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6.A. - Page 57 of 114 balance of $0.712 million in FY 2019-20.451 Per the Town's unfunded pension liability reserve policy, this reserved amount will equal the Town's total unfunded pension liability for FY 2017-18412 and represent approximately 38 months of its projected pension contribution costs of $0.220 million as of FY 2019-20.453 Additional Payments to Ca1PERS — Portola Valley In FY 2014-15, Portola Valley paid Ca1PERS $0.907 million in order to retire its entire unfunded pension liability at that time.454 Since then, as a result of returns on Ca1PERS' investments being lower than projected by Ca1PERS, the Town's has accrued a new unfunded pension liability totaling $0.712 million as of the end of FY 2017-18.455 Over the course of three to four study sessions beginning in September of 2019, Portola Valley plans to discuss, among other things, how to manage its rising pension costs going forward. While staff has not yet analyzed the possibility of again making additional payments to Ca1PERS to retire this latest unfunded pension liability, this may be one of the options discussed in those study sessions. 456 Pension Reserve Fund — Portola V As noted above in the section entitled "Financial Overview — Portola Valley," the Town's policy is to maintain a reserve for its unfunded pension liability that equals its total unfunded pension liability amount.457 The reserve balance was $0.524 million as of the end of FY 2018-19458 (equaling the total unfunded pension liability as of the end of FY 2016- 17)459 and will be increased to $0.712 million in FY 2019-20 (equaling the total unfunded pension liability as of the end of FY 2017-18).460 During its study sessions scheduled to begin in September 2019, the Town will consider, among other options, whether to move these reserves into a Section 115 pension trust or other outside investment vehicle. 461 Employee Contribution to City's Normal Cost — Portola ValleX Portola Valley does not have any cost-sharing agreements in place with its employees under which employees agree to pay a portion of the Town's pension contribution costs. 462 451 Grand Jury interview. 452 cold. 451 Ca1PERS Actuarial Valuation — June 30, 2017 Miscellaneous Plan of the Town of Portola Valley, p. 4..CalPERS Actuarial Valuation — June 30, 2017 PEPRA Miscellaneous Plan of the Town of Portola Valley, p. 4. 454 Portola Valley, Basic Financial Statements for the Year Ended June 30, 2015, p. 49. Grand Jury interview. 455 Appendix A. 456 Grand Jury interview. 457 mid. 451 Portola Valley, Adopted Operating & Capital Budgets Fiscal Year 2018-19, 2018-19 Fund Activity Summary. 459 Appendix A. 461 Grand Jury interview. Portola Valley, Proposed Operating & Capital Budget, Fiscal Year 2019-20, 2019-20 Fund Activity Summary. 461 Grand Jury interview. 462 cold. 2018-2019 San Mateo County Civil Grand Jury 50 Am