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6.A. - Page 55 of 114 Revenue Enhancement - Pacifica Pacifica is currently focusing on future economic development, especially the building of new hotels and residences, to help increase revenues and bring down projected future deficits. The City may also consider putting an increase in its 12 percent transient occupancy tax ("hotel tax") before its voters. 431 Pension Obligation Bonds - Pacifica In 2010, Pacifica issued $20.5 million in pension obligation bonds.432 As of the end of FY 2017-18, Pacifica's remaining payment obligations on the bonds through maturity in FY2029-30 totaled $15 million.433 General Fund Reserves - Pacifica Pacifica's general fund balance as of the end of FY 2017-18 was $12.55 million, of which $8.55 million (representing 28.5 percent of general fund expenditures for the year 434) was spendable;435 consisting of $1.41 million that is assigned '436 and $7.14 million that is unassigned.437 The City expects that it will need to draw down some of these reserves to close general fund budget deficits in future years. 438 Term Financial Forecast — Pacifica Pacifica has a long-term general fund forecast covering the period from FY 2017-18 through FY 2027-28, which it made available online in connection with its February 25, 2019 City Council meeting regarding a long-term financial plan. 439 The City has not included any long-term general fund operating forecast in its FY 2018-19 budget .440 In order to find its long-term general fund forecast online, it is necessary to manually search through agendas for City Council meetings that are available at https://pacificacityca.igm2. com/Citizens/Calendar.aspx. (Last accessed on May 20, 2019.) That search will eventually lead to the agenda for a meeting held on February 25, 2019, which references a discussion 431 Grand Jury interview. 432 Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2018, p. 64. 433 Ibid., pp. 64 & 66. 434 Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2018, p. 34. 435 Nonspendable funds `include amounts that cannot be spend because they are no in spendable form, or legally or contractually required to be maintained intact. The `not in spendable form' criterion includes items that are not expected to be converted to cash." Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2018, p. 90. 436 "Amounts in the assigned fund balance classification are intended to be used by the City for specific purposes but do not meet the criteria to be classified as restricted or committed. In the General Fund, assigned amounts represent intended uses established by City Council or a City official delegated that authority by City ordinance (City Manager)." Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2018, p. 91. "I "Unassigned fund balance is the residual classification for the General Fund and includes all spendable amounts not contained in the other classifications." Ibid., p. 91. Pacifica, Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2018, p. 30. 431 Grand Jury interview. 439 Pacifica, Council Agenda Summary Report for February 25, 2019 meeting re: Long Term Financial Plan Update 2018-2028. " Pacifica, Annual Operating Budget 2018-2019, Adopted June 25, 2018. 2018-2019 San Mateo County Civil Grand Jury 48