SPECIAL FUNDS
Fund 003: COMPENSATED ABSENCES FUND This fund was created to accumulate funding for compensated absences, including earned sick and vacation time that is expected to be paid out when employees separate from the City. In the past, funding came from a percentage of employee salaries in an amount sufficient to meet current expected payouts, plus an amount to cover future anticipated payouts based on an actuarial analysis. Funding was suspended in FY 2018-19. FY 19-21 contribution amounts are determined based on an actuarial study performed in July 2018, with a funding level of 35 percent.
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FY 2019-21 Proposed Budget
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