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File Number: 22-165 This General Fund budget amendment reflects one-time contributions to pay down unfunded pension liability, including $3,000,000 to CalPERS and $608,500 to the PARS/Pension Trust. The proposed contribution to CalPERS is expected to generate approximately $4,300,000 in interest savings over time. The projected investment return for the Pension Trust is 5.89%. These proposed contributions are consistent with the City’s Prioritization of Unfunded Liability Liquidation (PULL) Plan in which up to 50% of General Fund land sales and up to 50% of General Fund surplus can go towards funding unfunded liabilities. In the prior fiscal year, the City generated approximately $1,200,000 from the sale of property and achieved positive financial results. This General Fund budget amendment also includes funding to support capital projects including the street maintenance program. The proposed contributions amount to $4,917,800, which is the same amount that was transferred to the General Fund from the Capital Project Fund in fiscal year 2020-2021 in anticipation of the COVID-19 impact to the budget. Proposed budget adjustments to other funds are based on projected revenue trends and expected program activities (Enterprise Funds, Internal Service Funds, Gas Tax Fund, Parking Fund, etc.). Adjustments also reflect reclassifications between street related projects to ensure sufficient funds are in place to support the overall street maintenance program. Attachment 2 (Tables 1, 2, and 3), included with the staff report/resolution, details proposed revenue and expenditure appropriation amendments to the 2021-2022 budget. A summary of the proposed budget adjustments is also provided for reference (Attachment 1). The following is a summary of the major adjustments. Amended General Fund Revenue Appropriations Taxes Sales and Use Tax (010-3201)2,109,000 Transaction/Use Tax (010-3227)476,100 Property Transfer Tax (010-3203)2,000,000 Charges for Services Recreation programs (010-3751--010-3770)(614,000) Amended General Fund Expenditure Appropriations Non-Departmental Vacancy Saving (010-14-002-4301)3,900,000 CalPERS funding (010-14-002-5190)3,000,000 PARS FUNDING (010-14-002-5190)608,500 Transfers (010-99-901-8410) To Capital Project Fund 3,217,800 To Gas Tax 1,700,000 Capital Project Fund (5,675,000) Page 5 City of San Leandro Printed on 3/9/2022