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6.A. - Page 78 of 114 <br />Additional Payments to Ca1PERS - Woodside <br />Woodside does not currently have any plan to make additional payments to CAPERS in <br />excess of its Annual Required Contribution. 641 <br />Pension Reserve Fund - Woodside <br />On March 26, 2019, Woodside's staff recommended to the City Council that the Town <br />establish a Section 115 Trust for the purpose of helping cushion the budgetary impact of <br />future pension costs increases and "that the upcoming budget include funds to be <br />contributed to the Section 115 trust. ,642 The Town plans to contribute a total of $1.8 <br />million to the trust over the next three fiscal years.643 <br />Employee Contribution to City's Normal Cost - Woodside <br />Woodside does not have any agreements in place with its employees under which they pay <br />for any portion of the Town's pension obligations. 644 <br />Revenue Enhancement - Woodside <br />Woodside does not currently have any plans for seeking voter approval of any revenue <br />enhancement measures. 645 <br />Pension Obligation Bonds - Woodside <br />Woodside does not have any outstanding pension obligation bonds. 646 <br />General Fund Reserves - Woodside <br />Woodside currently projects cumulative general fund budget deficits of $3.71 million over <br />the ten years from FY 2018-19 to FY 2027-28 (an average of $0.371 million each year).647 <br />Over that same period, Woodside's general fund balance is projected to drop from $7.89 <br />million in FY 2018-19 (representing 95.5 percent of general fund operating revenues that <br />year) to $3.68 million in FY 2027-28 (representing 33.6 percent of general fund revenues <br />that year).648 <br />Long -Term Financial Forecast — Woodside <br />Woodside included a five-year general fund operating budget forecast in its FY 2018-19 <br />budget .649 The Town has now developed a ten-year general fund operating budget forecast <br />641 cold. <br />642 Woodside, Report to Town Council for meeting on March 26, 2019 re: Discussion of the Town's Pension <br />Obligations and Direction to Staff Regarding an Approach to Address the Obligations, p. 3. <br />641 Woodside, Proposed Budget Fiscal Years 2019-21, June 3, 2019 letter of transmittal from City Manager, p. ii. <br />Email from Woodside, dated June 14, 2019. <br />644 Grand Jury interview. <br />645 mid. <br />646 mid. <br />641 Woodside, Proposed Budget Fiscal Years 2019-21, Budget Overview, p. 8. <br />648 mid. <br />649 Woodside, Adopted Budget Fiscal Year 2018-19, p. 6. <br />2018-2019 San Mateo County Civil Grand Jury 71 <br />82 <br />