On the agenda: Santa Fe Irrigation District meeting — DATA CENTER (Sep 17)

BOARD OF DIRECTORS

SANTA FE IRRIGATION DISTRICT
BOARD OF DIRECTORS’ MEETING
Santa Fe Irrigation District
5920 Linea del Cielo
Rancho Santa Fe, California 92067
Safety Center
THURSDAY, SEPTEMBER 17, 2026
8:30 a.m.

Michael T. Hogan
PRESIDENT
Sandra Johnson
VICE PRESIDENT
Dana Friehauf
Andy Menshek
Ken Westphal
Albert C. Lau, P.E.
GENERAL MANAGER

Assistance for the disabled: The District meeting facility is accessible to
persons using wheelchairs and others with disabilities. Agendas are available
in large print. Materials in alternative formats and other accommodations will
be made available upon request. Please make your request for alternative
format or other accommodations by contacting the Board Secretary at (858)
756-2424 or via email at [email protected]. Providing at least 72 hours’
notice prior to the meeting will help to ensure availability.
This meeting will be held at the above date, time, and location, and Board members and
members of the public may attend in person. Members of the public may also attend virtually.
Additional details on in-person participation and virtual public participation are provided
below. Please note that in the event of technical issues that disrupt the livestream of the
meeting, the meeting will continue, unless otherwise required by law, such as when a Director
is attending the meeting remotely pursuant to certain provisions of the Brown Act.

Please click the link below to join the webinar:
https://us02web.zoom.us/j/84867223396?pwd=nKnxfOV0paSTU1j77wLJdZzlankPGa.1
Passcode:032277
Or One tap mobile:
+16694449171, 84867223396#, *032277#, +16699009128, 84867223396#, *032277#
Or Telephone:
Dial (for higher quality, dial a number based on your current location):
US: +1 669 444 9171, +1 669 900 9128, +1 253 205 0468, +1 253 215 8782, +1 346
248 7799, +1 719 359 4580, +1 305 224 1968, +1 309 205 3325, +1 312 626
6799, +1 360 209 5623, +1 386 347 5053, +1 507 473 4847, +1 564 217 2000,
+1 646 558 8656, +1 646 931 3860, +1 689 278 1000, +1 301 715 8592
US Toll Free: 877 853 5257, 888 475 4499
Webinar ID: 848 6722 3396
Passcode: 032277
International numbers available: https://us02web.zoom.us/u/kQXcfJK1a

Instructions for Members of the Public Who Wish to Address the Board of Directors:
Individuals may address the Board of Directors during Oral Communications (for items not
appearing on the posted agenda that are within the subject matter jurisdiction of the
District) and regarding items listed on the posted agenda during the deliberation of the
agenda item, as follows:
A. Instructions for Making Public Comment for Those Attending In-Person:
Members of the public desiring to address the Board of Directors in person for either
items appearing on the posted agenda or during Oral Communications (for items not
appearing on the posted agenda that are within the subject matter jurisdiction of the
District) are asked to complete a speaker’s card, available at the table near the
entrance, and present it to the Board Secretary prior to the start of the meeting.
Speakers are asked to state their name, address, and topic, and to observe a time limit
of three (3) minutes each.
B. Instructions for Making Public Comment for Those Not Attending In-Person:
Members of the public who wish to address the Board of Directors under Oral
Communications or on specific agenda items who are not attending in person may
do so as instructed below:
1. To provide verbal comments during the meeting, join the Zoom meeting by
computer, mobile phone, or dial-in number. On Zoom video conference by
computer or mobile phone, use the “Raise Hand” feature. This will notify the Board
Secretary that you wish to speak during Oral Communications or on a specific
agenda item. If joining the meeting using the Zoom dial-in number, you can raise
your hand by pressing *9. Speakers are asked to state their name, address, and
topic, and to observe a time limit of three (3) minutes each.
2. You may send written comments to the Board Secretary for receipt no later than
7:30 a.m., September 17, 2026, to be read during the appropriate portion of the
meeting. Written comments must be limited to 300 words (a reading limit of 3
minutes) for each comment and emailed to [email protected], mailed to the
attention of Celina McDowell, Board Secretary, SFID, P. O. Box 409, Rancho
Santa Fe, CA 92067, or physically deposited in the District’s payment drop box
located in the public parking lot at the District’s Administrative Office at 5920
Linea del Cielo, Rancho Santa Fe, California 92067.
C. Instructions for Listening to the Meeting Only:
Please click this link to listen to the meeting: https://bit.ly/SFIDLive
Please note that the above link only provides the opportunity to listen to the meeting.
To view or listen to the meeting via Zoom and have the opportunity to provide public
comments, please use the Zoom link or Zoom dial-in information provided above and
follow the instructions in this agenda.

Agenda Page No. 2

Board of Directors
September 17, 2026

ROLL CALL - CALL MEETING TO ORDER
ITEMS TO BE ADDED TO THE AGENDA
(Government Code Section 54954.2)
PLEDGE OF ALLEGIANCE – Director Friehauf
ORAL COMMUNICATIONS ON ITEMS NOT APPEARING ON THE AGENDA

Opportunity for members of the public to address the Board of Directors on items not appearing on the posted agenda,
pursuant to Government Code Section 54954.3.

PRESENTATIONS AND AWARDS – NONE
ACTION AGENDA

The following items on the Action Agenda call for discussion and action by the Board of Directors. All items are placed
on the Agenda so that the Board may discuss and take action on the item if the Board is so inclined.

CONSENT ITEMS

The following listed items on the consent calendar are routine matters and there will be no discussion unless the Board
of Directors removes an item. Items removed by the Board or public will be heard following approval of the remaining
items on the Consent Calendar.

1. Approval of August 20, 2026, Regular Board Meeting Minutes (pages 5-11)
2. Receive and File Monthly Finance Reports (pages 12-24)
a. Budget Graphs
b. Disbursements
c. Monthly Investment Transaction Report
ACTION AND DISCUSSION ITEMS
3. Select SEW.Ai for the AMI Customer-Facing Portal and Approve Contract Award
(pages 25-40)
4. Review and Discussion of CalPERS Annual Valuation Report as of June 30, 2025, for
the Santa Fe Irrigation District (pages 41-86)
5. Legislative Update (pages 87-88)
REPORTS

The following reports are placed on the Agenda to provide information to the Board and the public. There is no action
called for on these items. The Board may engage in discussion of any report upon which specific subject matter is
identified in the Agenda but may not take any action other than to place the matter on a future Agenda.

6. Operations Reports (pages 89-94)
a. R.E. Badger Filtration Plant Report
b. Water Resources Report
c. San Dieguito Reservoir Security Update

Agenda Page No. 3

Board of Directors
September 17, 2026

7. Board Reports (pages 95-96)
a. San Diego County Water Authority (SDCWA) Board Meeting Report
b. Other Meetings/Conferences
DIRECTORS’ COMMENTS

The Directors’ comments are comments by Directors concerning District business, which may be of interest to the
Board. They are placed on the Agenda to enable the individual Board members to convey information to the Board and
the public. No action is to be taken on comments made by the Board members.

8. Directors’ Comments (verbal)
9. Future Agenda Items (verbal)
10. General Manager’s Report (verbal)
11. General Counsel’s Comments (verbal)
INFORMATION ITEMS – NONE
CLOSED SESSION

At any time during the Regular Session, the Board may adjourn to Closed Session to consider litigation or discuss with
Legal Counsel matters within the Attorney/Client Privilege, subject to the appropriate disclosures. Discussion of
litigation is within the Attorney/Client Privilege and may be held in Closed Session. (Pursuant to Government Code
Section 54956.9)

12. Conference with Legal Counsel – Existing Litigation
Pursuant to Government Code Section 54956.9(d)(1)
Santa Fe Irrigation District, et al. v. City of San Diego, Superior Court of California,
County of San Diego, Case No. 24CU003725N
13. Conference with Legal Counsel – Existing Litigation
Pursuant to Government Code Section 54956.9(d)(1)
Studer, et al. v. Santa Fe Irrigation District, et al., Superior Court of California,
County of San Diego, Case No. 37-24CU024147C
14. Conference with Legal Counsel – Anticipated Litigation
Initiation of litigation pursuant to Government Code Section 54956.9(d)(4)
One (1) potential case
15. Conference with Legal Counsel – Anticipated Litigation
Significant exposure to litigation pursuant to Government Code Section
54956.9(d)(2)
One (1) potential case
ADJOURNMENT

Any writings or documents provided to a majority of the Board of Directors for any item on this agenda will be made
available for public inspection on the District’s website at www.sfidwater.org

Agenda Page No. 4

Board of Directors
September 17, 2026

Agenda Item No. 1

MINUTES
REGULAR BOARD MEETING
OF THE SANTA FE IRRIGATION DISTRICT
BOARD OF DIRECTORS
August 20, 2026
Santa Fe Irrigation District
5920 Linea Del Cielo
Rancho Santa Fe, CA 92067
ROLL CALL - CALL MEETING TO ORDER
President Hogan called the meeting to order at 8:30 a.m.
BOARD MEMBERS PRESENT: President Michael Hogan, Vice President
Sandra Johnson, and Directors Dana Friehauf and Ken Westphal. Director Andy
Menshek was absent.
STAFF AND OTHERS PRESENT: General Manager Al Lau, Assistant General Manager
Seth Gates, Board Secretary Celina McDowell, Director of Engineering Services Marissa
Potter, Public Communications Officer Teresa Penunuri, Director of Distribution Systems
Chris Bozir, and General Counsel Paula de Sousa, Best Best & Krieger. Chris Pascale,
CBRE, Lora Nichols, Fieldman and Rolapp & Associates, Inc., and a member of the public
were also present.
ITEMS TO BE ADDED TO THE AGENDA – None
PLEDGE OF ALLEGIANCE
Director Westphal led the Pledge of Allegiance.
ORAL COMMUNICATIONS ON ITEMS NOT APPEARING ON THE AGENDA
None

Agenda Page No. 5

Board of Directors
September 17, 2026

PRESENTATIONS AND AWARDS
1. Employee Recognition – Roma Kogan, IT Manager, celebrating 5 years with the
District
GM Lau introduced Mr. Kogan to the Board, offering a summary of his professional
experience and recognizing his notable achievements, longstanding contributions, and
continued dedication to advancing the District’s mission and operations.
The Board congratulated Mr. Kogan on this milestone and conveyed its appreciation for
his service.
ACTION AGENDA

The following items on the Action Agenda call for discussion and action by the Board of Directors. All items are placed
on the Agenda so that the Board may discuss and take action on the item if the Board is so inclined.

CONSENT ITEMS

The following listed items on the consent calendar are routine matters and will be approved without discussion unless
the Board of Directors removes an item. Items removed by the Board or public will be heard following approval of the
remaining items on the Consent Calendar.

2. Approval of July 16, 2026, Regular Board Meeting Minutes
3. Receive and File Monthly Finance Reports
a. Budget Graphs
b. Disbursements
c. Monthly Investment Transaction Report
4. Authorize the General Manager to Execute Purchase Contracts with Qualified Bidders
for the Procurement of Water Treatment Chemicals
5. Authorize the General Manager to Execute a Purchase Contract for a T770 Bobcat
Skid Steer with Miramar Bobcat
Upon a motion by Vice President Johnson and seconded by Director Friehauf, the Board
approved Consent Item Nos. 2–5, with President Hogan abstaining from Item No. 2. A
roll-call vote was conducted as follows (4–0):
Ayes:
Noes:
Abstain:
Absent:

Friehauf, Johnson, Westphal, and Hogan
None
Hogan (Item No. 2)
Menshek

2

Agenda Page No. 6

Board of Directors
August 20, 2026

Board of Directors
September 17, 2026

ACTION AND DISCUSSION ITEMS
6. Status of the Property Boundary Adjustment for the El Montevideo Property
DES Potter presented the item using a PowerPoint presentation, provided background
and overview, and responded to questions from the Board.






Background
Review of proposed parcel
County process
Following formation of new parcel
Next steps

This item is for information only and no action is required from the Board.
7. Update on Status of 140 Marine View Avenue Acquisition
AGM Gates presented the item using a PowerPoint presentation, provided
background and overview, and responded to questions from the Board.











Purpose of Update: Five items for Board information
Due Diligence: Property condition
Special Focus: Stormwater swale and drain system
Negotiated Outcome: Seller credits and final acquisition cost
Financing Structure: Tax-exempt status drives revised loan amount
Financial Impact: Days cash on hand remains strong under either scenario
Change in Financial Outcomes: Closing payments
Strategic Value: Purchase outperforms new construction
Community Engagement: Ratepayer outreach on the value of this investment
Conclusions and Next Steps

President Hogan requested that staff distribute a pacel map of the property to the
Board.
President Hogan called for a recess at 9:33 a.m.
President Hogan reconvened the meeting at 9:36 a.m.
This item was presented as a status update; no Board action was required.
The Board expressed its appreciation to staff, the ad hoc committee, BB&K, and
CBRE for their contributions throughout the acquisition process.

3

Agenda Page No. 7

Board of Directors
August 20, 2026

Board of Directors
September 17, 2026

8. Approve Resolution Nos. 26-19 and 26-20 for the Reimbursement of District Funds
with Tax-Exempt Obligations and Authorizing the Installment Purchase Contract with
Banner Bank
AGM Gates presented the item using a PowerPoint presentation, provided
background and overview and responded to questions from the Board.







Three Actions for the Board
Competitive Process – Financing RFP – five structures, five lenders
Banner Bank Financing Recommendation
Three Documents for Approval – Resolution No. 26-19 (Reimbursement from tax
exempt loan proceeds), Resolution No. 26-20 (Authorize execution of the
installment purchase contract) and review of installment purchase contract
Installment Purchase Contract – Key terms
Conclusion & Recommendation

Lora Nichols of Fieldman and Rolapp & Associates, Inc., presented the following items
and responded to questions from the Board:





Background
Overview of Covenants
2026 Private Placement
Recommendation

Upon a motion by Director Friehauf and seconded by Vice President Johnson, the
Board unanimously concurred with staff’s recommendation and approved Resolution
Nos. 26-19 and 26-20. A roll call vote was conducted as follows (4-0):
Ayes:
Noes:
Abstain:
Absent:

Friehauf, Johnson, Westphal, and Hogan
None
None
Menshek

9. Legislative Update
PCO Penunuri provided the following updates and responded to questions from the
Board:
End of Session: Sprint to the Finish
 AB 2739 – Community Water Affordability Program
 SB 1125 Water Rate Assistance Program
 SB 1153 Disaster Preparedness
 AB 2180 – Prop 218 Proportionality
 Budget Trailer Bill

4

Agenda Page No. 8

Board of Directors
August 20, 2026

Board of Directors
September 17, 2026

State Issues
 State Water Resources Control Board released Final Draft Bay-Delta Plan Update
 Other Issues – Implementation of SB 122 – Software Tax
 CARB
 Golden Mussels
 Income tax exemption – extension on turf rebate
Federal Update
 Water Cybershield Act of 2026
 Low-Income Household Assistance Program
 Water Access and Affordability Act
The Board requested staff to follow golden mussel legislation, track research on the
federal desalination-authorization bill, assess Colorado River EIS implications for
transfers and basin cuts, and evaluate the 2029 tire-friction regulation for fleet
compliance.
President Hogan requested that GC de Sousa provide a Prop 218 update at the next
cost-of-service study.
REPORTS
10. Operations Reports
a. R.E. Badger Filtration Plant Report
b. Water Resources Report
c. San Dieguito Reservoir Security Update
11. Board Reports
a. San Diego County Water Authority (SDCWA) Board Meeting Report
b. Other Meetings/Conferences – None
Director Friehauf reported that she attended the ACWA Region 9 Leading with
Influence: Water Policy & Advocacy in a Changing Landscape meeting on July 17,
2026.
President Hogan and Director Westphal attended the Employee Recognition
Picnic on August 15, 2026.
DIRECTORS’ COMMENTS

The Directors’ comments are comments by Directors concerning District business, which may be of interest to the
Board. They are placed on the Agenda to enable the individual Board members to convey information to the Board and
the public. No action is to be taken on comments made by the Board members.

12. Directors’ Comments – None
5

Agenda Page No. 9

Board of Directors
August 20, 2026

Board of Directors
September 17, 2026

13. Future Agenda Items – None
14. General Manager’s Report (verbal)
GM Lau reminded the Board about the invitation to the Lower Colorado River Tour
hosted by SDCWA/MWD.
GM Lau informed the Board that the District received the GFOA Award for Outstanding
Achievement in Popular Annual Reporting for the Fiscal Year Ended June 30, 2025.
15. General Counsel’s Comments (verbal) – None
INFORMATION ITEMS
16. Overview of Solana Beach Commercial Office Rental Market Update (verbal)
Chris Pascale of CBRE provided the following update and responded to questions
from the Board:






Market position
Supply constraints
Rent performance
Leasing demand
Trends: Vacancy rate, availability rate, average asking rent, and net absorption

CLOSED SESSION

At any time during the Regular Session, the Board may adjourn to Closed Session to consider litigation or discuss with
Legal Counsel matters within the Attorney/Client Privilege, subject to the appropriate disclosures. Discussion of
litigation is within the Attorney/Client Privilege and may be held in Closed Session. (Pursuant to Government Code
Section 54956.9)

17. Conference with Real Property Negotiators pursuant to Government Code Section 54956.8
Property:
140 Marine View Ave., Solana Beach, CA 92075
(APN 263-293-41-00, 263-293-56-00)
Agency negotiators:
Albert C. Lau, General Manager
Seth Gates, Assistant General Manager
Brian Hutcherson, CBRE Western Regional Manager
Christopher Pascale, CBRE Sr. Vice President
Negotiating parties:
140 Marine View LLC
Under negotiation:
Price and terms of purchase

18. Conference with Legal Counsel – Existing Litigation
Pursuant to Government Code Section 54956.9(d)(1)
Santa Fe Irrigation District, et al. v. City of San Diego, Superior Court of California,
County of San Diego, Case No. 24CU003725N

6

Agenda Page No. 10

Board of Directors
August 20, 2026

Board of Directors
September 17, 2026

19. Conference with Legal Counsel – Existing Litigation
Pursuant to Government Code Section 54956.9(d)(1)
Studer, et al. v. Santa Fe Irrigation District, et al., Superior Court of California,
County of San Diego, Case No. 37-24CU024147C
20. Conference with Legal Counsel – Anticipated Litigation
Initiation of litigation pursuant to Government Code Section 54956.9(d)(4)
Two (2) potential cases
President Hogan adjourned into Closed Session at 11:05 a.m.
President Hogan reconvened into Open Session at 12:08 p.m. and reported that no
reportable actions were taken in Closed Session.
ADJOURNMENT
President Hogan adjourned the meeting at 12:08 p.m.

Michael T. Hogan
Board President

Albert C. Lau
Board Secretary/Treasurer

7

Agenda Page No. 11

Board of Directors
August 20, 2026

Board of Directors
September 17, 2026

Agenda Item No. 2

SFID Budget to Actual Performance Report
FY 2026-27 Cumulative Revenue
As of August 31, 2026

Recycled Water Sales

$30

$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0

$25
$20

Budget

Actual

June

May

April

Mar

Feb

Jan

$4.0
$3.5
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$0.0
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
April
May
June

Millions

$8.0
$7.0
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
April
May
June
Actual

Budget

Actual

Total Revenue
Millions

$2,400
$2,100
$1,800
$1,500
$1,200
$900
$600
$300
$0

$50
$40
$30
$20
$10

Budget

Actual

Budget

May

June

April

Mar

Feb

Jan

Dec

Nov

Oct

Aug

July

June

May

Mar
April

Feb

Dec
Jan

Nov

Oct

July

Aug
Sept

$0
Sept

Millions

Actual

Property Taxes

Interest Income
Thousands

Dec

Budget

Base Meter Fees

Budget

Oct

June

May

April

Mar

Feb

Jan

Dec

Nov

Oct

Sept

Aug

July

$0

Nov

$5

Sept

$10

Aug

$15

July

Thousands

Millions

Potable Water Sales

Actual

Figures shown are preliminary and subject to review, reconciliation, accrual, and audit.

Agenda Page No. 12

Board of Directors
September 17, 2026

SFID Budget to Actual Performance Report
FY 2026-27 Cumulative Expenses (excluding depreciation expense & debt service)
As of August 31, 2026

Salaries & Benefits

$25

$12

$20

$10
Millions

$15
$10

$8
$6
$4

$5

$2
June

May

Mar

Actual

April

Budget

Feb

Jan

Dec

Nov

Actual

Oct

Aug

July

June

May

April

$0
Sept

Budget

Mar

Feb

Jan

Dec

Nov

Oct

Sept

Aug

July

$0

Other Operating Costs

Recycled Water Costs

Thousands

Millions

$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0

$12
$10
$8
$6
$4

Budget

Budget

Actual

June

May

April

Mar

Jan

Feb

Dec

Nov

Oct

Sept

$0
July

June

May

April

Mar

Feb

Jan

Dec

Nov

Oct

Sept

Aug

July

$2
Aug

Millions

Imported Water Costs

Actual

Millions

Total Operating Expenses
$50
$40
$30
$20
$10

Budget

June

May

April

Mar

Feb

Jan

Dec

Nov

Oct

Sept

Aug

July

$0

Actual

Figures shown are preliminary and subject to review, reconciliation, accrual, and audit.

Agenda Page No. 13

Board of Directors
September 17, 2026

SFID Budget to Actual Performance Report
FY 2026-27 Cumulative Expenses (excluding depreciation expense & debt service)
As of August 31, 2026

Operating Expenses by Department

Engineering

$6.0

$1,400

$5.0

$1,200
$1,000
$600

Budget

Budget

Actual

June

May

April

Mar

Jan

Feb

Actual

Filtration Plant

$5.0

Millions

$4.0
$3.0

$9.0
$7.5
$6.0
$4.5

$2.0

$3.0

$1.0

$1.5
$0.0
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
April
May
June

$0.0
Budget

Actual

July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
April
May
June

Millions

Administration

Dec

July

June

May

April

Mar

Feb

Jan

Dec

Nov

Oct

$0
Sept

$0.0
Aug

$200
July

$1.0

Nov

$400

Oct

$2.0

$800

Sept

$3.0

Aug

$4.0

Thousands

Millions

Operations & Maintenance

Budget

Actual

Figures shown are preliminary and subject to review, reconciliation, accrual, and audit.

Agenda Page No. 14

Board of Directors
September 17, 2026

SFID Budget to Actual Performance Report
FY 2026-27 Capital Projects & Acquisitions
As of August 31, 2026

$24.0

Jul

Current Year Capital Improvement Project Expenditures
Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Millions

$21.0
$18.0
$15.0
ACTUAL

$12.0

BUDGET

$9.0
$6.0
$3.0
$-

Current Year

Multi-Year Cumulative Capital Improvement Expenditures by Project*

$12,000

$1,800
$1,650
$1,500
$1,350
$1,200
$1,050
$900
$750
$600
$450
$300
$150
$-

$10,000

Thousands

Thousands

$14,000

$8,000
$6,000
$4,000
$2,000
$-

Cap Acq
ACTUAL

BUDGET

ACTUAL

BUDGET

Project Legend
No.

