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

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6.A. - Page 63 of 114 19.507 From FY 2019-20 through FY 2026-27 when the bonds are fully paid off, the City will make average annual payments on the bonds of approximately $0.883 million.sos Taking bond payments into account, the City's total payments on account of its pensions (Ca1PERS and bond payments combined) were $8.35 million in FY 2017-18 (representing 37.5 percent of that year's covered payroll and 19.3 percent of total general fund spending), up $0.83 million (11 percent) from $7.52 million in FY 2016-17.509 The City projects its pension contribution costs will increase from FY 2017-18 by $6.27 million (87.4 percent) to $13.45 million by FY 2023-24.510 The City does not have pension cost projections for any subsequent years .511 The City projects its total pension costs (Ca1PERS and bond payments combined) will increase over FY 2017-18 costs by $6.27 million (75.1 percent) to $14.62 million by FY 2023-24. The City's projected pension contribution costs are not included in its FY 2017-18 CAFR, or in its FY 2018-19 budget.512 However, the City has now included them in its new FY 2019-20 budget.513 Financial Overview — San Bruno San Bruno describes its overall fiscal condition as "[s]table but not sustainable."514 The City notes that it has "[h]ealthy general fund Reserves" but also "[s]ignificant unmet needs" including [flailing infrastructure" and "[r]ising pension and other employee costs."515 The City goes on to explain that "[t]hrough the proposed budget, the City will be able to maintain core service levels as well as make modest enhancements in a few notable areas .... However, the proposed budget reflects tough choices to not enhance needed services due to financial constraints in both the operating and capital budgets. There [are] remaining millions of dollars' worth of deferred capital improvements and maintenance, and the City is not able to meet the needs and service priorities of the community in several areas — most notably annual roadway rehabilitation and pothole repairs." "The backlog of deferred maintenance to public infrastructure and future growth in employee costs (both direct 501 The amount San Bruno paid in FY 2017-18 was $1,177,481 and the amount it will pay on the bonds in FY 2018-19 is $1,179,931. San Bruno, Comprehensive Annual Financial Report for the Year Ended June 30, 2018, p. 64. 501 San Bruno, Comprehensive Annual Financial Report for the Year Ended June 30, 2018, p. 64. 509 FY 2016-17 debt service payments on the pension obligation bonds totaled $1.18 million (San Bruno, Adopted Fiscal Year 2016-17 Operating and Capital Budget, p. K-5.) FY 2016-17 pension contribution costs are in Appendix A. 510 Emails from San Bruno dated April 22, 2019 and May 6, 2019. These emails contain pension cost projections through FY 2024-25. 511 Email from San Bruno dated May 6, 2019. 512 San Bruno, Comprehensive Annual Financial Report for the Year Ended June 30, 2018. San Bruno, Adopted 2018- 19 Operating and Capital Budget. 513 San Bruno, Proposed FY 2019-20 Operating and Capital Budget, p. A10. The budget contains projected pension cost numbers through FY 2024-25. 511 San Bruno, Proposed FY 2019-20 Operating and Capital Budget, p. A2. 515 San Bruno, Presentation Slides for City Council Meeting on November 27, 2018 re: Fiscal Sustainability Study Session — Presentation on the Scope of Work for a Comprehensive Fiscal Sustainability Project, Slide 9. 2018-2019 San Mateo County Civil Grand Jury 56 AA