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Redwood <br />CitCityI California <br />7 C fermi <br />Even with reduced staff, employee -related costs drive <br />expenses <br />Pension +retiree health unfunded liability = $324 million <br />Pension liability of $274.3 million as of June 2019 ($264.5 million in <br />2018) <br />Retiree health liability of $49.5 million <br />Section 115 pension trust account - $27 million balance I <br />Additional payments to CaIPERS and to Section 115 pension <br />trust will help enable early payoff of pension liabilities - $38M <br />savings <br />24 of 32 <br />