135.20 ACCRUED BENEFIT LIABILITY RESERVE FUND.

   (a)   There is hereby established an Accrued Benefit Liability Reserve Fund. This fund shall be used for the purpose of paying severance benefits for accumulated sick leave, vacation leave, compensatory time, payments of resignation benefits, and payments of retirement benefits due to an employee at the time of their departure from City employment, as well as payment for salaries when the number of pay periods exceeds the usual and customary number for a year. This fund shall also be used to ensure compliance with contracted negotiated language due to an employee at the time of their departure from City employment.

   (b)   Funding of the Accrued Benefits Reserve Fund will be as follows:

      (1)   One quarter of one percent (.25%) of all General Fund Revenue will be deposited to the Accrued Benefit Reserve Fund.

      (2)   No deposit shall be made to the Accrued Benefit Reserve Fund when the unencumbered fund balance is six hundred thousand dollars ($600,000) or more. (Ord. 022-2016. Passed 3-1-16.)