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6.A. - Page 41 of 114 will be bringing a pension funding policy recommendation to Council at the beginning of the new fiscal year."301 As noted above, the City's actuarial valuation firm (Bartel Associates, LLC) delivered that valuation report to the City on October 8, 2018.302 However, as of March 21, 2019, staff had not presented the Bartel report to the City Council and reported that there were no plans to develop a pension funding policy recommendation for council's consideration. 303 Pension Reserve Fund — Half Moon Bay Half Moon Bay has $1.15 million in a "Retirement Stabilization Fund"304 and plans to add another $0.1 million to that fund by June 30, 2019.305 This amount would represent approximately 17 months of pension contribution cost (based on FY 2017-18 payments). The City has made no decision yet as to whether to add further to this fund in FY 2019-20 or thereafter.306 Employee Contribution to City's Normal Cost — Half Moon BaX Half Moon Bay has no cost-sharing agreements in place with employees under which the employees pay a portion of the City's pension contribution costs. 307 Revenue Enhancement — Half Moon At present, Half Moon Bay is not engaged in a process of actively preparing to bring any revenue enhancement ballot measures before its voters. 30' However, staff notes that it regularly considers whether a ballot measure seeking revenue enhancement is appropriate for the City and it is certainly possible that the City could decide to begin such a process in the future with an eye to submitting such a ballot measure to its voters in November 2020.309 Pension Obligation Bonds — Half Moon Bay Half Moon Bay does not have any outstanding pension obligation bonds. 310 General Fund Reserves — Half Moon Bay Half Moon Bay projects that its general fund balance (or surplus) will decrease from $10.1 million at the end of FY 2017-18 (representing 56.8 percent of its $17.77 million in general fund expenses) down to $4.14 million at the end of FY 2023-24 (representing 20.9 percent of its $19.79 million in general fund expenses) .311 As noted above in the section entitled 301 Half Moon Bay Adopted Operating Budget FY 2018-19, p. 57. 302 Bartel Associates, LLC report to City of Half Moon Bay, October 8, 2018. 303 Grand Jury interview. 30' Half Moon Bay Adopted Operating Budget FY 2018-19, p. 208. 301 Grand Jury interview. Half Moon Bay Adopted Operating Budget FY 2018-19, p. 57. 306 Grand Jury interview. 307 mid. 308 mid. 309 mid. 310 mid. 311 Half Moon Bay, Fiscal Year 2019-20 Recommended Operating Budget, p. 82. 2018-2019 San Mateo County Civil Grand Jury 34 45