2011-024 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0.2011 - 24 By: Mayor Kennedy, the President of Council and all members of Council. AN ORDINANCE ESTABLISHING A SPECIAL REVENUE FUND IN THE CITY OF NORTH OLMSTED TO ACCUMULATE FUNDS IN ORDER TO PAY TO QUALIFYING MUNICIPAL EMPLOYEES AT SEPARATION ACCUMULATED SICK LEAVE, VACATION TIME AND PAYMENTS IN LIEU OF COMPENSATORY TIME, AND DECLARING AN EMERGENCY. WHEREAS, Ohio Revised Code §5705.13(B) authorizes municipal corporations to establish a special revenue fund to accumulate cash for the payment of accumulated sick leave, accrued vacation time and payments in lieu of compensatory time; and WHEREAS, as prudent planning, a special revenue fund would avoid unpredictable ncreases in operational costs and the resulting financial burden that affects the provision of services to the residents of North Olmsted when qualifying employees separate from employment; and WHEREAS, unfunded employee benefits upon separation, including retirement, death or retirement disability, are in the millions of dollars; and WHEREAS, the amount required of the fund will be monitored and adjusted based upon what the Director of Finance deems as reasonable to satisfy the estimated liability; and WHEREAS, the primary payroll home cost centers within the General Fund, Recreation Fund, Springvale Golf Course and Ballroom Fund and Sewer Revenue Fund will each transfer a portion based on a pro rata share of payroll dollars. WHEREAS, it is the desire of the Mayor and Council to establish a special revenue fund to prepare for, and guard against, cost increases arising from separating employees. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: SECTION 1: That there is hereby established a separate Special Revenue Fund to accumulate cash for the payment of accumulated sick leave, vacation leave and to make payments in lieu of compensatory time off to separating employees. The Director of Finance is authorized and directed to calculate, on a per fund basis based upon estimated liability per fund, the respective liabilities arising from the General Fund, Recreation Fund, Springvale Golf Course and Ballroom Fund and Sewer Revenue Fund, and to submit to the Council in the appropriation ordinance, the amount of funds necessary to be transferred into the Special Revenue Fund from the General Fund, Recreation Fund, Springvale Golf Course and Ballroom Fund and Sewer Revenue Fund, as necessary to meet the objective of the fund and the future liabilities arising as a result of employees separating from employment; and