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

Browse Search

6.A. - Page 62 of 114 revenues).496 The City's policies require that general fund reserves not drop below 15 percent of general fund revenues, 491 which is projected to occur by the end of FY 2022-23, unless revenues are increased or expenses reduced.498 Long -Term Financial Forecast — Redwood City Prior to FY 2018-19, Redwood City's long-term general fund financial forecasting was based on a five-year period .499 In FY 2018-19, however, the City changed this to a ten-year period .500 This extension of the forecast period enabled the City Council and public to better understand the longer-term the general fund budget challenges facing the City.501 Redwood City included its long-term (five-year) general fund financial forecast in its FY 2018-19 budget502 and its new ten-year general fund financial forecast is included in the City's FY 2019-20 budget.503 Redwood has also added a "Fiscal Update" page to its public website (www.redwoodcity.org/fiscalLjpdate) (last accessed on June 16, 2019) that the Grand Jury finds to be quite helpful to access key information about Redwood City's most recent budget. San Bruno Pension Contribution Costs — San Bruno San Bruno's pension contribution costs in FY 2017-18 were $7.18 million, up $0.832 million (13.1 percent) from $6.34 million in FY 2016-17. The City's FY 2017-18 pension contribution costs represented 32.2 percent of that year's covered payroll (up from 28.2 percent the preceding year) and 16.5 percent of its total general fund spending (up from 14.7 percent the preceding year).soa In addition to its contribution payments made to Ca1PERS, the City also makes annual, installment payments on its 2013 pension obligation bonds (originally issued in the principal amount of $13.18 million), which mature in FY 2026-27.505 It paid $1.18 million on the bonds in FY 2017-18506 and will pay approximately the same amount in FY 2018- 196 Redwood City, Recommended Budget Fiscal Year 2019-2020, p. 176. 197 Redwood City, Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2018, p. vi of December 10, 2018 transmittal letter included in the report. a9a Redwood City, Recommended Budget Fiscal Year 2019-2020, p. 176. a99 Redwood City, Staff Report for City Council Meeting on February 26, 2018 re: FY 2017-18 Mid -Year Budget Study Session and Proposed Process for Development of the FY 2018-19 Budget, p. 16. 500 Redwood City, Staff Report for City Council Meeting on February 25, 2019 re: FY 2018-19 Mid -Year Budget Update and Proposed Process for Development of the FY 2019-20 Budget, Attachment 2. 50' Grand Jury interview. 502 Redwood City, Fiscal Year 2018-2019 Adopted Budget, p. 174. 501 Redwood City, Recommended Budget Fiscal Year 2019-2020, p. 176. 10' Appendix A. soy San Bruno, Adopted 2018-19 Operating and Capital Budget, p. 436. sob San Bruno, Adopted Operating Budget for Fiscal Year 2017-18 and Adopted Capital Improvement Program for Fiscal Years 2017-18 Through 2021-22, p. 194. 2018-2019 San Mateo County Civil Grand Jury 55