AR 081506 golden handshake - Laserfiche WebLink

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Golden Handshake — Misc. July 18, 2006 Page 2 of 2 above will cost $18,077.33 for the Miscellaneous Member, which is billed to the city over a period of time. In addition, there is a $10 valuation charge for the member who will be retiring during the designated period and who will receive the additional service credit. Government Code Section 7507 requires that the costs to provide this benefit be made public at a public meeting at least two weeks prior to the adoption of the resolution. This one-time cost of $18,077.33 will be paid during the 2006-2007 fiscal year from Public Works funds, but will be more than offset by annual savings of approximately $66,700 in salary and benefit costs in each of the future fiscal year budgets. The Public Works Crew Leader position has been eliminated due to the retirements of other employees. In addition, the Public Works Department has gone through a reorganization that will no longer require a Public Works Crew Leader. It is respectfully recommended that the Members of the City Council hereby approve and adopt the proposed Resolution formally establishing, pursuant to Government Code Section 20903, a window period from August 16, 2006 to November 15, 2006 for the eligible Miscellaneous Member. Att: Resolution City Attorney:I T� �pg Finance Director: OTHER: