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year 2009-10 to a projected 19.115 percent for fiscal year 2019-20. in anticipation of increased costs, in December, 2009, the District implemented a second tier retirement program - new enrollees were eligible for the 2% at 60 formula rather than the 2% at 55 formula, which saves the District money over time. Pension reform legislation adopted at the State level set a new formula, 2% at 62, for employees new to the retirement system after 12/31/12. This formula coupled with the legislation's other changes to pension systems, are expected to reduce the Normal Cost contribution rates over the corning decades. In addition to implementing pension benefit reform, the District set up and began funding a Pension Stabilization Fund to provide for its unfunded Ca1PERS liability ($13.5 million) and to temper large pension cost increases in future budgets. Additional funding for the Pension Stabilization Fund (currently funded at $6.9 million) will be provided each year from Salary and Benefit savings, along with discretionary transfers from unassigned fund balance as available. The District is also actively managing its non -PERS post-retirement liabilities. In June 2018, the Board set up and authorized transfer of $4 million to a Section 401(a) trust for the general employee retiree stipend benefit. In November 2018, the Board set up and authorized transfer of $4.5 million to a Section 115 trust for retiree medical expenses (OPEB). An additional challenge the District is addressing is the legislation increasing the California minimum wage from $10.00 per hour at June 30, 2016 to $15.00 per hour on January 1, 2022. Locally, the District encompasses a community that has, for all intents and purposes, reached build out, thus fees from residential developers (Quimby Fees) cannot be counted an for future park development. Consequently, resources for future capital maintenance, replacement and new park and facility development must be either made available from resources currently available for operating expenses, or additional revenue sources must be identified. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of District finances for all those with an interest in the governments finances. Questions concerning any of the information provided in this report or requests for additional financial information can be addressed to the Management Services Administrator, Conejo Recreation and Park District, 403 W. Hillcrest Dr., Thousand Oaks, California, 91360, 805-495-6471, or via email at parks@crpd.org Page 1 12