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D - 7 City of Pleasanton Operating Budget • FY 2023/24 - FY 2024/25 <br />APPENDIX D <br />The chart below shows a ten-year surplus/deficit projection for each scenario. The City’s expenditures <br />are expected to continue outpacing revenues for the next several years, largely due to growing pension <br />obligations, which is projected to increase until FY 2030/31 based on the latest projection from the <br />California Public Employees’ Retirement System (CalPERS). As more employees in the CalPERS’ Classic <br />Plan retire over time, the City’s staffing pool will gradually consist of a higher percentage of employees in <br />the CalPERS Pension Reform Act (PEPRA) Plan, which has reduced pension benefits. <br />During these deficit years, the City will need to consider a number of options, including 1) exploring <br />opportunities for revenue enhancements and/or new revenue streams; 2) reduce operating expenses; <br />3) reduce allocations to the CIP and Repair & Replacement Funds; and/or 4) draw on the Section 115 <br />Pension Trust Fund to help cover pension expenses.