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6.1. G. - Page 25 <br /> clanty around cc�nstraiz�ts placed nn fund balances. " San Mateo Cour�ty implemented <br /> GASB 54 early, with th� new tez zeflected in its FY 2010 CAFR. No cities in San <br /> Mateo County implemented early. <br /> 9. One czty {1`vlillbrae} had a Running Liquidity below 90 days. <br /> 1�. All cities and the County are fully �'unding their Annua� Required Contribution to CALPERS <br /> ar SannCERA for retiree pension :Fundzng. <br /> I 1. Ten participating cities are not making their full actuarially determined OpEB payments <br /> for ret�ree nealtk� care benefits, with three citiES (At�erton, Brisbane, Foster City} having paid <br /> at less than an a���rage of 25 percent for the last two years. <br /> Canclusions <br /> 1. There are significant differences in the amount of cunrent and historical financial information <br /> goveriunental entities choose to make conveniently avaiIable ta interested cztizens. <br /> 2. The complexities of governmerit accounting could cause interested citizens to misinterpret <br /> data or draw incorrect conclusipns. Financial infarmation provided by cities and the County <br /> could be improved. <br /> 3. Cities and the County seem�d to have pnidently managed their Unreserved General Fund <br /> Balance reserves through the recession, making trade-affs appropriate for their individual <br /> financial circumstances. <br /> 4. Clear and explicit reserue poiici�s add valu� by providing direction from elected officials, <br /> and supporting budgeting aciions and decisians that maintain reserves at levels #ailored to <br /> specif c city circurnstances. <br /> 5. The lack of a statutory or contractual requirement to fully meet annual OPEB heaIth car� <br /> payments r�sulted in some cities choosing to defer payzra.ents and increase unfiunded lzabilities <br /> in favar of other priorities. There are cities that appear to �iave ample reserves and liquidity, <br /> with rewenues that consistentl� exceed expenditures that are nat making their full aiu�ual <br /> OPEB pay�ents, when future obIigations incuned may be morE costly than using liquid <br /> funds available to them naw. <br /> " 8alancing Governmenia! Budgets under GASB 54, Journal Df Accouniancy, Nov 20D9 <br /> 1z Atherton, Brisbane, Bur�ingame, Da�y City, Foster City, Mill�rae, Redwood City, San Bruno, San Mafeo, 5outh San <br /> Francisco <br /> 20 <br />