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Golden Handshake - Misc. <br />January 18, 2005 <br />Page 2 of 2 <br />This one-time cost of $33,867 will be paid this fiscal year from Water -Wastewater funds, but will be more <br />than offset by annual savings of approximately $127,996 in salary and benefit costs in each of the future <br />fiscal year budgets. Should the department decide to under fill the Wastewater Utility Manager with the <br />Assistant Wastewater Utility Manager (annual salary and benefits for this position would be $92,508), the net <br />savings will be approximately $35,488. <br />RECOMMENDATION: <br />As required by Government Code Section 7507, Staff respectfully requests that an announcement be made to <br />the public informing that the cost to offer the golden handshake to one City employees will be $33,867, <br />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 from <br />Feb <br />ruary 2, 2005 to April 2, 2005. <br />City Attorney: '�) • D -+U LX utk Finance Director: <br />OTHER: <br />