Description (PLANT)

No.

Description (DISTRICT)

2150 Reline or Replace 15-in Drain Line to SDR

2302

District Yard Small-Scale Solar Array

2151 Reline or Replace Existing 30-in SDPS Forcemain to Plant

2500

El Camino Real Widening - City SD

2351 R.E. Badger Septic Tank and Leach Field Replacement

2501

La Granada Pipe Replace and PRS Elim Project

2750 San Dieguito Dam Cond Assess and Determine of Imp Project

2502

Larrick Reservoir and PS Upgrades Project

2354 Filter Surface Washwater Header and Associated Piping

2503

24"Pipeline Realign-El Camino Real & Santa Luisa

2450 Clearwell Solar

2600

140 Marine View

2451 San Dieguito Dam Repair

2700

Replace 2 Above Ground Pipe Bridge Crossings Project

2550 Anode Bed Replacement

No.

Description (PLANT & DISTRICT)

CA

Capital Acquisitions

Figures shown are preliminary and subject to review, reconciliation, accrual, and audit.

Agenda Page No. 15

Board of Directors
September 17, 2026

Agenda Item No. 2b
SANTA FE IRRIGATION DISTRICT
DISBURSEMENT LIST - AUG 2026

CK DATE
CK #
PAYEE
08/05/2026
0 ACCRUENT
08/13/2026
51532 ACM AUTO BODY & PAINT INC
08/19/2026
0 AMAZON CAPITAL SERVICES
08/19/2026
0 AMAZON CAPITAL SERVICES
08/05/2026
0 AMERICAN BATTERY SUPPLY
08/05/2026
51510 AMERICAN SECURITY GROUP
08/13/2026
0 ASPHALT & CONCRETE ENTERPRISES, INC
08/13/2026
0 ASPHALT & CONCRETE ENTERPRISES, INC
08/27/2026
0 ASPHALT & CONCRETE ENTERPRISES, INC
08/27/2026
0 ASPHALT & CONCRETE ENTERPRISES, INC
08/13/2026
51533 AT&T
08/19/2026
51552 BEARCOM COMPANY
08/19/2026
51553 BECARBCOMPLIANT
08/13/2026
0 BOOT BARN INC
08/19/2026
0 BOOT BARN INC
08/27/2026
0 BOOT BARN INC
08/05/2026
0 BOOT WORLD, INC
08/27/2026
0 BOOT WORLD, INC
08/05/2026
51515 BRIAN BOOTH
08/13/2026
0 CALLTOWER INC
08/27/2026
0 CALPERS
08/27/2026
0 CALPERS
08/05/2026
0 CHARTER COMMUNICATIONS
08/05/2026
0 COMPLETE OFFICE
08/13/2026
0 CORELOGIC INFO SOLUTIONS INC
08/27/2026
51573 COUNTY OF SAN DIEGO - APCD
08/19/2026
0 CRANEWORKS
08/27/2026
0 CRANEWORKS
08/27/2026
51574 DEL MAR BLUE PRINT
08/05/2026
0 DICK AMBLER TRUCKING
08/19/2026
0 DICK AMBLER TRUCKING
08/19/2026
0 DIGITECH SYSTEMS LLC
08/05/2026
51517 DIRECTV
08/05/2026
51518 DISCOUNT TIRE
08/19/2026
0 DOWNSTREAM SERVICES INC.
08/05/2026
51519 EDCO WASTE & RECYCLING SERVICE
08/19/2026
51555 EDCO WASTE & RECYCLING SERVICE
08/05/2026
51520 FARWEST CORROSION CONTROL CO

DESCRIPTION
CMMS ANNUAL SUBSCRIPTION AND SUPPORT
CMMS ANNUAL SUBSCRIPTION AND SUPPORT
COMPUTER HARDWARE
EQUIPMENT
BATTERIES
6.17.26 UPDATE FIRMWARE IN NORTH AND IT DOORS
WO 1988 PAVING
PAVING
WO 1994 PAVING
PHASE 1 PAVING
COMMUNICATIONS
AUG 2026 RADIO SERVICE CONTRACT
UNITS 9,16,64 OBD TEST
UNIFORM EXPENSE
UNIFORM EXPENSE
UNIFORM EXPENSE
BOOTS
UNIFORM EXPENSE
REFUND CHECK
COMMUNICATIONS
RETIREE HEALTH INSURANCE
ADMIN FEE
COMMUNICATIONS
OFFICE SUPPLIES
JUL 2026 PROPERTY DETAIL REPORT
PERMIT FEES 9.2026 - 9.2027
ANNUAL CRANE INSPECTION
CRANE INSPECTION
C2501 PRINTING SERVICE
BULK MATERIAL TRUCKING
BULK MATERIAL TRUCKING
JUL 2026 DOC IMAGING SERVICE
COMMUNICATIONS
TIRES
PROFESSIONAL SERVICE
JUL 2026 TRASH SERVICE
JUL 2026 TRASH SERVICE
REFUND CHECK

Agenda Page No. 16

AMOUNT
8,360.73
596.84
350.73
722.10
311.60
425.00
512.00
5,040.00
3,680.00
1,920.00
42.70
263.50
375.00
184.20
2,291.52
483.70
550.29
570.47
821.14
529.01
4,688.46
-1.03
1,781.50
345.94
307.00
752.00
1,969.78
1,200.00
612.34
800.00
800.00
195.00
115.61
970.00
3,339.00
903.54
4,230.79
1,152.13

Board of Directors
September 17, 2026

SANTA FE IRRIGATION DISTRICT
DISBURSEMENT LIST - AUG 2026

CK DATE
CK #
PAYEE
08/13/2026
0 FIRST CHOICE COFFEE SERVICES
08/13/2026
0 GRAINGER
08/19/2026
0 GRAINGER
08/27/2026
0 HOCH CONSULTING
08/13/2026
51537 HOME DEPOT CREDIT SERVICES
08/19/2026
0 HUBBELL LENOIR CITY
08/27/2026
51568 HUMANA DENTAL INS CO
08/27/2026
51569 HUMANA VISION
08/19/2026
51558 INFOSEND
08/13/2026
51538 JASON NUNEZ
08/13/2026
51539 JASON SIMMONS
08/13/2026
51539 JASON SIMMONS
08/19/2026
51560 JEFF NIGHTINGALE
08/19/2026
0 KIMLEY - HORN AND ASSOCIATES
08/05/2026
51513 LESLIE MENDIVIL - PETTY CASH
08/05/2026
51522 LESLIE MENDIVIL - PETTY CASH
08/05/2026
51513 LESLIE MENDIVIL - PETTY CASH
08/05/2026
51522 LESLIE MENDIVIL - PETTY CASH
08/13/2026
51540 LIEBERT CASSIDY WHITMORE
08/13/2026
0 LOUIE'S PLUMBING
08/13/2026
0 MALLORY SAFETY & SUPPLY LLC
08/27/2026
51576 MARCO MARTINEZ
08/19/2026
51559 MARTIN MARIETTA MATERIALS, INC
08/19/2026
0 MARTINEZ LANDSCAPE & DESIGN
08/19/2026
0 MARTINEZ LANDSCAPE & DESIGN
08/05/2026
0 METRO TRANSMISSION
08/27/2026
0 METRO TRANSMISSION
08/13/2026
51542 MI RANCHO MARKET
08/13/2026
51543 MICHAEL HOGAN
08/05/2026
51525 MOZART LLC
08/27/2026
51570 MUTUAL OF OMAHA
08/13/2026
51544 NAPA AUTO PARTS
08/13/2026
0 NATIONAL TRENCH SAFETY, INC
08/27/2026
0 NINYO & MOORE
08/27/2026
0 NORTH COUNTY TRAFFIC CONTROL
08/27/2026
0 NORTH COUNTY TRAFFIC CONTROL
08/05/2026
0 NTH GENERATION COMPUTING
08/13/2026
0 NTH GENERATION COMPUTING

DESCRIPTION
COFFEE SERVICE
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
C2501 JUL 2026 SERVICE
07.01.26 - 07.16.26 MAINTENANCE SUPPLIES
METER SUPPLIES
DENTAL INSURANCE
VISION INSURANCE
JUL 2026 E-BILLING
ERC PICNIC PRIZES
WO 1997 MILEAGE/RECORD ENCROACHMENT
NOE: ANNEXATION/EASEMENT MAINTENANCE MAP 7026
08.12.26 AWWA WATER EDUCATION TRAINING MILEAGE REIMBURSEMENT
C2503 PROFESSIONAL SERVICES THROUGH 07.31.26
MEETING SUPPLIES
MEETING SUPPLIES
PARCEL MAPS
MILEAGE REIMBURSEMENT
EMPLOYMENT RELATIONS CONSORTIUM
PLUMBING SERVICE
EQUIPMENT
ERC PICNIC
BULK MATERIAL
JUL 2026 LANDSCAPING SERVICE
JUL 2026 LANDSCAPING SERVICE
TRANSMISSION SERVICE
TRANSMISSION SERVICE
EMPLOYEE RECOGNITION PICNIC
07.08.26 - 07.23.26 MILEAGE REIMBURSEMENT
REFUND CHECK
LIFE INSURANCE
07.16.26 - 07.29.26 AUTO PARTS
MAINTENANCE SUPPLIES
C2600 PHASE 1 ESA SVC THU 6.26.26 140 MARINE VIEW DUE DILIGENCE
WO 2000 TRAFFIC CONTROL SERVICES
TRAFFIC CONTROL SERVICES
DATA PROTECTION SOFTWARE
SUBSCRIPTION

Agenda Page No. 17

AMOUNT
237.14
100.70
82.79
2,895.00
234.38
12,251.28
-56.33
-0.04
1,373.84
34.97
86.13
61.00
132.97
18,679.33
100.74
58.68
10.50
119.31
2,633.00
350.00
316.79
74.05
2,263.15
2,900.00
300.00
1,060.06
2,502.38
713.33
21.75
705.85
56.19
211.96
172.40
4,725.00
3,700.00
13,602.75
24,583.64
85,781.34

Board of Directors
September 17, 2026

SANTA FE IRRIGATION DISTRICT
DISBURSEMENT LIST - AUG 2026

CK DATE
CK #
PAYEE
08/27/2026
0 ONE TRIPP TREE SERVICE
08/05/2026
51526 PACIFIC PIPELINE SUPPLY
08/05/2026
51526 PACIFIC PIPELINE SUPPLY
08/13/2026
51545 PACIFIC PIPELINE SUPPLY
08/13/2026
51545 PACIFIC PIPELINE SUPPLY
08/27/2026
51578 PACIFIC PIPELINE SUPPLY
08/13/2026
0 PARKHOUSE TIRE INC
08/27/2026
0 PARTNER ASSESSMENT CORP
08/27/2026
0 PAYNE PEST MANAGEMENT
08/13/2026
0 PRECISION MOBILE DETAILING
08/13/2026
51546 PROFESSIONAL EXCHANGE SERVICE
08/13/2026
0 QUADIENT LEASING USA, INC.
08/13/2026
51547 R E BADGER FILTRATION PLANT
08/19/2026
0 RACE COMMUNICATIONS
08/19/2026
51561 RDO EQUIPMENT CO
08/27/2026
51580 RDO EQUIPMENT CO
08/27/2026
0 READY LINE FLEET SERVICE
08/13/2026
0 RED WING BRANDS OF AMERICA
08/19/2026
0 RED WING BRANDS OF AMERICA
08/27/2026
51581 SAN DIEGO COUNTY ASSESSOR
08/03/2026
0 SAN DIEGO COUNTY WATER AUTHORITY
08/27/2026
0 SAN DIEGO COUNTY WATER AUTHORITY
08/05/2026
51527 SAN DIEGO GAS & ELECTRIC
08/05/2026
51527 SAN DIEGO GAS & ELECTRIC
08/19/2026
51562 SAN DIEGO GAS & ELECTRIC
08/13/2026
0 SAN ELIJO JOINT POWERS AUTH
08/05/2026
51528 SEERY FAMILY TRUST
08/13/2026
51550 SETH GATES
08/19/2026
0 SOUTH COAST TOOL REPAIR
08/13/2026
0 SUPERIOR BUILDING MAINTENANCE, LLC
08/19/2026
0 SUPERIOR READY MIX CONCRETE LP
08/05/2026
0 T S INDUSTRIAL SUPPLY
08/13/2026
0 T S INDUSTRIAL SUPPLY
08/19/2026
0 T S INDUSTRIAL SUPPLY
08/27/2026
0 T S INDUSTRIAL SUPPLY
08/05/2026
51529 TERESA PENUNURI
08/19/2026
0 TERRAVERDE ENERGY LLC
08/13/2026
0 TRAFFIC SUPPLY INC

DESCRIPTION
OAK TREE SERVICE
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
TIRES
C2600 DUE DILIGENCE REPORTS FOR 140 MARINE VIEW - SURVEY
AUG 2026 PEST CONTROL SERVICE
07.23.26 FLEET WASHING SERVICE
JUL 2026 PROFESSIONAL SERVICE
08.26.26 - 11.25.26 LEASE PAYMENT
JUL 2026 PLANT OPERATIONS
AUG 2026 COMMUNICATIONS
MAINTENANCE SUPPLIES
AUTO PARTS
UNIT #1 BIT INSPECTION
UNIFORM EXPENSE
UNIFORM EXPENSE
RELEASE OF LIEN
JUN 2026 IMPORTED WATER PURCHASES
JUL 2026 IMPORTED WATER
06.09.26 - 07.08.26 ELECTRIC SERVICE
06.09.26 - 07.08.26 ELECTRIC SERVICE
05.08.26 - 07.08.26 ELECTRIC SERVICE
JUL 2026 RECYCLED WATER PURCHASES
REFUND CHECK
06.25.26 - 07.01.26 GFOA CONFERENCE - CHICAGO
MAINTENANCE SUPPLIES
AUG 2026 JANITORIAL SERVICE
BULK MATERIAL
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
SPEAKER FOR SPECIAL EVENTS
C2302 JUL 2026 CONSULTING
TRAFFIC SUPPLIES

Agenda Page No. 18

AMOUNT
1,775.00
18,408.83
11,905.76
6,984.02
3,410.60
5,945.98
859.14
7,200.00
125.00
708.56
170.00
1,139.42
1,067,067.49
803.71
191.44
191.44
2,120.00
200.00
200.00
20.00
1,805,134.20
2,071,527.60
2,114.91
3,504.05
37.53
194,422.28
1,324.37
280.57
388.14
2,743.00
1,212.04
166.55
231.17
45.71
113.40
544.94
862.50
1,176.13

Board of Directors
September 17, 2026

SANTA FE IRRIGATION DISTRICT
DISBURSEMENT LIST - AUG 2026

CK DATE
CK #
PAYEE
08/19/2026
51563 ULINE
08/19/2026
0 UNDERGROUND SERVICE ALERT OF SOUTHERN CA
08/19/2026
51564 UNITED SITE SERVICES
08/13/2026
0 USABLUEBOOK
08/27/2026
51587 VERIZON WIRELESS
08/27/2026
51587 VERIZON WIRELESS
08/27/2026
51587 VERIZON WIRELESS
08/27/2026
51589 WHITE CAP CONST SUPPLY

DESCRIPTION
MAINTENANCE SUPPLIES
107 SFI01 NEW TICKET CHARGES
07.30.26 - 08.26.26 PORTABLE SERVICE
MAINTENANCE SUPPLIES
COMMUNICATIONS
COMMUNICATIONS
COMMUNICATIONS
MAINTENANCE SUPPLIES
TOTAL DISBURSEMENTS

Agenda Page No. 19

AMOUNT
2,168.25
371.87
1,169.54
375.10
1,386.39
214.71
928.74
1,246.67
5,458,385.37

Board of Directors
September 17, 2026

SANTA FE IRRIGATION DISTRICT
JOINT FACILITIES DISBURSEMENT LIST - AUG 2026

CK DATE
CK #
PAYEE
08/05/2026
0 ACCRUENT
08/19/2026
0 AMAZON CAPITAL SERVICES
08/05/2026
51514 AT&T
08/13/2026
51533 AT&T
08/27/2026
0 BARRETT ENGINEERED PUMPS
08/19/2026
51553 BECARBCOMPLIANT
08/19/2026
0 BOOT BARN INC
08/27/2026
0 BOOT WORLD, INC
08/05/2026
51516 CALIFORNIA ELECTRIC SUPPLY
08/27/2026
51571 CALIFORNIA ELECTRIC SUPPLY
08/13/2026
0 CALLTOWER INC
08/27/2026
0 CALPERS
08/05/2026
0 CFM SAN DIEGO
08/27/2026
51572 CHARLATTE OF AMERICA INC
08/05/2026
0 CHARTER COMMUNICATIONS
08/05/2026
0 CHARTER COMMUNICATIONS
08/05/2026
0 COMPLETE OFFICE
08/19/2026
0 CRANEWORKS
08/27/2026
0 CRANEWORKS
08/13/2026
51534 DIAMOND ENVIRONMENTAL SERVICES
08/05/2026
51517 DIRECTV
08/19/2026
51554 DISCOUNT TIRE
08/27/2026
51575 DISCOUNT TIRE
08/05/2026
51519 EDCO WASTE & RECYCLING SERVICE
08/19/2026
51555 EDCO WASTE & RECYCLING SERVICE
08/05/2026
51511 EIP HOLDINGS II, LLC
08/19/2026
51556 EIP HOLDINGS II, LLC
08/05/2026
0 EUROFINS EATON ANALYTICAL INC
08/13/2026
0 EUROFINS EATON ANALYTICAL INC
08/13/2026
0 EVOQUA WATER TECHNOLOGIES LLC
08/05/2026
51521 FEDEX
08/05/2026
0 FISHER SCIENTIFIC COMPANY, LLC
08/13/2026
0 FISHER SCIENTIFIC COMPANY, LLC
08/13/2026
51535 FORESTRY SUPPLIERS INC
08/05/2026
0 GRAINGER
08/13/2026
0 GRAINGER
08/27/2026
0 GRAINGER
08/13/2026
0 HACH COMPANY

DESCRIPTION
CMMS ANNUAL SUBSCRIPTION AND SUPPORT
COMPUTER HARDWARE
COMMUNICATIONS
COMMUNICATIONS
MAINTENANCE SUPPLIES
UNIT 32 OBD TEST
UNIFORM EXPENSE
UNIFORM EXPENSE
ELECTRICAL SUPPLIES
ELECTRICAL SUPPLIES
COMMUNICATIONS
RETIREE HEALTH INSURANCE
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
COMMUNICATIONS
COMMUNICATIONS
OFFICE SUPPLIES
ANNUAL CRANE INSPECTION
ANNUAL CRANE INSPECTION
07.21.26 SEPTIC PUMP
COMMUNICATIONS
TIRES
TIRES
JUL 2026 TRASH SERVICE
JUL 2026 TRASH SERVICE
MAR 2026 TOWER RENT
AUG 2026 TOWER RENT
LAB ANALYSIS
LAB ANALYSIS
07.24.26 TANK EXCHANGE FOR DI WATER FOR LAB
07.09.26 - 07.13.26 DELIVERY SERVICE
LAB SUPPLIES
LAB SUPPLIES
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
ELECTRICAL SUPPLIES
MAINTENANCE SUPPLIES
LAB SUPPLIES

Agenda Page No. 20

AMOUNT
8,360.73
95.98
657.10
86.69
859.85
125.00
3,348.08
374.54
411.97
37.15
529.01
1,877.37
527.98
43,092.46
305.56
1,422.52
626.62
984.89
600.00
660.00
115.62
357.39
1,322.72
225.36
1,621.20
918.00
459.00
139.25
77.25
869.20
318.40
1,291.80
970.02
299.82
278.62
274.58
53.32
223.46

Board of Directors
September 17, 2026

SANTA FE IRRIGATION DISTRICT
JOINT FACILITIES DISBURSEMENT LIST - AUG 2026

CK DATE
CK #
PAYEE
08/19/2026
0 HACH COMPANY
08/19/2026
0 HACH COMPANY
08/19/2026
51557 HARRINGTON INDUSTRIAL PLASTICS
08/05/2026
51512 HILL BROTHERS CHEMICAL CO
08/13/2026
51536 HOME DEPOT CREDIT SERVICES
08/13/2026
51536 HOME DEPOT CREDIT SERVICES
08/13/2026
51538 JASON NUNEZ
08/27/2026
0 JCI JONES CHEMICALS, INC
08/05/2026
51523 LG SONIC, LLC
08/13/2026
51540 LIEBERT CASSIDY WHITMORE
08/13/2026
0 LINDE GAS & EQUIPMENT INC
08/27/2026
51576 MARCO MARTINEZ
08/19/2026
0 MAUSER PACKAGING SOLUTIONS
08/05/2026
51524 MCMASTER-CARR SUPPLY CO
08/13/2026
51541 MCMASTER-CARR SUPPLY CO
08/13/2026
51542 MI RANCHO MARKET
08/27/2026
0 MISSION LINEN & UNIFORM SVC
08/27/2026
0 NORTHSTAR CHEMICAL
08/05/2026
0 NTH GENERATION COMPUTING
08/13/2026
0 NTH GENERATION COMPUTING
08/27/2026
51577 ONESOURCE DISTRIBUTORS INC
08/13/2026
0 PAYNE PEST MANAGEMENT
08/13/2026
0 PRECISION MOBILE DETAILING
08/27/2026
51579 PTS DATA CENTER SOLUTIONS INC
08/19/2026
0 RANCHO SANTA FE SECURITY SYS
08/19/2026
0 RED WING BRANDS OF AMERICA
08/05/2026
51527 SAN DIEGO GAS & ELECTRIC
08/05/2026
51527 SAN DIEGO GAS & ELECTRIC
08/13/2026
51549 SAN DIEGO GAS & ELECTRIC
08/13/2026
51548 SAN DIEGO GAS & ELECTRIC
08/19/2026
51562 SAN DIEGO GAS & ELECTRIC
08/27/2026
0 SAN DIEGO GAS & ELECTRIC
08/27/2026
51582 SAN DIEGO GAS & ELECTRIC
08/27/2026
51583 SC FUELS
08/19/2026
0 SMART GUARDIAN SECURITY, INC
08/05/2026
0 STB ELECTRICAL TEST EQUIP INC
08/13/2026
0 SUPERIOR BUILDING MAINTENANCE, LLC
08/19/2026
0 TERRAVERDE ENERGY LLC

