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Salary Study <br />January 14, 2003 <br />Page 2 of 2 <br />FISCAL IMPACT: <br />The cost of providing the two years additional service credit is calculated based on the member's annual <br />reportable compensation, the cost factor, and whether the agency's contract provides the post-retirement <br />survivor allowance and the cost -of -living allowance. <br />It has been calculated that the two years additional service credit for the listed positions will cost <br />$337.382. In addition, there is a $10 valuation charge for each member who retires during the designated <br />period and receives the additional service credit. Government Code Section 7507 requires that the costs <br />to provide this benefit be made public at a public meeting at least two weeks prior to the adoption of the <br />resolution. <br />This one-time cost of $337,382 will be paid this fiscal year from each fund's reserves, but will be more <br />than offset by annual savings of approximately $739,000 in salary and benefit costs in each of the future <br />fiscal year budgets. <br />By this action, the three departments will realize savings in their respective accounts for annual salary and <br />salary -related benefits. <br />RECOMMENDATION: <br />As required by Government Code Section 7507, Staff respectfully requests a public announcement <br />informing that the costs for the additional service credit will be $337.382 along with a $10 valuation <br />charge. Further, it is requested that the City Council establish the window for eligible from February 5. <br />2003 to May 29, 2003. <br />City Attorney: %� Finance Director: <br />