Explanation
BACKGROUND: This ordinance authorizes an appropriation within and transfer from the Anticipated Expenditure Fund in order to pay the costs of a 27th pay day in 2020 for employees of the General Fund, as well as the Health Special Revenue Fund and Recreation and Parks Operation and Extension 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 almost each year since 1994. The 27th pay date will occur on December 31, 2020. The projected amount of this pay for employees funded by the General Fund, the Health Special Revenue Fund and the Recreation and Parks Operation and Extension Fund is $25,760,000.
Emergency Action is requested as this appropriation authority is needed in order to make payroll for general funded agencies (including Recreation and Parks and Health) on December 31, 2020.
FISCAL IMPACT: This appropriation and transfer will allow for the payment of the 27th pay period obligation in 2020 for employees of the General Fund, the Health Special Revenue Fund, and the Recreation and Parks Operation and Extension Fund, and will reduce the cash in that fund by $25,760,000. Additional deposits to the fund will continue in 2021 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 2031.
Title
To appropriate $25,760,000.00 within the Anticipated Expenditure Fund to provide authority for payment of a 27th pay day in 2020, to transfer $850,000.00 from the Anticipated Expenditure Fund to the Health Special Revenue Fund, to transfer $1,200,000.00 from the Anticipate Expenditure Fund to the Recreation and Parks Operation and Extension Fund; to appropriate $850,000.00 and $1,200,000.00 in th...
Click here for full text