DESCRIPTION
LAB SUPPLIES
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
AQUA AMMONIA
07.03.26 - 07.22.26 MAINTENANCE SUPPLIES
07.03.26 - 07.22.26 MAINTENANCE SUPPLIES
ERC PICNIC PRIZES
CHLORINE
LAKE MANAGEMENT EQUIPMENT
EMPLOYMENT RELATIONS CONSORTIUM
06.20.26 - 07.20.26 CYLINDER RENTAL
ERC PICNIC
FREIGHT CHARGES FOR RETURNING REJECTED UNITS
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
EMPLOYEE RECOGNITION PICNIC
MAT RENTALS
CAUSTIC SODA
SOFTWARE SUBSCRIPTION
SUPPORT AND MAINTENANCE
SAFETY SUPPLIES
JUL 2026 PEST CONTROL
7.23.26 FLEET WASHING SERVICE
SERVICE CONTRACT PLAN
08.01.26 - 08.31.26 DAM SECURITY SERVICE
UNIFORM EXPENSE
06.09.26 - 07.08.26 ELECTRIC SERVICE
06.09.26 - 07.08.26 ELECTRIC SERVICE
07.01.26 - 07.31.26 ELECTRICAL SERVICE
COGENERATION FACILITIES CHARGES
07.09.26 - 08.06.26 ELECTRIC SERVICE
SDGE POWER SHUTDOWN AT SDR FOR BLADDER REPLACEMENT
07.15.26 - 08.12.26 ELECTRIC SERVICE
FSC FUEL SURCHARGE BOB-TAIL
JUL 2026 SDR SECURITY SERVICE
RUBBER TESTING GLOVES
AUG 2026 JANITORIAL SERVICE
C2450 JUL 2026 CONSULTING

Agenda Page No. 21

AMOUNT
213.02
687.98
308.07
7,931.21
891.09
4,206.62
97.40
23,461.20
3,889.00
1,317.00
139.99
37.03
881.25
218.65
1,038.58
356.67
507.35
10,499.52
12,108.36
42,058.41
721.01
266.00
397.56
3,500.00
785.00
200.00
1,540.90
155.94
18,109.09
117.94
29,474.42
5,507.00
27,724.88
4,587.87
9,072.00
630.92
1,227.00
1,036.25

Board of Directors
September 17, 2026

SANTA FE IRRIGATION DISTRICT
JOINT FACILITIES DISBURSEMENT LIST - AUG 2026

CK DATE
CK #
PAYEE
08/05/2026
0 TFORCE LOGISTICS
08/13/2026
0 TFORCE LOGISTICS
08/19/2026
0 TFORCE LOGISTICS
08/27/2026
0 TFORCE LOGISTICS
08/13/2026
0 TRAFFIC SUPPLY INC
08/13/2026
0 TRANSCAT
08/27/2026
0 TRANSCAT
08/27/2026
51584 UNITED INDUSTRIES
08/13/2026
51551 UNITED SITE SERVICES
08/27/2026
51585 UNITED SITE SERVICES
08/13/2026
0 UNLIMITED ACTIVE WEAR
08/13/2026
0 USALCO MODESTO PLANT, LLC
08/19/2026
0 USALCO MODESTO PLANT, LLC
08/27/2026
51586 VALLEY CONSTRUCTION MGMT
08/05/2026
51530 VERIZON WIRELESS
08/27/2026
51587 VERIZON WIRELESS
08/05/2026
51531 VWR INTERNATIONAL
08/19/2026
51565 WASTE MGMT CORP
08/27/2026
51588 WEST MARINE PRO
08/19/2026
51566 WESTAIR GASES & EQUIPMENT INC

DESCRIPTION
DELIVERY SERVICE
DELIVERY SERVICE
DELIVERY SERVICE
DELIVERY SERVICE
TRAFFIC SUPPLIES
MAINTENANCE SUPPLIES
MAINTENANCE SUPPLIES
SAFETY SUPPLIES
07.24.26 - 08.20.26 PORTABLE SERVICE
08.05.26 - 09.01.26 PORTABLE SERVICE
UNIFORM EXPENSE: PABLO BANUELOS PANTS
ALUMINUM CHLOROHYDRATE
ALUMINUM CHLOROHYDRATE
C2550 JUL 2026 PROFESSIONAL SERVICE
COMMUNICATIONS
COMMUNICATIONS
LAB SUPPLIES
JUL 2026 TRASH SERVICE
MAINTENANCE SUPPLIES
CYLINDER RENTAL

AMOUNT
120.83
120.83
121.34
122.37
489.38
61.95
2,217.20
687.60
861.61
478.03
250.00
42,619.19
42,133.42
3,120.00
1,190.67
417.56
187.65
2,228.65
2,683.69
312.83

TOTAL JOINT FACILITIES DISBURSEMENTS

$

Agenda Page No. 22

391,125.49

Board of Directors
September 17, 2026

Agenda Item No. 2c

Investment Transaction Report for August 2026
The following is a list of the month’s investment activity
Settlement
Date
8/13/26
8/20/26
8/27/26
8/31/26

Security/Investment Pool
LAIF
LAIF
LAIF
Cash on Hand

Activity
($500,000)
$1,700,000
($2,000,000)
($942,244)

Yield to
Maturity

Maturity
Date

Net Activity

Principal
Amount
($500,000)
$1,700,000
($2,000,000)
($942,244)
($1,742,244)

Investment Funds*
Local Agency Investment Fund (LAIF)
Multi-Bank Securities (MBS)
Public Agency Retirement Services (PARS)
California Asset Management Program (CAMP)
San Diego County Treasurer’s Pool
Cash on Hand
Total

SD County Pool
0.2%

As of 7/31/26
$23,932,654
23,381,468
1,336,019
269,970
111,628
2,973,815
$52,005,554

As of 8/31/26
$23,132,654
23,282,377
1,329,155
270,840
112,523
2,031,571
$50,159,120

Distribution of Investments
as of August 31, 2026

CAMP
0.6%

LAIF
48.0%

PARS
2.8%
MBS
48.4%
*May include accrued interest not available currently for withdrawal – based on book value
*Please see attached list of MBS Holdings

Agenda Page No. 23

Board of Directors
September 17, 2026

Multi-Bank Securities
August 31, 2026
Issuer
UNITED STATES TREAS
AXOS BK SAN DIEGO
ALL IN FED CR UN
ALLY BK SANDY UTAH
UNIVERSITY ILL CMNTY
UNITED STATES TREAS
TEXAS EXCHANGE BK
BANKERS BK WEST
CONNEXUS CR UN
BNY MELLON N A INSTL
MERRICK BK SOUTH
UNITED STATES TREAS
LUANA SVGS BK IOWA
MORGAN STANLEY BK N
SALLIE MAE BK SALT
VALLEY NATL BK
BMW BK NORTH AMER
IDABEL NATL BK OKLA
MALAGA BK FSB PALOS
MILESTONE BK SALT
FIRST PREMIER BK
GOLDMAN SACHS BK USA
HOPE FED CR UN
INSTITUTION FOR SVGS
UNITED STATES TREAS
BANK MONTREAL
ROYAL BK CDA GLOBAL

Product Type
Treasury
DTC CD
DTC CD
DTC CD
DTC CD
Treasury
DTC CD
DTC CD
DTC CD
DTC CD
DTC CD
Treasury
DTC CD
DTC CD
DTC CD
DTC CD
DTC CD
DTC CD
DTC CD
DTC CD
DTC CD
DTC CD
DTC CD
DTC CD
Treasury
Corporate
Corporate

Settle
Maturity Rate Market Valuation
CUSIP
9/26/2024 9/15/2026
5%
$1,810,488.70 91282CHY0
10/2/2024 10/2/2026
4%
248,972.61 05465DBT4
10/4/2024 10/5/2026
4%
248,935.26 01664MAM8
10/3/2024 10/5/2026
4%
244,953.45 02007G3U5
10/4/2024 10/5/2026
4%
248,945.22 914359AC8
9/26/2024 3/15/2027
4%
1,822,457.00 91282CKE0
9/27/2024 3/26/2027
4%
248,489.55 88241TTB6
10/7/2024 7/7/2027
4%
248,168.34 06610TFL4
9/3/2025
9/3/2027
4%
242,732.70 20825WEK2
9/27/2024 9/27/2027
3%
243,226.20 05584CRS7
9/30/2024 9/30/2027
4%
247,635.48 59013KR32
9/26/2024 9/30/2027
4%
1,771,534.14 91282CFM8
8/13/2025 8/14/2028
4%
242,469.15 549104L39
8/13/2025 8/14/2028
4%
243,150.25 61778ECY5
8/13/2025 8/14/2028
4%
243,150.25 795451EA7
8/12/2025 8/14/2028
4%
242,697.00 919853RB9
8/15/2025 8/15/2028
4%
243,098.80 05612LFN7
8/15/2025 8/15/2028
4%
246,445.26 451088BZ0
8/15/2025 8/15/2028
4%
246,676.83 56102ACA2
8/15/2025 8/15/2028
4%
242,645.55 59934MDT2
8/20/2025 8/21/2028
4%
242,662.70 33610RWU3
8/19/2025 8/21/2028
4%
242,893.00 38150V4Q9
8/21/2025 8/21/2028
4%
243,074.30 43942MAN2
8/25/2025 8/25/2028
4%
246,390.48 45780PDA0
11/25/2024 10/31/2029
4%
7,625,869.65 91282CLR0
10/15/2025 10/15/2030
4%
4,429,892.00 06376FEC9
10/17/2025 10/17/2030
4%
674,723.00 78014RM31

$23,282,376.87

Agenda Page No. 24

Board of Directors
September 17, 2026

Agenda Item No. 3

The mission of Santa Fe Irrigation District is to meet the water supply needs of all its customers —
safely, sustainably, reliably, and cost-effectively.

BOARD REPORT
TO:

Board of Directors

FROM:

Albert C. Lau, P.E.

INITIATED BY:

Mackenzie Christie, Management Analyst

DATE:

September 17, 2026

SUBJECT:

Select SEW.Ai for the AMI Customer-Facing Portal and Approve
Contract Award

Strategic Focus Area
GOAL 2. Customer Service Focus and Communication
Recommendation
Staff recommends that the Board of Directors:
Approve a two-year contract with SEW.Ai for a cumulative value of $87,600 (including a
$38,500 one-time implementation fee and a fixed $24,550 annual software licensing fee
for Years 1 & 2) and ongoing software licensing of a new customer-facing automated
metering infrastructure (AMI) portal.
Alternatives
The Board may request that Staff return with additional information or choose not to proceed
with the recommended action.

Agenda Page No. 25

Board of Directors
September 17, 2026

Background
Between 2016 and 2021, the District rolled out its AMI system, using Sensus hardware
installed by Aqua Metric, the area's authorized Sensus vendor. The Sensus back-end system
for customer service and distribution employees made meter reads faster, more
accurate, and gave Staff the data needed for system-wide planning and monitoring.
The standard Sensus frontend / customer portal that came with it, though, was built as a
basic reporting tool. It has no automated leak alerts, it doesn't connect to the District's
Xpress Bill Pay site, and new customers must be added manually by signing up
themselves, which has proven to be difficult to accomplish for the average customer.
Adoption has stayed at approximately 20% of District customers as a result. Additionally,
Sensus has made it clear that the customer portal, though it will be supported in the
future for continued use, will not be upgraded and will have reached its maximum
functionality. The push for a more modern & customer-friendly AMI portal goes back to
Objective 1.2C in the District’s 2020 Strategic Business Plan, which sets the goal of
helping customers better monitor and manage their own water use.
Staff brought a proposed portal switch / upgrade to the Committee back in October 2022,
but the Committee decided to hold off due to minimal improvement beyond the Sensus
portal. Since that time, Staff has been waiting for the market and available software to
mature further, allowing growth and greater functionality in portal choices. During
that 2022 discussion, the Committee laid out three things any future portal would
preferably provide: catch leaks proactively, have the ability for the District to proactively
sign customers up, and tie into the District’s other established systems like the online bill
pay system. This was then reflected in development of Objective 2.6 in the District’s
2025 Strategic Business Plan (Plan): “Use modern digital tools to communicate with
and receive input from customers, allow them to pay bills, monitor water use, etc.” This
proposal is to advance Staff and District work on this Plan requirement.
Discussion
The District released a competitive request for proposal (RFP) on April 13, 2026, for a cloudhosted AMI customer portal that could show near real-time usage, catch leaks automatically,
and forecast bills. Proposals were scored across five weighted categories taken directly from
the RFP: Required Items (30%), Requested/Optional Items (20%), Potential Future Items
(10%), Vendor Qualifications (20%), and Price (20%). Five vendors submitted proposals:
Concourse, SUEZ Digital Solutions, Utiliron, AquaTrax, and SEW.Ai.
All five proposals met the RFP's core requirements; however, based on Staff review and
scoring, the field was narrowed to two finalists: Concourse and SEW.AI. Both vendors
virtually presented their software on May 18, 2026, to the Staff review committee. After
presentations, SEW.AI was determined to be the most responsive vendor to the RFP
requirements and moved into Best and Final Offer (BAFO) negotiations to lock in terms and
pricing. Under the RFP's scope, detailed in Attachment A, the core AMI portal
requirements were established by the District, while Attachment B outlines
SEW.Ai’s features that correspond to these requests.

Agenda Page No. 26

Board of Directors
September 17, 2026

SEW.Ai (formerly Smart Energy Water) is an Irvine, California-based company that provides
cloud-based solutions to energy, water, and gas providers, focused on digital customer
experience, mobile workforce engagement, and analytics. It bills itself as a "Vertical Ai"
platform built specifically for the energy and utility industry, using industry-specific data to
address grid, asset, compliance, and customer challenges. According to the company,
more than 450 utilities worldwide use its various platforms. SEW.Ai has stated to District
Staff, and shown examples, that their AMI platform provides what the Committee asked for
back in 2022 in addition to other significant benefits, including: instant leak notifications
by text, native application development, automatic account creation for customers,
predictive use and bill amounts, and integration with Springbrook (the District's ERP
system) and billing systems. SEW.Ai staff will provide an overview / presentation of their
platform to the Committee during this item.
The proposed agreement with SEW.Ai runs for a two-year initial term with three one-year
renewal options (Attachment C outlines SEW.Ai’s final cost proposal). BAFO
negotiations brought the Year 1 & 2 total cost down to $87,600, a 25.8% reduction from
SEW.Ai's original bid of $1,188,000, ($59,000 implementation + $29,500 licensing per
year). Per the BAFO terms, ongoing annual software licensing is structured as a combined
fixed cost model across Years 1 and 2 at a 0% escalation rate. The contract also has
optional renewals for years 3 – 5, though pricing will be negotiated prior to execution, with
Staff returning to the Committee / Board at that time with requested action(s).
Though the existing Sensus back-end system will still be the primary hardware and data
collection engine for customer service and distribution Staff, the SEW.Ai customer facing
portal may also give staff better American Water Works Association (AWWA) compliant water
loss and continuous flow analytics beyond that provided by Sensus. Standardizing on AWWA
methods significantly reduces manual analysis and automates data aggregation for California
Senate Bill 555 (SB 555) annual validated water loss reporting to the Department of
Water Resources (DWR), saving considerable time during audit compilation, third-party
validation, and ongoing state compliance.
Implementation and Transition Timeline:
Following Board approval, Staff and SEW.Ai will proceed with a 16- to 20-week
implementation plan, carried out in the following phases:
•

Phase 1 Planning and Design (Weeks 1-5): Kickoff and project setup (Week 1)
followed by establishing technical design parameters and initial data loading.

•

Phase 2 System Configuration and Integration (Weeks 3-10): Configuring backend integrations (Weeks 3-7), establishing notification rules (Weeks 5-8), and
building custom reporting tools (Weeks 6-10).

•

Phase 3 Testing and Quality Assurance (QA) (Weeks 6-15): SEW.Ai internal QA
and strategy test preparation (Weeks 6-12), Parallel User Acceptance Testing

•

Phase 4 Deployment and Go-Live Milestones (Weeks 8-16): Staff training and
deployment preparation

Agenda Page No. 27

Board of Directors
September 17, 2026

•

Phase 5: Project Stabilization (Weeks 11-20): Dedicated post Go-live technical
support and system stabilization following each deployment phase

During this transition, Staff will work closely with SEW.Ai to migrate existing customer portal
profiles, contact information, and user settings to ensure a smooth changeover. Staff will also
coordinate the setup of portal credentials for all current customers. In parallel, Staff will
develop the most effective outreach methods to inform customers about the new portal, its
functionality, and its benefits.
Committee Action:
At their September 8, 2026, meeting, the Administrative and Finance Committee reviewed
this item and concurred with Staff’s recommendation, requested that Staff and the vendor
address cybersecurity concerns in their respective presentations, and directed Staff to move
the item forward for full Board consideration at their regular September meeting for
discussion and action.
Fiscal Impact
Staff budgeted $45,000 in the FY27 Operating Budget for the first year's AMI portal
integration and support. Year 1 expenses total $63,050 (inclusive of the $38,500 onetime implementation fee and the $24,550 Year 1 portion of the fixed licensing fee),
resulting in a Year 1 budget variance of $18,050. In Year 2, ongoing fixed costs drop to
$24,550 for annual licensing.
Additionally, the District currently pays approximately $20,000 per year for the
Sensus software package, which covers both the customer-facing portal and
backend meter collection software. Because this software package cannot be
unbundled, the District will continue to incur this $20,000 annual cost (with future
contractual increases) to support backend AMI distribution functions even though
ratepayers will transition to the SEW.Ai customer portal.

ATTACHMENTS
Attachment A:
Attachment B:
Attachment C:

Scope of Work and Deliverables (RFP Specifications)
SEW.Ai Smart CX Technical Scope of Services
SEW.Ai Pricing / BAFO Summary

Agenda Page No. 28

Board of Directors
September 17, 2026

ATTACHMENT A

AMI Customer-Facing Portal
Scope of Work
Santa Fe Irrigation District
Santa Fe Irrigation District (SFID) is seeking a fully cloud-hosted Advanced Metering Infrastructure (AMI)
Customer Portal that delivers near real-time water usage visibility, automated leak detection, predictive
bill forecasting, customer engagement tools, and robust utility analytics. The system must integrate with
SFID's existing ERP, AMI, billing, and communication systems and be fully implemented by July 2027.

1. REQUIRED ITEMS (30% WEIGHT)
The proposed solution must meet these baseline requirements. Vendors must respond to each item.
Pricing for these items must be included in the Base Price.
1. Platform & Access: 100% cloud-hosted platform providing a web-based portal and dedicated
mobile apps for both iOS and Android.
2. User Experience: Must provide a clean visual dashboard that is interactive, informative,
intuitive, and high engagement. Dashboards must be user friendly letting users track, analyze,
and manage water use with near real-time visibility.
3. Data Ingestion: Direct linkage of each account to actual AMI consumption data (ingestion of
hourly or sub-hourly intervals).
4. Usage & Visibility: View usage across hourly, daily, weekly, monthly, quarterly, and annual
intervals.
• Migration of all customer accounts and a minimum of three years of historical
consumption data.
• Display data in gallons, cubic feet, or hundred cubic feet.
5. Leak Detection: Detection of continuous flow, nighttime anomalies, and irrigation-related leaks
with configurable customer thresholds.
6. Customer Notifications: Automated, preference-based multi-channel communications (SMS,
email, push notifications, and in-portal messaging).
7. Security: Documented policies for data security, breach response, and disaster recovery.
8. Administrative Access: Role-based access control for District staff with robust account
management tools.

2. REQUESTED / OPTIONAL ITEMS (20% WEIGHT)
Vendors must provide confirmation of these capabilities. Please specify if these are included in the
base price or provide a separate pricing add-on for each.
1. Auto-Account Creation: Automatic account creation for all existing customers in addition to the
ability to create new accounts as the District signs up / transitions customers at established
addresses.
2. Advanced Analytics: Use of artificial intelligence in leak detection and notifications. Examples
would include dynamic analysis of historical water use combined with current localized weather
to aid in determining if their use if weather based or if a leak is the suspected issue”. Other
areas of AI integration for analysis and insight would be preferred, including bill prediction.
3. Weather Integration: View temperature and rainfall overlays (specify which weather
zones/services are available).
4. Vendor Support: Vendor-managed toll-free number for customer login, account creation, and
general troubleshooting.

Agenda Page No. 29

Board of Directors
September 17, 2026

5. Advanced Bill Prediction (Potable Water Cycles): ability to show customers charges-to-date
based on water use up to the point of their accessing their portal, in addition to estimated bill at
end of current cycle (~60-day billing cycle). Modeling for projected bill outcomes must
accommodate the District’s specific bi-monthly billing structure:
a. Four Equal Billing Cycles: Approximately 6,400 customers split into four cycles.
b. Bi-Monthly Cadence: Reads and bills generated every two months.
i. Cycle Timing:
• Cycle 1: Month 1, 1st of month.
• Cycle 3: Month 1, 15th of month.
• Cycle 5: Month 2, 1st of month.
• Cycle 7: Month 2, 15th of month.
* Flexibility: Predictions must accommodate floating open/close dates for weekends and holidays.

3. POTENTIAL FUTURE ITEMS / FUTURE ABILITIES (10% WEIGHT)
The District is evaluating the long-term scalability of the platform. Please provide detailed responses to
the following:
1. Water Budget Tracking: Is the software able to accommodate a change in water rate structure,
specifically a switch to budget-based billing (tier pricing, tier width, granted variance inclusion,
and tracking budget to date)?
2. AWWA Analytics: Does the platform support system-wide leak detection and analytics
specifically for AWWA Water Loss reporting?
3. Bill Pay Integration & SSO: What specific billing systems do you currently integrate with and can
accommodate SSO with?
4. Requirement: Does your system support Single Sign-On (SSO) with the District’s existing online
payment portal (Xpress Bill Pay)?

4. VENDOR QUALIFICATIONS (20% WEIGHT)
Vendors must demonstrate:
1. Proven experience implementing AMI customer portals for water utilities of comparable size.
More specifically, experience integrating data from existing AMI systems preferably with
existing system the District currently uses.
2. Demonstrated capability in leak detection and predictive billing analytics
3. Successful integrations with ERP, AMI, and billing systems
4. Current security certifications and compliance documentation
5. An established model for ongoing maintenance and customer support
6. Vendor’s preliminary timeline and plan for implementation, transition, and support for customer
outreach during transition

5. PRICING REQUIREMENTS (20% WEIGHT)
Vendors must provide transparent, comprehensive pricing that includes:
1. Total cost of ownership covering software, hosting, implementation, and support
2. Licensing model and structure
3. Pricing for optional modules and enhancements
4. Multi-year support and maintenance costs

6. EVALUATION CRITERIA
Proposals will be evaluated based on the following weighted criteria:

Agenda Page No. 30

Board of Directors
September 17, 2026

Category

Weight

Description

Required Items

30%

Items listed as mandatory for application to RFP

Requested/Optional Items

20%

Items listed as option / requested

Potential Future Items

10%

Future abilities (Budget billing, AWWA, Bill Pay
SSO)

Vendor Qualifications

20%

Experience, integration capability, security, and
references

Price

20%

Total cost, pricing transparency, and long-term
value

Agenda Page No. 31

Board of Directors
September 17, 2026

ATTACHMENT B
Software and Platform Service in Scope
Multi-Channel Smart Notification Workflow & Services
The SmartCX platform includes integrated notification services which can be configured upon request for
the purpose of customer alerts and notifications based on configurable workflow and decision trees.
The scope for configuration of notifications/alerts will be determined during the planning phase. Items
checked in the table below are included in the SOW Fees. Additional alerts/campaigns can be configured
with additional cost.

