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6.A. - Page 58 of 114 Revenue Enhancement — Portola Vallev Since 2016, Portola Valley has not sought voter approval of any revenue enhancement ballot measures and it does not currently have any plans for doing so in the next two years. Staff notes, however, that the Town may evaluate putting ballot measures before its voters for funding of road improvements and/or wildfire risk mitigation in the near future. 463 Pension Obligation Bonds — Portola Valley Portola Valley does not have any outstanding pension obligation bonds. 464 General Fund Reserves — Portola Vallev AS noted above in the section entitled "Financial Overview - Portola Valley," 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).465 Unassigned reserves are projected to drop to $1.06 million by the end of FY 2019-20,466 but staff notes this is largely due to planned investments in two pedestrian safety enhancements and setting aside funds to meet unfunded retiree medical costs. 467 Long -Term Financial Forecast — Portola Valley To date, Portola Valley has not prepared long-term general fund operating budget forecasts. However, staff expects that in the study sessions beginning in September 2019, the possibility of developing five-year general fund forecasts will be discussed. Staff has not yet considered whether or not any such forecast would, once developed, be included in the Town's published annual budget. 468 Redwood City Pension Contribution Costs — Redwood City Redwood City's pension contribution costs in FY 2017-18 were $18.41million, up $0.687 million (3.9 percent) from $17.72 million in FY 2016-17. The City's FY 2017-18 pension contribution costs represented 30.3 percent of that year's covered payroll (up from 28.5 percent the preceding year) and 14.6 percent of its total general fund spending (down from 15.8 percent the preceding year).469 463 mid. 464 mid. 461 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. 466 Grand Jury interview. Portola Valley, Proposed Operating & Capital Budget, Fiscal Year 2019-20, 2019-20 Fund Activity Summary. 467 Grand Jury interview. 468 Ibid. 469 Appendix A. 2018-2019 San Mateo County Civil Grand Jury 51 Air