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�. �-g <br /> ATTACHMENT II <br /> Rev�enue Increa�e Detall <br /> PlanNng Cost Recovery Pdicy <br /> Staff recommends that the Planning Cost Recovery Policy be implemented which will <br /> enable the general fund to recover the full cost of providing planning services to <br /> sponsors of projects residing on greater than �/a of an acre. This policy, if implemented, <br /> should generate $436,000 in revenue in FY 2004/05. This has been reviewed and <br /> accepted by the Council revenue subcommittee in concept. <br /> A detailed description of this policy is included in Attachment III to the staff report. <br /> Prepayment af CaIPERS Employ�ee Con6ibutlons <br /> The California Public Employees Retirement System (CaIPERS) allows employers to <br /> prepay, at the beginning of the fiscal year, the employer contributions estimated by <br /> CaIPERS. Doing so enables the employer to pay a discounted amount to reflect the <br /> fact that CaIPERS will have use of all of the funds for the entire year (rather than <br /> receiving an amount each pay period) and as a result will earn more interest income. <br /> Since the interest rate (8.25%) CaIPERS estimates that they will earn on these funds is <br /> greater than the rate (3.15%) the City expects to earn on these funds, the City is able to <br /> generate total estimated savings of $131,512. <br /> As CaIPERS required the prepayment to be made by mid-July, staff has already <br /> implemented this option but nonetheless requests that Council consider this as one of <br /> the options available in finding $1,000,000 of expenditures reductions or revenue <br /> increases. <br /> All-1 <br />