Module

Notification

Emai
l

SMS

Push

Online Account Registration/Activation Link

X

Forgot Your Password

X

Forgot Your Username

X

Profile Information Update (Phone &Email)

X

Password Updated

X

Paperless Bill Enrollment/Unenrollment

X

Add/Delete Account

X

Add/Delete Payment Method

X

Updating Marketing Preference

X

Notification Preference Update

X

eBill Ready Notification

X

X

X

Payment Reminder

X

X

X

Payment Plan/Arrangement Enroll/Unenroll
Confirmation

X

Autopay Enroll/Unenroll Confirmation

X

Usage

Usage Threshold Alerts (triggered based on customer
established threshold)

X

Connect Me

Request Confirmation

X

X

X

Ad hoc

Ad hoc messages from Customer Service Portal

X

X

X

My Account

Billing

Agenda Page No. 32

X

X

Board of Directors
September 17, 2026

Appendix B Project Requirements
The following is the standard functionality to be provided:

Login & Registration
Ability to register using standard SmartCX registration process (two-step process) and showcase
sample bill, FAQs and tutorial video to help with registration
Registration Step 1 (Sign Up):
Ability to validate 2 or more fields during registration- Account #, Postal Code, DOB, Email Address,
Phone number, Street Address
Registration Step 2 (Sign Up):
Ability to allow the user to enter personal information (Username, Password, First Name, Last Name)
Ability to enroll for bill type (Paperless, Paper, Both ) during registration
Ability to verify the user by sending the activation link on email followed by a reminder
Ability to sync all accounts, associated with the customer depending upon the account used for
registration, to the registered user profile
Ability to use login Help (Forgot username, Forgot Password, Problem Signing in) for assistance
Ability to login with valid username and password
Ability to authenticate the user via MFA on the registered email address
Ability to block the IP/Account during incorrect login/registration attempts
Ability to provide biometric login depending upon device

My Account
Ability to show/edit personal contact info (Email Address, Phone Number) entered during registration
to the user
Ability to show/edit login info (Username, Password) entered during registration to the user

Agenda Page No. 33

Board of Directors
September 17, 2026

My Account
Ability to add/edit personal info (Secondary Email Address, Secondary Phone Number) entered during
registration to the user
Ability to set various marketing preferences at a user level
Ability to give the add / edit / delete payment methods (Credit card, Bank account)
Ability to set the notification preferences (Email, Text) at user + account level
Ability to set quiet hours (Part of notification preferences)
Ability to make an account as default for better user experience
Ability to link accounts with the profile
Ability to unlink accounts from the profile
Ability to show/update account level nickname
Ability to show/update account level enrollment for bill types (Paperless, Paper, Both)
Ability to show/update the account level mailing address
Ability to select time zone for a personalized experience
Ability to download a user's data Excel and CSV to meet the compliance regulations
Ability to submit a delete user's profile request
Ability to delegate access of account (Guest User)
Ability for a guest to register a fresh or use its existing profile to access the invited account
Ability to resend the activation or edit the access details of the invited guest user
Ability to inform users via standard email notifications for important updates related to the account
and profile

Agenda Page No. 34

Board of Directors
September 17, 2026

Dashboard
Ability to show the billing summary on the dashboard and redirect to the billing modules: remaining
balance, due balance, and due date.
Ability to show the bill comparison on the dashboard for latest bill, second latest bill and last year's bill
corresponding to the latest this year.
Ability to show or manage the banners on the right rail contents and Auto Pay Carousel
Ability to select account from account selection (customer with more than 1 account)
Ability to choose the account/property address linked to the profile so that account specific
information can be accessed across the platform
Ability to show the FAQs
Ability to greet the user based on the time zone
Ability to show the Terms & Conditions and Privacy Policy
Ability to show the total number of unread notifications on the bell icon and redirect to the
notification inbox

Billing & Payment
Ability to Show Due Balance & Credit from (Account level)
Ability to show Past Due Balance (Account level)
Ability to open/export Bill PDF (Account level)
Ability to show Due Date (Account level)
Ability to show Bill Period (Account level)- Support monthly and bi-monthly billing period
Ability to access bill history up to 3 columns- Bill Date, Amount, Bill PDF (Account level)
Ability to access payment history up to 3 columns- Payment Date, Payment Amount, Channel (Account
level)

Agenda Page No. 35

Board of Directors
September 17, 2026

Billing & Payment
Ability to export bill details to XLS (Account level)
Ability to export bill history to XLS (Account level)
Ability to export payment history to XLS (Account level)
Ability to set up Autopay- SEW scheduler (Account level)
Ability to set up Autopay- send AP details to CIS (Account level)
Ability to make 1-time payment (Pre-Login and Post Login)
Ability to integrate with utility payment vendor with standard payment API + (Account level)- Supports
CC, Debit, and ACH
Ability to make unauthenticated 1-time payment- 2 fields validation, and SCX will be displaying total
due balance post validation
Ability to display payment location on google map
Ability to submit billing queries to CSR
Ability to access bill history up to 3 columns- Bill Date, Amount, Bill PDF (Account level)
Ability to show payment status such as Pending and Completed

Usage & Compare
Ability to show consumption monthly average in UOM ($$$, HCF, Gallon)
Ability to show the highest consumption this year in UOM
Ability to show monthly usage (any non-AMI)
Ability to show interval usage 15 mins, 30 mins, hourly based on data received (AMI- client provide/no
calculation other than by the MDM) including colorized distinction of actual versus estimated
intervals.

Agenda Page No. 36

Board of Directors
September 17, 2026

Usage & Compare
Ability to view usage at meter level (meter selection dropdown)
Ability to toggle between UOM and Dollar (Billing Period Usage only for $)
Ability to show usage graph- Y-axis unit consumption, X-axis usage months
Ability to export consumption data according to user filter
Ability to filter by usage year
Ability to set usage alert (for AMI - daily and monthly alerts and for Non-AMI - monthly alerts)
Ability to view rate plan- client to provide data or redirect link
Ability to see Usage so far this month if interval and daily AMI data is available for the utility account
for UOM and Dollar consumption.
Ability to see projected usage for the current billing period if interval and daily AMI data is available
for the utility account for UOM and Dollar consumption.
Ability to select an account from the account selector, the user will be able to view usage & compare
at the meter level associated with the selected account.
Compare MeAbility to compare my usage for the months of current year to the same month of the previous year.
Compare ZipAbility to compare my usage on month-on-month basis to the average of the similar households in zipcode provided through integration.
Compare UtilityAbility to compare my usage on month-on-month basis to the average of the similar households under
utility.
Compare AllAbility to compare my usage for the months of current year to the same month of the previous year,
to the zip average and to utility's average.

Agenda Page No. 37

Board of Directors
September 17, 2026

Connect Me
Ability for utility customers to submit a support-related request such as login problem, billing queries,
etc. (Contact Us form is dynamic and configurable per client template)
Ability for utility customers to select a specific topic related to their queries. Utility customers can
attach a document with a defined format and present it as part of the request.

Service
Ability to Select Premise Address (CIS)
Ability to Select Premise Address (Google or by other API)
Ability to validate mail address (SEW supplied API)
Form Preview capability before submission
Submit service request (SmartCX)
Submit service request (CIS)
Unique tracking ID generation against each service request
Service request tracking (SmartCX)
Service request tracking (CIS/CRM)
Save form as drafts and view the same in 'Saved Forms' section

Agenda Page No. 38

Board of Directors
September 17, 2026

ATTACHMENT C

Pricing
Description

Annual Fee

Annual Software Licensing /
Hosting

$

SECTION 3: ONGOING ANNUAL FEES (YEARS 1 & 2)
Escalation %
0%

29,500

Notes

- The proposed fee is on a fixed-cost model
- Annual SaaS subscription fee includes all costs related to basic hosting, support, maintenance and
license
- It includes 7,000 active metered services and the following modules :
. SmartCX (Customer Web Portal and Mobile Apps - iOS & Android) - My Account, Billing, Usage,
Compare, Notifications, Connect Me
. SmartBX - Dashboard, Notifications, CSR, Administration, Customer AI/Analytics, Leakage
Analytics, High Usage Analytics
- It also includes annual SaaS fee for weather overlay service
SEW Notification Services
- Proposed annual SaaS fee includes annual maintenance & support fee for SEW Notification Services
- It includes standard SLAs; additional usage fee is applicable for text and IVR service

Maintenance & Technical Support Included

0%

Optional Modules (AI, Weather,
etc.)

0%

Included in the
proposed fee

Optional Premium Marketing
Services
Implementation Services

Not included; standard launch support only unless separately contracted
$

59,000

Includes standard integration to Sensus, Xpress BillPay, CIS

One-Time Fee

TOTAL ESTIMATED HOURS
TOTAL NOT-TO-EXCEED COST
(Implementation + Year 1)

1948
$

NOT FOR DISTRIBUTION

88,500

1

© 2025 SEW.AI

Agenda Page No. 39

Board of Directors
September 17, 2026

BAFO Pricing
Description

Annual Fee

Annual Software Licensing /
Hosting

$
$

SECTION 3: ONGOING ANNUAL FEES (YEARS 1 & 2)
Escalation %

29,500
24,550

0%

Notes

- The proposed fee is on a fixed-cost model
- Annual SaaS subscription fee includes all costs related to basic hosting, support, maintenance and
license
- It includes 7,000 active metered services and the following modules :
. SmartCX (Customer Web Portal and Mobile Apps - iOS & Android) - My Account, Billing, Usage,
Compare, Notifications, Connect Me
. SmartBX - Dsahboard, Notifications, CSR, Administration, Customer AI/Analytics, Leakage Analytics,
High Usage Analytics
- It also includes annual SaaS fee for weather overlay service
SEW Notification Services
- Proposed annual SaaS fee includes annual maintenance & support fee for SEW Notification Services
- It includes standard SLAs; additional usage fee is applicable for text and IVR service

Maintenance & Technical Support Included

0%

Optional Modules (AI, Weather,
etc.)

0%

Included in the
proposed fee

Optional Premium Marketing
Services
Implementation Services

Not included; standard launch support only unless separately contracted
$
$

59,000
38,500

One-Time Fee

Incudes standard integration to Sensus, Xpress BillPay, CIS

TOTAL ESTIMATED HOURS
TOTAL NOT-TO-EXCEED COST
(Implementation + Year 1)

1948
$
$

NOT FOR DISTRIBUTION

88,500
63,050

2

© 2025 SEW.AI

Agenda Page No. 40

Board of Directors
September 17, 2026

Agenda Item No. 4

The mission of Santa Fe Irrigation District is to meet the water supply needs of all its customers —
safely, sustainably, reliably, and cost-effectively.

BOARD REPORT
TO:

Board of Directors

FROM:

Albert C. Lau, P. E.

INITIATED BY:

Seth Gates, Assistant General Manager

DATE:

September 17, 2026

SUBJECT:

Review and Discussion of CalPERS Annual Valuation Report
as of June 30, 2025, for the Santa Fe Irrigation District

Strategic Focus Area:
GOAL 5. Sustainable and Effectively Managed Finances
Recommendation:
Review and discuss the CalPERS annual valuation report (“report”) for the Santa Fe
Irrigation District as of June 30, 2025
Summary:
The District’s unfunded actuarial liability (UAL) through CalPERS represents the
funding gap between earned benefits by current / post employees for their
defined benefit retirement plan and the assets held by CalPERS from the District to pay
for these benefits. The District has made significant strides to address this gap;
specifically in the development / adoption of the Pension Funding Policy, which
attempts to pay off these obligations within a 10-yr time period of adoption (by FY34).
With additional payments made to reduce this UAL by the District, CalPERS
earnings, and others, the percent funded has increased to 77.5% and each payment
made goes more towards the principal amount than interest (similar to how making
additional payments on a home mortgage
Agenda Page No. 41

Board of Directors
September 17, 2026

will go toward principal, reducing future interest costs). Though this memorandum
provides greater detail, the take-away from this item should be that the District should
have 8 more years of additional payments above the UAL mandatory payment amount to
address this funding gap; however, based on to-date estimates, only 6 more years of level
payments are required to close this gap.
The 2024 CalPERS valuation outlined a total of $27.4 million when making minimum UAL
payments through FY44 to address the funding shortfall. However, based on the latest
CalPERS valuation / District projections, the total that will be paid to CalPERS is
estimated to be $19.2 million through FY32; a reduction of $8.2 million in savings to
ratepayers 12 years earlier (due to additional payments and CalPERS additional
earnings, among others).
Background:
CalPERS annually publishes pension valuation updates for all participating agencies in
August. This valuation is based on one-year prior’s information, so the current valuation
is based on the year end June 30, 2025. The valuation shows the District’s current
accrued liability for all plan participants in the three separate pension benefit tiers, the
market value of assets retained with CalPERS, and the resulting UAL. The three tiers of
pension benefits that the District has with CalPERS is the “classic” plan (for employees
hired prior to January 1, 2013), the 2nd tier plan (for employees hired at the District after
January 1, 2013, but were with CalPERS or a reciprocal retirement agency prior to this
date), and PEPRA (the California Public Employees’ Pension Reform Act, for all
employees after this date who were not with CalPERS or a reciprocal agency). Each tier
has differing benefit levels and therefore has different actuarial assumptions. In the
report, these tiers and associated benefits are: Rate Plan 91 (Miscellaneous First Tier,
“Classic Plan”, 2.7% @ 55), Rate Plan 32006 (Miscellaneous Second Tier, “2nd Tier”, 2%
@ 60), and Rate Plan 26050 (PEPRA, 2% @ 62).
Discussion
This report compares the two most recent annual valuation reports received by the
District:
● The July 2025 report, based on the valuation as of June 30, 2024, which sets
required contributions for FY27 (referred to below as the “2024 Valuation”).
● The July 2026 report, based on the valuation as of June 30, 2025, which sets
required contributions for FY28 (referred to below as the “2025 Valuation”).
Because CalPERS uses a two-year lag between the valuation date and the effective
contribution year, the 2025 Valuation is the first to reflect the November 2025 CalPERS
Experience Study and the associated changes to demographic and economic
assumptions. It is also the second valuation to introduce a “Consolidated Plan ID” now
that the District's three rate plans share a single combined UAL and amortization
schedule, which allows this comparability

Agenda Page No. 42

Board of Directors
September 17, 2026

Changes in Required Contributions
The primary use of the annual CalPERS’ report is to determine what the mandatory
contribution is annually for each agency on their UAL in addition to the “pay-go” amount
required to be made as a percentage of each employee’s salary to fund their future
defined benefits. The table below summarizes the minimum required employer
contributions set by each valuation. The District annually prepays the UAL contribution to
provide for the 6.8% discount that CalPERS provides for paying the entire amount due in
July of each fiscal year (the CalPERS annual projected discount rate / earnings
projection).
FY 2026-27 (2024
Valuation)

FY 2027-28 (2025
Valuation)

Change

Rate Plan 91 – Employer Normal
Cost

16.07%

16.53%

+0.46 pts

Rate Plan 32006 – Employer Normal
Cost

10.18%

10.41%

+0.23 pts

Rate Plan 26050 – Employer Normal
Cost

7.93%

8.05%

+0.12 pts

UAL Contribution (annual)

$1,534,815

$1,544,373

+$9,558 (+0.6%)

UAL – Monthly Option (x12)

$127,901.25

$128,697.75

+$796.50/mo

UAL – Annual Prepayment (July)

$1,485,150

$1,494,399

+$9,249

Member Contribution Rates (91 /
32006 / 26050)

8.00% / 7.00% / 7.75%

8.00% / 7.00% / 7.75%

Unchanged

Item

Employer normal cost rates rose modestly across all three rate plans, driven almost
entirely by the assumption changes adopted by the CalPERS Board on November 19,
2025 (discussed more detail later in this memorandum) rather than by plan experience.
The dollar UAL payment, by contrast, was essentially flat year-over-year (up only 0.6%)
despite covered payroll growing nearly 9% (from $5.05 million to $5.48 million) — a sign
that the underlying unfunded liability is being paid down due to the District’s discretionary
payments made above the mandatory UAL per the Pension Funding Policy in addition to
CalPERS earnings above the 6.8% actuary projection.
Funded Status
The District's funded position improved meaningfully between the two valuations.
Item

6/30/2024

6/30/2025

Change

Entry Age Accrued Liability

$60,341,791

$62,411,735

+$2,069,944

Market / Fair Value of Assets

$43,512,474

$48,391,456

+$4,878,982

Unfunded Accrued Liability (UAL)

$16,829,317

$14,020,279

–$2,809,038

Funded Ratio

72.1%

77.5%

+5.4 pts

Active Members

47

49

+2

Agenda Page No. 43

Board of Directors
September 17, 2026

Item
Retired Members & Beneficiaries
Annual Covered Payroll

6/30/2024

6/30/2025

Change

62

64

+2

$5,048,981

$5,483,890

+$434,909

The UAL declined by roughly $2.8 million, and the funded ratio climbed from 72.1% to
77.5% —see the funding history table as follows.
Valuation Date

Accrued Liability

Assets

UAL

Funded Ratio

6/30/2021

$53,933,223

$42,622,941

$11,310,282

79.0%

6/30/2022

$56,414,171

$40,489,253

$15,924,918

71.8%

6/30/2023

$59,129,202

$42,037,082

$17,092,120

71.1%

6/30/2024

$60,341,791

$43,512,474

$16,829,317

72.1%

6/30/2025

$62,411,735

$48,391,456

$14,020,279

77.5%

The funded-ratio dip in FY22 was due to the 2022 equity market downturn that pushed
the ratio from 79.0% down to roughly 71%, and now a recovery back toward the high-70s
as strong FY25 investment returns and continued District paydown flow through the pool's
asset base.

CalPERS Investment Performance
FY 2023-24 Experience (2024
Valuation)

FY 2024-25 Experience
(2025 Valuation)

Pool-wide Investment (Gain)/Loss

$(476,088,386)

$(1,023,922,845)

Pool-wide Non-Investment (Gain)/Loss

$305,188,638

$254,352,784

SFID's Allocated Share of Investment (Gain)

$(1,081,040)

$(2,281,399)

SFID's Allocated Share of Non-Investment Loss

$745,525

$607,563

SFID's Net New (Gain)/Loss for the Year

$(335,515)

$(1,673,836)

Item

CalPERS’ total investment performance was approximately 11.6% in 2025, 4.8% above
the actuarially projected return on 6.8%, producing positive investment gains. The District
is allocated a share of the pool's investment gains, which more than doubled year over
year, reflecting this stronger fund performance in FY2024-25. This gain was partially
offset, as in the prior year, by a non-investment loss — demographic experience (e.g.,
retirements, salary growth, or other actuarial experience differing from assumptions) that
added liability. This growth in non-investment loss is a continuation of the prior year’s
factors, including employees retiring earlier than actuarially projected.

Agenda Page No. 44

Board of Directors
September 17, 2026

Amortization of Experience and Assumption Changes
CalPERS amortizes each year's gain, loss, or assumption change as its own “base” with
its own payoff period, subject to a 5-year phase-in (“ramp”) for investment gains and
losses. The 2025 Valuation added two new bases as of June 30, 2025:
● An Assumption Change base of $139,672, reflecting SFID's allocated share of the
pool-wide $58.5 million increase in accrued liability attributable to the November
2025 Experience Study (updated mortality, retirement, termination, salary-growth,
and inflation assumptions).
● A new Investment (Gain) base of $(2,281,399), and a new Non-Investment Loss
base of $607,563, both amortized over 20 years with the standard ramp.
CalPERS also raised the price inflation assumption from 2.30% to 2.50% per year and
the wage inflation assumption from 2.80% to 3.00% per year, while holding the 6.80%
discount rate unchanged. These changes increase projected future payroll growth (and
therefore dollar-based normal cost and UAL amortization escalation).
A useful gauge of how quickly a given year's payment is actually reducing principal,
versus merely covering interest, is the interest-to-payment ratio disclosed in each report's
“Additional Employer Contributions” section:
FY 2026-27 Payment (2024
Valuation)

FY 2027-28 Payment (2025
Valuation)

Required UAL Payment

$1,534,815

$1,544,373

Interest Portion

$981,586

$757,677

Principal Reduction Portion

$553,229

$786,696

Interest-to-Payment Ratio

64%

49%

16.0 years

10.8 years

Metric

Years to Pay Off UAL at Constant
Payment

The share of the required payment going toward interest fell from 64% to 49%, and the
estimated payoff horizon at a level payment shortened from 16.0 years to 10.8 years
(using minimum required payments). This reflects both the shrinking UAL balance and
the pay-off of older, high-balance amortization bases due to the District’s additional
discretionary payments.
Impact of the District's Additional Discretionary Payments (Prepayments)
SFID has made three Additional Discretionary Payments (ADPs) above the minimum
required UAL contribution. The $2.0 million ADP made in FY2021-22 was done using San
Diego County Water Authority litigation settlement funds, and was prior to the adoption of
the District’s Pension Funding Policy (Policy). The Policy stated that the District would
attempt to pay-off the UAL over a 10-year period, using a “soft” fresh start, meaning that
the District would not be legally obligated to do so. In pursuit of this goal, the District
made the first 2 of 10 soft fresh start payments: $1.1 million ADP made in FY2024-25 and
$970,000 ADP in FY2025-26.
Agenda Page No. 45

Board of Directors
September 17, 2026

Fiscal Year

ADP Amount

2021-22

$2,000,000

2022-23

$0

2023-24

$0

2024-25

$1,100,000

2025-26

$970,000

Since 2021-22, SFID has voluntarily contributed a cumulative $4.07 million beyond the
CalPERS minimum. This is a direct, structural contributor to the improved metrics
elsewhere in this report: every dollar of ADP reduces the outstanding UAL principal
immediately, which in turn lowers the interest accruing in every future year, shortens the
effective payoff period, and reduces the amortization payment required in later years even
before any investment experience is considered. The improvement in the interest-topayment ratio (64% → 49%) and the shortened payoff horizon (16.0 → 10.8 years) reflect
the combined effect of these prepayments and the two straight years of CalPERS
outpacing the 6.8% investment assumption (by 2.5% in FY24 with a 9.3% overall return,
and by 4.8% in FY25 with a 11.6% overall return)
Impacts on Soft Fresh Start
With the investment gains made and 2 years of ADP’s completed on the soft fresh start,
the District’s funding outlook is excellent. Not shown in these reports (due to actuarial
reporting being one year in arrears) is CalPERS’ FY26 investment return on 14.8%, or
8.0% above actuarial projections, which will further increase the District’s overall funded
ratio. However, continued investment gains cannot be guaranteed, and with the global
volatility currently occurring, markets are unpredictable.
Based on the projections included in this CalPERS report, the minimum payment
schedule required would allow the District to pay off the UAL by FY42 with a total
contribution of $25.9 million. Selecting a new 10-year fresh start through CalPERS (a
“hard” fresh start, with contractual obligations) would pay-off the UAL by FY36, totaling
$16.2 million. However, Staff has been making approximately $2.4 million in CalPERS
annual UAL payments since the beginning of the 10-year soft fresh start. Continuing to
make this level of payment would pay-off the UAL by FY32 (this is a Staff estimate only
and has not been confirmed by CalPERS as their model for this valuation is not
currently available), for a total of $14.4 million. The District, without any budgetary
increase from CalPERS UAL payment amounts over the last two fiscal years, will be
projected to be able to pay off the UAL at a benefit to customers of over $10 million from
the minimum payment levels.
Due to the District making these ADP’s with positive market returns, the District not only
reduced its obligation through projected returns but also experience significant market
gains due to timing on these contributions.

