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Council pauses automatic surplus-fund distribution for one year, directs funds to general fund
Summary
The council voted unanimously to pause the existing policy that directs year-end general fund surplus into retirement and infrastructure accounts. For one year the surplus distribution will be halted and funds will remain in the general fund while the council considers priorities; the contingency fund allocation remains in place.
The Simi Valley City Council voted on Monday to pause its current policy for distributing year-end general fund surpluses for one year and to retain surplus dollars in the general fund. The policy, adopted in April 2022, previously directed surplus distributions as follows: 40% to a retirement-payment account (to reduce the city's CalPERS liability), 40% to an infrastructure investment fund and 20% to a contingency fund.
Administrative Services Director Carolyn Johnson told the council the existing approach…
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