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

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6.A. - Page 56 of 114 entitled "Long Term Financial Plan Update."441 Clicking on the link below that heading entitled `Attachment 1: LTFP 2018-2028" leads to the long-term plan. Portola Valley Pension Contribution Costs — Portola V Portola Valley's pension contribution costs in FY 2017-18 were $0.141 million, up $0.025 million (21.7 percent) from $0.116 million in FY 2016-17. The City's FY 2017-18 pension contribution costs represented 9.3 percent of that year's covered payroll (up from 8.1 percent the preceding year) and 2.7 percent of its total general fund spending (flat from 2.7 percent the preceding year). 442 Ca1PERS projects that Portola Valley's pension contribution costs will increase by $0.117 million (83.3 percent) to $0.258 million by FY 2023-24.443 Portola Valley does not prepare any projections for future pension contribution costs and none are included in its FY 2017-18 financial report,aaa its FY 2018-19 operating budget,445 or its FY 2019-20 proposed operating budget.446 In order to develop the projected cost numbers through FY 2023-24 reported above, the Grand Jury reviewed Ca1PERS' actuarial reports to Portola Valley, 447 together with supplemental information received directly from the Town via email448 and combined the two data sources to generate the projection. Financial Overview — Portola Valley Portola Valley reports that its "fiscal condition remains strong. ,449 The Town reported very robust general fund balances of $4.77 million at the end of FY 2016-17 (representing 109.4 percent of general fund expenses of $4.36 million for the year), rising to $4.92 million at the end of FY 2017-18 (representing 93 percent of general fund expenses of $5.29 million for the year). Unassigned reserves were reported to be $2.68 million in FY 2016-17 (representing 61.5 percent of general fund expenses for the year) and $2.83 million in FY 2017-18 (representing 53.5 percent of general fund expenses for the year).450 In addition, the Town projects that it will have an unfunded pension liability reserve funded with a 44' The February 25, 2019 City Council meeting agenda can be found at https://pacificacityca.igm2.com/Citizens/Detail_Meeting_aspx?ID-1259 . (Last accessed on May 20, 2019.) 12 Appendix A. 11 Ca1PERS Actuarial Valuation — June 30, 2017 Miscellaneous Plan of the Town of Portola Valley, p. 5. CalPERS Actuarial Valuation — June 30, 2017 PEPRA Miscellaneous Plan of the Town of Portola Valley, p. 5. Email correspondence from Portola Valley dated June 18, 2019. " Portola Valley, Basic Financial Statements for the Year Ended June 30, 2018. 15 Portola Valley, Adopted Operating & Capital Budgets Fiscal Year 2018-19. "Portola Valley, Proposed Operating & Capital Budgets, Fiscal Year 2019-20. "7 Ca1PERS Actuarial Valuation — June 30, 2017 Miscellaneous Plan of the Town of Portola Valley, p. 5. Ca1PERS Actuarial Valuation — June 30, 2017 PEPRA Miscellaneous Plan of the Town of Portola Valley, p. 5. 448 Email correspondence from Portola Valley dated June 18, 2019. 449 Portola Valley, Adopted Operating & Capital Budgets Fiscal Year 2018-19, Town Managers transmittal letter to the Town Council, p. 1. 151 Portola Valley, Basic Financial Statements for the Year Ended June 30, 2017, pp. 18 & 22. Portola Valley, Basic Financial Statements for the Year Ended June 30, 2018, pp. 20 & 24. 2018-2019 San Mateo County Civil Grand Jury 49