Agenda Page No. 46

Board of Directors
September 17, 2026

SFID - CalPERS UAL Payoff Comparison
Payoff
Year

Soft Fresh
Start Yr #

FY27
FY28
FY29
FY30
FY31
FY32
FY33
FY34
FY35
FY36
FY37
FY38
FY39
FY40
FY41
FY42
Total

3
4
5
6
7
8
9
10

Minimum
Payments
$1,544,373
$1,648,733
$1,602,987
$1,551,366
$1,527,109
$1,502,734
$1,476,087
$1,425,769
$1,360,646
$638,694
$599,958
$558,839
$539,662
$532,028
$395,849
$41,444
$16,946,278

New 10 Yr.
Fresh Start

District Plan

$1,624,586
$1,624,586
$1,624,586
$1,624,586
$1,624,586
$1,624,586
$1,624,586
$1,624,586
$1,624,586
$1,624,587

$2,400,000
$2,400,000
$2,400,000
$2,400,000
$2,400,000
$2,400,000

$16,245,861

$14,400,000

Fiscal Impact:
Though there is no direct fiscal impact associated with this item, the report is the basis
for the FY28 required minimum UAL payment and associated discretionary pre-payment
for the District’s continued 10-year soft fresh start.
Committee Action:
The Administrative & Finance Committee reviewed this item and provided input and
comment at their September 8, 2026, meeting. As this item requires no action, no
recommended action was provided by the Committee.

Attachment A:

CalPERS Annual Valuation Report as of June 30, 2025, for Santa Fe
Irrigation District

Agenda Page No. 47

Board of Directors
September 17, 2026

ATTACHMENT A

California Public Employees’ Retirement System
Actuarial Office
400 Q Street, Sacramento, CA 95811 | Phone: (916) 795-3000 | Fax: (916) 795-2744
888 CalPERS (or 888-225-7377) | TTY: (877) 249-7442 | www.calpers.ca.gov
July 2026
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool (CalPERS ID: 3288352742)
Annual Valuation Report as of June 30, 2025
Dear Employer,
Attached to this letter is Section 1 of the June 30, 2025, actuarial valuation report for the plan noted above. Provided in
this report is the determination of the minimum required employer contributions for fiscal year (FY) 2027-28. In
addition, the report contains important information regarding the current financial status of the plan as well as projections
and risk measures to aid in planning for the future.
Because this plan is in a risk pool, the following valuation report has been separated into two sections:
•

Section 1 contains specific information for the following rate plan(s) including the development of the current and
projected employer contributions.
o 91, Miscellaneous First Tier Plan
o 32006, Miscellaneous Second Tier Plan
o 26050, PEPRA Miscellaneous Plan

•

Section 2 contains the Miscellaneous Risk Pool information as of June 30, 2025.

Section 2 can be found on the CalPERS website in the Forms & Publications section. Search for “Risk Pool” and from the
results list download the Miscellaneous Risk Pool Actuarial Valuation Report for June 30, 2025.
Required Contributions
The table below shows the minimum required employer contributions and member contribution rates for FY 2027-28 along
with an estimate of the required employer Unfunded Accrued Liability (UAL) contribution for FY 2028-29. The required
employer and member contributions in this report do not reflect any cost sharing arrangement between the
agency and the employees.

Fiscal Year
2027-28

Rate
Plan
91
32006
26050

Employer
Normal Cost
Rate
16.53%
10.41%
8.05%

Member
Contribution
Rate
8.00%
7.00%
7.75%

2027-28

Employer Amortization of
Unfunded Accrued
Liability
$1,544,373

2028-29

Projected
(Estimated)
$1,649,000

Fiscal Year

The actual investment return for FY 2025-26 was not known at the time this report was prepared. The projected UAL
payment above assumes the investment return for that year would be 6.8%. To the extent the actual investment return for
FY 2025-26 differs from 6.8%, the actual UAL contribution requirement for FY 2028-29 will differ from that shown above.
For additional information on future contribution requirements, please refer to Projected Employer Contributions. This
section also contains projected required contributions through FY 2032-33.
Changes from Previous Year’s Valuations
On November 19, 2025, the CalPERS Board of Administration (board) adopted new actuarial assumptions based on the
recommendations in the November 2025 CalPERS Experience Study and Review of Actuarial Assumptions. This study
reviewed the retirement rates, termination rates, mortality rates, rates of salary increase, the inflation assumption, and
various other assumptions for public agencies. These new assumptions are incorporated in this actuarial valuation and
impact the required contributions for FY 2027-28.
In addition, the board adopted changes to the CalPERS Total Fund Investment Policy, which provides the framework for
the management of CalPERS assets. The board adopted a discount rate of 6.80%, which is unchanged from the prior
year’s valuation, and an increase in the price inflation assumption from 2.30% to 2.50% per year.

Agenda Page No. 48

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742
Page 2
Besides the above-noted changes, there may also be changes specific to the plan such as contract amendments and
funding changes such as additional discretionary payments and amortization schedule fresh starts.
A consolidated plan identifier has been added to the cover page of the report. As a result of the combination of some or all
of the employer’s rate plans in the Miscellaneous Risk Pool effective with the prior year’s valuation, there is now one
consolidated UAL value and actuarial valuation report for the group of component rate plans. This single identifier, set
equal to the identifier of the component rate plan to which the UAL is attached, is intended to make it easier to identify a
specific group of rate plans, the associated UAL, and the actuarial report.
PEPRA Member Contribution Rate
The employee contribution rate for PEPRA members can change based on the results of the actuarial valuation. See
Member Contribution Rates for more information.
Report Navigation Features
The valuation report has a number of features to ease navigation and allow the reader to find specific information more
quickly. The tables of contents are “clickable.” This is true for the main table of contents that follows the title page and the
intermediate tables of contents at the beginning of sections. The Adobe navigation pane on the left can also be used to
skip to specific exhibits.
There are a number of links throughout the document in blue text. Links that are internal to the document are not
underlined, while underlined links will take you to the CalPERS website. Examples are shown below.
Internal Bookmarks

CalPERS Website Links

Required Employer Contributions
Member Contribution Rates
Summary of Key Valuation Results
Funded Status – Funding Policy Basis
Projected Employer Contributions

Required Employer Contribution Search Tool
Public Agency PEPRA Member Contribution Rates
Pension Outlook Overview
Interactive Summary of Public Agency Valuation Results
Public Agency Actuarial Valuation Reports

Questions
A CalPERS actuary is available to answer questions about this report. Other questions may be directed to the Customer
Contact Center at 888 CalPERS (or 888-225-7377).
Sincerely,

Randall Dziubek, ASA, MAAA
Deputy Chief Actuary, Valuation Services, CalPERS

Fritzie Dorais, ASA, MAAA
Deputy Chief Actuary, Special Programs, CalPERS

Scott Terando, ASA, EA, MAAA, FCA, CFA
Chief Actuary, CalPERS

Nina Ramsey, ASA, MAAA
Supervising Actuary, CalPERS

Agenda Page No. 49

Board of Directors
September 17, 2026

California Public Employees’ Retirement System

Actuarial Valuation for the
Rate Plans of the Santa Fe Irrigation
District in the
Miscellaneous Risk Pool
as of June 30, 2025
Consolidated Plan ID: 26050
(CalPERS ID: 3288352742)
(Rate Plan IDs: 91, 32006, 26050)

Required Contributions for Fiscal Year
July 1, 2027 — June 30, 2028

Agenda Page No. 50

Board of Directors
September 17, 2026

Table of Contents
Section 1 – Employer Specific Information
Actuarial Certification .................................................................................................................................... 1
Highlights and Executive Summary ............................................................................................................. 2
Introduction .................................................................................................................................................. 3
Purpose of Section 1 .................................................................................................................................... 3
Summary of Key Valuation Results .............................................................................................................. 4
Changes Since the Prior Year’s Valuation ................................................................................................... 5
Subsequent Events ...................................................................................................................................... 5
Liabilities and Contributions......................................................................................................................... 6
Determination of Required Contributions ..................................................................................................... 7
Required Employer Contributions ................................................................................................................ 8
Member Contribution Rates ....................................................................................................................... 10
Breakdown of Entry Age Accrued Liability .................................................................................................. 11
Allocation of Plan’s Share of Pool’s Experience ......................................................................................... 11
Development of the Plan’s Share of Pool’s Assets .................................................................................... 11
Funded Status – Funding Policy Basis ....................................................................................................... 12
Additional Employer Contributions ............................................................................................................. 13
Projected Employer Contributions .............................................................................................................. 14
Schedule of Amortization Bases ................................................................................................................ 15
Amortization Schedule and Alternatives ..................................................................................................... 17
Employer Contribution History .................................................................................................................... 19
Funding History .......................................................................................................................................... 19
Risk Analysis................................................................................................................................................ 20
Future Investment Return Scenarios .......................................................................................................... 21
Discount Rate Sensitivity............................................................................................................................ 22
Mortality Rate Sensitivity ............................................................................................................................ 23
Maturity Measures ...................................................................................................................................... 23
Maturity Measures History .......................................................................................................................... 24
Funded Status – Termination Basis ........................................................................................................... 25
Funded Status – Low-Default-Risk Basis ................................................................................................... 26
Supplementary Information ........................................................................................................................ 27
Normal Cost by Benefit Group ................................................................................................................... 28
Summary of Valuation Data ....................................................................................................................... 29
Status of PEPRA Transition ....................................................................................................................... 30
Surcharge for Class 1 Benefits ................................................................................................................... 30
Plan's Major Benefit Options ...................................................................................................................... 31

Section 2 – Miscellaneous Risk Pool Actuarial Information
Section 2 may be found on the CalPERS website in the Forms & Publications section.

Agenda Page No. 51

Board of Directors
September 17, 2026

Section 1
California Public Employees’ Retirement System

Employer Specific Information
for the
Rate Plans of the
Santa Fe Irrigation District
in the Miscellaneous Risk Pool
(CalPERS ID: 3288352742)
(Rate Plan IDs: 91, 32006, 26050)

Agenda Page No. 52

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Actuarial Certification
It is our opinion that the valuation has been performed in accordance with generally accepted actuarial principles as well as the
applicable Standards of Practice promulgated by the Actuarial Standards Board. While this report, consisting of Section 1 and
Section 2, is intended to be complete, our office is available to answer questions as needed. All of the undersigned are actuaries
who satisfy the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States of the
American Academy of Actuaries with regard to pensions. The actuaries responsible for this report and their respective
responsibilities are as follows.
Actuarial Methods and Assumptions
It is our opinion that the assumptions and methods, as recommended by the Chief Actuary and adopted by the CalPERS Board
of Administration, are internally consistent and reasonable for this plan.

Randall Dziubek, ASA, MAAA
Deputy Chief Actuary, Valuation Services, CalPERS

Fritzie Dorais, ASA, MAAA
Deputy Chief Actuary, Special Programs, CalPERS

Scott Terando, ASA, EA, MAAA, FCA, CFA
Chief Actuary, CalPERS
Actuarial Data and Rate Plan Results
The assumptions and methods in this report are the responsibility of the CalPERS Chief Actuary and Deputy Chief Actuaries
named above. These were established pursuant to their responsibility for setting actuarial policy and are relied upon without
independent assessment of the reasonableness of the assumptions and methods, as such an evaluation would have required
substantial additional work beyond the scope of this assignment. To the best of my knowledge and having relied upon the
information in Section 2 of this report, this report is complete and accurate and contains sufficient information to disclose, fully
and fairly, the funded condition of the rate plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool and satisfies
the actuarial valuation requirements of Government Code section 7504. This valuation and related validation work was
performed by the CalPERS Actuarial Office. The valuation was based on the member and financial data as of June 30, 2025,
provided by the various CalPERS databases and the benefits under this plan with CalPERS as of the date this report was
produced. Section 1 of this report is based on the member and financial data for Santa Fe Irrigation District, while Section 2 is
based on the corresponding information for all agencies participating in the Miscellaneous Risk Pool to which the plan belongs.

Nina Ramsey, ASA, MAAA
Supervising Actuary, CalPERS

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 53

Page 1

Board of Directors
September 17, 2026

Highlights and Executive Summary
•

Introduction

3

•

Purpose of Section 1

3

•

Summary of Key Valuation Results

4

•

Changes Since the Prior Year’s Valuation

5

•

Subsequent Events

5

Agenda Page No. 54

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Introduction
This report presents the results of the June 30, 2025, actuarial valuation of the rate plans of the Santa Fe Irrigation District in the
Miscellaneous Risk Pool of the California Public Employees’ Retirement System (CalPERS). This actuarial valuation sets the
minimum required contributions for fiscal year (FY) 2027-28.

Purpose of Section 1
This Section 1 report for rate plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool of CalPERS was prepared
by the Actuarial Office using data as of June 30, 2025. This report contains actuarial information for the following rate plan(s).
•
•
•

91, Miscellaneous First Tier Plan
32006, Miscellaneous Second Tier Plan
26050, PEPRA Miscellaneous Plan

The purpose of the valuation is to:
•
•

Set forth the assets and accrued liabilities of these rate plans as of June 30, 2025;
Determine the minimum required employer contributions for these rate plans for FY July 1, 2027, through June 30,
2028;
Determine the required member contribution rate for FY July 1, 2027, through June 30, 2028, for employees subject to
the California Public Employees' Pension Reform Act of 2013 (PEPRA); and
Provide actuarial information as of June 30, 2025, to the CalPERS Board of Administration (board) and other interested
parties.

•
•

The pension funding information presented in this report should not be used in financial reports subject to Governmental
Accounting Standards Board (GASB) Statement No. 68 for a Cost Sharing Employer Defined Benefit Pension Plan. A separate
accounting valuation report for such purposes is available on the CalPERS website (www.calpers.ca.gov).
The measurements shown in this actuarial valuation may not be applicable for other purposes. The agency should contact a
CalPERS actuary before disseminating any portion of this report for any reason that is not explicitly described above.
Future actuarial measurements may differ significantly from the current measurements presented in this report due to such
factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes
in economic or demographic assumptions; changes in actuarial policies; changes in plan provisions or applicable law; and
differences between the required contributions determined by the valuation and the actual contributions made by the agency.
Assessment and Disclosure of Risk
This report includes the following risk disclosures consistent with the guidance of the Actuarial Standards of Practice:
•
•
•
•
•
•

A “Scenario Test,” projecting future results under different investment income returns.
A “Sensitivity Analysis,” showing the impact on current valuation results using alternative discount rates of 5.8% and
7.8%.
A “Sensitivity Analysis,” showing the impact on current valuation results assuming rates of mortality are 10% lower or
10% higher than our current post-retirement mortality assumptions adopted in 2025.
Plan maturity measures indicating how sensitive a plan may be to the risks noted above.
The funded status on a termination basis.
A low-default-risk obligation measure (LDROM) of benefit costs accrued as of the valuation date.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 55

Page 3

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Summary of Key Valuation Results
Below is a brief summary of key valuation results along with page references where more detailed information can be found.
Required Employer Contributions — page 8

Employer Normal Cost Rates
Rate Plan 91
Rate Plan 32006
Rate Plan 26050
Unfunded Accrued Liability (UAL) Contribution Amount
Paid either as
Option 1) 12 Monthly Payments of
Option 2) Annual Prepayment in July

Fiscal Year
2026-27

Fiscal Year
2027-28

16.07%
10.18%
7.93%
$1,534,815

16.53%
10.41%
8.05%
$1,544,373

$127,901.25
$1,485,150

$128,697.75
$1,494,399

Fiscal Year
2026-27
8.00%
7.00%
7.75%

Fiscal Year
2027-28
8.00%
7.00%
7.75%

Member Contribution Rates — page 10

Rate Plan 91
Rate Plan 32006
Rate Plan 26050
Projected Employer Contributions — page 14

Fiscal
Year
2028-29
2029-30
2030-31
2031-32
2032-33

Rate Plan
91
16.5%
16.5%
16.5%
16.5%
16.5%

Normal Cost
(% of payroll)
Rate Plan
32006
10.4%
10.4%
10.4%
10.4%
10.4%

Annual
Rate Plan
26050
8.1%
8.1%
8.1%
8.1%
8.1%

UAL Payment
$1,649,000
$1,603,000
$1,551,000
$1,527,000
$1,503,000

Funded Status — Funding Policy Basis — page 12
Entry Age Accrued Liability (AL)
Fair Value of Assets (Assets)
Unfunded Accrued Liability (UAL) [AL – Assets]
Funded Ratio [Assets ÷ AL]

June 30, 2024
$60,341,791
43,512,474
$16,829,317
72.1%

June 30, 2025
$62,411,735
48,391,456
$14,020,279
77.5%

June 30, 2024
47
$5,048,981
18
15
62

June 30, 2025
49
$5,483,890
21
12
64

Summary of Valuation Data — page 29
$60,341,791.00
Active Member Count
Annual Covered Payroll
Transferred Member Count
Separated Member Count
Retired Members and Beneficiaries Count

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 56

Page 4

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Changes Since the Prior Year’s Valuation
Investment Policy and Discount Rate
On November 19, 2025, the board adopted changes to the CalPERS Total Fund Investment Policy, which provides the
framework for the management of CalPERS assets. Consistent with that policy, the board also adopted a discount rate of 6.80%
for use in this valuation, which is unchanged from the prior year’s valuation.
Actuarial Methods and Other Assumptions
On November 19, 2025, the board adopted new actuarial assumptions based on the recommendations in the November 2025
CalPERS Experience Study and Review of Actuarial Assumptions. This study assessed various assumptions including
retirement rates, termination rates, mortality rates, rates of salary increase, and inflation. New assumptions stemming from the
study are incorporated in this actuarial valuation and affect required contributions for fiscal year 2027-28. Among the changes
were an increase in the price inflation assumption from 2.30% to 2.50% per year and an increase in the wage inflation
assumption from 2.80% to 3.00% per year.
Plan Assets
Plan assets are measured at fair value. In the prior year’s actuarial valuation report the term Market Value of Assets was used to
describe the asset value used for funding purposes. The Actuarial Office has used this term interchangeably with Fair Value of
Assets. Effective with the June 30, 2025, valuation, CalPERS will exclusively use the term Fair Value of Assets in actuarial
reports. This is a change in terminology and does not represent any change in methodology.
Benefits
The standard actuarial practice at CalPERS is to recognize mandated legislative benefit changes in the first annual valuation
following the effective date of the legislation. For pooled rate plans, voluntary benefit changes by plan amendment are generally
included in the first valuation with a valuation date on or after the effective date of the amendment.
Please refer to the Plan’s Major Benefit Options in this report and Appendix B of the Section 2 Report for a summary of the plan
provisions used in this valuation.
Plan Identification
A consolidated plan identifier has been added to the cover page of the report. As a result of the combination of some or all of the
employer’s rate plans in the Miscellaneous Risk Pool effective with the prior year’s valuation, there is now one consolidated
Unfunded Accrued Liability (UAL) value and actuarial valuation report for the group of component rate plans. This single
identifier, set equal to the identifier of the component rate plan to which the UAL is attached, is intended to make it easier to
identify a specific group of rate plans, the associated UAL, and the actuarial report.
Amendments to Regulations Regarding Participation in Risk Pools
On September 17, 2025, the board approved amendments to pooling regulations, which were endorsed by the Office of
Administrative Law on May 12, 2026. Beginning with the June 30, 2026, actuarial valuation, it will be possible for pooled plans to
be removed from the risk pool and become non-pooled plans. The general rule is that if an employer sponsors a pooled plan
with at least 150 but less than 200 active members as of the valuation date, the employer may elect to remove that plan from the
risk pool. If the plan has at least 200 active members, the plan will be automatically removed. More information can be found in
Regulatory Actions on the CalPERS website under the heading Participation in Risk Pools.

Subsequent Events
This actuarial valuation report reflects fund investment return through June 30, 2025, as well as statutory changes, regulatory
changes and board actions through January 2026.
The 2025 annual benefit limit under Internal Revenue Code (IRC) section 415(b) and annual compensation limits under IRC
section 401(a)(17) and Government Code section 7522.10 were used for this valuation and are assumed to increase 2.5% per
year based on the price inflation assumption. The actual 2026 limits, determined in October 2025, are not reflected.
To the best of our knowledge, there have been no subsequent events that could materially affect current or future certifications
rendered in this report.
Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 57

Page 5

Board of Directors
September 17, 2026

Liabilities and Contributions
•

Determination of Required Contributions

7

•

Required Employer Contributions

8

•

Member Contribution Rates

10

•

Breakdown of Entry Age Accrued Liability

11

•

Allocation of Plan’s Share of Pool’s Experience

11

•

Development of the Plan’s Share of Pool’s Assets

11

•

Funded Status – Funding Policy Basis

12

•

Additional Employer Contributions

13

•

Projected Employer Contributions

14

•

Schedule of Amortization Bases

15

•

Amortization Schedule and Alternatives

17

•

Employer Contribution History

19

•

Funding History

19

Agenda Page No. 58

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Determination of Required Contributions
Contributions to fund the plan are determined by an actuarial valuation performed each year. The valuation employs complex
calculations based on a set of actuarial assumptions and methods. See Appendix A in Section 2 for information on the
assumptions and methods used in this valuation. The valuation incorporates all plan experience through the valuation date and
sets required contributions for the fiscal year that begins two years after the valuation date.
Contribution Components
Two components comprise required contributions:
•
•

Normal Cost — expressed as a percentage of pensionable payroll
Unfunded Accrued Liability (UAL) Contribution — expressed as a dollar amount

Normal Cost represents the value of benefits allocated to the upcoming year for active employees. If all plan experience exactly
matched the actuarial assumptions, normal cost would be sufficient to fully fund all benefits. The employer and employees each
pay a share of the normal cost with contributions payable as part of the regular payroll reporting process. The contribution rate
for Classic members is set by statute based on benefit formula whereas for PEPRA members it is based on 50% of the total
normal cost.
When plan experience differs from the actuarial assumptions, UAL emerges. The new UAL may be positive or negative. If the
total UAL is positive (i.e., accrued liability exceeds assets), the employer is required to make contributions to pay off the UAL
over time. This is called the UAL Contribution component. There is an option to prepay this amount during July of each fiscal
year, otherwise it is paid monthly.
In measuring the UAL each year, plan experience is split by source. Common sources of UAL include investment experience
different than expected, non-investment experience different than expected, assumption changes and benefit changes. Each
source of UAL (positive or negative) forms a base that is amortized, or paid off, over a specified period of time in accordance
with the CalPERS Actuarial Amortization Policy. The UAL Contribution is the sum of the payments on all bases. See the
Schedule of Amortization Bases section of this report for an inventory of existing bases and Appendix A in Section 2 for more
information on the amortization policy.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 59

Page 7

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Required Employer Contributions
The required employer contributions in this report do not reflect any cost sharing arrangement between the agency and the
employees. For employee contribution rates, see Member Contribution Rates.
Fiscal Year
Required Employer Contributions

2027-28

Employer Normal Cost Rate
Classic Rate Plan 91
Classic Rate Plan 32006
PEPRA Rate Plan 26050
Plus
Unfunded Accrued Liability (UAL) Contribution Amount†
Paid either as
1) Monthly Payment
Or
2) Annual Prepayment Option‡

16.53%
10.41%
8.05%
$1,544,373
$128,697.75
$1,494,399

The total minimum required employer contribution is the sum of the Plan’s Employer Normal Cost Rate (expressed as a
percentage of payroll and paid as payroll is reported) and the Unfunded Accrued Liability (UAL) Contribution Amount (billed
monthly (1) or prepaid annually (2) in dollars).
†

The required UAL contribution does not take into account any additional discretionary payment made after April 30, 2026.
Only the UAL portion of the employer contribution can be prepaid (which must be received in full no later than July 31).

