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6.A. - Page 67 of 114 The City projects its pension contribution costs will increase from FY 2017-18 (excluding the $6 million additional payment) by $2.8 million (63.6 percent) to $6.5 million by FY 2023-24 and by an additional $0.5 million (7.7 percent) to $7 million by FY 2027-28.545 The City's projected pension contribution costs are not included in its FY 2017-18 CAFR, or in its FY 2018-2020 budget.546 In order to find these projected costs online, it is necessary to manually search through City Council meeting agenda packages, which can be accessed at the following website: sancarlosca.igm2.com/Citizens/Default.aWx (last accessed on June 5, 2019.) That search would eventually lead to the agenda for its meeting on April 9, 2018,547 which has a link entitled "a. Consideration of Adopting a Resolution Authorizing the City Manager to Transfer $7 Million from the Unfunded Liability Reserve to Pay Down the California Public Employees Retirement System (Ca1PERS) Unfunded Pension Liability in the Amount of $5 Million, and Funding the Other Post Employment Benefit Trusts: California Employers' Retirement Benefit Trust (CERBT) in the Amount of $1 Million and Public Agency Retirement Services (PARS) in the Amount of $1 Million." which takes the reader to the City's April 9, 2018 staff report that contains a graph with the projected Costs .548 Financial Overview — San Carlos San Carlos' five-year general fund forecast projects steadily increasing revenues (including net transfers to the general fund) from $44.35 million in FY 2018-19 to $49.33 million in FY 2022-23, and also rising expenses from $44.3 million in FY 2018-19 to $48.6 million in FY 2022-23.549 The City projects modest operating surpluses in the general fund totaling $3.95 million over the five-year period FY 2018-19 through FY 2022-23.550 Additional Payments to Ca1PERS — San Carlos San Carlos made an additional one-time payment to Ca1PERS of $5 million beyond its Annual Required Contribution in FY 2017-18.551 Staff projects this will result in 545 San Carlos, Staff Report for City Council Meeting on April 9, 2018 re: Consideration of Adopting a Resolution Authorizing the City Manager to Transfer $7 Million from the Unfunded Liability Reserve to Pay Down the [CaIPERS] Unfunded Pension Liability in the Amount of $5 Million, p. 3. The report contains pension cost projections through FY 2047-48. 546 San Carlos, Comprehensive Annual Financial Report for Fiscal Year 2017-2018. San Carlos, 2018 — 2020 Adopted Budget. 547 San Carlos, Agenda for City Council Meeting on April 9, 2018. 548 San Carlos, Staff Report for City Council Meeting on April 9, 2018 re: Consideration of Adopting a Resolution Authorizing the City Manager to Transfer $7 Million from the Unfunded Liability Reserve to Pay Down the [Ca1PERS] Unfunded Pension Liability in the Amount of $5 Million, p. 3. 549 San Carlos, 2018 — 2020 Adopted Budget, p. 63. "'Ibid. Email from San Carlos, dated June 11,2019. `1 San Carlos, 2018 — 2020 Adopted Budget, p. 23. Grand Jury interview. San Carlos, Staff Report for City Council Meeting on April 9, 2018 re: Consideration of Adopting a Resolution Authorizing the City Manager to Transfer $7 Million from the Unfunded Liability Reserve to Pay Down the [Ca1PERS] Unfunded Pension Liability in the Amount of $5 Million, p. 1. 2018-2019 San Mateo County Civil Grand Jury 60 71