy tax (a "hotel tax") increase from 10 percent to 13 percent that was expected to yield increased revenue of between $0.203 million to $0.459 million year during FY 2018-19 and FY 2019-20 and $0.306 million to $0.689 million per year thereafter 220 and business license tax increase of 10 percent that is expected to yield increased revenues of approximately $0.42 million per year. 221 The City is not currently planning on bringing any new revenue enhancement ballot measures before its voters. 222 Pension Obligation Bonds — Daly CitX In 2004 Daly City issued $36.24 million in pension obligation bonds. 223 Daly City's payments on these bonds were $3.54 million, $3.67 million and $3.81 million in FYs 2016- 211 mid., p. 23. 215 Grand Jury interview. 216 Daly City, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 44. 217 Grand Jury interview. 2" Email from Daly City, dated June 18, 2019. 219 mid. 220 Daly City, 6-25-18 Agenda Report re Consideration to Place a Measure Relating to the Transient Occupancy Tax on the November 6, 20918 General Election, pp. 1 & 4. 221 Daly City, 6-25-18 Agenda Report re Consideration to Place a Measure Relating to the Business License Tax on the November 6, 20918 General Election, pp. 1 & 4. 222 Email from Daly City, dated June 18, 2019. 223 Daly City, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 56. 2018-2019 San Mateo County Civil Grand Jury 25 411