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Golden Handshake — Misc. <br />April 12, 2004 <br />Page 2 of 2 <br />This one-time cost of $75,251.26 will be paid this fiscal year from each funds' reserves, but will be more <br />than offset by annual savings of approximately $172,477.47 in salary and benefit costs in each of the <br />future fiscal year budgets. <br />RECOMMENDATION: <br />As required by Government Code Section 7507, Staff respectfully requests that an announcement be made <br />to the public informing that the cost to offer the golden handshake to one City employees will be <br />$75,251.26, 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 shall be <br />from May 5, 2004 to August 5, 2004. <br />City Attorney: <br />Finance Director: <br />City Manager: Za OTHER: <br />