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Golden Handshake — Misc. <br />August 1, 2006 <br />Page 2 of 2 <br />above will cost $18,077.33 for the Miscellaneous Member, which is billed to the city over a period <br />oftime. In addition, there is a $10 valuation charge for the member who will be retiring during the <br />designated period and who will receive the additional service credit. Government Code Section <br />7507 requires that the costs to provide this benefit be made public at a public meeting at least two <br />weeks prior to the adoption of the resolution. <br />This one-time cost of $18,077.33 will be paid during the 2006-2007 fiscal year from Public Works <br />funds, but will be more than offset by annual savings of approximately $66,700 in salary and <br />benefit costs in each of the future fiscal year budgets. The Public Works Crew Leader position has <br />been eliminated due to the retirements of other employees. In addition, the Public Works <br />Department has gone through a reorganization that will no longer require a Public Works Crew <br />Leader. <br />RECOMMENDATION: <br />As required by Government Code Section 7507, Staff respectfully requests that an announcement <br />be made to the public informing that the cost to offer the golden handshake to one City employees <br />will be $18,077.33, along with a $10 valuation charge for this particular member that retires. <br />Further, it is requested that the City Council declare that the window for the Golden Handshake <br />shall be from August 16, 2006 to November 15, 2006. <br />City Attorney: Finance Director: <br />City Manager: OTHER: <br />