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6.A. - Page 70 of 114 During FY 2017-18, San Carlos withdrew $7 million out of existing general fund reserves in order to make a one-time $5 million additional payment to Ca1PERS, and to transfer $1 million into a pension trust and $1 million into a trust for OPEB liabilities.568 Long -Term Financial Forecast — San Carlos San Carlos' long-term general fund financial planning is based on a five-year forecast period. The City includes its long-term general fund forecast in its 2018 — 2020 budget. 169 San Mateo Pension Contribution Costs — San Mateo San Mateo's pension contribution costs in FY 2017-18 were $19.7 million, up $0.787 million (4.2 percent) from $18.91 million in FY 2016-17.570 The City's FY 2017-18 pension contribution costs represented 31.2 percent of that year's covered payroll (down from 32.2 percent the preceding year) and 17.7 percent of its total general fund spending (down from 18.2 percent the preceding year).571 San Mateo's actuarial consultant (Bartel Associates, LLC) projects its pension contribution costs will increase from the FY 2017-18 number by $11.7 million (59.4 percent) to $31.4 million by FY 2023-24 and by an additional $4.65 million (14.8 percent) to $36.06 million by FY 2027-28.572 San Mateo's projected pension contribution costs are not included in its FY 2017-18 CAFR, or in its budgets for FY 2017-18 or FY 2018-20,573 and the projections by its actuarial consultant (Bartel Associates, LLC) are not published by the City on its website. 574 The Grand Jury obtained a copy of the Bartel report through a document request to the City. The City does include projected general fund pension costs in its budgets and in its FY 2018-20 budget through FY 2028-29.575 While general fund pension costs do not represent the San Mateo's total pension costs, they do represent a large majority of the costs and the inclusion of the general fund cost information is helpful to an understanding of the impact of rising pension costs on the City. The Grand Jury's review of online agenda 561 San Carlos, 2018 — 2020 Adopted Budget, pp. 63-64. 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. 569 San Carlos, 2018 — 2020 Adopted Budget, pp. 63-64. The City also included a general fund forecast through FY 2020-21 in its 2017-18 Adopted Budget, p. 32. 570 Appendix A. 571 mid. 572 Bartel Associates, LLC report to City of San Mateo, October 25, 2019, pp. 28 & 46. This report contains pension cost projections through FY 2029-30. 571 San Mateo, Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018. San Mateo, Adopted 2017-18 Budget. San Mateo, Adopted 2018-20 Business Plan. 57' Email from San Mateo, dated June 12, 2019. 575 San Mateo, Adopted 2017-18 Budget, p. 11. San Mateo, Adopted 2018-20 Business Plan, p. 11. San Mateo, Proposed 2019-20 Budget, p. 11. The 2019-20 proposed budget provides pension cost projections for the general fund through FY 2029-30. 2018-2019 San Mateo County Civil Grand Jury 63 74