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FINANCIAL IMPACT <br />There will be a slight reduction in interest earnings due to the "no interest' loan provision of this program. Assuming 20 employees <br />participate in the program initially, the interest loss may approximate $3,000 per year if all twenty employees obtained the $2,500 <br />maximum loan (at an assumed interest rate of 6%). This is an extremely nominal cost when compared to the productivity benefits of <br />this program. While it is not possible to adequately quantify at this time, staff expects a net positive fiscal impact as a result of this <br />program. Funds available in the Trust and Agency Fund (762) will be utilized and accounted for as a loan receivable. There is no <br />impact on the operating budget as related to appropriations. <br />RECOMMENDATION: <br />Approve a computer purchase program for full-time City employees, that provides interest free loans to acquire computer hardware, <br />software and related support equipment, which are compatible with those used in the City of Colton workplace. <br />Attachments <br />Exhibit I — Employee Computer Purchase Program Policies and Procedures (pages I - 6) <br />Exhibit 2 — Employee Computer Purchase Program Loan Request and Agreement (page 7 - 8) <br />Exhibit 3 — Employee Computer Purchase Program Promissory Note (page 9) <br />Report Prepared by Dilu de Alwis. Assistant Finance Director <br />