HomeMy WebLinkAbout04.a.Annual Status Report on Loans under Board Policy No. BP 001 - Employee Computer Purchase Assistance ProgramPage 1 of 3
Item 4.a.
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August 27, 2024
TO: FINANCE COMMITTEE
FROM: KEVIN MIZUNO, FINANCE MANAGER
REVIEWED BY: PHILIPLEIBER, DEPUTYGM -ADMINISTRATION
ROGER S. BAILEY, GENERAL MANAGER
SUBJECT: RECEIVE ANNUAL REPORT ON STATUS OF LOANS UNDER BOARD
POLICY NO. BP 001 -EMPLOYEE COMPUTER PURCHASEASSISTANCE
PROGRAM
Central San administers an Employee Technology Purchase Assistance Program which provides
employees with a low-cost funding source to purchase a personal computer and/or other authorized
technology for the purpose of improving technical skills. Board Policy (BP) 001, which provides the
framework for this program, was made effective on July 1,1995. It was last amended by the Board on July
20, 2023.
On an annual basis, staff provides the Board with a report which includes the status of participation and
outstanding loans under the program. This memo serves as the annual report for the fiscal year ending
June 30, 2024. A copy of BP 001 is attached for reference.
Program Overview
Central San charges employee participants the Local Agency Investment Fund (LAI F) quarterly
apportionment rate most recently published at the time of loan issuance. As LAI F generally comprises a
large proportion of Central San's investment portfolio, monies loaned to employees for this program earn a
comparable rate of return as if they were invested rather than extended as technology loans to employees.
Accordingly, the program is "cost neutral" to Central San ratepayers apart from relatively minor staff time
associated with administering it, which largely involves: loan review, approval, and disbursements; monthly
auditing/reconciliations; and an annual review of program activities and report.
Other program highlights include the following:
• The annual total funding limit is $30,000.
• Allowable purchases under the program include desktops, laptops, tablets, printers, software, and/or
related equipment of any brand.
• Purchases must meet current District standards and be pre -approved by the Information Technology
Division Manager.
• The minimum loan amount is $750; the maximum loan amount is $2,500.
• Only one loan can be outstanding at any one time per employee.
August 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 124 of 130
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• The program is administered by the Finance Division.
Status of Participation and Outstanding Loans
As of June 30, 2024, the revolving loan fund had a total of $7,603 in outstanding loans, inclusive of
accrued interest. During the fiscal year ending June 30, 2024, seven new loans totaling $11,016 were
issued to employees; demonstrating continued employee interest and utilization of this policy.
The following table summarizes the policy's utilization trend over the past seven years:
Fiscal Year
New Loans
2023-24
7
2022-23
5
2021-22
7
2020-21
6
2019-20
6
2018-19
10
2017-18
9
Strategic Plan Tie -In
GOAL THREE: Workforce Diversity and Development
Strategy 3 - Retain skilled workers by investing in resources and opportunities for all employees to grow and thrive
GOAL FOUR: Governance and Fiscal Responsibility
Strategy 3 - Maintain financial stability and sustainability
ATTACHMENTS:
1. BP 001 Employee Computer Purchase Assistance Program
August 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 125 of 130
Page 3 of 3
Number: BP 001
Related Procedures: AP 001
Authority:
Board of Directors
Effective:
July 1, 1995
Revised:
July 20, 2023
Reviewed:
07/11 /2023
Initiating Dept./Div.:
Administration/Finance
BOARD POLICY
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PURPOSE
This policy will provide employees with a low-cost resource to purchase a personal
computer, laptop, tablet and/or other authorized hardware or software technology for the
purpose of improving employee technical skills.
P()I Iry
1. The District will provide loans to District full-time non -probationary employees
under the Employee Technology Purchase Assistance Program to purchase a
personal computer and/or other authorized hardware or software technology.
2. The annual funding limit for the Program is $30,000.
3. The maximum computer loan per employee under the Program is $2,500, with a
minimum of $750.
[Original Retained by the Secretary of the District]
August 27, 2024 Regular FINANCE Committee Meeting Agenda Packet - Page 126 of 130