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6.A. - Page 46 of 114 necessary to manually search through City Council meeting agenda packages, which can be accessed at the following website: https://menlopark.org/AgendaCenter/City-Council-14. (Last accessed on June 2, 2019.) That search would eventually lead to the agenda for the November 13, 2018 City Council meeting, 343 which refers to an "Employee pension obligations" study session and includes a link to a staff report on this topic dated November 13,20 19,344 attached to which is a detailed review of the City's projected pension costs from its actuarial consulting firm (Bartel Associates, LLC).345 Financial Overview — Menlo Park Menlo Park describes its financial outlook "currently quite strong" and notes that the outlook for growing property tax revenues, the City's largest revenue source, remains "strong. "346 The City notes, however, that the "strong economy has resulted in near zero unemployment for the region and the City is in fierce competition for talented staff. ,347 As of the end of FY 2017-18, Menlo Park had a total general fund balance of $37.12 million. 34' Notwithstanding rising pension costs and a tight labor market, the City projects that it will continue to accrue substantial increases in its general fund balance. From FY 2018-19 through FY 2023-24, it projects aggregating additional general fund balance amounts totaling $16.3 million and, from FY 2024-25 through FY 2027-28, it projects aggregating an additional $12.1 million in general fund balance amounts, bringing total additional amounts accrued in the general fund balance for the period from FY 2018-19 through FY 2027-28 to $28.4 million. 349 These projections take into account an assumption that "an economic downturn [is] nearly certain to occur within the time frame of the [long- term] forecast"iso making the projections more conservative than those of Cities that do not model a likely recession into their long-term financial planning. Staff notes, however, that a portion of these projected general fund surpluses may be used to offset a portion of future funding needs for planned capital improvements. The City points out that capital improvement projects are budgeted for a total of $73.5 million over five years and that the "funds that support those projects ... are expected to have a funding requirement of $44.64 million through the five-year plan. As the City realizes surpluses in the General Fund, those funds may be used to offset a portion of the future funding need. "3s 1 343 Menlo Park. Agenda for City Council meeting on November 13, 2018. 344 Menlo Park. Staff Report for City Council Meeting on November 13, 2018 re: Study Session: Employee pension obligations. 345 Bartel Associates, LLC report to City of Menlo Park, November 13, 2018, pp.28 & 46. 346 Menlo Park, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, pp. iii - iv of December 21, 2018 transmittal letter. 341 Menlo Park. Fiscal Year 2018-19 Adopted Budget, p. ii of City Manager's Transmittal Letter. 341 Menlo Park, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 36. 349 Menlo Park. Fiscal Year 2018-19 Adopted Budget, pp. 36-37. 350 lbid., p. 37. 351 lbid., p. viii of City Manager's Transmittal Letter. Email from Menlo Park, dated June 6, 2019. 2018-2019 San Mateo County Civil Grand Jury 39