AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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.! -: . . . .... . N(rn: 1...;..SlJl~1MARV OF"SlGNIFJCANTACCOUNTiNG POLI~IES (CONTINUEDY .. ... E. Compensared Ahseltces . In 'compliance with Goverrimental Accounting Standards Board'Statemertt No. 16J the. City .has establishcc.i"a.liabi1ity for accrued sick leave and vacation in relevant' funds: For governmental activities, the current liability for the payouts made after June. 30, 2008. for those employees retired on or before June 30, 2008 appears in~he respective funds and the long-term liability appears in the government-wide .. financial statements. This liability 1S set .upfor the current employees,at the cUrrent rates of pay. An . employee: may:accumulate vacation up to two years ~ntitlement and sickleave up t~ 960 or 1,200 hours depending on the. bargaining: unit (Fire!Department employees who work 24.hour shifts may accumulate up to 2,400 ,hours of sick leave). .... An. employee may .ele~t to receive cornpensat.ion in lieu of- sick leave creditc; fo~ any calendar year with payment equal to varying amounts from 25% to 50% of the year~s unused sick leave; depending upon.the .: employee's. sick leave usage during the 'year. :. In addition:.to sick leave, payou,ts are made for unused . administrative holidays .and accru~d comp'ensatory time. . . . , . ; . If sick leave anrlvacation are not used by the employ~e. or paid.. out during the tenn of employment, compensation is payable to the employee at the time of retirement. . Such compensation is calculated at tne employee's.prevailirig. rate at the time .ofretirement .or termination. Whereas vacation is compensated at 100% of accumulated:..:hours, sick :leave .is compensated at 50% of .accumulated hours at retir~ment . . depending ,upon var):'ing restrictions of the bargaining unitli. . Upon :termination only.:. accrued vacations . ate compensated. . Each year: .an .adjustment to th~ liabilitY)s. made based ..on pay rate chan.gcs ..and . .;adjustments for, the. current portion~ . 'The general i fund .is primarily responsible for the repayment .of the .governmental portion of the compensated absences. ;...: Individual .proprietary funds are responsib.le for: .the: repayment of the liability. atn.ibutable to their , ,respecti ve foods. .. . . . F. ., Cash and C~h EquivalenL~. : .. . . .. The Cinr pools cash resourc.es. from al(f~nds in order to facilitate th~ :managemen( of.cash. The balance . in the pooled cash account is available .to meet current operating requirements. Cash in excess of current requirements is; invested".in. various interest-b,earing accounts and other investmentsJor ~\'arying terms.: .j In.acc.ordance with: GASB 'Statement No. 4Ci,:Deposit and lnveStme'nt Disclosures (Amendment ojGASiJ 'No. 3),.~ertain:disClosure requirements for" Deposits and Investme~tRisk.s were..made in the following .areas: i, ; .. .l ;; ...'. .. .; Interest Rate Risk'. Credit Risk o Overali. 0' . Custodia). Credit Risk . .. .:0 Concentrations of-Credit Risk "In addition, other disclosures are specified including use or'certain method~t~ present deposits and .1nve~tments, high1y sensitive. investments, :cr~dit qual~t)' at year-end, and 6ther disClosures. . . . In. accordance: with GASB Statement No. :31; ACCou~lti~g and Financi~l. R~p~rting for Certain inveSTments and for External Jnve..~tment .Pools. highly liqui~ market investments with maturities orone year or less at time of purchase are stated at.' amortized cost.. :A11 other inve.stments are stated at fair value. Market value .is used: as fair yalue for; those securities for which market quotations are readily : available. ... . . . 33 !:. : ~ {': . . ....j .,. ; ! . ..: . ..;.....:. Ui" . . ... ,. .~....:.:~'.::.::~:: ~~.