‡

Development of Normal Cost as a Percentage of Payroll
Fiscal Year

Fiscal Year

2026-27

2027-28

Classic Rate Plan 91
Base Total Normal Cost for Formula

23.25%

23.65%

Surcharge for Class 1 Benefits1
Plan's Total Normal Cost

0.79%
24.04%

0.85%
24.50%

(7.97%)
16.07%

(7.97%)
16.53%

Base Total Normal Cost for Formula
Surcharge for Class 1 Benefits1

17.12%
0.00%

17.35%
0.00%

Plan's Total Normal Cost
Offset Due to Employee Contributions2

17.12%
(6.94%)

17.35%
(6.94%)

Employer Normal Cost for Rate Plan 32006

10.18%

10.41%

Offset Due to Employee Contributions2
Employer Normal Cost for Rate Plan 91
Classic Rate Plan 32006

1

See Surcharge for Class 1 Benefits in the supplementary information section of this report.

2

This is the expected employee contributions, taking into account individual benefit formula and any offset from the use of a
modified formula, divided by projected annual payroll. For member contribution rates above the breakpoint for each benefit
formula, see Member Contribution Rates.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 60

Page 8

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Required Employer Contributions (continued)
Development of Normal Cost as a Percentage of Payroll (continued)
Fiscal Year

Fiscal Year

2026-27

2027-28

Base Total Normal Cost for Formula
Surcharge for Class 1 Benefits1

15.68%
0.00%

15.80%
0.00%

Plan's Total Normal Cost
Offset Due to Employee Contributions2

15.68%
(7.75%)

15.80%
(7.75%)

Employer Normal Cost for Rate Plan 26050

7.93%

8.05%

PEPRA Rate Plan 26050

1

See Surcharge for Class 1 Benefits in the supplementary information section of this report.

2

This is the expected employee contributions, taking into account individual benefit formula and any offset from the use of a
modified formula, divided by projected annual payroll. For member contribution rates above the breakpoint for each benefit
formula, see Member Contribution Rates.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 61

Page 9

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Member Contribution Rates
The required member contributions in this report do not reflect any cost sharing arrangement between the agency and the
employees.
Classic Members
Each member contributes toward their retirement based upon the retirement formula. The standard Classic member contribution
rate above the breakpoint, if any, is as described below.
Percent Contributed
above the Breakpoint
2%
7%
7%
8%
8%
8%

Benefit Formula
Miscellaneous, 1.5% at age 65
Miscellaneous, 2% at age 60
Miscellaneous, 2% at age 55
Miscellaneous, 2.5% at age 55
Miscellaneous, 2.7% at age 55
Miscellaneous, 3% at age 60

Auxiliary organizations of the CSU system may elect reduced contribution rates for Miscellaneous members, in which case the
contribution rate above the breakpoint is 6% if members are not covered by Social Security and 5% if they are.
PEPRA Members
The California Public Employees’ Pension Reform Act of 2013 (PEPRA) established new benefit formulas, final compensation
period, and contribution requirements for “new” employees (generally those first hired into a CalPERS-covered position on or
after January 1, 2013). In accordance with Government Code Section 7522.30(b), “new members … shall have an initial
contribution rate of at least 50% of the normal cost rate.” The normal cost rate for the plan is dependent on the benefit levels,
actuarial assumptions and demographics of the risk pool, particularly members’ entry age. Should the total normal cost rate of
the plan change by more than 1% from the base total normal cost rate established for the plan, the new member rate shall be
50% of the new normal cost rate rounded to the nearest quarter percent.
The table below shows the determination of the PEPRA member contribution rates effective July 1, 2027, based on 50% of the
total normal cost rate as of the June 30, 2025, valuation.
Basis for Current Rate
Rate Plan
Identifier
26050

Benefit Group Name
PEPRA Miscellaneous Plan

Total
Normal
Cost
15.43%

Rate Plans belonging to the Miscellaneous Risk Pool

Member
Rate
7.75%

Agenda Page No. 62

Rates Effective July 1, 2027
Total
Normal
Cost
15.80%

Change
in Normal
Cost
0.37%

Adj.
Needed
No

Member
Rate
7.75%

Page 10

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Breakdown of Entry Age Accrued Liability
Active Members

$14,029,441
2,268,364
342,808
45,771,122
$62,411,735

Transferred Members
Separated Members
Members and Beneficiaries Receiving Payments
Total

Allocation of Plan’s Share of Pool’s Experience
It is the policy of CalPERS to ensure equity within the risk pools by allocating the pool’s experience gains/losses and assumption
changes in a manner that treats each employer equitably and maintains benefit security for the members of the System while
minimizing substantial variations in employer contributions. The pool’s experience gains/losses and impact of
assumption/method changes is allocated to the plan as follows:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
1

Plan’s Accrued Liability
Projected UAL Balance at 6/30/2025
Other UAL Adjustments (Golden Handshake, Prior Service Purchase, etc.)
Adjusted UAL Balance at 6/30/2025 for Asset Share
Pool’s Accrued Liability1
Sum of Pool’s Individual Plan UAL Balances at 6/30/20251
Pool’s 2024-25 Investment (Gain)/Loss1
Pool’s 2024-25 Non-Investment (Gain)/Loss1
Plan’s Share of Pool’s Investment (Gain)/Loss: [(1) - (4)] ÷ [(5) - (6)] × (7)
Plan’s Share of Pool’s Non-Investment (Gain)/Loss: (1) ÷ (5) × (8)
Plan’s New (Gain)/Loss as of 6/30/2025: (9) + (10)
Increase in Pool’s Accrued Liability due to Change in Assumptions 1
Plan’s Share of Pool’s Change in Assumptions: (1) ÷ (5) × (12)
Increase in Pool’s Accrued Liability due to Funding Risk Mitigation1
Plan’s Share of Pool’s Change due to Funding Risk Mitigation: (1) ÷ (5) × (14)
Offset due to Funding Risk Mitigation
Plan’s Investment (Gain)/Loss: (9) – (16)

$62,411,735
15,554,443
0
16,245,086
26,128,329,326
5,408,106,113
(1,023,922,845)
254,352,784
(2,281,399)
607,563
(1,673,836)
58,472,717
139,672
0
0
0
(2,281,399)

Does not include plans that transferred to the pool on the valuation date.

Development of the Plan’s Share of Pool’s Assets
18.
19.

Plan’s UAL: (2) + (3) + (11) + (13) + (15)
Plan’s Share of Pool’s Fair Value of Assets: (1) - (18)

$14,020,279
$48,391,456

For a reconciliation of the pool’s Fair Value of Assets, information on the fund’s asset allocation and a history of CalPERS
investment returns, see Section 2, which can be found on the CalPERS website (www.calpers.ca.gov).

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 63

Page 11

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Funded Status – Funding Policy Basis
The table below provides information on the current funded status of the plan under the funding policy. The funded status for this
purpose is based on the fair value of assets relative to the funding target produced by the entry age actuarial cost method and
actuarial assumptions adopted by the board. The actuarial cost method allocates the total expected cost of a member’s
projected benefit (Present Value of Benefits) to individual years of service (the Normal Cost). The value of the projected
benefit that is not allocated to future service is referred to as the Accrued Liability and is the plan’s funding target on the
valuation date. The Unfunded Accrued Liability (UAL) equals the funding target minus the assets. The UAL is an absolute
measure of funded status and can be viewed as employer debt. The Funded Ratio equals the assets divided by the funding
target. The funded ratio is a relative measure of the funded status and allows for comparisons between plans of different sizes.

1. Present Value of Benefits
2. Entry Age Accrued Liability
3. Fair Value of Assets
4. Unfunded Accrued Liability (UAL) [(2) – (3)]
5. Funded Ratio [(3) ÷ (2)]

June 30, 2024

June 30, 2025

$69,157,974
60,341,791
43,512,474
$16,829,317
72.1%

$72,232,717
62,411,735
48,391,456
$14,020,279
77.5%

A funded ratio of 100% (UAL of $0) implies that the funding of the plan is on target and that future contributions equal to the
normal cost of the active plan members will be sufficient to fully fund all retirement benefits if future experience matches the
actuarial assumptions. A funded ratio of less than 100% (positive UAL) implies that in addition to normal costs, payments toward
the UAL will be required. Plans with a funded ratio greater than 100% have a negative UAL (or surplus) but are required under
current law to continue contributing the normal cost in most cases, preserving the surplus for future contingencies.
Calculations for the funding target reflect the expected long-term investment return of 6.8%. If it were known on the valuation
date that future investment returns will average something greater/less than the expected return, calculated normal costs and
accrued liabilities provided in this report would be less/greater than the results shown. Therefore, for example, if actual average
future returns are less than the expected return, calculated normal costs and UAL contributions will not be sufficient to fully fund
all retirement benefits. Under this scenario, required future normal cost contributions will need to increase from those provided in
this report, and the plan will develop unfunded liabilities that will also add to required future contributions. For illustrative
purposes, funded statuses based on a 1% lower and higher average future investment return (discount rate) are as follows:
1% Lower
Average Return

Current
Assumption

1% Higher
Average Return

5.8%
$70,573,287
48,391,456
$22,181,831
68.6%

6.8%
$62,411,735
48,391,456
$14,020,279
77.5%

7.8%
$55,666,269
48,391,456
$7,274,813
86.9%

Discount Rate
1. Entry Age Accrued Liability
2. Fair Value of Assets
3. Unfunded Accrued Liability (UAL) [(1) – (2)]
4. Funded Ratio [(2) ÷ (1)]

The Risk Analysis section of the report provides additional information regarding the sensitivity of valuation results to the
expected investment return and other factors. Also provided in that section are measures of funded status that are appropriate
for assessing the sufficiency of plan assets to cover estimated termination liabilities.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 64

Page 12

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Additional Employer Contributions
The CalPERS amortization policy provides a systematic methodology for paying down a plan’s unfunded accrued liability (UAL)
over a reasonable period of years. The projected schedule of required payments for this plan under the amortization policy is
provided in Amortization Schedule and Alternatives. Certain aspects of the policy such as 1) layered amortization bases
(positive and negative) with different remaining payoff periods, and 2) the phase-in of required payments toward investment
gains and losses, can result in volatility in year-to-year projected UAL payments. Provided below is information on how an
Additional Discretionary Payment (ADP), together with your required UAL payment of $1,544,373 for FY 2027-28, may better
accomplish your agency’s specific objectives with regard to either smoothing out projected future payments or achieving a
greater reduction in UAL than would otherwise occur when making only the minimum required payment. Such additional
payments are allowed at any time and can also result in significant long-term savings.
Fiscal Year 2027-28 Employer Contribution Versus Agency Funding Objectives
The interest-to-payment ratio for the FY 2027-28 minimum required UAL payment is 49%, which means the required payment of
$1,544,373 includes $757,677 of interest cost and results in a $786,696 reduction in the UAL, as can be seen in Amortization
Schedule and Alternatives (see columns labelled Current Amortization Schedule). If the interest-to-payment ratio is close to
100%, and the reduction in the UAL is small, it may indicate that required contributions will be increasing in the coming years,
which would be shown in Projected Employer Contributions. An alternative metric that provides similar information about the FY
2027-28 required UAL payment is the number of years it would take that payment, if held constant, to pay off the existing UAL
(note: actual required UAL payments will vary each year). An annual payment of $1,544,373 would pay off the current UAL in
10.8 years (ignoring any unexpected changes in UAL occurring after June 30, 2025). If the agency would like their FY 2027-28
payment toward the UAL to be consistent with a faster pace for reaching 100% funded, an ADP can be added to the required
minimum payment.
Provided below are select ADP options for consideration. Making such an ADP during FY 2027-28 does not require an ADP be
made in any future year, nor does it change the remaining amortization period of any portion of unfunded liability. For
information on permanent changes to amortization periods, see Amortization Schedule and Alternatives. Agencies considering
making an ADP should contact CalPERS for additional information.
Fiscal Year 2027-28 Employer Contributions — Illustrative Scenarios

1

If the Annual UAL
Payment Each
Year Were…
$1,544,373

The Current
UAL Would be
Paid Off in…
10.8 years

This Would
Require an ADP1
in FY 2027-28 of…
$0

1,624,586
2,793,780

10 years
5 years

80,213
1,249,407

Plus the Estimated
Normal Cost of…

Estimated Total
Contribution

$629,332

$2,173,705

629,332
629,332

2,253,918
3,423,112

The ADP amounts are assumed to be made in the middle of the fiscal year. A payment made earlier or later in the fiscal year would have to be
less or more than the amount shown to have the same effect on the UAL amortization.

The calculations above are based on the projected UAL as of June 30, 2027, as determined in the June 30, 2025, actuarial
valuation. New unfunded liabilities can emerge in future years due to assumption or method changes, changes in plan
provisions, and actuarial experience different than assumed. Making an ADP illustrated above for the indicated number of years
will not result in a plan that is exactly 100% funded in the indicated number of years. Valuation results will vary from one year to
the next and can diverge significantly from projections over a period of several years.
Additional Discretionary Payment History
The following table provides a recent history of actual ADPs made to the plan through April 30, 2026.
Fiscal
Year
2019-20
2020-21
2021-22
2022-23

ADP
$0
0
2,000,000
0

Rate Plans belonging to the Miscellaneous Risk Pool

Fiscal
Year
2023-24
2024-25
2025-26

Agenda Page No. 65

ADP
$0
1,100,000
970,000

Page 13

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Projected Employer Contributions
The table below shows the required and projected employer contributions (before cost sharing) for the next six fiscal years. The
projection assumes that all actuarial assumptions will be realized and that no further changes to assumptions, contributions,
benefits, or funding will occur during the projection period. In particular, the investment return beginning with FY 2025-26 is
assumed to be 6.80% per year, net of investment and administrative expenses. Future contribution requirements may differ
significantly from those shown below. The actual long-term cost of the plan will depend on the actual benefits and expenses paid
and the actual investment experience of the fund.
The normal cost rates for each rate plan are assumed to remain constant. The employer normal cost rate for pooled plans is
relatively constant from year to year when there are no assumption changes. Beginning with the June 30, 2026, actuarial
valuation, it will be possible for pooled plans to be removed from the risk pool, in which case the employer normal cost would be
based only on the members of that plan and will be different than the projections below. Plans with at least 200 active members
on a valuation date will be automatically removed from the risk pool.
If the normal cost rates do remain constant, the employer contribution amounts will vary due to changes in payroll. The actuarial
valuation does not include payroll beyond the valuation date. For the most realistic projections, the employer should apply
projected payroll amounts to the rates below based on the most recent information available, such as current payroll as well as
any plans to fill vacancies or add or remove positions.
Required
Contribution
2027-28

Projected Future Employer Contributions
(Assumes 6.80% Return for Fiscal Year 2025-26 and Beyond)
2028-29

2029-30

2030-31

2031-32

2032-33

91

Covered
Payroll
June 30, 2025
$1,618,668

16.53%

16.5%

16.5%

16.5%

16.5%

16.5%

32006

981,950

10.41%

10.4%

10.4%

10.4%

10.4%

10.4%

26050

2,883,272

8.05%

8.1%

8.1%

8.1%

8.1%

8.1%

UAL Payment

$1,544,373

$1,649,000

$1,603,000

$1,551,000

$1,527,000

$1,503,000

Rate Plan
Identifier

Normal Cost Rates (Percentage of Payroll)

Unlike the normal cost rates, the required UAL payments are expected to vary significantly from the projections above due to
experience, particularly investment experience. For projected contributions under alternate investment return scenarios, please
see the Future Investment Return Scenarios exhibit. Our online pension plan projection tool, Pension Outlook, is available in the
Employers section of the CalPERS website. Pension Outlook can help plan and budget pension costs under various scenarios.
For ongoing plans, investment gains and losses are amortized using an initial 5-year ramp. For more information, please see
Amortization of Unfunded Actuarial Accrued Liability in Appendix A of the Section 2 Report. This method phases in the impact of
the change in UAL over a 5-year period in order to reduce employer cost volatility from year to year. As a result of this
methodology, dramatic changes in the required employer contributions in any one year are less likely. However, required
contributions can change gradually and significantly over the next five years. In years when there is a large investment loss, the
relatively small amortization payments during the initial ramp period could result in contributions that are less than interest on the
UAL (i.e. negative amortization) while the contribution impact of the increase in the UAL is phased in.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 66

Page 14

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Schedule of Amortization Bases
Below is the schedule of the plan’s amortization bases. Note that there is a two-year lag between the valuation date and the start of the contribution year.
•
•

The assets, liabilities and funded status of the plan are measured as of the valuation date: June 30, 2025.
The required employer contributions determined by the valuation are for the fiscal year beginning two years after the valuation date: FY 2027-28.

This two-year lag is necessary due to the amount of time needed to extract and test the membership and financial data, and the need to provide public agencies with
their required employer contribution well in advance of the start of the fiscal year.
The Unfunded Accrued Liability (UAL) is used to determine the employer contribution and therefore must be rolled forward two years from the valuation date to the first
day of the fiscal year for which the contribution is being determined. The UAL is rolled forward each year by subtracting the expected payment on the UAL for the fiscal
year and adjusting for interest. The expected payment on the UAL for FY 2025-26 is based on the actuarial valuation two years ago, adjusted for additional discretionary
payments made on or before April 30, 2026, if necessary, and the expected payment for FY 2026-27 is based on the actuarial valuation one year ago.

Reason for Base
Investment (Gain)/Loss
Non-Investment (Gain)/Loss
Share of Pre-2013 Pool UAL
Assumption Change
Investment (Gain)/Loss
Non-Investment (Gain)/Loss
Investment (Gain)/Loss
Non-Investment (Gain)/Loss
Assumption Change
Investment (Gain)/Loss
Non-Investment (Gain)/Loss
Assumption Change
Investment (Gain)/Loss
Non-Investment (Gain)/Loss
Investment (Gain)/Loss
Method Change
Investment (Gain)/Loss
Non-Investment (Gain)/Loss
Investment (Gain)/Loss
Non-Investment (Gain)/Loss

Date
Est.
6/30/13
6/30/13
6/30/13
6/30/14
6/30/14
6/30/14
6/30/15
6/30/15
6/30/16
6/30/16
6/30/16
6/30/17
6/30/17
6/30/17
6/30/18
6/30/18
6/30/19
6/30/19
6/30/20
6/30/20

Ramp
Level
Ramp
2027-28
Shape
100%
Up/Dn
100%
Up/Dn
No Ramp
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100%
Up/Dn
100% Up Only
No Ramp
100% Up Only
No Ramp

Rate Plans belonging to the Miscellaneous Risk Pool

Escalation
Rate
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
2.80%
0.00%
0.00%
0.00%
0.00%

Amort.
Period
18
18
9
9
19
19
20
20
11
21
21
12
22
22
23
13
14
14
15
15

Balance
6/30/25
4,167,829
15,782
4,191,619
1,756,359
(3,493,840)
3,941
2,179,397
(184,092)
733,091
1,812,050
(348,645)
399,725
(1,408,968)
(76,005)
(444,519)
418,046
201,367
188,032
1,006,805
164,155

Agenda Page No. 67

Expected
Payment
2025-26
325,084
1,231
473,158
234,644
(262,532)
296
158,186
(13,362)
82,985
1,087,159
(24,502)
42,206
(96,085)
(5,183)
(29,473)
41,457
20,354
19,006
80,244
16,045

Balance
6/30/26
4,115,286
15,583
3,987,668
1,633,301
(3,460,110)
3,903
2,164,120
(182,801)
697,181
811,755
(347,031)
383,289
(1,405,480)
(75,817)
(444,288)
403,630
194,025
181,177
992,340
158,736

Expected
Payment
2026-27
334,186
1,265
486,406
241,214
(269,883)
304
162,615
(13,736)
85,308
58,919
(25,188)
43,388
(98,775)
(5,328)
(30,298)
42,618
20,354
19,006
100,305
16,045

Balance
6/30/27
4,049,764
15,335
3,756,158
1,495,085
(3,416,489)
3,854
2,143,227
(181,036)
656,429
806,065
(344,599)
364,514
(1,398,975)
(75,466)
(443,188)
387,034
186,184
173,855
956,160
152,948

Minimum
Required
Payment
2027-28
343,543
1,301
500,026
247,967
(277,439)
313
167,168
(14,120)
87,697
60,569
(25,894)
44,602
(101,541)
(5,477)
(31,147)
43,812
20,354
19,006
100,305
16,045

Page 15

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Schedule of Amortization Bases (continued)

Reason for Base
Assumption Change
Net Investment (Gain)
Non-Investment (Gain)/Loss
Investment (Gain)/Loss
Non-Investment (Gain)/Loss
Partial Fresh Start
Investment (Gain)/Loss
Non-Investment (Gain)/Loss
Investment (Gain)/Loss
Non-Investment (Gain)/Loss
Assumption Change
Investment (Gain)/Loss
Non-Investment (Gain)/Loss
Total

Date
Est.
6/30/21
6/30/21
6/30/21
6/30/22
6/30/22
6/30/22
6/30/23
6/30/23
6/30/24
6/30/24
6/30/25
6/30/25
6/30/25

Ramp
Level
Ramp
2027-28
Shape
No Ramp
100% Up Only
No Ramp
80%
Up Only
No Ramp
80%
Up Only
60%
Up Only
No Ramp
40%
Up Only
No Ramp
No Ramp
20%
Up Only
No Ramp

Escalation
Rate
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Amort.
Period
16
16
16
17
17
17
18
18
19
19
20
20
20

Balance
6/30/25
204,358
(4,922,636)
(228,615)
7,023,613
881,785
319,511
312,462
1,040,166
(1,154,551)
796,221
139,672
(2,281,399)
607,563
14,020,279

Expected
Payment
2025-26
19,376
(295,981)
(21,675)
288,721
81,321
13,135
6,716
93,536
0
0
0
0
0
2,336,067

Balance
6/30/26
198,230
(4,951,496)
(221,761)
7,202,843
857,706
327,664
326,769
1,014,233
(1,233,060)
850,364
149,170
(2,436,534)
648,877
12,559,472

Expected
Payment
2026-27
19,375
(394,641)
(21,675)
433,082
81,321
19,701
13,433
93,535
(26,504)
76,468
0
0
0
1,462,820

Balance
6/30/27
191,687
(4,880,360)
(214,441)
7,245,072
831,990
329,585
335,107
986,538
(1,289,518)
829,164
159,314
(2,602,218)
693,001
11,901,780

Minimum
Required
Payment
2027-28
19,376
(493,302)
(21,675)
577,443
81,321
26,268
20,149
93,535
(53,009)
76,468
14,326
(55,934)
62,317
1,544,373

The (gain)/loss bases are the plan’s allocated share of the risk pool’s (gain)/loss for the fiscal year as disclosed in Allocation of Plan’s Share of Pool’s Experience earlier
in this report. These (gain)/loss bases will be amortized in accordance with the CalPERS amortization policy in effect at the time the base was established.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 68

Page 16

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Amortization Schedule and Alternatives
The amortization schedule on the previous page(s) shows the minimum contributions required according to the CalPERS
amortization policy. Each year, many agencies express a desire for a more stable pattern of payments or indicate interest in
paying off the unfunded accrued liabilities more quickly than required. As such, we have provided alternative amortization
schedules to help analyze the current amortization schedule and illustrate the potential savings of accelerating unfunded liability
payments.
Shown on the following page are future year amortization payments based on 1) the current amortization schedule reflecting the
individual bases and remaining periods shown on the previous page, and 2) alternative “fresh start” amortization schedules
using two sample periods that would both result in interest savings relative to the current amortization schedule. To initiate a
fresh start, please contact a CalPERS actuary.
The current amortization schedule typically contains both positive and negative bases. Positive bases result from plan changes,
assumption changes, method changes or plan experience that increase unfunded liability. Negative bases result from plan
changes, assumption changes, method changes, or plan experience that decrease unfunded liability. The combination of
positive and negative bases within an amortization schedule can result in unusual or problematic circumstances in future years,
such as:
•
•

When a negative payment would be required on a positive unfunded actuarial liability; or
When the payment would completely amortize the total unfunded liability in a very short time period, and results in a
large change in the employer contribution requirement.

