(a) There is hereby created a Payroll Stabilization Fund to fund the compensation liability created by payment of accumulated sick, vacation and compensatory time at the termination of employment, and to provide for the payment of salaries during any fiscal year when the number of pay periods exceeds twenty six (26).
(b) The Finance Director is hereby authorized and shall deposit into such Payroll Stabilization Fund an amount equal to one percent (1%) of the monthly gross income tax revenue until minimum funding is established.
(c) The minimum funding level shall be determined by the Finance Director.
(Ord. 2715. Passed 3-8-12.)