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6.A. - Page 53 of 114
<br />In addition to its contribution payments made to Ca1PERS, the City also makes annual,
<br />installment payments on its 2010 pension obligation bonds (originally issued in the amount
<br />of $20.5 million).412 It paid $1.69 million on the bonds in FY 2017-18413 and will pay $1.75
<br />million in FY 2018-19.414 From FY 2019-20 through FY 2029-30 when the bonds are fully
<br />paid off, the City will make bond payments totaling $13.26 million, for an average annual
<br />payment on the bonds of approximately $1.25 million. 415 Taking bond payments into
<br />account, the City's total payments on account of its pensions (Ca1PERS and bond payments
<br />combined) were $5.78 million in FY 2017-18 (representing 35.1 percent of that year's
<br />covered payroll and 19.3 percent of total general fund spending),416 down $0.528 million
<br />(8.4 percent) from $6.31 million in FY 2016-17.417
<br />Pacifica's actuarial consultant projects that the City's pension contribution costs will
<br />increase from FY 2017-18 by $3.42 million (83.6 percent) to $7.51 million by FY 2023-24
<br />and by an additional $1.59 million (20.6 percent) to $9.06 by FY 2027-28.418 Taking bond
<br />payments into account, the City's total payments on account of its pensions (Ca1PERS and
<br />bond payments combined) will increase from FY 2017-18 by $2.91 million (50.3 percent)
<br />to $8.69 million by FY 2023-24 and by an additional $1.72 million (19.8 percent) to $10.41
<br />million by FY 2027-28.419
<br />The City's projected pension contribution costs are not included in its FY 2017-18 CAFR,
<br />or in its budget for FY 2018-19.420 In order to find these projected costs online, it is
<br />necessary to manually search through City Council meeting agenda packages, which can be
<br />accessed at the following website:
<br />https://pacificacityca.igm2.com/Citizens/Calendar.aspx?From=1 /l /2019&To=12/31 /2019.
<br />(Last accessed on May 20, 2019.) That search would eventually lead to the agenda for a
<br />City Council meeting on November 26, 2018.421 That agenda includes a heading entitled
<br />"2018 Presentation of Pension Costs" under which is a link entitled "Attachment 1 — Bartel
<br />Associates — Ca1PERS Actuarial Issues — 6/30/17 Valuation" which contains the City's
<br />pension cost projections. 422
<br />112 Pacifica, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018, p. 64.
<br />413 Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2016, pp. 64 & 66.
<br />ala Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2017, pp. 64 & 66.
<br />415 Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2018, pp. 64 & 66.
<br />116 Appendix A. Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2017, pp. 64 & 66.
<br />417 Appendix A. Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2016, pp. 64 & 66.
<br />ala Bartel Associates, LLC report to City of Pacifica, November 13, 2018, pp. 12, 21, 30. This report provides
<br />projected pension cost data through FY 2029-30.
<br />119 Ibid., pp. 12, 21, 30. Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2017, pp. 64
<br />& 66. Email from Pacifica, dated May 22, 2019.
<br />121 Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2018. Pacifica, Annual Operating
<br />Budget 2018-2019, Adopted June 25, 2018.
<br />121 Pacifica, Agenda for City Council Meeting on November 26, 2019.
<br />122 Bartel Associates, LLC report to City of Pacifica, November 13, 2018, pp. 30, 34, 52, 56, 74, 78 & 82.
<br />2018-2019 San Mateo County Civil Grand Jury 46
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