In any year when one of the above scenarios occurs, the actuary will consider corrective action such as replacing the existing
unfunded liability bases with a single “fresh start” base and amortizing it over an appropriate period.
The current amortization schedule on the following page may appear to show that, based on the current amortization bases, one
of the above scenarios will occur at some point in the future. It is impossible to know today whether such a scenario will in fact
arise since there will be additional bases added to the amortization schedule in each future year. Should such a scenario arise in
any future year, the actuary will take appropriate action based on guidelines in the CalPERS Actuarial Amortization Policy.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 69

Page 17

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Amortization Schedule and Alternatives (continued)
Alternative Schedules
Current Amortization
Schedule
Balance
Payment

Balance

6/30/2027

11,901,780

1,544,373

11,901,780

1,624,586

11,901,780

2,793,780

6/30/2028

11,115,084

1,648,733

11,032,187

1,624,586

9,823,895

2,793,780

6/30/2029

10,167,039

1,602,987

10,103,462

1,624,586

7,604,713

2,793,780

6/30/2030

9,201,806

1,551,366

9,111,584

1,624,586

5,234,627

2,793,779

6/30/2031

8,224,285

1,527,109

8,052,258

1,624,586

2,703,376

2,793,779

6/30/2032

7,205,356

1,502,734

6,920,898

1,624,586

6/30/2033

6,142,333

1,476,087

5,712,606

1,624,586

6/30/2034

5,034,564

1,425,769

4,422,150

1,624,586

6/30/2035

3,903,463

1,360,646

3,043,943

1,624,587

6/30/2036

2,762,752

638,694

1,572,017

1,624,587

6/30/2037

2,290,567

599,958

6/30/2038

1,826,305

558,839

6/30/2039

1,372,966

539,662

6/30/2040

908,617

532,028

6/30/2041

420,586

395,849

6/30/2042

40,103

41,444

Date

10 Year Amortization
Payment

5 Year Amortization
Balance

Payment

6/30/2043
6/30/2044
6/30/2045
6/30/2046
6/30/2047
6/30/2048
6/30/2049

Total

16,946,278

16,245,862

13,968,898

Interest Paid

5,044,498

4,344,082

2,067,118

700,416

2,977,380

Estimated Savings

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 70

Page 18

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Employer Contribution History
The table below provides a recent history of the employer contribution requirements for the plan, as determined by the annual
actuarial valuation. Changes due to prepayments or plan amendments after the valuation report was finalized are not reflected.

Employer Normal Cost Rate
Valuation
Date

Contribution
Year

Rate Plan
91

Rate Plan
32006

Rate Plan
26050

Unfunded Liability
Payment

06/30/2016
06/30/2017
06/30/2018
06/30/2019
06/30/2020
06/30/2021
06/30/2022
06/30/2023
06/30/2024
06/30/2025

2018-19
2019-20
2020-21
2021-22
2022-23
2023-24
2024-25
2025-26
2026-27
2027-28

12.212%
13.182%
14.194%
14.02%
14.03%
15.95%
16.02%
16.09%
16.07%
16.53%

7.634%
8.081%
8.794%
8.65%
8.63%
10.10%
10.15%
10.19%
10.18%
10.41%

6.842%
6.985%
7.732%
7.59%
7.47%
7.68%
7.87%
7.96%
7.93%
8.05%

$705,003
849,207
959,790
1,113,124
1,263,637
1,054,296
1,247,232
1,454,774
1,534,815
1,544,373

Funding History
The table below shows the recent history of the actuarial accrued liability, share of the pool’s fair value of assets, unfunded
accrued liability, funded ratio and annual covered payroll.

Valuation
Date

Accrued
Liability

Share of Pool’s
Fair Value of
Assets

Unfunded
Accrued Liability
(UAL)

Funded
Ratio

Annual
Covered
Payroll

06/30/2016
06/30/2017
06/30/2018
06/30/2019
06/30/2020
06/30/2021
06/30/2022
06/30/2023
06/30/2024
06/30/2025

$41,201,654
43,471,247
46,900,627
48,818,854
51,205,999
53,933,223
56,414,171
59,129,202
60,341,791
62,411,735

$29,195,811
31,493,784
33,196,300
34,459,405
35,681,382
42,622,941
40,489,253
42,037,082
43,512,474
48,391,456

$12,005,843
11,977,463
13,704,327
14,359,449
15,524,617
11,310,282
15,924,918
17,092,120
16,829,317
14,020,279

70.9%
72.4%
70.8%
70.6%
69.7%
79.0%
71.8%
71.1%
72.1%
77.5%

$3,976,847
4,193,964
4,376,485
4,186,830
4,651,854
4,746,510
4,917,663
4,556,395
5,048,981
5,483,890

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 71

Page 19

Board of Directors
September 17, 2026

Risk Analysis
•

Future Investment Return Scenarios

21

•

Discount Rate Sensitivity

22

•

Mortality Rate Sensitivity

23

•

Maturity Measures

23

•

Maturity Measures History

24

•

Funded Status – Termination Basis

25

•

Funded Status – Low-Default-Risk Basis

26

Agenda Page No. 72

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Future Investment Return Scenarios
Analysis using the investment return scenarios from the Asset Liability Management process completed in 2025 was performed
to determine the effects of various future investment returns on required employer UAL contributions. The CalPERS Funding
Risk Mitigation Policy stipulates that when the investment return exceeds the discount rate by at least 2% the board will consider
adjustments to the discount rate. The projections below use a discount rate of 6.8% for all scenarios even though an annual
return of 11.6% is high enough to trigger a board discussion on the discount rate. The projections also assume that all other
actuarial assumptions will be realized and that no further changes in assumptions, contributions, benefits, or funding will occur.
The employer normal cost rates are not affected by Investment returns, and since no future assumption changes are being
reflected, the projected employer normal cost rates for every future investment return scenario are the same as those shown
earlier in this report. See Projected Employer Contributions for more information on projecting the employer normal cost.
The first table shows projected UAL contribution requirements if the fund were to earn either 1.9% or 11.6% annually. These
alternate investment returns were chosen because 90% of long-term average returns are expected to fall between them over the
20-year period ending June 30, 2045.
Assumed Annual Return
FY 2025-26
through FY 2044-45
1.9% (5th percentile)
11.6% (95th percentile)

Projected Employer UAL Contributions
2028-29
$1,707,000
$1,592,000

2029-30
$1,778,000
$1,426,000

2030-31
$1,904,000
$0

2031-32
$2,118,000
$0

2032-33
$2,395,000
$0

Required UAL contributions outside of this range are also possible. In particular, whereas it is unlikely that investment returns
will average less than 1.9% or greater than 11.6% over a 20-year period, the likelihood of a single investment return less than
1.9% or greater than 11.6% in any given year is much greater. The following analysis illustrates the effect of an extreme, single
year investment return.
The portfolio has an expected volatility (or standard deviation) of 12.7% per year. Accordingly, in any given year there is a 16%
probability that the annual return will be -5.9% or less and a 2.5% probability that the annual return will be -18.6% or less. These
returns represent one and two standard deviations below the expected return of 6.8%.
The following table shows the effect of one and two standard deviation investment losses in FY 2025-26 on the FY 2028-29
contribution requirements. Note that a single-year investment gain or loss decreases or increases the required UAL contribution
amount incrementally for each of the next five years, not just one, due to the 5-year ramp in the amortization policy. However,
the contribution requirements beyond the first year are also impacted by investment returns beyond the first year. Historically,
significant downturns in the market are often followed by higher than average returns. Such investment gains would offset the
impact of these single year negative returns in years beyond FY 2028-29.
Assumed Annual Return for
Fiscal Year 2025-26
(18.6%) (2 standard deviation loss)
(5.9%) (1 standard deviation loss)
•
•

Required Employer
UAL Contributions

Projected Employer
UAL Contributions

2027-28
$1,544,373
$1,544,373

2028-29
$1,950,000
$1,799,000

Without investment gains (returns higher than 6.8%) in FY 2026-27 or later, projected contributions rates would
continue to rise over the next four years due to the continued phase-in of the impact of the illustrated investment loss in
FY 2025-26.
The Pension Outlook Tool can be used to model projected contributions for these scenarios beyond FY 2028-29 as
well as to model other investment return scenarios.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 73

Page 21

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Discount Rate Sensitivity
The discount rate assumption is calculated as the sum of the assumed real rate of return and the assumed annual price
inflation, currently 4.3% and 2.5%, respectively. Changing either the price inflation assumption or the real rate of return
assumption will change the discount rate. The sensitivity of the valuation results to the discount rate assumption depends on
which component of the discount rate is changed. Shown below are various valuation results as of June 30, 2025, assuming
alternate discount rates by changing the two components independently. Results are shown using the current discount rate of
6.8% as well as alternate discount rates of 5.8% and 7.8%. The rates of 5.8% and 7.8% were selected since they illustrate the
impact of a 1.0% increase or decrease to the 6.8% assumption.
Sensitivity to the Discount Rate Due to Varying the Real Rate of Return Assumption

As of June 30, 2025
Discount Rate
Price Inflation
Real Rate of Return
a) Total Normal Cost
Rate Plan 91
Rate Plan 32006
Rate Plan 26050
b) Accrued Liability
c) Fair Value of Assets
d) Unfunded Liability/(Surplus) [(b) - (c)]
e) Funded Ratio

1% Lower
Real Return Rate
5.8%
2.5%
3.3%

Current
Assumptions
6.8%
2.5%
4.3%

1% Higher
Real Return Rate
7.8%
2.5%
5.3%

31.02%
21.64%
19.87%
$70,573,287
$48,391,456
$22,181,831
68.6%

24.50%
17.35%
15.80%
$62,411,735
$48,391,456
$14,020,279
77.5%

19.56%
14.05%
12.71%
$55,666,269
$48,391,456
$7,274,813
86.9%

Sensitivity to the Discount Rate Due to Varying the Price Inflation Assumption

As of June 30, 2025
Discount Rate
Price Inflation
Real Rate of Return
a) Total Normal Cost
Rate Plan 91
Rate Plan 32006
Rate Plan 26050
b) Accrued Liability
c) Fair Value of Assets
d) Unfunded Liability/(Surplus) [(b) - (c)]
e) Funded Ratio

1% Lower
Price Inflation
5.8%
1.5%
4.3%

Current
Assumptions
6.8%
2.5%
4.3%

1% Higher
Price Inflation
7.8%
3.5%
4.3%

26.15%
18.59%
16.95%
$65,689,225
$48,391,456
$17,297,769
73.7%

24.50%
17.35%
15.80%
$62,411,735
$48,391,456
$14,020,279
77.5%

22.53%
15.89%
14.46%
$58,876,537
$48,391,456
$10,485,081
82.2%

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 74

Page 22

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Mortality Rate Sensitivity
The following table looks at the change in the June 30, 2025, plan costs and funded status under two different longevity
scenarios, namely assuming rates of post-retirement mortality are 10% lower or 10% higher than our current mortality
assumptions adopted in 2025. This type of analysis highlights the impact on the plan of a change in the mortality assumption.

As of June 30, 2025
a) Total Normal Cost
Rate Plan 91
Rate Plan 32006
Rate Plan 26050
b) Accrued Liability
c) Fair Value of Assets
d) Unfunded Liability/(Surplus) [(b) - (c)]
e) Funded Ratio

10% Lower
Mortality Rates

Current
Assumptions

24.89%
17.66%
16.08%
$63,669,801
$48,391,456
$15,278,345
76.0%

10% Higher
Mortality Rates

24.50%
17.35%
15.80%
$62,411,735
$48,391,456
$14,020,279
77.5%

24.14%
17.06%
15.54%
$61,255,096
$48,391,456
$12,863,640
79.0%

Maturity Measures
As pension plans mature they become more sensitive to risks. Understanding plan maturity and how it affects the ability of a
pension plan sponsor to tolerate risk is important in understanding how the pension plan is impacted by investment return
volatility, other economic variables and changes in longevity or other demographic assumptions.
Since it is the employer that bears the risk, it is appropriate to perform this analysis on a pension plan level considering all rate
plans. The following measures include only the rate plans covered in this report. One way to look at the maturity level of
CalPERS and its plans is to look at the ratio of a plan’s retiree liability to its total liability. A pension plan in its infancy will have a
very low ratio of retiree liability to total liability. As the plan matures, the ratio increases. A mature plan will often have a ratio
above 60%-65%.
Ratio of Retiree Accrued Liability to
Total Accrued Liability

June 30, 2024

June 30, 2025

1. Retiree Accrued Liability

$45,251,439

$45,771,122

2. Total Accrued Liability

$60,341,791

$62,411,735

75%

73%

3. Ratio of Retiree AL to Total AL [(1) ÷ (2)]

Another measure of the maturity level of CalPERS and its plans is the ratio of actives to retirees, also called the support ratio. A
pension plan in its infancy will have a very high ratio of active to retired members. As the plan matures and members retire, the
ratio declines. A mature plan will often have a ratio near or below one.
To calculate the support ratio for the rate plan, retirees and beneficiaries receiving a continuance are each counted as one, even
though they may have only worked a portion of their careers as an active member of this rate plan. For this reason, the support
ratio, while intuitive, may be less informative than the ratio of retiree liability to total accrued liability above.

Support Ratio

June 30, 2024

June 30, 2025

1. Number of Actives

47

49

2. Number of Retirees

62

64

0.76

0.77

3. Support Ratio [(1) ÷ (2)]

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 75

Page 23

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Maturity Measures (continued)
The actuarial calculations supplied in this communication are based on various assumptions about long-term demographic and
economic behavior. Unless these assumptions (e.g., terminations, deaths, disabilities, retirements, salary increases, investment
return) are exactly realized each year, there will be differences on a year-to-year basis. The year-to-year differences between
actual experience and the assumptions are called actuarial gains and losses and serve to lower or raise required employer
contributions from one year to the next. Therefore, employer contributions will inevitably fluctuate, especially due to the ups and
downs of investment returns.
Asset Volatility Ratio
Shown in the table below is the asset volatility ratio (AVR), which is the ratio of fair value of assets to payroll. Plans that have a
higher AVR experience more volatile employer contributions (as a percentage of payroll) due to investment return. For example,
a plan with an AVR of 8 may experience twice the contribution volatility due to investment return volatility than a plan with an
AVR of 4. It should be noted that this ratio is a measure of the current situation. It increases over time but generally tends to
stabilize as a plan matures.
Liability Volatility Ratio
Also shown in the table below is the liability volatility ratio (LVR), which is the ratio of accrued liability to payroll. Plans that have
a higher LVR experience more volatile employer contributions (as a percentage of payroll) due to changes in liability. For
example, a plan with an LVR of 8 is expected to have twice the contribution volatility of a plan with an LVR of 4 when there is a
change in accrued liability, such as when there is a change in actuarial assumptions. It should be noted that this ratio indicates a
longer-term potential for contribution volatility, since the AVR, described above, will tend to move closer to the LVR as the
funded ratio approaches 100%.
Contribution Volatility

June 30, 2024

June 30, 2025

1. Fair Value of Assets

$43,512,474

$48,391,456

2. Payroll

$5,048,981

$5,483,890

8.6

8.8

$60,341,791

$62,411,735

12.0

11.4

3. Asset Volatility Ratio (AVR) [(1) ÷ (2)]
4. Accrued Liability
5. Liability Volatility Ratio (LVR) [(4) ÷ (2)]

Maturity Measures History
Valuation Date

Ratio of
Retiree Accrued Liability
to
Total Accrued Liability

06/30/2017

Support Ratio

Asset
Volatility
Ratio

Liability
Volatility
Ratio

65%

0.92

7.5

10.4

06/30/2018

64%

0.89

7.6

10.7

06/30/2019

66%

0.84

8.2

11.7

06/30/2020

65%

0.84

7.7

11.0

06/30/2021

64%

0.84

9.0

11.4

06/30/2022

61%

0.87

8.2

11.5

06/30/2023

75%

0.70

9.2

13.0

06/30/2024

75%

0.76

8.6

12.0

06/30/2025

73%

0.77

8.8

11.4

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 76

Page 24

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Funded Status – Termination Basis
The funded status measured on a termination basis is an estimated range for the financial position of the plan had the contract
with CalPERS been terminated as of June 30, 2025. The accrued liability on a termination basis (termination liability) is
calculated differently from the plan’s ongoing funding liability. For the termination liability calculation, both compensation and
service are frozen as of the valuation date and no future pay increases or service accruals are assumed. This measure of
funded status is not appropriate for assessing the need for future employer contributions in the case of an ongoing plan, that is,
for an employer that continues to provide CalPERS retirement benefits to active employees. Unlike the actuarial cost method
used for ongoing plans, the termination liability is the present value of the benefits earned through the valuation date.
A more conservative investment policy and asset allocation strategy was adopted by the board for the Terminated Agency Pool.
The Terminated Agency Pool has limited funding sources since no future employer contributions will be made. Therefore,
expected benefit payments are secured by risk-free assets and benefit security for members is increased while limiting the
funding risk. However, this asset allocation has a lower expected rate of return than the remainder of the PERF and
consequently, a lower discount rate assumption. The lower discount rate for the Terminated Agency Pool results in higher
liabilities for terminated plans.
The discount rate used for actual termination valuations is a weighted average of the 10-year and 30-year Treasury yields where
the weights are based on matching asset and liability durations as of the termination date. The discount rates used in the
following analysis are based on 20-year Treasury bonds, which is a good proxy for most plans. The discount rate upon contract
termination will depend on actual Treasury rates on the date of termination, which varies over time, as demonstrated below.
Valuation
Date
6/30/2016
6/30/2017
6/30/2018
6/30/2019
6/30/2020

20-Year
Treasury Rate
1.86%
2.61%
2.91%
2.31%
1.18%

Valuation
Date
6/30/2021
6/30/2022
6/30/2023
6/30/2024
6/30/2025

20-Year
Treasury Rate
2.00%
3.38%
4.06%
4.61%
4.79%

As Treasury rates are variable, the table below shows a range for the termination liability using discount rates 1% below and
above the 20-year Treasury rate on the valuation date. The price inflation assumption is the 20-year Treasury breakeven
inflation rate, that is, the difference between the 20-year inflation indexed bond and the 20-year fixed-rate bond.
The Fair Value of Assets also varies with interest rates and will fluctuate depending on other market conditions on the date of
termination. Since it is not possible to approximate how the assets will change in different interest rate environments, the results
below use the plan’s share of the pool’s Fair Value of Assets as of the valuation date.

1. Termination Liability1
2. Fair Value of Assets
3. Unfunded Termination Liability [(1) – (2)]
4. Funded Ratio [(2) ÷ (1)]

1

Discount Rate: 3.79%
Price Inflation: 2.47%
$87,634,708
48,391,456
$39,243,252
55.2%

Discount Rate: 5.79%
Price Inflation: 2.47%
$67,086,294
48,391,456
$18,694,838
72.1%

The termination liabilities calculated above include a 5% contingency load. The contingency load and other actuarial
assumptions can be found in Appendix A of the Section 2 report.

