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8.A. - Page 20 of 72
<br />components used to project the City's annual unfunded liability). The City's additional payments would
<br />ramp up again in FY 2025-26 as new bases are created. In the Preliminary Ten -Year Forecast, minimum
<br />additional contributions of $250,000 have been estimated, as contingency, for the years that additional
<br />payments are not required.
<br />The chart below contains annual mandated contribution and additional payment projections at a fixed
<br />point in time and are subject to change annually.
<br />Of note, the City will need to evaluate the annual contribution requirement amounts each fiscal year, due
<br />to the various factors that can contribute to changes in the required contribution amounts. Factors
<br />include the City's actual prior contributions
<br />made to
<br />CaIPERS, the
<br />actual
<br />rate of return on investments
<br />realized by CaIPERS, and any assumption
<br />changes implemented
<br />by
<br />CaIPERS.
<br />Pension Plans Fully Funded in 18Years
<br />Estimated
<br />Current
<br />Estimated
<br />Additional
<br />Projected
<br />Accelerated
<br />Annual
<br />Year
<br />Contributions
<br />Contributions
<br />Payment
<br />FY 2019-20
<br />$
<br />27,737
<br />$
<br />30,463
<br />$
<br />2,726
<br />FY 2020-21
<br />$
<br />30,207
<br />$
<br />31,716
<br />$
<br />1,509
<br />FY 2021-22
<br />$
<br />33,220
<br />$
<br />33,488
<br />$
<br />268
<br />FY 2022-23
<br />$
<br />35,968
<br />$
<br />35,968
<br />$
<br />-
<br />FY 2023-24
<br />$
<br />37,916
<br />$
<br />37,916
<br />$
<br />FY 2024-25
<br />$
<br />39,636
<br />$
<br />39,636
<br />$
<br />-
<br />FY 2025-26
<br />$
<br />40,183
<br />$
<br />40,511
<br />$
<br />328
<br />FY 2026-27
<br />$
<br />40,003
<br />$
<br />42,167
<br />$
<br />2,164
<br />FY 2027-28
<br />$
<br />41,629
<br />$
<br />43,906
<br />$
<br />2,277
<br />FY 2028-29
<br />$
<br />43,402
<br />$
<br />45,735
<br />$
<br />2,333
<br />FY 2029-30
<br />$
<br />45,494
<br />$
<br />47,971
<br />$
<br />2,477
<br />FY 2030-31
<br />$
<br />47,241
<br />$
<br />49,748
<br />$
<br />2,507
<br />FY 2031-32
<br />$
<br />46,895
<br />$
<br />51,604
<br />$
<br />4,709
<br />FY 2032-33
<br />$
<br />47,305
<br />$
<br />53,021
<br />$
<br />5,716
<br />FY 2033-34
<br />$
<br />46,729
<br />$
<br />54,893
<br />$
<br />8,164
<br />FY 2034-35
<br />$
<br />46,241
<br />$
<br />56,025
<br />$
<br />9,784
<br />FY 2035-36
<br />$
<br />45,223
<br />$
<br />56,761
<br />$
<br />11,538
<br />FY 2036-37
<br />$
<br />42,889
<br />$
<br />56,630
<br />$
<br />13,741
<br />FY 2037-38
<br />$
<br />42,434
<br />$
<br />26,169
<br />$
<br />(16,265)
<br />FY 2038-39
<br />$
<br />40,683
<br />$
<br />24,697
<br />$
<br />(15,986)
<br />FY 2039-40
<br />$
<br />39,450
<br />$
<br />23,240
<br />$
<br />(16,210)
<br />FY 2040-41
<br />$
<br />38,266
<br />$
<br />21,492
<br />$
<br />(16,774)
<br />FY 2041-42
<br />$
<br />33,511
<br />$
<br />19,576
<br />$
<br />(13,935)
<br />FY 2042-43
<br />$
<br />32,835
<br />$
<br />19,263
<br />$
<br />(13,572)
<br />FY 2043-44
<br />$
<br />30,538
<br />$
<br />17,969
<br />$
<br />(12,569)
<br />FY 2044-45
<br />$
<br />20,788
<br />$
<br />17,879
<br />$
<br />(2,909)
<br />FY 2045-46
<br />$
<br />17,730
<br />$
<br />17,676
<br />$
<br />(54)
<br />Total $ 1,034,153 $ 996,120 $ (38,033)
<br />*Dollar amounts are in thousands
<br />The actual timing of the additional payments above would depend on the availability of sufficient funds.
<br />Page 20 of 26
<br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore
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