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CITY OF NORTH OLMSTED <br />ORDINANCE N0.2011 - 23 <br />By: Mayor Kennedy, the President of Council and all members of Council. <br />AN ORDINANCE ESTABLISHING A SPECIAL REVENUE FUND IN THE <br />CITY OF NORTH OLMSTED TO ACCUMULATE FUNDS IN ORDER TO <br />COMPENSATE MUNICIPAL EMPLOYEES IN THOSE CALENDAR YEARS <br />WHEN A 27TH PAYMENT OF SALARY AND BENEFITS OCCURS, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, Ohio Revised Code §5705.13(B) authorizes municipal corporations to <br />establish a special revenue fund to accumulate cash for years when the number of pay periods <br />exceeds the usual and customary number for a year; and <br />WHEREAS, the usual and customary number of pay periods next will be exceeded in <br />2015, when a 27t~' pay occurs; and <br />WHEREAS, as prudent planning, a special revenue fund would prepare for cyclical <br />increases in operational costs and the resulting financial burden that affects the provision of <br />services to the residents of North Olmsted; and <br />WHEREAS, based upon current revenue projections, the special revenue fund must <br />accumulate $673,148.00 by 2015 to avoid a financially burdensome cyclical payroll increase in <br />that year; and <br />WHEREAS, in years following 2015, a determined amount will be appropriated to <br />prepare for the next year in which a 27~" pay occurs; and <br />WHEREAS, the amount required of the fund will be monitored and adjusted based upon <br />what the Director of Finance deems as reasonable to satisfy the estimated liability; and <br />WHEREAS, the primary payroll home cost centers within the General Fund, Recreation <br />Fund, Springvale Golf Course and Ballroom Fund and Sewer Revenue Fund will each transfer a <br />portion based on a pro rata share of payroll dollars. <br />WHEREAS, it is the desire of the Mayor and Council to establish a special revenue fund <br />to prepare for, and guard against, cyclical payroll cost increases. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />SECTION l: That there is hereby established a separate Special Revenue Fund to <br />accumulate cash for years when the number of pay periods exceeds the usual and customary <br />number for a year. The Director of Finance is authorized and directed to calculate, on a pro rata <br />basis based upon estimated liability, the respective liabilities arising from the General Fund, <br />