In order to terminate, first contact our Pension Contract Services unit to initiate a Resolution of Intent to Terminate. The
completed Resolution will allow a CalPERS actuary to provide a preliminary termination valuation with a more up-to-date
estimate of the plan’s assets and liabilities. Before beginning this process, please consult with a CalPERS actuary.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 77

Page 25

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Funded Status – Low-Default-Risk Basis
Actuarial Standard of Practice (ASOP) No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or
Contributions, requires the disclosure of a low-default-risk obligation measure (LDROM) of benefit costs accrued as of the
valuation date using a discount rate based on the yields of high quality fixed income securities with cash flows that replicate
expected benefit payments. Conceptually, this measure represents the level at which financial markets would value the accrued
plan costs, and would be approximately equal to the cost of a portfolio of low-default-risk bonds with similar financial
characteristics to accrued plan costs.
As permitted in ASOP No. 4, the Actuarial Office uses the Entry Age Actuarial Cost Method to calculate the LDROM. This
methodology is in line with the measure of “benefit entitlements” calculated by the Bureau of Economic Analysis and used by the
Federal Reserve to report the indebtedness due to pensions of plan sponsors and, conversely, the household wealth due to
pensions of plan members.
As shown below, the discount rate used for the LDROM is 5.58%, which is the Standard FTSE Pension Liability Index1 discount
rate as of June 30, 2025.
Selected Measures on a Low-Default-Risk Basis
Discount Rate
1. Accrued Liability – Low-Default-Risk Basis (LDROM)
a) Active Members
b) Transferred Members
c) Separated Members
d) Members and Beneficiaries Receiving Payments
e) Total
2. Fair Value of Assets
3. Unfunded Accrued Liability – Low-Default-Risk Basis [(1e) – (2)]
4. Unfunded Accrued Liability – Funding Policy Basis
5. Present Value of Unearned Investment Risk Premium [(3) – (4)]

June 30, 2025
5.58%
$17,420,774
2,951,780
398,602
51,825,292
$72,596,448
48,391,456
$24,204,992
14,020,279
$10,184,713

The difference between the unfunded liabilities on a low-default-risk basis and on the funding policy basis represents the present
value of the investment risk premium that must be earned in future years to keep future contributions for currently accrued plan
costs at the levels anticipated by the funding policy.
Benefit security for members of the plan relies on a combination of the assets in the plan, the investment income generated from
those assets, and the ability of the plan sponsor to make necessary future contributions. If future returns fall short of 6.8%,
benefit security could be at risk without higher than currently anticipated future contributions.
The funded status on a low-default-risk basis is not appropriate for assessing the sufficiency of plan assets to cover the cost of
settling the plan’s benefit obligations (see Funded Status – Termination Basis), nor is it appropriate for assessing the need for
future contributions (see Funded Status – Funding Policy Basis).
1

This index is based on a yield curve of hypothetical AA-rated zero-coupon corporate bonds whose maturities range
from 6 months to 30 years. The index represents the single discount rate that would produce the same present value
as discounting a standardized set of liability cash flows for a fully open pension plan using the yield curve. The liability
cash flows are reasonably consistent with the pattern of benefits expected to be paid from the entire Public
Employees’ Retirement Fund for current and former plan members. A different index, hence a different discount rate,
may be needed to measure the LDROM for a subset of the fund, such as a single rate plan or a group of retirees.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 78

Page 26

Board of Directors
September 17, 2026

Supplementary Information
•

Normal Cost by Benefit Group

28

•

Summary of Valuation Data

29

•

Status of PEPRA Transition

30

•

Surcharge for Class 1 Benefits

30

•

Plan's Major Benefit Options

31

Agenda Page No. 79

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Normal Cost by Benefit Group
The table below displays the Total Normal Cost broken out by benefit group for FY 2027-28. The Total Normal Cost is the
annual cost of service accrual for the fiscal year for active employees and can be viewed as the long-term contribution rate for
the benefits contracted. Generally, the normal cost for a benefit group subject to more generous benefit provisions will exceed
the normal cost for a group with less generous benefits. Future measurements of the Total Normal Cost for each group may
differ significantly from the current values due to such factors as changes in economic and demographic assumptions, changes
in plan benefits, or changes in applicable law.
Rate
Plan
Identifier
91
32006
26050

Benefit Group Name
Miscellaneous First Tier Plan
Miscellaneous Second Tier
Plan
PEPRA Miscellaneous Plan

Total Normal
Cost
FY 2027-28
24.50%

Offset due to
Employee
Contributions
FY 2027-28
7.97%

Employer
Normal Cost
FY 2027-28
16.53%

17.35%

6.94%

10.41%

5

981,950

15.80%

7.75%

8.05%

32

2,883,272

49

$5,483,890

Total

Number
of
Actives
12

Payroll on
6/30/2025
$1,618,668

Note that if a Benefit Group above has multiple bargaining units, each of which has separately contracted for different benefits
such as Employer Paid Member Contributions, then the Normal Cost shown for the respective benefit level does not reflect
those differences.

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 80

Page 28

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Summary of Valuation Data
The table below shows a summary of the plan’s member data upon which this valuation is based:
June 30, 2024

June 30, 2025

47
43.4
35.7
7.8
$107,425
$5,048,981
$51,160,296

49
43.3
35.4
8.1
$111,916
$5,483,890
$57,303,072

Transferred Members
Counts

18

21

Separated Members
Counts

15

12

62
$54,005
$3,348,336

64
$53,994
$3,455,596

Active Members
Counts
Average Attained Age
Average Entry Age to Rate Plan
Average Years of Credited Service
Average Annual Covered Pay
Annual Covered Payroll
Present Value of Future Payroll

Retired Members and Beneficiaries*
Counts
Average Annual Benefits
Total Annual Benefits

Counts of members included in the valuation are counts of the records processed by the valuation. Multiple records may exist for
those who have service in more than one valuation group. This does not result in double counting of liabilities.
Average Annual Benefits represents benefit amounts payable by this plan only. Some members may have service in
another plan and would therefore have a larger total benefit than would be included as part of the average shown here.
* Values include community property settlements

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 81

Page 29

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Status of PEPRA Transition
The California Public Employees' Pension Reform Act of 2013 (PEPRA), which took effect in January 2013, changed CalPERS
retirement benefits and placed compensation limits on new members joining CalPERS on or after January 1, 2013. One of the
objectives of PEPRA was to improve the ability of employers to manage the costs of retirement benefits for their members.
While such changes can reduce future benefit costs in a meaningful way, the full impact on employer contributions will not occur
until all active members are subject to the rules and provisions of PEPRA. The table below illustrates the status of this transition
as of June 30, 2025.
PEPRA
as a Percent
of Total

Classic

PEPRA

17
51.1
35.7
15.4
$152,978
$2,600,618
$20,139,269

32
39.2
35.2
4.2
$90,102
$2,883,272
$37,163,803

65.3%

Transferred Members
Count

5

16

76.2%

Separated Members
Count

6

6

50.0%

Retired Members and Beneficiaries Receiving Payments
Count
Average Annual Benefit
Total Annual Benefits

64
$53,994
$3,455,596

0
$0
$0

0.0%

Accrued Liabilities
Active Members
Transferred Members
Separated Members
Retired Members and Beneficiaries
Total

$11,554,086
1,643,108
305,661
45,771,122
$59,273,977

$2,475,355
625,256
37,147
0
$3,137,758

17.6%
27.6%
10.8%
0.0%
5.0%

Active Members
Count
Average Attained Age
Average Entry Age
Average Years of Credited Service
Average Annual Covered Payroll
Annual Covered Payroll
Present Value of Future Payroll

52.6%
64.9%

0.0%

Surcharge for Class 1 Benefits
This plan has the following Class 1 benefit provisions which result in the surcharges indicated:
Rate Plan
91
0.85%
0.85%

Class 1 benefit provisions
One Year Final Compensation (FAC 1)
Surcharge for Class 1 Benefits

Rate Plan
32006
N/A
0.00%

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 82

Rate Plan
26050
N/A
0.00%

Page 30

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Plan's Major Benefit Options
Shown below is a summary of the major optional benefits for which the agency has contracted. A description of principal standard and optional plan provisions is in
Section 2.
Rate Plan 91

Benefit Group

Member Category

Misc

Misc

Misc

Demographics
Actives
Transfers/Separated
Receiving
Benefit Group Key
Benefit Provision

No
Yes
Yes
102619

Yes
Yes
Yes
102620

No
No
Yes
200710

Benefit Formula
Social Security Coverage
Full/Modified

2% @ 55
No
Full

2.7% @ 55
No
Full

Employee Contribution Rate
Final Average Compensation Period

8.00%
One Year

One Year

Yes

Yes

Standard

Standard

No

No

Pre-Retirement Death Benefits
Optional Settlement 2
1959 Survivor Benefit Level
Special
Alternate (firefighters)

Yes
Level 3
No
No

Yes
Level 3
No
No

Post-Retirement Death Benefits
Lump Sum
Survivor Allowance (PRSA)

$2,000
No

$2,000
No

$2,000
No

2%

2%

2%

Sick Leave Credit
Non-Industrial Disability
Industrial Disability

COLA

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 83

Page 31

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Plan's Major Benefit Options (Continued)
Shown below is a summary of the major optional benefits for which the agency has contracted. A description of principal standard and optional plan provisions is in
Section 2.
Rate Plan 32006

Benefit Group

Member Category

Misc

Demographics
Actives
Transfers/Separated
Receiving
Benefit Group Key
Benefit Provision

Yes
Yes
No
113294

Benefit Formula
Social Security Coverage
Full/Modified

2% @ 60
No
Full

Employee Contribution Rate

7.00%

Final Average Compensation Period
Sick Leave Credit
Non-Industrial Disability
Industrial Disability

Three Year
Yes
Standard
No

Pre-Retirement Death Benefits
Optional Settlement 2
1959 Survivor Benefit Level
Special
Alternate (firefighters)

Yes
Level 3
No
No

Post-Retirement Death Benefits
Lump Sum
Survivor Allowance (PRSA)

$2,000
No

COLA

2%

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 84

Page 32

Board of Directors
September 17, 2026

CalPERS Actuarial Valuation - June 30, 2025
All Rate Plans of the Santa Fe Irrigation District in the Miscellaneous Risk Pool
CalPERS ID: 3288352742

Plan's Major Benefit Options (Continued)
Shown below is a summary of the major optional benefits for which the agency has contracted. A description of principal standard and optional plan provisions is in
Section 2.
Rate Plan 26050

Benefit Group

Member Category

Misc

Demographics
Actives
Transfers/Separated
Receiving
Benefit Group Key
Benefit Provision

Yes
Yes
No
110502

Benefit Formula
Social Security Coverage
Full/Modified

2% @ 62
No
Full

Employee Contribution Rate

7.75%

Final Average Compensation Period
Sick Leave Credit
Non-Industrial Disability
Industrial Disability

Three Year
Yes
Standard
No

Pre-Retirement Death Benefits
Optional Settlement 2
1959 Survivor Benefit Level
Special
Alternate (firefighters)

Yes
Level 3
No
No

Post-Retirement Death Benefits
Lump Sum
Survivor Allowance (PRSA)

$2,000
No

COLA

2%

Rate Plans belonging to the Miscellaneous Risk Pool

Agenda Page No. 85

Page 33

Board of Directors
September 17, 2026

Section 2

California Public Employees’ Retirement System

Risk Pool Actuarial Valuation Information

Section 2 may be found on the CalPERS website
in the Forms & Publications section

Agenda Page No. 86

Board of Directors
September 17, 2026

Agenda Item No. 5

The mission of Santa Fe Irrigation District is to meet the water supply needs of all its customers —
safely, sustainably, reliably, and cost-effectively.

BOARD REPORT
TO:

Board of Directors

FROM:

Albert C. Lau, P. E.

INITIATED BY:

Teresa Penunuri, Public Communications Officer

DATE:

September 17, 2026

SUBJECT:

Legislative Update

Strategic Focus Area:
GOAL 2. Customer Service Focus and Communication
Discussion:
The State Legislature ended the 2025/26 session on August 31. Bills that passed
through the legislature are now on the Governor’s desk, and he has until September
30 to sign or veto.
SFID has joined letter coalitions for the following bills that are now on the Governor’s
desk:
•
•
•

AB 2180 – Proposition 218 - Proportionality
AB 2739 – Low Income Rate Assistance Fund
SB 1153 – Wildfire liability for water systems

Agenda Page No. 87

Board of Directors
September 17, 2026

Coalition leaders have sent letters to the Governor requesting his signature on the
bills above.
Staff will provide an update on end-of-session discussions and negotiations related
to wildfire liability, funding of climate-related infrastructure projects, and
CEQA exemptions.

Agenda Page No. 88

Board of Directors
September 17, 2026

Agenda Item No. 6a
R.E. Badger Water Treatment Plant (REB)
Monthly Report
August 2026

Treated Water Deliveries:
During August 2026, REB
treated 1,833.6 Acre Feet (AF)
or 597.3 million gallons (MG)
of drinking water for the Santa
Fe Irrigation District (SFID)
and San Dieguito Water
District (SDWD) customers.
Peak daily flows treated at the
plant reached 22.5 million
gallons per day (MGD). SFID
received 66.0% (1209.5 AF) of
the monthly plant production
and SDWD received 34.0%
(624.1 AF).

REB Water Deliveries to Districts
Thru September 1, 2026
Total FY Water Treated by Source:

Total Deliveries (AF)
3,653.5 AF

Flow (AF)

SDCWA Raw - State Project/Colorado

% Total Water Deliveries
SFID 65.3 %
SDWD 34.7 %
2,397.7 AF
1,255.8 AF
% Total Water Deliveries

3,015.7

82.54%

Local Water (LH and SDR)

568.6

15.56%

SDCWA Treated (Skinner/Twin Oaks/Desal)

69.2

1.89%

98.11% Treated
Water Supplied
By REB

End of the Month Local Water Balances
End of the Month Balances
Thru August 1, 2026 *
SFID and SDWD Combined Storage
City of San Diego

Olivenhain Reservoir

Lake Hodges

0 AF

264.1 AF

0 AF

San Diego County Water Authority

16,859.0 AF

2,842.1 AF
(3,858.4) AF

* Storage Balances Provided by the City of San Diego and Subject to District Approval

Agenda Page No. 89

Board of Directors
September 17, 2026

R. E. Badger Filtration Plant

August 2026 Operations Report

Treated Water Quality:
SFID had one water quality call in August 2026. SFID staff responded to a taste and odor call. Water
from the kitchen sink and the master bathroom sink was observed to be “slimy and smelly”. SFID
collected three samples for lab analysis. SFID staff also flushed a nearby hydrant when collecting
samples and recorded a residual of 3.09 mg/L. Lab analyses were performed and resulted in no
abnormalities in the collected samples. All samples were clear and no signs of deterioration or
bacteriological evidence. Lab staff contacted the customer to discuss and emailed the results.
SDWD had no water quality calls in August 2026. All treated water supplied to SFID and SDWD
customers, during August 2026 complied with State and Federal primary drinking water standards.
Submitted By: Marco Martinez, Water Treatment Operations Supervisor
Reviewed By: Timothy Bailey, Treatment Plant Manager
Approved By: Al Lau, P.E., General Manager

Agenda Page No. 90

Board of Directors
September 17, 2026

Agenda Item No. 6b

SANTA FE IRRIGATION
DISTRICT
AUGUST 2026

MONTHLY WATER
SUPPLY REPORT

TOTAL WATER USE INCREASE
FROM JULY ‘26:

14.8%

AUG ‘26 POTABLE
TOTAL

IMPORTED-RAW
AUG ‘26

IMPORTED-TR.
AUG ‘26

LOCAL
AUG ‘26

RECYCLED
AUG ‘26

1209.5 AF

1033.8 AF

25.6 AF

150.1 AF

71.0 AF

Three Month Water Supply Snapshot (FY 27)
Recycled

Local

Imported-Treated

Water by Source (FY27)

Imported-Raw

Recycled
6.8%

75
186

Jun

Local
12.6%

873

Imported-Treated
1.8%

175

Jul

21
991
71
150

Aug

26
1034
0

200

400

600

800

1000

Imported-Raw
78.7%

1200

Amount of Water (Acre Feet)
Note: 0 OMWD Treated for FY 26

YTD Total Water Supply (FY 26 & FY27 Comparisson )
FY 26
1400
Total Water (Acre Feet)

Month

104

1200
1000

FY 27

1344
1281

1257

1146

1116

1134
1058
901

800
600

589

570
504

400

964

1014

542

200
0

Jul

Aug

Sept

Oct

Nov

Dec

Jan

Agenda Page No. 91

Feb

Mar

Apr

May

June

Board of Directors
September 17, 2026

Monthly potable use (1209.5 AF) Aug R- GPCD: 495.8

Potable Month by Month Cumulative
FY 21

FY22

FY 23

FY 24

FY 25

FY26

FY 27

Jul

1,133.60

1,108.40

1,151.00

1,009.40

1,066.70

1,196.00

1,012.30

Aug

2,310.90

2,234.10

2,308.00

1,888.10

2,172.60

2,540.30

2,221.80

Sep

3,386.50

3,258.10

3,326.50

2,740.30

3,198.40

3,634.30

Oct

4,375.50

3,999.00

4,275.60

3,573.80

4,131.20

4,637.30

Nov

5,045.50

4,799.00

4,906.20

4,392.50

4,912.10

5,198.50

Dec

5,775.70

5,233.70

5,391.90

4,903.60

5,567.10

5,749.90

Jan

6,279.70

5,700.60

5,636.10

5,264.00

6,179.90

6,228.70

Feb

6,766.20

6,314.60

5,968.20

5,488.30

6,599.00

6,749.20

Mar

7,306.20

6,977.40

6,244.70

5,853.70

6,977.60

7,604.70

Apr

8,113.60

7,889.20

6,783.70

6,397.00

7,696.20

8,486.60

May

9,064.60

8,844.50

7,508.20

7,217.80

8,639.30

9,438.20

June

10,103.90

9,909.60

8,277.30

8,117.40

9,626.70

10,497.30

Agenda Page No. 92

Board of Directors
September 17, 2026

Agenda Item No. 6c
San Dieguito Reservoir Security
Update September 2026
Security Update


In August, two (2) trespassing incidents were recorded at the San Dieguito Reservoir
site involving 5 trespassers. In the first incident, the shift operator contacted a group
of trespassers, who departed the area after being informed that the Sheriff’s
Department had been notified. In the second incident, the on-site security guard
intercepted a group and escorted them off District property. Routine patrols by the
County Sheriff and Rancho Santa Fe Patrol continued throughout the reservoir
perimeter. Overall activity levels observed by staff remained low for the month.

Perimeter Fence Repair to Date


Staff continues to obtain quotes for replacement of the perimeter fencing along
El Camino Del Norte. One quote has been received to date, and staff is
actively soliciting additional proposals from qualified contractors.

Community Outreach
Newsletter copies have been sent to local schools to remind students to stay out of the
reservoir, even as the weather warms up.

Agenda Page No. 93

Board of Directors
September 17, 2026

Future/Ongoing Items



Continue filing incident reports with the Sheriff’s Department.
Continue coordination with community partners to reduce trespassing through
awareness and outreach initiatives, including engagement with local school districts.

Agenda Page No. 94

Board of Directors
September 17, 2026

Agenda Item No. 7a

SUMMARY OF FORMAL BOARD OF DIRECTORS’ MEETING
AUGUST 27, 2026
1.

Monthly Treasurer’s Report on Investments and Cash Flow.
The Board noted and filed the monthly Treasurer’s Report.

2.

Resolution establishing amount due from the City of San Diego for the In-Lieu Charge as a
condition of providing water service for Fiscal Year 2027.
The Board adopted Resolution 2026-16, a resolution of the Board of Directors of the San Diego
County Water Authority, establishing an amount due of $3,513,433.83 from the City of San Diego
for the In-Lieu charge for Fiscal Year 2027.

3.

Amendments to the San Diego County Water Authority Local Conflict of Interest Code.
The Board adopted Resolution No. 2026-17 approving amendments to the San Diego County
Water Authority Local Conflict of Interest Code.

4.

Approve the Recommended Debt Management Activities.
The Board adopted resolution 2026-18 authorizing (i) the issuance of Senior Lien San Diego
County Water Authority Financing Agency Water Revenue Bonds, Series 2026A; (ii) a negotiated
method of sale; (iii) the execution and delivery of financing documents including the Indenture,
Continuing Disclosure Agreements, Purchase Contract and Official Statement; (iv) the distribution
of the Preliminary Official Statement; and (v) designation of the underwriting team and the trustee;
and Resolution 2026-19 authorizing (i) the issuance of San Diego County Water Authority
Subordinate Lien Water Revenue Refunding Bonds, Series 2026S-1; (ii) a negotiated method of
sale; (iii) the execution and delivery of financing documents including the Indenture, Escrow
Agreements, Continuing Disclosure Agreements, Purchase Contract and Official Statement; (iv)
the distribution of the Preliminary Official Statement; and (v) designation of the underwriting team
and the trustee; and Resolution 2026-20 authorizing (i) the issuance of San Diego County Water
Authority Water Revenue Refunding Bonds, Series 2026B; (ii) a negotiated method of sale; (iii)
the execution and delivery of financing documents including the Indenture, Continuing Disclosure
Agreements, Purchase Contract and Official Statement; (iv) the distribution of the Preliminary
Official Statement; and (v) designation of the underwriting team and the trustee.

5.

Professional Services Contract with Hazen and Sawyer, PC for Long-Term Business Case and
Future Operating Strategy for Twin Oaks Valley Water Treatment Plant.
The Board awarded a professional services contract, with such non-material modifications as
approved by the General Manager or General Counsel, with Hazen and Sawyer, PC (Hazen) for a
not-to-exceed amount of $424,693, to provide professional services for 10 months, and authorized
the General Manager, or designee, to execute the contract.

Agenda Page No. 95

Board of Directors
September 17, 2026

6.

Sleeve valve procurement for the San Dieguito Santa Fe Flow Control Facility untreated service
connection 4.
The Board waived competitive purchasing requirements and awarded a purchase order contract,
with non-material modifications as approved by the General Manager or General Counsel, to
Bailey Valve, Inc., in the amount of $292,538, for the purchase of one 20-inch sleeve valve for the
San Dieguito Santa Fe Flow Control Facility untreated service connection 4.

7.

Notice of Completion for the Localized PCCP Repair – Pipeline 4 from Station 2101+33 to Station
2102+05 and from Station 2319+27 to Station 2319+99.
The Board accepted the Localized PCCP Repair – Pipeline 4 from Station 2101+33 to Station
2102+05 and from Station 2319+27 to Station 2319+99 project as complete and authorized the
General Manager, or designee, to record the Notice of Completion and release funds held in
retention to Structural Preservation Systems, LLC in accordance with the contract and applicable
law.

8.

Construction contract and continuation of emergency declaration for the Pipeline 3 Repair in Del
Sur.
The Board ratified the emergency contract with J.F. Shea Construction, Inc. in the amount of
$699,247 for the Pipeline 3 Repair in Del Sur; and authorized the continuation of the emergency
declaration for the Pipeline 3 Repair in Del Sur.

9.

The Board approved the minutes of the Formal Board of Directors’ meeting of July 23, 2026.

10.

Exchange Water Delivery Agreement with the City of Burbank.
The Board ratified an Exchange Water Delivery Agreement between the San Diego County Water
Authority and the City of Burbank.

11.

The Board approved the following amendments to GM Denham employment agreement: 3.8%
cost of living adjustment, one-time performance award equivalent to 10% of base salary effective
August 24, 2026, clarifying eligibility for additional 457(b) age-related catch-up contributions,
annual 401(a) contribution of 5%, and extended contract term by four years to August 24, 2032.
2

Agenda Page No. 96

Board of Directors
September 17, 2026