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6.A. - Page 69 of 114 Pension Obligation Bonds -San Carlos San Carlos does not have any outstanding pension obligation bonds. 560 General Fund Reserves - San Carlos As of the end of FY 2017-18, San Carlos had a general fund ending balance of $29.6 million, of which $6.23 million were in an "Economic Uncertainty" reserve, $7.69 million were in a reserve for "Strategic Property Acquisition," $2 million were in a "PG&E Community Endowment," $2 million were in the "Unfunded Liabilities" reserve, $7.84 million were in "Facility/Infrastructure Reserves," $3.17 million were unassigned and $0.61 million were not spendable. 561 San Carlos notes that the Government Finance Officers Association ("GFOA") "best practice" recommendation is that unrestricted general fund balances be, at a minimum, equal to two months (16.7 percent) of regular general fund operating revenues or expenses. 562 The City's unrestricted general fund balance at the end of FY 2017-18 was $29.55 million, an amount equal to 69.5 percent of general fund expenditures of $42.49 million .561 In its FY 2018-20 budget, the City projected that the general fund balance at the end of FY 2018-19 would be $22.12 million (47.6 percent of expenditures of $44.32 million), $21.81 million at the end of FY 2019-20 (49.1 percent of projected expenditures of $44.43 million), $22 million at the end of FY 2020-21 (49.4 percent of projected expenditures of $44.5 million), $21.27 million at the end of FY 2021-22 (45.7 percent of projected expenditures of $46.54 million), and $20.04 million at the end of FY 2022-23 (41.3 percent of projected expenditures of $48.56 million).564 San Carlos' policy is that its Economic Uncertainty reserve not be allowed to drop below 12.5 percent of general fund expenditures, but the City notes that a balance of 20 percent is "highly desirable."565 As of the end of FY 2017-18, the Economic Uncertainty reserve balance was $6.23 million, 566 representing 14.7 percent of general fund expenditures of $42.49 million for the year. 567 560 lbid. 561 San Carlos, Staff Report for City Council Meeting on November 13, 2018 re: Consideration of Adopting a Resolution Approving the General Fund Balance Reserve Allocations, p. 3. 562 San Carlos, Staff Report for City Council Meeting on March 12, 2018 re: Report to Council on the City's Reserves, Unfunded Pension Liabilities and Unfunded Capital Projects, p.1. 563 San Carlos, Comprehensive Annual Financial Report for Fiscal Year 2017-2018, p. 30. 561 San Carlos, 2018 - 2020 Adopted Budget, pp. 63. 565 San Carlos, Staff Report for City Council Meeting on November 13, 2018 re: Consideration of Adopting a Resolution Approving the General Fund Balance Reserve Allocations, p.3. 566 lbid. San Carlos, Comprehensive Annual Financial Report for Fiscal Year 2017-2018, p. 30. 567 lbid. 2018-2019 San Mateo County Civil Grand Jury 62 73