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6.A. - Page 71 of 114 packages from San Mateo City Council meetings on the City's website at: https:Hcosm.legistar.com/Calendar.aspx (last accessed on June 12, 2019) also yielded an link to the January 22, 2019 City Council meeting agenda that provides pension cost projects for the City as a whole (not limited to costs to the general fund) through FY 2029- 30. Financial Overview — San Mateo In February 2018, San Mateo noted that "the City is currently in a strong financial position" but that "the long-term financial plan [is] out of structural balance, primarily due to rising pension costs and competing demands for general fund resources."576 Staff notes that, under the City's current long-term plan, "funding for all resource demands is not entirely sustainable."577 The plan contemplates that the City will have to make annual net reductions in general fund spending of approximately $2.32 million each year throughout the plan period in order to absorb rising pension costs and keep the current 25 percent operating reserve and housing reserve at policy levels. 578 (See, discussion of "General Fund Reserves — San Mateo" below.) Additional Pavments to Ca1PERS — San Mateo San Mateo made the following additional payments to Ca1PERS beyond its Annual Required Contributions: $1.38 million in FY 2016-17, and $1.4 million in FY 2017-18. The City also made a $1.63 million additional payment in FY 2018-19, for a total over all three years of $4.41 million.579 San Mateo's current plan is to apply 50 percent of future ERAF refunds toward making further additional payments to Ca1PERS beyond its Annual Required Contributions. 580 Staff expects the City's ERAF refund to be approx. $4 - $5 million per year over the next ten years, 581 and it projects annual additional payments to Ca1PERS of approximately $2 million per year. The City's current projection is that application of 50 percent of projected ERAF refunds toward additional pension payments to Ca1PERS over the course of the period from FY 2019-20 through FY 2029-30 would yield total additional payments of $22.8 million. 582 Staff has not presented the City Council with any data on projected, long- term pension savings to be realized from these additional payments. 583 576 San Mateo, Administrative Report Re: 2018-20 Business Plan — Preliminary Review, April 16, 2018, p. 1. 577 San Mateo, Proposed 2019-20 Budget, p. 54. 571 mid., pp. 44-45 & 54. 579Grand Jury interview. Emails from San Mateo, dated June 12 and June 13, 2019. "I San Mateo, Adopted 2018-20 Business Plan, pp. 13 & 69. Grand Jury interview. 581 Grand Jury interview. 512 Email from San Mateo, dated June 12, 2019. Grand Jury interview. 583 mid. 2018-2019 San Mateo County Civil Grand Jury 64 75