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6.A. - Page 39 of 114 Revenue Enhancement — Foster City Foster City residents approved Measure TT in November 2018.283 This was an increase in the City's transient occupancy tax ("TOT" or "hotel tax") from 9.5 percent to 12 percent. The City forecasts that this tax increase will yield revenue of $0.272 million, $0.924 million, $0.943 million, $0.962 million and $0.981 million in the 5 years from FY 2018-19 through FY 2022-23.284 Foster City is not currently planning on bringing any new revenue enhancement ballot measures before its voters.285 Pension Obligation Bonds — Foster CitX Foster City does not have any outstanding pension obligation bonds. 286 General Fund Reserves — Foster City Foster City's general fund reserve balance is projected to be $40.77 million at the end of FY 2018-19, representing a very healthy 91.1 percent of the general fund budget for the year.287 The City's five-year forecast projects that this reserve balance percentage will drop down to 82.5 percent by the end of FY 2022-23. This remains well above the City's Reserve Policy percentage of 33.3 percent to 50 percent of the general fund budget.288 Long -Term Financial Forecast — Foster City Foster City's long-term general fund financial forecast is based on a five-year projection. The most current five-year financial forecast published by the City is for the period ending on June 30, 2024 and can be found in the City's FY 2019-20 preliminary budget .289 Half Moon Bay Pension Contribution Costs — Half Moon Bay Half Moon Bay's pension contribution costs in FY 2017-18 were $0.881 million, up $0.287 million (48.3 percent) from $0.594 million in FY 2016-17.290 The City's FY 2017-18 pension contribution costs represented 28.2 percent of that year's covered payroll (up from 24.5 percent the preceding year) and 7.2 percent of total general fund spending (up from 5.7 percent the preceding year).291 2" Ballotpedia, Local Ballot Measures, Foster City, California, Measure TT, Hotel Tax Increase (November 2018). 284 Foster City Final Budget for Fiscal Year 2018-19, pp. 47-48. 281 Email from Foster City, dated June 18, 2019. 286 Ibid. 287 Ibid., p. 54. las Ibid., p. 54. 289 Foster City, Preliminary Budget for Fiscal Year 2019-2020, pp. 55-94. The city also published a five-year financial forecast in its Final Budget for Fiscal Year 2018-19, pp. 52-90. 2" Appendix A. 291 Ibid. 2018-2019 San Mateo County Civil Grand Jury 32 43