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In summary, staff believes there is some real potential for the City to save dollars by prefunding at <br />least some of its PERS contributions this coming year. However, staff will need additional time to <br />analyze the costs versus benefits in more detail, and is therefore asking for authorization to proceed <br />if the results of that analysis suggest this is a fiscally positive action. <br /> <br />FISCAL IMPACT <br /> <br />The City could potentially reap a savings in the range of $150,000 by prefunding PERS for FY06 <br />in July 2005. However, there could be some unknown impact on future rates depending on how <br />good the PERS estimates and portfolio results are. In addition, there will be some bookkeeping <br />costs that will potentially offset a portion of the savings. The impact of advancing money on the <br />City's cash flow will also need to be determined. Staff will attempt to quantify as much of these <br />impacts as possible, before making the determination to proceed with prefunding any or all &the <br />FY06 PERS contribution. <br /> <br />Respectfully submitted, <br /> <br />Susan Rossi <br />Director of Finance <br /> <br />Nelson Fialho <br />City Manager <br /> <br />SR 05:174 Page 3 <br /> <br /> <br />