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6.A. - Page 52 of 114 Pension Obligation Bonds - Millbrae In 2004, Millbrae issued pension obligation bonds in the amount of $11.5 million. 402 A total of $10.54 million in payments on the bonds will be due from Millbrae during the years from FY 2019-20 through FY 2026-27, which represents an annual average of approximately $1.32 million.403 The bonds will be paid off in FY 2033-34.404 General Fund Reserves - Millbrae At the end of FY 2017-18, Millbrae had an unrestricted general fund balance of $19.3 million. This amount was 68 percent of the $28.2 million of general fund expenditures for that year .405 The FY 2017-18 balance represented a decrease of $3.81 million (16.5 percent) from FY 2016-17, when the City's unrestricted general fund balance was $23.07 million and equaled 90.5 percent of general fund expenditures of $25.49 million for the year.4o6 The City informed the Grand Jury in April 2018 that it was unable to predict what its general fund balance will be at the end of FY 2018-19 or FY 2019-20 as staff was continuing to evaluate opportunities to increase revenues and improve efficiencies. 407 Based on the current adopted budget and proposed amendments at the mid-cycle update, assuming all revenues and expenses as originally forecast, staff now estimates an ending general fund balance of $12.7 million in FY 2018-19 and $6.05 in FY2019-20 with a reserve fund policy level of 15 percent.408 Term Financial Forecast — Millbrae Millbrae does not currently have a long-term general fund financial forecast. The City is in the process of developing a ten-year general fund financial forecast and expects to have one sometime in FY 2019-20.409 Pacifica Pension Contribution Costs - Pacifica Pacifica's pension contribution costs in FY 2017-18 were $4.09 million, up $0.351 million (9.4 percent) from $3.74 million in FY 2016-17.410 The City's FY 2017-18 pension contribution costs represented 24.8 percent of that year's covered payroll (up from 22.9 percent the preceding year) and 13.6 percent of its total general fund spending (up from 13 percent the preceding year). 411 402 Millbrae, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, pp. 19 & 68. 401 Millbrae, Slide presentation re: Post -Employment Benefit Review, slide 30. 404 Millbrae, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 68. 401 mid., pp. 5, 32, 34 & 74. 406 Millbrae, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2017, pp. 32, 34 & 74. 407 Grand Jury interview. 408 Email from Millbrae, dated June 12, 2019. 409 Grand Jury interview. 410 Appendix A. 411 Ibid. 2018-2019 San Mateo County Civil Grand Jury 45 56