HomeMy WebLinkAboutAGENDA REPORT 1994 0504 CC REG ITEM 08GTO:
FROM:
DATE:
SUBJECT:
Background
STEM • ce
City of Moorpark
Agenda Report
Honorable City Council
Richard Hare, Deputy City Manager
April 25, 1994 (CC Mtg. 5/4/94)
Consider Continuation of the Computer Purchase
Loan Program for Employees.
OA .
on January 1, 1994, the City Council approved a revised Computer
Purchase Loan Program to encourage employees to purchase computers for
home use which would facilitate our training efforts and improve
employee computer skills without any cost to the City. The program
has been very well received and appears to be meeting the target
group. Thus far, five employees have taken advantage of the program.
They are all heavy users of computer applications, and home use should
increase their skills.
A portion of the General Fund fund balance ($15,000) was designated
for this program. Thus far, $14,000 has been obligated in the form of
computer loans. Staff is requesting an additional designation of
$15,000 of fund balance for this program. The elements of the program
remain the same.
Purpose
The Computer Purchase Loan Program was proposed to encourage employees
who otherwise would not purchase a home computer system, to do so, and
so that employees who are considering such a purchase would be able to
purchase computer equipment compatible with their computer equipment
at work. Their home use of the computer system should foster improved
computer skills and increase their productivity and efficiency at
work.
Proposal
Employees are allowed to borrow up to $3,000 for appropriate computer
equipment compatible with City equipment and have three years to
Honorable City Council
April 25, 1994, (CC. Mtq. 4/5/94)
Page 2
repay that amount. It is proposed that the interest rate be set as a
fixed rate at the beginning of the calendar year using the 30 year
treasury bond as a guide to setting the rate. The 30 year treasury
bond would be higher than the short term rates that the City is
allowed to invest in and would therefore result in more interest to
the General Fund than our normal investments.
The employee signs a loan agreement making automatic payroll
deductions and securing the loan with the equipment. If an employee
borrows the maximum amount a payment of $42.12 is deducted from each
pay period for three years.
Highlights:
* Eligibility: 1 year of service, full -time regular
employees.
* Interest: Based on 30 year treasury bill rate at the
beginning of the calendar year.
* Hardware:
* Accessories:
* Software:
Recommendation
IBM compatible or MAC with IBM interpreter
software
Printers, Modems, Laptops, Docking Station,
Carry Case, Mouse, Monitors, keyboards.
WordPerfect, Lotus, Windows, Harvard
Graphics, DBase, Timeline, Ascend,
Pagemaker, MS -DOS and associated business
programs as approved by the City.
Approve the continuation of the Computer Purchase Loan Program for
employees and designate an additional $15,000 from the General Fund
fund balance for this program for the remainder of fiscal year
1993/94.