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

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6.A. - Page 49 of 114 As of the end of FY 2017-18, Menlo Park had a total general fund balance of $37.12 million. 373 As noted above, over the ten-year period from FY 2018-19 through FY 2027-28, Menlo Park projects it will aggregate further general fund surpluses totaling $28.4 million. 374 Over that same ten-year period, the unassigned general fund balance is projected to increase from $4.41 million to $11.55 million.375 Term Financial Forecast — Menlo Park Menlo Park publishes a long-term general fund operating budget forecast with a period of ten years .376 The long-term general fund operating budget forecast can be found in the City's FY 2018-19 budget,377 which can easily be accessed online at the landing page for the Menlo Park finance department at https://menlopark.org/367/Finance. (Last accessed on May 11, 2019.) Millbrae Pension Contribution Costs - Millbrae Millbrae's pension contribution costs in FY 2017-18 were $3.31 million, up $0.978 million (41.9 percent) from $2.34 million in FY 2016-17.378 The City's FY 2017-18 pension contribution costs represented 45 percent of that year's covered payroll (up from 37.9 percent the preceding year) and 11.7 percent of its total general fund spending (up from 9.2 percent the preceding year).3799380 In addition to its contribution payments made to Ca1PERS, Millbrae also makes annual, installment payments on its 2004 pension obligation bonds (originally issued in the amount of $11.5 million).31 t The City paid $1.07 million on the bonds in FY 2017-18 and will pay $1.11 million in FY 2018-19.382,383 Taking bond payments into account, Millbrae's total payments on account of its pensions (Ca1PERS and bond payments combined) were $4.39 373 Ibid., p. 32. 371 Menlo Park. Fiscal Year 2018-19 Adopted Budget, pp. 36-37. 371 Email from Menlo Park, dated May 11, 2019. Menlo Park. Fiscal Year 2018-19 Adopted Budget, p. 39. 376 Menlo Park. Fiscal Year 2018-19 Adopted Budget, pp. 36-37. 377 Ibid., pp. 36-37. A ten-year forecast was also included in the City's Fiscal Year 2017-18 Adopted Budget, pp. 46- 47. 371 Appendix A. 379 Ibid. 310 Millbrae notes that its pension payments as a percentage of covered payroll are artificially high because the City has pension liability for public safety employees (police and fire) but the City currently contracts for services and has no employees in those categories. While the City has no police and fire staff, the City is responsible for unfunded liability pension costs associated with former police and fire agencies and is also responsible for pension costs associated with employees in police and fire contracts. Pension spending for Miscellaneous plan employees in FY 2017-18 represented only 29.5% of covered payroll. (Email from Millbrae, dated June 12, 2019.) 311 Millbrae, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, pp. 19 & 68. 312 Millbrae, Slide presentation for November 13, 2018 City Council meeting re: Post -Employment Benefit Review, slide 30. 313 Email from Millbrae, dated June 12, 2019. 2018-2019 San Mateo County Civil Grand Jury 42 53