Dept/ Agency: Administration/Division of Personnel Action: (X) Ratifying (X) Authorizing ( ) Amending Type of Service: Employee Severance Agreement Purpose: Voluntary Severance Incentive Program Entity Name: N/A Entity Address: N/A Project Fiscal Impact: $1,439,016.00 (Estimated) Contract Period: Effective July 1, 2020 Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient (X ) n/a Additional Information: The City of Newark is offering a Voluntary Severance Incentive Program as a cost savings measure, as a result of the unforeseen expenses due to the Coronavirus (COVID-19), necessary to operate government at a level taxpayers can afford. Eighty-Two (82) municipal employees have applied and were accepted to participate in the Voluntary Severance Incentive Program.