AgdaPkt 2019-10-14 Joint SA PFA - Laserfiche WebLink

Browse Search

6.A. - Page 45 of 114 the general fund balance equaled 10 1. 1 percent of general fund expenditures for the year. 335 That percentage is projected to drop to 85.2 percent by the end of FY 2018-19, 81.3 percent at the end of FY 2023-24 and down to 63.3 percent at the ed of FY 2027-28, still well above the Town's goal of 50 percent.336 If Hillsborough's general fund expenditures were calculated to include transfers of funds out to other funds, however, then the expenditures numbers would increase and the percentages of expenditures represented by the general fund balances would change to 92.5 percent at the end of FY 2017-18, 85.7 percent at the end of FY 2018-19, 81.1 percent at the end of FY 2023-24 and 57 percent at the end of FY 2027-28.337 Long -Term Financial Forecast — Hillsborough Hillsborough's long-term general fund financial forecasting is based on a ten-year period. This forecast is included in the Town's readily -accessible FY 2018-19 budget and its FY 2019-20 proposed budget."' Menlo Park Pension Contribution Costs — Menlo Park Menlo Park's pension contribution costs in FY 2017-18 were $5.56 million, down $0.01 million (42 percent) from FY 2016-17.339 The City's FY 2017-18 pension contribution costs represented 23.8 percent of that year's covered payroll (down from 24.1 percent the preceding year) and 11.8 percent of its total general fund spending (unchanged from 11.8 percent the preceding year). 340 Menlo Park's actuarial consultant projects the City's pension contribution costs (net of employee cost sharing under which employees pay a portion of the City's pension obligations) will increase over FY 2017-18 costs by $4.84 million (87.1 percent) to $10.39 million by FY 2023-24 and by an additional $1.64 million (15.8 percent) to $12.03 million over FY 2023-24 costs by FY 2027-28.341 Menlo Park's projected pension contribution costs are not included in its FY 2017-18 CAFR, or in its FY 2018-19 budget.342 In order to find these projected costs online, it is "I Hillsborough, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 24. 336 Hillsborough, Proposed Budget for Fiscal Year 2019-20 with Preliminary Budgets for Fiscal Years 2020-21 & 2021-22, p. 107. 337 Email from Hillsborough, dated June 5, 2019. 33a Hillsborough, Adopted Budget for Fiscal Year 2018-19, with Preliminary Budgets for Fiscal Years 2019-20 and 2020-21, p. 98. Hillsborough, Proposed Budget for Fiscal Year 2019-20 with Preliminary Budgets for Fiscal Years 2020-21 & 2021-22, p. 107. 339 Appendix A. 341 mid. See "Note" regarding Menlo Park's "Contribution Cost as % of General Fund Spending" for alternative calculation of these percentages. 34' Bartel Associates, LLC report to City of Menlo Park, November 13, 2018, pp.28 & 46. 342 Menlo Park. Fiscal Year 2018-19 Adopted Budget. Menlo Park's FY 2018-19 budget (at page 38) does set forth the City's pension costs through FY 2028-29, but only to the extent paid out of the general fund. Therefore, the budget does not show the City's total pension costs. 2018-2019 San Mateo County Civil Grand Jury 38 49