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6.A. - Page 38 of 114 modest in comparison to available general fund reserves of $40.77 million as of the end of FY 2019.274 Additional Payments to Ca1PERS — Foster City Foster City plans to make an extra $3.43 million payment to Ca1PERS beyond its Annual Required Contribution by the end of FY 2018-19.275 The City Council has not yet established a policy about making additional payments to Ca1PERS beyond its Annual Required Contribution in future years.276 The City Council's Pension Subcommittee plans to meet in the fall of 2019 to discuss long-term plans to improve funding for the City's pension.277 Pension Reserve Fund — Foster City In 2018, Foster City approved creating a $2 million Discretionary Pension Liability Stabilization Fund .278 However, the City's primary focus is on accelerating payments to Ca1PERS in order to reduce long-term Ca1PERS costs, not on building a stabilization fund. Accordingly, the City has decided to apply the $2 million in this stabilization fund as part of an estimated $3.43 million additional payment to Ca1PERS being made before the end of FY 2019.279 In late 2018, Foster City established a Pension Liability Subcommittee of the City Council to discuss strategies towards addressing the City's long-term pension obligations. 280 Employee Contribution to City's Normal Cost — Foster City Foster City has stated that it will seek pension cost-sharing agreements from employees in its next round of labor negotiations. 281 The City's existing agreements with three of its represented groups of employees expire on June 30, 2019 and labor negotiations began in early 2019.282 27' The projected deficits are $850,000, $84,000, $159,000, $68,000 and $26,000. Foster City Final Budget for Fiscal Year 2018-19, p. 43. 275 Grand Jury interview; Foster City, Staff Report for April 15, 2019 City Council Meeting re: Use and Transfer Out of FY 207-2018 General Fund Rollover Surplus, pp. 1-2. Foster City, Preliminary Budget for Fiscal Year 2019-2020, p. 44. 276 Grand Jury interview. Email from Foster City, dated June 18, 2019. 277 Email from Foster City, dated June 18, 2019. 278 Foster City, Staff Report for June 4, 2018 City Council Meeting re: Public Hearing for FY 2018-2019 Preliminary Budget, p. 136. Grand Jury interview. 279 Grand Jury interview. Foster City, Staff Report for April 15, 2019 City Council Meeting re: Use and Transfer Out of FY 207-2018 General Fund Rollover Surplus, pp. 1-2. 211 Foster City, Staff Report for November 19, 2018 City Council Meeting re: Establishing a Pension Liability Subcommittee. 21' Foster City, Staff Report for March 26, 2018 City Council Meeting re: Pension Liability, p. 269. Grand Jury interview. 212 Foster City, Staff Report for City Council Meeting on February 11, 2019 re: Policy Direction Regarding Preparation of the FY 2019-2020 Annual Budget and Five -Year Financial Plan, p. 6. 2018-2019 San Mateo County Civil Grand Jury 31 42