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6.A. - Page 37 of 114 Foster City Pension Contribution Costs — Foster City Foster City's pension contribution costs in FY 2017-18 were $6.51 million, down $0.703 million (-9.7 percent) from $7.21 million in FY 2016-17.263 The City's FY 2017-18 pension contribution costs represented 31.2 percent of that year's covered payroll (down from 36.3 percent the preceding year) and 17.2 percent of its total general fund spending (down from 19.8 percent the preceding year).264 The City projects its pension contribution costs will increase by $4.81 million (73.9 percent) to approximately $11.32 million by FY 2024265 and then drop by $0.366 million (-3.2 percent) to $10.95 million by FY 2028.266 The City's projected pension contribution costs are not included in its FY 2017-18 CAFR, or in its FY 2018-19 budget.267 Annual projected pension contribution costs for the five year period from FY 2019-20 through FY 2023-24 are, however, included in the City's readily accessible preliminary budget for FY 2019-20.268 In order to find the City's projected pension costs beyond FY 2023-24, it is necessary to manually search through City Council meeting agenda packages, which can be accessed at the following website: hLtps://www.fostercily.orWagendasandminutes. (Last accessed on May 29, 2019.) That search would eventually lead to the agenda for the City Council meeting on January 22, 2019269 which has an agenda item entitled "Consideration of an Update on Unfunded Pension Liabilities" and a link to a "Staff Report" on the subject and a separate link to "Attachment 2 — Amortization Schedules — Current, Projected 15 -year, Projected Leveled. ,270 Clicking on this link to Attachment 2 leads to graphs showing Foster City's annual, projected pension costs through FY 2028-29.271 Financial Overview — Foster City While Foster City describes its pension liability as a "significant cause of concern,"272 it also notes that its financial health is "strong."273 While the City is facing structural general fund budget deficits during the five-year period ending with FY 2022-23, these deficits are 263 Foster City FY 2017-18 CAFR, pp. 86-87. 261 Appendix A. 261 Foster City, Preliminary Budget for Fiscal Year 2019-2020, p. 44. 266 Attachment 2 to Foster City staff report re Pension Liability Subcommittee Updated dated January 22, 2019. This document sets forth pension cost projections through FY 2048-49. 267 Foster City Final Budget for Fiscal Year 2018-19. 261 Foster City, Preliminary Budget for Fiscal Year 2019-2020, p. 44. 261 Foster City, Agenda for City Council meeting on January 22, 2019. 270 The agenda for Foster City's Council meeting on January 22, 2019 may be found at https://fostercityca.civicclerk.com/Web/Pla. e�px?id=772&key=-1&mod=-1&mk=-1&nov=0. (Last accessed on May 29, 2019.) 271 Attachment 2 to Foster City Staff Report for City Council Meeting on January 22, 2019 re: Pension Liability Subcommittee Update. 272 Foster City staff report for March 26, 2018 City Council Meeting re: Pension Liability, p. 269. 27' Foster City Final Budget for Fiscal Year 2018-19, p. 9. 2018-2019 San Mateo County Civil Grand Jury 30 41