[Adopted 6-28-1982; amended 3-23-1999 by Ord. No. 9799-4 (§ 2-8
of the 1974 Code)]
As used in this article, the following specific
words and terms shall have the meanings hereinafter set forth:
All leaves of absence with pay now or hereafter granted to
Town employees in accordance with the official personnel policies
of the Town, including, without limitation, vacation leave, sick leave
and civil leave as allowed by the official personnel policies of the
Town.
All officers, employees and appointees in the classified
service of the Town as described in § C-902 of the Town
Charter except for those persons excluded from the classified service
under § C-901 of the Town Charter.
There is hereby created for the Town an Employee
Leave Liability Reserve Fund (the "fund"). Said fund shall serve as
a means to set aside funds to offset the Town's future liability for
unused, accrued leave time earned by Town employees in accordance
with official personnel policies.
There shall be paid into said fund such transfers
and appropriations as the Town Council may, from time to time, authorize
plus any applicable interest earnings derived from investment of fund
balances. The Town Council shall each year, in conjunction with formulating
the annual budget of the Town, appropriate funds sufficient, when
combined with the projected balance of said fund, to:
The unexpended balance of the fund together
with interest earned thereon, may accrue and the balance thereof shall
not be subject to lapsing at the close of any fiscal period. The balance
of said fund or any portion thereof may be invested separately or
in conjunction with other idle Town funds, but any applicable interest
earnings shall be credited to said fund.
Upon the certification of the Director of Finance
as to the validity of each such expenditure, the Town Treasurer is
authorized to draw upon the balance of the fund to pay claims for
unused, accrued employee leave earned by Town employees and credited
to them in accordance with the official personnel policies of the
Town. No other expenditures shall be made from said fund. The Town
Council may transfer any excess funds out of this reserve upon the
certification by the Director of Finance that excess funds exist therein
and based upon a report on the condition of the fund by a qualified
professional actuary appointed by the Town Council.
The fund shall be analyzed at intervals not
exceeding five years by a qualified professional actuary appointed
by the Town Council who shall report to the Town Council on the condition
of such fund and shall make recommendations pertaining to its management,
soundness and such other matters as the Town Council may direct.
