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6.A. - Page 33 of 114 17, 2017-18 and 2018-19, respectively. The City's bond repayment obligations continue through FY 2023-24.224 General Fund Reserves — Daly City Daly City's goal is to maintain general fund unassigned reserves of at least 15 percent of general fund expenditures. 225 In June 2018 the City had projected that it would have to apply approximately $6.1 million of these reserves in FY 2019-20 to close its expected operating budget deficit.226 However, the City's most recent estimate is that the FY 2019- 20 deficit may be less than $6.1 million .227 If FY 2019-20's deficit is $6.1 million, then the City's unassigned general fund reserves would be projected to drop from $22.59 million in FY 2017-18 (29.1 percent of general fund expenditures)'228 to $16.7 million (18.5 percent of general fund expenditures) in FY 2019-20.229 Long -Term Financial Forecast — Daly CitX Daly City uses a ten-year financial forecasting model as part of its long-term financial planning process .230 This forecast is not included in the FY 2019-20 budget .231 A manual search through City Council meeting agenda packages, which can be accessed at the following website: www.dalycity.org/City_Hall/Meeting Agendas and Minutes/City Council.htm (last accessed on May 27, 2019,) would eventually lead to the June 25, 2018 agenda for a meeting of the City Council232 which refers to "Update of Long -Term Financial Plan" and a link to a staff report stating that a presentation on the City's long-term financial forecast would be made at the meeting. 233 Unfortunately, however, the slides for that presentation are not included in the June 25, 2018 agenda package available online. The Grand Jury was only able to obtain Daly City's long-term financial plan through a document request made to the City. 224 Daly City, City Council Meeting presentation slides re: FYs 2019/2020 Comprehensive Biennial Operating and Capital Budget, April 12, 2018, p. 11. 225 Daly City Budget Forecast Model & Long -Term Financial Planning, PFM Consulting LLC, June 25, 2018, slide 15. Daly City, Comprehensive Biennial Operating and Capital Budget for Fiscal Years 2019 and 2020, p. 11. 221 Daly City, Comprehensive Biennial Operating and Capital Budget for Fiscal Years 2019 and 2020, p. 7. This document is dated June 2018 and, at that time, the City also projected having to use $4.8 million in reserves to close a budget deficit in FY 2018-19. (Ibid.) However, the City now believes that it will not have a budget deficit in FY 2018- 19 as a result of stronger -than -projected revenues during the year. (Email from Daly City, dated June 18, 2019.) 227 Email from Daly City, dated June 18, 2019. 221 Daly City, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, pp. 22 & 24. 229 Daly City, Comprehensive Biennial Operating and Capital Budget for Fiscal Years 2019 and 2020, pp. 7 & 11. 230 Grand Jury interview. Daly City Budget Forecast Model & Long -Term Financial Planning, PFM Consulting LLC, June 25, 2018, slides 12-20. 231 Daly City, Comprehensive Biennial Operating and Capital Budget for Fiscal Years 2019 and 2020. 232 Daly City, Agenda for City Council Meeting on June 25, 2018. 233 Daly City, Agenda Report for City Council Meeting on June 25, 2018 re: Update of Long -Term Financial Plan. 2018-2019 San Mateo County Civil Grand Jury 26 37