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6.A. - Page 68 of 114 <br />contribution cost reductions of $0.515 million per year for 18 years. 552 The City also made <br />$1 million one-time payment to PARS at that time, which staff projects will result in <br />savings of approximately $0.06-$0.07 million per year for 18 years. 553 <br />The City expects to decide in November 2019, after receipt of audited FY 2018-19 <br />financials, on whether to make a further additional payment to CalPERS and also whether <br />to increase the amount of its "Unfunded Liabilities" reserve for pension costs. The City <br />notes that its preference is making additional payments to CalPERS beyond the minimum <br />requirements rather than holding money in a reserve because only the former actually <br />reduces long-term pension costs.554 <br />Pension Reserve Fund — San Carlos <br />San Carlos has transferred $1 million into a Section 115 Trust through PARS to help pay <br />for future PARS pension costs. 555 <br />In addition, as of end of FY 2017-18 San Carlos had a $2 million "Unfunded Liabilities" <br />reserve for use in managing pension costs. 556 The City expects to decide in November <br />2019, after receipt of audited FY 2018-19 financials, on whether/how much to increase this <br />reserve amount.557 <br />Employee Contribution to City's Normal Cost — San Carlos <br />San Carlos is not currently considering asking its employees to pay a portion of the City's <br />pension costs. The City does not pay any portion of employees' pension costs.558 <br />Revenue Enhancement — San Carlos <br />San Carlos is not currently evaluating the possibility of bringing forward any revenue <br />enhancement ballot measures.559 <br />152 San Carlos, Staff Report for City Council Meeting on April 9, 2018 re: Consideration of Adopting a Resolution <br />Authorizing the City Manager to Transfer $7 Million from the Unfunded Liability Reserve to Pay Down the <br />[CalPERS] Unfunded Pension Liability in the Amount of $5 Million, p. 1. <br />551 San Carlos, Staff Report for City Council Meeting on April 9, 2018 re: Consideration of Adopting a Resolution <br />Authorizing the City Manager to Transfer $7 Million from the Unfunded Liability Reserve to Pay Down the <br />[CalPERS] Unfunded Pension Liability in the Amount of $5 Million, p. 4. <br />5" Grand Jury interview. <br />151 San Carlos, Staff Report for City Council Meeting on April 9, 2018 re: Consideration of Adopting a Resolution <br />Authorizing the City Manager to Transfer $7 Million from the Unfunded Liability Reserve to Pay Down the <br />[CalPERS] Unfunded Pension Liability in the Amount of $5 Million, p. 4. <br />556 San Carlos, Comprehensive Annual Financial Report for Fiscal Year 2017-2018, p. 26. San Carlos, Staff Report for <br />City Council Meeting on November 13, 2018 re: Consideration of Adopting a Resolution Approving the General Fund <br />Balance Reserve Allocations, p. 2. <br />557 Grand Jury interview. <br />558 Ibid. <br />559 Email from San Carlos, dated June 11, 2019. <br />2018-2019 San Mateo County Civil Grand Jury 61 <br />72 <br />