Explanation
BACKGROUND: This ordinance authorizes an appropriation to and transfer from the anticipated expenditure fund in order to pay the costs of a 27th pay day in 2008 for employees of the general fund, as well as the health special revenue fund and recreation and parks operating fund.
The anticipated expenditure fund was established in 1994 to plan for the next occurrence of a fiscal year in which there are 27 pay days rather than the standard 26. This fund received $5.33 million in refunded monies from the Ohio Bureau of Workers Compensation in 1998, and regular deposits have been made each year since 1994. The 27th pay date will occur on December 30, 2008. The projected amount of this pay for employees funded by the general fund, the health special revenue fund and the recreation and parks operating fund is $17.8 million.
FISCAL IMPACT: This appropriation and transfer will allow for the payment of the 27th pay period obligation in 2008 for employees of the general fund, the health special revenue fund and the recreation and parks operating fund and will reduce the cash in that fund by $17,800,000. Additional deposits to the fund will continue in 2009 and beyond to ensure that there are sufficient funds to build the fund back up for the next occurrence of a 27th pay date, which is estimated to be in 2020.
Title
To appropriate $17,800,000 within the Anticipated Expenditure Fund to provide authority for payment of a 27th pay day in 2008, to transfer $17,800,000 from the Anticipated Expenditure Fund to the general fund, to appropriate $17,800,000 in the general fund, to transfer $570,000 from the general fund to the Health Special revenue Fund, to transfer $740,000 from the general fund to the Recreation and Parks Operation and Extension Fund; and to declare an emergency. ($17,800,000)
Body
WHEREAS, an appropriation within and transfer from the anticipated expenditure fund is necessary to provide for the payment of the 27th ...
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