Meeting Date: November 13, 2014
Agenda Item #11
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Note 4 -Notes/Long-Term Receivables
City of Livingston Employee Computer Purchase Program
The City of Livingston established a program for eligible employees to acquire computers and accessories with financial assistance from the City in the form of a no interest loan repaid through automatic payroll deductions. The goal of the program is to improve organizational productivity by encouraging employees to purchase and use home computers.
Only full-time regular employees who have successfully passed their probationary period as new employees, and have no garnishments for credit or tax purposes, or similar liens in place at the time of application, are eligible to participate in this program. Contract employees may participate in this program under the following conditions: their employment contract generally extends to them the same benefits as regular employees, and the repayment period does not extend beyond their contract term.
The maximum loan amount is $3,000 per employee to be paid over a maximum of 36 months interest free. Twelve employees are currently participating for a total outstanding balance as of June 30, 2014 of $9,689 due to the City. The receivable is reflected in the General Fund.
Northern California Community Loan Fund
The City loaned $250,000 to the Northern California Community Loan Fund with simple interest at 2% per annum maturing on March 26, 2016. The loan is recorded in the Water Fund.
CDBG Rehab Loans
The City operates a CDBG rehabilitation loan program for the renovation of low income housing. The total balance outstanding at June 30, 2014 for the 1998 loans and the 2002-2003 loans were $168,907 and
$391,382, respectively. These loans are reflected in the Program Income Capital Projects Fund.
First Time Home Buyers Down-Payment Assistance
The City operates a first time home buyers down-payment assistance loan program. The total outstanding balances at June 30, 2014 were $1,213,594 and are reflected in the Program Income Capital Projects Fund.