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6.A. - Page 65 of 114 processes and significantly expanding the scope of business development impact fees it assesses. 523 San Bruno is also currently engaged in a process to identify potential revenue enhancement ballot measures, including a 2 percent increase in its transient occupancy tax (commonly referred to as a "hotel tax") that could yield annual additional revenues of approximately $0.55 million and an increase of a quarter -cent or half -cent to its sales tax that could yield annual additional revenues of approximately $2 million at the quarter -cent rate and $4 million at the half -cent rate. The City has to option of putting these two possible measures on the ballot in either November 2019 or 2020.524 Pension Obligation Bonds — San Bruno In January 2013, San Bruno issued pension obligation bonds in the principal amount of $13.18 million525 which mature in FY 2026-27.526 The City paid $1.18 million on the bonds in FY 2017-18527 and will pay approximately the same amount in FY 2018-19.528 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. 529 General Fund Reserves — San Bruno As of June 30, 2018, San Bruno had a general fund reserve of $11.25 million .5'0 The City projects that this reserve will increase to $12.09 million as of June 30, 20 19,53 1 and to $12.77 million as of June 30, 2020.532 The City's goal is to maintain this reserve of at least 25 percent of general fund expenditures and City policy requires that the balance not fall below 15 percent of general fund operating expenditures except upon a declaration of emergency.533 The June 30, 2018 general fund reserve balance was 25.9 percent of the $43.4 million in FY 2017-18 general fund expenditures.534 523 Grand Jury interview. 521 San Bruno, Presentation Slides for City Council Meeting on February 19, 2019 re: Revenue Enhancements City Council Study Session, p. 27. 525 San Bruno, Adopted 2018-19 Operating and Capital Budget, p. 436. 526 Grand Jury interview. San Bruno, Adopted Fiscal Year 2016-17 Operating and Capital Budget, p. K-4. 527 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. 528 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. 529 San Bruno, Comprehensive Annual Financial Report for the Year Ended June 30, 2018, p. 64. 530 mid., p. 72. 531 San Bruno, Adopted 2018-19 Operating and Capital Budget, p. 5 of Citywide Summary of Funds. 532 San Bruno, Proposed FY 2019-20 Operating and Capital Budget, p. 5 of Citywide Summary of Funds. 533 San Bruno, Adopted 2018-19 Operating and Capital Budget, p. C13. 531 San Bruno, Comprehensive Annual Financial Report for the Year Ended June 30, 2018, p. 30. 2018-2019 San Mateo County Civil Grand Jury 58