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Simi Valley council allocates $9.5M surplus to pensions and streets; approves $23,910 Samaritan Center rollover
Summary
Council approved distribution of fiscal-year surplus per policy — transfers to retirement and infrastructure funds and a one-time CalPERS payment — and voted to roll forward unspent COVID recovery grant funds for the Samaritan Center.
Simi Valley City Council on a unanimous vote approved the distribution of a $9.5 million fiscal-year 2022–23 surplus under the city’s fund-balance policy and approved the Samaritan Center’s request to roll $23,910.39 of unspent Year 2 COVID-19 recovery grant funds into Year 3.
Administrative Services Director Carolyn Johnson told the council the council-approved fund-balance policy places 40% of surplus into the Retirement Investment Fund, 40% into the Infrastructure Investment Fund and 20% into the Contingency Fund (the contingency fund has a $2 million cap). Because the cap limited the amount placed into contingency, staff transferred $4,571,705 into both the Retirement Investment Fund and the Infrastructure Investment Fund and $400,000 into Contingency during the budget process.
Johnson recommended and the council approved a one-time discretionary payment of $4,608,605 from the Retirement Investment Fund toward the city’s CalPERS unfunded accrued liability. Staff also approved a transfer of $4,605,504 from the Infrastructure Investment Fund into the streets fund to support major-street projects.
On the Samaritan Center COVID-19 Community Recovery Grant, Senior Management Analyst Heidi Denardo presented the organization’s Year 2 performance report. The Samaritan Center reported $175,797.61 in Year 2 expenditures against a $199,708 Year 2 budget, leaving $23,910.39 unspent; staff recommended — and council approved — rolling that amount into Year 3 to support case management and housing assistance. Denardo noted the Samaritan Center reported that in one quarter alone it served 5,908 meals to unhoused clients and provided pantry supplies to 4,823 household members.
Both the surplus distribution motions and the Samaritan Center rollover motion passed unanimously.
